小金属双周报：春节备货驱动钼钨坚挺，“外热内冷”下锑差价持续提升

Investment Rating - The industry investment rating is "Positive" (First time) [4] Core Viewpoints - Molybdenum prices remain stable with a strong demand ahead of the Spring Festival, with recent transaction prices for molybdenum concentrate stabilizing around 3600 CNY/ton and molybdenum iron prices maintaining above 230,000 CNY/ton. The market is active with significant support for prices [5][12] - Tungsten prices are steadily rising, with black tungsten concentrate prices increasing from 143,500 CNY/ton to 143,750 CNY/ton, and ammonium paratungstate (APT) prices rising from 212,000 CNY/ton to 212,750 CNY/ton. However, market transaction volumes remain stable due to differing price expectations between buyers and sellers [5][17] - Tin market shows volatility, with SHFE tin prices experiencing a fluctuation of -2.91% followed by a recovery to 249,900 CNY/ton. The refined tin output decreased by 4.41% in December, and the market sentiment is cautious due to low inventory levels [5][22] - Antimony prices are expected to remain stable domestically, with the domestic price gap exceeding 160,000 CNY/ton compared to international prices. The main driver for price increases is expected to be changes in import and export policies [5][28] Summary by Sections 1. Recent Price Trends - Molybdenum concentrate price is stable at 3605 CNY/ton, and molybdenum iron price is at 231,000 CNY/ton [11][12] - Black tungsten concentrate price increased by 0.70% to 143,000 CNY/ton, and APT price increased by 0.95% to 212,800 CNY/ton [11][17] - SHFE tin price increased by 2.34% to 249,900 CNY/ton, while LME tin price increased by 2.71% to 2.94 USD/ton [11][22] - Antimony ingot price decreased by 0.70% to 142,000 CNY/ton, while antimony concentrate price remained stable at 121,000 CNY/ton [11][28] 2. Molybdenum - Molybdenum prices are stable with strong demand leading up to the Spring Festival, with significant market activity and support for prices [5][12] 3. Tungsten - Tungsten prices are on a steady rise, but transaction volumes are stable due to differing expectations between buyers and sellers [5][17] 4. Tin - Tin market is characterized by volatility, with cautious market sentiment due to low inventory levels and fluctuating prices [5][22] 5. Antimony - Antimony prices are expected to remain stable, with significant price gaps between domestic and international markets driven by policy changes [5][28]