Core Viewpoint - The recent increase in antimony prices is driven by both domestic and international market dynamics, with significant price rises observed in both markets due to supply constraints and rising demand from the photovoltaic sector [2][3]. Group 1: Antimony Price Trends - As of March 3, 2025, domestic antimony prices reached 165,000 CNY/ton, marking a 16% increase from February 6 to March 3, 2025 [2]. - The external antimony price hit 50,300 USD/ton (approximately 367,000 CNY/ton), resulting in a price gap of 202,000 CNY/ton between domestic and international markets [2]. - Antimony price movements in 2024 can be divided into two phases, with a notable 89% increase in domestic prices from the beginning of the year until September 15, attributed to geopolitical tensions and strong demand from the photovoltaic sector [3]. Group 2: Photovoltaic Sector Impact - The production of photovoltaic glass increased to 373,200 tons from February 22 to February 28, 2025, reflecting a 6.7% week-on-week rise, indicating a recovery in production levels [4]. - New policies, such as the "430 policy" and "530 policy," are expected to drive a rush in photovoltaic installations, with projects connected to the grid by April 30, 2025, benefiting from full subsidies [4]. Group 3: Antimony Supply and Export Dynamics - Antimony concentrate imports fell significantly to 2,069 tons in December 2024, a 63.8% decrease from the previous month, highlighting a growing shortage of raw materials for smelting due to reduced long-term agreements [5]. - Antimony oxide exports have begun to recover, with November and December 2024 export volumes reaching 776 tons and 1,571 tons, respectively, which are 26% and 53% of the pre-control average [6]. - The expectation of price gap restoration between domestic and international markets is increasing, suggesting a potential for continued price increases in domestic antimony [6].