有色：能源金属行业周报：本周钨价环比上涨，上游原料偏紧格局短期难以缓解

Investment Rating - Industry rating: Recommended [3] Core Views - The tungsten price has increased week-on-week due to a tight supply of upstream raw materials, which is expected to persist in the short term [12][21] - Nickel prices have decreased, with smelters continuing to face losses; however, the approval of increased nickel mining quotas in Indonesia may enhance supply expectations for 2025 [13][24] - Cobalt prices are under pressure, but a significant reduction in global supply from the Democratic Republic of Congo could support prices in the near future [28][25] - Antimony prices have declined, but the domestic supply remains tight, with potential for price convergence with high overseas prices if exports resume [29][33] - Lithium prices are expected to remain under pressure due to oversupply, despite some recovery in purchasing sentiment from downstream manufacturers [7][8] - Rare earth prices are showing strength, particularly for praseodymium and neodymium, driven by export controls and supply constraints [9][14] Summary by Sections Nickel Industry - As of May 30, LME nickel settled at $15,150.00 per ton, down 0.36% from May 23, with total LME nickel inventory increasing by 0.37% to 199,380 tons [21] - Domestic nickel prices are under pressure due to weak demand from stainless steel manufacturers and potential export bans from the Philippines [21][24] Cobalt Industry - As of May 30, electrolytic cobalt was priced at 234,900 yuan per ton, down 0.82% from May 23, with overall weak demand from downstream manufacturers [25][28] - The supply situation is expected to tighten significantly due to export restrictions from the Democratic Republic of Congo [28] Antimony Industry - Domestic antimony ingot prices fell to 217,500 yuan per ton as of May 29, down 2.25% from May 23, with ongoing supply tightness [29][31] - Export controls from China may lead to a significant price increase in overseas markets [29][33] Lithium Industry - Battery-grade lithium carbonate averaged 60,700 yuan per ton as of May 30, down 3.70% from May 23, with inventory levels indicating a slight decrease [7][8] - The market is expected to remain weak due to oversupply and declining lithium ore prices [8] Rare Earth Industry - Prices for praseodymium and neodymium have increased, with praseodymium oxide averaging 450,300 yuan per ton, up 0.88% from May 23 [9][14] - Export controls from China are likely to tighten supply in overseas markets, supporting price increases [9][14] Tungsten Industry - As of May 30, white tungsten concentrate was priced at 167,500 yuan per ton, up 2.45% from May 23, driven by tight raw material supply [12][21] - The first batch of tungsten mining quotas for 2025 has been reduced, further tightening supply expectations [12][21]