6 November 2025

October market divergence: gallium and scandium strengthen as lithium weakens

Key insights from this briefing

What drove the divergence in critical mineral prices during October 2025?

The monthly briefing showed lithium, NdPr and hafnium under downward pressure while scandium and gallium strengthened. The pattern reflected a corrective market in some battery and magnet materials alongside continued supply-security demand for selected high-technology metals.

How is antimony demand split between its main uses?

About 42% to 45% of antimony demand is associated with flame-retardant systems, where antimony trioxide acts as a synergist. Hardening lead for lead-acid batteries accounts for a further 25% to 33%, with smaller but strategically important uses in defence, specialty plastics and alloys.

Excerpt from this briefing's Industry Insight

October was a divided month for critical minerals. Lithium, NdPr and hafnium came under downward pressure in a corrective market, while scandium and gallium strengthened on supply-security demand. The briefing's Industry Insight examined antimony, a material used both as a flame-retardant synergist and to harden lead in lead-acid batteries. More than 90% of global production was concentrated in China, Russia and Tajikistan, making processing capacity and supply concentration central to its strategic importance.

This is an excerpt from the Industry Insight in the full Market Briefing. Log in to access the complete briefing.