China has announced that it will impose export limits on antimony and related elements in the name of national security, as it aims to restrict shipments of critical minerals in which it is the dominant supplier. Antimony is a strategic metal used in military applications such as ammunition, infrared missiles, and night vision goggles, as well as in batteries and photovoltaic equipment. China accounted for 48% of global mined output of antimony last year.
The restrictions on antimony exports are being implemented to safeguard national security and interests, as well as to fulfill international obligations such as non-proliferation. The Chinese Commerce Ministry stated that the curbs are not targeted at any specific country or region, but rather a broader move to protect national security. The limits will be effective from September 15 and will apply to six kinds of antimony-related products, including antimony ore, antimony metals, and antimony oxide.
Exporters of affected products will need to apply for export licenses for dual-use items and technologies, which have potential military as well as civil applications. The US and other countries are trying to reduce their reliance on China for key materials, including rare earths, and are implementing policies and support packages for their critical minerals sectors. Analysts anticipate increasing demand for arms and ammunition will lead to tighter control and stockpiling of antimony ore.
Prices of antimony have surged to record highs this year due to tight supply and growing demand, particularly from the photovoltaic sector. The increase in prices has also boosted the share prices of Chinese producers, indicating a positive outlook for the industry. While China is the largest supplier of refined antimony, it is a net importer of concentrates and relies on ore from countries like Thailand, Myanmar, and Russia. Import data shows a sharp decline in imports from Russia this year.
China’s recent restrictions on antimony exports follow a series of similar measures introduced since last year. In December, China banned the export of technology to make rare earth magnets and has also tightened exports of graphite products, gallium, and germanium used in the semiconductor industry. Perpetua Resources, a US-based company building an antimony and gold project with support from the Pentagon, is exploring ways to accelerate antimony production to meet strategic needs given the tighter supply situation. Shares of Perpetua jumped in response to China’s export limits on antimony.
