March Battery Materials Import and Export Data Released: Spodumene and Lithium Carbonate Imports Show Mixed Performance with One Decrease and One Increase MoM [SMM Special Report]

Around April 20, import and export data for cobalt and lithium battery-related products in March were released. The data showed that in March 2025, domestic spodumene imports totaled 534,500 mt, equivalent to 46,000 mt LCE. Among these, imports from Nigeria amounted to 85,000 mt, up 83% MoM... SMM has consolidated the import and export situation of battery materials as follows: Upstream Lithium Concentrates According to customs data, in March 2025, domestic spodumene imports totaled 534,500 mt, down 6% MoM, equivalent to 46,000 mt LCE. Specifically, imports from Australian mines were 308,000 mt, up 33% MoM; imports from Zimbabwe were 58,000 mt, down 40% MoM; and imports from Nigeria were 85,000 mt, up 83% MoM. Additionally, imports from South Africa were 52,000 mt, down 65% MoM, showing a significant decrease. Furthermore, in March, spodumene concentrate imports amounted to 464,300 mt, accounting for 87% of total ore imports, with most coming from Australia, Zimbabwe, and Nigeria. Data Source: China Customs, SMM processed data based on public information Note: Customs data may not fully and accurately reflect the actual spodumene concentrate imports for the month, and some data is reported only in broad terms. [SMM Analysis] In March, domestic spodumene imports totaled 534,500 mt. Returning to the current lithium ore market, on the spodumene side, according to SMM, although overseas mines are still standing firm on quotes, the continuous decline in lithium carbonate spot and futures prices has led to a lower acceptable price range for buyers. Some suppliers, due to a pessimistic outlook on future market prices, have a strong desire to sell, leading to continuously falling quotes. Although transactions are generally slow, there is a trend of downward pressure on market prices. As of April 25, the spot price index for spodumene concentrate (CIF China) fell to $793/mt, down $43/mt from the high point of $836/mt in mid-March, a decrease of 5.14%. [Click to view SMM new energy product spot prices] On the lepidolite side, the continuous decline in lithium carbonate prices has weakened the purchasing enthusiasm of buyers. Some external lepidolite smelters even have plans to reduce or halt production, leading to a continuous decline in the acceptable price range for lepidolite concentrates. Lithium Carbonate According to customs data, in March 2025, China imported 18,125 mt of lithium carbonate, up 47% MoM and down 5% YoY. Specifically, 12,718 mt, or 70%, was imported from Chile, and 4,646 mt, or 26%, was imported from Argentina. Exports of lithium carbonate in March were 220 mt, still at a low level. Returning to the current lithium carbonate prices, according to SMM spot prices, as of April 25, the spot price for battery-grade lithium carbonate fell to 68,200-71,400 yuan/mt, with an average price of 69,800 yuan/mt, down 4,500 yuan/mt from the high point of 74,300 yuan/mt on March 27, a decrease of 6.06%. [Click to view SMM new energy product spot prices] According to SMM surveys, from the demand side, the expected increase in lithium carbonate demand for May has not been met. When lithium carbonate prices were at a low point earlier, downstream material plants generally stockpiled, so it is unlikely that there will be large-scale pre-holiday stockpiling before Labour Day. From the supply side, some upstream lithium chemical plants have recently reduced or halted production, leading to a decrease in lithium carbonate output. However, overall output remains high, and the surplus situation continues. If the market sentiment shows positive signals, the reduced or halted lithium chemical plants may quickly resume production, making the supply volume highly elastic. In market news, a lithium chemical plant, due to its previously set floor price being broken, is considering adjusting long-term contract shipment volumes. In an extreme scenario, if all long-term contract shipments are terminated, it could cause short-term supply disruptions. However, considering the cumulative inventory levels of domestic lithium carbonate, there is still little upward momentum for spot prices. Additionally, attention should be paid to the price trends of raw materials. If ore prices show a significant downward trend, the cost pressure on non-integrated lithium chemical plants will be somewhat relieved. [Click for more details] Battery Materials LFP According to the latest customs data, in March 2025, China's LFP exports reached a record high of 1,367.8 mt, up 129% MoM and 861% YoY. In terms of price, the average export price of LFP in March 2025 was $5,891.4/mt, up $406.56/mt from February. In March 2025, the top exporting province for LFP was Guangxi Zhuang Autonomous Region, with 906 mt, all exported to Vietnam; Jiangsu Province ranked second with 177.4 mt, and Anhui Province third with 163 mt. In terms of export destinations, Vietnam remained the top country, with a total of 906 mt, accounting for 66.2% of the export volume; Taiwan, China, was second with 195.2 mt; and South Korea was third with 96.3 mt. There were also exports to Poland, France, and Japan. Additionally, according to customs import data, in March, China's LFP imports were 20.54 mt, mainly from Taiwan, China, with an average import price of $18,916.6/mt. [March LFP Material Import and Export Situation [SMM Analysis]] Ternary Cathode Precursor In March 2025, China's ternary cathode precursor exports were 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) were 169,888 mt, down 31.14% YoY. In March, the overall export volume of ternary cathode precursors decreased compared to February. Specifically, NCM and NC exports weakened, while NCA exports increased slightly. The total NC exports in March were 2,140 mt, down 4.59% MoM and 43.71% YoY. NCA exports in March were 45 mt. Additionally, the total NCM exports in March were 4,849 mt, down 12.31% MoM and 61.02% YoY. [March Ternary Cathode Precursor Export Analysis [SMM Analysis]] Ternary Cathode In March 2025, China's ternary cathode material (NCM + NCA combined) imports were 4,504 mt, up 31% MoM and down 32.15% YoY. Specifically, NCM imports were 4,024 mt, up 35.49% MoM and down 23.98% YoY; NCA imports were 480 mt, up 1.11% MoM and down 64.33% YoY. In March 2025, China's ternary cathode material (NCM + NCA combined) exports were 8,294 mt, up 36% MoM and 14.14% YoY. Specifically, NCM exports were 8,138 mt, up 34.65% MoM and 17.15% YoY. The main regions driving the recovery in overseas demand were South Korea and Poland, with exports to South Korea reaching 4,621 mt, up 3,431 mt MoM, and exports to Poland reaching 3,851 mt, up 3,061 mt MoM. NCA exports were 156 mt, up 111.55% MoM and down 51.18% YoY. [March Ternary Cathode Import and Export Volumes Released, Imports Up 31% MoM, Exports Up 36% MoM [SMM Analysis]] Artificial Graphite In March 2025, China's artificial graphite imports were 1,021 mt, down 78% MoM and 8% YoY. In terms of import prices, in March 2025, the average import price of artificial graphite in China was 55,788 yuan/mt, up 211% MoM and down 29% YoY. Data Source: SMM, China Customs In March 2025, China's artificial graphite exports were 44,437 mt, up 108% MoM and down 18% YoY. In terms of export prices, in March 2025, the average export price of artificial graphite in China was 10,610 yuan/mt, down 36% MoM and 23% YoY. Although imports in March 2025 declined compared to the previous month, from a long-term perspective, this month's import scale remains within the normal historical fluctuation range, with no abnormal changes. On the export side, there was a significant increase, with the end of the Chinese New Year holiday leading to a rapid recovery in market demand. This month, artificial graphite exports increased by 108% MoM, indicating a strong recovery. [March Market Recovery, Artificial Graphite Exports Increase [SMM Analysis]] LiPF6 According to China Customs data, in March 2025, China's LiPF6 cumulative exports were 1,577 mt, up about 6.1% MoM, with cumulative imports at 0 mt. In terms of exports, in March 2025, China's LiPF6 exports were 1,577 mt, up about 6.1% MoM and down about 28.4% YoY. [March 2025 LiPF6 Import and Export Data [SMM Data]] Cobalt Cobalt Hydrometallurgy Intermediate Products According to customs data, in March 2025, China's imports of cobalt hydrometallurgy intermediate products were approximately 17,850 mt (calculated at 35% grade), up 20.6% MoM and 5.6% YoY. The average import price in March 2025 was $12,351/mt (metal content). By country, the DRC remained the main import source, with imports of approximately 17,600 mt (calculated at 35% grade), at an average import price of $12,374/mt (metal content), accounting for about 98.5% of total imports. [March Cobalt Intermediate Product Imports Up Both MoM and YoY [SMM Analysis]] Unwrought Cobalt In March 2025, China's unwrought cobalt imports were approximately 525 mt, up 10.5% MoM and 135% YoY. The average import price in December 2024 was $19,711/mt (metal content), down 8.7% MoM. Cumulative imports from January to March 2025 were 1,499 mt, up 152.4% YoY. In terms of exports, in March 2025, China's unwrought cobalt exports were approximately 1,353 mt, up 199% MoM and 37% YoY. The average export price in March 2025 was $24,255/mt (metal content), up 9% MoM. Cumulative exports from January to March 2025 were 68,412 mt, down 24.7% YoY. [March 2025 Unwrought Cobalt Exports and Average Export Prices Up Significantly MoM [SMM Analysis]]