有色-能源金属行业周报：锡矿端延续偏紧预期叠加近期沪锡持续去库或支撑锡价

Investment Rating - The industry rating is "Recommended" [4] Core Insights - The report indicates a tight supply expectation for tin mines, coupled with recent inventory reductions in Shanghai tin, which may support tin prices [11] - Domestic lithium salt prices have seen a slight increase, but the market may face continued pressure [25] - Nickel prices have risen, but there is a significant increase in inventory levels [29] - Cobalt prices are fluctuating, with the market remaining weak [31] - Rare earth prices are showing a strong performance, with slight increases in prices for praseodymium and neodymium oxides [34] Summary by Sections Lithium Industry Update - Domestic industrial-grade lithium carbonate prices range from 71,500 to 73,500 CNY/ton, averaging 72,500 CNY/ton, up 1.4% from last week [25] - The total inventory of lithium carbonate as of September 26 is 124,600 tons, a decrease of 2,095 tons from September 19 [25] - The supply side remains stable, but downstream demand is cautious due to price increases [25][26] Nickel Industry Update - As of September 27, LME nickel prices are at 16,555 USD/ton, up 2.76% from September 20, with total inventory increasing by 4.97% [29] - Domestic nickel prices are also rising, but there are concerns about geopolitical risks affecting supply [29] Cobalt Industry Update - Electrolytic cobalt prices are at 173,000 CNY/ton, up 1.76% from September 20, while cobalt sulfate prices have decreased by 1.04% [31] - The overall market remains weak, with limited demand from the new energy vehicle sector [31][32] Rare Earth Industry Update - Prices for praseodymium and neodymium oxides have increased slightly, with praseodymium oxide averaging 429,800 CNY/ton, up 0.51% [34] - The supply side is tightening, and demand is expected to improve as orders are placed [34] Tin Industry Update - The average price of tin ingots in Shanghai is 257,500 CNY/ton, down 0.90% from September 20, but the supply side remains constrained [11][14] - Indonesian refined tin exports in August were 6,436.27 tons, a year-on-year increase of 29.12% [11][14]