未知机构：中方强化稀土与钨矿出口管制继续强call钨产业链供缩需增钨矿价格近期暴-20250512

Summary of Key Points from the Conference Call Industry Overview - The focus is on the tungsten and rare earth elements industry, particularly regarding China's export controls and market dynamics [1][3]. Core Insights and Arguments - China has strengthened export controls on rare earth and tungsten minerals, using this as leverage in trade negotiations, particularly against U.S. demands to ease restrictions [1][3]. - China's production accounts for approximately 85% of global tungsten supply, with an expected export volume of about 15,000 tons in 2024 [1][3]. - The global leader in hard alloy, Kennametal (USA), is highly dependent on Chinese tungsten raw materials, indicating a significant reliance on China's supply chain [2][4]. - Tungsten has been added to the export control list, highlighting its strategic importance [5]. - The Ministry of Natural Resources has set the first batch of tungsten mining quotas for 2025 at 58,000 tons, a decrease of 4,000 tons year-on-year, marking a continuous decline in supply [6]. Additional Important Content - The difficulty of tungsten mining is emphasized, with strict national quotas limiting new mining operations, leading to insufficient supply growth [7]. - There has been a breakthrough in the use of tungsten wire in robotic tendon applications, which currently represents 5% of tungsten demand; while immediate supply elasticity is limited, there is potential for future growth in this area [7].