Antimony: A Market Under Severe Stress
RFC Ambrian are pleased to present this research report on antimony, which is the first of six reports on niche critical minerals to come in 2025.
- Antimony seen as one of the most critical of the “critical minerals” and is a common constituent of critical minerals lists in the USA, EU, Japan and Australia
- Spot antimony prices are at all-time highs, on the back of supply concerns and geopolitical tensions
- Olimpiada gold mine in Russia is a potential wild card for global supply
- Identified near-term exploration and development projects ex-China and Russia are in very short supply
Due to their use in clean energy technologies and semiconductors, critical minerals have gained prominence in government policy agendas and in the public interest. Many of these commodities are experiencing increased demand, supply chain bottlenecks, volatile price movements, and are facing geopolitical headwinds.
Antimony is prominently featured on the critical minerals lists of most countries because of their reliance on imports, the limited substitution options, and the essential role it plays in producing goods vital to economies and national security.
Our research indicates that the antimony market is currently under severe stress, primarily due to a lack of global supply of ore and concentrate and recent export controls by China. The outlook is further exacerbated by the lack of advanced development projects capable of recovering antimony in the near term. The weak supply outlook, combined with the growing consumption in the PV market, suggests that the antimony market could remain in deficit for an extended period.
