December China bismuth trioxide exports retreated [SMM data]

[SMM Magnesium Morning Meeting Summary: Supply Divergence Leads to Transaction Decline, Strong Cost Support Keeps Prices Firm] Last week, magnesium prices fluctuated rangebound. Divergence among enterprises on the supply side led to a slight decline in transactions, while losses in semi coke pushed up smelting costs, forming strong support. Underpinned by costs, magnesium prices remained generally firm overall.

According to customs data, China's bismuth trioxide exports in December 2025 were 570.97 tons, while the export volume in November was 720.17 tons. Compared with November, the export volume in December decreased significantly. Market participants pointed out that based on the overall trend in export volumes, monthly exports of domestic bismuth oxide showed an upward trend from September to November. In October and November, exports returned to over 600 tons, basically reaching normal levels. Although exports in December declined somewhat, they remained above 500 tons. This indicates that bismuth oxide producers are still actively exporting, and overseas demand has not significantly decreased.