Batteries, solar panels, and nuclear weapons all share a crucial material: antimony. As Beijing tightens its control over rare-earth materials—an apparent response to increasing trade restrictions and tariffs on Chinese-made goods—the global supply chains for critical materials like antimony are set to feel the impact.
The prices of rare metals have surged in recent months as China has ramped up export restrictions on these essential resources. However, few have seen a spike as sharp as antimony. Last month, Chinese authorities announced the introduction of export licenses for antimony, with these new measures set to take effect soon.
Antimony’s flame and heat-resistant properties make it indispensable in the production of batteries, particularly lead-acid storage batteries and those used in automobiles. It also plays a key role in manufacturing other car components, such as brake pads.
The global shift toward green energy in recent years has further increased demand for antimony. The material enhances transparency in the cover glass of solar cells, which improves their performance. This super-clear glass is also used in smartphone screens.
More critically, a long-term shortage of antimony could pose significant security risks. Antimony is a vital component in the defense supply chain, used in everything from nuclear weapons production to night vision goggles, ammunition, and infrared sensors.
Although the export restrictions have yet to take effect, antimony prices have already reached record highs. Spot prices in Europe and China have surged past $25,000 per tonne, more than doubling since the end of last year.
For global consumers of antimony, finding alternative suppliers will be challenging. Demand is high, and China is the world’s largest producer, holding nearly half of the global market share, according to the U.S. Geological Survey.
In contrast, the U.S. has not mined any marketable antimony since 1997. Countries like Russia and Myanmar could offer some supply, but sanctions complicate these options. Moreover, many of these deposits are partially mined by Chinese-owned companies, which also dominate the processing and refining of the material.
Shares in Hunan Gold Corporation, one of the world’s largest antimony producers, have risen by 35% this year. Meanwhile, shares of Perpetua Resources, which operates a gold-antimony mine in Idaho—one of the rare U.S. sources of antimony deposits—have nearly tripled in the past six months, with a 50% gain in just the past month.
Until global supply chains find alternatives to Chinese-controlled sources of antimony, prices are likely to continue rising.
