Investment Rating - The investment rating for the small metals and new materials sector is "Positive" (maintained) [4] Core Views - The report highlights that antimony prices are under pressure due to demand, while tungsten prices remain high due to supply disruptions [3] - The rare earth market is experiencing price fluctuations, with some magnetic material manufacturers awaiting export approvals [5] - The molybdenum market is facing a contraction in supply alongside weak demand, leading to price adjustments [5] - The tungsten market is characterized by weak supply and demand, with prices stabilizing at high levels [5] - The tin market is experiencing a shortage of raw materials from Myanmar, resulting in a strong but volatile price trend [5] - Antimony prices are adjusting downward due to reduced smelting output, but long-term prospects remain positive [5] - The controllable nuclear fusion industry is accelerating commercialization, presenting significant opportunities for upstream materials [6][10] Summary by Sections 1. Rare Earths - Recent price changes include an increase of 0.45% for praseodymium-neodymium oxide to 446,000 CNY/ton and a 0.61% increase for dysprosium oxide to 1,640,000 CNY/ton [12][13] - The domestic market is affected by export restrictions and a tightening supply of low-cost ores, while demand remains weak [5] 2. Molybdenum - Molybdenum concentrate prices have decreased by 0.78% to 3,815 CNY/ton, and molybdenum iron prices have fallen by 0.41% to 243,500 CNY/ton [20] - Supply contraction signals are emerging, but demand from downstream industries is weak [5] 3. Tungsten - Black tungsten concentrate prices have increased by 0.58% to 172,000 CNY/ton, while ammonium paratungstate prices rose by 0.40% to 253,000 CNY/ton [23] - The market is experiencing stable domestic demand, but profitability for downstream smelting enterprises is low [5] 4. Tin - SHFE tin prices have risen by 2.57% to 267,250 CNY/ton, and LME tin prices increased by 4.24% to 33,775 USD/ton [33] - The supply side is constrained due to low operating rates in refining enterprises, while demand remains focused on essential purchases [5] 5. Antimony - Antimony ingot prices have decreased by 4.94% to 192,500 CNY/ton, and antimony concentrate prices fell by 5.63% to 167,500 CNY/ton [46] - The market is facing tight domestic supply due to reduced smelting output, but long-term demand remains stable [5] 6. Nuclear Fusion New Materials - The controllable nuclear fusion industry is witnessing rapid commercialization, with significant opportunities for upstream materials [6][10] - Notable advancements include the achievement of high-temperature plasma operations and agreements for future power supply [6]
小金属新材料双周报:锑价受需求影响持续探底,钨价受供给扰动维持高位-20250706
Hua Yuan Zheng Quan·2025-07-06 08:24