Price of Tungsten Products on May. 05, 2022
China tungsten price was in the upward trend in the first half of April but turned to decline in the second half of this month. The average tungsten forecast prices from tungsten association and long-term contract prices from listed tungsten companies followed the trend.
At the beginning of April, the rise was mainly due to the continuation of the strong tungsten market in March, which was resonated by the tight prices of energy and raw materials and global inflation, rising prices and other factors. In addition, many cemented carbide companies in March planned to increase in April due to increased costs, which further boosted the market sentiment.
However, the domestic epidemic has spread in many places, especially after the comprehensive closure and control of Shanghai at the end of March, the supply chains of domestic and foreign manufacturing industries such as automobiles and integrated circuits have been greatly impacted. As for the tungsten raw material market, tungsten prices began to fall under pressure in mid-April, and the cost side suppressed the sell-off sentiment of some traders to a certain extent, but the spot transaction was difficult to improve under the pressure of supply and demand.
By the end of the month, the domestic epidemic prevention and control has achieved initial results. Shanghai and other places have also arranged to resume work and production. However, the industry’s expectations on the demand side are still cautious, and there are still great uncertainties on the macro side including the epidemic, geopolitical conflicts, and extreme weather events with the approaching the May Day holiday. The market generally maintained a weak and steady wait-and-see situation, and transactions were mediocre.
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Post time: May-05-2022