锑行业月报（2025.6）：6月锑品产量环比大幅下降-20250805

Investment Rating - The industry rating is "Outperform the Market" [5][58] Core Viewpoints - The report indicates a significant decline in antimony production and imports, with June 2025 antimony ingot production at 4,989 tons, down 22% month-on-month and 24% year-on-year [3][19] - The report suggests that domestic supply and demand are both weak, with major manufacturers maintaining prices while waiting for export recovery [5][51] Summary by Sections 1. Upstream Antimony Ore - In June 2025, antimony ore imports were 1,824 tons, a decrease of 22% month-on-month and 60% year-on-year [3][11] - The average import price for antimony ore in June was $2,960 per ton, down 64% month-on-month and 44% year-on-year [11] 2. Midstream Antimony Ingots - Antimony ingot production in June was 4,989 tons, a decrease of 22% month-on-month and 24% year-on-year [19] - Cumulative exports for the first half of 2025 were 267 tons, down 84% year-on-year [21] 3. Midstream Antimony Oxide - Antimony oxide production in June was 5,315 tons, down 32% month-on-month and 38% year-on-year [26] - Cumulative exports for the first half of 2025 were 4,651 tons, down 73% year-on-year [28] 4. Downstream Demand - Chemical fiber production in June was 7.36 million tons, up 0.2% month-on-month and 4.7% year-on-year [31] - The production of polyester products increased by 13% year-on-year in the first half of 2025 [33] 5. Supply and Prices - As of July 31, 2025, the price of antimony ingots was 187,500 yuan per ton, an increase of 17% year-on-year [43] - The report notes a tightening supply trend for antimony in 2025, with a significant decrease in imports [43] 6. Investment Recommendations - The report recommends focusing on companies like Hunan Gold and Huaxi Nonferrous Metals, which are expected to benefit from dual drivers in the antimony market [5][51]