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

In April 2025, China's ternary cathode precursor exports reached 7,511 mt, up 7% MoM and down 60% YoY.

From May 2024 to April 2025, China's cumulative exports of ternary cathode precursors (including NCM, NCA, nickel oxides, and NC) totaled 141,523 mt, representing a year-on-year decrease of 16.70%.

In April, the overall exports of ternary cathode precursors increased compared to March. Specifically, exports of NCM and NC rebounded, while exports of NCA declined significantly. In April, total NC exports amounted to 2,580 mt, up 20.56% MoM and down 33.13% YoY. NCA exports in April were 0 mt. Additionally, total NCM exports in April reached 4,931 mt, up 1.69% MoM and down 65.62% YoY.

By country, South Korea remained China's primary export destination for NC in April, though its share decreased to 90%, with exports increasing from 1,605 mt the previous month to 2,331 mt. NCM exports to South Korea fell from 4,546 mt the previous month to 4,426 mt.

By exporting province, for nickel oxides and NC, exports reached 2,580 mt in April 2025, with Hunan Province accounting for 2,285 mt (89% of the total), an increase in its share compared to the previous month. Hubei Province's exports were 122 mt, down 24.22% MoM.

For NCM, exports in April were 4,931 mt. Zhejiang Province accounted for 946 mt, with exports rebounding compared to the previous month and its share increasing from 17% to 19%. Jiangxi Province's exports declined significantly, with its share dropping from 22% to 6.32%.