Monthly Tungsten Market Report Dec 2022
2023-01-18 17:30:30 【Print】
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1. Market Highlights
In December, the Chinese tungsten market saw rising prices. With the year coming to an end, traders and end users needed to make replenishments, while many major producers already fulfilled annual sales goals; further given loose capital environment, upstream suppliers felt bullish on future price trends and were in no hurry to make sales. Tungsten concentrate miners held sufficient capital and felt optimistic about prices after the Spring Festival holiday, so they held back from selling, while downstream consumers maintained hand-to-mouth purchases and traders tried to fix long-term supply orders for the coming January. The market saw tight spot supply and mainstream prices for tungsten concentrate moved up slowly. Boosted by rising tungsten concentrate prices and tight APT supply, APT88.5%min suppliers lifted prices to check market responses. In December, Chinese APT88.5%min prices moved up by nearly RMB8,000/t (USD1,179/t), while downstream consumers mainly maintained hand-to-mouth purchases. They generally bought at RMB172,000-174,000/t (USD25,350-25,642/t) and then began to wait on the sidelines. Given rapidly rising raw material prices, prices for tungsten powder and tungsten carbide powder moved up slowly in response. This month, price for medium-sized tungsten carbide powder rose by RMB10/kg (USD1.47/kg), and consumers generally set out to make purchases in early December when price stood at RMB248/kg (USD36.55/kg), while there were few deals concluded at higher than RMB255/kg (USD37.57/kg). As demand from downstream cemented carbide market was not strong, consumers were cautious in buying raw materials. In December, Chinese ferrotungsten prices moved up slowly as a result of rising tungsten concentrate prices, with ferrotungsten 70%min and 75%min prices up to RMB172,000/t (USD25,350/t) and RMB180,000/basic ton (USD26,522/basic ton) respectively, while steel mills mainly made hand-to-mouth purchases and the market saw inactive deals. Boosted by rising raw material prices, in December tungsten bar prices moved up. Producers held limited spot supply and firm costs, so kept their offers firm. In December, tungsten scrap prices moved up. Given rising raw material prices, tungsten grinding sward scrap prices rose to RMB1.61/kg (USD0.24/kg) tungsten oxide, tungsten scrap anvil prices rose to RMB195/kg (USD28.73/kg) and tungsten scrap drill prices moved up to RMB196/kg (USD28.89/kg). Suppliers held limited stocks and were in no hurry to make sales. On the international market, the Christmas holiday fell in December and buyers made limited purchases. In early December, some overseas clients made certain replenishments. Export prices for Chinese APT88.5%min, medium-sized tungsten carbide powder and ferrotungsten 75%min moved up respectively to USD310/mtu, USD37.5/kg and USD38/kg W. Boosted by rising prices inside China and appreciating RMB, Chinese exporters kept their offers firm. But owing to dim economic situations in the U.S. and Europe as well as the Christmas holiday, in latter part of December the export market saw decreasing transactions.
In December, the Chinese tungsten market saw rising prices. With the year coming to an end, traders and end users needed to make replenishments, while many major producers already fulfilled annual sales goals; further given loose capital environment, upstream suppliers felt bullish on future price trends and were in no hurry to make sales. Tungsten concentrate miners held sufficient capital and felt optimistic about prices after the Spring Festival holiday, so they held back from selling, while downstream consumers maintained hand-to-mouth purchases and traders tried to fix long-term supply orders for the coming January. The market saw tight spot supply and mainstream prices for tungsten concentrate moved up slowly. Boosted by rising tungsten concentrate prices and tight APT supply, APT88.5%min suppliers lifted prices to check market responses. In December, Chinese APT88.5%min prices moved up by nearly RMB8,000/t (USD1,179/t), while downstream consumers mainly maintained hand-to-mouth purchases. They generally bought at RMB172,000-174,000/t (USD25,350-25,642/t) and then began to wait on the sidelines. Given rapidly rising raw material prices, prices for tungsten powder and tungsten carbide powder moved up slowly in response. This month, price for medium-sized tungsten carbide powder rose by RMB10/kg (USD1.47/kg), and consumers generally set out to make purchases in early December when price stood at RMB248/kg (USD36.55/kg), while there were few deals concluded at higher than RMB255/kg (USD37.57/kg). As demand from downstream cemented carbide market was not strong, consumers were cautious in buying raw materials. In December, Chinese ferrotungsten prices moved up slowly as a result of rising tungsten concentrate prices, with ferrotungsten 70%min and 75%min prices up to RMB172,000/t (USD25,350/t) and RMB180,000/basic ton (USD26,522/basic ton) respectively, while steel mills mainly made hand-to-mouth purchases and the market saw inactive deals. Boosted by rising raw material prices, in December tungsten bar prices moved up. Producers held limited spot supply and firm costs, so kept their offers firm. In December, tungsten scrap prices moved up. Given rising raw material prices, tungsten grinding sward scrap prices rose to RMB1.61/kg (USD0.24/kg) tungsten oxide, tungsten scrap anvil prices rose to RMB195/kg (USD28.73/kg) and tungsten scrap drill prices moved up to RMB196/kg (USD28.89/kg). Suppliers held limited stocks and were in no hurry to make sales. On the international market, the Christmas holiday fell in December and buyers made limited purchases. In early December, some overseas clients made certain replenishments. Export prices for Chinese APT88.5%min, medium-sized tungsten carbide powder and ferrotungsten 75%min moved up respectively to USD310/mtu, USD37.5/kg and USD38/kg W. Boosted by rising prices inside China and appreciating RMB, Chinese exporters kept their offers firm. But owing to dim economic situations in the U.S. and Europe as well as the Christmas holiday, in latter part of December the export market saw decreasing transactions.
