锑行业点评：供给长期偏紧叠加上游去库存，锑价逼近历史高点

Investment Rating - The report rates the antimony industry as "Outperform the Market" for the first time [2] Core Viewpoints - Antimony prices are approaching historical highs due to long-term supply tightness and upstream destocking [2] - As of May 11, 2024, antimony ingot prices reached 107,000 CNY/ton, nearing the previous high of 111,000 CNY/ton in April 2011, with significant price increases observed since the beginning of the year [5][6] - Domestic resource supply growth is limited, and overseas mines are unlikely to see significant increases, leading to a reliance on imported antimony resources [5][6] Summary by Sections Price Trends - Antimony prices have rebounded since the end of 2023, with antimony concentrate, ingot, and oxide prices at 90,000 CNY/ton, 107,000 CNY/ton, and 95,000 CNY/ton respectively, reflecting year-to-date increases of 30.4%, 30.4%, and 32.0% [5][6] Supply Dynamics - Domestic antimony raw material supply is constrained due to environmental pressures, with the 2023 antimony ore production in China at 40,000 tons, unchanged year-on-year, while global production decreased by 0.12% to 83,000 tons [5][6] - China remains a net importer of antimony ore, with imports of other antimony ores and concentrates increasing by 20.2% year-on-year to 35,000 tons in 2023 [5][6] Demand and Consumption - The antimony industry is seeing a recovery in downstream consumption, particularly in the flame retardant sector, which accounts for 51% of antimony consumption [6] - The manufacturing sector's PMI remained above the growth line at 50.4% in April 2024, indicating ongoing recovery and increased demand for antimony [6]