The Antimony Trioxide market continues to experience significant disruption, with prices rising steadily week by week. Since spring 2024, prices have surged by over 500%. As of February 25, Antimony Trioxide reached $51,500 per tonne, up from $11,000 per tonne in November 2023.

 

Where is Antimony Mined?

Antimony is primarily mined in five countries: China, Tajikistan, Myanmar (Burma), Australia, and Russia. These nations dominate global supply, with China alone accounting for approximately 70% of worldwide refining capacity. Other countries play only a marginal role in production.

 

What is Antimony Used For?

Antimony has a wide range of industrial applications:

• Flame retardants in plastics manufacturing
• Photovoltaic panels, where it enhances cell performance (predominantly in China)
• Military applications, as a hardening agent in ammunition production
• Glass manufacturing, used as a clarifying and de-bubbling agent
• Ceramics, where it serves as an opacifying agent

 

What is Driving the Price Increase?

There are three key phases contributing to the current price inflation:

1. Surge in Demand
   Demand has sharply increased, particularly from Chinese photovoltaic panel manufacturers, who now consume around 50% of the country’s antimony production. Supply chains were unprepared for this rapid acceleration in demand, prompting initial price increases.
2. Export Controls Introduced
   On August 15, 2024, the Chinese government-imposed export restrictions on antimony, requiring prior approval for overseas sales. This caused market uncertainty and price spikes as buyers rushed to secure material.
3. Export Ban to the US
   Subsequently, China implemented a ban on antimony exports to the United States—the largest consumer outside of China. U.S. buyers began purchasing at virtually any price, further destabilizing the market. With limited antimony availability outside China, prices continue to climb amid ongoing speculation.

 

We are currently within this third phase, with extreme price volatility and antimony now playing a role in broader geopolitical tensions that extend beyond the materials sector.

 

Are There Alternatives for Coated Technical Fabrics?

Research and development teams are actively exploring alternatives to antimony. Numerous studies and trials are underway, but so far, no viable substitute has matched its performance. As it stands, antimony trioxide remains the most effective and reliable fire-retardant additive for coated fabrics.

The ideal alternative would need to meet several key criteria:

• Secure and stable supply
• Strong environmental and social sustainability profile
• Ease of industrial application
• Consistent flame-retardant performance over time
• Cost-efficiency compared to antimony

 

Is There a Risk of Shortage?

In the short term, there is no immediate risk of a physical shortage. Processing capacity has increased in Tajikistan, and supply chains remain functional. New mining and production projects outside of China are nearing completion.

However, due to the sharp increase in value, the financial risk for suppliers has grown considerably. This limits the volumes that can be secured through traditional procurement at negotiated rates.