In May 2026, the overall pressure on the domestic antimony ingot market declined, and the market showed strong supply expectations and weak demand reality throughout the month. The long short game lasted throughout the month, and the price center continued to shift downwards, resulting in a weak trading atmosphere in the market. According to the monitoring of the commodity market analysis system of Shengyi Society, the domestic 1 # antimony ingot market continued to decline in May 2026, with an average market price of 160000 yuan/ton at the beginning of the month and 151000 yuan/ton at the end of the month, a cumulative decline of 5.62% for the whole month.
Supply side:
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In May, the supply of antimony ingots in the market showed a game pattern of “expected tightening and actual easing”. At the beginning of the month, the disturbance in the Myanmar mining area brought about the expectation of raw material tightening, and some domestic smelting enterprises carried out maintenance and production reduction actions, which temporarily supported the price formation; However, the import volume of antimony ore significantly increased during the month, and the actual supply of raw materials was loose. Coupled with the continuous accumulation of social inventory in the early stage, the market circulation of goods was abundant, and the export of antimony products continued to be sluggish, which failed to effectively alleviate the domestic supply pressure. The overall loose supply pattern dragged down 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. This month, the overall transaction volume of antimony oxide was relatively weak. Due to the continuous decline in bromine prices, bromine based flame retardant enterprises have a strong wait-and-see attitude, mostly maintaining an on-demand procurement mode and only replenishing small orders for immediate needs. The market lacks demand for bulk procurement.
Photovoltaic: The photovoltaic field is an emerging demand growth point for antimony ingots, mainly used for photovoltaic glass production. In May, the demand in this field continued to be weak, and it failed to effectively stimulate the antimony ingot market. The overall operation of the photovoltaic industry is weak, with intensified internal competition and continuously increasing inventory. The operating rate of enterprises continues to decline, and the purchasing power for antimony related products has significantly weakened, further dragging down the demand performance of the antimony market. The mentality of “buying up and not buying down” has spread in the terminal market, and overall demand has not substantially rebounded throughout the month.
Outlook for the future: In the short term, the antimony ingot market will continue to be under pressure and experience weak fluctuations. The increase in imports on the supply side will be offset by domestic production cuts, making it difficult to have a significant contraction; The off-season effect on the demand side continues, and there is a lack of signals of recovery in the flame retardant and photovoltaic glass industries, making it difficult to dispel the market’s wait-and-see sentiment. At the end of the month, the average price of 1 # antimony ingots has fallen to 151000 yuan/ton, with significant pressure above. In the future, we need to focus on the pace of downstream inventory replenishment, changes in antimony ore imports, and adjustments to domestic refinery operations. Before demand recovers substantially, antimony prices may continue to operate in a narrow and weak range, and the trend reversal still needs to wait for signals of marginal improvement in fundamentals.
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