Antimony Price Trend Analysis 2026: Historical Prices, Price Drivers, Latest News, Market Insights & Supply Demand Analysis

Due to geopolitical concerns and strategic market factors, antimony saw a sharp price increase in the second half of 2024. A turning point was reached when China restricted the export of vital minerals, severely limiting global supply and causing unheard-of market volatility. The metal's worth was further increased by its strategic significance in military applications, especially for defense technology, infrared missiles, and ammunition.

Due to the supply constraints, investors and mining corporations quickly responded, causing the market to experience a sharp price trajectory. Western nations started actively looking for alternate sources of manufacturing, showing special interest in countries that were rich in antimony, such as Tajikistan, Turkey, and Myanmar. As the metal's strategic importance grew, mining firms like Perpetua Resources saw a sharp increase in their market values.

In addition to the estimated 10,000-ton worldwide supply gap, the price increase was exacerbated by geopolitical tensions between China and the United States. With national security and military readiness playing a major role in market dynamics, the trade war and export limitations produced a perfect storm for antimony pricing.

In the first half of 2024, antimony prices saw a significant upward trend driven by a combination of supply shortages and rising demand across various sectors. The global antimony market experienced tightening supply conditions due to declining ore grades, depleting mines, and disruptions in key producing countries such as Myanmar, Oman, Tajikistan, and Vietnam. Further compounding the supply constraints were Western sanctions on Russia, a major supplier to China, leading to a significant reduction in exports and contributing to market uncertainty.

Meanwhile, demand for antimony surged, particularly from the solar sector, where the metal is used to enhance the performance of photovoltaic cells. Geopolitical tensions and increased military spending also heightened the demand for antimony, which is critical for ammunition and other defence applications. The market saw further strain with China, the world's largest producer, accounting for nearly half of the global supply, announcing export restrictions starting in mid-September, a move expected to exacerbate the supply deficit.

In response to the constrained supply environment and robust demand, European and U.S. buyers began diversifying their sources, increasing imports from alternative suppliers like Tajikistan, Vietnam, and Myanmar. Despite these efforts, the market continued to rely heavily on China, with tight supply conditions persisting and no immediate relief in sight..

Antimony's primary use lies in flame-retardant formulations for plastics, textiles, and electronics, enhancing fire resistance. In the field of semiconductors, antimony plays a crucial role as a dopant, which expands its usability in the automotive market. It's also used in lead-acid batteries as antimony improves their performance and longevity. Moreover, antimony compounds are catalysts in polyester resin production, and along with the above-mentioned factors, it drives its price trend.

According to a year-end report, based on the consumption levels of antimony in the latter two quarters of 2023, the photovoltaic sector is poised to consume about 50,000 tonnes of antimony, constituting nearly one-third of global usage in 2024. Antimony trioxide serves as a pivotal flame retardant in plastics and textiles, with the flame-retardant sector comprising half of its overall consumption.

This statistic was based on the surge in demand from the PV industry in the third and fourth quarters of 2023, which strained antimony supply dynamics and resulted in a remarkable surge in its price trend. Chinese antimony metal prices surpassed those of other countries, fueled by heightened demand from China's dominant PV sector. Global antimony consumption in 2023 was estimated to be at 160,000 tonnes. China remained the primary global antimony producer, but the exceeding demand and expanding applications of the metal caused a scarcity of antimony in various parts of the world.