According to SMM's assessment, China's refined bismuth production in March 2025 is expected to increase by approximately 11.61% MoM compared to February. After several months of significant pullback to a low point, bismuth production rebounded. However, market participants noted that the Chinese New Year holiday in February led to shutdowns at many enterprises, causing bismuth production to drop to a low. Therefore, the rebound in March's production returning to normal levels is reasonable. From the production situation of manufacturers, some are still undergoing equipment maintenance, but many have seen a noticeable recovery in production, leading to an overall increase in domestic production. Detailed data shows that among SMM's 24 surveyed producers, six saw a significant increase in production in March, while the rest experienced relatively small or slight declines. Many market participants expect that production at bismuth plants nationwide will further stabilize in April, with refined bismuth production likely to remain steady or continue to rebound slightly. However, considering that raw materials may still be tight, the extent of the production rebound will be somewhat limited.
Note: SMM has been publishing its national refined bismuth production assessment since October 2022. Thanks to SMM's high coverage rate in the bismuth industry, the total number of surveyed refined bismuth producers is 24, distributed across eight provinces, with a total sample capacity exceeding 50,000 mt and a total capacity coverage rate of over 99%.
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