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%.
This report is an original work and/or compilation created by SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"). SMM legally holds the copyright and is protected by laws and regulations such as the "Copyright Law of the People's Republic of China" and applicable international treaties. Without written permission, it is prohibited to reprint, modify, sell, transfer, display, translate, compile, disseminate, or in any other form, disclose the above content to third parties or permit third parties to use it. Otherwise, once discovered, SMM will pursue legal action for infringement, including but not limited to demanding liability for breach of contract, returning unjust enrichment, and compensating for direct and indirect economic losses. The content contained in this report, including but not limited to information, articles, data, charts, images, sounds, videos, logos, advertisements, trademarks, trade names, domain names, layout designs, and any or all other information, is protected by laws and regulations such as 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 applicable international treaties concerning copyright, trademark rights, domain name rights, commercial data information property rights, and other rights. It is owned or held by SMM and its relevant right holders. Without written permission, no institution or individual may reprint, modify, use, sell, transfer, display, translate, compile, disseminate, or disclose the aforementioned content to a third party in any other form, or license a third party to use it. Otherwise, once discovered, SMM will pursue legal action against the infringer for liability, including but not limited to demanding compensation for breach of contract, returning unjust enrichment, and compensating 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 (NBS), customs import and export data, and various data published by major associations and institutions), and relies on SMM's internal database model. It is comprehensively processed internally by the SMM research team, and reasonable inferences are made. The information provided in the report is for reference only, and risks are assumed by the user. This report does not constitute direct advice for investment research decisions. Clients should make cautious decisions and not rely on it to replace their own independent judgment. Any decisions made by clients are unrelated to SMM. Additionally, SMM is not responsible for any losses or liabilities arising from unauthorized or illegal use of the viewpoints expressed in this report. SMM reserves the right to modify and ultimately interpret the terms of this statement.
