Zhong Guo Zheng Quan Bao·2025-04-14 20:56Core Insights - The small metals market has experienced significant price increases this year, particularly for antimony, bismuth, and cobalt, with antimony prices rising approximately 90% to new highs [1] - The price surge is attributed to supply-demand imbalances and geopolitical factors, leading to a new normal in the small metals supply-demand landscape [1][2] - Companies are accelerating resource reserves and expanding production capacity in response to market conditions [1][3] Supply and Demand Dynamics - The global production of small metals has significantly declined over the past decade, while demand continues to grow, creating a supportive environment for price increases [1][2] - Antimony, used as a clarifying agent in photovoltaic glass, has seen its demand from the solar industry rise from 5% in 2019 to 23% in 2023, driving structural changes in the antimony market [2] - Cobalt prices have surged due to export restrictions from the Democratic Republic of Congo, with expectations of continued upward trends [2] Company Performance - In 2024, Luoyang Molybdenum achieved revenue of 213.03 billion yuan, a year-on-year increase of 14.37%, and a net profit of 13.53 billion yuan, up 64.03% [2] - Jinmo Co. reported a net profit of 2.98 billion yuan in 2024, while Xiamen Tungsten achieved 1.74 billion yuan, and Tin Industry Co. reported 1.44 billion yuan [3] - The small metals sector is characterized by a structural bull market, with significant price increases for antimony, tungsten, molybdenum, and tin [2][3] Resource Strategy - Companies are actively seizing opportunities to enhance production and resource reserves in response to growing demand [3][4] - Jinmo Co. aims to improve the efficiency of its value chain and focus on high-value molybdenum manufacturing and new material development [4] - Luoyang Molybdenum reported record production levels for copper, cobalt, niobium, and phosphorus in 2024, with plans for further copper production expansion [4]