Analysis of latest tungsten market from Chinatungsten Online
China tungsten price showed a firm upward trend in the week ended on Friday, November 8, 2024, driven by tight supply conditions. However, the demand side of the market still faces some bearish factors, leading to a market situation characterized by a standoff and demand-based transactions. The newly announced price increases from the Ganzhou Tungsten Association (GTA) and large tungsten enterprises were relatively limited, reflecting a cautious market sentiment.The tungsten concentrate market is tight with high prices, and the price for high-grade resources has reached $20,724.6/ton, with suppliers reluctant to offer discounts. Ammonium paratungstate (APT) prices rose slightly to $343.9/mtu, but the demand-side momentum is limited, and manufacturers are under significant pressure from inverted margins. Tungsten powder prices increased to $45.7/kg, while tungsten carbide powder reached $449/kg. Recently, cost support has been dominant, but alloy demand remains to be repaired. The price of 70% tungsten iron is quoted at $30,724.6/ton, reflecting a market atmosphere supporting prices, with steel mills maintaining basic demand and the market continuing to follow price trends. The price of scrap tungsten remains steady with slight increases, and suppliers are relatively active in offering prices. Consumers are still negotiating, and the market's competitive atmosphere is rising along with primary material prices.The much-anticipated U.S. election results were finalized this week, with changes in both the direction of monetary policy and expectations regarding tariff measures. Industry professionals believe that the international military conflict situation may ease, reducing market risk appetite. As a result, the demand for safe-haven assets like gold, tungsten, molybdenum, and rare earths may decrease, which is unfavorable for metal price trends. However, international trade tensions could escalate again, especially with the potential strengthening of U.S. and European tariffs against China, which could highlight the safe-haven nature of assets like gold. This may lead to a reassessment of the value of key minerals like tungsten, molybdenum, and rare earths, in which China has a competitive advantage, which could support metal prices. In summary, the impact of changes in U.S. policy and its subsequent measures on the metal market will be complex and multifaceted. The tungsten industry needs to closely monitor the evolving global political and economic landscape, including international trade relations and geopolitical developments.Chinatungsten Online
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