——小金属双周报（2025/11/17-2025/11/28）：供给收缩推动钨价创历史新高，出口修复预期锑价或底部反转-20251130

Investment Rating - The investment rating for the small metals sector is "Positive" (maintained) [4] Core Insights - The report highlights that tungsten prices have reached a historical high due to supply contraction, while antimony prices may be reversing from the bottom due to improved export expectations [3] - The report suggests monitoring specific companies in the sector, including Guangsheng Nonferrous, China Rare Earth, Northern Rare Earth, Jinli Permanent Magnet, Ningbo Yunsheng, and Zhenghai Magnetic Materials for rare earths; Jinchuan Group for molybdenum; Zhongtung High-tech, Xiamen Tungsten, Xianglu Tungsten, and Zhangyuan Tungsten for tungsten; Xiyang Co., Huaxi Nonferrous, and Hunan Gold for antimony [6] Summary by Category Rare Earths - Recent price movements include a 3.94% increase in praseodymium and neodymium oxide to 566,500 CNY/ton, while dysprosium and terbium prices have decreased by 1.99% to 1,480,000 CNY/ton and 0.84% to 6,525,000 CNY/ton respectively [11][10] - Supply issues are easing, but demand remains low, with downstream magnetic material companies not seeing significant order increases [6] Molybdenum - Molybdenum prices have seen a decline, with molybdenum concentrate down 2.69% to 3,615 CNY/ton and molybdenum iron (Mo60) down 1.26% to 235,500 CNY/ton [19][20] - The report indicates a tightening supply signal for molybdenum concentrate, while demand remains weak [6] Tungsten - Tungsten prices have surged, with black tungsten concentrate rising 6.96% to 338,000 CNY/ton and ammonium paratungstate up 4.10% to 495,000 CNY/ton [26][27] - Supply is tightening due to reduced mining quotas and production slowdowns, while domestic demand remains stable [6] Tin - Tin prices have strengthened, with SHFE tin up 4.66% to 305,040 CNY/ton and LME tin up 5.97% to 39,125 USD/ton [30][31] - Supply disruptions and low inventory levels are contributing to the price increase [6] Antimony - Antimony prices have increased, with antimony ingot up 9.52% to 172,500 CNY/ton and antimony concentrate up 10.75% to 154,500 CNY/ton [40][41] - Improved export expectations are boosting market confidence, with tight inventories supporting potential price increases [6]