CITIC Securities: Supply constrained, demand outlook good Rhenium prices are expected to continue rising

The Zhongxin Securities research report stated that with the continuous recovery of the global aviation industry and the accelerated military equipment upgrades in various countries, the demand for "aerospace metal" rhenium in the field of high-temperature alloys is growing. Rhenium production is mainly recovered as a by-product of copper-molybdenum smelting, and output is constrained by the mining of primary ore. However, global copper resources are currently facing challenges such as aging mines, declining grades, and increasing interference rates. There are few new copper mines discovered, and the potential number of projects available for development is limited, resulting in a relatively rigid constraint on global rhenium supply. With limited supply and promising demand prospects, the rhenium price is expected to continue to rise, and the recent upward trend in rhenium prices has begun to appear.