CITIC Securities: Supply constraint, good demand outlook, rhenium price center is expected to continue to rise

The report from CITIC Securities Investment Research stated that with the continuous recovery of the global aviation industry and the accelerated equipment of military products in various countries, the demand for "aviation metal" rhenium in the field of high-temperature alloys is booming. Rhenium production is mainly recovered as a by-product of copper-molybdenum smelting, and its output is constrained by primary ore mining. However, currently, global copper resources are facing challenges such as mine aging, declining grade, and increased interference rate. The number of newly discovered copper mines is small, and the potential number of projects available for development is limited. Global rhenium supply constraints are relatively rigid. With limited supply and promising demand prospects, the price of rhenium is expected to continue to rise, and the recent upward trend in the price of rhenium has already begun to show.