Group 1: Market Dynamics - The tungsten market is experiencing significant price increases driven by major tungsten companies raising long-term procurement prices and production cuts from key tungsten raw material producers [1][2] - As of December 18, tungsten concentrate and ammonium paratungstate prices have risen, with tungsten powder (≥99.7%) reaching 1.01 million CNY/ton, a 219.6% increase since the beginning of the year [1] - Domestic tungsten powder prices have also surged to 1.045 million CNY/ton, with a notable acceleration in the price increase rate compared to November [1] Group 2: Supply and Demand Outlook - Analysts suggest that the recent rapid increase in tungsten prices is linked to supply constraints and rising long-term prices as the year-end approaches [2] - CICC forecasts that the global tungsten supply-demand relationship will remain tight, driving prices higher, with a long-term price center expected to rise to 450,000-500,000 CNY/ton by 2028 [2] - From 2025 to 2028, global tungsten production is projected to increase from 82,800 tons to 89,900 tons, while demand is expected to rise from 102,100 tons to 110,000 tons, indicating a persistent supply-demand gap [2] Group 3: Company Insights - Jiexin International Resources (03858) is set to begin commercial production at the Bakuta tungsten mine project in April 2025, with a target mining and processing capacity of 3.3 million tons of tungsten ore [3] - In the first half of 2025, Jiexin International processed 945,000 tons of ore, achieving a tungsten concentrate output of 1,205 tons, with a target for the second half of the year set at 1.65 million tons of ore and 3,638 tons of concentrate, tripling the first half's output [3] - By 2027, Jiexin International's second-phase project is expected to increase annual mining and processing capacity to 4.95 million tons, with projected concentrate output of 13,700 tons and a potential cost of 49,000 CNY per ton by 2027 [3]
港股概念追踪|钨价全年大涨2倍 引领有色金属板块全线走牛（附概念股）