小金属双周报（2026/2/16-2026/2/27）：供给收缩下游提价，产业链上下游联动推动钨价新高-20260301

Investment Rating - The investment rating for the small metals industry is "Positive" (maintained) [5] Core Views - The report highlights that supply constraints and downstream price increases are driving tungsten prices to new highs [4] - The rare earth market is experiencing tight supply, with prices for praseodymium and neodymium oxide reaching new highs due to downstream restocking [6] - Molybdenum prices are rising due to post-holiday restocking demand, while tungsten prices are increasing due to supply reductions and downstream price adjustments [6] - Tin prices have surged significantly due to geopolitical tensions affecting supply chains, particularly from key producing regions [6] - Antimony prices are showing signs of recovery, with expectations for improved export data to support further price increases [6] Summary by Category Rare Earths - Praseodymium and neodymium oxide prices increased by 4.71% to 890,000 CNY/ton, dysprosium by 9.83% to 1,620,000 CNY/ton, and terbium by 1.56% to 6,525,000 CNY/ton [11][6] - Supply remains tight due to policy and supply-side constraints, with downstream magnetic material companies shifting from just-in-time purchasing to stockpiling [6] Molybdenum - Molybdenum concentrate prices rose by 6.48% to 4,435 CNY/ton, and molybdenum iron (Mo60) prices increased by 5.42% to 282,000 CNY/ton [18][6] - The market is experiencing a decrease in liquidity due to reduced mine output and low inventory levels at smelters [6] Tungsten - Black tungsten concentrate prices increased by 13.13% to 784,000 CNY/ton, and ammonium paratungstate prices rose by 13.66% to 1,165,000 CNY/ton [25][6] - Supply constraints from stricter mining regulations and reduced operational rates are pushing prices higher [6] Tin - SHFE tin prices surged by 24.04% to 453,240 CNY/ton, while LME tin prices increased by 18.89% to 57,425 USD/ton [31][6] - Supply chain concerns from geopolitical tensions in key producing regions are contributing to price volatility [6] Antimony - Antimony ingot prices rose by 1.82% to 167,500 CNY/ton, and antimony concentrate prices increased by 2.08% to 147,500 CNY/ton [46][6] - The market is awaiting signals of export recovery to support further price increases [6]