In April 2026, the domestic 1 # antimony ingot market experienced a volatile downward trend. At the beginning of the month, the average market price was 168000 yuan/ton, and at the end of the month, the average price was 161250 yuan/ton, with a cumulative decrease of 4.02% throughout the month. In April, the overall performance of the domestic antimony ingot market showed an increase in price decline, weak supply and demand, and intensified long short game. The sustained weakness of terminal demand became the core factor leading to the weakening of the market. The supply side gradually formed a bottom support force under the support of factors such as mine shutdown and refinery active production reduction. The price difference between domestic and foreign markets returned to a high outside and low inside pattern. The market trading atmosphere was more active than before, but the overall situation is still in a weak adjustment stage, and the price center continues to shift downwards.

Supply side:
Due to control measures and accidents, domestic antimony mines have been shut down for rectification, resulting in a contraction in raw material output. Coupled with a decrease in overseas raw material sources and an inverted price difference between domestic and foreign sources, the import replenishment efforts are limited; Although the import volume of antimony raw materials was relatively high in the first quarter and the short-term supply of goods was relatively loose, the continuous decline in antimony prices this month has compressed the profits of smelting enterprises. Refineries have generally adopted operations such as shutting down furnaces and reducing production, and reducing inventory and production. Coupled with the overall higher overseas antimony prices than domestic prices, the export circulation of goods is restricted, and the overall market supply pressure is gradually easing. The industry’s proactive production control has brought certain bottom support to antimony prices.
Demand side:
Flame retardant materials account for about 55% of the traditional downstream demand for antimony, while glass accounts for about 15%. Antimony is an essential element in photovoltaic glass production and cannot be replaced. With the continuous development of China’s photovoltaic industry, the main increment of antimony metal in the future will be in the photovoltaic field.
Antimony oxide: Antimony oxide is the core downstream application field of antimony ingots, mainly used in the production of flame retardants. The overall transaction volume of antimony oxide this month is relatively weak. Affected by a shortage of orders in downstream industries such as plastics and electronics, flame retardant companies have a low purchasing willingness. Although bromine prices have significantly decreased this month, easing the cost pressure on flame retardant companies, there has been no substantial improvement in terminal demand. Companies only maintain essential replenishment, with weak willingness to actively stock up. The continued weak purchasing demand for antimony oxide has indirectly transmitted to the antimony ingot market, resulting in insufficient support for antimony ingot demand.
Photovoltaic: The photovoltaic field is an emerging demand growth point for antimony ingots, mainly used for photovoltaic glass production. In April, the demand in this field continued to be weak, which failed to effectively stimulate the antimony ingot market. The current photovoltaic glass industry is in a weak operating situation, with continuously low capacity utilization, high inventory pressure, and a strong atmosphere of production reduction and cold repair in the industry. The strong expectation of price reduction in the terminal market, slowdown in overseas shipments, and lower than expected module production have led to a synchronous contraction in the procurement demand for antimony ingots by photovoltaic glass enterprises, further exacerbating the weak situation on the demand side of antimony ingots.
Market outlook: In the short term, the domestic antimony ingot market is intertwined with bullish and bearish factors, and the weak demand trend is difficult to change in the short term. The recovery of core downstream demand such as photovoltaics and flame retardants is weak, which still exerts pressure on antimony prices; However, the expectation of supply side contraction continues to strengthen, with refineries proactively reducing production, mines shutting down for rectification, and the inverted price difference between domestic and foreign markets suppressing imports, providing bottom support for antimony prices. It is expected that the domestic antimony ingot market will be in a stage of supply-demand rebalancing in May, with prices likely to fluctuate in a narrow range, limited downward space, and insufficient rebound momentum. In the future, it is necessary to focus on the recovery of downstream demand, the implementation of refinery production cuts, and the impact of international antimony price fluctuations.