SunSirs: Demand Was Weak, Antimony Ingot Market Was Down in September

Price trend

According to the commodity market analysis system of SunSirs: In September 2025, the domestic 1# antimony ingot market fluctuated downward, with the average price on September 1 at 184,000 RMB/ton and the average price on September 28 at 175,000 RMB/ton, a cumulative decline of 4.89%.

Analysis review

Supply side: Antimony ore supply was tight

Data from SunSirs shows that China's imports of antimony ore and concentrate from January to August 2025 were lower than those in 2024. The import volume for this period was 24,449.9 tons, a year-on-year decrease of 52.1%. Imports peaked at 4,543 tons in January 2025, and dipped to 1,483 tons in March 2025. Overall, imports were lower than the same period last year, indicating that the overall domestic antimony ore supply remained tight.

Customs statistics show that China's imports of antimony ore and concentrate in August 2025 were 4,376.9 tons, up 89.7% month-on-month and down 2.5% year-on-year.

Demand side: terminal consumption expectations were weak

Among the traditional downstream demands for antimony, flame retardant materials account for about 55% and glass accounts for about 15%. Antimony is an essential element in the production of photovoltaic glass and is irreplaceable. With the continuous development of China's photovoltaic industry, the main increase in antimony metal in the future will be in the photovoltaic field.

Antimony oxide: Affected by the high price of raw materials, the recent antimony oxide inventory was still at a high level, the export performance was general, and the overall market sentiment was weak. Although there was some demand for stocking up as the holidays were approaching, the overall demand was rigid and the purchase volume was low. Affected by the lack of market confidence, the antimony oxide market overall declined in September, with a decrease of about 12,500 RMB/ton.

Photovoltaics: As raw material prices continued to rise, some photovoltaic companies were temporarily reducing production under cost pressure, and the overall purchase of raw materials was based on rigid demand. As the holidays approaching, some downstream companies stopped production and were on holiday, and the demand for raw materials had further weakened.

Market outlook

Poor demand was the primary cause of the weakening antimony ingot market. Overall, end-user demand remained relatively stable, with demand remaining rigid. The antimony ingot market is expected to remain stable but slightly weaker in the short term. Market participants will focus on the impact of the new regulations on antimony raw material imports, which took effect on September 1st.

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