Analysis of latest tungsten market from Chinatungsten Online
Chinese tungsten market remains in a supply-demand stalemate with weak stability in the week ended on Friday, December 13, 2024. Limited resource availability from mines and low operating rates among tungsten chemical and powder enterprises reflect subdued alloy consumption. High price quotes fail to stimulate transactions, while cautious attitudes toward price concessions prevail. Buyers are cautiously negotiating for stockpiling, leading to poor supply-demand alignment and hindered transactions. Market participants are closely watching updates to tungsten enterprise guidance prices and the impact of new domestic and international trade policies.65% Black Tungsten Concentrate: Prices hover around $20,140.8/ton, pressured by weak demand. The lack of positive supply-side factors has slowed market transactions, and mainstream pricing remains under pressure.Ammonium Paratungstate (APT): Prices have weakened toward $334.2/mtu. The market shows weak trade sentiment due to the interplay of cost and demand pressures, with insufficient momentum driving the market.Tungsten Powder: Priced at RMB $44.5/kg, while tungsten carbide powder is at $43.8/kg. Consumption patterns have not seen significant improvement, and softening raw material prices are intensifying buyer bargaining, resulting in a sluggish trading atmosphere.Ferrotungsten: Priced at $30,140.8/ton. Cost support has weakened, steel procurement activity has decreased, and trading intentions have softened.Scrap Tungsten: Prices remain weak and stable, with muted negotiations persisting. Sellers are more willing to offer discounts, but buyers show limited enthusiasm for procurement, maintaining an overall stagnant and pressured market.Central Economic Work Conference InsightsThe Central Economic Work Conference was held in Beijing from December 11–12. The key takeaways include:Fiscal Policy: Next year will see more proactive fiscal measures, including increasing the fiscal deficit ratio to ensure sustained and effective fiscal policy. This includes issuing additional ultra-long-term special treasury bonds, increasing the issuance and utilization of local government special bonds, optimizing fiscal expenditure structures, and securing the "three guarantees" at the grassroots level.Monetary Policy: A moderately loose monetary policy will be implemented, including timely cuts to the reserve requirement ratio (RRR) and interest rates to ensure ample liquidity. The RMB exchange rate will be kept stable at a reasonable and balanced level.Financial Stability: The central bank will explore expanding macro-prudential and financial stability functions, innovate financial tools, and maintain market stability.Domestic Demand: Efforts will focus on boosting consumption, improving investment efficiency, and expanding domestic demand comprehensively.
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