New Materials: Antimony Metal Industry Topics

New Materials: Antimony Metal Industry Topics

I. Antimony Industry: Supply Resources Highly Scarce, with a Downward Shift in Supply Center

1. Antimony — the "Industrial Spice"

• Upstream: Antimony ore and antimony concentrate. Antimony is a rare metal, characterized by its silvery-white color, brittleness, non-malleability, toxicity, and corrosion resistance. It has a melting point of 630.74°C and a boiling point of 1750°C. It is brittle, non-ductile, and a poor conductor of electricity and heat (with an electrical conductivity of only 4.2% that of silver). It is not easily oxidized at room temperature, is acid-resistant, and exhibits anti-corrosive properties. Antimony's abundance in the Earth's crust is only 0.0001%, primarily existing in the form of native metal, stibnite, antimony glance, and antimony ochre. Its most notable characteristics are thermal contraction and cold expansion, as well as allotropy.

• Midstream: Antimony ingots and antimony trioxide. Metallic antimony has a scaly crystalline structure. It gradually loses its luster in humid air and burns to form white antimony trioxide when strongly heated. It is soluble in aqua regia and dissolves in concentrated sulfuric acid.

• Downstream: Antimony metal is mainly used in alloy manufacturing, commonly for lead-acid batteries, chemical pipelines, cable sheathing, bearings, and gears. High-purity antimony metal is used in semiconductor production, electric heating devices, far-infrared devices, and military products. Additionally, antimony oxides are widely used in flame retardants, ceramics, rubber, paints, glass, textiles, and chemical products. Specifically, these include antimony-based polyester catalysts (15%) using antimony trioxide as the main raw material, antimony alloy in lead-acid batteries (15%), flame retardants made from antimony trioxide (55%), and sodium antimonate used in glass ceramics (10%).

2. Global Antimony Resources are Relatively Scarce and Unevenly Distributed

Antimony holds strategic significance and has a low static reserve-production ratio. According to USGS data, global antimony reserves in 2023 stood at approximately 2 million metric tons. Based on that year's production of 83,000 metric tons, the global static reserve-production ratio was 24.1, significantly lower than other metals (e.g., iron ore at 35, copper at 45, and bauxite around 80). China's ratio was even lower at 16.0, reflecting antimony's scarcity. China, the United States, the EU, Japan, Australia, and others have classified antimony as a critical mineral resource.

Antimony resources are concentrated in specific regions. Major deposits lie within the Pacific Rim, Mediterranean, and Central Asian Tianshan tectonic metallogenic belts. In 2023, reserve distributions were: China (640,000 metric tons, 32%), Russia (350,000 metric tons, 18%), Bolivia (310,000 metric tons, 15%), Myanmar (140,000 metric tons, 7%), and Australia (140,000 metric tons, 7%) — collectively accounting for 79% of global reserves. Turkey, the U.S., and Tajikistan reported reserves of 99,000, 60,000, and 50,000 metric tons, respectively.

In China, antimony resources are primarily concentrated in Hunan and Guangxi. Per the Ministry of Natural Resources' China Mineral Resources Report 2010-2020, as of 2019, Hunan (20.41%), Guangxi (15.90%), Tibet (13.49%), Guizhou (10.50%), and Yunnan (8.79%) held the majority of the nation's identified antimony reserves.

3. Global Antimony Production Declining

Global antimony production has trended downward, primarily driven by reduced output in China. USGS data shows recent annual global production stabilizing around 80,000 metric tons, a notable decline from the 2008 peak of nearly 200,000 metric tons and the 2015-2019 average of 130,000-150,000 metric tons. China's production has significantly influenced this trend, falling to approximately 40,000 metric tons annually — a stark contrast to its 2008 peak of 180,000 metric tons (91.4% of global output) and 2015-2019 levels of 90,000-110,000 metric tons.

China's share of global production has decreased. Since 2009, when China first implemented total mining volume controls (lifted in 2014) and suspended new antimony exploration/mining permits until 2013, policy constraints combined with stricter environmental regulations and increasing extraction difficulties have limited domestic supply. China's current annual production of about 40,000 metric tons now represents roughly 50% of global supply (48% in 2023 per USGS data, with global output at 83,000 metric tons).Antimony is difficult to recycle. Beyond primary production, recycled antimony from lead-acid battery lead-antimony alloy grids (diminishing as antimony usage in batteries declines) and byproduct recovery from materials like anode slime, black copper slime, and arsenic-antimony flue dust constitute secondary sources. However, antimony's low unit content in most applications and post-consumption dispersal make effective recovery technically challenging or economically unviable in other sectors.

II. Antimony Industry Demand: Steady Growth in Flame Retardants and Catalysts, Rapid Rise in Photovoltaic Applications

1. Flame Retardants: A Cornerstone of Demand with Limited Short-Term Alternatives

Flame retardant demand continues to grow steadily. Flame retardants are additives incorporated into combustible materials to enhance fire resistance, slow combustion rates, or suppress ignition. They are widely used in plastics, rubber, textiles, coatings, and other fields for fireproofing. On one hand, global plastic consumption has risen steadily, driving continuous growth in flame retardant demand. From 2011 to 2023, global plastic production increased from 279 million metric tons to 414 million metric tons, reflecting a compound annual growth rate (CAGR) of 3.3%. On the other hand, countries worldwide are improving fire safety regulations and standards, mandating the use of flame-retardant materials and additives, which has accelerated market development.

Halogen-Antimony flame retardants maintain significant market share. Flame retardants can be categorized into three major types based on chemical composition: organic halogen-based, organic phosphorus-based, and inorganic flame retardants. These differ in chemical makeup, mechanisms, and performance. Among them, halogen-based flame retardants exhibit the highest efficiency. Antimony trioxide (Sb₂O₃), one of the earliest inorganic flame retardants, primarily acts as a synergistic agent in combination with halogenated compounds. During thermal decomposition, it enhances their flame-retardant effects.

Despite growing environmental awareness driving the trend toward halogen-free alternatives in the flame retardant sector, new eco-friendly halogen-based variants are under continuous development. Brominated flame retardants, in particular, retain irreplaceable advantages such as high efficiency, long-term stability, and superior electrical properties. This ensures that halogen-based flame retardants and antimony trioxide remain critical components of the flame retardant market.

2. Clarifying Agents: Rapid Development of Photovoltaic Glass Drives Surging Antimony Demand

Photovoltaic (PV) glass is specialized glass used as the cover sheet for solar cells. Since individual solar cells cannot withstand harsh outdoor conditions, they are encapsulated between a front panel (PV glass) and a backsheet using adhesive films to form modules. PV glass thus becomes an essential component. Positioned in the midstream of the industry chain, PV glass aims for higher light transmittance, greater strength, and lower unit costs. This has driven trends toward larger sizes, thinner panels, and double-glass modules—features critical to the lifespan and power generation efficiency of PV modules. Superior light transmittance in PV glass is key to enhancing energy output, as higher transmittance directly improves module efficiency.

Rapid expansion of PV glass production capacity. China’s PV glass industry is currently experiencing rapid growth, fueled by rising global solar installations and the increasing adoption of double-glass modules. In recent years, renewable energy—particularly solar—has grown exponentially. According to the International Energy Agency (IEA), global solar PV installations reached approximately 375 GW in 2023, a year-on-year increase of over 30%. China alone accounted for 217 GW of new installations, up 152.0% year-on-year. With numerous countries committing to "net-zero" or "carbon neutrality" targets, expanding renewable energy like solar has become a global priority. Falling costs of solar power generation further support projections for rapid growth in new installations worldwide.

In July 2021, China’s Ministry of Industry and Information Technology (MIIT) issued the Implementation Measures for Capacity Replacement in the Cement and Glass Industries, exempting PV rolled glass projects from capacity replacement requirements but mandating a capacity risk warning mechanism. Policy relaxation, coupled with high market prices, spurred rapid planned capacity expansion. Driven by surging downstream demand and loosened capacity replacement policies, China’s PV glass production capacity surged from 9.18 million metric tons/year in 2019 to 44.77 million metric tons/year in 2024—a 388% increase. At its peak, daily melting capacity exceeded 110,000 metric tons.

Antimony demand rises with PV glass growth. Antimony-based clarifying agents are critical in PV glass manufacturing to enhance transparency and quality. As PV glass production scales up, demand for antimony—a key component in these agents—has climbed sharply. This trend underscores antimony’s strategic role in supporting the global transition to clean energy.

3. Lead-Acid Batteries and Catalyst Sectors: Stable Demand, Promising Prospects in Other Applications

Lead-Acid Batteries: Lead-acid batteries, categorized into starter, traction, backup power, and energy storage batteries, remain mainstream in electric bicycles, automotive start-stop systems, and other fields due to mature technology, wide operating temperature ranges, high safety, and low cost. China’s lead-acid battery production reached 24,500 kVAh in 2023, up 3.6% year-on-year (S&P Consulting). Antimony, used in lead-antimony alloys for battery grid materials to enhance hardness, is being reduced in content due to its tendency to cause water loss. Maintenance-free battery technology has partially replaced lead-antimony alloys with lead-calcium alloys.  

Catalysts: Antimony compounds (e.g., antimony trioxide, antimony acetate) are widely used as catalysts in PET production for fibers, plastics, and films. Despite advantages like high reactivity and low cost, environmentally friendly titanium-based catalysts are gradually replacing antimony-based ones due to antimony’s biological toxicity.  

Military Applications. Antimony sulfide is critical in ammunition primers, detonators, smoke generators, and tracer bullets. Antimony hardens lead bullets and tungsten steel, key applications since WWII. High-purity antimony and compounds (e.g., indium antimonide) are used in semiconductors, thermoelectric devices, and as dopants in n-type silicon wafers for diodes and infrared detectors.  

Antimony Alloys. Lead-based antimony alloys excel in corrosion resistance for chemical pumps, pipelines, and cable sheaths. Antimony-tin, antimony-aluminum, and antimony-copper alloys offer high strength and wear resistance for bearings and gears. Antimony-enhanced steel resists sulfuric acid corrosion, widely used in industrial equipment and photovoltaic supports.  

Antimony-Based Molten Salt Batteries. Ambri’s molten salt battery, developed at MIT, features a liquid calcium alloy anode, molten salt electrolyte, and antimony-based cathode. With advantages like low cost, long lifespan, and temperature resilience, Ambri has raised over $200 million since 2010. Large-scale commercialization could drive significant antimony demand growth.

III. Price Trends: Cyclical Fluctuations with Upward Midpoint

1.Antimony Prices Show Cyclical Volatility
Since 2009, antimony has experienced three distinct price cycles:2009–2015: In 2009, China first imposed national antimony mining quotas, suspended new exploration/mining permits, and strengthened safety/environmental regulations. Declining ore grades further tightened supply. Post-financial crisis demand recovery widened the supply-demand gap, driving prices from CNY 27,500/ton to a peak of CNY 111,500/ton in April 2011. Subsequent oversupply and falling demand led to price declines.

2016–2020: With stable demand, struggling miners faced stricter regulations, reducing output. Supply-side reforms stabilized the industry. In 2016, market anticipation of state stockpiling culminated in a 10,000-ton antimony ingot reserve purchase in Q4, supporting prices. Prices rose from CNY 33,500/ton to CNY 63,000/ton by May 2017 but later declined amid weak demand.

2.Current Antimony Price Outlook

Short-term: The imbalance in domestic and international supply-demand structures has widened price differentials, and the recovery of exports is expected to drive domestic antimony prices upward. The key factors to watch are: ① the recovery of antimony trioxide exports; ② the bottoming out and rebound of daily melting volumes of photovoltaic glass.

Medium to long-term: The supply-demand contradiction of antimony is ongoing. First, antimony supply is tight, with existing mines experiencing significant resource depletion and declining output after long-term exploitation. Second, demand is expected to increase, with the rapid development of the photovoltaic glass industry likely to drive rapid growth in antimony consumption in the clarifier sector. Photovoltaic applications have become a new growth point for antimony demand. Additionally, military demand and antimony-based energy storage batteries offer broad prospects for antimony. Third, production costs are rising due to increased mining difficulties and higher environmental requirements. Fourth, antimony's strategic importance is increasing, given its irreplaceability in military, aerospace, and flame-retardant applications, and its designation as a critical mineral resource by multiple countries. Under the combined influence of these four factors, the antimony price is expected to remain at a high level in the long term.

IV. Antimony Mining Companies Overview

1.Hunan Gold: Leading in Antimony Mining, Steady Development in Gold

Hunan Gold is one of China's top ten gold producers, a global leader in antimony mining development, and an important domestic tungsten mining enterprise. The company has long focused on the mining and deep processing of gold, antimony, and tungsten, possessing a complete industrial chain that integrates exploration, mining, mineral processing, smelting, refining, deep processing, and sales. This multi-metal portfolio enhances the company's ability to mitigate risks from price fluctuations of single products. In 2021, the company achieved a revenue of RMB 23.3 billion (+10.8%) and a net profit attributable to the parent company of RMB 490 million (+11.8%). The self-sufficiency rate of antimony resources is relatively high. The company's self-produced antimony concentrate mainly comes from the gold-antimony associated mines of its Hunan subsidiary, Chenzhou Mining. By the end of 2023, the company held 307,000 metric tons of antimony resources. In 2023, the company produced 3.95 tons of gold, 17,500 tons of antimony, 31,000 tons of antimony products, and 552 standard tons of tungsten concentrate. A significant breakthrough was made in the exploration of the Wanggu Gold Mine. On November 21, 2024, the Hunan Provincial Geological Institute announced a major breakthrough in the exploration of the Wanggu Gold Mine in Pingjiang County, Hunan Province, where over 40 gold veins were discovered in the strata above 2,000 meters underground, with a maximum gold grade of 138 grams per ton. The core exploration area has accumulated a total of 300.2 tons of gold resources. Currently, the ownership of the Wanggu Gold Mine does not belong to the listed company Hunan Gold but to its controlling shareholder, Hunan Gold Group.

2.Huaxin Nonferrous: Restructuring and Transformation into Tin-Antimony Development

Huaxin Nonferrous has restructured and transformed by taking over the core assets and business of the former Huaxin Group. Originally established as the Dachang Mining Bureau in 1952, the company has developed over 71 years into an international nonferrous metal mining group with a complete industrial chain of "exploration, mining, mineral processing, smelting, deep processing, and new materials." As a subsidiary controlled by the Beibu Gulf International Port Group of Guangxi, Huaxin Nonferrous is the only state-owned nonferrous metal industry listed company in Guangxi. According to the 2023 annual report, the company has 209,000 tons of antimony metal resources and produced 9,424 tons of antimony concentrate, with a calculated attributable antimony concentrate output of 6,707 tons. Specifically, the Tongkeng Mine (100% equity) has 12.14 million tons of antimony-bearing ore with a grade of 0.26% and 32,000 tons of antimony metal resources, producing 2,837 tons of antimony in 2023; the Gaofeng Mine (58.75% equity) has 10.76 million tons of antimony ore resources with a grade of 1.64% and 177,000 tons of antimony metal resources, producing 6,587 tons of antimony in 2023. Based on the 2023 annual report, the company's controllable reserves are 122,000 tons of tin, 442,000 tons of zinc, 93,000 tons of lead, 84,000 tons of antimony, and 376 tons of silver. In 2023, the company achieved a revenue of RMB 2.9 billion and a net profit attributable to the parent company of RMB 310 million.

With the full capacity utilization of the Tongkeng processing plant and the implementation of expansion projects, the company's product output is expected to increase further. After the 3,000-ton-per-day mining and processing project for the Tongkeng zinc polymetallic ore is completed, the ore processing capacity will expand from 2.38 million tons per year to 3.3 million tons per year, leading to further increases in production.

The issue of competition among peers is gradually being resolved. The Fosun subsidiary has been successfully integrated. According to the mining rights assessment report, the subsidiary's annual production of lead and zinc metals reaches 25,000 tons in normal years. The Wujixia Company and Laibin Smelting are pending integration. During the restructuring, Huaxin Group injected the main mines, Gaofeng Mine and Tongkeng Mine, both of which are primarily tin mines. Wujixia Company does not produce tin ore but its produced zinc and lead concentrates are the same as the associated mineral products of Huaxin Mining. Wujixia Company's main business is antimony ingot smelting, while Laibin Smelting is engaged in the smelting of nonferrous metals such as tin, zinc, and indium, which constitutes competition among peers with the listed company. According to the three-year plan, it is expected that these entities will be integrated successively by the beginning of 2026.

Facing the challenges of supply shortages and soaring prices of antimony trioxide, Guangzhou YINSU Flame Retardant Company has actively invested in research and development, successfully launching a variety of antimony trioxide substitutes and cost-effective brominated antimony masterbatches. These innovative products not only effectively replace traditional antimony trioxide in performance but also meet higher environmental standards and offer greater cost efficiency, providing customers with a new and effective flame-retardant solution.