锑（antimony），金属元素，元素符号Sb。金属锑是一种银白色有光泽的脆性金属，它具有独特的物理 和化学性质。金属锑在地壳中的丰度相对较低，通常以硫化物矿物如方锑矿（Sb₂S₃）的形式存在。金 属锑具有较高的密度和熔点，其纯度较高的形式具有良好的导电性和导热性。金属锑在常温下相对稳 定，但在高温下可与氧气、卤素等发生反应。 锑按分布形式分类 内容概要：金属锑是一种具有独特物理化学性质的金属元素，在多个领域有着广泛应用。中国的锑矿储 量和产量长期占据全球主导地位。近年来，国内金属锑行业产量整体呈现下滑态势，2024年国内金属锑 行业产量8.21万吨，较2023年增长0.17万吨；行业产值110.34亿元，较2023年增长43.14万吨；需求量下 滑至7.9万吨，较2023年增长0.29万吨。预计2025年，国内金属锑行业产量7.51万吨，行业产值144.74亿 元，需求量下滑至7.47万吨。 上市企业：湖南黄金[002155]、华钰矿业[601020]、华锡有色[600301] 相关企业：锡矿山闪星锑业有限责任公司、云南木利锑业有限公司 关键词：金属锑行业政策、金属锑行业SWOT、金属锑行业产业链、金属锑市 ...

Summary of Antimony Industry Conference Call Industry Overview - The antimony industry is experiencing significant changes due to China's recent policy adjustments regarding antimony exports to the U.S. This is expected to substantially increase antimony export volumes, particularly to the U.S., thereby driving up domestic and international antimony prices [2][3][4]. Key Points Policy Changes - In late October, the Ministry of Commerce released export declaration conditions for state-owned trading enterprises for 2026-2027, providing clarity on future export trade and alleviating uncertainties regarding export policies [3] - On November 7, the Ministry announced the lifting of export restrictions on antimony to the U.S., effective until November 27, 2026, which is anticipated to boost China's antimony export volumes [3][4]. Supply Dynamics - Antimony is characterized by its strong scarcity, with a static extraction ratio of only 20 years, significantly lower than copper and lithium, which have ratios of 36 and 125 years, respectively [5]. - Global tin production has decreased from 178,000 tons in 2011 to an estimated 125,000 tons in 2024, a decline of 30%. China's tin production has dropped from 150,000 tons to 56,000 tons, a 63% decrease, primarily due to declining ore grades and the depletion of rich ores [5]. - The production of tin by Russia's Jikin Gold Company has also significantly declined, from 27,000 tons in 2023 to 12,700 tons in 2024, a 53% year-on-year drop [5]. Demand Trends - The demand for antimony in photovoltaic applications has surged, increasing from 6% in 2019 to 27% currently. The main sources of demand for antimony are flame retardants (45%), photovoltaics (27%), and lead-acid batteries (17%) [6]. - After a peak in substitution earlier this year, remaining demand is primarily rigid, with limited further substitution potential [6]. Market Conditions - Current inventories of antimony among refineries, traders, and users are low, leading to active market inquiries and increased transaction volumes, which support rising antimony prices [6]. - The domestic antimony price is expected to continue rising, while international prices may decline, leading to a gradual narrowing of the price gap between domestic and international markets [4][7]. Investment Opportunities - Huaxi Nonferrous is highlighted as a company with significant investment potential due to its expansion plans and being in an upward cycle. The company is expanding its Gaofeng and Copper Pit mines, with expected production capacities of 11,600 tons/year and 18,000 tons/year, respectively, representing year-on-year increases of over 60% and 130% [4][9]. Additional Insights - Historical tin price fluctuations have been influenced by supply, demand, and policy factors, with notable events including supply reductions due to environmental regulations and economic downturns impacting demand [8]. - The current environment suggests a continued tight supply situation for antimony, with limited global supply growth anticipated in the near term [5][6].