[SMM Analysis] China's May LFP Exports Hit New High, Export Landscape Shifts Notably

SMM, June 22 — China's exports of lithium iron phosphate (LFP) in May 2026 reached 7,625.4 tonnes, up 29.3% month-on-month from April and surging 710.0% year-on-year from May 2025, setting a new high for a single month this year. In terms of pricing, the total export value in May amounted to USD 62.606 million, with an average unit price of approximately USD 8,210 per tonne for the full month, equivalent to about RMB 55,951 per tonne, representing an increase of roughly 6.9% compared with the April average.

In terms of export destinations, the landscape shifted notably in May: the highest volume went to the United States at 3,014.7 tonnes, catapulting it to the top spot. Thailand ranked second with 2,030.6 tonnes, followed by Malaysia at around 886 tonnes in third place. Japan and Vietnam accounted for 620 tonnes and 420 tonnes, respectively. Compared with April, export volumes to Vietnam and Thailand saw significant growth, while those to Poland and Canada declined. The overall export focus shifted towards Southeast Asia and the United States, a trend closely tied to the locations of cell manufacturers' customers.

Overall, overseas demand remains robust, with China's total LFP exports continuing to increase and posting multiple-fold growth year-on-year. Going forward, as overseas battery production capacity gradually comes online, China's LFP exports are expected to remain at elevated levels.