锑作为其他金属的合金硬化剂，对电子和国防领域半导体制造至关重要。Nyrstar在声明中表示，首批锑 金属预计将于明年上半年出口，目标是在2026年底前将年产量提升至2000吨。该公司还称，其设施到 2028年可将精炼锑金属年产量提升至5000吨。 南澳大利亚州州长Peter Malinauskas在另一份声明中表示："Nyrstar的目标不仅是探索锑的潜在产量，还 包括铋、碲、锗和铟——这些矿物对清洁能源未来以及重要的国防和科技领域至关重要。"澳大利亚贸 易部长周三则表示，自10月与美国签署协议以来，该国战略关键矿物储备已引起欧盟等盟友更多关注。 大宗商品贸易巨头托克集团(Trafigura Group)旗下Nyrstar周四宣布，已开始在其位于南澳大利亚的Port Pirie金属工厂的一个试验工厂铸造锑金属。该项目被列为美澳关键矿产和稀土框架的一部分。这一里程 碑事件得益于南澳大利亚州政府与澳大利亚联邦政府于8月共同注资1.35亿澳元(约合8700万美元)，该投 资是澳大利亚成为西方盟友关键矿物核心供应商战略的重要组成部分。 ...

Supply of Light Rare Earths - The biggest variable in the supply of light rare earths is the mining quota set by the Ministry of Industry and Information Technology, which has not yet been disclosed for 2025 [3] - Baotou Steel's 2024 annual report indicates a 3.4% increase in rare earth concentrate production for 2025, but overall supply growth is expected to be limited due to export controls on medium and heavy rare earths and a 6.45% decrease in tungsten quotas [3] Demand for Light Rare Earths - In the first half of 2025, China's total production of new energy vehicles increased by 40.61%, with a penetration rate of 44.13% [4] - Wind power installations in China saw a significant increase, with a 104.64% year-on-year growth in new installed capacity during the same period, reaching 26.3 GW in May 2025 [4] Heavy Rare Earths Production - China dominates global rare earth smelting and separation capacity, accounting for approximately 88.56% of the total 407,000 tons (REO) expected in 2024 [5] - It is projected that by 2029, global rare earth smelting and separation capacity will rise to 560,000 tons (REO), with China's share decreasing to 64.17% [5] Strategic Metal Resource Management - China has implemented four rounds of export controls on strategic metal resources in 2023, with an increasing number of metals being controlled and faster implementation times [6][7] - The latest measures have included a broader range of metals, indicating a growing emphasis on managing strategic resources [6][7] Price Trends Post-Export Controls - Historical data shows that export controls typically lead to a short-term increase in metal prices and export volumes before stabilizing [8] - Following the recent export controls on tungsten and medium-heavy rare earth elements, a price increase is anticipated in the coming months as export volumes recover [8] Company Performance Elasticity - An elasticity analysis of four rare earth listed companies indicates that a 1% price increase in rare earth products could significantly impact their performance, particularly for companies focused on ion-adsorption type rare earth mines [9]

Core Viewpoint - The small metals sector, particularly antimony, has unexpectedly surged in market attention, with significant stock price increases observed amidst a generally weak market environment [1][3]. Group 1: Market Performance - On March 7, the A and Hong Kong stock markets experienced a downturn, yet the small metals sector saw a collective rise, with industrial and rare metals leading with gains exceeding 2% [1]. - Notable stocks such as Huayu Mining, Hunan Gold, and others achieved strong performance, with Huayu Mining's stock price increasing by over 210% from a low of 6 yuan to 18.76 yuan [3][5]. Group 2: Supply and Demand Dynamics - Antimony, a critical industrial metal, has seen a significant price increase due to supply constraints caused by environmental policies and geopolitical factors affecting imports [5][6]. - The price of antimony ingots surged nearly 90%, driven by increased demand from the photovoltaic industry and the appliance sector [5]. - China's antimony exports dropped significantly due to new export controls, leading to a supply shortage in international markets and a widening price gap between domestic and international antimony prices [6][7]. Group 3: Future Outlook - The global antimony production has been declining, with a notable drop from 17.8 million tons per year in 2011 to 10 million tons in 2024, primarily due to reduced output from China [9][10]. - Analysts predict that the antimony market will continue to experience supply-demand imbalances, with expected supply gaps of 1.9, 2.8, 3.0, and 3.9 million tons from 2024 to 2027 [15]. - The domestic antimony price is anticipated to rise further, driven by persistent supply shortages and significant price differentials between domestic and international markets [15].