Bismuth prices surged to all-time highs on the European spot market in March, a more than six-fold rise since January, as China’s export controls squeeze supplies of the mineral used in atomic research, cosmetics and pharmaceuticals.
China in February announced plans to impose export controls on five key metals — tungsten, tellurium, molybdenum, indium and bismuth — in response to US President Trump’s import tariffs. Bismuth is a scarce industrial metal that has characteristics similar to lead, but is non-toxic, and the industry is currently developing uses for replacing lead.
But hardly any bismuth is currently being produced in North America. About 90% of global refined metal supply comes from China and about 80% of the mine production is in China — it’s a tale unfolding over and over in the metals markets — same scenario, different critical mineral.
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