Tungsten Carbide Price Trend and Forecast

Tungsten Carbide Regional Price Overview

Get the latest insights on price movement and trend analysis of Tungsten Carbide in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Tungsten Carbide Price Trend for the First Half of 2024

In the first half of 2024, tungsten carbide prices experienced a steady upward trend, driven by a combination of production cuts, tightening supply, and rising demand. China's reduction in tungsten production, stricter environmental regulations, and a decrease in mining quotas created a supply squeeze, particularly for high-grade tungsten concentrates. The reduced availability of tungsten raw materials, along with production halts in key mining areas due to environmental inspections, added pressure on the supply side.
 

Tungsten Carbide Price Chart

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Additionally, geopolitical tensions, such as the ongoing conflicts in Ukraine and the Middle East, boosted demand for tungsten in military applications. The growing demand from sectors like the photovoltaic industry and manufacturing, which rely on tungsten for tools and hard alloys, further exacerbated the supply-demand imbalance. In response, tungsten concentrates prices in China surged, leading to a ripple effect on downstream products like tungsten carbide.

While Western markets saw a slower price response, the global tungsten carbide market ultimately followed the upward trend. The tight availability of material in both Chinese and overseas markets, combined with a gradual recovery in demand, especially in the defense and photovoltaic sectors, provided strong support for tungsten carbide prices throughout the period. However, some market participants questioned the sustainability of this rise, as inventories began to deplete, and stockholders considered destocking in the event of a price stabilization.

Analyst Insight

According to procurement resources, the price of Tungsten Carbide is expected to turn be directed by the tungsten market which at present offers a dim outlook for the adjacent quarters.
 

Tungsten Carbide Price Trend for First Half of 2023

The production process of tungsten carbide involves the use of tungsten metal, and thus, its price trend depends on its market activities. It has extreme hardness and wear resistance, due to which it is extensively used in making mining equipment, aerospace and defense tools, and heavy-duty products.

In the first two quarters of 2023, the prices of tungsten fluctuated but remained on the lower end of the spectrum as the performance of end-user industries faced severe volatility. During this phase, the rates of exports from China declined, which caused disruptions in the supply chains. The semiconductor industries also suffered from this restricted supply.

However, on the other hand, Group 6 Metals initiated the functioning of new tungsten mines in Australia which increased the production rates while the trading activities moved southwards.

Analyst Insight

According to Procurement Resource, the prices of Tungsten Carbide are expected to depict a fluctuating trend as the rise in production rates, weak trading activities, and oscillating demand will direct its prices.

Procurement Resource provides latest prices of Tungsten Carbide. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.