Bismuth Prices Continue to Rise [SMM Weekly Review on Spot Bismuth]

SMM March 14 News: This week, bismuth market prices continued to rise, although the upward trend slightly cooled. Manufacturers are still actively raising bismuth selling prices. From transaction data, the pace of rapid increases in bismuth transaction prices remains steady. With the continuous and significant strengthening of bismuth prices, downstream purchase willingness has gradually compromised, and speculative buying interest has also grown. By the end of this week, SMM mainstream prices for bismuth ingots stood at 152,000-157,000 yuan/mt. Market participants indicated that after the export control of bismuth metal in February this year, overseas bismuth prices surged significantly, which to some extent stimulated domestic bismuth oxide export expectations and momentum, becoming one of the main drivers of the domestic bismuth market price increase. Additionally, some private capital forces took the opportunity to speculate, pushing up forward transaction prices, which also fueled market speculative sentiment. This led to noticeable holding back from selling by suppliers recently, further driving prices upward. Some mainstream enterprises suspended quotations or only sold on a "case-by-case negotiation" basis, causing a sharp drop in spot market liquidity. Downstream buyers passively accepted high prices, further reinforcing bullish market expectations and forming a "price-sentiment" positive feedback loop. From the perspective of bismuth raw materials, current raw material supply is tight, and bismuth production slightly declined after the Chinese New Year, causing a slight shift in the supply-demand balance. However, this is not the main factor influencing the current rapid price increase. Delayed mine restarts and smelter maintenance have had some impact. Nevertheless, the current raw material shortage has not significantly constrained bismuth ingot production, and most enterprises can still maintain normal operations. Market participants believe that under the backdrop of unchanged policy controls and persistent speculative sentiment, bismuth prices still have room for inertia-driven increases. However, caution is needed regarding the suppressive effect of high prices on end-use demand and the potential regulatory risks on bismuth oxide export arbitrage activities. If export restriction policies are refined or bismuth oxide export channels tighten, market expectations may shift. 》View SMM Historical Bismuth Prices

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