Posted on 27 Jun 2024
Lithium battery materials trade flow in China remained strong in May, despite the slowdown in the global EV value chain, Kallanish reports.
According to data from Global Trade Tracker (GTT), China imported 24,564 tonnes of lithium carbonate in May, up 143% on-year and 16% on-month. Cumulative imports of this product reached 86,805 t in 2024, which is 44% higher than in the period last year.
Chile, Argentina and South Korea continued to be the three largest lithium carbonate supply sources to China. Chilean lithium carbonate volume rose 129% to 20,288 t – leading imports volume by far. Supply from Argentina increased by 210% to 3,703 t, and from South Korea by 552% to 313 t.
In addition to the strong annual growth, China’s lithium carbonate imports from these countries also saw modest monthly increases with cargoes from South Korea rising by 50% in May. The average import price of lithium carbonate stands at around $12,131/tonne, according to industry sources.
Chinese customs data also show imports of lithium concentrate grew 145.8% on-year in May to 565,871 t. According to market players, this translates into around 70,730 t of lithium carbonate equivalent.
Australia, Zimbabwe and Nigeria are the three largest exporters of lithium concentrate to China. Australia remained in a strong position, with the proportion of lithium concentrate imported from the country increasing from 58% in April to 69% in May.
Yet, Chinese exports of lithium hydroxide have recorded less vibrant increases at 10% and 11%, both annually and monthly, to 12,017 t. During January-May, the export of this lithium chemical rose only 5% y-o-y to 53,900 t. South Korea, Japan, Sweden, India and the Netherlands are the top five export destinations for Chinese lithium hydroxide.
Supporting the global slowdown trend in the EV value chain, China’s exports of nickel-cobalt-manganese (NCM) precursors and cathodes, and nickel-cobalt-aluminium (NCA) cathodes fell in May. Yet, exports of NCA precursor materials and lithium iron phosphate cathode materials rose both on-year and on-month.
Source:Kallanish
