小金属新材料双周报：钨价创历史新高锑价调整，核聚变商业化加速材料有望受益-20250526

Investment Rating - The investment rating for the small metals and new materials sector is "Positive" (maintained) [5] Core Views - The report highlights that tungsten prices have reached historical highs while antimony prices are adjusting, with materials expected to benefit from the acceleration of commercial nuclear fusion [4] - The report emphasizes the importance of monitoring overseas rare earth prices in June, with expectations of a general price increase but limited growth compared to May [6] - The report suggests that the recent easing of tariffs between China and the US may create opportunities for new materials exports, particularly for companies with high export exposure [10][11] Summary by Sections Rare Earths - Recent price movements include a 1.42% increase in praseodymium-neodymium oxide to 429,000 CNY/ton, a 1.22% decrease in dysprosium oxide to 1,625,000 CNY/ton, and a 0.07% increase in terbium oxide to 7,080,000 CNY/ton [6][13] - Key factors to watch include the implementation timeline of the total rare earth control draft, export quotas, and imports from Myanmar [6] Molybdenum - Molybdenum concentrate prices increased by 4.30% to 3,635 CNY/ton, while molybdenum iron (Mo60) prices rose by 4.87% to 237,000 CNY/ton [21] Tungsten - Black tungsten concentrate prices rose by 7.89% to 164,000 CNY/ton, and ammonium paratungstate prices increased by 8.74% to 242,500 CNY/ton [24] Tin - SHFE tin prices increased by 1.95% to 264,600 CNY/ton, and LME tin prices rose by 2.99% to 3.27 USD/ton [33] Antimony - Antimony ingot prices decreased by 5.32% to 222,500 CNY/ton, and antimony concentrate prices fell by 3.70% to 195,000 CNY/ton [48] New Materials - The report notes a window of opportunity for new materials exports due to the recent tariff adjustments, suggesting a potential recovery for companies like BQ New Materials and others [10][11] - The commercial acceleration of controlled nuclear fusion is expected to benefit upstream materials, with significant developments reported in both domestic and international projects [11]