In August 2026, the domestic price of 1 # antimony ingots continued to weaken, with an average price of 88250 yuan/ton at the beginning of the month and 101500 yuan/ton at the end of the month, with a cumulative increase of 15.01% during the month. In August, the domestic antimony ingot market rebounded strongly, completely reversing the previous weak pattern. Prices fluctuated and rose sharply throughout the month. The trend of bottoming out at a low level at the beginning of the month, continuing to rise in the middle and late of the month, and stabilizing at a high level at the end of the month has fully released negative risks from the low price in the early stage. Coupled with the tightening of spot circulation and the recovery of downstream stocking demand, the market sentiment of rising prices has concentrated, and the overall fundamentals have turned from weak to strong. The spot market situation has significantly recovered.
Supply side:
The sustained tight supply pattern in the domestic antimony ingot market in August is the core factor supporting the significant rebound in prices this round. Due to mining control, environmental inspections, and periodic maintenance of enterprises in major antimony producing areas such as Hunan and Guangxi in China, the output of antimony concentrate from mines is limited, the circulation of raw materials continues to tighten, the difficulty of raw material procurement for smelters increases, and production costs are under pressure. Most enterprises have a strong mentality of low price reluctance to sell and are unwilling to ship at low prices. At the same time, the domestic antimony mining quota continues to tighten, and the overall production capacity of the industry is limited. Coupled with the low price operation in the early stage, some small and medium-sized smelters have been operating near the profit and loss line for a long time, with low production enthusiasm and scarce supply of finished products in the market. The limited amount of imported antimony ore supplements makes it difficult to effectively alleviate the domestic raw material shortage. The overall inventory in the market remains at a low level, and the tight balance pattern of spot prices runs through the whole month, providing solid support for the sustained upward trend of antimony prices.
Demand side:
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. This month, the downstream demand for antimony ingots has structurally rebounded, and the demand in different application fields has improved synchronously. The overall trading atmosphere continues to improve.
Antimony oxide: As the core traditional consumer market for antimony ingots, there has been a significant demand recovery this month. The price of antimony ingots has been running at a low level for a long time in the early stage, and the raw material inventory of downstream flame retardant enterprises is generally at a low level. After the market bottomed out and rebounded in August, the willingness of terminal enterprises to buy from the bottom and replenish inventory was concentrated, and the production of antimony oxide manufacturers has steadily rebounded. The frequency and quantity of raw material procurement have significantly increased compared to the previous month. At the same time, traditional rigid demand industries such as metallurgy and hard alloys maintain stable on-demand procurement, continuously supporting the basic consumption of antimony ingots. The overall trend of traditional demand sectors shows a recovery trend of both quantity and price rising.
Photovoltaic: As the core incremental track of antimony ingots, demand has maintained a steady growth trend this month. Photovoltaic glass clarifying agent is the main emerging application scenario for high-purity antimony ingots. In August, the domestic photovoltaic industry’s production capacity remained stable, the production line operating rate remained high, and the terminal component orders remained stable, driving glass enterprises to continue purchasing high-purity antimony products for essential needs. The continuous increase in emerging demand has become an important incremental driving force supporting the upward trend of antimony prices. As the end of the month approaches, the traditional peak season for gold and silver is expected to heat up. Downstream companies are stocking up in advance to further increase procurement demand. Against the backdrop of tight spot supply, this has effectively driven up the price of antimony ingots this month.
Market forecast:
It is expected that the domestic antimony ingot market will maintain a high and strong overall trend with range fluctuations in September. The supply side support is stable, with strict control over domestic antimony mining and limited raw material output in major production areas. In addition, the import volume of overseas antimony ore has fallen month on month, and port transportation is restricted. The inventory of raw materials in smelters is low, and production costs remain high. The industry’s reluctance to sell and maintain prices continues, and low-priced spot goods are scarce in the market. The space for deep market decline is basically locked in. There is an expectation of peak season repair on the demand side, and the flame retardant industry corresponding to traditional antimony oxide will start stocking up during the Golden September peak season. The procurement demand is expected to increase marginally, while the high opening trend of the photovoltaic glass industry continues, and the demand for high-purity antimony products remains stable to support the market. However, the cumulative increase in antimony prices this month has been significant, and downstream companies are cautious about buying at high prices and have weak willingness to chase price increases. There is resistance to market volume price transmission, coupled with the demand for profit taking in high-level circulation, which will limit the significant upward space of prices. Overall, the core pattern of tight supply and stable demand in the antimony market has not changed, and the market’s long short game has intensified, mainly characterized by strong structural fluctuations. The focus will be on tracking the supply of mining raw materials, the pace of smelting resumption, and the landing of peak season demand in the two core areas of flame retardants and photovoltaics.
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