SHANGHAI, Aug 15 (SMM) –
Based on SMM's comprehensive survey of national bismuth manufacturers, China's refined bismuth production in July 2023 saw a substantial drop of 19.13%, reaching 1,955.59 mt. Multiple factors contributed to this downturn in July's refined bismuth production.
One prominent factor is the recent scarcity of bismuth raw materials in the market, which made it considerably challenging for manufacturers to secure bismuth resources at an affordable price. This situation is best exemplified by the bismuth concentrate auction by Hunan Shizhuyuan Nonferrous Metals, which attracted a high bid.
Furthermore, the commencement of a new round of environmental inspections in July by the Environmental Protection Inspection Group affected several areas, including Hunan and other regions such as Shaanxi. These inspections resulted in a series of production reductions, and in some cases, complete shutdowns by some bismuth producers. Adding to this, a number of refined bismuth smelting manufacturers initiated a period of production decreases and maintenance since summer's onset. These combined factors led to a significant reduction in bismuth production in July, which consequently bolstered the strong pricing of bismuth.
From a demand perspective, there was little fluctuation in the requirements from various downstream sectors, with the overall essential demand remaining relatively stable. There is a noticeable resurgence in the inclination to stockpile from the end-users and in purchases made by speculative funds. Some manufacturers also indicated that due to the obligation to fulfill long-term orders and the decline in production owing to cutbacks and closures, they were compelled to procure refined bismuth resources from the market. Hence, based on the present fundamental analysis, the supply and demand dynamics of domestic refined bismuth are poised to undergo changes in the short-term, which will likely provide support and drive for bismuth prices.
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