Major Antimony Mines in Hunan Halt Production for Rectification, Impacting Supply Short-Term

According to SMM estimates, China’s output of first-grade sodium pyroantimonate in September 2026 is expected to drop by approximately 25% month-on-month. The sharp fall in September output came as a surprise to many market participants, as the traditional peak season of "Golden September and Silver October" failed to materialize. In the short term, demand for antimony from the photovoltaic sector is unlikely to improve. The scenario of weak supply alongside weak demand will persist for some time.

SMM assessment shows that China’s antimony ingot output (including antimony ingots, converted crude antimony, cathode antimony, etc.) in September 2026 fell by approximately 2% month-on-month, continuing its downward trend. Regarding the drop in September antimony output, some market participants view it as a normal development. After all, according to customs data, the sharp decline in overseas antimony ore imports in August will inevitably translate into lower antimony ingot production.