According to the commodity market analysis system of Business Society, during this period (February 2nd to February 9th), the domestic #1 antimony ingot market experienced a slight overall increase with stability, with prices rising from 163,500 yuan/ton to 164,500 yuan/ton, an increase of 0.61%. Driven by post-holiday bullish expectations, there were minor fluctuations, while spot quotations remained stable. Low-priced supplies were relatively tight, and the market was in a phase of stabilizing prices and building momentum before the holiday, with trading gradually slowing down as the Spring Festival approached.

International Market: Overseas Market Continues to Weaken
This week, the overseas antimony market continued to weaken, showing no signs of stabilization, although the decline has noticeably slowed, with the price range gradually narrowing. Low-priced supplies in Southeast Asia are relatively concentrated. Although post-holiday demand has recovered, the recovery is weak, with insufficient follow-up in procurement. Coupled with high regional inventory and slow digestion of supplies, prices remain under pressure. However, the recent decline has narrowed compared to earlier periods.

Supply Side: Smelters Hold Back Supplies, Tight Availability
During this period, domestic smelters generally hold a positive outlook on the post-holiday market, resulting in low willingness to sell. Many have proactively controlled the volume of shipments to reduce the circulation of spot market supplies, leading to a continued scarcity of low-priced resources. Holders and traders are strongly inclined to withhold goods, often choosing to reduce spot supply and wait for the post-holiday market to pick up, further exacerbating the tight balance in the spot market. The difficulty of replenishing raw materials remains high, with high-quality, low-priced antimony concentrate resources hard to find. Additionally, some mines face operational restrictions due to seasonal factors, leading to tight raw material supply, which supports smelters' determination to maintain prices. The market as a whole lacks the motivation to actively lower prices for shipments, providing bottom support for spot prices.

Demand Side: Traditional Downstream Demand for Antimony
In traditional downstream demand for antimony, flame retardant materials account for approximately 55%, and glass accounts for about 15%. Antimony is an essential and irreplaceable element in the production of photovoltaic glass. With the continuous development of China's photovoltaic industry, the main incremental demand for antimony metal in the future will be in the photovoltaic sector.

Recent Price Trends of Antimony Oxide (Unit: yuan/ton)
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