China's Refined Bismuth Output Assessment for October at 10.5% MoM Increase [SMM Data]

According to SMM assessment, China's refined bismuth production in October 2025 is expected to increase by approximately 10.5% compared to September. In recent months, bismuth production had generally been on a downward trend. After the first rebound in August, production decreased significantly again in September. Entering the fourth quarter in October, bismuth production rebounded once more. Market participants indicated that such repeated fluctuations in production correspond to the current volatility in bismuth prices, reflecting a stalemate in market fundamentals. However, some also noted that the approximately 10% increase in October production is not substantial, and overall bismuth raw materials remain tight. Maintaining production at a low level may become the norm. Detailed data shows that among the 24 entities surveyed by SMM, two manufacturers resumed production after shutdowns in October, leading to a significant output increase, while one manufacturer suddenly halted production, causing a notable decrease. Output from the remaining manufacturers experienced minor fluctuations with no major overall changes. Many market participants anticipate that the tight supply of raw materials for bismuth manufacturers nationwide will remain difficult to alleviate in November. Production is likely to continue facing constraints, with refined bismuth output expected to stabilize and unlikely to show significant increases again.