[SMM Analysis] China's copper cathode exports continued to fluctuate at highs from November to December 2025, with monthly exports exceeding 100,000 mt for two consecutive months, reaching 143,000 mt and a preliminary estimate of 85,000 mt, respectively. As the global regional price spread structure remained mismatched and the counter-cyclical export window had not yet closed, exports in January 2025 were expected to maintain their strength, likely remaining above the 100,000 mt mark.

[SMM Analysis] There were only three trading days this week, and the spot market was characterized by a strong off-season atmosphere. As exports in January are expected to see significant growth again, the premium for warehouse receipt bills came under pressure. Due to the need for capital repatriation, spot liquidity remained weak.

Customs data shows that in November 2025, China's spodumene imports reached 729,000 physical tons, a month-on-month increase of 12%, equivalent to approximately 81,000 tons of lithium carbonate equivalent (LCE) based on SMM's statistical calculations after accounting for average grade and moisture content.

A Panoramic View of the Global Lithium Ore Market from 2025 to 2026: From Divergence to Rebalancing

Review and Outlook: Analysis of Lithium Hydroxide Market Operations in 2025 and Future Trends

With the previously heated issue of shipment backlogs in Xinjiang coming to an end, domestic aluminum ingot inventories began to shift into a buildup trend from mid-December, successively surpassing the key thresholds of 600,000 mt and 650,000 mt. By month-end, the cumulative increase in inventory compared to the level recorded on December 18 approached 15%. Of course, the reasons for this sustained inventory buildup cannot be solely attributed to the recovery in shipments. Considering the core context of resumed shipments from Xinjiang, the current accumulation of domestic aluminum ingots is primarily driven by...

This week, cobalt sulphate and nickel sulphate prices began to rise, while lithium carbonate prices fluctuated.