Antimony crisis: Rising demand and political tensions push prices higher

Antimony, a critical mineral used in a wide range of industries from energy storage to defence, is facing a severe global supply shortage that is driving prices to unprecedented levels.

The situation, exacerbated by geopolitical tensions and environmental regulations, is starting to affect industries across the globe, from manufacturers of lead-acid batteries to military equipment producers. As the supply of this vital mineral tightens, companies are scrambling to secure a reliable source, while consumers face higher costs.

China’s dominance and export restrictions

China has long been the world’s largest producer of antimony, accounting for approximately 60 per cent of global output in 2024. However, the country’s output has been decreasing due to a combination of mine closures, stricter environmental regulations, and a political decision to restrict exports.

In late 2023, China added antimony to its list of controlled minerals, requiring exporters to obtain licences for overseas shipments. Later, by December, the country imposed an outright ban on shipments of antimony to the United States, a retaliatory move following US restrictions on advanced semiconductor exports to China.

These export controls have caused a dramatic reduction in China’s global antimony supply, which is now just one-third of what it was in 2022. With China tightening its grip on the mineral and production disruptions in other key regions, global shortages have deepened, driving up prices sharply.

Price surge and economic impact

The price of antimony has skyrocketed over the past year, more than quadrupling from $15,000 per tonne to over $60,000 by mid-2024. In some markets, prices have reached a record high of $51,500 per tonne in 2025, according to sources like Military Metals Corp.

The surge represents the fastest price rise in over 40 years, with European prices jumping by 75 per cent in just a year. Experts predict that if the supply shortage persists, antimony prices could climb to as much as $100,000 per tonne.

This surge has had immediate consequences for industries that rely on antimony, particularly battery manufacturers, electronics producers, and defence contractors. US-based companies, such as Clarios and Honda, which use antimony in their lead-acid batteries, are feeling the strain as procurement costs skyrocket.

The Responsible Battery Coalition, which represents major battery manufacturers, has called the situation a “national emergency”, urging policymakers to treat the shortage as a national security concern.

The ripple effect across sectors

While the lead-acid battery market remains the largest consumer of antimony, its applications extend across many industries. The flame-retardant properties of antimony make it indispensable in products like fire-resistant clothing, construction materials, and electronics.

The surge in demand for antimony as an essential element in energy storage solutions, including liquid-metal batteries and emerging sodium-ion technologies, is further contributing to the crisis.

The defence sector also faces an urgent need for antimony, as it is used in more than 200 types of ammunition, including in military vehicles and infrared sensors. As the US Department of Defense intensifies its focus on securing critical materials, the shortage of antimony has taken on even greater significance.

Despite the pressing demand, US manufacturers are finding it difficult to secure a stable supply. Nils Backeberg, director of consultancy Project Blue, toldReutersthat companies in the West are increasingly turning to a “grey market”, where stockpiled materials are being sold at inflated prices. As a result, many manufacturers are passing on the higher procurement costs to their customers, causing an increase in product prices.

A global supply chain crisis

While antimony is still being mined in other countries, including Russia, Myanmar, and Tajikistan, political instability and environmental challenges are hindering production in these regions.

Russia, which holds a significant share of the world’s antimony reserves, has seen its output drop due to Western sanctions and the economic fallout from the Ukraine war. Meanwhile, Myanmar’s political unrest has led to production disruptions that further complicated supply chains.

The United States, which has historically relied on imported antimony from China, is taking steps to reduce its dependence on international sources. Efforts are underway to revive domestic production, but challenges persist.

The Stibnite Gold Mine in Idaho, once the largest US producer of antimony, has remained closed since the 1990s, and reopening it would require overcoming significant environmental hurdles, including concerns about river pollution.

The race for alternatives

As the antimony crisis deepens, countries outside China are beginning to explore alternative sources. Australia, which has substantial antimony reserves, is emerging as a key player in the global market. The Hillgrove Gold-Antimony Project in Australia has seen a rise in investment, and US companies are seeking partnerships to tap into this resource.

Tajikistan, a relatively small producer of antimony, is also positioning itself as a crucial supplier. The country’s Talco Gold mine, a joint venture with China’s Tibet Huayu Mining, has ramped up production to become Europe’s largest supplier of antimony metal. This shift highlights the growing importance of alternative sources in addressing the global supply shortfall.

Experts agree that a long-term solution to the antimony shortage will require more than just short-term fixes. Some suggest that increased investment in recycling and material recovery could provide some stability to the market. Additionally, efforts to diversify supply sources outside China, particularly in Australia, could help mitigate future risks.

For now, however, the antimony shortage is a stark reminder of the vulnerabilities inherent in the global supply chain for critical minerals. With industries from defence to renewable energy relying on antimony, securing a steady and sustainable supply will be crucial in the years to come.

(With inputs from agencies)