Antimony is significant for a lot of industries, together with batteries, photo voltaic panels, flame retardants, and ammunition. Antimony sulfide, or Stibnite, is the principal ore of antimony and is principally utilized in all these sectors. The U.S. relies upon nearly totally on imports, primarily from China, to fulfill its wants.
International locations with the biggest reserves of antimony worldwide as of 2023 (in metric tons)
Let’s look at the demand and provide traits for antimony and their influence on costs this yr.
What’s Driving Antimony Demand?
Antimony’s demand has risen as a consequence of growing industrial use and China’s dominance in manufacturing. The silver white metal is essential in photo voltaic panels. It makes perovskite photo voltaic cells work higher by serving to them take up extra gentle and convert vitality extra successfully. It additionally enhances thermal stability, serving to panels endure excessive situations.
In vitality storage, liquid-metal batteries use antimony to retailer and distribute extra solar energy. As photo voltaic installations develop, antimony’s function within the vitality transition will increase.
The U.S. Division of Protection (DoD) makes use of antimony in additional than 200 forms of ammunition. This contains percussion primers and armor-piercing rounds.
Some key makes use of of antimony embrace:
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Antimony alloys enhance the sturdiness of lead-acid batteries in army autos.
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Its flame-retardant properties improve the hearth resistance of army uniforms and tools.
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It’s utilized in semiconductors for infrared sensors and night-vision gadgets. These are essential for protection know-how.
Nevertheless, regardless of demand from varied industries, there’s a worldwide provide disaster of this important steel.
A Looming World Antimony Provide Scarcity
In response to the U.S. Geological Survey (USGS),
- In 2023, the full world antimony mine manufacturing was roughly 83,000 tons. China produced round 40,000 tons, accounting for 48% of the worldwide provide.
China’s Provide Shrinks
China is the largest antimony producer, however its output has dropped sharply. 2023’s output as a lower from 60,000 tons (55% share) in 2022. The decline is principally as a consequence of mine closures and stricter environmental guidelines.
Hunan, a serious antimony-producing province, halted production from March to June. This pause was for environmental inspections. Additional industrial accidents in Hunan and Guizhou disrupted mining early in 2023. Consequently, China’s declining output has considerably contributed to the present world provide scarcity.
Furthermore, China is tightening its grip on antimony exports to safe its place in world provide chains. This comes after the U.S. imposed restrictions on important applied sciences like superior chips. China has employed an identical technique with germanium, gallium, graphite, and uncommon earths.
The U.S. Depends Closely on Imports
The U.S. has antimony deposits in states like Idaho, Montana, Utah, Arizona, and Alaska. Nevertheless, environmental and financial points have slowed home manufacturing. The Stibnite Gold Mine in Idaho was the biggest antimony producer however shut down within the mid-Nineteen Nineties. Efforts to restart it are unsure as a consequence of environmental considerations, particularly river air pollution dangers.
By 2020, the U.S. had utterly stopped mining antimony. As a substitute, it relied on recycling, primarily from lead-acid batteries. A facility in Montana processed imported materials, however recycled sources solely met 18% of the demand. The remainder got here from imports. In 2023, no sellable antimony was mined within the U.S., in accordance with the College of Know-how Sydney (UTS).
Latest stories present that Army Metals acquired the Final Likelihood property on February 19, 2025. This highlights the pressing have to safe antimony for protection. The rising demand, together with provide points, has led to a big worth surge.
Russia’s Manufacturing Faces Uncertainty
Russia is one other key antimony producer contributing to the availability crunch. USGS estimates that Russia held 17.5% of world antimony reserves in 2023, totaling 350,000 tons. Nevertheless, precise manufacturing was a lot decrease, at simply 4,300 tons.
The Minor Metals Trade Association (MMTA) highlighted that almost all of Russia’s antimony is a byproduct of gold mining. Polyus, the biggest gold producer in Russia, reported 27,075 tonnes of antimony output in flotation focus. Nevertheless, Western sanctions after Russia’s 2022 invasion of Ukraine have made buying and selling with Russian suppliers tougher, additional tightening world provide.
Political Instability Disrupts Myanmar’s Output
Myanmar, the fourth-largest antimony producer in 2023, additionally confronted provide disruptions as a consequence of political turmoil. The nation accounted for about 5% of world antimony manufacturing, in accordance with USGS.
Right here’s a comparative chart of 2022 Vs 2023 antimony producers the world over:
World Antimony Manufacturing
Market Development Traits
- Analysis and Markets revealed that the worldwide demand for antimony is projected to develop from $2.5 billion in 2024 to $3.5 billion by 2030, at a CAGR of 6.2%,
Moreover, the U.S. antimony market is predicted to increase considerably, reaching an estimated worth of USD 106.57 million by 2032. This development primarily be pushed by the rising demand for OSHA-regulated flame-retardant clothes. Different demand drivers like lead-acid batteries, electronics and plastics, and so forth. will even push future demand of antimony.
Regional Market Overview
In response to a Fortune Enterprise Insights study,
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North America and Europe collectively account for over 40% of world antimony demand, primarily in automotive and plastics. Europe produces antimony oxide however depends on imports from China and India. The rising want for lead-acid batteries is boosting development on this area. North America has a powerful demand for flame retardants. That is due to strict office security guidelines.
The Way forward for Antimony Provide
Australia is becoming a key player within the antimony market. Larvotto Assets, which runs the Hillgrove Gold-Antimony Mission, has seen its share worth rise. Moreover, the U.S. is working with resource-rich nations resembling Australia, which might doubtlessly shut the availability hole. This partnership additionally goals to scale back reliance on China for important minerals.
Earlier CarbonCredits reported that it’s not simply the U.S. however nations worldwide are taking steps to scale back their reliance on Chinese language antimony.
Over two years, world antimony drilling exercise totaled 625 holes, with 88 yielding vital intervals. Australia dominated with 444 holes, together with 65 vital finds, reflecting its energetic exploration sector. The USA adopted with 44 holes and 10 vital intervals. 
Different contributions got here from Canada, Bolivia, New Zealand, and Namibia. Rising curiosity in areas like Bosnia, Indonesia, and Slovakia highlights a worldwide push to safe antimony assets, pushed by rising demand in vitality and protection sectors.
Equally, Spearmint Assets in Canada has doubled its acreage on the George Lake South Antimony Mission, recognizing the mineral’s strategic worth.
Moreover, antimony could be sourced by means of recycling. Reusing antimony from industrial waste and different sources might assist create a extra steady provide in the long run.
As demand from renewable vitality and protection sectors rises, securing a gradual provide of this significant mineral will turn into extraordinarily important.
Tajikistan: The Rising Star
With provide dwindling in China, Russia, and Myanmar, Tajikistan is rising because the world’s second-largest antimony producer.
- In 2023, it produced 21,000 tonnes, protecting 26% of the worldwide provide, in accordance with USGS.
A significant mine in Tajikistan, owned by a U.S. firm, is now Europe’s largest provider of antimony steel. Talco Gold, a three way partnership of Tajik Aluminium Co and China’s Tibet Huayu Mining, has boosted manufacturing too. Talco Gold’s processing plant opened in April 2022. Nevertheless, it confronted delays from the COVID-19 pandemic.
The spectacular output reveals Tajikistan potential to spice up manufacturing volumes and kind provide challenges of antimony within the close to future.
Antimony Costs Rally: The place Do They Stand in 2025?
Antimony costs have surged since April 2024 as a consequence of a extreme provide scarcity. In response to Fastmarkets, costs in Rotterdam rose at their quickest charge in over 40 years. In Might, the Shanghai Metals Trade reported costs reaching $17,588 per metric ton, a 54% enhance in 2024.
By June 14, costs in Europe climbed to $22,700 per ton, an increase of greater than 75% from 2023.
The surge comes from a provide scarcity in China, Russia, and Southeast Asia. On the identical time, demand is rising within the photo voltaic sector, fireplace retardants, and military makes use of.
Latest posts on X present that the scarcity continues to be affecting availability. Costs have reached $51,500 per ton in 2025. Some market hypothesis means that costs might attain $100,000 per ton.
This worth rally was confirmed by Army Metals Corp’s CEO, Scott Eldridge, who mentioned,
“The antimony spot price has yet again achieved a new all-time high, now trading at $51,500 USD per ton. Antimony investment opportunities are limited to mining equities with no ETF or futures contracts available to investors, furthermore the mining equities are limited to a few high-caliber companies.”
