According to SMM's assessment, China's refined bismuth production in April 2025 is expected to rise by approximately 2.4% MoM compared to the national refined bismuth production in March. After experiencing a rebound in production last month, the overall output has stabilized. Market participants indicated that due to the extended Chinese New Year holiday in February, many enterprises halted operations, leading to a decline in bismuth production to a low point. Consequently, production rebounded in March, but it is reasonable that the current growth in output has stalled due to tight raw material supplies.