Monthly Tungsten Market Report Nov 2022
2022-12-20 17:45:09 【Print】
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1. Market Highlights
In November, the Chinese tungsten prices saw prices dropping first and rising later. Early this month, a pessimistic sentiment spread on the market and limited deals were concluded. Demand from downstream cemented carbide was weak and most market participants held a watchful attitude. In early November, tungsten concentrate prices edged down, then suppliers kept prices firm at RMB1.5/kgu (USD0.215/kgu) Ex-VAT delivered. Given firm tungsten concentrate prices, APT 88.5%min prices stayed firm after edging down, and suppliers refused to sell at lower prices and prices stayed firm at over RMB164,000/t (USD23,518/t). Most consumers maintained only hand-to-mouth purchases and the market saw inactive deals. Given low APT88.5%min prices on the whole, powder prices maintained a generally downward trend. Downstream consumers preferred to wait on the sidelines out of weak demand and the market saw limited deals on the whole. In the latter part of November, as some alloy producers set out to make purchases at the year end, the powder market saw notably growing deals. Tungsten concentrate suppliers intended to keep prices firm, and tungsten prices moved up slowly. In late November, tungsten concentrate prices rebounded to RMB1.53/kgu (USD0.219/kgu) Ex-VAT delivered and APT88.5%min prices returned to over RMB167,000/t (USD23,948/t), while powder prices rebounded to RMB248/kg (USD35.56/kg) and stayed firm after most consumers made replenishments at around RMB245/kg (USD35.13/kg). In November, ferrotungsten market ran slowly. Restricted by weak demand from downstream steel mills, ferrotungsten prices moved down slowly and the market saw limited deals. Ferrotungsten 70%min and 75%min prices fell to RMB166,000/t (USD23,804/t) and RMB174,000/t (USD24,952/t) respectively first, and then moved up slowly. On the international market, in November the Chinese tungsten export market saw quite rare deals and overseas buyers preferred to wait on the sidelines out of weak demand. Most deals concluded on the tungsten export market were long-term orders with limited spot deals concluded. Limited deals were concluded on the APT88.5%min export market with mainstream prices hovering at USD310/mtu FOB China, and some traders could sell at below USD300/mtu. Export prices for tungsten carbide powder fell to USD35-36/kg. Given dropping prices inside China and weak overseas demand, the Chinese tungsten export market saw limited deals on the whole in November.
In November, the Chinese tungsten prices saw prices dropping first and rising later. Early this month, a pessimistic sentiment spread on the market and limited deals were concluded. Demand from downstream cemented carbide was weak and most market participants held a watchful attitude. In early November, tungsten concentrate prices edged down, then suppliers kept prices firm at RMB1.5/kgu (USD0.215/kgu) Ex-VAT delivered. Given firm tungsten concentrate prices, APT 88.5%min prices stayed firm after edging down, and suppliers refused to sell at lower prices and prices stayed firm at over RMB164,000/t (USD23,518/t). Most consumers maintained only hand-to-mouth purchases and the market saw inactive deals. Given low APT88.5%min prices on the whole, powder prices maintained a generally downward trend. Downstream consumers preferred to wait on the sidelines out of weak demand and the market saw limited deals on the whole. In the latter part of November, as some alloy producers set out to make purchases at the year end, the powder market saw notably growing deals. Tungsten concentrate suppliers intended to keep prices firm, and tungsten prices moved up slowly. In late November, tungsten concentrate prices rebounded to RMB1.53/kgu (USD0.219/kgu) Ex-VAT delivered and APT88.5%min prices returned to over RMB167,000/t (USD23,948/t), while powder prices rebounded to RMB248/kg (USD35.56/kg) and stayed firm after most consumers made replenishments at around RMB245/kg (USD35.13/kg). In November, ferrotungsten market ran slowly. Restricted by weak demand from downstream steel mills, ferrotungsten prices moved down slowly and the market saw limited deals. Ferrotungsten 70%min and 75%min prices fell to RMB166,000/t (USD23,804/t) and RMB174,000/t (USD24,952/t) respectively first, and then moved up slowly. On the international market, in November the Chinese tungsten export market saw quite rare deals and overseas buyers preferred to wait on the sidelines out of weak demand. Most deals concluded on the tungsten export market were long-term orders with limited spot deals concluded. Limited deals were concluded on the APT88.5%min export market with mainstream prices hovering at USD310/mtu FOB China, and some traders could sell at below USD300/mtu. Export prices for tungsten carbide powder fell to USD35-36/kg. Given dropping prices inside China and weak overseas demand, the Chinese tungsten export market saw limited deals on the whole in November.
