Monthly Tungsten Market Report Jan 2023
2023-02-22 18:17:28 【Print】
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1. Market Highlights
In January 2023, tungsten prices in China continued with the upward trend in last December. As tungsten miners had decreasing outputs at the year end, tungsten raw material supply turned limited on the market, while traders felt bullish on price trends and held back from selling. Boosted by rising raw material prices, prices along the tungsten industrial chain moved up generally. But end demand was weak. Further as most consumers already finished purchasing in December, the Chinese tungsten market saw limited deals in January. During the Spring Festival holiday, a watchful sentiment spread on the market. This month, Chinese tungsten concentrate prices kept rising, with tungsten concentrate 65%min prices up by nearly RMB5,000/t (USD725/t) to reach RMB120,000/t (USD17,408/t). Downstream consumers were cautious in buying since prices moved up rapidly, but suppliers showed strong intention to keep prices firm. Regarding APT88.5%min, boosted by rising tungsten concentrate prices and limited supply from APT88.5%min producers, suppliers only maintained long-term supply orders and the spot market saw limited quotations. Prevailing prices for the material moved up on the whole with mainstream prices up to around RMB180,000/t (USD26,112/t). Boosted by rising APT88.5%min prices, downstream tungsten powder and tungsten carbide powder suppliers also lifted their prices, but there were only limited deals concluded as most cemented carbide producers already finished raw material replenishing around the New Year's Day. In January 2023, demand from cemented carbide market was not strong and cemented carbide producers were cautious in purchasing tungsten powder and tungsten carbide powder. This month, prices for medium-sized tungsten carbide powder rose to RMB265/kg (USD38.44/kg) but with limited deals concluded, and tungsten powder prices moved up to around RMB285/kg (USD41.34/kg). Given rising tungsten powder prices, tungsten bar prices followed suit on the whole but the market saw inactive deals. In January, Chinese ferrotungsten prices moved up. Downstream steel mills maintained only hand-to-mouth purchases and preferred to watch demand outlook; but owing to rising tungsten concentrate prices, ferrotungsten 70%min and 75%min prices rose to around RMB175,000/t (USD25,390/t) and RMB183,000/t (USD26,549/t) respectively. With the Chinese Spring Festival holiday approaching, consumers were cautious in making purchases. This month, sodium tungstate 96%min prices moved up to around RMB133,000/t (USD19,296/t), but the market saw few deals concluded. In January, the Chinese tungsten scrap market ran slowly. Given rising raw material prices and tight spot supply, tungsten scrap suppliers kept their prices firm with prices for tungsten grinding sward scrap up to RMB1.7/kg (USD0.25/kg) tungsten oxide. On the international market, demand was weak on the whole and there were limited deals concluded on the Chinese tungsten export market. In January 2023, boosted by rising APT88.5%min prices inside China, APT88.5%min export prices rose to USD325/mtu, and export prices for tungsten oxide and medium-sized tungsten carbide powder moved up to USD330/mtu and USD40/kg respectively, but with limited deals concluded. On the European APT88.5%min market, there were a few orders concluded with prices up to USD340/mtu, while most consumers preferred to wait on the sidelines out of weak demand, and there were no notable growths in market orders. In January, both the Chinese export market and international market for ferrotungsten saw mildly growing enquiries and orders, with some Chinese ferrotungsten 75%min export orders concluded at over USD39/kg W.
In January 2023, tungsten prices in China continued with the upward trend in last December. As tungsten miners had decreasing outputs at the year end, tungsten raw material supply turned limited on the market, while traders felt bullish on price trends and held back from selling. Boosted by rising raw material prices, prices along the tungsten industrial chain moved up generally. But end demand was weak. Further as most consumers already finished purchasing in December, the Chinese tungsten market saw limited deals in January. During the Spring Festival holiday, a watchful sentiment spread on the market. This month, Chinese tungsten concentrate prices kept rising, with tungsten concentrate 65%min prices up by nearly RMB5,000/t (USD725/t) to reach RMB120,000/t (USD17,408/t). Downstream consumers were cautious in buying since prices moved up rapidly, but suppliers showed strong intention to keep prices firm. Regarding APT88.5%min, boosted by rising tungsten concentrate prices and limited supply from APT88.5%min producers, suppliers only maintained long-term supply orders and the spot market saw limited quotations. Prevailing prices for the material moved up on the whole with mainstream prices up to around RMB180,000/t (USD26,112/t). Boosted by rising APT88.5%min prices, downstream tungsten powder and tungsten carbide powder suppliers also lifted their prices, but there were only limited deals concluded as most cemented carbide producers already finished raw material replenishing around the New Year's Day. In January 2023, demand from cemented carbide market was not strong and cemented carbide producers were cautious in purchasing tungsten powder and tungsten carbide powder. This month, prices for medium-sized tungsten carbide powder rose to RMB265/kg (USD38.44/kg) but with limited deals concluded, and tungsten powder prices moved up to around RMB285/kg (USD41.34/kg). Given rising tungsten powder prices, tungsten bar prices followed suit on the whole but the market saw inactive deals. In January, Chinese ferrotungsten prices moved up. Downstream steel mills maintained only hand-to-mouth purchases and preferred to watch demand outlook; but owing to rising tungsten concentrate prices, ferrotungsten 70%min and 75%min prices rose to around RMB175,000/t (USD25,390/t) and RMB183,000/t (USD26,549/t) respectively. With the Chinese Spring Festival holiday approaching, consumers were cautious in making purchases. This month, sodium tungstate 96%min prices moved up to around RMB133,000/t (USD19,296/t), but the market saw few deals concluded. In January, the Chinese tungsten scrap market ran slowly. Given rising raw material prices and tight spot supply, tungsten scrap suppliers kept their prices firm with prices for tungsten grinding sward scrap up to RMB1.7/kg (USD0.25/kg) tungsten oxide. On the international market, demand was weak on the whole and there were limited deals concluded on the Chinese tungsten export market. In January 2023, boosted by rising APT88.5%min prices inside China, APT88.5%min export prices rose to USD325/mtu, and export prices for tungsten oxide and medium-sized tungsten carbide powder moved up to USD330/mtu and USD40/kg respectively, but with limited deals concluded. On the European APT88.5%min market, there were a few orders concluded with prices up to USD340/mtu, while most consumers preferred to wait on the sidelines out of weak demand, and there were no notable growths in market orders. In January, both the Chinese export market and international market for ferrotungsten saw mildly growing enquiries and orders, with some Chinese ferrotungsten 75%min export orders concluded at over USD39/kg W.
