According to SMM's assessment, China's refined bismuth production in February 2025 is expected to decrease significantly by approximately 30% MoM compared to January. Due to the continuous significant pullback in bismuth production, the output has once again fallen to a low point. However, as the beginning of February coincided with the Chinese New Year holiday, many producers suspended operations. Additionally, producers generally reported a slight shortage of bismuth raw materials before and after the holiday, making the sharp decline in production this month understandable. From the perspective of production activities, many producers conducted equipment maintenance before the holiday. However, a small number of producers accelerated production during the holiday to prepare for post-holiday supply, resulting in a slight increase in production for a few producers. Nevertheless, most producers experienced varying degrees of production decline. Detailed data from SMM's survey of 24 producers showed that production increased significantly for 2 producers in February, while the rest experienced either varying degrees of decline or relatively small changes. This led to a significant drop in overall bismuth ingot production in February compared to the previous month. As a result, many market participants expect that nationwide bismuth production will stabilize in March, with a high likelihood of a rebound in refined bismuth production. However, considering the potential continued tightness in raw materials, the extent of the rebound may be limited.
Note: Since October 2022, SMM has been publishing its national refined bismuth production assessments. Thanks to SMM's high coverage rate in the bismuth industry, SMM surveys a total of 24 refined bismuth producers across 8 provinces in China. The total sample capacity exceeds 50,000 mt, with a capacity coverage rate of over 99%.
This report is an original work and/or compilation by SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"). SMM legally owns the copyright, which is protected under the Copyright Law of the People's Republic of China and other applicable laws, regulations, and international treaties. Without written permission, no part of this content may be reproduced, modified, sold, transferred, displayed, translated, compiled, disseminated, or disclosed to third parties in any form, nor may third parties be authorized to use it. Upon discovery of any infringement, SMM will pursue legal action to hold the infringer accountable, including but not limited to demanding liability for breach of contract, restitution of unjust enrichment, and compensation for direct and indirect economic losses. The content of this report, including but not limited to information, articles, data, charts, images, audio, video, logos, advertisements, trademarks, trade names, domain names, layout designs, and any or all other information, is protected under the Copyright Law of the People's Republic of China, the Trademark Law of the People's Republic of China, the Anti-Unfair Competition Law of the People's Republic of China, and other applicable laws, regulations, and international treaties concerning copyright, trademark rights, domain name rights, commercial data information rights, and other rights. All rights are owned or held by SMM and its related rights holders. Without written permission, no institution or individual may reproduce, modify, use, sell, transfer, display, translate, compile, disseminate, or disclose this content to third parties in any form, nor may third parties be authorized to use it. Upon discovery of any infringement, SMM will pursue legal action to hold the infringer accountable, including but not limited to demanding liability for breach of contract, restitution of unjust enrichment, and compensation for direct and indirect economic losses. *All data in this report is based on publicly available market information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, brokerage reports, data from the National Bureau of Statistics, customs import and export data, and data released by various associations and institutions) and is processed internally by the SMM research team using SMM's internal database model to provide reasonable inferences. The information provided in this report is for reference only, and users assume all risks. This report does not constitute direct investment research advice, and clients should make decisions cautiously and not substitute this report for independent judgment. Any decisions made by clients are unrelated to SMM. Furthermore, SMM is not responsible for any losses or liabilities resulting from unauthorized or illegal use of the opinions in this report. SMM reserves the right to modify and interpret the terms of this statement.
![[SMM Analysis] Futures Lack Momentum to Rise Further, Pre-Holiday Demand Stalls, and Stainless Steel Social Inventory Accumulation Intensifies](https://imgqn.smm.cn/usercenter/HBsPu20251217171723.jpeg)
