小金属双周报（2025/12/1-2025/12/12）：供给收缩叠加12月长单价上调，推动钨价再创历史新高-20251214

Investment Rating - The investment rating for the small metals industry is "Positive" (maintained) [4] Core Views - The report highlights that tungsten prices have reached a historical high due to supply contraction and price increases for long-term contracts in December [3] - The supply-demand dynamics for rare earths are relatively balanced, with prices for praseodymium and neodymium oxide experiencing a slight rebound [5] - Molybdenum prices are fluctuating due to weak demand from the steel sector, while tungsten prices are driven by stable domestic demand and increased long-term contract prices [5] - Tin prices are strengthening due to macroeconomic factors and ongoing supply disruptions, particularly in key mining regions [5] - Antimony prices are expected to reverse from their recent decline as export recovery expectations strengthen [5] Summary by Category Rare Earths - Praseodymium and neodymium oxide prices increased by 2.21% to 579,000 CNY/ton, while dysprosium and terbium prices decreased by 7.43% to 1,370,000 CNY/ton and 3.75% to 6,280,000 CNY/ton respectively [10][5] - Supply issues are easing as some producers control output due to cost pressures, while demand from downstream magnetic material companies remains stable [5] Molybdenum - Molybdenum concentrate prices rose by 2.77% to 3,715 CNY/ton, and molybdenum iron (Mo60) prices increased by 1.27% to 238,500 CNY/ton [19][5] - The industry is facing a supply-demand tug-of-war, with signs of supply contraction emerging [5] Tungsten - Black tungsten concentrate prices increased by 9.76% to 371,000 CNY/ton, and ammonium paratungstate prices rose by 12.12% to 555,000 CNY/ton [26][5] - Supply is tightening as mining production slows, while domestic demand remains stable [5] Tin - SHFE tin prices rose by 9.17% to 333,000 CNY/ton, and LME tin prices increased by 7.11% to 41,905 USD/ton [30][5] - Supply disruptions in key regions are contributing to price increases [5] Antimony - Antimony ingot prices fell by 2.90% to 167,500 CNY/ton, and antimony concentrate prices decreased by 3.24% to 149,500 CNY/ton [36][5] - Expectations for export recovery are strengthening, which may lead to a price rebound [5]