L-Antimony Potassium Tartrate

# Market Intelligence on Potassium Antimony Tartrate (2026, Mid-October to Mid-November)

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## I. Raw Material End: Antimony Ingot Prices Continue to Decline, Cost Support Weakens

| Date | Antimony Reference Price (CNY/ton) | Change vs. Oct 1 |
|------|-----------------------------------|------------------|
| Oct 14 | 96,750 | -6.75% |
| Oct 15 | 93,750 | -9.64% |
| Oct 16 | 93,250 | -10.12% |
| Oct 19 | 90,750 | -12.53% |
| Oct 20 | 88,750 | -14.46% |
| Oct 21 | 88,750 | -14.46% |
| Oct 22 | 89,750 | -13.49% |
| Oct 23–27 | 90,750 | -12.53% |

**Key Signal:** Antimony ingot prices have plummeted from 103,750 CNY/ton in early October to 88,750 CNY/ton, with a maximum decline of 14.46%. Although a single-day rebound of 1.13% occurred on Oct 22, the overall downward trend remains unchanged. As the core raw material cost component for potassium antimony tartrate (theoretical antimony content of 23.1%), the continued weakness in antimony ingot prices has directly undermined the cost floor support for the finished product.

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## II. Finished Product End: Significant Price Divergence, Market Exhibits a \"High Quoted, Low Actual\" Pattern

1. Public Market Quotes

- **Jiangsu Xinsu New Material Co., Ltd. (Quote dated Nov 6, 2026):** Potassium Antimony Tartrate (≥99%), ex-factory price including tax at **88,000 CNY/ton (i.e., 88 CNY/kg)**, delivery location in Suzhou, Jiangsu, packaged in 25kg drums. The quote remained flat for five consecutive days from Nov 3 to Nov 9.
- **SunSirs (Shengyishe) Benchmark Price Dynamics:** Quotes were released on Nov 7, 9, and 10, but specific values were not disclosed. It was only stated that the benchmark price is generated based on price big data and models, including adjustment coefficient K (payment term costs) and premium/discount C (logistics, brand, and regional price differences).

2. Industry Comprehensive Quotation Range (Cross-verified based on late-October and early-October industry data)

| Specification Type | Mainstream Quote (CNY/kg) | Supply Cycle | Key Suppliers |
|--------------------|---------------------------|--------------|---------------|
| Industrial Grade (≥99.0%, 50kg bag) | 185–220 | 7–15 working days | Changsha County Sanxing Antimony Products Factory, Changsha Sanhui Antimony Industry |
| Reagent Grade (≥99.5%, 1kg aluminum foil bag) | 260–310 | 3–7 working days | Hangzhou Lin'an Jinlong Chemical |
| Customized Aqueous Solution (10% w/w) | 320–380/L | 5–10 working days | Nanjing Jiaoye Trading |

**Core Contradiction:** There is a significant gap between Jiangsu Xinsu's quote of 88 CNY/kg and the industry mainstream range of 185–220 CNY/kg. Analysis suggests this quote likely corresponds to large-volume industrial procurement, long-term framework agreements, or specific purity/specification products, and should not be directly benchmarked against retail/small-batch quotes. However, this low-price signal itself reflects the reality of oversupply and intensified competition in the market.

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## III. Cost Structure Breakdown and Profit Margin Assessment

| Cost Item | Data/Situation |
|-----------|----------------|
| Antimony Ingot Raw Material | Domestic Grade 0 antimony ingot average price was approx. 81,200 CNY/ton (Feb 2026 data); by October, it had fallen to the approx. 88,750 CNY/ton range, with fluctuations compared to the start of the year |
| L-Tartaric Acid | Ex-factory price from a company in Quzhou, Zhejiang, was 48.6 CNY/kg in Q1 2026, up 7.9% year-on-year |
| Compliance Costs | Mandatory ICP-MS testing + third-party audit under the \"Appendix on Quality Management for Antimony-Containing Drug Intermediates Production\" increases fixed unit capacity costs by approx. 9.2 CNY/kg |
| Logistics Costs | Dedicated vehicle transport for Class A hazardous toxic chemicals; cross-province freight is 43% higher than for ordinary chemical products |

**Profit Squeeze Assessment:** Although the decline in antimony ingot prices alleviates some pressure, the combined factors of rising tartaric acid costs, rigid growth in compliance investments, and high logistics costs have compressed the profit margins of small and medium-sized manufacturers to the limit. Some non-filed traders are \"clearing out\" inventory batches over 18 months old at a \"special price\" of 158 CNY/kg. SGS testing revealed acetaldehyde residues exceeding 127ppm (3.8 times the pharmacopoeia limit). While such low-priced sources disrupt market order, they also indirectly demonstrate the high cost floor of legitimate channels.

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## IV. Supply-Demand Landscape and Policy Environment

- **Supply Side:** Production capacity is further concentrating among enterprises with direct antimony resource procurement channels and environmental treatment capabilities; small workshop-style production is accelerating its exit. The current main players are Changsha County Sanxing Antimony Products Factory (annual capacity 300 tons), Hangzhou Lin'an Jinlong Chemical, Changsha Sanhui Antimony Industry, and Nanjing Jiaoye Trading.
- **Demand Side:** Upgrading in the glass industry is driving demand for high-purity, ultra-fine, and low-volatility products, with an expected annual compound growth rate of approx. 6.2%. However, the legal uses of potassium antimony tartrate are limited to the preparation of laboratory standard substances and specific antiparasitic drug reference standards. The National Medical Products Administration has explicitly prohibited its circulation as an active ingredient in human or veterinary preparations, making the demand ceiling clearly visible.
- **Policy Side:** Tightening of antimony concentrate import quotas, REACH compliance requirements, and no-cobalt/no-arsenic impurity declarations are driving the improvement of the entire chain quality control system, leading to continued rigidification of compliance costs.

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## V. Analysis, Judgment, and Forecast

**Judgment**

1. **Short-term (Next 1–3 months): Price pressure leading to decline.** Antimony ingot prices have fallen over 12% from their high, and stabilized around 90,750 CNY/ton in late October, with insufficient short-term rebound momentum. The stable low-price quote of 88,000 CNY/ton by Jiangsu Xinsu for five consecutive days signals a clear strategy of trading price for volume.
2. **Medium-term (Full Year 2027): Range-bound fluctuation, low probability of significant decline.** Since the second half of 2024, costs have risen by 9–12%. Rigid floors formed by compliance costs, logistics costs, and rising tartaric acid raw material prices suggest that industrial-grade products will likely fluctuate in the **170–220 CNY/kg** range.
3. **Intensified Structural Divergence:** High-purity reagent grade (≥99.5%) and customized isotope-labeled products (≥99.99%, quoted over 350 CNY/kg) will maintain high premiums; ordinary industrial-grade products will face a price war.

**Forecast**

| Timeframe | Price Trend Prediction | Core Drivers |
|-----------|------------------------|--------------|
| Nov–Dec 2026 | Industrial grade 175–200 CNY/kg; Reagent grade 250–290 CNY/kg | Low-level oscillation of antimony ingots + year-end inventory clearance pressure |
| Q1–Q2 2027 | Industrial grade 180–220 CNY/kg; Reagent grade 260–310 CNY/kg | Glass demand recovery + rigid support from compliance costs |
| Q3–Q4 2027 | Industrial grade 185–230 CNY/kg; High-end products maintain 300+ CNY/kg | Increased production capacity concentration + export REACH compliance premium |

**Risk Warning:** If antimony concentrate quotas are further tightened or environmental production limits are strengthened in the Lengshuijiang mining area of Hunan, raw material prices may experience pulse-like increases, forcing passive price hikes in finished products. Conversely, if downstream glass industry demand falls short of expectations, low-price competition will become more fierce. It is recommended that buyers lock in suppliers with stable direct antimony raw material procurement channels, continuous complexation reaction facilities, and independent testing capabilities, and prioritize signing quarterly framework agreements to hedge against volatility risks.