Minor Metals Biweekly: Tantalum Prices Poised to Turn Upward; Watch for Antimony to Bottom and Rebound
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Sinolink Securities' minor-metals biweekly (Aug 24–Sep 4, 2026) notes the SW Minor Metals index fell 8.34% to 34,484.53, lagging the SW Nonferrous index by 4.92pcts and the CSI 300 by 6.81pcts. Tantalum is the top pick: tantalite rose 1.09% to US$232.50/lb on insufficient import arrivals and firm holder quotes, while AI servers and advanced semiconductors drive tantalum capacitors and sputtering targets, pointing to a shift from supply-driven gains to supply-demand resonance and a higher price center. Antimony stabilized: ingots rose 3.01% to RMB102,000/t and overseas prices 4.82% to US$18,500/t, though July exports of 113 tonnes (metal content) remain far below pre-control levels; the report awaits a second synchronized domestic-overseas rally. PrNd oxide added 1.34% to RMB736,500/t; July rare-earth imports (PrNd-equivalent) fell 29.04% YoY to 1,603 tonnes. Tungsten concentrate slipped 1.24% to RMB413,400/t as the US began a one-year tungsten-scrap export ban on Aug 27, 2026. Molybdenum concentrate eased 0.55% to RMB5,440/ton-degree after June steel tenders of 12,300 tonnes (+2.1% YoY). Uranium spot firmed 0.85% to US$89.50/lb U3O8—Kazatomprom says the 'cheap uranium era' is ending—while tin ingot fell 2.36% to RMB419,100/t. Risks: supply exceeding expectations, weak new-energy demand, macro volatility.
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