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Antimony, a gray metal little known outside the industry, has become one of the symbols of the critical minerals dispute between China and the United States. Used in ammunition, batteries, flame retardants, military equipment, and industrial technologies, it has become a concern for governments and companies after Beijing restricted its exports.
China announced in August 2024 controls over the export of antimony and related materials. The rules took effect on September 15, 2024, and were justified by the Chinese government as a national security measure and control of “dual-use” items, that is, with civilian and military applications.
The decision affected an already concentrated market. In 2024, according to Reuters, China accounted for about 48% of the world’s mined antimony production.
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The agency also highlighted that the metal is used in military applications, including ammunition, infrared missiles, nuclear weapons, and night vision goggles, as well as batteries and photovoltaic equipment.
Price soared, but the figure of $1,400 lacks solid evidence
In August 2024, Reuters reported that antimony was already above $22,000 per ton, after nearly doubling since the beginning of that year.
After the Chinese restrictions, the movement became even stronger. In January 2025, Reuters reported that antimony was traded between $39,500 and $40,000 per ton in Rotterdam at the end of December 2024. The agency also reported that prices had risen about 250% throughout 2024.
The U.S. Geological Survey, a U.S. government agency, also recorded the increase. In the Mineral Commodity Summaries 2026, the USGS reported that the average price of antimony in 2025 was $25 per pound, more than double the average of 2024.
The report also points out that the monthly price almost doubled between August and December 2024, following Chinese controls and the export ban to the U.S.
Ban on the U.S. increased tension
Pressure on the market grew in December 2024, when China banned exports of gallium, germanium, and antimony to the United States. Reuters classified the measure as an escalation in trade tensions, taken shortly after new American restrictions on the Chinese semiconductor sector.
This ban, however, was later changed. In November 2025, China lifted the prohibition on exporting gallium, germanium, and antimony to the United States until November 27, 2026. Nevertheless, the suspension did not completely eliminate control, as exporters remain subject to Chinese licenses and rules for dual-use items.
In practice, this means that the “tap” is not completely closed in 2026, but it has not returned to normal either. China maintained control instruments over the flow of a material considered strategic due to its application in sensitive sectors.
Why antimony concerns the United States
The concern of the United States is not only about the price. Antimony is treated as an important mineral for national security because it appears in industrial chains related to defense, energy, and technology. The USGS reports that in 2025, the global production of antimony was estimated at 110,000 tons, with China and Russia among the main producers.
Reuters also reported that antimony is considered essential for the US due to its use in ammunition, batteries, flame retardants, and military-grade materials. This external dependency has led Washington to seek stockpile reinforcement and domestic production.
In September 2025, the United States Antimony Corporation signed an exclusive five-year supply contract, valued at up to $245 million, with the Defense Logistics Agency. The agreement provides for the supply of metallic antimony ingots for the United States national defense stockpile.
Reuters further reported that the company operates the only two antimony smelters in North America, which reinforces the American effort to reduce vulnerability in the face of the concentration of the international market.
