Hua Yuan Zheng Quan·2026-01-25 05:53Investment Rating - The investment rating for the small metals industry is "Positive" (maintained) [5] Core Views - The supply-demand tension continues, with tungsten and tin prices breaking historical highs [4] - Rare earth elements are experiencing a supply tightness, leading to increased prices, particularly for praseodymium and neodymium oxide, which rose by 7.69% to 672,500 CNY/ton [12] - Molybdenum prices are expected to stabilize due to cost support and improved supply-demand dynamics, despite a recent decline [23] - Tungsten prices are at historical highs due to supply contraction and price increases in long-term contracts [30] - Tin prices are strong due to macroeconomic factors and ongoing supply disruptions, with SHFE tin rising by 21.85% to 429,600 CNY/ton [33] - Antimony prices are fluctuating, awaiting signals for export recovery, with recent increases noted [42] Summary by Sections Rare Earths - Praseodymium and neodymium oxide prices increased by 7.69% to 672,500 CNY/ton, while dysprosium decreased by 1.39% to 1,420,000 CNY/ton [12][4] - The supply side remains tight due to policy and supply constraints, while demand from downstream magnetic material companies has shifted from just-in-time purchasing to stockpiling [4] Molybdenum - Molybdenum concentrate prices fell by 1.94% to 4,035 CNY/ton, and molybdenum iron prices decreased by 1.90% to 258,500 CNY/ton [23] - The market sentiment is supported by a stabilization in international molybdenum oxide prices and reduced mine shipments [23] Tungsten - Black tungsten concentrate prices rose by 11.43% to 536,000 CNY/ton, and ammonium paratungstate prices increased by 12.06% to 790,000 CNY/ton [30] - Supply is tightening due to reduced mining quotas and slower production rates, while domestic demand remains stable [30] Tin - SHFE tin prices increased by 21.85% to 429,600 CNY/ton, and LME tin prices rose by 21.73% to 54,200 USD/ton [33] - Supply disruptions from key mining regions and strong demand from traditional and emerging sectors are driving price increases [33] Antimony - Antimony ingot prices rose by 1.26% to 160,500 CNY/ton, and antimony concentrate prices increased by 1.42% to 142,500 CNY/ton [42] - The supply remains tight, and demand is expected to decline as the market approaches the Lunar New Year [42]