[SMM Analysis] September Ternary Cathode Materials Import and Export Volumes Decreased YoY and MoM; Imports Down 12% MoM, Exports Down 50% MoM

September Imports:

In September 2024, China's import volume of ternary cathode materials (NCM+NCA combined) was 4,743 mt, down 12% MoM and 60% YoY. Among them, NCM imports were 3,539 mt, down 28% MoM and 66% YoY; NCA imports were 1,203 mt, up 157% MoM and down 18% YoY.

SMM Analysis: The significant MoM decrease in NCM imports in September was mainly due to a noticeable reduction in imports in Jiangsu compared to the previous month, with a volume of only 1,829 mt, down 2,097 mt MoM. The significant MoM increase in NCA imports in September was primarily due to a doubling of import volumes in Shaanxi and Tianjin.

September Exports:

In September 2024, China's export volume of ternary cathode materials (NCM+NCA combined) was 4,002 mt, down 50% MoM and 43% YoY. Among them, NCM exports totaled 3,922 mt, down 47% MoM and 38% YoY; NCA exports were 80 mt, down 86% MoM and 90% YoY.

SMM Analysis: The significant MoM decrease in ternary cathode materials exports in September was mainly due to a reduction of 3,456 mt in NCM exports compared to August, reflecting weaker overseas demand and poor export performance, particularly to South Korea, where the export volume in September was only 617 mt, down 2,575 mt MoM. However, China's exports to Japan saw a significant increase in September, reaching 1,720 mt, up 854 mt MoM. As for NCA exports, the volume in September was less than 100 mt, mainly due to a noticeable reduction in volumes to Japan and Taiwan.