In May 2026, China’s unwrought cobalt imports were approximately 673 mt, down 50% MoM and up 3% YoY; unwrought cobalt exports were approximately 370 mt, up 70% MoM and down 88% YoY.

In May 2026, China's imports of cobalt hydrometallurgy intermediate products were approximately 2,584 mt in physical content, up 107% MoM and down 95% YoY, of which imports from DRC were approximately 2,066 mt in physical content, up 119% MoM and down 96% YoY.

[SMM Analysis: Impact on Solid-state Batteries of the Ministry of Commerce Adding 10 US Entities to the Export Control List] On June 22, 2026, the Ministry of Commerce issued an announcement and, effective immediately, formally implemented the "Export Control List (June 22, 2026)," which includes 10 US entities. This export control measure has almost no direct impact on China's solid-state battery industry, but attention should be paid to the indirect link of the rare earth supply chain. (1) China already has export controls on high-end batteries with an energy density exceeding 300 Wh/kg (including semi-solid and all-solid-state), and this measure targeting specific entities is an extension of the existing control framework rather than a new restriction specifically aimed at the solid-state battery industry. (2) The solid-state battery industry is still in the development stage and has not yet generated a significant export demand.