In September 2024, China's import volume of ternary cathode materials (NCM+NCA combined) was 4,743 mt, down 12% MoM and 60% YoY. The export volume of ternary cathode materials (NCM+NCA combined) was 4,002 mt, down 50% MoM and 43% YoY.

【SMM Analysis：Regular Procurement Season: September Manganese Ore Imports Increase MoM.】According to the latest release from the General Administration of Customs, SMM statistics show that in September 2024, China's total manganese ore imports were 2.73 million mt, up 4.56% MoM, but down 10.18% YoY. The cumulative imports from January to September were 21.66 million mt, up 6.21% YoY. September manganese ore imports increased slightly, with China importing 126,900 mt of Australian manganese ore in September 2024, up 39.01% MoM; 1.448 million mt of South African manganese ore, down 16.15% MoM; 408,800 mt of Gabonese manganese ore, up 320.97% MoM; 409,600 mt of Ghanaian manganese ore, up 0.44% MoM; 143,400 mt of Brazilian manganese ore, up 2489.56% MoM; and 20,800 mt of Myanmar manganese ore, down 80.18% MoM. Due to September being the regular procurement season for manganese ore, alloy plants are expected to increase their demand for manganese ore procurement, leading to a 5% MoM increase in manganese ore imports. Among these, the imports of Australian and Gabonese manganese ore were significant, mainly because alloy plants still primarily use high-grade manganese oxide ore in production, showing high enthusiasm for procuring Australian and Gabonese ore. Looking ahead, with port manganese ore inventory at a relatively high level and alloy plants' procurement of manganese ore being lower-than-expected, the manganese ore market is expected to remain oversupplied, and manganese ore prices are expected to fluctuate downward.

【SMM Analysis： Overseas Demand Recovery Lower-than-Expected, Refined Cobalt Export Volume MoM】 In September 2024, China's imports of unwrought cobalt were approximately 293 mt (metal content), up 65% MoM and up 12% YoY. In terms of import average price, the average import price of unwrought cobalt in China in September 2024 was 25,679 US dollars/mt (metal content). From January to September 2024, the cumulative import volume was 1,923 mt (metal content), down 40% YoY.

[SMM Data: Electrolyte Operating Rate in September] The operating rate of electrolyte in September 2024 was approximately 36.78%. It is expected that the operating rate will continue to rise in October.

[SMM Data: LiPF6 Import and Export Data for September] In September 2024, China's cumulative export volume of LiPF6 was 944 mt, down 37.7% MoM.

[SMM Data: Analysis of Nickel Ore Import Data for September 2024] According to the latest data from China Customs, in September 2024, China's nickel ore imports amounted to 4.5662 million mt, down 7.4% MoM and 23.5% YoY, with a cumulative YoY decline of 14%. Among these, sulfide ore was about 38,700 mt, down 15.5% MoM and 54.3% YoY; oxide ore was 4.4735 million mt, down 8.4% MoM and 23.9% YoY, with a cumulative YoY decline of 14.5%.

According to customs data, in September 2024, China's total import volume of lithium carbonate was approximately 16,265 mt, down 8% MoM, with an average import price of about $9,851/mt.