China's SMM-assessed antimony ingot production is expected to rise by around 13.8% MoM in March 2025 [SMM data].

According to SMM's assessment, China's antimony ingot production (including antimony ingots, crude antimony conversion, antimony cathode, etc.) in March 2025 is expected to increase by approximately 13.8% MoM. Specifically, among the 33 surveyed entities currently assessed by SMM, 12 producers have halted production, a decrease of 6 compared to the previous month; 17 producers have reduced production, an increase of 5 from the previous month; and 4 producers have maintained normal production, an increase of 1 from the previous month. From the perspective of antimony ingot production, antimony production rebounded in March after a decline in February. Many market participants consider this a normal phenomenon, as the arrival of March has led to the resumption of production for many producers who were under maintenance or temporarily shut down in February, gradually returning to normal operations. However, some market participants noted that overall production remains at a relatively low level, primarily due to the inability of many overseas ore sources to enter the domestic market, coupled with winter factors such as frozen ore sources in the north, which have kept mining operations suspended. Domestic raw material supply remains relatively tight, and the reluctance of antimony ore suppliers to sell persists. Many producers indicated that as the weather warms up, production in April will continue to show a recovery trend. Market participants expect that China's antimony ingot production in April 2025 is likely to continue rising compared to March, although the possibility of remaining flat also exists, while the likelihood of a slight decline is relatively small. Note: Since May 2022, SMM has been publishing the assessed production of antimony ingots (including antimony ingots, crude antimony conversion, antimony cathode, etc.) nationwide. Thanks to SMM's high coverage rate in the antimony industry, the total number of antimony ingot producers surveyed by SMM is 33, distributed across 8 provinces, with a total sample capacity exceeding 20,000 mt and a total capacity coverage rate of over 99%. This report is an original and/or compiled work of SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"), which legally enjoys copyright and is protected by the Copyright Law of the People's Republic of China and other applicable laws and international treaties. Without written permission, it is prohibited to reproduce, modify, sell, transfer, display, translate, compile, or disseminate the content in any form to third parties or permit third parties to use it. Otherwise, SMM will pursue legal liability for infringement, including but not limited to demanding contractual liability, returning unjust enrichment, and compensating for direct and indirect economic losses. The content of this report, including but not limited to information, articles, data, charts, images, sounds, videos, logos, advertisements, trademarks, trade names, domain names, and layout designs, is protected by the Copyright Law of the People's Republic of China, the Trademark Law of the People's Republic of China, the Anti-Unfair Competition Law of the People's Republic of China, and other applicable laws and international treaties regarding copyright, trademark rights, domain name rights, commercial data information rights, and other rights, and is owned or held by SMM and its relevant rights holders. Without written permission, any organization or individual is prohibited from reproducing, modifying, using, selling, transferring, displaying, translating, compiling, or disseminating the content in any form to third parties or permitting third parties to use it. Otherwise, SMM will pursue legal liability for infringement, including but not limited to demanding contractual liability, returning unjust enrichment, and compensating for direct and indirect economic losses. *All data in this report is based on publicly available market information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, brokerage reports, data from the National Bureau of Statistics, customs import and export data, and various data published by major associations and institutions), and is processed internally by SMM's research team using its internal database model, with reasonable inferences provided. The information provided in this report is for reference only, and users assume all risks. This report does not constitute direct investment research or decision-making advice. Clients should make decisions cautiously and not use this report as a substitute for independent judgment. Any decisions made by clients are unrelated to SMM. Additionally, SMM is not responsible for any losses or liabilities resulting from unauthorized or illegal use of the views in this report. SMM reserves the right to modify and provide the final interpretation of the terms of this statement.