China and Russia reinforce position as predominant antimony suppliers
In August 2024, China introduced export controls on antimony products “in order to safeguard national security and interests,”it’s Commerce Ministry said. Then, in December 2024, it prohibited exports of controlled antimony items to the US.
The antimony 99.65% CIF Northwest Europe price rose from approximately US$23/kg in August 2024 to US$63/kg by mid-2025, according to S&P Global.
China temporarily suspended the US-specific prohibition in November 2025 — supporting a fall in prices to approx US$27/kg during 2026 — with the suspension due to expire on November 27, 2026. But the underlying export-licensing system remains, and the prohibition on exports to US military users or for military end use was not removed.
But China’s export restrictions are not just about geopolitics.
The largest antimony producer, by far, is China, but the country’s output is steadily decreasing:
- in 2000, China produced 100,000 tonnes, out of a global total of 121,000 tonnes
- in 2024, China produces 40,000 tonnes, out of a total of 83,000 tonnes
The challenge is that supply elsewhere in the world is not acting as a substitute for the fall in China production.
According to recent estimates the antimony industry fell into a deficit in 2021 and for the first time in history, Chinese ingot smelters had become critically reliant on imported antimony concentrates.
Russia has the second largest antimony reserves in the world, at 350,000 (after China’s 640,000), and is currently the fifth largest producer in the world. Russia also operates one of the largest antimony mines in the world, with the Olimpiada mine in Russia, operated by Polyus, was responsible for more than 20% of global antimony mine supply in 2023. However, Polyus has been subjected to Western sanctions, imposed after Russia invaded in Ukraine in 2022, disrupting supply to the West.
Outside China and Russia, in particular Myanmar and Tajikistan, mine capacity was only about 24,000 tonnes. All of which is only reinforcing China’s position at the most important stage of the supply chain.
