锑行业月报（2025.3）：矿端进口持续收紧，海外锑锭价格坚挺-20250424

Investment Rating - The industry rating is "Outperform the Market" [7] Core Viewpoints - The report indicates that while demand remains weak, the selling pressure has largely been cleared, and major manufacturers are maintaining prices, suggesting that antimony prices are expected to stabilize [5][57] - The report highlights a significant decrease in antimony ore imports, leading to a tightening supply situation [49] Summary by Sections 1. Upstream Antimony Ore - In March 2025, antimony ore imports were 1,483 tons, a decrease of 1,871 tons or 55.8% month-on-month and a decrease of 2,623 tons or 63.9% year-on-year [3][11] - The average import price for antimony ore in March was $2,631 per ton, down 51.3% [11] 2. Midstream Antimony Ingots - Antimony ingot production in March was 6,778 tons, an increase of 13.8% month-on-month and 16.5% year-on-year [3][20] - Exports in March totaled 137 tons, following 20 tons in January and no exports in February [22] 3. Midstream Antimony Oxide - Antimony oxide production in March was 6,620 tons, a month-on-month increase of 1% but a year-on-year decrease of 24% [27] - Exports in March were 901 tons, an increase of 62 tons or 7.3% month-on-month, but a decrease of 2,738 tons or 75.2% year-on-year [29] 4. Downstream Demand - The production of ABS resin in the first quarter increased by 31.9% year-on-year, with March production at 570,000 tons, up 11.4% month-on-month [35] - The total production of polyester products in the first quarter grew by 12.1% year-on-year [37] - The production of photovoltaic glass in March was 1.97 million tons, a month-on-month increase of 7.1% but a year-on-year decrease of 11.3% [44] 5. Supply and Prices - As of April 21, 2025, the domestic price of antimony ingots was 237,500 yuan per ton, an increase of 140,000 yuan or 144% year-on-year [52] - The international price of antimony ingots was$ 58,500 per ton, an increase of $46,800 or 402% year-on-year [52] - Antimony ingot and oxide factory inventories decreased, with antimony oxide inventory at 5,650 tons as of April 18, down 620 tons year-on-year [55]