CITIC Securities: It is expected that the price of antimony will continue to rise under the stimulation of substantial opening of exports and downstream replenishment.

CITIC Construction Investment Research Report stated that on November 7, the Ministry of Commerce issued an important notice, suspending the implementation of the second clause of Announcement No. 46 of 2024 from now until November 27, 2026. With the warming of Sino-US economic and trade relations, the clarification of antimony export policies, and the injection of liquidity by China United Gold, antimony prices have bottomed out and rebounded significantly. Currently, downstream inventories are still at relatively low levels, and the upstream and traders have significantly improved attitudes. It is expected that with the substantial relaxation of exports and the downstream replenishment of inventory, antimony prices will continue to rise.