小金属新材料双周报：氧化镨钕进入价格上涨通道，钨价再创历史新高-20250803

Investment Rating - Investment Rating: Positive (Maintained) [4] Core Views - The report highlights that the price of praseodymium and neodymium oxide has entered an upward channel, with a recent increase of 10.97% to 531,000 CNY/ton. Meanwhile, dysprosium oxide has decreased by 2.38% to 1,640,000 CNY/ton, and terbium oxide has dropped by 0.97% to 7,110,000 CNY/ton. The positive sentiment is driven by supply constraints and strong demand for end-use magnetic materials [3][4][12]. - The molybdenum market is experiencing a price increase, with molybdenum concentrate prices rising by 7.53% to 4,285 CNY/ton. However, downstream demand is weak, leading to expectations of price fluctuations [4][24]. - Tungsten prices have reached a historical high due to supply reductions and price adjustments in long-term contracts, with black tungsten concentrate prices increasing by 7.82% to 193,000 CNY/ton [4][34]. - The tin market is characterized by a supply-demand imbalance, with SHFE tin prices rising by 0.15% to 265,000 CNY/ton, while LME tin prices increased by 0.08% to 33,185 USD/ton [4][40]. - Antimony prices are experiencing fluctuations, with antimony ingot prices decreasing by 1.32% to 187,500 CNY/ton, attributed to low smelting output and tight raw material supply [4][56]. - The report emphasizes the accelerating commercialization of controlled nuclear fusion materials, with significant investments from state-owned enterprises, indicating a promising outlook for upstream materials [6]. Summary by Sections Rare Earths - Recent price movements show praseodymium and neodymium oxide prices increased by 10.97% to 531,000 CNY/ton, while dysprosium and terbium prices decreased [12][4]. Molybdenum - Molybdenum concentrate prices rose by 7.53% to 4,285 CNY/ton, with expectations of price stabilization due to weak downstream demand [24][4]. Tungsten - Black tungsten concentrate prices increased by 7.82% to 193,000 CNY/ton, driven by supply constraints and price adjustments in long-term contracts [34][4]. Tin - SHFE tin prices rose by 0.15% to 265,000 CNY/ton, while LME tin prices increased by 0.08% to 33,185 USD/ton, reflecting a supply-demand imbalance [40][4]. Antimony - Antimony ingot prices decreased by 1.32% to 187,500 CNY/ton, influenced by low smelting output and tight raw material supply [56][4]. Nuclear Fusion Materials - The commercialization of controlled nuclear fusion is accelerating, with significant investments indicating a positive outlook for upstream materials [6].