Gallium: Trading
From Chinese primary metal to wafer-grade purity
What this tab covers How and where it is bought and sold: who buys and sells, exchanges and benchmarks, contract types, the big trading houses and how prices are discovered.Gallium has no futures market. Chinese producers sell low-purity metal to refiners in Japan, Germany, Canada and the United States under contract, and wafer makers buy refined metal. USGS draws Chinese production data from Asian Metal and uses customs unit values for its price. Since 2023, Chinese exports have needed a licence, turning a commercial market into a permit system. Defence buyers have little choice. USGS says no effective substitutes exist for GaAs and GaN in many defence uses.
Where it is bought (buyers)
- Wafer makers and refiners in Japan, Germany, the US and China buy 4N metal and refine it
- Compound-semiconductor fabs (GaAs RF, GaN power) and LED makers in Taiwan, China, Japan, Korea and the US buy high-purity metal or wafers
- Governments buy for defence stockpiles; the US launched a $12 billion strategic minerals stockpile (Project Vault) in 2026
Where it is sold (sellers)
- Chinese alumina refiners (Chalco, East Hope and about a dozen others) sell 4N metal domestically and, under licence, abroad
- Russia and Japan produce small primary volumes
- Recyclers in Japan, Germany, Canada and the US sell refined metal from scrap; US imports in 2025 came mainly from Germany, Japan, Taiwan, Korea and Slovakia
Exchanges and benchmarks
| Venue | Contract | Notes |
|---|---|---|
| None | No LME, CME or MCX contract | China's Fanya Metal Exchange in Kunming traded minor metals including gallium until it collapsed in 2015 |
Contract types
- Bilateral spot and short-term contracts priced off PRA quotes
- Long-term offtake for new non-Chinese capacity (Metlen sold 25% of planned output to a US tech company in 2026)
- Government equity-for-offtake structures (Alcoa Wagerup with US, Australian and Japanese partners)
- Chinese export licences per shipment and end user since August 2023
Top trading houses
- Sojitz (via Japan Australia Gallium Associates)
- Specialist minor-metal traders (largely private; names not verified here)
How prices are discovered
- Fastmarkets assesses 99.99% gallium in-warehouse Rotterdam and in China
- Argus and Asian Metal publish Chinese and FOB China prices
- US Census import unit values give an annual cross-check (USGS)