Antimony prices fluctuated upward

From September 1 to 14, 2026, the domestic No. 1 antimony ingot market experienced fluctuating price increases, with the average price at the beginning of the month reaching 102,000 yuan per ton and the average price on the 14th reaching 105,000 yuan per ton, resulting in a cumulative rise of 2.94%.

In mid-to-late September, the domestic #1 antimony ingot market exhibited a fluctuating but slightly upward trend, with strong overall resilience. During this two-week cycle, market forces of supply and demand interplayed, with positive factors prevailing. On the supply side, the implementation of overseas mineral export bans and domestic smelters’ losses leading to cautious sales jointly supported steady antimony price increases. While demand-side factors such as limited concentrated procurement during the peak season and terminal cost pressures constrained the rise, they did not significantly suppress the market trend. The market remained broadly bullish, with steady upward movement alongside periodic fluctuations. Downstream buyers made purchases based on demand and rationally stocked up, resulting in a modest price increase.
Supply side:
In terms of overseas markets,锑锭 prices in international markets showed a slight increase this week, with stable essential demand underpinning the overall trend. Policy factors were the primary disruptors this month, as Zimbabwe imposed an export ban on antimony and tungsten ores and concentrates on September 8. This policy triggered market concerns over supply, raising worries about a medium-to-long-term tightening of global antimony raw material supply, which continues to impact market sentiment.
In the domestic market, the supply side remains generally tight, with a strong market sentiment of price support. Domestic antimony mining is strictly controlled, and the antimony concentrate market has maintained a tight balance for an extended period. Most domestic smelters rely on externally purchased raw materials for production, leading to significant profitability pressure across the industry, with widespread losses. This has fostered a strong price-support mindset among enterprises. Traders primarily maintain just-in-time inventory for operational needs, avoiding concentrated stock liquidation or clearance operations. The overall tightness of spot market circulation provides a bottom support for domestic antimony prices, resulting in a stable to slightly stronger performance in the spot market.
Demand side:
In traditional downstream demand, antimony accounts for approximately 55% in flame retardant materials and about 15% in glass. Antimony is an essential and irreplaceable element in the production of photovoltaic glass. With the continuous development of China’s photovoltaic industry, the primary incremental demand for antimony metal in the future will be in the photovoltaic sector. This period’s downstream demand for antimony ingots shows characteristics of lingering seasonal expectations but insufficient actual growth, with overall rigid demand providing stable support but lacking concentrated volume-driven momentum. The current downstream market exhibits relatively subdued trading activity, with the industry generally maintaining low inventory levels and adopting a demand-based procurement model. Traditional rigid demand for antimony oxide and new energy rigid demand for photovoltaic glass create a dual bottoming effect, but factors such as terminal cost pressures and weak orders continue to constrain restocking efforts. The overall demand-side performance remains mild and weak, limiting the upward movement of antimony prices.
Antimony oxide: As the core downstream application of antimony ingots, the antimony trioxide industry has entered the traditional peak consumption season of “Golden September,” with seasonal recovery expected. However, overall demand performance remains weak. In downstream sectors such as flame retardants and plastic chemicals, rising upstream raw material prices have driven continuous production cost increases, compressing corporate profit margins. Consequently, procurement attitudes across the board remain cautiously conservative, with steady but moderate demand for essential purchases.

Photovoltaic: Photovoltaic glass is an important downstream application field of antimony ingots in new energy. In this period, the overall operation of the industry is weak, and the demand for incremental procurement is insufficient. The overall situation is characterized by weak supply and demand, accumulated inventory, and pressure on enterprise operations. The implementation of domestic photovoltaic bidding is slow, and the enthusiasm for overseas stocking has declined. Overall, photovoltaic glass enterprises only maintain sporadic procurement for essential needs, without centralized replenishment actions, and have weak support for antimony ingots.
Market forecast:
The future market needs to focus on the pre holiday replenishment rhythm of downstream flame retardants and photovoltaic glass industries in mid to late September. If the demand for centralized replenishment in the downstream before the holiday is released, the antimony ingot market is expected to continue its recovery trend, and the upward pace may accelerate; If the terminal continues to maintain scattered procurement for essential needs and the incremental demand during peak seasons is limited, the market may continue its current upward trend of oscillation. Focus on the actual downstream demand.