According to the Commodity Market Analysis System of Shengyi Society, in December 2025, the domestic 1 # antimony ingot market fluctuated downward, with an average price of 173750 yuan/ton on December 1 and 162000 yuan/ton on December 30, a cumulative decline of 6.76%.
| Gamma-PGA (gamma polyglutamic acid) |
Supply side: tight supply of antimony ore
From the above chart, it can be seen that the import volume of antimony ore sand and concentrate in China from January to November 2025 was 32655.5 tons, a year-on-year decrease of 33.4%. The highest import volume in January 2025 was 4543 tons, and the lowest import volume in March 2025 was 1483 tons. The overall import volume is lower than the same period last year, and the overall supply of antimony ore in China is still tight.
According to customs statistics, the import volume of antimony ore sand and concentrate in China in November 2025 was 3642.9 tons, an increase of 15.6% month on month and a decrease of 36.9% year-on-year.
Demand side: Weak expectations for terminal consumption
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: Affected by weak demand, cost linkage, and market sentiment, the domestic antimony oxide market showed a fluctuating downward trend and a stabilizing bottom pattern in December. The price of antimony ingots dropped by 6.8% this month, dragging down the mentality of the spot market and driving the simultaneous decline of antimony oxide; Affected by the overseas Christmas holiday, the export growth this month fell short of expectations, resulting in insufficient boost to domestic demand. Although the supply side is supported by the cost of concentrate, as the end of the year approaches, traders are actively lowering prices and shipping to recoup funds, exacerbating the pressure on the spot market. Until the end of the year, due to the combined effects of factory closures, traders’ reluctance to sell, and market liquidity contraction, the downward space for prices narrowed, the market stopped falling, and entered a consolidation trend.
Photovoltaics: In December, domestic photovoltaic glass entered a phase of destocking, with a decrease in daily melting volume compared to the previous month. The demand for raw material antimony ingots also declined, and downstream inventory replenishment demand temporarily slowed down. Currently, domestic photovoltaic companies mainly focus on digesting inventory, with most purchases being small orders for essential needs, lacking demand support, resulting in a bearish performance in the raw material antimony ingot market.
Outlook for the future: The insufficient performance of the demand side is the main reason restricting the upward trend of the antimony ingot market. Overall, there has not been a substantial improvement in current terminal demand, and rigid procurement is still the main mode. It is expected that the domestic antimony ingot market will continue to operate steadily, moderately, and weakly in the short term. In the future, it is necessary to focus on the actual impact of the pre Spring Festival stocking of photovoltaic glass and the implementation of antimony export policy details on the market.
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