锑行业月报（2025.5）：5月锑矿进口缩减，氧化锑出口大幅下降-20250623

Investment Rating - The industry rating is "Outperform the Market" [5][63]. Core Viewpoints - The report indicates a dual weakness in domestic supply and demand, with major manufacturers maintaining price stability, leading to a stabilization in antimony prices [5][47]. - The report suggests focusing on companies like Hunan Gold and Huaxi Nonferrous Metals, which are positioned to benefit from the dual drivers of gold and antimony resources [5][56]. Summary by Sections 1. Upstream Antimony Ore - In May 2025, antimony ore imports were 2,322 tons, a decrease of 1,917 tons (-45%) month-on-month, but an increase of 159 tons (+7.3%) year-on-year. Cumulative imports from January to May were 16,092 tons, down 5,201 tons (-24%) year-on-year [3][11]. - The average import price for antimony ore in May was $8,205 per ton, up 39% month-on-month and 69% year-on-year [11]. 2. Midstream Antimony Ingots - Antimony ingot production in May was 6,356 tons, an increase of 4.2% month-on-month but a decrease of 2.2% year-on-year. Cumulative production from January to May was 32,000 tons, up 4% (+1,203 tons) year-on-year [20][23]. - There were no exports of antimony ingots in May, with cumulative exports from January to May totaling 247 tons, down 84% year-on-year [23]. 3. Midstream Antimony Oxide - Antimony oxide production in May was 7,850 tons, a month-on-month increase of 21.3% but a year-on-year decrease of 12.5%. Cumulative production from January to May was 35,000 tons, down 19% year-on-year [4][27]. - Exports in May were 159 tons, a decrease of 798 tons (-83%) month-on-month and 3,087 tons (-95%) year-on-year. Cumulative exports from January to May were 4,564 tons, down 9,504 tons (-68%) year-on-year [29]. 4. Downstream Demand - In May, the production of sodium antimonate was 2,475 tons, up 21% month-on-month but down 21% year-on-year. Cumulative production from January to May was 10,267 tons, down 45% year-on-year [34]. - The production of photovoltaic glass in May was 2.47 million tons, an increase of 7.9% month-on-month but a decrease of 3.2% year-on-year. Cumulative production from January to May was 10.42 million tons, down 9.2% year-on-year [42]. 5. Supply and Prices - As of June 19, 2025, the domestic price of antimony ingots was 202,500 yuan per ton, an increase of 47,000 yuan (+30%) year-on-year. International prices remained above $60,000 per ton [47][50]. - The report notes that some manufacturers are adopting price support strategies, with the price range for 1 antimony ingots maintained between 180,000-200,000 yuan per ton [50].