According to SMM's assessment, China's refined bismuth production in June 2025 is expected to decrease by approximately 1.24% MoM compared to May's nationwide production. Following a sudden and significant drop in bismuth production in May, the continued downward trend in production was within the expectations of many market participants. Market sources indicated that, given the ongoing tight supply of raw materials, it was reasonable for production to stagnate or even continue to decline. From the recent competition for bismuth raw materials in the market, it was evident that many bismuth raw materials were being traded at high prices, indicating that the tight supply of raw materials had already affected the normal operations of many producers. From the production status of producers, some were still undergoing equipment maintenance, and many showed a stable or declining production trend, resulting in an overall nationwide production decrease compared to May. Looking at the detailed data, among SMM's 24 surveyed producers, 3 saw a significant increase in production in June, while 2 experienced a notable decline. The production of the remaining producers remained relatively unchanged or showed a slight increase. Many market participants anticipate that the tight supply of raw materials for bismuth producers nationwide will be difficult to alleviate in July. Producers are currently competing fiercely for production raw materials such as bismuth concentrate, and it is highly likely that production will continue to be affected. There is a high possibility that refined bismuth production will remain stable or continue to decline slightly, and it cannot be ruled out that production may experience another significant drop.
Note: Since October 2022, SMM has been publishing its nationwide refined bismuth production assessment. Thanks to SMM's high coverage rate in the bismuth industry, the total number of surveyed refined bismuth producers is 24, distributed across 8 provinces nationwide, with a total sample capacity exceeding 50,000 mt and a capacity coverage rate as high as over 99%.
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![SMM-estimated China refined bismuth production in August will rise about 1.5% MoM [SMM data]](https://imgqn.smm.cn/usercenter/eThpo20251217171723.jpeg)
