According to SMM's assessment, China's antimony ingot (including antimony ingots, crude antimony conversion, and antimony cathode, etc.) production in February 2026 saw a significant MoM decline of over 46%, showing a sharp downward trend. Many market participants believe that, on one hand, the continued cold weather in the north led to frozen northern mines, causing tight supply of ore raw materials. On the other hand, many manufacturers' shutdowns and production cuts during the Chinese New Year in February were also contributing factors. In terms of antimony ingot production, since September last year, domestic antimony production had been on a rebound trend. The sudden and substantial drop in February was seen by many as a normal phenomenon, within expectations, while the rapid decline in production might affect market supply in the short term. Market participants expect that the national antimony ingot production in March 2026 may not change much compared to February, with a higher likelihood of remaining stable or seeing a slight increase.
Note: Since May 2022, SMM has published its assessment of national antimony ingot (including antimony ingots, crude antimony conversion, and antimony cathode, etc.) production. Thanks to SMM's high coverage rate in the antimony industry, SMM surveyed a total of 33 antimony ingot producers across 8 provinces, with a total sample capacity exceeding 20,000 mt and a total capacity coverage rate of over 99%.
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