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| Campine |
Campine antimony trioxide revenue hit record levels in 1H25. The Campine antimony trioxide revenue jump followed Chinese export controls and tight concentrate supply. The Campine antimony trioxide revenue uplift came with EBITDA almost tripling year on year. This confirms Campine antimony trioxide revenue momentum despite softer spot demand since mid-June.
Prices, policy and supply squeeze
Global ATO prices spiked after China imposed export controls in September 2024. Prices had already been high on chronic concentrate shortages. As a result, Campine’s 1H25 revenue rose to €384mn from €170mn. EBITDA reached €53.4mn, up from €26.8mn. Specialty chemicals revenue, including ATO and masterbatches, rose nearly 300pc to €293mn. Prior diversification away from Chinese metal improved resilience and margins.
Outlook, risks and compliance posture
Management guides to a record year with EBITDA likely above €80mn. However, prices have eased since mid-June on weaker spot buying and better availability. Therefore, changes to Chinese export rules or US import policy could quickly shift outcomes. Campine also addressed media allegations of indirect resale to Russia. The firm says it ended Russian sales in March 2022 and is reviewing enhanced compliance with external counsel.
The Metalnomist Commentary
ATO remains a strategic bottleneck across flame retardants and specialty polymers. Short-term price cooling does not erase structural tightness in concentrates and refining. Watch policy risk and substitution trends as key swing factors for late-2025 margins.
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