Core Viewpoint - CITIC Construction Investment is optimistic about the long-term upward shift in antimony prices, supported by significant declines in import volumes and ongoing supply disruptions [1] Import Data Summary - In March 2025, China's imports of antimony ore and concentrates were 1,483.0 tons, a month-on-month decrease of 55.8% and a year-on-year decrease of 63.9% [1] - From January to March, the total import volume of antimony ore and concentrates was 9,530.2 tons, reflecting a year-on-year decline of 25.5% [1] Price Dynamics Summary - The significant decline in antimony concentrate imports supports the high price levels of antimony [1] - There remains a substantial price gap between domestic and international markets, with ongoing obstacles to overseas ore imports [1] - Domestic major mining companies are experiencing declining ore grades and rising production costs, reinforcing the trend of antimony prices returning to their intrinsic value [1]