In November 2025, China's total phosphate ore imports decreased by 4.0% MoM to 192,000 mt, while the total import value fell by 1.5% MoM. The comprehensive national average import price rose by 2.6% MoM. China's phosphoric acid exports increased by 65.7% MoM to 48,000 mt, while the average export price continued to decline by 3.4% MoM to $969.8/mt. Imports by Thailand grew by 18.9% MoM, maintaining its position as the largest export destination for the month.

This week, prices in the second-life battery market showed structural fluctuations, with the core driver being the release of year-end stockpiling demand by second-life enterprises. On the cost side, cobalt salt prices remained high and stable, while lithium chemical prices rose further this week. As key raw materials for ternary battery cells, the price increases directly raised raw material costs for battery cell production, providing strong support for ternary battery cell prices. On the supply side, some battery cell manufacturers increased shipments toward year-end based on operational considerations. Demand side, a divergence emerged: tight supply conditions for battery cells in the ESS sector persisted, while demand in the EV sector remained stable. In terms of product flow, due to safety considerations, LFP B-grade cells became the preferred category in the market, with LFP B-grade prices also trending upward. Meanwhile, ternary battery cells flowed mainly into the battery swapping market, where demand is relatively constant, a pattern that directly limited upside room for ternary B-grade prices.

[SMM Lithium Battery Electrolyte Market Weekly Review: Electrolyte Prices Increased This Week (2025.12.22-12.25)] From December 22 to December 25, 2025, electrolyte prices remained stable. Considering the pressure from the cost side and the dynamic changes in the supply-demand relationship, electrolyte prices were expected to remain stable in the short term.

This week, spot prices for refined cobalt rose rapidly. Supply side, supported by raw material costs, smelters' ex-factory prices held steady; as the year-end approached, traders, facing enterprise requirements to control capital occupation and positions, showed weak willingness to sell, only serving core customers. Demand side, there was no significant change, maintaining just-in-time procurement pace. The rapid spot price increase this week was mainly due to two factors: first, refined cobalt prices were relatively low compared to other cobalt products, leading to a valuation correction; second, prior to this week, there was a price spread of nearly 10,000 yuan/mt between the December and January cobalt futures contracts on the electronic platform, and as the December contract gradually began delivery this week, the spread needed to converge. In the short term, driven by the spread convergence, spot prices for refined cobalt are expected to gradually rise and fluctuate within the range of 420,000–430,000 yuan/mt, awaiting the next upward catalyst.