Chinese New Year Approaching, Raw Materials Tightening, Market Prices Remain Firm [SMM Tungsten Daily Review]

Published: Jan 13, 2025 17:18

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[SMM Tungsten Daily Review: Raw Materials Tighten as Chinese New Year Approaches, Market Prices Remain Firm] Currently, tungsten market prices are primarily influenced by factors on the mining side. As the Chinese New Year approaches, mines are successively halting production for the holiday, leading to a gradual reduction in supply, which has kept tungsten concentrate prices firm and provided strong support for the tungsten market. Traders, facing difficulties in replenishing supplies, tend to hold onto their stock and are reluctant to sell, while smelters find it challenging to procure at ideal prices.

SMM, January 13:

Today, with the rise in tungsten concentrate prices, ammonium paratungstate (APT) prices have slightly increased.

【Price Quotations】

65% Black Tungsten Concentrate: 144,500-145,000 yuan/mtu

55% Black Tungsten Concentrate: 143,000-144,000 yuan/mtu

APT: 211,000-213,000 yuan/mt

Tungsten Powder: 318-320 yuan/kg

Tungsten Carbide Powder: 309-312 yuan/kg

70% Ferro-Tungsten: 215,000-217,000 yuan/mt

80% Ferro-Tungsten: 220,000-222,000 yuan/mt

【Market Dynamics】

Currently, tungsten market prices are primarily influenced by factors on the mining side. As the Chinese New Year approaches, mines have successively ceased production and gone on holiday, leading to a gradual reduction in supply. This has kept tungsten concentrate prices firm, providing strong support for the tungsten market. Traders, facing difficulties in replenishing supplies, tend to hold onto their stock and are reluctant to sell, while smelters struggle to procure at favorable prices.

Meanwhile, downstream market demand remains sluggish, intensifying the tug-of-war between upstream and downstream players. Overall, tungsten prices have remained relatively stable, though there is still potential for a slight rise.

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Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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