Beijing, March 2 (Argus) - After the US and Israel launched an attack on Iran, tensions in the Middle East have escalated, boosting trading sentiment and quotations for certain metals in the Chinese market, especially tungsten, which is widely used in the military sector.
According to Argus research, after some transactions reached a price of 1.22 million yuan per ton over the weekend, suppliers raised the factory quotation for ammonium paratungstate (APT) to a record 1.25 million - 1.26 million yuan per ton (2,060 - 2,070 US dollars per tonne) on March 2. This represents a significant increase from the 1.12 million - 1.13 million yuan per ton level assessed on February 26. Some market participants expect the price to exceed 150 million yuan per ton in the short term.
Market participants stated that this conflict may increase global attention to the strategic and military value of tungsten, thereby pushing up prices, or at least preventing prices from falling from their high levels. According to Argus Consulting data, the defense sector accounts for approximately 9% of global tungsten demand in 2024.
