Bismuth Price Trend and Forecast 2026-2027

The US paid the most for bismuth in Q2 2026: USD 15,311/MT, up 3.0% from USD 14,865 in Q1. The steady low-toxicity solder and pharmaceutical demand kept things firm there. Worldwide, the average moved up 3.0%, to USD 13,735/MT from USD 13,335, largely because the lead and copper smelter byproduct supply stayed tight even as the demand kept climbing across every region we track. What about H2 2026? We'd expect a global average somewhere in the USD 13,850-15,050/MT range, with the steady specialty-metal demand doing most of the work.

Bismuth reaches the market almost entirely as a byproduct, recovered from lead and copper smelter output rather than mined as a primary target metal, though a handful of dedicated bismuth-bearing ore deposits do exist. It's valued for its low toxicity relative to lead, which has made it a popular substitute in solder alloys, pharmaceutical compounds like bismuth subsalicylate, cosmetics, and free-machining steel additives. Three things move the price more than anything else: the lead and copper smelter output, since that's what determines the byproduct supply, the lead-free solder and pharmaceutical demand, and how much refining capacity the producers are running to reach the purity grades those applications require.

The lead-free solder story deserves particular attention, since it's been one of the biggest demand drivers for this metal over the past two decades. Regulatory restrictions on lead in electronics assembly, most notably the EU's RoHS directive and similar rules adopted elsewhere, pushed the electronics industry toward bismuth-tin solder alloys as one of the leading lead-free alternatives. That regulatory-driven demand shift has given bismuth a more structurally growing demand base than many other byproduct metals typically enjoy, even as its supply remains tethered to base-metal smelting decisions made for entirely different reasons.

The pharmaceutical angle is worth a mention too, since bismuth subsalicylate is the active ingredient in some of the most widely used over-the-counter stomach remedies sold globally. That application requires a particularly high purity grade, and the specialized refiners capable of reaching pharmaceutical purity levels command a real premium over producers serving only the industrial solder and cosmetics markets.

Bismuth Price Forecast for 2026

Supply should stay fairly tight through H2 2026, since the bismuth output is tethered to lead and copper smelting rather than being something producers can ramp up independently. Belgium and the US, both refining and consuming higher-purity material, kept the demand firm through H1. China and South Korea, closer to the smelter source, stayed the more affordable end of the market.

Buyers of pharmaceutical-grade material specifically should expect continued tightness, since only a small number of specialized refiners worldwide can reliably reach the purity levels that application requires. That specialization limits how quickly supply can respond even if broader lead and copper smelting activity picks up.

The lead-free solder demand trend also bears watching, since regulatory tightening in additional markets could add further structural demand growth on top of what's already baked into current pricing.

What could push prices higher? A stronger-than-expected lead-free solder demand cycle, or reduced lead and copper smelter output squeezing the byproduct supply further. What could pull them lower? A slowdown in electronics manufacturing or pharmaceutical demand.

For the Quarter Ending June 2026

Bismuth Prices Q2 2026:

• China: USD 12,158/MT
• South Korea: USD 12,949/MT
• Belgium: USD 14,411/MT
• United States: USD 15,311/MT

Bismuth Prices in China

China's bismuth supply, tied closely to the domestic lead and copper smelter output, saw firm demand this quarter, and the gain came to 3.0%, USD 11,804/MT to USD 12,158. That kept China the most affordable of the four markets by a wide margin.

Why did the price of Bismuth change in Q2 2026 in China?

The smelter byproduct supply stayed roughly steady, and the domestic demand held its ground right alongside it.

Bismuth Prices in South Korea

South Korea climbed 3.0% to USD 12,949/MT, the established refining base staying the anchor of the market even as the demand firmed.

Why did the price of Bismuth change in Q2 2026 in South Korea?

South Korea's refining base is what anchors this market regionally, and that base stayed roughly steady even as demand ticked up.

Bismuth Prices in Belgium

Belgium gained 3.0% to USD 14,411/MT, its specialized refining hub keeping the premium intact through the period.

Why did the price of Bismuth change in Q2 2026 in Belgium?

Belgium's role as a specialized refining hub for higher-purity material is what keeps its premium intact, and that didn't change this quarter.

Bismuth Prices in United States

USD 15,311/MT. That's where the US landed in Q2, up 3.0% from USD 14,865 in Q1. The pharmaceutical and solder-grade demand stayed firm, and the tight byproduct supply pushed things higher.

Why did the price of Bismuth change in Q2 2026 in United States?

The pharmaceutical and solder-grade demand held its ground, and the tight byproduct supply is really what's keeping the US premium as wide as it is.

For the Quarter Ending March 2026

Bismuth Prices Q1 2026:

• China: USD 11,804/MT
• South Korea: USD 12,572/MT
• Belgium: USD 13,991/MT
• United States: USD 14,865/MT

Bismuth Prices in China

China gained 3.0% to USD 11,804/MT, the demand firming as the year opened.

Why did the price of Bismuth change in Q1 2026 in China?

The domestic demand firmed as the year opened, and the smelter byproduct supply stayed roughly steady alongside it.

Bismuth Prices in South Korea

South Korea rose 3.0% to USD 12,572/MT, the refining demand firming with the new year.

Why did the price of Bismuth change in Q1 2026 in South Korea?

The refining demand firmed only modestly with the new year, tracking the smelter throughput closely.

Bismuth Prices in Belgium

Belgian bismuth climbed 3.0% to USD 13,991/MT, the refining demand staying firm through the quarter.

Why did the price of Bismuth change in Q1 2026 in Belgium?

The refining demand stayed firm through the quarter, and the byproduct supply firmed only modestly.

Bismuth Prices in United States

US bismuth rose 3.0% to USD 14,865/MT, the solder and pharmaceutical-grade demand building through the quarter.

Why did the price of Bismuth change in Q1 2026 in United States?

The solder and pharmaceutical-grade demand built through the quarter, tracking the electronics and healthcare-manufacturing activity closely.

Quarterly Bismuth Price Trends

The global average climbed steadily across the window, from USD 12,200/MT in Q1 2025 to USD 13,735 by Q2 2026, a net gain of about 12.6%. Every quarter posted a gain here, reflecting the tight smelter byproduct supply and the dependable lead-free solder and pharmaceutical demand across every market we track, with the pace of gains picking up noticeably in the most recent two quarters. That kind of steady, uninterrupted climb is worth noting, since it stands in contrast to how choppy some other commodities in this space have looked over the same period.

What was Bismuth Price in 2025?

2025 was a steadily firming year for bismuth. Starting near USD 12,200/MT in Q1, the global average finished 2025 at USD 12,947, a gain of about 6.1%. The lead-free solder and pharmaceutical demand held consistent all year across every market we track, and the byproduct supply firmed only gradually, before the pace of gains accelerated further once 2026 got underway.

Bismuth Prices in China in 2025

Chinese prices moved from about USD 10,800/MT in Q1 2025 to USD 11,461 by Q4, up roughly 6.1%. The domestic demand held steady all year, and China stayed the most affordable of the four markets throughout.

Bismuth Prices in South Korea in 2025

South Korean prices climbed from USD 11,500/MT in Q1 to USD 12,204 by Q4, a 6.1% gain, tracking the steady regional refining demand.

Bismuth Prices in Belgium in 2025

Belgian prices rose from USD 12,800/MT in Q1 to USD 13,583 by Q4, up 6.1%, as the specialized refining demand stayed firm through the year.

Bismuth Prices in United States in 2025

US prices moved from USD 13,600/MT in Q1 to USD 14,432 by Q4, a 6.1% gain, the highest absolute price throughout the four markets on the pharmaceutical and solder-grade demand.

How We Can Help

Expert Market Research: Your Source for Real-Time Bismuth Price Intelligence

We keep a continuous eye on the bismuth prices wherever it's refined or consumed at scale, tracing causation through the lead and copper smelter output, the lead-free solder and pharmaceutical demand, and the refining capacity utilization for reaching the purity grades those applications require. Our analysts track regulatory developments around lead restrictions closely too, given how directly they've shaped structural demand for this metal over the past two decades. We also track how buyers in adjacent markets are adjusting their sourcing strategies, which often signals a shift before it fully shows up in the headline pricing. Need pricing data, bespoke market analysis, or procurement advisory? Reach out to our team.