Analysis of latest tungsten market from Chinatungsten Online
China tungsten prices remain in a sideways trend, with market stagnation at high levels leading to increased profit-taking sentiment. According to research by Chinatungsten Online, year-end factors, such as public company reporting requirements and factory restocking needs, maintain a generally bullish outlook in the industry. However, limited overall consumption activity suggests that price increases will likely remain modest.
65% Black Tungsten Concentrate: Prices held at $20,352.1/ton. Suppliers' upward pricing attempts face limited acceptance from buyers, resulting in a market primarily driven by just-in-time procurement and continued stagnation at high levels.
Ammonium Paratungstate (APT): Prices at $337.4/mtu. Market demand remains subdued, with few bulk orders. Manufacturers face difficulty in raising or lowering prices while enduring significant margin pressures.
Tungsten Powder: Priced at $44.9/kg, and tungsten carbide powder at $44.2/kg. Strong cost support contrasts with weak demand, and confidence among alloy manufacturers remains low. Limited orders are transacted primarily through negotiations.
70 Ferro-Tungsten: Priced at $30,281.7/ton. While raw material prices remain high, downstream demand shows no significant improvement, and market sentiment is characterized by negotiation and indecision.
Scrap Tungsten: Prices are steady. While sellers have increased their willingness to offload inventory, concessions are minimal, and buyers maintain a cautious, on-demand procurement approach. The subdued consumption climate limits overall pricing flexibility.
Macro Outlook:
Goldman Sachs projects that China's real GDP growth will slow from 4.9% this year to 4.5% in 2024. It also anticipates a significant interest rate cut of 40 basis points in 2025 and an increase in the broad fiscal deficit ratio by 1.8 percentage points.
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