铋周报（2025.3.3-3.7）：铋价单周飙涨50%突破15万元关口中国出口管制引爆全球缺口国内外价差扩至30万元

基础金属	铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁
稀有金属	稀土稀土矿稀土氧化物稀土金属钕铁硼稀散金属锑铋铟锗镓硒钽锆贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒
新能源	锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

基础金属

铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁

稀有金属

稀土稀土矿稀土氧化物稀土金属钕铁硼 稀散金属锑铋铟锗镓硒钽锆 贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒

新能源

锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰 锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

铋周报（2025.3.3-3.7）：铋价单周飙涨50%突破15万元关口中国出口管制引爆全球缺口国内外价差扩至30万元

2025-03-11 09:08:13 来源：北方有色网责任编辑：韩泽楷

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价格动态

国内价格单周涨超50%

国内精铋现货均价从2月28日的9-9.4万元/吨飙升至3月7日的9.8-15万元/吨，单周涨幅达50%以上，创2015年以来新高。部分期货合约价格突破20万元/吨，如无锡电子盘远月合约报价涨超20万元/吨。

区域表现：湖南、江西等主产区精铋成交价已突破13万元/吨，而华北地区因库存压力较小，部分贸易商报价达15万元/吨。

国际价格跳涨至50万元/吨

欧洲精铋报价从2月底的6美元/磅（约8.8万元/吨）激增至36美元/磅（约50万元/吨），涨幅超400%。美国市场因完全依赖进口，采购价突破35美元/磅，但实际成交“有价无市”。

内外价差扩大至30万元/吨

国内外价差从2月初的5万元/吨扩大至30万元以上，刺激贸易商通过氧化铋（未受限）出口套利，进一步加剧国内现货紧张。

驱动因素分析

供应端：中国出口管制引爆全球缺口

政策冲击：2025年2月4日中国对铋实施出口管制，要求出口需申请许可，直接切断国际市场80%的供应（中国年出口1.25万吨，占全球贸易量80%）。

库存消耗：国内冶炼企业库存同比降幅超70%，中联金仓单库存虽达1.45万吨（相当于中国年产量90%），但多为2019年泛亚涉案拍卖遗留的低成本库存（约3万元/吨），实际流通量有限。

需求端：新兴领域需求爆发

核工业与军工：铋的低毒性和核屏蔽性能使其成为核反应堆冷却剂及军用红外设备关键材料，地缘冲突加剧推高需求。

新能源与半导体：铋基热电材料在新能源汽车电池、光伏焊带中的应用增长显著，3D打印与柔性电子需求亦加速渗透。

市场情绪与资本博弈

投机性囤货：贸易商看涨情绪高涨，无锡电子盘连续涨停触发期货市场跟风，部分资金通过氧化铋出口套利（2024年氧化铋出口量同比增32%）间接加剧国内短缺。

替代品逻辑：参考2023年锗、镓管制后价格翻倍，市场预期铋价将复制类似走势，吸引跨品种资金流入。

产业链影响

冶炼企业利润激增

中钨高新（柿竹园铋精矿年产量1500吨）、高能环境（年产精铋3548吨）等企业直接受益。若铋价上涨10万元/吨，中钨高新年利润可增1.5亿元。

下游成本压力凸显

传统领域（医药、焊料）企业被迫减产或寻求替代方案，如低铋配方研发；新兴领域（如光伏、半导体）因技术壁垒难以短期替代，被动接受高价。

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铋周报（2025.3.3-3.7）：铋价单周飙涨50%突破15万元关口 中国出口管制引爆全球缺口 国内外价差扩至30万元

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铋周报（2025.3.3-3.7）：铋价单周飙涨50%突破15万元关口中国出口管制引爆全球缺口国内外价差扩至30万元