[SMM Analysis: China's LFP Import and Export in April] In April 2025, China's LFP exports reached 1,151.7 mt, down 16% MoM from March and up 1,724% YoY. In terms of prices, the average export price of LFP in March 2025 was $6,206.9/mt, an increase of $315.55/mt from the average price in March, up approximately 5.4% MoM.

According to customs data, China's lithium hydroxide exports reached 4,222 mt in April, which was basically flat MoM and decreased by 61% YoY.

The LFP industry has now entered a stage of structural differentiation, with the efficiency of technological iteration and cost control capabilities of enterprises becoming the core breakthrough points for enterprises to overcome the dilemma of overcapacity.

[SMM Analysis: Both YoY and MoM Cobalt Intermediate Product Imports Rose in March] According to customs data, China's imports of cobalt hydrometallurgy intermediate products reached approximately 18,600 mt in metal content in April 2025, up 5% MoM. In terms of average import prices, the average import price of cobalt hydrometallurgy intermediate products in China was $15,820/mt (metal content) in March 2025.

Amidst the rapid development of the new energy industry, lithium iron phosphate (LFP) has emerged as a core material in the NEV and ESS sectors, leveraging its advantages of low cost and high safety. However, the industry is facing challenges such as a shortage of high-quality capacity, fierce competition, and declining profitability, making technological innovation urgent. In this context, titanium-doped iron phosphate technology stands out as a key breakthrough for enhancing material performance and driving industrial development.

According to the latest data from the General Administration of Customs, in April 2025, China imported 13,742.8 mt of nutshell charcoal, representing a 39% MoM increase and an 8% YoY decrease. The average import price of nutshell charcoal in April was $549.46/mt. In March, the average import price was $492.4/mt, indicating a 12% MoM increase in the average import price per mt of nutshell charcoal.