In recent years, our efforts to control the management of antimony industry gradually increased, and the trend is still future policy tightening, corporate expansion initiative is effectively curbed, antimony production growth has remained slow. In addition, due to the decline in ore grade and increased mining difficulty, the supply of antimony concentrate is still insufficient. We believe that China's sputum production will remain stable in the future, and the possibility of a large increase is extremely small.

In terms of market demand, with the development of China's plastics industry in recent years, and a number of joint ventures or wholly-owned enterprises entering China, the demand for domestic antimony, especially antimony trioxide, is increasing year by year. The proportion of total consumption has risen sharply from less than 10% to about 50%, and flame retardants have gradually occupied the dominant position in consumption. At present, China's fine annual consumption is about 60,000 tons, and the amount of flame retardant used is more than 30,000 tons. It is estimated that during the “Twelfth Five-Year Plan” period, it will reach an annual consumption of 50,000-60,000 tons. In addition, if the "Flame Retardant Law" in the brewing process enters a substantive stage, the impact on China's own consumption will be even more immeasurable. As China's fire safety standards are in line with international standards, the use of flame retardants will become a hot spot for domestic consumption.

At the same time, as solar energy has entered a period of rapid development in the world, ultra-white glass has also developed rapidly (this is evident from the rapid growth of Jinjing Technology and CSG's ultra-white glass in recent years), and the demand for ultra-white glass is increasing. As a result of the surge in consumption, the inevitable result is that the balance between supply and demand has been broken.

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