--- title: "CITIC Construction Investment: Benefiting from military industrial replenishment/safety stockpiling, we remain optimistic about investment opportunities in strategic metals" type: "News" locale: "en" url: "https://longbridge.com/en/news/282600449.md" description: "CITIC Construction Investment Securities Research pointed out that global resource supply security is under threat, and countries are increasing inventories to cope with potential supply disruptions, especially with a significant increase in demand for strategic metals in the military industry. The price of tungsten concentrate has temporarily adjusted, with the domestic and international price gap widening; the price of molybdenum concentrate has slightly increased, with steady demand growth; and the price of antimony remains stable. Overall, investment opportunities in strategic metals continue to be optimistic" datetime: "2026-04-13T23:29:12.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/282600449.md) - [en](https://longbridge.com/en/news/282600449.md) - [zh-HK](https://longbridge.com/zh-HK/news/282600449.md) --- # CITIC Construction Investment: Benefiting from military industrial replenishment/safety stockpiling, we remain optimistic about investment opportunities in strategic metals CITIC Construction Investment Securities Research Written by: Wang Jiechao, Wang Xiaofang, Shao Sancai Under the "Era of Chaos," global resource supply security is severely threatened, prompting countries and production sectors to raise their strategic inventories to cope with potential supply disruption risks, with metals applicable to the military industry being of utmost importance. Since the outbreak of the conflict between the U.S., Israel, and Iran, a large amount of weapons and ammunition has been consumed. Therefore, the replenishment of weapons consumption by the U.S., Israel, and Iran, as well as stockpiling by other countries based on security needs, will inevitably drive a significant increase in the demand for strategic metals. Moreover, the military sector is not very sensitive to price changes, and prices are expected to benefit significantly. Tungsten: Tungsten concentrate has seen a short-term correction, with the price gap between domestic and international markets continuing to widen. This week, the price of black tungsten concentrate is 928,000 yuan/ton (down 3.1% from last week), and the price of APT is 1,430,000 yuan/ton (down 1.1% from last week). The European APT price is reported at 2,800-3,190 USD/ton (equivalent to 1,693,000-1,929,000 yuan/ton), an increase of 225.5% since the beginning of the year, with the price gap between domestic and international markets continuing to widen. After tungsten concentrate broke the million yuan mark, it encountered significant resistance during its upward trajectory. The low-concentration scrap tungsten market has loosened first, and subsequent tenders for low-grade tungsten concentrate have failed multiple times, leading to a decline in tungsten concentrate prices. Meanwhile, overseas prices have risen against the trend due to dual drivers of war demand and insufficient supply, forming the current price gap pattern. Analyzing from the perspective of the annual balance sheet, there are three projects contributing to the increase in overseas tungsten concentrate this year, with Jiexin International's Bakuta mine expected to increase production by 3,000 tons, EQR increasing by 1,000 tons, and ALM's Sandong mine increasing by 1,000 tons, providing a 2% supply increment, while demand has been growing at a rate of 4%-5% in recent years, keeping tungsten concentrate in a relatively tight state. Molybdenum: According to Antaike, the price of molybdenum concentrate (45%-50%) this week is 4,535 yuan/ton, an increase of 2.0% from last week. According to Yilan Network, the total bidding volume for molybdenum iron and steel in March is approximately 16,400 tons, and the total bidding volume for molybdenum iron and steel in Q1 2026 is 41,300 tons, a year-on-year increase of 6.2%. Molybdenum is a core strategic high-temperature metal in the military sector, used in fields such as aerospace engines , tanks, ships, and armor-piercing projectiles. The development of global mid-to-high-end manufacturing and the military sector will drive steady growth in molybdenum demand Antimony: This week, Steel Union's 2# low bismuth antimony ingot price is 160,000 yuan/ton, showing a slight decline; Fastmarkets' 2# antimony ingot price is 27,000 USD/ton - 28,200 USD/ton, with recent overseas prices continuing to rise. Antimony is one of the key strategic metals in the military industry, with core applications concentrated in ammunition manufacturing, weapon equipment reinforcement (gun barrels/cannon tubes, etc.), infrared guidance (indium antimonide), and flame retardant protection (fireproof layers for military uniforms, tents, and weapon equipment), among others. Military demand is expected to have a positive impact on antimony. 1. The global economy is experiencing a significant recession, with consumption plummeting sharply. The World Bank has revised its global economic growth forecast for 2025 down from 2.7% in January of this year to 2.3%, with nearly 70% of economies seeing a downgrade in growth rates. The World Bank stated that global economic growth is slowing due to trade barriers and an uncertain global policy environment. Compared to six months ago when the economy seemed likely to achieve a "soft landing," the global economy is once again in turmoil. If the course is not corrected quickly, living standards may be severely impacted. Global economic data has already shown a downward trend, and if a deep recession occurs, the impact on the consumption of non-ferrous metals will be enormous. 2. U.S. inflation is out of control, and the Federal Reserve's monetary tightening exceeds expectations, with a strong dollar suppressing equity asset prices. The U.S. is unable to effectively control inflation and continues to raise interest rates. The Federal Reserve has implemented significant consecutive interest rate hikes, but service costs, especially rents and wages, remain sticky, limiting the decline in inflation. If the Federal Reserve maintains high-intensity interest rate hikes, it will be unfavorable for non-ferrous metals priced in dollars. 3. Domestic consumption growth in the new energy sector is below expectations, and the real estate sector continues to be sluggish. Although policies on the sales side of real estate have been loosened to varying degrees, residents' willingness to purchase remains insufficient, and the progress in resolving the debt risks of real estate companies is not smooth. If sales continue to show no improvement, the completion of real estate projects may face a risk of stalling, which would be detrimental to the consumption of certain non-ferrous metals in the domestic market Wang Jiechao: Chief Analyst of New Metal Materials, Central South University Master's degree, Senior Engineer, First-Class Constructor, Consultant, former chief editor of GB/T18916.31, holder of multiple patents including "A Method for Producing Nickel Iron Water Using Laterite Nickel Ore," specializes in research on new metal materials and building materials industry, recognized as one of the best analysts by New Fortune, Sina Finance Golden Unicorn Best Analyst in Steel and Nonferrous, Wind Gold Medal Analyst, second place in Crystal Ball Steel Industry, and Best Analyst in Materials Industry by Shanghai Securities Journal. Wang Xiaofang: CITIC Construction Investment Researcher of New Metal Materials, member of the New Fortune shortlisted team for New Metal Materials, listed analyst in Crystal Ball Steel, Best Analyst in Steel by Wind, Best Analyst by Shanghai Securities Journal, and Best Analyst by Sina Finance Golden Unicorn. Covers the cyclical direction of the black industry chain upstream and downstream, integrating research from finished products to raw materials, with research dimensions including stocks, bonds, and commodities. Growth direction covers special steel new materials, tungsten, molybdenum, copper, chromium, nickel, and other special steel additives. Shao Sancai: Analyst of Metals and New Metal Materials Industry, Bachelor's/Master's in Investment from Shanghai University of Finance and Economics, joined CITIC Construction Investment Securities Research and Development Department in 2022, member of the New Fortune shortlisted team for 2023/2024, member of the Golden Unicorn shortlisted team for 2023/2024, member of the Best Analyst shortlisted team by Shanghai Securities Journal for 2023/2024, member of the Crystal Ball shortlisted team for 2024, member of the Wind "Gold Medal Analyst" shortlisted team for 2023/2024, and member of the 21st Century Gold Medal Analyst shortlisted team for 2024. Securities Research Report Title: "Benefiting from Military Stockpiling/Safety Reserves, Continuing to Favor Strategic Metal Investment Opportunities" External Release Date: April 13, 2026 Report Issuing Institution: CITIC Construction Investment Securities Co., Ltd. Report Analysts: Wang Jiechao SAC No.: S1440521110005 Wang Xiaofang SAC No.: S1440520090002 Shao Sancai SAC No.: S1440524070004 ### Related Stocks - [512810.CN](https://longbridge.com/en/quote/512810.CN.md) - [ARKX.US](https://longbridge.com/en/quote/ARKX.US.md) - [PPA.US](https://longbridge.com/en/quote/PPA.US.md) - [512660.CN](https://longbridge.com/en/quote/512660.CN.md) - [562800.CN](https://longbridge.com/en/quote/562800.CN.md) - [XAR.US](https://longbridge.com/en/quote/XAR.US.md) - [ITA.US](https://longbridge.com/en/quote/ITA.US.md) - [516650.CN](https://longbridge.com/en/quote/516650.CN.md) - [PICK.US](https://longbridge.com/en/quote/PICK.US.md) - [512400.CN](https://longbridge.com/en/quote/512400.CN.md) - [DBB.US](https://longbridge.com/en/quote/DBB.US.md) - [REMX.US](https://longbridge.com/en/quote/REMX.US.md) - [561330.CN](https://longbridge.com/en/quote/561330.CN.md) - [561800.CN](https://longbridge.com/en/quote/561800.CN.md) - [XME.US](https://longbridge.com/en/quote/XME.US.md) - [159608.CN](https://longbridge.com/en/quote/159608.CN.md) ## Related News & Research - [Norsk Titanium Sets Growth Path as RPD Technology Targets Titanium Supply Gap](https://longbridge.com/en/news/286721462.md) - [Textron (TXT) Valuation Check As New Aviation Contracts Highlight Ongoing Demand](https://longbridge.com/en/news/286629133.md) - [METALS-Nickel extends gains after Indonesia says it plans to centralise commodity exports](https://longbridge.com/en/news/287027198.md) - [US Critical Materials and Bayan Mining and Minerals sign MoU](https://longbridge.com/en/news/286679728.md) - [USA Rare Earth Gets An Upgrade As Government Redefines Sector Risk](https://longbridge.com/en/news/286458594.md)