In May, China‘s customs data revealed that imports of lithium concentrate totaled 565,871 mt in physical content, up 28.2% MoM. Previously, part of the 51,550 mt in physical content of lithium concentrate shipped from Australia's Hedland port to China has arrived. It is expected that China's imports of lithium concentrate will remain high in June.
In May 2024, China imported about 565,871 mt in physical content of lithium concentrate, up 28.2% from April, equivalent to 54,513 mt of LCE. During the H1 2024, deliveries under long-term contracts between lithium salt companies and overseas miners increased. Additionally, sequential arrivals of spodumene shipments from Africa during Q2 contributed to the overall rise in lithium concentrate imports.
Australia continues to maintain a strong position. In May, Australia accounted for 68.9% of China's lithium concentrate imports with 389,710 mt in physical content. Zimbabwe contributed 17.8% with 100,522 mt in physical content, and Nigeria provided 7.3% with 41,466 mt in physical content. Despite fluctuations during the H1, Australia and Zimbabwe continue to significantly influence China's lithium market, with Nigeria's share also showing a slight increase.
Looking ahead, continued arrivals of spodumene import orders from overseas are expected during Q2 and Q3. This concentrated delivery is anticipated to keep import volumes high. Additionally, lithium salt manufacturers are likely to stock up in anticipation of the peak demand season in Q4, ensuring sustained strong demand for overseas spodumene. Lastly, influenced by high lithium carbonate prices in April and challenges in sourcing from overseas mines, the volume of spodumene concentrate imports in June is expected to remain at the relatively high levels seen in May.
