en.Wedoany.com Reported - Wind data shows that in the first quarter of 2026, the total operating revenue of listed companies in the minor metals sector increased by 39.93% year-on-year, and the net profit attributable to shareholders of listed companies increased by 93.45% year-on-year. The performance of sub-sectors such as tungsten and rare earths within the minor metals sector was particularly impressive. Institutional research reports suggest that the performance growth of the metals industry generally accelerated in 2025 and the first quarter of 2026. Frequent supply disruptions and sustained high prosperity in some downstream sectors are creating allocation opportunities for the minor metals sector.
Within the minor metals sector, the performance of some listed companies in the rare earth field is generally improving, with a focus on expanding product application areas. China Rare Earth stated that rare earth product prices continue to fluctuate due to factors such as market conditions, policy changes, and supply-demand cycles, but downstream end-user demand is steadily increasing, and some rare earth product prices are showing an upward trend. In the medium to long term, as the application scope of rare earths in emerging fields expands and technology advances, rare earth application scenarios will gradually broaden, and the supply-demand pattern is expected to continue improving. The company is full of confidence in the industry's development. Shenghe Resources disclosed that according to its "2026-2028 Development Plan," its rare earth business will focus on four major directions: global resources, capacity utilization, circular economy, and downstream layout, with a key push on the Ngualla Rare Earth Project in Tanzania, striving to complete construction by 2027 and achieve large-scale production by 2028, while adding one to two high-quality African rare earth projects. Northern Rare Earth stated that with the rapid development of rare earth magnetic materials and downstream industries such as new energy vehicles, industrial motors, wind power, and humanoid robots, the application fields and usage volume of lanthanum and cerium elements in magnetic materials are expanding. In 2026, under the premise of achieving a balance between production and sales, the company will increase new product development, strengthen marketing, and strive to reduce lanthanum and cerium product inventories, which are currently at normal levels.
The rise in tungsten prices within the minor metals sector has also significantly boosted the performance of related companies. Wind data shows that in the first quarter of 2026, the revenue and net profit of tungsten industry listed companies such as Xiamen Tungsten, China Tungsten and Hightech, Zhangyuan Tungsten, and Xianglu Tungsten all achieved year-on-year growth. Zhangyuan Tungsten stated that the sharp increase in tungsten raw material prices in the first quarter led to higher product selling prices and a significant year-on-year increase in gross margin. The company's operating revenue was approximately 2.631 billion yuan, a year-on-year increase of 121.76%; net profit attributable to shareholders of the listed company was 381 million yuan, a year-on-year increase of 795.78%. China Tungsten and Hightech analyzed that tungsten concentrate prices have been rising continuously since the second half of 2025, and have recently pulled back after fluctuating at high levels. From a supply-demand perspective, the total volume control policy for domestic tungsten mining is strict, new compliant production capacity is limited, coupled with resource depletion in old mines and long production cycles for new mines, resulting in strong rigidity on the raw material supply side. Downstream demand for cemented carbides, cutting tools, photovoltaic tungsten wire, and high-end materials is steadily recovering, maintaining a tight supply-demand balance. The company will continue to closely monitor upstream and downstream production, sales, and raw material price trends, stabilize its operational fundamentals, and enhance the risk resistance and profitability of the entire industry chain.
Some listed companies in the minor metals sector are actively expanding into overseas markets to ensure performance growth. Tianhe Magnetics stated that the company is orderly obtaining export licenses from the Ministry of Commerce according to customer orders to ensure stable and continuous export business, while deepening relationships with existing customers, developing new customers, and expanding export scale to ensure steady growth in overseas performance. Hanrui Cobalt stated that the company's profitability is currently recovering steadily, with the copper business solidifying the revenue base, the cobalt business having ample profit elasticity as market conditions improve, and the new Indonesian nickel project set to become the core growth driver going forward, with the overall profit structure continuously optimizing. The company has been deeply engaged in the cobalt industry for many years, with a well-established layout of overseas resources, forming a synergistic development pattern of copper, cobalt, and nickel. However, at the current stage, inventory buildup and investment in new projects require high cash flow, and gross profit is significantly affected by commodity price fluctuations. Going forward, the company will reasonably liquidate inventory, accelerate turnover, fully promote capacity release and project implementation, and steadily improve operational quality and profitability.
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