[News] China’s Antimony Export Restrictions Starting in Mid-September Reportedly Cause Prices to Skyrocket

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On August 15, China’s Ministry of Commerce announced restrictions on the export of the strategic mineral antimony for national security reasons, set to take effect on September 15, 2024. According to sources cited by the Commercial Times, the market price of antimony could skyrocket to USD 30,000 per ton.

Antimony is strategically significant due to its extensive applications in solar photovoltaics, batteries, fireproof materials, military equipment, and even nuclear weapons.

Meanwhile, as per data from the U.S. Geological Survey (USGS), China is the world’s largest producer of antimony, with a production of 83,000 tons last year, accounting for 48% of the global supply. Other major producers include Myanmar, with 4,600 tons annually, Turkey with 6,000 tons, and Tajikistan with 21,000 tons.

The report from Asia Financial on August 17 indicated that around 20% of the world’s antimony is used in manufacturing solar photovoltaic glass to enhance the performance of solar cells. Most of the remaining supply is used in lead-acid batteries.

Additionally, antimony has growing strategic importance due to its role as a key material in military equipment such as nuclear weapons, infrared missiles, and night vision devices, as well as a hardening agent for bullets and tanks.

As a result, the global supply of antimony is facing a shortage. Reportedly, since the beginning of this year, the price of this rare metal has already doubled, with current trading prices exceeding USD 22,000 per ton, setting a historic high.

Chetan Soni, president of the UK-based Commodity Research Unit (CRU), stated that given the current historical high prices, China’s recent announcement could further drive up prices. He added that prices might reach USD 30,000 per ton as buyers seek to secure future production or stockpile materials.

Soni believes that if antimony prices rise again, it will increase the Western world’s dependence on China’s critical minerals, including rare earths, gallium, and germanium, which have also faced export restrictions since last year.

Part of the market supply tightness may be due to disruptions in Russian supply, caused by sanctions imposed after Moscow’s invasion of Ukraine in February 2022, as well as a reduction in domestic production in Russia.

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