Antimony prices surged by 40% on Wednesday following China’s ban on exports of key critical minerals to the United States. The ban, announced on Tuesday, enforces restrictions on antimony, gallium, and germanium, minerals critical to military applications. The decision comes as the U.S. prepares for President-elect Donald Trump to take office next month.
“In principle, the export of gallium, germanium, antimony, and superhard materials to the United States shall not be permitted,” stated the Chinese Commerce Ministry.
China, the world’s largest producer of antimony, accounted for 48% of global production in 2023, with an output of 40,000 tonnes, nearly double that of second-place Tajikistan. Turkey ranks third with 6,000 tonnes. Antimony, recognized as a strategic metal, is widely used in military applications, including ammunition, infrared missiles, and nuclear weapons. Its heat-resistant properties make it valuable in automotive batteries and brake pads, as well as in solar cell glass and smartphone screens.
“This is a clear signal of rising geopolitical tensions,” commented Christopher Ecclestone, a mining strategist at Hallgarten & Company. “The military importance of antimony is driving this move, which will significantly impact U.S. and European defense industries.”
The announcement sent rare metal producer stocks soaring. Shares of Hunan Gold Corporation, a leading antimony producer, have risen by 64% this year, while Perpetua Resources has surged by 270%.
The ban follows Washington’s recent measures targeting China’s semiconductor industry, escalating the trade war between the world’s two largest economies. Last year, China imposed export restrictions on gallium and germanium products, and in August 2023, further tightened controls on antimony exports.
