According to the Business Society Commodity Market Analysis System: In January 2026, the domestic #1 antimony ingot market experienced a decline followed by a rise, trending upward with fluctuations. The average price on January 1 was 162,000 yuan/ton, and by January 28, it had reached 163,000 yuan/ton, representing a cumulative increase of 0.62%.

Supply Side: Strengthened Ore Support and Restricted Industry Operations

The tight supply situation for antimony ore continues, providing a floor for antimony ingot prices. Customs data shows that China's imports of antimony ore and concentrates reached 4,775.96 tons in December 2025, continuing to rise from 3,637.04 tons in November and surpassing the 4,000-ton mark again. However, the total annual import volume remains insufficient, and domestic ore supply is generally tight. The scarcity of global antimony resources is becoming increasingly prominent, with a clear trend of rigid contraction on the supply side.

In China's main production areas, such as Hunan and Guangxi, core mines have been in operation for extended periods, leading to a continuous decline in ore grades. Beneficiation costs have increased by over 50% compared to five years ago, directly driving up raw material procurement costs. Additionally, with antimony being included in the list of scarce mineral resources for protection, environmental regulations have phased out some outdated production capacity, further restricting industry operating rates and tightening supply elasticity.

Internationally, major producing countries like Russia and Bolivia are experiencing production capacity contraction, and new capacity is coming online slowly. The global antimony supply gap continues to widen, making it difficult for import channels to effectively alleviate the domestic supply tightness.

Demand Side: Emerging Sectors Drive Growth, Traditional Demand Remains Stable

In the traditional downstream demand for antimony, flame retardants account for approximately 55%, and glass accounts for about 15%. Antimony is an essential and irreplaceable element in the production of photovoltaic glass. With the continuous development of China's photovoltaic industry, the main future growth in antimony metal demand is expected to come from the photovoltaic sector.

Recent Price Trends for Antimony Oxide (Unit: yuan/ton)
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