配额下降，钨价大幅上涨

Investment Rating - The report maintains a rating of "Outperform the Market" for the industry [4] Core Insights - The recent decrease in tungsten quotas by 4,000 tons in April, combined with seasonal production lows and environmental inspections, has led to a tightening supply and a significant increase in tungsten prices, reflecting its strategic value [1][3] - A meeting in Changsha emphasized the need for stricter regulation of strategic mineral exports, indicating a focus on controlling the entire supply chain from extraction to export [1][2] - The market for antimony is experiencing price adjustments due to weak downstream demand, despite a tight supply situation [2][14] - Molybdenum prices are supported by strong demand from the manufacturing sector, with a notable increase in procurement volumes [9][11] Summary by Sections Molybdenum - Molybdenum concentrate prices have risen to 3,505 CNY/ton, up 5.7% from previous lows, indicating robust demand from the manufacturing sector [9][11] - The total procurement volume for molybdenum iron steel exceeded 7,600 tons in early May, reflecting ongoing strong demand [11] Antimony - Antimony prices have seen a decline, with 2 antimony ingot prices at 219,000 CNY/ton, down 4.3% from the previous week, due to weak demand in downstream industries [2][14] - The supply remains tight, but the market is cautious with purchasing decisions [15] Magnesium - The average price of magnesium ingots has increased to 18,780 CNY/ton, with a 9.3% decrease in total inventory, indicating a tightening supply situation [19][20] Tungsten - The average price of black tungsten concentrate has risen to 167,500 CNY/ton, reflecting a 10% increase, driven by reduced quotas and supply constraints [3][22] - The APT price has also increased significantly, indicating a recovery in profitability for producers [3][22] Vanadium - The vanadium market remains stable with prices for vanadium pentoxide holding steady at 76,500 CNY/ton, reflecting a cautious market environment [27][29]