Antimony is vital for many industries, including batteries, solar panels, flame retardants, and ammunition. Antimony sulfide, or Stibnite, is the principal ore of antimony and is mainly used in all these sectors. The U.S. depends almost entirely on imports, mainly from China, to meet its needs.
Countries with the largest reserves of antimony worldwide as of 2023 (in metric tons)
Let’s examine the demand and supply trends for antimony and their impact on prices this year.
What’s Driving Antimony Demand?
Antimony’s demand has risen due to increasing industrial use and China’s dominance in production. The silver white metal is crucial in solar panels. It makes perovskite solar cells work better by helping them absorb more light and convert energy more effectively. It also enhances thermal stability, helping panels endure extreme conditions.
In energy storage, liquid-metal batteries use antimony to store and distribute excess solar power. As solar installations grow, antimony’s role in the energy transition will expand.
The U.S. Department of Defense (DoD) uses antimony in more than 200 types of ammunition. This includes percussion primers and armor-piercing rounds.
Some key uses of antimony include:
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Antimony alloys improve the durability of lead-acid batteries in military vehicles.
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Its flame-retardant properties enhance the fire resistance of military uniforms and equipment.
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It is used in semiconductors for infrared sensors and night-vision devices. These are crucial for defense technology.
However, despite demand from various industries, there’s a global supply crisis of this critical metal.
A Looming Global Antimony Supply Shortage
According to the U.S. Geological Survey (USGS),
- In 2023, the total global antimony mine production was approximately 83,000 tons. China produced around 40,000 tons, accounting for 48% of the global supply.
China’s Supply Shrinks
China is the biggest antimony producer, but its output has dropped sharply. 2023’s output as a decrease from 60,000 tons (55% share) in 2022. The decline is mainly due to mine closures and stricter environmental rules.
Hunan, a major antimony-producing province, halted production from March to June. This pause was for environmental inspections. Further industrial accidents in Hunan and Guizhou disrupted mining early in 2023. Consequently, China’s declining output has significantly contributed to the current global supply shortage.
Moreover, China is tightening its grip on antimony exports to secure its position in global supply chains. This comes after the U.S. imposed restrictions on critical technologies like advanced chips. China has employed a similar strategy with germanium, gallium, graphite, and rare earths.
The U.S. Relies Heavily on Imports
The U.S. has antimony deposits in states like Idaho, Montana, Utah, Arizona, and Alaska. However, environmental and economic issues have slowed domestic production. The Stibnite Gold Mine in Idaho was the largest antimony producer but shut down in the mid-1990s. Efforts to restart it are uncertain due to environmental concerns, especially river pollution risks.
By 2020, the U.S. had completely stopped mining antimony. Instead, it relied on recycling, mainly from lead-acid batteries. A facility in Montana processed imported material, but recycled sources only met 18% of the demand. The rest came from imports. In 2023, no sellable antimony was mined in the U.S., according to the University of Technology Sydney (UTS).
Recent reports show that Military Metals acquired the Last Chance property on February 19, 2025. This highlights the urgent need to secure antimony for defense. The rising demand, along with supply issues, has led to a significant price surge.
Russia’s Production Faces Uncertainty
Russia is another key antimony producer contributing to the supply crunch. USGS estimates that Russia held 17.5% of global antimony reserves in 2023, totaling 350,000 tons. However, actual production was much lower, at just 4,300 tons.
The Minor Metals Trade Association (MMTA) highlighted that most of Russia’s antimony is a byproduct of gold mining. Polyus, the largest gold producer in Russia, reported 27,075 tonnes of antimony output in flotation concentrate. However, Western sanctions after Russia’s 2022 invasion of Ukraine have made trading with Russian suppliers more difficult, further tightening global supply.
Political Instability Disrupts Myanmar’s Output
Myanmar, the fourth-largest antimony producer in 2023, also faced supply disruptions due to political turmoil. The country accounted for about 5% of global antimony production, according to USGS.
Here’s a comparative chart of 2022 Vs 2023 antimony producers across the world:
Global Antimony Production
Market Growth Trends
- Research and Markets revealed that the global demand for antimony is projected to grow from $2.5 billion in 2024 to $3.5 billion by 2030, at a CAGR of 6.2%,
Additionally, the U.S. antimony market is expected to expand significantly, reaching an estimated value of USD 106.57 million by 2032. This growth primarily be driven by the rising demand for OSHA-regulated flame-retardant clothing. Other demand drivers like lead-acid batteries, electronics and plastics, etc. will also push future demand of antimony.
Regional Market Overview
According to a Fortune Business Insights study,
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North America and Europe together account for over 40% of global antimony demand, mainly in automotive and plastics. Europe produces antimony oxide but relies on imports from China and India. The rising need for lead-acid batteries is boosting growth in this region. North America has a strong demand for flame retardants. This is because of strict workplace safety rules.
The Future of Antimony Supply
Australia is becoming a key player in the antimony market. Larvotto Resources, which runs the Hillgrove Gold-Antimony Project, has seen its share price rise. Additionally, the U.S. is working with resource-rich countries such as Australia, which could potentially close the supply gap. This partnership also aims to reduce reliance on China for critical minerals.
Earlier CarbonCredits reported that it’s not just the U.S. but countries worldwide are taking steps to reduce their reliance on Chinese antimony.
Over two years, global antimony drilling activity totaled 625 holes, with 88 yielding significant intervals. Australia dominated with 444 holes, including 65 significant finds, reflecting its active exploration sector. The USA followed with 44 holes and 10 significant intervals. 
Other contributions came from Canada, Bolivia, New Zealand, and Namibia. Emerging interest in regions like Bosnia, Indonesia, and Slovakia highlights a global push to secure antimony resources, driven by rising demand in energy and defense sectors.
Similarly, Spearmint Resources in Canada has doubled its acreage at the George Lake South Antimony Project, recognizing the mineral’s strategic value.
Additionally, antimony can be sourced through recycling. Reusing antimony from industrial waste and other sources may help create a more stable supply in the long term.
As demand from renewable energy and defense sectors rises, securing a steady supply of this crucial mineral will become extremely vital.
Tajikistan: The Rising Star
With supply dwindling in China, Russia, and Myanmar, Tajikistan is emerging as the world’s second-largest antimony producer.
- In 2023, it produced 21,000 tonnes, covering 26% of the global supply, according to USGS.
A significant mine in Tajikistan, owned by a U.S. company, is now Europe’s largest supplier of antimony metal. Talco Gold, a joint venture of Tajik Aluminium Co and China’s Tibet Huayu Mining, has boosted production too. Talco Gold’s processing plant opened in April 2022. However, it faced delays from the COVID-19 pandemic.
The impressive output shows Tajikistan potential to boost production volumes and sort supply challenges of antimony in the near future.
Antimony Prices Rally: Where Do They Stand in 2025?
Antimony prices have surged since April 2024 due to a severe supply shortage. According to Fastmarkets, prices in Rotterdam rose at their fastest rate in over 40 years. In May, the Shanghai Metals Exchange reported prices reaching $17,588 per metric ton, a 54% increase in 2024.
By June 14, prices in Europe climbed to $22,700 per ton, a rise of more than 75% from 2023.
The surge comes from a supply shortage in China, Russia, and Southeast Asia. At the same time, demand is rising in the solar sector, fire retardants, and military uses.
Recent posts on X show that the shortage is still affecting availability. Prices have reached $51,500 per ton in 2025. Some market speculation suggests that prices could reach $100,000 per ton.
This price rally was confirmed by Military Metals Corp’s CEO, Scott Eldridge, who said,
“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.”
