Article Publishing Date: May 20, 2023
In March 2023, the tungsten price stood at $40,020 per ton (FOB, China), approximately mirroring the previous month. Over the period under review, the export price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in January 2023 an increase of 4.5% m-o-m. The export price peaked at $44,728 per ton in May 2022; however, from June 2022 to March 2023, the export prices remained at a lower figure.
Average prices varied noticeably for the major external markets. In March 2023, the highest price was recorded for prices to the UK ($40,900 per ton) and the United States ($40,600 per ton), while the average price for exports to Japan ($39,269 per ton) and Russia ($39,702 per ton) were amongst the lowest.
From March 2022 to March 2023, the most notable rate of growth in terms of prices was recorded for supplies to Japan (-0.5%), while the prices for the other major destinations experienced a decline.
COUNTRYExport Price of Tungsten in China (USD per ton)Mar 2022Apr 2022May 2022Jun 2022Jul 2022Aug 2022Sep 2022Oct 2022Nov 2022Dec 2022Jan 2023Feb 2023Mar 2023United KingdomN/A45,80045,40041,00043,668N/A40,950N/A38,80037,24640,86340,50040,900United States44,30045,35945,84745,69646,20043,00039,78440,47939,51940,85040,36439,86940,600Netherlands45,500N/A44,093N/AN/A42,80042,47538,00041,07736,500N/AN/A40,500RussiaN/AN/AN/AN/AN/AN/A41,364N/AN/A36,22742,228N/A39,702Japan41,93142,69844,29542,67341,15440,97841,12940,76038,83337,40338,60839,24139,269Average42,83144,04244,72844,27542,40742,39441,57240,39739,34538,21239,93739,73640,020In March 2023, approximately 134 tons of tungsten were exported from China; growing by 11% on the month before. In general, total exports indicated tangible growth from March 2022 to March 2023: its volume increased at an average monthly rate of +4.1% over the last twelve months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on March 2023 figures, exports increased by +27.1% against January 2023 indices. The growth pace was the most rapid in April 2022 with an increase of 66% against the previous month.
In value terms, tungsten exports expanded rapidly to $5.3M (IndexBox estimates) in March 2023. Overall, total exports indicated a temperate expansion from March 2022 to March 2023: its value increased at an average monthly rate of +3.6% over the last twelve months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on March 2023 figures, exports decreased by -4.4% against December 2022 indices. The pace of growth appeared the most rapid in April 2022 when exports increased by 71% month-to-month. As a result, the exports reached the peak of $6M. From May 2022 to March 2023, the growth of the exports remained at a somewhat lower figure.
Japan (76 tons) was the main destination for tungsten exports from China, accounting for a 57% share of total exports. Moreover, tungsten exports to Japan exceeded the volume sent to the second major destination, the United States (15 tons), fivefold. The Netherlands (12 tons) ranked third in terms of total exports with a 9.2% share.
From March 2022 to March 2023, the average monthly growth rate of volume to Japan stood at +3.6%. Exports to the other major destinations recorded the following average monthly rates of exports growth: the United States (+1.9% per month) and the Netherlands (+1.7% per month).
In value terms, Japan ($3M) emerged as the key foreign market for tungsten exports from China, comprising 56% of total exports. The second position in the ranking was held by the United States ($609K), with an 11% share of total exports. It was followed by the Netherlands, with a 9.3% share.
From March 2022 to March 2023, the average monthly growth rate of value to Japan stood at +3.0%. Exports to the other major destinations recorded the following average monthly rates of exports growth: the United States (+1.1% per month) and the Netherlands (+0.7% per month).
Source: IndexBox Market Intelligence Platform