Tungsten (APT) price index

Tungsten price index

This post is a summary of the Tungsten price developments. The price developments of Tungsten are expressed in US$ prices converted FX rates applicable at the time when the price was valid. Tungsten price index developments are calculated from multiple separate sources of data to ensure statistical accuracy.

The outlook of Tungsten prices, on the second tab, is generated from different inputs including:

• Very recent price developments of immediate cost drivers of Tungsten prices
• Recent price developments of underlying feedstocks which drive the price of Tungsten
• Market futures for both cost drives and feedstocks of Tungsten prices
• Adjustment of current supply/demand imbalances in the Tungsten market
• Longer term trends in likely demand conditions

Further information on the Tungsten price chart

What is Tungsten

Tungsten is a chemical element with the symbol W and atomic number 74. It is a dense, hard, grayish-white metal that belongs to the transition metals group on the periodic table. Tungsten has the highest melting point and the second-highest boiling point among all the elements. It also has the highest tensile strength of any metal.

Tungsten is used in many applications due to its unique properties. It is commonly used in electrical contacts, heating elements, and filaments for incandescent light bulbs. It is also used in the aerospace and defense industries for its high strength and heat resistance. Tungsten is used as an alloying element in the production of high-speed steel, which is used to make cutting tools and other high-strength applications. In addition, tungsten is used in the production of radiation shielding and in medical imaging devices such as X-ray tubes.

What is Tungsten used for

Tungsten is used in a wide range of applications due to its unique properties. Here are some of the most common uses of tungsten:

Industrial applications

Tungsten is used in many industrial applications due to its high melting point, strength, and durability. It is used in the production of high-speed steel, which is used to make cutting tools, drill bits, and other high-strength applications. Tungsten is also used in the production of heavy alloys, which are used in the aerospace and defense industries for applications such as missile guidance systems, armor-penetrating ammunition, and aircraft engines.

Electrical applications

Tungsten is used in electrical applications due to its high melting point and resistance to corrosion. It is used in the production of filaments for incandescent light bulbs, heating elements for furnaces and other high-temperature applications, and electrical contacts for various electronic devices.

Medical applications

Tungsten is used in medical applications such as radiation shielding and X-ray tubes due to its high density and ability to absorb radiation.

Jewelry

Tungsten is used in jewelry due to its hardness and scratch resistance. It is often used to make wedding bands, bracelets, and other pieces of jewelry.

Sporting goods

Tungsten is used in sporting goods such as fishing weights and darts due to its high density, which allows for smaller and more accurate designs.

Overall, tungsten’s unique combination of properties makes it a valuable material for a wide range of applications.

What types of Tungsten are there

Tungsten occurs naturally in several forms, including:

Wolframite

This is the most common tungsten mineral and is mainly found in vein deposits.

Scheelite

This is another important tungsten mineral and is mainly found in skarn deposits.

Ferberite

This is a less common tungsten mineral that is found in hydrothermal veins.

Hübnerite

This is another less common tungsten mineral that is also found in hydrothermal veins.

In addition to these minerals, tungsten can also be produced in various forms through refining and processing. Some common types of tungsten include:

Tungsten powder

This is a fine powder that is produced by reducing tungsten oxide with hydrogen.

Tungsten carbide

This is a compound of tungsten and carbon and is known for its hardness and wear resistance. It is commonly used in cutting tools, mining machinery, and other high-stress applications.

Tungsten alloys

Tungsten is often alloyed with other metals such as nickel, iron, or copper to improve its properties for specific applications. For example, tungsten-copper alloys are used in electrical contacts, while tungsten-nickel-iron alloys are used in the production of high-strength components.

Overall, the various forms of tungsten have unique properties that make them valuable for a wide range of applications in industries such as electronics, aerospace, and automotive.

How is Tungsten produced

Tungsten is typically produced from two main ores: wolframite and scheelite. The following is a general overview of the process for producing tungsten from wolframite ore:

Mining

Tungsten ore is mined using conventional underground and open pit mining methods. The ore is then crushed and concentrated using gravity separation techniques.

Roasting

The concentrated ore is roasted in a furnace to remove impurities and convert tungsten oxide (WO3) to tungsten trioxide (WO3).

Reduction

The tungsten trioxide is then reduced to tungsten powder using hydrogen gas in a reactor. The resulting tungsten powder is often brittle and is not suitable for use in most applications.

Consolidation

The tungsten powder is consolidated into a solid form using one of several methods, including sintering, hot isostatic pressing (HIP), or metal injection molding (MIM). These processes involve heating the tungsten powder to high temperatures under pressure to form a dense, solid piece of tungsten.

Processing

The solid tungsten is then processed into the desired shape and size using various techniques such as machining, forging, or extrusion.

Overall, the production of tungsten is a complex and energy-intensive process that requires specialized equipment and expertise. The high cost of production is partly due to the relatively low abundance of tungsten in the earth’s crust and the difficulty of refining the ore to produce high-purity tungsten metal.

What drives the cost of Tungsten

The cost of tungsten is influenced by a variety of factors, including:

Supply and demand

Like any other commodity, the price of tungsten is influenced by the balance between supply and demand. If demand for tungsten increases while supply remains constant, prices will generally rise. Conversely, if supply increases while demand remains constant, prices will generally fall.

Production costs

The cost of producing tungsten depends on a variety of factors, including the cost of mining, refining, and processing the ore, as well as the cost of energy and labor. Changes in these costs can affect the overall cost of producing tungsten and can therefore influence its price.

Exchange rates

Tungsten is traded in US dollars, so changes in exchange rates can have a significant impact on its price in other currencies. For example, if the US dollar strengthens against other currencies, the price of tungsten may rise for buyers who use those currencies.

Market speculation

The tungsten market, like other commodity markets, can be subject to speculation and price manipulation. This can lead to short-term price fluctuations that may not be entirely driven by supply and demand.

Overall, the price of tungsten can be influenced by a complex range of factors. However, the unique properties and applications of tungsten make it a valuable commodity, and demand for tungsten is expected to continue to grow in the coming years.

How big is the global Tungsten market

The global tungsten market is relatively small compared to other metals such as copper or aluminum. According to a market research report by Allied Market Research, the global tungsten market was valued at approximately $3.9 billion in 2020. The market is expected to grow at a compound annual growth rate (CAGR) of around 4.3% from 2021 to 2028, driven by increasing demand from various industries such as electronics, aerospace, and automotive.

China is the largest producer of tungsten, accounting for more than 80% of global production. Other major producers of tungsten include Russia, Vietnam, and Bolivia. The United States is also a significant producer of tungsten, with mines located in states such as Colorado, California, and Nevada.

The demand for tungsten is expected to increase in the coming years due to its unique properties and applications in various industries. However, the market is also subject to fluctuations in supply and demand, as well as changes in market dynamics and regulatory factors.

According to https://oec.world/ :

Tungsten Ore are the world’s 1133rd most traded product.

In 2021, the top exporters of Tungsten Ore were Rwanda ($51.6M), Russia ($33.3M), Bolivia ($32.3M), Burma ($18.2M), and Portugal ($13.9M).

In 2021, the top importers of Tungsten Ore were China ($55.7M), United States ($35.1M), Austria ($24.3M), Vietnam ($20.9M), and Netherlands ($17.1M).

Which countries produce the most Tungsten

China

China is by far the world’s largest producer of tungsten, accounting for more than 80% of global production. Other major producers of tungsten include:

Russia

Russia is the second-largest producer of tungsten, with an estimated production of around 3,400 metric tons in 2020. The country’s tungsten reserves are concentrated in the eastern regions of Siberia and the Far East.

Vietnam

Vietnam is the third-largest producer of tungsten, with an estimated production of around 1,100 metric tons in 2020. The country’s tungsten reserves are primarily located in the northern provinces of Thai Nguyen and Lao Cai.

Bolivia

Bolivia is a relatively small producer of tungsten, with an estimated production of around 200 metric tons in 2020. However, the country has significant tungsten reserves, particularly in the western regions of La Paz and Oruro.

Austria

Austria is the fifth-largest producer of tungsten, with an estimated production of around 130 metric tons in 2020. The country’s tungsten reserves are primarily located in the state of Carinthia.

Other countries that produce significant amounts of tungsten include Portugal, Peru, and Canada.

Further information

• Wikipedia for general, history, production and usage information
• PubChem for chemistry and property  information