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小金属新材料双周报:稀土磁材陆续获得出口许可证,需求疲软下锑价持续调整-20250622
Hua Yuan Zheng Quan·2025-06-22 12:30

Investment Rating - The investment rating for the small metals and new materials sector is "Positive" (maintained) [4] Core Viewpoints - The report highlights that the rare earth materials sector is experiencing price fluctuations, with some magnetic material manufacturers obtaining export approvals amidst weak demand, leading to continuous adjustments in antimony prices [3][4] - The report emphasizes the ongoing commercialization of controlled nuclear fusion, indicating that upstream materials are expected to benefit significantly from this trend, with a broad market potential for related companies [6][9] Summary by Relevant Sections Rare Earths - Recent price changes include a 1.11% decrease in praseodymium-neodymium oxide to 444,000 CNY/ton, while dysprosium oxide remains stable at 1,630,000 CNY/ton, and terbium oxide decreased by 0.69% to 7,150,000 CNY/ton [12] - The Chinese Ministry of Commerce announced a faster approval process for rare earth exports to alleviate global supply chain tensions, which may lead to further price increases [3][4] Molybdenum - Molybdenum prices are experiencing high volatility, with molybdenum concentrate prices down 0.52% to 3,845 CNY/ton, and molybdenum iron (Mo60) down 0.81% to 244,500 CNY/ton [18] Tungsten - Tungsten prices are also fluctuating, with black tungsten concentrate down 0.58% to 171,000 CNY/ton and ammonium paratungstate down 0.40% to 252,000 CNY/ton [23] Tin - Tin prices are mixed, with SHFE tin down 1.15% to 260,600 CNY/ton, while LME tin increased slightly by 0.08% to 32,400 USD/ton [32] Antimony - Antimony ingot prices have decreased by 5.81% to 202,500 CNY/ton, and antimony concentrate prices are down 5.33% to 177,500 CNY/metal ton, reflecting a marginal improvement in supply against weak demand [45]