NNCI(SH:600301)2025-12-01 00:49Summary of the Conference Call on Huaxi Nonferrous Metals Industry Overview - Antimony Market: China dominates the global antimony supply, controlling approximately 50% of production and 70-80% of smelting. The market is currently experiencing a split due to export controls, leading to domestic oversupply and overseas shortages. [2][4][5] - Tin Market: The tin market is expected to experience a long-term bullish trend over the next 3-5 years, driven by continuous global demand and supply challenges. The supply growth has been stagnant for the past decade, with new mining developments lagging behind. [2][6][8] Key Insights - Antimony Price Trends: Following the easing of export controls, domestic antimony prices have risen to over 170,000 CNY, while overseas prices have decreased to around 350,000 CNY. Future price increases will depend on the stabilization of overseas prices. [2][5] - Tin Demand Drivers: Tin is increasingly in demand due to its applications in electronics and semiconductors. The semiconductor industry's recovery is expected to boost sales by 15-20% in 2025, with a significant reduction in inventory levels. [2][9] - Strategic Importance of Antimony: Antimony is recognized for its strategic importance, particularly in military applications. The government is likely to implement policies to stabilize prices and enhance profitability for antimony producers. [4][7] Company Positioning - Huaxi Nonferrous Metals: The company is positioned to benefit from both antimony and tin markets, with plans to increase production by approximately 15% in 2026 and nearly 40% by 2027. The company aims to consolidate regional resources and expand its project portfolio. [3][11][12] - Future Growth Potential: By 2030, the company anticipates an additional demand of over 70,000 tons driven by AI and semiconductor recovery, while facing a significant supply gap. This positions Huaxi Nonferrous Metals favorably for long-term growth. [12] Additional Considerations - Supply Constraints: The global tin supply is critically low, with reserves expected to last only about 14 years. This scarcity, combined with increasing demand from new technologies, is likely to keep tin prices elevated. [8] - Impact of Wa State: The Wa State's policies are expected to influence global tin supply, but current high prices have not sufficiently incentivized rapid production recovery. [10] This summary encapsulates the key points discussed in the conference call regarding the antimony and tin markets, the strategic positioning of Huaxi Nonferrous Metals, and the broader implications for the industry.