Approaching the end of the year, the selenium market shows signs of fatigue [SMM Selenium Weekly Review]

Entering the final trading month of 2025, the domestic selenium market, after experiencing an uptick in November and a period of sustained stability, saw little overall price change this week compared to previous levels; however, selenium dioxide prices began to show a slight decline. Pre-holiday procurement from end-use industries is nearly complete, with only sporadic restocking. Market participants indicated that transactions have started to show a sluggish trend.

This week, the transaction price for SMM 99.9% selenium powder was 180-190 yuan/kg, and for 99.9% selenium ingot it was 200-210 yuan/kg, both flat WoW. The price for crude selenium was 135-140 yuan/kg, unchanged WoW, while the price for selenium dioxide was 105-115 yuan/kg, down slightly WoW. Since H2, the domestic market for selenium powder and selenium ingot has faced persistent pressure, with prices struggling to break higher; only the performance of the raw material crude selenium was relatively strong, as its price rose steadily throughout H2, driving up the price of selenium dioxide as well. Recently, as the year-end approaches, trading activity in the domestic selenium dioxide market has begun to slow, and market prices have started to decline.

According to official information from Baiyin Nonferrous Group Co., Ltd., the company plans to sell 33 mt of crude selenium, with pricing determined through an auction bidding on premiums and discounts against a base discount price of 4,000 yuan/mt. The auction requires at least three registered bidders to proceed normally. The registration deadline is 17:00 on December 4, 2025, and the bidding starts at 11:00 on December 5, 2025. Given the recent good performance and high transaction prices for crude selenium tender prices in the market, participants expect the premium auction results to be promising. However, market rumors suggest that the selling price for crude selenium from a northern copper smelter is near the lower end of the market range. If copper plants collectively and frequently offload material by year-end, pressure on market prices is expected to increase.