Monthly Tungsten Market Report Feb 2023
2023-03-21 18:11:33 【Print】
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1. Market Highlights
In February 2023, the Chinese tungsten market saw dropping prices. As some traders were eager to make sale to get cash, the tungsten market saw mildly growing supply. Moreover, as downstream cemented carbide producers held low operating rates and showed weak demand this month, cemented carbide prices lacked upward momentum and consumers made only hand-to-mouth purchases, leading to slowly dropping prices on the Chinese tungsten market. In February, as tungsten concentrate miners held low operating rates and held limited spot stocks, suppliers intended to keep prices firm, but some traders intended to make sales to get cash, leading to slightly growing supply on the tungsten concentrate market. Downstream consumers made steady purchases and the market saw inactive deals. This month, tungsten concentrate WO3 55%min prices edged down to around RMB118,000/t (USD17,134/t) and the market saw limited deals. Restricted by dropping tungsten concentrate prices, APT 88.5%min producers accepted small price concessions to promote sales, but the spot market saw limited deals on the whole with most deals concluded in long-term form. Consumers only made hand-to-mouth purchases. Mainstream APT 88.5%min prices edged down to RMB179,000/t (USD25,991/t) delivered D/P. In February, restricted by mildly dropping raw material prices and weak demand from cemented carbide market, prices for medium-sized tungsten carbide powder edged down to around RMB270/kg (USD39.20/kg), while consumers made only hand-to-mouth purchases as they already prepared enough stocks before the Spring Festival holiday and preferred to wait on the sidelines. In February, tungsten bar prices edged down to around RMB285/kg (USD41.38/kg) as tungsten powder prices moved down and tungsten bar suppliers had to cut prices slightly in order to promote sales. This month, ferrotungsten prices stayed unchanged on the whole. Restricted by firm tungsten concentrate prices, ferrotungsten suppliers kept offers firm, but downstream steel mills were inactive in purchasing ferrotungsten and made mostly hand-to-mouth purchases. In February, ferrotungsten 75%min prices stabilized at RMB185,000/t (USD26,862/t) delivered D/P and ferrotungsten 70%min prices stayed firm at around RMB176,000/t (USD25,555/t). In February, sodium tungstate 96%min prices stayed firm at RMB140,000/t (USD20,328/t) EXW D/P. Supported by firm raw material prices, the sodium tungstate market saw inactive deals. This month, tungsten grinding sward scrap suppliers kept offers firm owing to tight spot supply, but mainstream prices dropped to RMB1.65/kg (USD0.24/kg) tungsten oxide. On the international market, in February overseas demand was weak on the whole and the Chinese tungsten export market saw limited deals. Further owing to appreciating USD, inactive deals on the export market and slightly dropping prices on the Chinese domestic tungsten market, export prices for Chinese tungsten products showed downward trend on the whole. In February, export prices for Chinese ferrotungsten 75%min, APT 88.5%min and medium-sized tungsten carbide powder edged down to USD39.5/kg W, USD328/mtu and USD39.5/kg respectively. Overseas buyers were cautious in making purchases. The European and U.S. markets saw inactive economic situations on the whole and major clients were cautious in making purchases.
In February 2023, the Chinese tungsten market saw dropping prices. As some traders were eager to make sale to get cash, the tungsten market saw mildly growing supply. Moreover, as downstream cemented carbide producers held low operating rates and showed weak demand this month, cemented carbide prices lacked upward momentum and consumers made only hand-to-mouth purchases, leading to slowly dropping prices on the Chinese tungsten market. In February, as tungsten concentrate miners held low operating rates and held limited spot stocks, suppliers intended to keep prices firm, but some traders intended to make sales to get cash, leading to slightly growing supply on the tungsten concentrate market. Downstream consumers made steady purchases and the market saw inactive deals. This month, tungsten concentrate WO3 55%min prices edged down to around RMB118,000/t (USD17,134/t) and the market saw limited deals. Restricted by dropping tungsten concentrate prices, APT 88.5%min producers accepted small price concessions to promote sales, but the spot market saw limited deals on the whole with most deals concluded in long-term form. Consumers only made hand-to-mouth purchases. Mainstream APT 88.5%min prices edged down to RMB179,000/t (USD25,991/t) delivered D/P. In February, restricted by mildly dropping raw material prices and weak demand from cemented carbide market, prices for medium-sized tungsten carbide powder edged down to around RMB270/kg (USD39.20/kg), while consumers made only hand-to-mouth purchases as they already prepared enough stocks before the Spring Festival holiday and preferred to wait on the sidelines. In February, tungsten bar prices edged down to around RMB285/kg (USD41.38/kg) as tungsten powder prices moved down and tungsten bar suppliers had to cut prices slightly in order to promote sales. This month, ferrotungsten prices stayed unchanged on the whole. Restricted by firm tungsten concentrate prices, ferrotungsten suppliers kept offers firm, but downstream steel mills were inactive in purchasing ferrotungsten and made mostly hand-to-mouth purchases. In February, ferrotungsten 75%min prices stabilized at RMB185,000/t (USD26,862/t) delivered D/P and ferrotungsten 70%min prices stayed firm at around RMB176,000/t (USD25,555/t). In February, sodium tungstate 96%min prices stayed firm at RMB140,000/t (USD20,328/t) EXW D/P. Supported by firm raw material prices, the sodium tungstate market saw inactive deals. This month, tungsten grinding sward scrap suppliers kept offers firm owing to tight spot supply, but mainstream prices dropped to RMB1.65/kg (USD0.24/kg) tungsten oxide. On the international market, in February overseas demand was weak on the whole and the Chinese tungsten export market saw limited deals. Further owing to appreciating USD, inactive deals on the export market and slightly dropping prices on the Chinese domestic tungsten market, export prices for Chinese tungsten products showed downward trend on the whole. In February, export prices for Chinese ferrotungsten 75%min, APT 88.5%min and medium-sized tungsten carbide powder edged down to USD39.5/kg W, USD328/mtu and USD39.5/kg respectively. Overseas buyers were cautious in making purchases. The European and U.S. markets saw inactive economic situations on the whole and major clients were cautious in making purchases.
