锑行业月报（2024.12）2024年需求增长带动去库，锑价大涨69.23%

Investment Rating - The industry rating is "Outperform the Market" [9] Core Viewpoints - The antimony price surged by 69.23% due to demand growth in 2024, leading to inventory depletion [6][40] - Antimony supply is expected to remain tight in 2025, with no significant increase in supply, while demand from photovoltaic and chemical sectors is anticipated to grow [7][48] Summary by Sections 1. Antimony Ore - In December, China imported 2,069 tons of antimony ore, a decrease of 64% month-on-month but an increase of 13.8% year-on-year. Total imports for the year reached 51,229 tons, up 48.6% year-on-year [3][12] - Major import sources included Thailand (14,388 tons), Myanmar (8,347 tons), and Tajikistan (6,856 tons) [3][12] 2. Antimony Ingots - December production of antimony ingots was 7,792 tons, up 15.01% month-on-month and 4.84% year-on-year. Total production for the year was 78,761 tons, down 8.09% year-on-year [4][17] - Exports were zero from August due to export controls, with total exports for the year at 3,834 tons, down 26.8% year-on-year [4][18] 3. Antimony Oxide - Antimony oxide production in November was 9,350 tons, down 0.3% month-on-month and 3% year-on-year. Total production for the first eleven months was 96,735 tons, down 6.5% year-on-year [22] - Exports in December were 1,570 tons, a recovery from previous months but still down 45% year-on-year [24] 4. Downstream Demand - Chemical fiber production in December was 6.97 million tons, up 2.91% month-on-month and 5.5% year-on-year. Total production for the year was 79.91 million tons, up 9.7% year-on-year [28] - Polyester products saw a total production of 6.63 million tons for the year, up 15.55% year-on-year [30] - Photovoltaic glass production reached 27.34 million tons for the year, up 30.9% year-on-year [36] 5. Supply, Demand, and Prices - As of December 30, the price of antimony ingots was 143,000 CNY/ton, an increase of 69.23% year-on-year [6][43] - Antimony ingot and oxide inventories decreased, with ingot inventory at 3,730 tons, down 560 tons year-on-year [6][47] 6. Investment Recommendations - The report suggests focusing on companies like Hunan Gold, Huaxi Nonferrous Metals, and Huayu Mining, which are expected to benefit from the ongoing demand and supply constraints in the antimony market [7][48]