Monthly Tungsten Market Report Mar 2023
2023-04-11 18:28:19 【Print】
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1. Market Highlights
In March 2023, the Chinese tungsten market saw slowly dropping prices. Given weak demand, the market saw limited deals. Watchful sentiments spread and consumers were inactive in making purchases. Given generally weak demand from the domestic market, downstream cemented carbide producers mainly depended upon stocks for operation, leading to limited purchase orders on the market, and market participants were cautious in operating. On the other hand, overseas demand was weak and the Chinese tungsten market saw slow transactions. Buyers maintained only hand-to-mouth purchases. Inflation in the U.S. and no notable growth in Europe's economic recession all contributed to inactive deals on the international tungsten market. In March, Chinese tungsten concentrate prices edged down with tungsten concentrate 65%min prices down to around RMB118,000/t (USD17,139/t), and the market saw inactive deals. Restricted by dropping tungsten concentrate prices, APT 88.5%min followed suit, and most deals concluded were long-term orders. Producers preferred to maintain make-to-order production, and the market saw limited spot deals. This month, mainstream APT 88.5%min prices dropped to RMB179,000/t (USD25,998/t). Restricted by dropping raw material prices, in March prices for tungsten carbide powder and tungsten powder both showed a downward trend, with prices for medium-sized tungsten powder and medium-sized tungsten carbide powder down to RMB265/kg (USD38.48/kg) and RMB262/kg (USD38.05/kg). Consumers from cemented carbide alloy market were cautious in making purchases, so suppliers cut prices in hope of promoting sales, but with no positive responses from the markets. In March, ferrotungsten prices stayed firm on the whole. But restricted by dropping raw material prices, in late March ferrotungsten prices moved down. Downstream steel mills were inactive in buying and the market saw limited deals. In March, given dropping raw material prices, downstream tungsten scrap prices showed a downward trend too, and buyers were inactive in making purchases. On the international market, tungsten prices showed a generally downward trend. Given weak demand, consumers commonly made only hand-to-mouth purchases or preferred to wait on the sidelines, leading to limited deals on the international market. In March on the Chinese export market, export prices for APT 88.5%min, ferrotungsten 75%min and medium-sized tungsten carbide powder dropped to USD320/t, below USD38/kg W and USD39/kg respectively. Market participants lacked confidence upon future price trends.
In March 2023, the Chinese tungsten market saw slowly dropping prices. Given weak demand, the market saw limited deals. Watchful sentiments spread and consumers were inactive in making purchases. Given generally weak demand from the domestic market, downstream cemented carbide producers mainly depended upon stocks for operation, leading to limited purchase orders on the market, and market participants were cautious in operating. On the other hand, overseas demand was weak and the Chinese tungsten market saw slow transactions. Buyers maintained only hand-to-mouth purchases. Inflation in the U.S. and no notable growth in Europe's economic recession all contributed to inactive deals on the international tungsten market. In March, Chinese tungsten concentrate prices edged down with tungsten concentrate 65%min prices down to around RMB118,000/t (USD17,139/t), and the market saw inactive deals. Restricted by dropping tungsten concentrate prices, APT 88.5%min followed suit, and most deals concluded were long-term orders. Producers preferred to maintain make-to-order production, and the market saw limited spot deals. This month, mainstream APT 88.5%min prices dropped to RMB179,000/t (USD25,998/t). Restricted by dropping raw material prices, in March prices for tungsten carbide powder and tungsten powder both showed a downward trend, with prices for medium-sized tungsten powder and medium-sized tungsten carbide powder down to RMB265/kg (USD38.48/kg) and RMB262/kg (USD38.05/kg). Consumers from cemented carbide alloy market were cautious in making purchases, so suppliers cut prices in hope of promoting sales, but with no positive responses from the markets. In March, ferrotungsten prices stayed firm on the whole. But restricted by dropping raw material prices, in late March ferrotungsten prices moved down. Downstream steel mills were inactive in buying and the market saw limited deals. In March, given dropping raw material prices, downstream tungsten scrap prices showed a downward trend too, and buyers were inactive in making purchases. On the international market, tungsten prices showed a generally downward trend. Given weak demand, consumers commonly made only hand-to-mouth purchases or preferred to wait on the sidelines, leading to limited deals on the international market. In March on the Chinese export market, export prices for APT 88.5%min, ferrotungsten 75%min and medium-sized tungsten carbide powder dropped to USD320/t, below USD38/kg W and USD39/kg respectively. Market participants lacked confidence upon future price trends.
