[SMM Analysis: DRC Extends Export Ban by Three Months, What Impact Will It Have on the Market] On the evening of June 21, 2025, the DRC, in light of the persistently high inventory levels in the market, decided to extend the temporary ban imposed on February 22 by an additional three months from the effective date of this decision. This article will analyze the actual impact of this policy in conjunction with the current market situation in China's cobalt industry and predict future market trends.

According to customs data, China's exports of lithium hydroxide increased in May, while import data decreased.

According to customs data, the total imports of spodumene in May were approximately 605,000 mt, down slightly by 2.9% MoM, equivalent to approximately 53,000 mt in lithium carbonate equivalent (LCE).

The dispute centers on two key demands from Atlantic Lithium’s Ghanaian subsidiary, Barari DV: slashing royalty rates from 10% to 5% and revising corporate tax terms. The company argues that plunging lithium prices have slashed its post-tax return rate from an initial projection of 94% to just 13.6%. However, NRGI’s independent analysis suggests the project could still yield a 28% return even at current prices.

In May 2025, China's exports of ternary cathode material (combined value of NCM + NCA) were 9,021 mt, down 4% MoM and up 31% YoY.

According to the latest data from the General Administration of Customs, China imported 11,622.7 mt of nutshell charcoal in May 2025, down 15% MoM and 21% YoY. The average import price of nutshell charcoal in May was $593.18/mt. In March, the average import price was $549.46/mt, indicating a MoM increase in the average import price per mt of nutshell charcoal.

Recycling: This week, lithium chemical prices fluctuated, while prices of products such as cobalt salt and nickel salt continued to decline. The coefficients for ternary, LCO black mass, and other products also maintained a downward trend this week. The prices per % lithium for LFP pole piece black mass ranged from 2,200 to 2,300 yuan/mtu, while for LFP battery black mass, they ranged from 2,000 to 2,150 yuan/mtu. Taking ternary black mass as an example: Currently, the nickel-cobalt coefficient for ternary pole piece black mass is 72-74%, and the lithium coefficient is 69-72%. The nickel-cobalt coefficient for ternary battery black mass is 70-72%.

[SMM Analysis: Are There Other "Cost-Effective Alternatives" for Raw Materials of Hard Carbon as Coconut Shell Charcoal Imports Continue to Rise?] SMM June 20 Report: According to the latest data from the General Administration of Customs, China imported 11,622.7 mt of nutshell charcoal in May 2025, down 15% MoM and 21% YoY. The average import price of nutshell charcoal in May was $593.18/mt. The average import price in March was $549.46/mt, indicating an MoM increase in the average import price per mt of nutshell charcoal. ...

[SMM Data: Import and Export Data of LiPF6 in May 2025] In May 2025, China's cumulative exports of LiPF6 reached 1,299 mt, up approximately 7% MoM.