SMM, June 3 — According to customs data, China's cadmium telluride exports have risen for three consecutive months. After reaching 48 tonnes in February, export volumes climbed to 64 tonnes in March and further surged to 80 tonnes in April. Market participants noted that this increase in export volumes is well reflected in the persistently rising domestic tellurium prices.

Multiple Factors Converge to Drive Tellurium Prices Gradually Higher

SMM June 3 news: According to customs data, China's cadmium telluride (CdTe) exports showed a continuous upward trend over the past three months. Following exports of 48 mt in February, exports rose to 64 mt in March and further climbed to 80 mt in April. Market participants noted that the increase in exports was well reflected in the continuous rise of domestic tellurium prices. Market participants stated that the core reason for tellurium price increases remained on the supply side, where China maintained a highly monopolistic position with global supply being extremely concentrated. Demand side, multi-sector resonance drove steady demand growth, particularly as summer approached and the peak season for thermoelectric cooling modules arrived, boosting end-user purchasing demand for tellurium. This year, large overseas end-users such as First Solar continued to expand CdTe thin-film module capacity, providing strong long-term support for global tellurium raw material demand. Additionally, AI data center construction would also highly likely trigger thermoelectric cooling demand. As AI computing chip power consumption continued to climb, bismuth telluride thermoelectric cooling modules became a key thermal management solution, inevitably driving structural growth in tellurium demand. In the short term, China's export controls showed no signs of easing. Although CdTe exports were on an upward trend, the likelihood of further significant increases was relatively small. Meanwhile, downstream CdTe PV and AI thermoelectric demand continued to accelerate in release, and the tight balance in tellurium supply-demand dynamics would most likely persist, with prices expected to stay high or even continue to rise. Risk factors to watch include: whether the recovery rate of tellurium as a by-product of copper mine improves, and progress in ex-China alternative capacity (such as tellurium recycling technology).

Shandong Humon Launches Public Tender for 4,000 kg of High-Purity Tellurium Head and Tail Materials

SMM November 10: According to SMM, Shandong Humon Smelting Co., Ltd. today launched a public tender for the sale of high-purity tellurium head and tail materials. Official information indicated a quantity of 4,000 kg, packaged in iron drums. The delivery method was self pick-up by the buyer, with freight borne by the buyer. The buyer was required to pick up the goods by November 23, 2025. The delivery location was Shandong Humon Smelting Co., Ltd. (No. 11 Jinzheng Street, Shuidao Town, Muping District, Yantai City, Shandong Province). Sales contact: Liu Xin, Tel: 13280982800. The official tender did not specify a starting price; instead, the highest bidder would win. Buyers were to submit bids based on their own assessments. If a buyer's offer did not meet the seller's reserve price, the seller had the right to refuse the sale. To ensure timely quotation, the inquiry form, a copy of the bidder's business license, and invoicing information (with official seal) were required to be returned to 95186930@qq.com by 11:30 AM on November 11, 2025, and Humon staff should be contacted promptly for receipt. Many market participants noted that as tellurium prices had been rising strongly recently, the final transaction price from Humon's tender could also be high. This tender involved a larger quantity of high-purity tellurium head and tail materials than previous ones. The final transaction result could, to some extent, reflect the strength of tellurium demand and would impact market trends and confidence. However, the one-day tender period suggested the material was highly sought-after, making a successful transaction very likely.