In July 2025, China's SMM-assessed antimony ingot production fell sharply again by over 20% MoM [SMM data]

According to SMM's assessment, China's antimony ingot (including antimony ingot, crude antimony conversion, antimony cathode, etc.) production in July 2025 saw a significant MoM decline of over 20% compared to the previous month, reaching approximately 24.5%. Specifically, among the 33 surveyed producers assessed by SMM, 17 producers halted production, an increase of 2 from the previous month; 14 producers experienced production cuts, a decrease of 1 from the previous month; and 2 producers maintained relatively normal production levels, a decrease of 1 from the previous month. In terms of antimony ingot production, after overall production fell below 5,000 mt in June, it continued to decline sharply to below 4,000 mt in July. Following a significant drop in antimony production in June, July saw another substantial decline. Many market participants consider this a normal phenomenon, as overseas ore sources still cannot enter the domestic market in large quantities, and the pace of domestic mine shutdowns continues to accelerate. The current situation of high ore prices and limited supply is evident in some major mining areas in both northern and southern China. Market participants indicated that a large number of producers began maintenance and shutdowns in June, limiting production. In July, more than half of the producers were in a shutdown state. With raw materials expected to become increasingly scarce in the future, it is anticipated that more producers will halt or reduce production. Market participants predict that the possibility of a rebound and increase in China's national antimony ingot production in August 2025 compared to July is relatively small, and it is more likely to remain stable or even continue to decline slightly.

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

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