SMM Analysis On China October Antimony Ingot Production And November Forecast

According to the SMM survey, the total production of antimony ingots (including antimony ingots, crude antimony conversion, antimony cathode, etc.) in China in October 2024 decreased slightly by 8.1% MoM compared to the statistics of September. Specifically, among the 33 surveyed producers by SMM, 15 producers halted production, 2 fewer than previous month; 14 producers reduced production, 2 more than previous month; and 4 producers maintained normal production, unchanged from previous month. From the perspective of antimony ingot production, the production in October declined again after a decrease in the previous month. Many market participants believe this is a normal phenomenon. Against the backdrop of current export controls and weak end-use demand, domestic raw material supply has shifted from tight to sufficient. Additionally, market information indicates that many producers have temporarily stopped purchasing raw materials and plan to further reduce or even halt production, reflecting an overall lack of market confidence to some extent. Consequently, the decline in production in October is also considered a normal phenomenon. Therefore, some market participants expect that the possibility of significant changes in the current market fundamentals in November is relatively small. SMM expects that the national production of antimony ingots in November 2024 may continue to decline compared to October.

Note: Since May 2022, SMM has been publishing the national production of antimony ingots (including antimony ingots, crude antimony conversion, antimony cathode, etc.). Thanks to SMM's high coverage rate in the antimony industry, the total number of surveyed antimony ingot producers by SMM is 33, distributed across 8 provinces nationwide, with a total sample capacity exceeding 20,000 mt and a total capacity coverage rate of over 99%.