2023

 2024

2024 Tungsten Carbide Industry Intelligence Dec.

On November 15, 2024, Announcement No. 51 of 2024 was released, announcing the “Export Control List of Dual Use Items of the PRC“, which has been implemented from December 1, 2024. Item 1C226 in this list is related to tungsten carbide which says that tungsten, tungsten carbide and alloys containing over 90% tungsten with the following two characteristics belong to Export Control List.

1. ID from 100-300mm, hollow cylindrical symmetrical body (including cylindrical sector segments)
2. Unit Weight exceeding 20 kgs.

2024 Tungsten Carbide Industry Intelligence Nov.

According to the tool exports data from January to September 2024 of China Machine Tool & Tool Builders’ Association, the export value of cutting tools from January to September 2024 was USD2.68 billion, a year-on-year increase of 11.64%.

The main varieties and amounts of tool exports are: drill bits (USD0.92 billion), circular saw blades (USD0.47 billion), interchangeable tools (USD0.31 billion), inserts (total USD0.31 billion, and USD0.28 billion for tungsten carbide inserts), milling cutters (USD0.24 billion), tapping tools (USD0.11 billion), superhard hole machining tools (USD0.08 billion), superhard interchangeable tools (USD0.06 billion), and bimetallic band saw blades (USD0.05 billion).

2024 Tungsten Carbide Industry Intelligence Oct.

In the first trading week after China National Day holiday, the overall tungsten price situation showed a stable state. The price of tungsten powder is temporarily stable at around USD43.73/kg, while the price of tungsten carbide powder is consolidating around USD43.02/kg. The stocking sentiment of the tungsten carbide end is relatively rational, and the market liquidity is limited, which suppresses the market center of gravity.

Currently cobalt prices fluctuated this week which is around USD25.75/kg. The prices of cobalt powder have weakened and the demand for hard alloys and 3C electronics industries is flat, putting pressure on market trading confidence.

2024 Tungsten Carbide Industry Intelligence Sep.

Dominated by the mentality of reluctance to sell raw materials from the suppliers, recently the tungsten price remains stable.

One reason is the tight supply of market resources caused by the shortage of concentrate supply due to insufficient smelting capacity, as well as the expectation of stricter export control of advantageous mineral resources under the tense international geopolitical situation;

The second reason is due to the decrease in resource grade and the tightening of environmental regulations, which have led to rising costs, as well as concerns about the global price outlook caused by reduced economic activity and fluctuations in the US dollar.

2024 Tungsten Carbide Industry Intelligence Aug.

At the beginning of August, the overall tungsten price shows a stable upward trend, supported by tightening supply and improved market sentiment. However, weak demand pressure has not significantly improved, limiting the overall trading volume of the market.

The tungsten powder market has slightly increased with W powder prices around USD41.9/KG and WC powder prices around USD41.06/KG. Due to domestic and international economic and manufacturing pressures, the overall consumption fatigue of tungsten carbide market is difficult to repair in the short term and the market trend is slightly slower to keep up with the rise.

2024 Tungsten Carbide Industry Intelligence Jul.

In the first half of 2024, tungsten prices have shown a continuous upward trend since the beginning of the year, and the upward trend continued until late May which reached the highest point this year. Compared to the price at early 2024, APT has an increase of 28.02%. The increase for WC and Co is 26.87% and 27.11%

Afterwards, tungsten prices have been falling all the way. Compared to the highest point, now APT price has a decline of 10.3% while still has an increase of 14.84% compared to the price at early 2024. The decline for WC and Co price compared to highest point is 7.94% and 8.65%. However, WC and Co price still have an increase of 16.79% and 16.12% based on the price at early 2024.

2024 Tungsten Carbide Industry Intelligence Jun.

In May 2024, China’s tungsten market surged significantly. The monthly increase for APT was USD3.04/KG, reaching USD31.19/KG. The monthly increase in tungsten powder is USD5.24/KG, reaching USD46.78/KG, while the monthly increase in tungsten carbide powder is USD4.55/KG, reaching USD46.09/KG.

In May 2024, the reference price for solid rod blanks of 10% cobalt grade was around USD57/KG. The tungsten carbide market is experiencing a significant decline in profits as raw material prices rise. It is expected that tungsten prices will continue to operate steadily in June, and it is difficult to see a sharp rise or fall trend in the short term.

2024 Tungsten Carbide Industry Intelligence May.

In April 2024, the Chinese tungsten market showed a sustained upward trend, driven mainly by the widening supply gap at the tungsten mining end.

On the one hand, the supply of tungsten mines has objectively been reduced; On the other hand, international geopolitical risks have risen, and prices of commodities such as gold, oil, natural gas, and copper have risen. The financial and hedging properties of strategic metal tungsten, which is also a resource type variety, are highlighted. The prices of tungsten smelting products and back-end cemented carbide products have passively followed suit.

Many carbide manufacturers have been implementing a new round of price increases since May.

2024 Tungsten Carbide Industry Intelligence Apr.

Due to the impact of total volume control and the difficulty in increasing production of new global tungsten mining projects in the short term, the overall tight supply in the industry has driven up tungsten prices. In addition, as the market space for tungsten in key areas such as photovoltaics and CNC tools increases, tungsten prices will remain relatively stable at historical highs.

Based on the statistics of April 2, the price of tungsten powder is consolidating at around USD39.1/kg, and the price of tungsten carbide powder is USD38.6/kg. For cobalt, the mainstream market price range is between USD28.1/kg and USD28.8/kg.

2024 Tungsten Carbide Industry Intelligence Mar.

The current tungsten market remains at a high level, with tungsten carbide reference prices ranging from USD37.9/kg and tungsten powder reference prices ranging from USD38.6/kg.

The tungsten market maintains a stable trend, with a slight increase in essential procurement prices and stable total terminal consumption. Due to the increase in raw material costs, many tungsten carbide suppliers in China have already issued price increase notices. If there is tungsten carbide needs in the near future, go check with your suppliers asap. before carbide price rises.

2024 Tungsten Carbide Industry Intelligence Feb.

In the first trading week of the Loong Year, when the tungsten market resumed production, there was a lot of enthusiasm for tungsten raw materials.

The price of tungsten powder has stabilized at around USD38.3/kg, while the price of tungsten carbide powder has remained stagnant at around USD37.8/kg. The upstream of the industrial chain is transmitting strong emotions, while the downstream consumption of hard alloys is average, resulting in poor market transaction vitality.

The scrap tungsten market remains stable, with rod prices around USD29/kg.

2024 Tungsten Carbide Industry Intelligence Jan.

Carbide Tools: Many international suppliers adjusted their prices started from January 1^st 2024 such as Sandvik, Seco, Walter, Iscar and etc..

Cobalt powder: The mainstream price range in the market is USD 27800-28500/ton, which has dropped by USD 695/ton compared to the previous trading day.

The price of tungsten powder remains stagnant at around USD 38/kg, with limited orders from alloy companies and low enthusiasm for purchasing raw materials.

Tungsten Carbide Industry Intelligence Dec.

Tungsten powder: The price for tungsten powder is around RMB269-272/kg whicrhave been consistentlv high since December.
Cobalt powder: The mainstream price range in the market is RMB210000-220000/ton.
which is stable compared to the previous trading day.
Recycle powder: The price of electrolytic WC powder is around RMB230/kg
Tungsten carbide products: The demand for hard alloy is once again weak, and thereis no good factor for it.

Tungsten Carbide Industry Intelligence Nov.

Due to the uncertain macroeconomic environment, tungsten market participants are not optimistic about the near future prospects and do not anticipate any significant new demand until 2024. According to customs data, from January to June 2023, the total export volume of Chinese tungsten products was 10276 tons, a year-on-year decrease of 23%. In July and August, China’s tungsten product exports decreased by 41% and 32% year-on-year, respectively.

Since the second half of 2023, tungsten product orders have significantly decreased. End users have reduced their inventory levels instead of purchasing new products. It’s estimated that there will be no price increase or demand recovery in 2023.

Tungsten Carbide Industry Intelligence Oct.

Recently, the downstream terminal consumption performance of tungsten has remained quiet, with tungsten powder orders sluggish, and enterprises facing difficulties in receiving orders. Prices continue to decline. It is reported that the current reference price for tungsten carbide powder is between RMB 264 to 266 /kg, and the reference price for tungsten powder is between RMB 270 to 272 /kg.

Due to the drag of demand from the alloy end, cobalt powder has been operating at a price but not in the market this week. The mainstream quotes of large enterprises remain within the range of RMB 225 to 235 /kg.

Tungsten Carbide Industry Intelligence Sep.

On September 1^st, seven departments including the Ministry of Industry and Information Technology issued the “Work Plan for Stable Growth in the Machinery Industry 2023 & 2024” which is supposed to drive demand for mechanical equipment.

The demand for cutting tools is expected to warm up major customers and the high-end transformation is progressing smoothly. In some regions from July to August, the impact of high temperature weather on operating rates has weakened. At the same time, Q4, as a traditional peak processing season, has increased operating rates, and dealer restocking is expected to improve, driving a rebound in tool demand.

Tungsten Carbide Industry Intelligence Aug.

At present, the tungsten market is about to enter the traditional off-season, and the raw material end may continue to reduce output due to multiple factors such as high temperature, power restrictions, rainy season, and environmental protection.

The price of tungsten powder remains stagnant at the RMB270/kg level, and customers remain concerned about tungsten carbide consumption. In addition, they are cautious about cost side pressure, with limited new orders in the market.

Tungsten Carbide Industry Intelligence July.

China Tungsten Market Briefing for the First Half of 2023

In the first half of 2023, China’s import and export data significantly slowed down due to external influences. APT prices hovered between RMB 173500 to 183000 /ton, with the lowest point appearing in early April and the highest point appearing in mid February.

China’s manufacturing industry is expected to resume growth momentum in September which makes tungsten prices show a trend of first suppressing and then increasing in the second half of 2023.

Tungsten Carbide Industry Intelligence June.

Factors Affecting the Properties of Tungsten Carbide

The factors affecting the performance of tungsten carbide include WC powder percentage, Co percentage and WC grain size.

Usually, with the increase of WC powder percentage, the hardness and wear resistance of tungsten carbide increase, but their toughness decreases; As the WC grain size decreases, the hardness of the alloy increases, and vice versa; As the cobalt percentage increases, the toughness of the alloy improves and the hardness decreases. Conversely, the toughness decreases and the hardness increases.

Tungsten Carbide Industry Intelligence May.

China tungsten price continues to be stable at the beginning of May. In the tungsten powder market, the transaction price for WC powder is RMB270/kg; The transaction price for W powder is between RMB275-277/kg.

The performance of cemented carbide orders was calm, with a lack of enthusiasm for restocking, which dragged down the slight decline in the consolidation of raw materials.

In summary, downstream demand has dragged down market transactions, and the short-term market has shown signs of stability and decline.

Tungsten Carbide Industry Intelligence Feb.

In February 2023, China tungsten market generally showed a trend of rising first, then falling, and then maintaining stability, and the volatility of the market was relatively narrow. In March, the market will mainly focus on the news of the two sessions. The tightening of mine production management and control has tightened the supply of raw materials to a certain extent, helping the holders to survive the market, but the status of the transaction implementation remains to be seen.

Tungsten Carbide Industry Intelligence Feb.

China tungsten price continues to be stable at the beginning of February. Last week, many cemented carbide companies successively issued notices on product price increases because the price of raw materials continued to rise and the cost of production was pushed up.

The price increase has activated the bullish atmosphere in the market to a certain extent, and the intention of reluctance to sell and increase the price is still common in the market. At present, tungsten concentrate price increases to $18,461.5/ton with strong rised mentality in the market;

APT price edges up to $318.1/MTU with the support of strong raw material market; tungsten powder price hovers around $42.6/kg supported by high cost and active market.

Tungsten Carbide Industry Intelligence Jan.

In terms of price, the annual average price of 55% wolframite concentrate was US$16,211/bt, up 12% year-on-year (US$15,732/bt at the beginning of the year and US$16,602/bt at the end of the year).

The annual average price of APT was $25,172/ton, up 13% year-on-year ($24,505/ton at the beginning of the year and $25,375/ton at the end of the year).

Tungsten carbide annual average price of $37.85/kg, up 11.4% year-on-year ($37.12/kg at the beginning of the year, $37.3/kg at the end of the year)

The annual average price of tungsten powder was US$38.43/kg, up 11.5% year-on-year.

Production: APT annual output of 131,498 tons, up 1.01% year-on-year. The annual output of tungsten powder was 80,861 tons, a decrease of 3.31% year-on-year. The annual output of ferrotungsten was 9,173 tons, a decrease of 0.83% year-on-year.