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Tungsten industry chain is not smooth, raw material inventory is overstocked

At present, the overall tungsten market is sluggish, and tungsten ore is still reluctant to sell to push up the price. Although pledge financing can solve the financial pressure, it is a cost after all. In addition, the pressure of APT and powder upside down is huge, and the production inventory has dropped to a low point. Terminal consumer demand and export markets have not been significantly driven, and the risk of inventory backlog on the supply side has increased.

The tungsten ore market is relatively strong. The price of black tungsten above 60 degrees is around 83,000-84,000/ton, and a small amount of first-level concentrate purchased by individual ferro-tungsten companies is 85,000/ton. As APT companies are suppressed by back-end demand, they purchase tungsten in the short term. Mines can only accept 83,000/ton.

The APT market relies on ore prices to insist on quotation, but the mentality has been obviously weak. The early high expectations of 128-129,000/ton have been suppressed, and the transaction is concentrated at 126,000-127,000/ton. Some APT companies have to accept powder The acceptance conditions given by the enterprise.

The tungsten powder market and the alloy market are still gambling. Since there are not many orders in the off-season in August, the alloy market has no intention of accepting high prices. The purchase price of tungsten carbide powder given is around 192 yuan/kg. However, some powder companies have already There are bids close to 190 yuan/kg.

”””” The back-end high-speed tool steel and cemented carbide common tool products have overstocked in the market. Some back-end hardware tool wholesalers have reported that the market has insufficient consumer demand, and even the original purchase of 2 months of inventory will consume half a year.

Comprehensive analysis shows that in August the upstream and downstream mentalities of the tungsten market are seriously divergent. The resistance of tungsten ore continues to rely on reluctance to push up, and some suppliers and hoarders have begun tentative shipments. It is still difficult for APT manufacturers to be caught in the middle. , The situation of production suspension and reduction has increased, and although the shortage of spot can support the market in the short term, it is still difficult to get rid of the situation of oversupply as production resumes in the later period. The consumer market for powder and back-end alloys is in poor condition, and price reductions still exist, making it difficult to accept price increases in the short term. Overall, this round of price increases has basically come to an end, and it is the best policy to consolidate and stabilize. However, from the perspective of the overall circulation, the inventory backlog of tungsten ore has formed a new "pan-Asian inventory", and how to reduce it in the future is still a knife hanging on the market.

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