【SMM Analysis】March Ternary Cathode Imports and Exports Released, Imports Up 31% MoM, Exports Up 36% MoM

March Imports

In March 2025, China's imports of ternary cathode materials (combined NCM and NCA) reached 4,504 mt, up 31% MoM but down 32.15% YoY. Among them, NCM imports were 4,024 mt, up 35.49% MoM but down 23.98% YoY, while NCA imports were 480 mt, up 1.11% MoM but down 64.33% YoY.

March Exports

In March 2025, China's exports of ternary cathode materials (combined NCM and NCA) totaled 8,294 mt, up 36% MoM and 14.14% YoY. Among them, cumulative NCM exports were 8,138 mt, up 34.65% MoM and 17.15% YoY. The recovery in overseas demand was mainly reflected in South Korea and Poland, with exports to South Korea reaching 4,621 mt, up 3,431 mt MoM, and exports to Poland reaching 3,851 mt, up 3,061 mt MoM. NCA exports were 156 mt, up 111.55% MoM but down 51.18% YoY.