--- title: "Tungsten concentrate, rare earths, and other materials reflect regulatory expectations; it is recommended to continue paying attention to the allocation value of industrial non-ferrous metals" type: "News" locale: "en" url: "https://longbridge.com/en/news/290382386.md" description: "The \"Regulations on the Implementation of the Mineral Resources Law\" has been implemented, incorporating 36 minerals including rare earths and tungsten into strategic control, with full-chain management and strict export approval. Due to supply constraints, the shortage of yttrium oxide has transmitted downstream, leading to a significant increase in the prices of tungsten concentrate and ammonium paratungstate. Under the hard constraints of supply and the demand driven by AI, power grids, and other factors, the industrial non-ferrous metal index has shown active performance, and it is recommended to pay attention to its allocation value" datetime: "2026-06-22T03:34:13.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/290382386.md) - [en](https://longbridge.com/en/news/290382386.md) - [zh-HK](https://longbridge.com/zh-HK/news/290382386.md) --- # Tungsten concentrate, rare earths, and other materials reflect regulatory expectations; it is recommended to continue paying attention to the allocation value of industrial non-ferrous metals I. Event Background: Limited supply of rare earths, yttrium oxide shortage transmitted downstream. Yttrium oxide, as the most critical stabilizer for zirconia, is experiencing changes in the global high-end zirconia market due to limited rare earth supply. According to relevant institutional research reports, the supply from major global yttrium oxide producers has significantly decreased, and domestic dental zirconia companies have confirmed receipt of related supply suspension notices. The domestic price of yttrium oxide is approximately 55,000 yuan/ton, and the limited overseas rare earth supply has led to an expanded price gap between domestic and international markets. The price of zirconium oxychloride, as a raw material, has increased by 30% compared to the beginning of the year, and the price of zirconia has also risen nearly 30% since the start of the year. II. Active performance in sub-sectors such as tungsten and rare earths drives the industrial non-ferrous index upward. In early June, the long-term procurement prices for companies in the tungsten sector saw a significant increase, with the prices of black tungsten concentrate and ammonium paratungstate both rising by over 18%. (Source: Listed company announcements, June 10, 2026). III. The Implementation Regulations of the Mineral Resources Law officially come into effect, with 36 types of minerals included in strategic control. On June 15, the Implementation Regulations of the Mineral Resources Law of the People's Republic of China officially came into effect, formally listing 36 types of minerals, including rare earths, tungsten, lithium, cobalt, gallium, and germanium, in the national strategic mineral resource directory. Core constraints include: annual mining quotas are valid only for the current year and cannot be carried over; zero growth in heavy and medium rare earth mining quotas for consecutive years; mining rights for strategic minerals are to be granted by the Ministry of Natural Resources of the State Council or its authorized provincial departments. The regulations establish a full-chain management system from mining, smelting to trade, and from approval, reserves to export. Regarding export review, the export of strategic minerals requires strict approval procedures from multiple departments. IV. Characteristics of the industrial non-ferrous index: hard supply constraints + structural demand drivers. From the index industry structure, the Ping An Industrial Non-ferrous ETF (560970) tracks the CSI Industrial Non-ferrous Metal Theme Index, with constituent stocks concentrated in copper (approximately 30%), aluminum (approximately 19%), rare earths (approximately 14%), and tungsten (approximately 9%). The driving logic lies in the hard constraints on the supply side—zero growth in copper mine production, a ceiling on electrolytic aluminum capacity, control of rare earth quotas, and tungsten export restrictions—combined with demand surges from AI data centers, grid upgrades, and humanoid robots, forming a supply-demand gap logic independent of monetary policy. 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