I. China's Tungsten Market Had a Good Start in 2022

1. Price Trend of Tungsten Raw Materials from the End of 2021 to Jan. 2022

In the tungsten products industry chain, tungsten concentrate is the primary commodity of tungsten products after mining and concentration, and it is also the first production link of the tungsten products industry chain. The output volume, quality and market price of tungsten concentrate have a direct and decisive impact on the whole tungsten products market.

Ammonium Paratungstate (APT) is an important intermediate product of tungsten. It not only undertakes the main quality attributes and most of the production capacity after the primary smelting of tungsten concentrate, but also the front-end raw material of Tungsten Trioxide (WO3) in the next important stage. It is the main chemical form of tungsten intermediate products. 

WO3, Tungsten Oxide to be produced with APT as the main raw material is as the raw material itself for reducing tungsten powder, and tungsten powder is the ultimate purpose and soul of the hydrometallurgy of the whole tungsten products. The so-called purpose refers to that hydrometallurgy is to obtain tungsten powder to prepare metal tungsten products, tungsten heavy alloy (WHA) and tungsten cemented carbide (TC) products; The so-called soul refers to the combination of all small chemical indicators and physical forms such as the quality, purity, particle size, particle size distribution and crystal form of tungsten powder, which finally forms the basis of the quality of tungsten cemented carbide products with huge back-end consumption.

Therefore, we select the product prices of tungsten concentrate, APT and tungsten powder as the investigation objects with index significance in the tungsten products industry chain. We can clearly see from the figure that the prices of the three important tungsten products have reached the high level in October 2021 in early 2022 after experiencing the depressed prices caused by the sharp contraction of China's GDP in the fourth quarter compared with the previous period. 

Therefore, the tungsten market of China has made a good start in 2022! Of course, we hope that our tungsten products market has been booming! Our Tungsten enterprises are getting better and better!


In January 2022, the tungsten market generally showed an upward trend. Although affected by the atmosphere of the Spring Festival holiday, the market consumption performance gradually weakened, based on market expectations such as stricter environmental protection supervision, lower resource grade and higher price level, the overall expectation of the tungsten raw material side remained, and the high spot transaction was difficult to be large-scale for the time being. We will wait and see the game between the cost side and the supply and demand side in the future.

In January 2022, the average price of tungsten concentrate priced was RMB 114,700 yuan/ MT, which went up nearly 5% from the average price in December 2021, and the highest point at the end of the month was RMB 117,000 yuan /MT, and went up about 3.5% from the lowest point at the beginning of the month of RMB113,000 yuan /MT; The average price of APT was RMB175,700 yuan /MT, an increase of about 4.9% compared with the average price in December last year. The highest point at the end of the month was RMB178,000 yuan /MT, an increase of about 3.5% compared with the lowest point at the beginning of this month of RMB172,000 yuan /MT; The average price of tungsten powder was RMB267.43 yuan/kg, went up about 3.9% from the average price in December last year. The highest price of tungsten powder at the end of the month was RMB270 yuan / kg, went up about 3.1% from the lowest point at the beginning of this month of RMB262 yuan / kg.

2. Price Trend of GZTIA & Tungsten Enterprises, 2021 to Jan. 2022

Ganzhou Tungsten Industry Association (GZTIA) makes a monthly quotation, and the long-term quotation of Zhangyuan tungsten industry and other enterprises is generally once a half month. Due to the long-time span of quotation update, the adjustment range of each quotation of Ganzhou tungsten association is often higher than that of enterprises. However, if the comparison is made in monthly time unit at the same time, as an association organization, the quotation of Ganzhou tungsten association is generally relatively objective and conservative compared with the market quotation and enterprise quotation in the same period. This reflects the expectation of the tungsten industry association, as the spokesman of semiofficial institutions and enterprises, that the price of tungsten products will continue to rise as always. It also reflects the market environment and the contradiction between supply and demand that enterprises, as real market players, must face.

3. GZTIA vs. Zhangyuan Tungsten, An Example to Compare the Changes of Price of Tungsten Cross Year recently

Compared with the cross year price fluctuation of Ganzhou tungsten Industry Association (GZTIA ) and Zhangyuan Tungsten in recent five years (the price at the beginning of the year and the price at the end of last year), although the absolute value of the price increase this year is at the upper middle level, this increase is not large from the factors such as the loose monetary policy in 2021, the sharply rising energy price and the sharp increase in the price of caustic soda as the main auxiliary materials.


From 2017 to 2018, the environmental protection cost surcharge led to a large increase in the tungsten market price. The decline in prices at the beginning of 2019 was mainly caused by China-US relations and weak demand. This gloomy decline continued from the third quarter of 2018 to the second quarter of 2019. Although tungsten prices rose slightly at the end of 2019, the tungsten products market began to be in a downturn after the outbreak of the epidemic in early 2020. After that, with the remarkable achievements in the prevention and control of the domestic epidemic, the economic recovery has driven the market consumption, and the tungsten price has rebounded as a whole in the past two years.

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