In the first two months, spodumene imports reached 1.16 million mt, while lithium hydroxide exports hit a new low! [SMM Special Report]

Around March 20, the import and export data of cobalt and lithium battery industry chain related products for January-February 2025 were released. The data showed that China's spodumene imports totaled 1.16 million mt in physical weight, equivalent to 95,000 mt LCE. In January-February 2025, China imported 32,450 mt of lithium carbonate, mostly from Chile. SMM integrated the import and export situation of battery materials as follows: Upstream Lithium Concentrate According to customs data, China's spodumene imports totaled 1.16 million mt in physical weight in January-February 2025, equivalent to 95,000 mt LCE. Specifically, lithium ore imports in January were 590,000 mt, with 341,500 mt (58%) from Australia, 101,000 mt (17%) from South Africa, and 54,000 mt (9%) from Zimbabwe. In February, lithium ore imports were 567,000 mt, with 232,000 mt (41%) from Australia, down 32% MoM; 150,000 mt (26%) from South Africa, up 49% MoM; and 97,000 mt (17%) from Zimbabwe, up 80% MoM. Data source: China Customs, SMM processed data based on public information. Note: Customs data may not fully accurately count the actual spodumene concentrate imports for the month, and some data are only reported in the general direction of import volume. [SMM Analysis] China's spodumene imports totaled 1.16 million mt in physical weight in January-February 2025, with spodumene concentrate accounting for about 76%. Returning to the current lithium ore market, on the spodumene side, SMM learned that at the beginning of this week, the spot and futures prices of lithium carbonate showed a significant downward trend due to macro policy impacts. Affected by this, overseas spodumene mines have a clear attitude to stand firm on quotes, with relatively small price reductions and even a tendency to hold prices. Domestic spot traders are mostly in a wait-and-see attitude, and market transactions are relatively sluggish. As of April 8, the spodumene concentrate (CIF China) index was $812/mt, down $32/mt from $844/mt on March 7, a drop of 3.79%. Click to view SMM new energy product spot quotes. On the lepidolite side, demanders' willingness to purchase higher-priced lithium ore has shifted downward, showing a wait-and-see attitude in the market, with overall transactions being mediocre. Lithium Carbonate According to customs data, China imported 32,450 mt of lithium carbonate in January-February 2025. Specifically, 20,197 mt (62%) were imported from Chile and 11,086 mt (34%) from Argentina. China exported 816 mt of lithium carbonate in January-February 2025. Returning to the current lithium carbonate price, SMM spot quotes showed that as of April 8, the average spot price of battery-grade lithium carbonate was 70,800-74,000 yuan/mt, with an average of 72,400 yuan/mt, down 2,650 yuan/mt from 75,050 yuan/mt on March 7, a drop of 3.53%. Click to view SMM new energy product spot quotes. Reviewing the lithium carbonate supply-demand pattern in March, after the traditional off-season in February, both supply and demand for lithium carbonate rebounded significantly in March. With the continuous ramp-up of some lithium carbonate production lines, domestic lithium carbonate production reached a historical high in March, up 23% MoM, approaching the 80,000 mt mark. The surplus pattern of lithium carbonate further intensified, dragging down the spot price of lithium carbonate. Returning to the present, SMM learned that today's macro sentiment dragged down the spot price of lithium carbonate significantly. Market transactions increased slightly but have not yet reached an active level. Downstream material plants are considering future price trends and currently maintain a wait-and-see attitude. Upstream lithium chemical plants still have a firm attitude on quotes, with few transactions. Considering the subsequent supply-demand situation, the significant surplus pattern is difficult to reverse, and the spot price of lithium carbonate is expected to continue to decline. Lithium Hydroxide [China's lithium hydroxide exports hit a new low in January-February 2025, totaling 7,545 mt, with imports totaling 2,380 mt] According to customs data, China exported 7,545 mt of lithium hydroxide in January-February 2025, with 5,064 mt (67%) exported to South Korea and 1,983 mt (26%) to Japan. Imports totaled 2,380 mt, with 1,305 mt (55%) from Australia and 259 mt (11%) from Argentina. Battery Materials LFP According to the latest customs data, China's LFP exports in January 2025 reached a record high of 1,221 mt, up 34% MoM and 916% YoY. In terms of price, the average export price of LFP in December 2024 was $6,088/mt, down $2/mt from December. In January 2025, Guangxi Zhuang Autonomous Region remained the top province for LFP exports - 876 mt, all exported to Vietnam; Jiangsu ranked second - 150 mt, and Anhui ranked third - 131 mt. In terms of export destinations, Vietnam remained the top country, with 876 mt (71.7%) of LFP exported to Vietnam; Taiwan, China ranked second, with 147 mt exported; the US ranked third, with 138.7 mt exported. Other destinations included South Korea and France. Click to view SMM new energy product spot quotes. [SMM Analysis] China's LFP exports surged in January! Ternary Precursor In February 2025, China's ternary precursor exports were 7,773 mt, down 17% MoM and 57% YoY. From March 2024 to February 2025, China's cumulative ternary precursor exports (including NCM, NCA, nickel oxides, and NC) were 162,854 mt, down 34% YoY. In February, overall ternary precursor exports decreased compared to January, with NCM, NCA, and nickel oxides and NC exports weakening to varying degrees. Nickel oxides and NC exports in February were 2,243 mt, down 18% MoM and 64% YoY. NCA exports in February were 0 mt. NCM exports in February were 5,530 mt, down 15% MoM and 52% YoY. [SMM Analysis] Analysis of ternary precursor exports in February. Artificial Graphite In February 2025, China's artificial graphite imports were 4,607 mt, up 440% MoM and 325% YoY. The average import price was 17,933 yuan/mt, down 74% MoM and 77% YoY. Exports were 21,389 mt, down 57% MoM and 50% YoY. The average export price was 16,469 yuan/mt, down 95% MoM and up 33% YoY. In February, imports surged nearly five times. SMM learned that this surge was mainly due to Chinese anode material plants establishing and starting production overseas. Exports were affected by the start of production at overseas plants of Chinese anode material plants and the Chinese New Year holiday. Click to view details. [SMM Analysis] China's artificial graphite imports increased in February. In January 2025, China's artificial graphite imports were 853 mt, up 2% MoM and down 37% YoY. The average import price was 69,510 yuan/mt, up 469% MoM and 2% YoY. On the import side, due to pre-holiday stockpiling by battery cell manufacturers, artificial graphite imports in January increased by 2%. Domestic artificial graphite has advantages in price and specifications, and domestic capacity is relatively sufficient, so battery cell manufacturers still mainly use domestic artificial graphite, leading to a 37% YoY decline in imports in January. On the export side, in January, as the Chinese New Year holiday approached, domestic artificial graphite production decreased. Click to view details. [SMM Analysis] Logistics disruptions led to a decline in artificial graphite exports in January. LiPF6 According to Chinese customs data, China's cumulative LiPF6 exports in January 2025 were 2,430 mt, up 13.5% MoM. In February, cumulative exports were 1,486 mt, down 38.8% MoM. In January, cumulative imports were 0.002 mt, and in February, cumulative imports were 8.134 mt. Overall, foreign lithium battery manufacturers increased raw material procurement in January, and overseas demand for lithium batteries grew slightly. In February, foreign lithium battery product demand was affected by the Chinese New Year holiday, leading to a decline in demand. [SMM Data] LiPF6 import and export data for January-February 2025. Cobalt Cobalt Hydrometallurgy Intermediate Products According to customs data, China's cobalt hydrometallurgy intermediate product imports in February 2025 were approximately 14,800 mt in metal content (converted at 35% grade), down 19.2% MoM and 4.9% YoY. The average import price was $12,629/mt (metal content), down 9% YoY. By country, the DRC remained the main import source, with imports of approximately 14,700 mt in metal content (converted at 35% grade) and an average import price of $12,640/mt (metal content). [SMM Analysis] China's cobalt hydrometallurgy intermediate product imports declined MoM in February. Unwrought Cobalt In February 2025, China's unwrought cobalt imports were approximately 475.1 mt in metal content, down 4.7% MoM and up 111.2% YoY. The average import price was $21,598/mt (metal content). Cumulative imports in January-February 2025 were 973.9 mt in metal content, up 163% YoY. Exports were approximately 452.3 mt in metal content, down 70% MoM and up 54.2% YoY. The average export price was $22,230/mt (metal content). Cumulative exports in January-February 2025 were 1,958.1 mt in metal content, up 19.1% YoY. [SMM Analysis] China's unwrought cobalt imports decreased 4.7% MoM in February 2025.