In October 2025, China's SMM-assessed antimony ingot production increased by approximately 22.86% MoM [SMM Data].

According to SMM's assessment, China's antimony ingot production (including antimony ingots, converted crude antimony, antimony cathode, etc.) in October 2025 increased by approximately 22.86% MoM compared to the previous month. In detail, among the 33 surveyed enterprises currently assessed by SMM, 12 producers were shut down, a decrease of 3 from the previous month; 20 producers experienced reduced production, an increase of 3 from the previous month; and 1 producer maintained essentially normal output, unchanged from the previous month. Regarding antimony ingot production, after falling below 4,000 mt in September, output returned to above 4,000 mt in October. Although this represents a rebound, many market participants consider it a normal phenomenon, given that national production remains at historically low levels, and output around 4,000 mt is still far below normal production levels. Currently, raw materials in the market remain relatively tight and concentrated, leaving many producers still unable to operate. Market participants expect that China's antimony ingot production in November 2025 may not change significantly compared to October, with possibilities of remaining stable or experiencing 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 total number of antimony ingot producers surveyed by SMM is 33, distributed across 8 provinces in China, 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"). SMM legally enjoys copyright, protected by the Copyright Law of the People's Republic of China and other applicable laws, regulations, and international treaties. Without written permission, it shall not be reproduced, modified, sold, transferred, displayed, translated, compiled, disseminated, or disclosed to any third party in any other form, or licensed for use by any third party. Otherwise, once discovered, SMM will pursue legal action against the infringing party, including but not limited to claiming contractual liability for breach, restitution of unjust enrichment, and compensation for direct and indirect economic losses. The content contained in this report, including but not limited to information, articles, data, charts, images, sounds, videos, logos, advertisements, trademarks, trade names, domain names, layout designs, and any or all information, 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 regulations, as well as international treaties concerning copyright, trademark rights, domain name rights, commercial data information rights, and other rights, and is owned or held by SMM and its relevant right holders. Without written permission, no institution or individual may reprint, modify, use, sell, transfer, display, translate, compile, disseminate, or otherwise disclose the aforementioned content to third parties or permit third parties to use it in any form. Otherwise, upon discovery, SMM will pursue legal action against the infringing party, including but not limited to demanding compensation for breach of contract, restitution of unjust enrichment, and compensation 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, National Bureau of Statistics (NBS) data, customs import and export data, and various data published by major associations and institutions). It is processed comprehensively by the SMM research team using SMM's internal database model and includes reasonable inferences. The information provided in the report is for reference only, and users assume all risks. This report does not constitute direct investment research or decision-making advice. Clients should exercise caution in decision-making and not use it to replace independent judgment. Any decisions made by clients are unrelated to SMM. Additionally, SMM bears no responsibility for losses or liabilities arising from unauthorized or illegal use of the views in this report. SMM reserves the right to modify and provide final interpretation of the terms of this statement.