According to the Commodity Market Analysis System of Shengyi Society, in September 2025, the domestic 1 # antimony ingot market fluctuated downward, with an average price of 184000 yuan/ton on September 1 and 175000 yuan/ton on September 28, a cumulative decline of 4.89%.
Supply side: tight supply of antimony ore
From the above chart, it can be seen that the overall import volume of antimony ore and concentrate in China from January to August 2025 is lower than that in 2024. The import volume of antimony ore and concentrate from January to August 2025 was 24449.9 tons, a year-on-year decrease of 52.1%. 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 August 2025 was 4376.9 tons, an increase of 89.7% month on month and a decrease of 2.5% 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: Due to the high raw material prices, the inventory of antimony oxide has remained relatively high recently, and the export performance is average. The overall market sentiment is weak. Although there is some stocking demand near the holiday, the overall demand is rigid and the purchase volume is low. Due to the lack of market confidence, the antimony oxide market as a whole declined in September, with a downward adjustment of about 12500 yuan/ton.
Photovoltaics: With the continuous rise in raw material prices, under cost pressure, some photovoltaic enterprises are currently reducing production, and the overall procurement of raw materials is biased towards rigid demand. As the holiday approaches, some downstream enterprises are suspending production and taking a break, further weakening the demand for raw materials.
Outlook for the future: Poor performance on the demand side is the main reason for the weakening of the antimony ingot market. Overall, there is no significant change in terminal demand at present, and it still maintains a strong demand. It is expected that the antimony ingot market will continue to operate steadily, moderately, and weakly in the short term. The future market needs to focus on the actual impact of the new regulations on the import of antimony raw materials implemented from September 1st on the market.
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