China's Precursor Exports in Dec 2022 Leaped Thanks to Overseas NEV Market Boom

SHANGHAI, Feb 1 (SMM) - China's ternary precursor (including NCA) export volume stood at 23,673 mt in December 2022, a month-on-month increase of 56% and year-on-year increase of 42%. The total exports reached 196,303 mt in 2022, up 12% over the year.

In December alone, the overall export volume of ternary precursors soared on a monthly basis, among which the export volume of NCM posted the largest increase that was 65% month-on-month and 33% year-on-year. NC exports came second with a month-on-month increase of 51% and a year-on-year increase of 58%. NCA exports were relatively stable.

At the end of last year, the overseas NEV market performed extremely well. In the United States, the sales of new energy vehicles in December reached 103,000 units, up 34.4% over the year and 18.7% over the month, with a penetration rate of 8.0%. The NEV sales in the major eight European countries in December totalled 349,000 units, a year-on-year increase of 62.3% and up 50% on a monthly basis, with the penetration rate up 10.7 percentage points to 40.0%.

In China, top-tier manufacturers in Zhejiang and Hunan are core material suppliers for overseas car companies, so their export volumes were among the top in the final month last year. In addition, the exports in Guangdong primarily flowed to international battery material manufacturers, followed by large domestic integrated precursor manufacturers.