SMM Analysis： China's LFP exports declined in October

SMM, November 28: According to the latest data from the General Administration of Customs, China exported 310.5 mt of LFP in October 2024, down 42% MoM, up 1,453% YoY.

The average export price of LFP in October 2024 was $6,453/mt, down 1.8% MoM, down 60% YoY.

In October 2024, the top province for LFP exports according to the General Administration of Customs import data was Guangxi Zhuang Autonomous Region with 111 mt, all exported to Vietnam; Jiangsu Province ranked second with 57 mt; and Qinghai Province ranked third with 55 mt.

In terms of LFP export destinations in October 2024, Vietnam ranked first with a total export volume of 111 mt, accounting for 36% of the total export volume; South Korea ranked second with a total export volume of 102 mt; and Taiwan, China ranked third with 27 mt. Other export destinations included the US, Norway, Poland, France, Slovenia, Japan, Italy, India, Germany, the UK, Malaysia, and Sweden, with smaller export volumes to these destinations.

According to the customs import data for October 2024, the import volume of LFP was 14.378 mt, with an average import price of $19,655/mt.

SMM found that the export data of LFP showed monthly fluctuations. The export volume in October decreased compared to September, but it was still relatively high compared to previous months. As the overseas market pays more attention to LFP and its acceptance increases, SMM expects that the export volume of LFP in 2025 will see significant growth compared to 2024. In addition to LFP, iron phosphate is also being exported overseas. Currently, overseas LFP cathode or battery cell products cannot be directly used in power or energy storage applications but will gradually be promoted in some small-scale application scenarios.