Summary of Antimony Industry Conference Call Industry Overview - The global antimony production has sharply decreased, with an estimated 100,000 tons of metal equivalent from mining raw materials in 2024, comparable to China's production a decade ago, primarily due to a lack of new large antimony mines and neglect of antimony production in associated ores, leading to rising antimony prices [2][3] - China remains the largest antimony smelting country globally, with smelting products exceeding 100,000 tons in 2024, relying on approximately 30% of raw materials imported from countries like Myanmar, Thailand, and Tajikistan [2][5] - Other countries such as Oman, Kyrgyzstan, and Turkey have antimony smelting plants, but they face challenges like insufficient raw materials or poor quality [2][6] Supply and Demand Dynamics - The global antimony supply-demand balance for 2024 is roughly stable, with total demand around 110,000 to 120,000 tons, where flame retardants account for about half of the consumption [2][7] - The lead-acid battery sector shows stable demand but faces uncertainty due to the rise of lithium batteries [2][8] - China's antimony consumption in 2024 is projected at approximately 72,000 tons, representing about 70% of global consumption, with 35% used in flame retardants and the remainder in lead alloys, polyester, and photovoltaic glass [12] Export Control Policies - Starting August 2024, China will implement export controls on antimony products to counteract U.S. and Western technology blockades, complicating the export approval process [4][13] - The approval process involves multiple departments, and the first batch of approvals is expected by the end of the month or early next month [14][19] Economic Impact and Challenges - Despite a significant drop in export volume (down 70-80% in the first half of 2025), the economic impact on domestic antimony companies is limited due to rising prices, with the export value decline being less than 50% [15] - The industry faces challenges such as smuggling and strengthened export controls, which have affected the export of antimony products [15] Recycling and Recovery - Antimony is one of the most challenging metals to recycle, with only about 20% of the annual demand of 120,000 tons being recoverable, primarily from lead-acid batteries [17][20] - The recycling rates in the U.S. are relatively advanced, but the overall recoverable amount remains low [18] Technological and Competitive Landscape - Chinese companies lead in smelting technology, achieving the best recovery rates, which gives them a competitive edge over other countries like Oman and Turkey, which lack advanced technology [24][25] - New innovative processing techniques are being developed, such as the acidic wet method by Hunan Gold Company, which can process over 10,000 tons of metal [26] Market Trends and Future Outlook - The photovoltaic glass industry currently demands about 10,000 tons of antimony, with stable procurement and ordering despite facing challenges [29] - The flame retardant market is experiencing pressure due to rising prices, leading to the emergence of substitutes, which could permanently affect demand if prices remain excessively high [30] Conclusion - The antimony industry is navigating a complex landscape of supply constraints, regulatory changes, and evolving market demands, with significant implications for pricing and production strategies moving forward.