Antimony prices remain generally stable, with suppliers gradually showing strength [SMM Weekly Spot Antimony Market Review]

       SMM June 27: Antimony prices remained stable this week, showing signs of bottoming out and turning bullish. The tight supply of domestic antimony raw materials due to the suspension of large quantities of imported ore entering the domestic market, coupled with historically low inventory levels of antimony products among domestic producers, led to a shift in producers' sales attitude toward antimony ingots this week. Prices and selling prices were raised to some extent, with bottom-price resources almost disappearing and suppliers becoming increasingly reluctant to sell. In the domestic end-use market, orders for antimony used in flame retardants and PV remained basically stable, with purchases made as needed without stockpiling. However, some antimony oxide producers began building inventory, and speculative capital showed signs of entering the market. Buyers' interest in antimony trioxide was temporarily weaker compared to antimony ingots, awaiting the lagging effect of transmission. As of now, SMM's average antimony prices are: No. 2 low-bismuth antimony ingot at 180,500 yuan/mt, No. 1 antimony ingot at 186,500 yuan/mt, No. 0 antimony ingot at 190,500 yuan/mt, and No. 2 high-bismuth antimony ingot at 177,500 yuan/mt. This week's average prices for antimony trioxide are: 99.5% at 160,500 yuan/mt and 99.8% at 172,500 yuan/mt.

         Recent official news indicates that Hunan Anhua Zhazixi Mining Co., Ltd., a subsidiary of Hunan Gold Group, plans to halt antimony smelting in July, affecting production by over 500 mt. Since June, a large number of antimony smelters, including major domestic flagship producers, have suspended operations. According to SMM's tracking of over 30 antimony smelters nationwide, around 20 have already stopped production. Market participants noted that as Hunan Anhua Zhazixi Mining is also a flagship antimony smelter, its July shutdown may further reduce domestic antimony output. With ore resources currently expensive and hard to procure, antimony prices are showing a clear trend toward stabilization.

         Customs data shows that China's antimony trioxide exports in May 2025 totaled 159 mt, down 83.3% MoM from April's 956.8 mt. Many market participants expressed surprise at the sharp decline in antimony trioxide exports in May after several months of slight increases. Additionally, customs data revealed that China's imports of other antimony ores and concentrates in May 2025 were 2,322.35 mt, down 45.2% MoM from April's 4,238.98 mt. Market participants said that given the recent pullback in antimony market prices, it was reasonable to see a significant decrease in imported antimony ore. This has led to a long-term shortage of imported antimony raw materials. Coupled with domestic mines' reluctance to sell, most large antimony producers in various regions are now facing relatively low inventory levels of raw materials. This has also resulted in a large number of manufacturers in the market halting production and implementing production cuts.

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