Bismuth Prices Continue to Rise [SMM Weekly Review on Spot Bismuth]

Published: Mar 14, 2025 16:08

Save

[SMM Weekly Review on Bismuth Spot: Bismuth Prices Continue to Rise] SMM, March 14: This week, bismuth market prices continued to rise, although the upward trend in market prices slightly cooled this week. By the end of this week, the mainstream prices of SMM bismuth ingots were 152,000-157,000 yuan/mt.

SMM March 14 News: This week, bismuth market prices continued to rise, although the upward trend slightly cooled. Manufacturers are still actively raising bismuth selling prices. From transaction data, the pace of rapid increases in bismuth transaction prices remains steady. With the continuous and significant strengthening of bismuth prices, downstream purchase willingness has gradually compromised, and speculative buying interest has also grown. By the end of this week, SMM mainstream prices for bismuth ingots stood at 152,000-157,000 yuan/mt.

Market participants indicated that after the export control of bismuth metal in February this year, overseas bismuth prices surged significantly, which to some extent stimulated domestic bismuth oxide export expectations and momentum, becoming one of the main drivers of the domestic bismuth market price increase. Additionally, some private capital forces took the opportunity to speculate, pushing up forward transaction prices, which also fueled market speculative sentiment. This led to noticeable holding back from selling by suppliers recently, further driving prices upward. Some mainstream enterprises suspended quotations or only sold on a "case-by-case negotiation" basis, causing a sharp drop in spot market liquidity. Downstream buyers passively accepted high prices, further reinforcing bullish market expectations and forming a "price-sentiment" positive feedback loop.

From the perspective of bismuth raw materials, current raw material supply is tight, and bismuth production slightly declined after the Chinese New Year, causing a slight shift in the supply-demand balance. However, this is not the main factor influencing the current rapid price increase. Delayed mine restarts and smelter maintenance have had some impact. Nevertheless, the current raw material shortage has not significantly constrained bismuth ingot production, and most enterprises can still maintain normal operations.

Market participants believe that under the backdrop of unchanged policy controls and persistent speculative sentiment, bismuth prices still have room for inertia-driven increases. However, caution is needed regarding the suppressive effect of high prices on end-use demand and the potential regulatory risks on bismuth oxide export arbitrage activities. If export restriction policies are refined or bismuth oxide export channels tighten, market expectations may shift.

》View SMM Historical Bismuth Prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

6 hours ago

A mine in Henan opened bids for a 300 mt tungsten concentrate auction on February 6.

[Tungsten Concentrate Tender Information] SMM February 7: A mine in Henan conducted an online tender on February 6 to sell 300 metric tons of low-grade tungsten concentrate. Lot A had an average WO3 grade of ≥25%, while Lots B and C had an average WO3 grade of ≥22%. The tender results for each lot are as follows: Lot A: 100 metric tons, tender price of 10,155 yuan/mtu. Lot B: 100 metric tons, tender price of 10,160 yuan/mtu. Lot C: 100 metric tons, tender price of 10,155 yuan/mtu.

6 hours ago

Ganzhou Tungsten Association Significantly Raises Tungsten Price Forecast for February 2026

[Ganzhou Tungsten Industry Association's February Tungsten Price Forecast] The Ganzhou Tungsten Industry Association's forecast prices for the tungsten market in February 2026 are as follows: 55% black tungsten concentrate at 670,000 yuan per metric ton unit, up 210,000 yuan per metric ton unit MoM from the January price, an increase of 45.65%; ammonium paratungstate at 970,000 yuan/mt, up 300,000 yuan/mt MoM, an increase of 44.78%; medium-grain tungsten powder at 1,630 yuan/kg, up 480 yuan/kg MoM, an increase of 41.74%.

6 hours ago

Tungsten Market Rallies Strongly, Long-Term Contract Prices Surge & Domestic-Overseas Markets Link Up

Driven by tight spot raw material supply, a sharp hike in corporate long-term contract prices and festive effects, the tungsten market saw price rises on shrinking volumes this week with domestic and overseas markets moving up in tandem; the strong short-term trend is set to continue, and attention should be paid to the resumption of cemented carbide production, scrap tungsten supply and downstream demand release after the Spring Festival.

6 hours ago