China's LFP Cathode Exports Down 14.5% MoM in July but Up 380% YoY, US and Europe Drive Demand

SMM August 21 news:  China's LFP cathode material export data for July 2026 was released. Customs data show that exports in July stood at 13,153.3 mt, down 14.5% MoM from the June record high, but still up roughly 380% YoY. Export sentiment stayed high.

On the price front, the average export price in July was $9,107.45/mt, edging down about $17.6/mt MoM, a decline of only 0.2%, indicating overall price stability.

By region:

North America: The US remained the main pillar of overseas demand. Exports to the US in July totaled 5,972.5 mt, up 10.4% MoM. Despite policy uncertainties, domestic battery capacity in the US continued to ramp up, keeping actual import demand rigid. Exports to Canada fell from 2,464.5 mt in June to 1,443.4 mt, down 41.4% MoM, mainly due to a normal pullback after concentrated stockpiling by top-tier players like LG Energy Solution in June.

Europe: The recovery trend was further confirmed. Exports to Poland hit 889.5 mt, up 38.1% MoM, the second consecutive month of rebound. Higher operating rates at LG's Poland plant and Northvolt's production lines continued to drive import demand for Chinese LFP cathode materials. Hungary recorded its first export of 16 mt in July, indicating that CATL's Hungary plant had entered the small-batch stockpiling phase, laying the groundwork for future volume growth in Europe.

Asia: Exports to South Korea rebounded to 137.0 mt, up 70% MoM, reflecting rigid demand from Japanese and South Korean battery enterprises for cost-effective LFP materials under cost reduction pressure. Exports to Thailand and Vietnam reached 2,089.6 mt and 660 mt, up 4.5% and 6.5% MoM respectively, maintaining steady growth and providing stable support to the Southeast Asian market.

Overall, although July exports pulled back MoM, the absolute level remained at a historical high. The core logic of robust overseas LFP demand remained unchanged. (Data source: SMM and customs import and export statistics)