[SMM Analysis] Analysis of Ternary Cathode Precursor Export in May

In May 2025, China's exports of ternary cathode precursors reached 8,858 mt, up 18% MoM and down 49% YoY.

In May, the overall exports of ternary cathode precursors increased compared to April. Among them, the exports of NCM and NC rebounded. The total exports of NCM in May were 6,186 mt, up 25% MoM and down 54% YoY. The total exports of NC in May were 2,671 mt, up 4% MoM and down 6% YoY. There were no exports of NCA in both April and May.

By country, South Korea remained the main export destination for China's ternary cathode precursors in May. NC exports to South Korea accounted for 92% of the total exports, at 2,461 mt. NCM exports to South Korea accounted for 83% of the total exports, at 5,111 mt. Poland and Morocco ranked second and third, with export volumes of 480 mt and 437 mt, respectively.

By exporting province, for nickel oxides and NC, the total exports in May 2025 were 2,671 mt. Among them, Hunan Province's exports were 2,158 mt, accounting for 81%, a decrease in its share compared to the previous month. Hubei Province's exports were 302 mt, an increase of 179 mt compared to the previous month.

For NCM, the exports in May were 6,186 mt. Among them, Hubei Province's exports were 2,392 mt, showing a significant increase compared to the previous month, with its share rising to 39%. Hunan Province ranked second in export volume, at 1,462 mt, an increase of 845 mt MoM.