SMM Analysis: Ternary Cathode Precursor Export Situation in March

In March 2025, China's ternary cathode precursor exports totaled 7,033 mt, down 10% MoM and 58.81% YoY. From April 2024 to March 2025, China's cumulative ternary cathode precursor exports (including NCM, NCA, nickel oxides, and NC) reached 169,888 mt, a cumulative YoY decrease of 31.14%. In March, the overall exports of ternary cathode precursors decreased compared to February, with exports of NCM and NC weakening, while NCA exports increased slightly. NC exports in March totaled 2,140 mt, down 4.59% MoM and 43.71% YoY. NCA exports in March were 45 mt. Additionally, NCM exports in March totaled 4,849 mt, down 12.31% MoM and 61.02% YoY. By country, South Korea remained the main export destination for China's NC in March, but its share decreased to 75%, with exports dropping from 1,968 mt in the previous month to 1,605 mt. NCM exports to South Korea decreased from 5,141 mt in the previous month to 4,558 mt. By export province, for nickel oxides and NC, exports in March 2025 totaled 2,140 mt, with Hunan Province accounting for 1,607 mt, or 75%, a decrease in share compared to the previous month. Hubei Province exported 161 mt, an increase of 50.47% MoM. For NCM, exports in March totaled 4,849 mt, with Zhejiang Province exporting 815 mt, a decrease MoM, and its share dropping from 32% to 17%. Jiangxi Province saw an increase in exports, with its share rising from 18% to 22%.