Introduction
Not long ago, antimony was a niche metal known only to geologists, metallurgists, and a handful of traders. At the beginning of 2019, it still traded at a modest $5,500 per metric tonne, with zero excitement in the market. Investors showed little interest, and new projects struggled to secure funding. Then, in 2019, prices doubled overnight to $11,000 per metric ton—yet even then, many remained hesitant to back new ventures. No one could blame them as the gold price was running and again, what is this thing called Antimony? Fast forward to today, and the world is literally scrambling to secure a slice of this critical metal.
Suddenly, offers of antimony ore are flooding the market, with numerous companies promising supply for industries such as flame retardants, batteries, and the expanding solar panel sector. But as seasoned traders and those of us who were in the game long before antimony became a buzzword know, not all antimony is created equal. In fact, much of what is being offered today varies widely in quality—or in some cases, may not even exist at all.
This article aims to cut through the noise and clarify the differences in ore quality, grade, and composition. Understanding these factors is crucial, as they directly impact the metal’s value, marketability, and ease of processing. We will explore the various grades of antimony, the significance of impurities, the distinction between sulfide and oxidized ores, and the latest market trends that are shaping global trade.
Grades of Antimony Ore and Desirability
Antimony ore is categorized based on its antimony (Sb) content, as higher Sb concentrations yield more valuable end products. The key categories include:
- Low-grade sulfide ore (5–25% Sb): Requires roasting to produce antimony trioxide (Sb2O3). Due to lower recoveries and higher processing costs, these ores are the least desirable. In general today ore that is below 25% is scarcely marketable.
- Mid-grade ore (25–40% Sb): Can be smelted directly in a blast furnace to produce crude antimony metal. While viable, it often needs concentration to reduce waste material.
- High-grade ore (45–60% Sb): This premium-quality ore can be processed efficiently through liquation or iron precipitation, making it highly sought after by smelters.
The richer the ore in antimony content, the more attractive it becomes for processing and trade. However, beyond Sb concentration, other chemical factors significantly impact the desirability of an ore.
Impact of Deleterious Elements and Sulfur Content
Besides Sb grade, the presence of impurities can make or break the marketability of antimony ore. The most critical contaminants include:
- Arsenic (As): A toxic element that increases environmental and health hazards. Smelters typically reject ore with more than 0.5% As, with penalties applied for any excess.
- Lead (Pb): Lead contamination, particularly in flame retardant applications, must remain below 0.4–0.5% to meet quality standards.
- Cadmium (Cd) and Bismuth (Bi): These elements are undesirable, with buyers preferring concentrations below 0.01% to maintain purity.
Sulfur content is another major factor in processing efficiency. Sulfide ores with at least 20% sulfur are far easier to process than oxidized ores, as sulfur assists in smelting and prevents excessive volatilization losses. If sulfur content is too low, additional treatment steps are required, making the ore less attractive to buyers.
Sulfide vs. Oxidized Antimony Ores
Antimony is found in two main mineral forms: sulfide ores (stibnite, Sb₂S₃) and oxidized ores (valentinite, cervantite, and stibiconite). The processing efficiency varies significantly between these types:
- Sulfide ores: Preferred by smelters due to better recoveries, particularly when sulfur content is above 20%.
- Oxidized ores: More difficult to smelt, requiring additional processing steps. Oxidized antimony ores are common in Turkey, where much of the stibnite has weathered into oxide forms, reducing sulfur content.
Because of their lower recoveries, oxidized ores are often unappealing to buyers outside of Turkey, as very few roasters globally are equipped to handle them efficiently. While China remains a potential buyer, Chinese pricing for oxidized ore is significantly lower than global market rates.
Given the constraints in procuring reliable Antimony, there are a few buyers willing to accept oxidised ore, but this ore is more commonly rejected by key off takers.
The Role of China in Antimony Pricing and Trade
China dominates the antimony market, controlling a significant portion of both mining and processing. Chinese policies directly influence global trade flows, and their pricing strategies shape the entire industry.
- Export Restrictions: In 2024, China introduced export licensing for antimony, causing global shortages and price spikes.
- Market Manipulation: China can control antimony prices by limiting supply or flooding the market with cheaper material when convenient. However this ability to flood the market is becoming less of a risk as Chinese headgrades are falling and the country is actively trying to preserve its Antimony for local industry consumption.
- Supply Chain Shifts: With increasing domestic demand for solar panels and flame retardants, China prioritizes supplying its local industries over exporting raw antimony products.
China’s purchasing power means that many non-Chinese suppliers must accept “Chinese prices,” which are often less than half of the rates paid in Western markets. As such sellers are currently reluctant to supply China, resulting in excess availability of ore on the global market demanding crazily high prices. Again not all this ore is desirable!
What Are the Most Desirable Antimony Ore Specifications?
For sellers looking to secure high-value contracts, the most sought-after specifications for antimony ore include:
- Sb content: 50% or higher for premium pricing.
- Sulfur content: 20% or more, indicating a high proportion of sulfide minerals.
- Low impurities: Arsenic below 0.3%, lead below 0.4%, and minimal bismuth and cadmium.
- Consistent moisture and sizing: Properly dried and uniform ore makes transportation and processing easier.
Ideal Trading Terms for Antimony Ore
For premium buyers, favorable trading conditions include:
- CIF (Cost, Insurance, Freight) terms: Many buyers prefer delivery to their port for convenience.
- Letter of Credit (L/C) payments: 95% upfront, with the final 5% settled upon quality verification.
- Long-term contracts: Reliable suppliers with consistent quality are often preferred over one-time transactions.
Conclusion
Not all antimony is created equal, and understanding the differences in grade, impurities, and processing potential is crucial in this volatile market. While China remains the dominant force in antimony trade, suppliers with high-grade, clean sulfide ore and strong trading terms can secure better deals globally. As market trends shift, buyers will increasingly prioritize high-quality, high-purity concentrates that maximize recovery rates and minimize environmental concerns. In this competitive landscape, those who can provide superior ore will always find a strong demand, even amid fluctuating global prices.
