小金属行业动态报告：钨价内外盘再创新高供需紧张态势维持

中信建投证券2025-08-10

核心观点锑：内盘锑价已基本触底，商务部回应将依法依规对锑相关出口许可申请进行审查，并批准合规申请。目前下游终端需求已经处于底部，光伏玻璃减产预期已经实现，阻燃剂传统旺季9-10 月即将到来，若出口需求有效恢复叠加阻燃旺季到来，有望对内盘锑价形成较为明显拉动。钨：钨产品价格频创新高，国内首批钨精矿配额+环保督察影响下，供应下降。国外桑东和海豚钨矿增量不及预期，巴库塔钨矿顺利投产，但当地缺乏冶炼产能，...

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小金属行业动态报告：钨价内外盘再创新高 供需紧张态势维持

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小金属行业动态报告：钨价内外盘再创新高供需紧张态势维持