Core Insights - The Chinese pyrite industry is undergoing significant transformation and value reconstruction, driven by technological advancements and shifts in market demand [1] Industry Overview - The resource reserves of pyrite in China reach 1.047 billion tons, with high-grade ore (S>35%) only accounting for 3.3%, predominantly concentrated in Guangdong [1][11] - The industry is characterized by a concentration of resources, with Guangdong, Jiangxi, and Anhui provinces accounting for 35.08% of national production [12] Technological Innovations - Three main transformation directions are emerging: 1. New energy driving high-value applications, with a surge in demand for 6N-grade high-purity sulfur for solid-state batteries [1] 2. Accelerated resource integration, with industry CR3 exceeding 50% [1][30] 3. Restructured supply-demand dynamics, with pyrite prices expected to exceed 1,250-1,400 RMB/ton by 2025, potentially rising to 2,150 RMB/ton in the long term [1][31] Market Demand and Trends - The demand for pyrite is closely linked to the growth of the steel and chemical industries, with emerging sectors like lithium battery cathode materials driving demand for high-grade pyrite [9] - The global demand for phosphate fertilizers is projected to grow at a rate of 1.8% from 2020 to 2025, further increasing the need for pyrite in acid production [9] Competitive Landscape - The industry exhibits oligopolistic characteristics, with major state-owned enterprises like Yuegui Co. controlling 85% of high-quality resources [26] - The top three companies (CR3) dominate the market, while smaller mines face challenges due to low grades and high environmental costs [26] Future Outlook - The industry is expected to evolve into a dual-track model of "new energy materials + traditional chemicals," with leading companies like Yuegui Co. binding with major new energy players to dominate the value distribution of the sulfur-based new materials industry [1][28] - The transition towards high-value applications and green mining practices is becoming a standard, with significant investments in technology and resource integration [30]