[SMM Analysis] The import and export volumes of ternary cathode in May were released, with imports down 13% MoM and exports down 4% MoM

Imports in May

In May 2025, China's imports of ternary cathode material (combined NCM+NCA figures) reached 5,332 mt, down 13% MoM and 38% YoY. Among them, NCM imports were 3,901 mt, a 25% decrease MoM and a 45% decrease YoY; NCA imports were 1,431 mt, a 45% increase MoM and a 4% decrease YoY.

Exports in May

In May 2025, China's exports of ternary cathode material (combined NCM+NCA figures) reached 9,021 mt, down 4% MoM but up 31% YoY. Among them, cumulative NCM exports were 8,775 mt, a 3% decrease MoM but a 31% increase YoY. The countries where overseas demand continued to recover mainly included Japan, Germany, Malaysia, and India. The volume of NCM exported to Japan reached 1,108 mt in May, increasing slightly by 92 mt; the volume exported to Germany reached 425 mt, up 412% MoM; the volumes exported to Malaysia and India were 273 mt and 34 mt, respectively.