November China Refined Bismuth Output to Drop 2.49% MoM: SMM Data

According to SMM's assessment, China's refined bismuth production in November 2025 is expected to decrease by approximately 2.49% compared to October, indicating a minor reduction. In recent months, bismuth production has generally maintained a stable yet fluctuating trend. August saw the first rebound after a prolonged decline, followed by another significant drop in September. As the fourth quarter began, production rebounded again in October, only to experience a slight decline once more in November. Market analysts note that this repeated fluctuation and gradual stabilization in output reflect the current price trend of bismuth, which has stabilized after periods of volatility, highlighting the stalemate in market fundamentals. They further indicate that the supply of bismuth raw materials remains tight overall, with a bismuth concentrate producer in southern China having halted ore shipments for several consecutive months. Maintaining production at a low level may become the norm.