In January 2024, China's lithium concentrate imports were approximately 583,919 tons, an increase of 34% month-on-month and 61% year-on-year, the highest in history. The average import price is US$1,238 (the customs price may not represent the actual transaction price). The significant month-on-month increase in spodumene imports in January mainly came from Australia, a major lithium ore producer, and Zimbabwe, which is deployed by Chinese smelters. The import volume of lithium concentrate from Australia in January was approximately 349,007 physical tons, accounting for approximately 59.8% of monthly imports, an increase of 21% month-on-month. The amount of spodumene concentrate arriving in Sichuan from Australia in January was 73,777 tons, a certain decrease compared with 91,302 tons in December last year. However, the amount of Australian spodumene arriving in Jiangxi in January was astonishing, 161,124 tons, an increase of more than 100% from the 72,897 tons arriving in December last year.
Similarly, the arrival of lithium concentrate from Zimbabwe increased significantly in January, reaching approximately 137,751 tons, which was also a larger increase compared with 101,466 tons last December. Such a large increase is mainly caused by the lithium mines owned by some Chinese-funded companies in Zimbabwe ramping up production at the end of the 2023 and concentrating their shipments to the country.
Compared with the historical high in January, import volume in February dropped significantly, showing a tendency of two-level differentiation. In February 2024, China's lithium concentrate imports were approximately 297,830 tons, a month-on-month decrease of 49% and a year-on-year decrease of 5%. The average import price is US$981 (the customs price may not represent the actual transaction price). As the biggest variable in the lithium ore import market, Australia once again has a huge impact on changes in import volume. In February, the import volume of spodumene from Australia was 131,048 tons, a decrease of 62% month-on-month and a year-on-year decrease of 51%.
It is understood that the reduction in February was mainly due to the destocking of raw materials by domestic leading spodumene smelting companies, coupled with the impact of the February holiday node. With the gradual recovery of lithium salt prices at the end of February, domestic lithium salt and trading companies' enthusiasm for lithium ore imports has revived in the short term. Also with the increase in long-term contracts/offtake agreements and the increase in production of African mines, the import volume of lithium concentrate in the following March-April is also expected to recover significantly.
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