The 17th In Bi Ge Ga Forum was successfully held by Asian Metal in Xiamen, China on April 18, 2025. The Forum covered broad topics including upstream raw material supply, production, consumption, trading and price trend prediction on indium, bismuth, germanium and gallium. This Forum gained broad support from minor metals industry professionals, and representatives from countries and regions including but not limit to China, Germany, the U.S., South Korea, Taiwan, China took part in the Forum.

At 9:00 AM on April 18, Mr. Ben Jiang, Content Director of Asian Metal, officially opened the forum and warmly welcomed both returning and new attendees. At the beginning of 2025, we gathered in Xiamen to discuss the industry and embark on a new journey.

The summit then moved into the opening address segment. Mr. Tony Zhao, Marketing Director of Yunnan Lincang Xinyuan Germanium Industry Co., Ltd. delivered the opening speech for the summit. Since it was first held in 2008, In Bi Ge Ga Forum has experienced 17 springs and autumns together with the industry, exchanging insights on the industry's urgent issues, shared concerns, and future aspirations, and all of participants in the industry have also witnessed the important achievements made by the forum in the fields of industry collision, market prediction, product innovation, branding and economic and trade cooperation, which has become the industry's annual event of gathering. In addition, Mr. Tony Zhao advocated that germanium price should match the upstream supply and downstream demand from the germanium industry, and a robust industrial ecosystem is the foundation for the long-term sustainable growth of germanium industry.

Yunnan Germanium Industry (Yunnan Lincang Xinyuan Germanium Industry Co., Ltd.) is a world-renowned national high-tech enterprise integrating germanium mining, deep processing, production and research and development of optoelectronic semiconductor new materials. The company has completed over 20 national research projects, ?including? the National Science and Technology Support Plan, the National 863 Plan, ?and? the National Industrial Revitalization Plan, ?among others?.

The forum then transitioned into its presentation segment. Mr. Keyu Song, Senior Engineer of Global Mineral Resources Strategy Research Center of CAGS, presented on “Medium- and long-term demand and supply trend of In, Bi, Ge and Ga”. Mr. Song discussed from three dimensions: "current supply and demand situation of indium, bismuth, germanium and gallium", "medium and long-term demand trend of indium, bismuth, germanium and gallium" as well as "medium and long-term supply capacity of indium, bismuth, germanium and gallium". He mentioned that China's reserves of these four minerals rank first globally and its per capita reserves are higher than the world average, while in terms of import and export, these four minerals are all net-export commodities. In the domestic consumption structure, the ITO target field accounts for 85% and still dominates the indium market; in terms of bismuth, with the continuous advancement of technology and the iterative upgrade of consumer demand, bismuth will generate more new applications and new demands in more fields; for germanium, military, aerospace, maritime and other fields place more emphasis on the performance of infrared devices, and demand for germanium in infrared applications ?continues to grow steadily; as for the demand side of gallium, the country's gallium consumption power will come from magnetic materials and compound semiconductor fields in the future.

Next, Mr. Boding Tan, General Manager of Shaoguan Huili Metal Materials Co., Ltd. gave a speech on “China Indium Market Forecast 2025”. Mr. Tan firstly introduced China's indium market overview, and then analyzed market drivers such as policy and supply chain, demand growth points and substitution risks, mentioning that indium is classified as a strategic mineral, and that the government may strengthen storage or export control, which in turn will support the price. Finally, Mr. Tan gave a supply and demand forecast for 2025, with China's indium production of about 1,500-2,000 tons and a price range of 2,600-3,300 yuan/kg, and pointed out that the price is greatly influenced by policy and speculation. Shaoguan Huili Metal Materials Co., Ltd., a major ITO target supplier at home and abroad, focuses on refined indium 4N5 production as well as the corresponding purification technology development, ranking in the front row of the industry in terms of product sales for many years. Shaoguan Jinniu Economic and Trade Co., Ltd. specializes in ?procurement and distribution of metals and minor metals, and its main products are indium, bismuth, selenium, tellurium, cadmium and other minor metals.

After the tea break, Ms. Tingting Zhang, Assistant to the General Manager of Jingyuan High Energy Environmental New Materials Technology Co., Ltd. shared insights on ”iscussion on the Industrial Trend of Strategic Metal-Bismuth”. Ms. Zhang provided a thorough overview of the current state of the domestic bismuth industry, addressing the following five key areas: application areas and consumption structure, production and consumption trends, industry development, price trends, and policy trends and industry development. Ms. Zhang noted that China is a dominant player in the global bismuth market, and it is anticipated that this trend will be further solidified in the near future, with respect to production growth, consumption growth, and price performance. At the same time, the situation that China's bismuth industry is large but not strong is in urgent need of a complete overhaul. Jingyuan High Energy Environmental New Materials Technology Co., Ltd. is a wholly-owned subsidiary of Beijing GeoEnviron Engineering & Technology, Inc. (BGE). Located in Jingyuan County, Baiyin City, Gansu Province, the company is a high-tech enterprise specializing in the comprehensive recycling and utilization of non-ferrous metallurgical waste residues. The company operates six production lines, including electrolytic lead, refined bismuth, precious metals, antimony oxide, blister copper refining, and material drying. It achieves integrated recovery of valuable metals such as lead, copper, gold, silver, bismuth, tin, and antimony. Annual production capacities include 8,000 tonnes of high-grade blister copper, 25,000 tonnes of electrolytic lead, 1,500 tonnes of antimony oxide, 5,000 tonnes of refined bismuth, and 80 tonnes of gold-silver alloy.

Next, Mr. Pan Jiahao, the Sales Manager of China Germanium Technology Co., Ltd., delivered an insightful report on “Germanium Product Development and New Applications”. The report indicated that germanium's strategic position and primary applications include infrared optics, which account for 43% of the market. This segment includes night vision, thermal imaging, and other dual-use products. Fiber optic communications account for 28%, with the use of germanium tetrachloride to enhance transmission efficiency being a key factor. Solar cells account for 19%, with triple-junction gallium arsenide being the preferred choice for aerospace applications. Other applications, such as catalysts and semiconductor devices, account for approximately 10% of the market. Germanium is of strategic importance and is integral to the global high-tech supply chain. The supply and demand dynamics of the germanium industry are influenced by a global bottleneck led by China, a market-driven pattern in the satellite and infrared sectors, and a continued mismatch between supply and demand growth rates. These factors are contributing to a germanium price pivot with an upward trend. The company is a professional new material technology enterprise engaged in R&D, production, sales and recycling of rare metal "germanium" as the core and other advanced high-end infrared optical materials, optical components and other High-Tech materials. Products are widely used in aerospace, solar photovoltaic, infrared field, laser, electronic communications, security camera, automobile, medical treatment, fire protection, industry and other fields. With the help of advanced technology and perfect management system, CNGE has serviced many customers with "full series" industry integration services at home as well as abroad about the advanced and high-end new materials with rare metals as the core.

Finally, Mr. Guangyu Shao, Deputy General Manager of Zhejiang Kangpeng Semiconductor Co., Ltd., presented the topic of "Introduction to Gallium Arsenide, its market and applications". Mr. Shao provided a concise overview of GaAs. He then proceeded to provide a comprehensive overview of the application areas of gallium arsenide, emphasizing its significant value in the field of optoelectronic devices. He stated that with the development of 5G communication technology and artificial intelligence technology, and the wide application of IoT sensing technology, lasers are expected to be one of the most rapidly growing applications of GaAs substrate over the next five years. According to recent market analysis, the global sales of GaAs substrate for lasers (equivalent to two inches) are projected to increase from 1.305 million pieces in 2020 to 3.303 million pieces by 2025, at a compound annual growth rate (CAGR) of 20.4%. Similarly, the global GaAs substrate market is expected to grow from 1.305 million pieces in 2020 to 3.303 million pieces by 2025, at a CAGR of 20.4%. According to recent market analysis, the global laser gallium arsenide substrate market is expected to reach 61 million U.S. dollars by 2025, with a projected compound annual growth rate (CAGR) of 16.85% from 2020 to 2025. Zhejiang Kangpeng Semiconductor Co., Ltd., established on November 5, 2018, mainly focuses on R&D, production and sales of GaAs materials. The company is jointly invested by Junpeng Bu's Beijing team that is responsible for investment, technology and operation, Xiamen Changelight Co., Ltd. and Anxin Capital which is responsible for investment. After Series-A funding, its company valuation reaches RMB700 million (USD103 million). Currently, the domestic market basically sources semi-insulating GaAs substrate materials by importing, while, to some degree, Kangpeng liberates GaAs substrate materials for RF chips from dependence on imports by developing products equivalent to Japan's Sumitomo. It's also worth noting that Kanpeng's semi-insulating products have been sold to EPISTAR Corporation, and will embrace a promising future because they have entered the international market already. In addition, Kangpeng's GaAs wafers are supplied to downstream manufacturers to mainly produce Huawei's face recognition terminal products, therefore, marking that Kangpeng becomes the upstream supplier of Huawei's industrial chain.

At 14:00 that afternoon, Mr. Christian Hell, Senior Manager of Tradium GmbH, made a presentation on the topic of “Market Situation and Outlook for Minor Metals such as Gallium, Germanium, and Indium”. Mr. Hell analyzed the current form of the international market for minor metals such as indium, gallium and germanium, arguing that the global tax situation and export restrictions will lead to a significant increase in prices, which in turn will require consumers to look for alternative sources in order to secure supply, and that sustainability and recycling will be more important than ever. Mr. Hell believes that we are facing difficult times and calls for the global players in the minor metals industry to come closer together. Tradium offers a broad portfolio of technology metals, rare earths and precious metals and acts as a representative and distributor for some of the major players in these markets.

Next, Mr. Matt Zhang, the Sales Director of Shaanxi Injay Semiconductor Co., Ltd., delivered an insightful presentation on the topic of "Critical Material For AI Computing Power-InP". Mr. Zhang provided a comprehensive overview of the indium phosphide industry chain and market, and shared Injay's advanced indium phosphide synthesis technology. Finally, he elaborated on the close connection between indium phosphide and AI, noting that InP has become one of the most important materials to support the continuous development of AI technology by enhancing the communication speed, computational efficiency, and perceptual ability of the underlying AI hardware. Shaanxi Injay Semiconductor Co., Ltd. is a high-tech company focusing on research, development and industrialization of compound semiconductor materials. The company now is working on industrialization of high-quality indium phosphide (InP) polycrystalline semiconductor materials. The project has achieved a breakthrough in China’s high-quality InP polycrystalline material industrialization. The company owns full and independent intellectual property rights on the project’s equipment, technics and controlling system, and has automatic mass production capacity of highly integrated InP polycrystalline materials. InP polycrystalline materials produced by the company has internationally high quality with all indicators of high consistence and stability.

After the tea break, Mr. Wei Huang, Sales Director of Jiangxi Jiayin OPT-Electronic Material Co., Ltd., made a wonderful report on “Applications of Gallium&Indium in the LED Industry”. Mr. Huang introduced the industrial chain of MO source and its application, and analyzed the relationship between MO source market and indium gallium as raw material. Founded in June 2011, Jiangxi Jiayin OPT-Electronic Material Co., Ltd. is a high-tech enterprise specializing in the independent research and development of ultra-high-purity metal-organic compounds (MO sources), IC chip precursor materials, and other specialty chemicals for the semiconductor industry. The company's MO source product line—including trimethylgallium (TMGa), triethylgallium (TEGa), trimethylindium (TMIn), trimethylaluminum (TMA), and bis(cyclopentadienyl)magnesium—achieves purities of up to 7N (99.99999%). The company also produces cutting-edge IC chip precursor materials such as tetraethyl orthosilicate (TEOS), triethyl phosphate (TEPO), tetrakis(dimethylamido)titanium (TDMAT), hexachlorodisilane (HCDS), tetrakis(dimethylamido)zirconium (TDMAZ), and tetrakis(dimethylamido)hafnium (TDMAH), with industry-leading product quality recognized worldwide.

Next, Mr. Haiguang Ou , Chairman of Foshan Weijun Nonferrous Metals Co., Ltd., delivered a compelling presentation on the subject of "Industrial Development and Application of Selenium". Mr. Ou highlighted the versatility of selenium as a multifunctional element, underscoring its wide range of applications. However, due to the changes in the overall economic situation and the national requirements for energy saving and environmental protection, the main market for selenium in traditional applications will experience a certain degree of contraction. Conversely, the market in emerging areas is yet to be further developed, with a substantial market potential. Given the ongoing advancements in science and technology, as well as the strategic utilization of scientific planning, rational coordination, and efficient operation, it is anticipated that we will witness the emergence of more innovative applications of selenium. This, in turn, is expected to propel the selenium industry into a phase of rapid development. Foshan Weijun Nonferrous Metals Co., Ltd., founded in 2000, has been honored as the business enterprise of observing contract and valuing credit in Guangdong for 21 consecutive years. It mainly engages in selling non-ferrous rare metals and rare earth alloys, and producing industrial fine selenium and selenium dioxide. The company focuses on R&D and production of organic selenium and nano-selenium fertilizer, and at same time improves agricultural production, income and quality by virtue of the excellent performance of its self-developed nano-selenium fertilizer in agriculture.

Finally, Ms. Shuyan Peng, Global Supply Chain and Regional Sales Manager of Indium Corporation, gave an excellent presentation on “Indium Market Overview”. Ms. Peng highlighted the global indium market supply and demand, summarized the price trends and market disruptions, and pointed out that the global markets are gradually decoupling from each other, showing different market dynamics and preferred technologies, and that price fluctuations are affected by a variety of factors, but in the long run, they are still determined by the fundamentals of supply and demand. Indium Corporation, founded in 1934, has solidified its position as a world-leading manufacturer and supplier of materials, catering to the global electronics, semiconductor, thin film, and thermal management markets. Its comprehensive product portfolio encompasses solder materials, thermal interface materials, a wide range of metals and inorganic compounds such as indium, gallium, germanium, and tin, as well as closed-loop recycling services. With a strong global presence, Indium Corporation boasts technical support facilities and factories across multiple countries, including China, Malaysia, Singapore, South Korea, the UK, India, and the United States.

As time flies, the In Bi Ge Ga Forum held by Asian Metal is now in its 17th year. The successful hosting of each forum has been inseparable from the strong support and participation of every industry insiders. Asia Metal will continue to reflect the true operating conditions of the market timely, objectively and accurately, striving to provide every clients with information of highest value to help them make market decisions. We will live up to the over 20 years of trust and support from clients both at home and abroad. Let's work hand in hand and meet again next year! The 17th In Bi Ge Ga Forum has come to a successful close.