Price trend

According to the SunSirs' commodity market analysis system: In December 2025, the domestic market price of 1# antimony ingot fluctuated downwards. The average price on December 1st was 173,750 RMB/ton, and the average price on December 30th was 162,000 RMB/ton, representing a cumulative decrease of 6.76%.

Supply side: Antimony supply was tight

According to data from SunSirs, China's imports of antimony ore and concentrates from January to November 2025 totaled 32,655.5 tons, a year-on-year decrease of 33.4%. Imports were highest in January 2025 at 4,543 tons and lowest in March 2025 at 1,483 tons. Overall import volume was lower than the same period last year, and the domestic supply of antimony ore remains generally tight.

According to customs statistics, China imported 3,642.9 tons of antimony ore and concentrates in November 2025, a 15.6% increase compared to the previous month and a 36.9% decrease compared to the same period last year.

Demand side: Consumer expectations at the end-user level are weak

In the traditional downstream applications of antimony, flame retardant materials account for approximately 55%, and glass accounts for about 15%. Antimony is an essential and irreplaceable element in the production of photovoltaic glass. With the continuous development of China's photovoltaic industry, the main increase in demand for antimony metal in the future will come from the photovoltaic sector.

Antimony Oxide: Influenced by weak demand, cost fluctuations, and market sentiment, the domestic antimony oxide market in December showed a volatile downward trend, stabilizing at the bottom. Antimony ingot prices fell sharply by 6.8% during the month, dragging down market sentiment and causing antimony oxide prices to decline in tandem. Exports were affected by the overseas Christmas holidays, resulting in lower-than-expected export growth this month, providing insufficient support for domestic demand. Although the supply side was supported by concentrate costs, traders actively lowered prices to recover funds as the year-end approached, exacerbating pressure on the spot market. Towards the end of the year, due to factory shutdowns, traders' reluctance to sell, and reduced market liquidity, the downward price movement narrowed, the market stabilized, and entered a consolidation phase.

Photovoltaics: In December, the domestic photovoltaic glass industry entered a phase of inventory reduction, with daily production volume declining compared to the previous month. This led to a corresponding decrease in demand for antimony ingots, and downstream restocking demand temporarily slowed. As of December 29, domestic photovoltaic companies were primarily focused on digesting existing inventory, and purchases were mostly small orders driven by immediate needs. The lack of strong demand support is creating a bearish outlook for the antimony ingot market.

Market Outlook:

Weak demand is the main factor restricting the upward movement of the antimony ingot market. Overall, the end-user demand has not shown any substantial improvement and remains primarily driven by essential purchases. It is expected that the domestic antimony ingot market will continue to operate in a stable to slightly weaker range in the short term. In the future, attention should be focused on the strength of photovoltaic glass stockpiling before the Spring Festival and the actual impact of the implementation of detailed antimony export policies on the market.

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