CITIC Construction Investment: Positive signals emerge in antimony exports, tungsten prices continue to surpass previous highs

The Zhongxin Securities report stated that the Ministry of Commerce announced the "Conditions and Procedures for State-owned Trade Enterprises to Declare Export of Tungsten, Antimony, and Silver for the 2026-2027 fiscal year". An optimistic signal for antimony exports has appeared, industrial confidence has been restored, and antimony exports are expected to rebound, with prices potentially bottoming out and rising. This week, tungsten prices have risen rapidly once again and surpassed previous highs. During the third quarter, tungsten concentrate prices have risen rapidly, enhancing the pricing power of downstream hard alloys and cutting tools. Price adjustments have followed the rise in tungsten prices, leading to a substantial increase in the performance of integrated industrial chain companies.