Europe’s Bismuth Prices Soar to 17-Year High Amid China’s Export Restrictions

THE WHAT? Bismuth, an essential metal for cosmetics, personal care formulations, and medication, is experiencing its highest European price levels since 2008. This surge follows China’s plan to impose export controls on several critical metals, including bismuth.

THE DETAILS

• Bismuth spot prices in Europe have surged from around US$6 per lb to US$12–US$18 per lb.
• China accounts for over 80% of the world’s bismuth production, leaving minimal alternative supply from other countries such as Japan, South Korea, and Laos.
• The United States, which stopped producing primary refined bismuth in 1997, relies heavily on imports and faces potential shortages if China curtails exports.
• Global traders report increased inquiries from European and U.S. buyers seeking to secure stable bismuth sources for cosmetic and skincare products, among other uses.
• Analysts warn that meeting demand outside of China would require a 22% production boost globally if U.S. access to Chinese supply were fully cut off.

THE WHY? Bismuth’s importance in personal care and other sectors makes any supply crunch especially concerning. With China leveraging its dominant position in critical minerals, the industry could see ongoing volatility in pricing and sourcing—particularly as demand rises for cosmetics and skincare formulations that rely on bismuth.

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