[SMM Analysis] Analysis of Ternary Cathode Precursor Export Situation in February

In February 2025, China's ternary cathode precursor exports were 7,773 mt, down 17% MoM and 57% YoY.

From March 2024 to February 2025, the cumulative exports of ternary cathode precursors (including NCM, NCA, nickel oxides, and NC) from China were 162,854 mt, a 34% decrease YoY.

In February, the overall export volume of ternary cathode precursors decreased compared to January, with NCM, NCA, and nickel oxides and NC all showing varying degrees of decline. The total exports of nickel oxides and NC in February were 2,243 mt, down 18% MoM and 64% YoY. NCA exports in February were 0 mt. Additionally, NCM exports in February totaled 5,530 mt, down 15% MoM and 52% YoY.

By country, South Korea remained the main destination for China's nickel oxides and NC exports in February, with its share increasing to 88%, although the export volume decreased from 2,244 mt last month to 1,968 mt. NCM exports to South Korea fell from 6,390 mt last month to 5,141 mt.

By province, regarding nickel oxides and NC, 2,243 mt were exported in February 2025, with Hunan Province exporting 1,860 mt, accounting for 83%, an increase in share from the previous month. Hubei Province's exports were 107 mt, a 41% decrease from the previous month.

For NCM, 5,530 mt were exported in February, with Zhejiang Province exporting 1,757 mt, a decrease from the previous month, and its share dropping from 45% to 32%. Jiangxi Province's exports also decreased, with its share falling from 29% to 18%.

SMM New Energy Research Team

Cong Wang 021-51666838

Lingying Zhang 021-51666775

Xiaodan Yu 021-20707870

Rui Ma 021-51595780

Ying Xu 021-51666707

Disheng Feng 021-51666714

Yujun Liu 021-20707895

Yanlin Lv 021-20707875

Ye Yuan 021-51595792

Zhizheng Zhou 021-51666711

Xianjue Sun 021-51666757

Ziya Lin 021-51666902

Linting Yang 021-51595835