[SMM Analysis: Upstream Ore Supply Leads the Gains, Tungsten Market Climbs Again] Entering July, the tungsten market was once again driven by the positive impact of ore supply tightness, with prices climbing upwards. The circulation of tungsten concentrate in the market was tight, making it difficult for downstream players to restock. The center of transaction prices for spot orders rose steadily. As of today, SMM 65% black tungsten concentrate closed at 178,500 yuan/mt, up about 25% from the beginning of the year.

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Affected by the tight supply of tungsten prices, multiple tungsten enterprises have raised their long-term contract quotes for the first half of July. Since entering July, the prices of products related to the tungsten industry chain have generally been on the rise. Bao Gang United Steel and China Northern Rare Earth announced an increase in the associated transaction price of rare earth concentrate for Q3 2025. This marks the fourth consecutive quarter of QoQ price increases for rare earth concentrate since Q4 2024. The upward adjustment of rare earth prices, coupled with the positive performance outlook of China Northern Rare Earth, which is expected to see a significant increase in earnings, and the market's generally optimistic expectations for future rare earth demand, have driven strong performance in rare earth stocks. These factors have fueled the surge in the minor metal sector. As of 13:37 on July 11, the minor metal sector rose by 4.59%. Among individual stocks: China Northern Rare Earth continued to hit the daily limit, Huayang New Materials hit the daily limit, Shenghe Resources hit the daily limit, Zhongke Magnetic Industry rose by over 15%, Earth-Panda, China Rare Earth, JL MAG Rare-Earth, Zhenghai Magnetic Material, Yunnan Germanium Industry, as well as Xiamen Tungsten and China Tungsten and High-Tech Materials, were among the top gainers.