[SMM Analysis] December Ternary Cathode Import and Export Volumes Released: Imports Up 106% MoM, Exports Up 7.4% MoM

In December 2024, China's import volume of ternary cathode materials (NCM+NCA combined) was 7,146 mt, up 106% MoM and up 100% YoY. Among them, NCM imports were 5,855 mt, up 114% MoM and up 126% YoY; NCA imports were 1,291 mt, up 176% MoM and up 30% YoY. SMM analysis: The significant MoM increase in NCM imports in December was mainly due to a substantial rise in export volumes from South Korea to China. In December, the volume of NCM materials from South Korea reached 5,546 mt, an increase of 3,128 mt from the previous month. Meanwhile, the MoM increase in NCA material imports in December also primarily originated from South Korea, rising from 732 mt in November to 1,291 mt in December. December exports: In December 2024, China's export volume of ternary cathode materials (NCM+NCA combined) was 6,189 mt, up 7.4% MoM and up 6.7% YoY. Among them, NCM exports were 5,632 mt, up 1.4% MoM but down 1.3% YoY; NCA exports were 557 mt, up 164% MoM and up 480% YoY. SMM analysis: In December, the export volume of ternary cathode materials increased slightly MoM again. NCM exports rose by 80 mt compared to November. For NCA exports, the December volume reached 557 mt, showing a significant increase from 211 mt in November.