Published by Global Banking & Finance Review®
Posted on March 19, 2025
2 min readLast updated: January 24, 2026
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European bismuth prices hit record highs as China's export controls limit supply, causing global market shifts.
By Ashitha Shivaprasad and Anmol Choubey
(Reuters) - Bismuth prices in Europe have surged to all-time highs as China's export controls squeeze supplies of the mineral used in atomic research, cosmetics and pharmaceuticals, according to traders and experts.
Prices of bismuth have jumped to $40 a lb on the European spot market, an all-time high, up from $6 per lb in late January, a more than six-fold rise.
In the United States, bismuth prices are even higher - at $55 a lb compared with $6.5-$7 before China's export curbs.
Traders said U.S. prices were also higher because of the tariffs imposed by U.S. President Donald Trump on imports from top producer China.
China in February announced plans to impose export controls on five key metals - tungsten, tellurium, molybdenum, bismuth, and indium - in response to Trump's import tariffs.
"At the moment there are no supply sources to fully replace Chinese material," commodity analysts with business intelligence company CRU Group told Reuters.
"As much of the supply tightness is based on policy, it can ease very quickly. But assuming a full stop of Chinese bismuth exports, new capacity ex-China would be necessary."
According to the U.S. Geological Survey (USGS), China was responsible for producing around 13,000 metric tons of mined bismuth last year or more than 80% of the global total. The rest comes from countries such as Japan, South Korea, and Laos.
Prices have risen significantly, making it risky to ship materials for stockpiling since delivery takes about two months and no one knows where the market will be by then, said a Europe-based trader.
"This situation is causing a very low unsold inventory level internationally, keeping the price for prompt material at a very high level," he added.
Meanwhile, the most active bismuth contract on the Wuxi Stainless Steel Exchange was trading at 163,800 yuan ($22,677) per metric ton on Tuesday, 105% higher than at the beginning of the year.
(Reporting by Ashitha Shivaprasad and Anmol Choubey in Bengaluru, additional reporting by Amy Lv in Beijing. Editing by Pratima Desai and Mark Potter)
The article discusses the surge in European bismuth prices due to China's export restrictions.
US prices are higher due to tariffs imposed by the US on Chinese imports.
China produces over 80% of the global bismuth supply.
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