----Interview with Xiao Tang
General Manager
Changsha Yexing Antimony Co., Ltd.
Changsha Yexing Antimony Co., Ltd. was founded by Professor Tang Tieqiao, a leading technical authority in China’s antimony chemical industry, and was formerly known as Changsha Dongfang Antimony Chemical Co., Ltd. The company focuses on product upgrading and deep processing of antimony series products. High-end products such as ethylene glycol antimony and metal passivators are well received in both domestic and overseas markets. Its current production capacities include 6,000 tonnes per year of ethylene glycol antimony, 6,000 tonnes per year of sodium pyroantimonate, 2,000 tonnes per year of sodium antimonate, and 3,000 tonnes per year of refinery metal passivators. With strong technical capabilities and large-scale operations, the company is recognized as one of China’s leading producers of deeply processed antimony products.
Asian Metal: Thank you for accepting our interview, Mr. Tang. Could you please give us a brief introduction to your company’s operations and main business lines?
Mr. Tang: Changsha Yexing Antimony Co., Ltd. was founded by Professor Tang Tieqiao, a leading technical authority in China’s antimony chemical industry. The company originated from Changsha Dongfang Antimony Chemical Co., Ltd. At present, the company owns a site area of 30,000 square meters, including 12,000 square meters of plant facilities. Backed by a favorable investment environment, solid asset strength, advanced equipment, a comprehensive R&D platform, ISO 9001 quality management certification, ISO 14001 environmental management certification, well-established management systems, a highly cohesive team, and a distinctive corporate culture, the company’s overall competitiveness has been significantly enhanced. The company focuses on product upgrading and deep processing of antimony series products. High-end products such as ethylene glycol antimony and metal passivators are well sold both domestically and overseas. Current production capacities include 6,000 tonnes per year of ethylene glycol antimony, 10,000 tonnes per year of sodium pyroantimonate, and 10,000 tonnes per year of refinery metal passivators. With strong technical capabilities and large-scale operations, the company is widely recognized as one of China’s leading producers of deeply processed antimony products. In recent years, the company has received numerous honors, including the “Target Management Assessment Award,” “Product Quality Award,” “Foreign Trade Export Award,” and the “Advanced Taxpayer Award for RMB 30 Million within the Industrial Park.” In 2009, the company also acquired all mining rights of Shaoyang Baohe Antimony Co., Ltd., achieving major progress in raw material base development and laying a solid foundation for long-term growth.
Asian Metal: As one of the major raw material suppliers to downstream polyester producers, how do you assess the current supply-demand situation in the polyester market this year?
Mr. Tang: According to relevant data, global polyester demand in 2025 is expected to reach approximately 180 million tonnes, up about 5% year on year. Global polyester capacity is projected at around 190 million tonnes, indicating an overall balanced supply-demand situation. As the world’s largest polyester producer, China recorded polyester bottle chip output of about 99 million tonnes in 2024, while output in January–August 2025 reached around 50 million tonnes, roughly flat year on year. Polyester fiber output in 2024 exceeded 60 million tonnes, up 7% year on year. Domestic polyester output in 2025 is expected to reach 81 million tonnes, with polyester fiber capacity projected at 58 million tonnes. The market size of China’s polyester fiber industry is expected to surpass RMB 450 billion in 2025. Customs data show that China’s polyester bottle chip exports totaled 3.46 million tonnes in the first half of 2025, up 16.5% year on year. The industry remains optimistic about future exports, with export growth expected to remain above 10%.
Asian Metal: How do you view the development landscape and future trends of the polyester market?
Mr. Tang: In recent years, China’s polyester market has experienced continuous capacity expansion, with polyester fiber capacity utilization remaining stable at around 80%. The industry has clearly shifted from scale-driven competition to value-driven competition. At the same time, product structure upgrading is accelerating, with the market moving toward high-end and differentiated development. By 2025, differentiated and functional fibers are expected to account for more than 30% of total output. Recycled polyester fiber capacity is growing at an annual rate of over 10%, while the penetration rate of bio-based polyester fibers is expected to increase from 8% to 15%. Currently, China’s polyester market presents a “three-pillar” structure. The Yangtze River Delta region (Zhejiang, Jiangsu, and Shanghai) contributes over 65% of national capacity; central and western regions (such as Sichuan and Xinjiang) are undertaking industrial transfers due to policy and energy advantages; and the Pearl River Delta region (Guangdong) focuses on R&D of specialty polyester fibers. In 2025, China’s polyester fiber exports are expected to reach 5.8 million tonnes, accounting for 38% of global trade. However, the industry also faces challenges, including price competition from Southeast Asian countries and the impact of the EU’s carbon border adjustment mechanism.
Asian Metal: After the photovoltaic market underwent a phase of adjustment in 2024, how do you see its future development trend?
Mr. Tang: In 2024, photovoltaic glass output reached nearly 28 million tonnes, with operating daily melting capacity exceeding 100,000 tonnes and approaching 120,000 tonnes. In 2025, PV glass output has shown a “down first, then up” trend, influenced by supply-demand dynamics and collective production cuts by enterprises. From January to September 2025, PV glass output was close to 18 million tonnes, while operating daily melting capacity declined to around 80,000 tonnes. The PV glass industry is currently facing severe overcapacity and intense price competition. Major domestic PV glass producers have implemented coordinated production cuts, and full-year output in 2025 is expected to be lower than that of 2024. Nevertheless, with inventory digestion and strong pull from downstream demand, the market is expected to see improved supply-demand conditions and a price rebound going forward.
Asian Metal: Despite the emergence of various substitutes in downstream markets, antimony has never been fully replaced. In your view, what is antimony’s greatest advantage in downstream applications?
Mr. Tang: Antimony-based flame retardants, primarily antimony trioxide, are among the most widely used flame-retardant synergists globally. Their core advantage lies in their highly efficient synergistic effect, which is reflected in outstanding flame-retardant efficiency, excellent comprehensive performance, and mature, wide-ranging applications. In photovoltaic glass, compared with other fining agents, antimony-based fining agents offer superior decomposition temperature matching, strong chemical stability, and stable, reliable fining performance. Whether used as a flame-retardant synergist or a PV glass fining agent, antimony occupies an irreplaceable position in its respective niche markets due to its unique chemical properties and excellent performance. In particular, in the photovoltaic sector, with the increasing penetration of double-glass modules and the trend toward thinner glass, demand for high-quality fining agents continues to grow, further reinforcing antimony’s strategic value.
Asian Metal: How do you see the price trends of sodium pyroantimonate and ethylene glycol antimony?
Mr. Tang: In the fourth quarter of 2025, the average price of sodium pyroantimonate was around RMB80,000/t, down about 7.5% from the third-quarter average of RMB86,000/t. As antimony raw material prices gradually stabilized in the fourth quarter and remained well supported by firm costs, sodium pyroantimonate prices are expected to fluctuate between RMB80,000-90,000/t, remaining generally firm. The average price of ethylene glycol antimony in the fourth quarter of 2025 was around RMB112,000/t, down approximately 13% from the third-quarter average of RMB130,000/t. Prices are expected to remain firm after the Lunar New Year.
Asian Metal: With rapid development in downstream deep-processing of antimony products, what opportunities and challenges do you see in this sector?
Mr. Tang: The downstream deep-processing sector of antimony products has indeed developed rapidly, mainly driven by its critical applications in strategic emerging industries such as photovoltaics, new energy, high-end flame retardants, and semiconductors. Opportunities include strong demand from strategic emerging industries, with photovoltaics being the largest growth driver in recent years. New energy and energy storage also present potential, particularly in research on anode materials for new battery technologies such as sodium-ion batteries. High-end flame-retardant materials remain irreplaceable in advanced electronics, aerospace, and other fields. In semiconductors and defense industries, high-purity antimony and its compounds play important roles in infrared detectors, thermoelectric materials, and semiconductor chips. Moreover, transitioning from primary products such as antimony oxide and refined antimony to high value-added deep-processed products—including ethylene glycol antimony (polyester catalysts), high-purity antimony trioxide, nano antimony oxide, and sodium pyroantimonate—can significantly enhance corporate profitability and industry competitiveness. At the same time, challenges are evident. Domestic resource supply is tightening, with declining reserves driving up raw material costs. Rapid downstream capacity expansion has intensified “involution-style” competition. In addition, green and low-carbon transformation requirements, along with technological barriers, pose ongoing challenges for downstream deep-processing enterprises.
Asian Metal: What are your company’s future development plans regarding its main products and deep-processing businesses?
Mr. Tang: Going forward, the company plans to maintain current production and sales volumes of sodium pyroantimonate and ethylene glycol antimony, while expanding production and sales of metal passivators and colloidal antimony pentoxide.
Asian Metal: Thank you again for accepting our interview. We wish your company continued success and further achievements.
