[SMM Analysis] May Indonesia Sulphur and Sulphuric Acid Import and Export Data

According to feedback from an Indian refinery, the relevant national authorities have issued a directive to prioritise domestic sulfur supply and ban exports, in order to safeguard local availability. Trade data shows that India's sulfur exports are heavily concentrated on the Chinese market. According to WITS data, in 2024 India's exports of crude or unrefined sulphur totalled approximately US$81.02 million, with a volume of about 805.2 million kg (approximately 805,200 tonnes). Among this, exports to China reached US$78.33 million, with a volume of about 797.2 million kg (approximately 797,200 tonnes), accounting for roughly 99% of India's total sulfur exports. Other major destinations included Tanzania, South Africa, Sri Lanka, and Australia, but in very limited quantities. Previously, Indian industry lobbying groups had repeatedly called on the New Delhi government to ban sulfur exports. Of India's annual sulfur demand of about 2 million tonnes, more than half is met by imports, nearly half of which come from the Middle East. The immediate trigger for this export ban is the severe disruption to shipping in the Strait of Hormuz caused by geopolitical conflicts in the Middle East, which has continuously tightened global sulfur supply.

Recently, CATL signed a Memorandum of Understanding with Alfen N.V., a leading new energy integrator in Europe. The two parties plan to deploy 5 GWh of Tianheng sodium-ion battery energy storage systems in Western European countries such as the Netherlands starting from 2027. The Tianheng sodium-ion battery energy storage system boasts a 25-year ultra-long lifespan, with an overall RTE increase of nearly 2% and lower life cycle costs. At the same time, it is compatible with LFP systems, allowing Alfen to be more flexible in battery material selection and reducing the impact of lithium price fluctuations. This signing marks the first deployments of the Tianheng sodium-ion battery energy storage system in the European market. Seizing this opportunity, CATL will accumulate localized experience in applying sodium-ion batteries on the European power grid, enhance product compatibility with European grid standards, thereby accelerating the large-scale popularization of sodium-ion battery energy storage technology in Europe and promoting Europe's zero-carbon and diversified energy transition.

[SMM Lithium Battery] Soochow Securities research report noted that Ganfeng Lithium (002460.SZ) delivered results in line with our expectations, with the rise in lithium prices contributing to earnings flexibility.