Prices of antimony, a strategic metal used in flame-retardants, batteries, and munitions, are rising to record highs as solar sector demand outstrips supply, causing a wide deficit with little sign of easing, smelters and analysts say. Antimony ingot in China climbed to a record 127,500 yuan ($17,588.88) per metric ton on May 29, up 56% in 2024, while European prices have also reached a record $21,000 a ton, up 75% this year.
The surge in prices is driven by declining ore grades, depleting mines, and various supply disruptions in major producing countries like Myanmar, Oman, Tajikistan, and Vietnam. China, which accounts for 48% of global antimony mine production, has also seen its reserves decline from 950,000 tons in 2012 to 640,000 tons.
Antimony supplies from Russia, the world’s fifth-largest producer, have been disrupted by Western sanctions over Moscow’s invasion of Ukraine. Russia accounted for 24% of China’s antimony supply last year, but Chinese customs data shows there were no shipments in March and April.
The tightening supply, coupled with growing demand from the solar sector, has led to a wide deficit in the antimony market, with industry participants expecting the high prices to persist. The situation underscores the West’s vulnerability in relying on China for key minerals and could force end-users to find alternatives for some applications.