2025年2月20日锑铋铟市场日报：锑价高位持稳支撑光伏需求，铟去库加速迎半导体增量，铋市成本倒逼承压

基础金属	铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁
稀有金属	稀土稀土矿稀土氧化物稀土金属钕铁硼稀散金属锑铋铟锗镓硒钽锆贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒
新能源	锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

基础金属

铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁

稀有金属

稀土稀土矿稀土氧化物稀土金属钕铁硼 稀散金属锑铋铟锗镓硒钽锆 贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒

新能源

锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰 锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

2025年2月20日锑铋铟市场日报：锑价高位持稳支撑光伏需求，铟去库加速迎半导体增量，铋市成本倒逼承压

2025-02-20 16:35:36 来源：北方有色网责任编辑：韩泽楷

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一、锑市场：价格高位企稳，光伏需求拉动长期缺口扩大

1. 现货行情

锑锭（1#）：上海市场报价91500元/吨（持平），湖南市场89500元/吨（持平），节后复工首周成交逐步放量，但高价下贸易商补库谨慎。
三氧化二锑（99.8%）：华东地区报价125000-129000元/吨（环比持平），出口FOB价格维持18500-18800美元/吨，欧洲买家询盘增加。

2. 行业动态

供应端：
- 国内：湖南黄金冷水江锑矿复产延后，预计3月恢复满产；华钰矿业塔吉克斯坦塔金项目一期投产，年增锑精矿1.2万吨（金属量）。
- 海外：俄罗斯Solonechenskoye矿因设备问题推迟扩产，2025年全球锑矿增量下调至3.5万吨（原预期4.2万吨）。
需求端：
- 光伏玻璃：2025年1月中国光伏玻璃日熔量达13.8万吨（同比+28%），拉动锑年化需求超3.5万吨。
- 阻燃剂：欧盟REACH法规升级倒逼无卤阻燃剂替代，三氧化二锑出口订单增长10%。

3. 后市展望

缺口扩大：中信建投测算，2025年全球锑供需缺口或达2.3万吨（2024年缺口1.6万吨），库存消费比降至5周（历史低位）。
价格预测：上海有色网预计Q2锑价有望冲击95000元/吨，但需警惕铜价回调对伴生锑矿的联动压制。

二、铋市场：节后交投清淡，成本倒逼行业洗牌

1. 现货行情

铋锭（1#）：湖南郴州报价140000-144000元/吨（持平），冶炼厂挺价意愿强烈，但下游仅维持刚需采购，市场实际成交价下探至138000元/吨。
氧化铋（99.99%）：报价160000-165000元/吨，出口市场受印度低价货源冲击，FOB价格跌至22000美元/吨（-3%）。

2. 产业焦点

供应收缩：
- 环保限产：湖南永州、江西赣州等地小型铋冶炼厂因废水排放不达标，节后复产率不足60%。
- 原料紧张：铅锌矿副产品铋精矿到厂价涨至12万元/金属吨（同比+15%），部分冶炼厂转产再生铋。
需求分化：
- 医药领域：铋制剂原料采购量同比持平，但高端纳米氧化铋订单增长20%（用于半导体封装）。
- 出口受阻：1月中国铋出口量仅85吨（同比-32%），主因欧盟反倾销调查导致贸易商避险情绪升温。

3. 风险提示

五矿有色预测，若二季度需求未明显回暖，铋价或跌破13万元/吨，引发行业被动去库存。

三、铟市场：库存去化加速，半导体需求增量可期

1. 现货行情

精铟（4N5）：主流报价1250-1280元/千克（持平），泛亚库存拍卖余量仅剩12吨，市场流通货源趋紧。
粗铟：云南、广西地区报价1150-1180元/千克（+1.5%），再生铟占比提升至35%。

2. 供需亮点

供应端：
- 原生铟：2024年中国锌冶炼副产品铟产量约620吨（同比-8%），主因株冶集团、中金岭南等企业减产。
- 再生铟：华宏科技等企业扩大废靶材回收产能，再生铟年产量突破200吨。
需求端：
- ITO靶材：京东方、TCL华星10.5代线扩产拉动月均采购量增至18吨（同比+12%）。
- 半导体：英飞凌、台积电加速导入磷化铟衬底，预计2025年全球半导体用铟量达80吨（2024年65吨）。

3. 技术突破

隆基绿能HJT电池铟用量降至15mg/片（较2023年下降30%），但行业普遍认为2026年前铟需求仍将保持5%年增速。

市场情绪与资金动向

期货市场：上海期货交易所拟研究推出铟期货合约，吸引套保资金提前布局现货。
资本动态：云南锗业宣布募资15亿元加码砷化镓/磷化铟晶片项目，刺激铟概念股单日涨幅超5%。

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[ SQL ] SELECT * FROM `tb_advert` WHERE `id` = 50 LIMIT 1 [ RunTime:0.000440s ]
[ SQL ] SELECT * FROM `tb_para` WHERE `id` = 1 LIMIT 1 [ RunTime:0.000549s ]

2025年2月20日锑铋铟市场日报：锑价高位持稳支撑光伏需求，铟去库加速迎半导体增量，铋市成本倒逼承压

一、锑市场：价格高位企稳，光伏需求拉动长期缺口扩大

二、铋市场：节后交投清淡，成本倒逼行业洗牌

三、铟市场：库存去化加速，半导体需求增量可期

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