According to SMM's assessment, China's antimony ingot production (including antimony ingots, converted crude antimony, antimony cathode, etc.) in September 2025 decreased by approximately 8.84% MoM compared to the previous month. In detail, among the 33 surveyed entities currently assessed by SMM, 15 producers were shut down, an increase of 2 from the previous month; 17 producers saw reduced output, a decrease of 1 from the previous month; and 1 producer maintained essentially normal production, one fewer than the previous month. Regarding antimony ingot production, after rebounding to over 4,000 mt in August, output fell back below 4,000 mt in September. Many market participants view this as a normal phenomenon, given the ongoing relative tightness of raw materials, which has left many producers without sufficient feedstock. Production around 4,000 mt remains significantly below normal operating levels. Due to price inversion, overseas ore sources still cannot enter the domestic market in large quantities. Market participants expect that China's antimony ingot production in October 2025 may not change significantly compared to September, with possibilities of remaining stable or continuing a slight decline.
Note: Since May 2022, SMM has been publishing its assessed national antimony ingot production (including antimony ingots, converted crude antimony, antimony cathode, etc.). Benefiting from SMM's high coverage rate of the antimony industry, the survey covers a total of 33 antimony ingot producers, distributed across 8 provinces in China, with a total sample capacity exceeding 20,000 mt and a total capacity coverage rate of over 99%.
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