The global antimony market has undergone a dramatic transformation, with prices surging from around US$10,000 per tonne in January 2024 to over US$60,000 in March 2025.

This is thanks to China’s complete export ban which kicked off in December last year, severing access to the world’s largest antimony source, creating immediate global supply disruptions and threatening US defence industrial capabilities.

China, Russia and Tajikistan dominate the world’s antimony upstream supply chain, accounting for more than 87% of global mine production as of 2025.

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