Monthly Tungsten Market Report Sep 2022
2022-10-19 18:22:04 【Print】
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1. Market Highlights
In September, the tungsten market saw dropping prices and limited deals as a result of lacking support from end demand. The Chinese market saw dim economic situation and downstream producers faced great pressure in reducing their product stocks and therefore were slow in purchasing raw materials. The international market was experiencing energy crisis and industrial plants held low operating rates, leading to shrinking demand, and the Chinese tungsten export market underwent challenges. In September, tungsten concentrate prices moved down. Some suppliers intended to cut their stocks to retrieve capital, so market supply grew mildly. Prices for tungsten concentrate WO3 65%min dropped from around RMB116,000/t (USD16,065/t) to RMB112,000/t (USD15,511/t). Traders held relatively sufficient stocks but miners held limited supply, while market consumption was limited. On the APT88.5%min market, orders concluded were mainly long-term deals. Given weak demand, producers maintained make-to-order production, and the market saw inactive deals. Restricted by dropping tungsten concentrate prices and weak demand, mainstream APT88.5%min prices showed a downward trend. The cemented carbide market saw weak demand and producers held growing stocks, leading to decreasing raw material consumption on the whole. Restricted by dropping raw material prices, tungsten powder and tungsten carbide powder prices moved down slowly. Downstream cemented carbide producers made only hand-to-mouth purchases, and pessimistic sentiments spread on the market. Regarding ferrotungsten, its prices leveled off and downstream consumers maintained hand-to-mouth purchases, while steel mills were inactive in making purchases. Suppliers showed strong intention to keep their prices firm, but the market saw limited deals. On the international market, upstream raw material supply was tight but end demand was weak. In September, the USD-RMB exchange rate kept rising, and Chinese tungsten exporters had to cut their prices to promote sales, leading to generally dropping tungsten export prices. Overseas buyers mainly maintained hand-to-mouth purchases, the pro-National-Day market in late September did not see as active deals as in previous years. In September, export prices for Chinese APT88.5%min and tungsten carbide powder dropped to below USD320/mtu and around USD37/kg respectively. Export prices showed a downward trend this month.
In September, the tungsten market saw dropping prices and limited deals as a result of lacking support from end demand. The Chinese market saw dim economic situation and downstream producers faced great pressure in reducing their product stocks and therefore were slow in purchasing raw materials. The international market was experiencing energy crisis and industrial plants held low operating rates, leading to shrinking demand, and the Chinese tungsten export market underwent challenges. In September, tungsten concentrate prices moved down. Some suppliers intended to cut their stocks to retrieve capital, so market supply grew mildly. Prices for tungsten concentrate WO3 65%min dropped from around RMB116,000/t (USD16,065/t) to RMB112,000/t (USD15,511/t). Traders held relatively sufficient stocks but miners held limited supply, while market consumption was limited. On the APT88.5%min market, orders concluded were mainly long-term deals. Given weak demand, producers maintained make-to-order production, and the market saw inactive deals. Restricted by dropping tungsten concentrate prices and weak demand, mainstream APT88.5%min prices showed a downward trend. The cemented carbide market saw weak demand and producers held growing stocks, leading to decreasing raw material consumption on the whole. Restricted by dropping raw material prices, tungsten powder and tungsten carbide powder prices moved down slowly. Downstream cemented carbide producers made only hand-to-mouth purchases, and pessimistic sentiments spread on the market. Regarding ferrotungsten, its prices leveled off and downstream consumers maintained hand-to-mouth purchases, while steel mills were inactive in making purchases. Suppliers showed strong intention to keep their prices firm, but the market saw limited deals. On the international market, upstream raw material supply was tight but end demand was weak. In September, the USD-RMB exchange rate kept rising, and Chinese tungsten exporters had to cut their prices to promote sales, leading to generally dropping tungsten export prices. Overseas buyers mainly maintained hand-to-mouth purchases, the pro-National-Day market in late September did not see as active deals as in previous years. In September, export prices for Chinese APT88.5%min and tungsten carbide powder dropped to below USD320/mtu and around USD37/kg respectively. Export prices showed a downward trend this month.
