SMM, Jan 19: According to market rumors learned by SMM, a major smelter in northern China recently conducted a public bidding sale for several tons of refined bismuth, which was successfully concluded. Market rumors suggest that the final transaction price for refined bismuth was around 130,000 yuan per ton. Market participants indicated that although bismuth prices currently show a slight weakening trend and end-user buying interest is insufficient, the successful completion of this bidding activity reflects, to some extent, that market demand is not as weak as perceived.

SMM January 19 News: According to market rumors obtained by SMM, a major smelter in northern China recently conducted a public tender sale for several metric tons of refined bismuth, which was eventually successfully concluded. Market rumors suggest that the final transaction price for refined bismuth was around 130,000 yuan/mt. Market participants indicated that although the current bismuth price shows a weakening trend and end-user buying interest is insufficient, the successful conclusion of this tender reflects, to some extent, that market demand is not as weak as perceived.

China's Bismuth Trioxide Exports Rise Significantly for Two Consecutive Months

According to customs data, China's bismuth trioxide exports in November 2025 reached 720.17 mt, while October exports were 610.02 mt. Compared with September exports of 411.4 mt, exports increased significantly for two consecutive months on a month-on-month basis. Market participants indicated that, based on the overall change in export volume, monthly domestic bismuth oxide exports have largely returned to normal levels over the past two months, with October and November exports again exceeding 500 mt, indicating a clear and growing enthusiasm for exports among bismuth oxide enterprises. Many market observers noted that, compared with the current upward trend in domestic bismuth prices, the increase in bismuth oxide exports in recent months is reasonable, and it is highly possible that bismuth oxide export volume will continue to rise in December.

SMM December 12 News: According to market sources obtained by SMM, a major northern smelter recently conducted a public tender sale for several tons of refined bismuth, which was successfully concluded. Market sources indicate that the final transaction price for the refined bismuth was around 130,000 yuan per metric ton. Industry insiders noted that as bismuth prices are currently showing a clear upward trend, the successful tender reflects, to some extent, strong market demand.

SMM's monthly base metal production data is scheduled for release at each month-end, aiming to uncover the true state of fundamentals from the ground up, dispel illusions in the capital market for industry chain participants and investors, and provide clearer insights into the future direction of the nonferrous metals market.

China's Refined Bismuth Output Assessment for October at 10.5% MoM Increase

According to SMM's assessment, China's refined bismuth production in October 2025 is expected to increase by approximately 10.5% MoM compared to September. In recent months, bismuth production had been on a downward trend, with the first rebound occurring in August, followed by a significant decrease again in September. Entering Q4 in October, bismuth production rebounded once more. Market participants indicated that such repeated fluctuations in production correspond to the current volatility in bismuth prices and reflect a stalemate in market fundamentals. However, some market participants also noted that the approximately 10% increase in October production is relatively small, overall bismuth raw material remains tight, and production may likely remain at a low level as the norm. Looking at detailed data, among SMM's 24 survey subjects, two producers resumed production in October after halting, leading to a noticeable increase in output, while one producer suddenly stopped production, causing a significant decline. Output from the remaining producers experienced minor fluctuations, with little overall change. Many market participants expect that the tight raw material situation for bismuth producers nationwide will remain difficult to alleviate in November, production is likely to continue being constrained, refined bismuth production is expected to remain stable, and the possibility of another significant increase is relatively small. Note: Since October 2022, SMM has been publishing its assessed national refined bismuth production. Benefiting from SMM's high coverage rate in the bismuth industry, the total number of refined bismuth producers surveyed by SMM is 24, distributed across 8 provinces in China, with a total sample capacity exceeding 50,000 mt and a total capacity coverage rate of over 99%. This report is an original and/or compiled work of SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"). SMM legally enjoys copyright, protected by the Copyright Law of the People's Republic of China and other applicable laws, regulations, and international treaties. Without written permission, it shall not be reproduced, modified, sold, transferred, displayed, translated, compiled, disseminated, or disclosed to any third party in any other form, or licensed for use by any third party. Otherwise, upon discovery, SMM will pursue legal action against infringement, including but not limited to claiming contractual breach liability, demanding restitution of unjust enrichment, and compensating for direct and indirect economic losses. All content contained in this report, including but not limited to information, articles, data, charts, images, sounds, videos, logos, advertisements, trademarks, trade names, domain names, layout designs, and any or all information, is protected by the Copyright Law of the People's Republic of China, the Trademark Law of the People's Republic of China, the Anti-Unfair Competition Law of the People's Republic of China, and other applicable laws and international treaties concerning copyright, trademark rights, domain name rights, commercial data information rights, and other legal rights, and is owned or held by SMM and its relevant right holders. Without written permission, no institution or individual may reprint, modify, use, sell, transfer, display, translate, compile, disseminate, or otherwise disclose the aforementioned content to third parties or permit third parties to use it in any form. Otherwise, upon discovery, SMM will pursue legal action against the infringing party, including but not limited to demanding compensation for breach of contract, restitution of unjust enrichment, and compensation for direct and indirect economic losses. *All data in this report is based on publicly available market information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, brokerage reports, National Bureau of Statistics (NBS) data, customs import and export data, and various data published by major associations and institutions). It is processed comprehensively by the SMM research team using SMM's internal database model and includes reasonable inferences. The information provided in the report is for reference only, and users assume all risks. This report does not constitute direct investment research or decision-making advice. Clients should exercise caution in decision-making and not use it to replace independent judgment. Any decisions made by clients are unrelated to SMM. Additionally, SMM bears no responsibility for losses or liabilities arising from unauthorized or illegal use of the views in this report. SMM reserves the right to modify and provide final interpretation of the terms of this statement.

SMM's monthly production data for various metals is released at the end of each month, aiming to uncover the true fundamentals for industry chain professionals and investors, and providing a clearer grasp of the future direction of the metals market.

SMM's monthly base metal production data is scheduled for release at each month-end, aiming to uncover the true fundamentals from the ground up, helping industry chain professionals and investors see through the illusions of the capital market and grasp the future trends of the nonferrous metal market more clearly.