SMM

According to customs data, China's bismuth trioxide exports in September 2025 were 411.4 mt, down significantly MoM for two consecutive months from 710.9 mt in August. Market participants indicated that, based on the overall change in exports, domestic bismuth oxide exports have generally remained at a level of 700–1,000 mt per month over the past half-year. Among them, July exports saw an increase compared to the H1 average and once again exceeded the 1,000 mt mark. However, exports in August and September began to decline, falling back below 500 mt, indicating that enterprises currently lack strong export motivation.