Around June 24, 2026, import and export data for products related to the cobalt and lithium battery industry chain for May were released. The data shows that spodumene imports in May continued to pull back from April, reaching 681,000 mt in physical content, down 10% MoM, equivalent to approximately 66,000 mt of lithium carbonate equivalent (LCE). On the lithium carbonate import side, China imported 37,555 mt of lithium carbonate in May, up 15% MoM and up 78% YoY. Cumulative imports of lithium carbonate from January to May reached 153,000 mt, up 53% YoY year-to-date... SMM has consolidated the import and export situation of battery materials, as follows: Upstream Lithium Concentrates Customs data indicates that spodumene imports in May continued to pull back from April, reaching 681,000 mt in physical content. By source country, port arrivals of Australian ore returned to relatively normal levels, with arrivals exceeding 330,000 mt this month, down 6% MoM; shipments from Zimbabwe that were loaded earlier arrived at 63,800 mt this month, down 41% MoM; exports from South Africa and Nigeria from April to May were relatively stable, with port arrivals ranging from 90,000 to 110,000 mt per month. Arrivals from Mali were low this month, at only 38,000 mt, which increased MoM but have not returned to relatively high levels. Additionally, after SMM screening, it can be seen that the incoming ore for the month was equivalent to 66,000 mt of LCE. Lithium concentrates accounted for 81% of the incoming ore, with the trend rising MoM compared to the previous month. Source: China Customs, compiled by SMM > [SMM Analysis] China's spodumene imports reached 681,000 mt in physical content in May 2026, down 10% MoM, equivalent to approximately 66,000 mt of LCE On the spot quotation for spodumene concentrates (CIF China), according to SMM spot quotes, the spot quotation for spodumene concentrates (CIF China) in May showed a trend of rising first and then falling. As of May 29, the spot quotation for spodumene concentrates (CIF China) was around $2,571/mt, up $31/mt from $2,540/mt at month-end April, an increase of 1.22%. > Click to view SMM's spot quotes for new energy products In May, enterprises that purchase spodumene externally for lithium extraction still hovered near the break-even line. At the beginning of the month, lithium carbonate prices rebounded, but spodumene concentrates followed suit and at one point rose more than salt prices, leading to continued losses. In the first half of May, lithium carbonate prices further rose, and non-integrated enterprises might briefly achieve slim profits on the spot; after mid-month, ore prices fluctuated at highs while lithium carbonate pulled back, causing enterprises to fall back into losses, which lasted until month-end. Enterprises that purchase lepidolite externally for lithium extraction continued to see stable profits in May. Although lepidolite concentrate prices fluctuated at highs due to tight supply, their increase was smaller than the rise in lithium carbonate, leaving profit margins for the smelting end. May 12: Yichun Mining auctioned 5,700 mt of 2% lepidolite concentrate at a transaction price of 5,760 yuan/mt, reflecting the tight balance at the ore end. As of June 24, spodumene concentrate (CIF China) spot prices remained at $2,291/mt. Lithium Carbonate According to customs data, China imported 37,555 mt of lithium carbonate in May, up 15% MoM and up 78% YoY. Of this, 24,522 mt came from Chile (65% of total imports), 11,422 mt from Argentina (30%), and 1,023 mt from Indonesia (3%). From January to May, China’s cumulative lithium carbonate imports reached 153,000 mt, up 53% YoY. In May, China exported 201 mt of lithium carbonate, down 46% MoM and down 30% YoY. Cumulative exports from January to May totaled 2,087 mt, up 1% YoY. China imported 12,107 mt of lithium sulfate in May, down 33% MoM but up 53% YoY. Cumulative imports from January to May reached 71,000 mt, up 105% YoY. According to SMM spot price data, spot lithium carbonate prices in May also showed a pattern of rising first and then falling. As of May 29, spot lithium carbonate prices stood at 177,500 yuan/mt, up 500 yuan/mt from 177,000 yuan/mt on April 30, an increase of 0.28%. 》Click to view SMM New Energy product spot prices Looking back at the May lithium carbonate market, according to SMM, spot lithium carbonate prices in China fluctuated upward with a notable rise in the price center, and the average monthly price rose 12% MoM. From the fundamental side, supply-side disruptions continued to fester, while on the demand side, production schedules for downstream cathode materials and battery cells remained at high levels. The June production schedule is expected to accelerate further, and the supply-demand time mismatch remains unresolved. Upstream lithium chemical plants maintained firm prices and held back from selling throughout the month. The downstream showed divergence: some enterprises restocked on dips, but most had limited acceptance of high prices and mainly made just-in-time procurement, leaving actual transactions relatively sluggish. In May, spot battery-grade lithium carbonate prices kept rising amid fluctuations, with a notable gain at month-end compared to the start of the month. The most-traded futures contract briefly broke through the 200,000 yuan/mt mark during the month. As of June 24, spot battery-grade lithium carbonate prices were quoted at 154,000-161,000 yuan/mt, averaging 157,500 yuan/mt. According to SMM, entering June, the lithium carbonate market saw a clear tug-of-war between longs and shorts, with the price center shifting significantly lower than in May. On the supply side, disruptions such as declining exports from Chile and license renewals for mines in Jiangxi provided bottom support for lithium carbonate prices. However, pressure from high warrant levels and expectations of Zimbabwean ore arrivals capped the upside for prices. Downstream material plants maintain a dip-buying strategy amid falling lithium carbonate prices, with stronger willingness to restock when prices hit psychological levels but lacking momentum to chase rallies. Upstream lithium chemical plants, on the other hand, still hold sentiment to hold prices firm. Currently, the tug-of-war between longs and shorts intensifies. In the future, close attention should be paid to the warrant inflection point, the arrival pace of Zimbabwe lithium ore, and the extent to which downstream production schedules materialize. Spot lithium carbonate quotes are expected to remain in the doldrums in the near term. Lithium Hydroxide According to customs data, in May 2026, China imported 3,932 mt of lithium hydroxide, down 41% MoM and up nearly fourfold YoY. Among them, imports from South Korea amounted to 2,029 mt, accounting for 51% of total imports; from Indonesia were 360 mt, marking a notable pullback; from Australia and Chile were 1,204 mt, making up 30%. In May, China exported 3,549 mt of lithium hydroxide, down 36% MoM and down 36% YoY, with 2,799 mt going to South Korea and 608 mt to Japan. Battery Materials LFP In May 2026, China's LFP exports reached 7,625.4 mt, up 29.3% MoM from April and up 710.0% YoY from May last year, setting a new monthly high for the year. On the pricing front, total export value in May was $62.6062 million, with an average unit price of roughly $8,210/mt, equivalent to about 55,951 yuan/mt, up around 6.9% from the April average. In terms of export destinations, there was a notable shift in May: exports to the US were the highest at 3,014.7 mt, leaping to first place; Thailand ranked second with 2,030.6 mt; exports to Malaysia totaled about 886 mt, ranking third; Japan and Vietnam recorded 620 mt and 420 mt, respectively. Compared with April, exports to Vietnam and Thailand increased significantly, while those to Poland and Canada declined. The overall export center shifted towards Southeast Asia and the US, which is closely related to the locations of battery cell manufacturers' clients. Overall, overseas demand remains robust. China's total LFP exports kept increasing, achieving multiple-fold growth YoY. In the future, as overseas battery capacity gradually comes onstream, China's LFP exports are expected to stay high. LiPF6 According to China customs data, in May 2026, China's cumulative exports of LiPF6 were approximately 1,500 mt, up about 72.8% MoM, while cumulative imports of LiPF6 were about 53.5 mt. On the export front, in May 2026, China's LiPF6 exports were about 1,500 mt, up about 72.8% MoM from April and up about 15.5% YoY. Specifically, this month, LiPF6 was mainly exported to South Korea, Poland, Malaysia, Japan, and other countries. Exports to Poland were 451.88 mt, up about 33.89% MoM; exports to South Korea were 591.006 mt, up about 622.47% MoM; exports to Japan were 109.8 mt, down about 42.62% MoM; and exports to the US were 77.4 mt, down about 24.05% MoM. Overall, overseas procurement volume for LiPF6 recovered somewhat in May. Artificial Graphite In May 2026, China's artificial graphite imports were 980 mt, up 29.5% MoM but down 21.8% YoY. In terms of the average import price, in May 2026, the average import price of China's artificial graphite stood at 60,148 yuan/mt, down 20.8% MoM but up 37.3% YoY. In May 2026, China's artificial graphite exports were 50,038 mt, up 9.03% MoM but down 4% YoY. In terms of the average export price, in May 2026, the average export price of China's artificial graphite stood at 7,729 yuan/mt, down 16.12% MoM and down 12.91% YoY. Looking at the overall export data, while total artificial graphite exports recorded MoM growth in May, the combined shipments of the top five exporting provinces in China registered a 19% MoM pullback. Performance by province diverged significantly, with two provinces seeing their exports down sharply 40% MoM, another province posting an MoM decline approaching 30%, and major production regions showing marked export weakness. Flake Graphite In May 2026, China's flake graphite imports were 5,944 mt, up 87% MoM and up 22% YoY. Data source: China Customs, SMM In May 2026, China's flake graphite exports were 7,641 mt, up 87% MoM but down 12% YoY. The significant 87% MoM rise in flake graphite exports in this period was mainly driven by the low base effect stemming from the delayed delivery of export orders in April. Affected by earlier logistics delays, production schedule postponements, and other factors, export shipments in April were at a relatively low level, and previously backlogged export orders were concentrated for customs declaration and shipment in May, driving a sharp MoM increase in export volumes this month. Phosphate Ore In May 2026, China's phosphate ore imports stood at 131,000 mt, down 36.4% MoM, with an average price of $93/mt, down slightly 2.6% MoM. Import sources were highly concentrated in Egypt (128 kt, accounting for 97.7%), while shipments from Peru and Jordan were interrupted. Exports stood at 32 kt, up 189.6% MoM, with Hubei resuming exports of 21 kt. The Egyptian government halted new export contracts in mid-May, intensifying supply uncertainty going forward, which may further pressure import costs. The provincial mix shifted dramatically as Hubei imports fell to zero and Guangxi reclaimed the top spot. Characteristics of China’s phosphate ore import market in May: First, total volume pulled back significantly, with imports down more than one-third MoM; second, sources were highly concentrated, with Egypt alone accounting for as much as 97.7%, while shipments from Peru and Jordan were interrupted; third, the provincial mix shifted dramatically, as Hubei imports fell to zero and Guangxi reclaimed the top spot. The Egyptian government announced in mid-May that it would stop signing new phosphate ore export contracts. The uncertainty surrounding Egyptian cargo supply will rise markedly in the coming months, potentially pushing import costs higher and exacerbating tight supply. At the same time, the recovery in exports from Hubei and Guizhou reflects a rebalancing of the regional supply-demand pattern for domestic phosphate ore. Cobalt Cobalt Hydrometallurgy Intermediate Products In May 2026, China’s imports of cobalt hydrometallurgy intermediate products were approximately 2,584 mt in physical content, up 107% MoM and down 95% YoY. Imports from the DRC were approximately 2,066 mt in physical content, up 119% MoM and down 96% YoY. The average import price of cobalt hydrometallurgy intermediate products in China in May 2026 was $16,607/mt in physical content, down 3.37% MoM. Reports indicate that some Chinese-invested miners have gradually increased chartered shipments since May, with several leading miners progressively resuming shipments from June onward. Port arrivals of intermediate products are expected to slowly pick up in the coming months and are likely to achieve bulk arrival volumes after August. Unwrought Cobalt In May 2026, China’s imports of unwrought cobalt were approximately 673 mt, down 50% MoM and up 3% YoY. In May, the top three sources by refined cobalt import volume were Indonesia (211 mt), Madagascar (93 mt), and Canada (85 mt). The sharp MoM decline in imports was mainly due to the depletion of low-priced cobalt raw materials previously accumulated outside China, while newly imported cobalt plates and cobalt briquettes were priced higher than other domestic cobalt raw materials, reducing smelters’ willingness to purchase for dissolution. The average import price of unwrought cobalt in China in May 2026 was $54,557/mt, up 3.48% MoM. Cumulative imports in January-May 2026 totaled 6,589 mt, up 120% YoY. Exports, in May 2026 China's unwrought cobalt exports were approximately 370 mt, up 70% MoM and down 88% YoY. By destination, exports to the Netherlands surged to 205 mt in May, up 791% MoM. Average export price, the average export price of China's unwrought cobalt in May 2026 was $53,403/mt, down 2.17% MoM. Cumulative exports in January-May 2026 totaled 2,161 mt, down 79% YoY.

Spot lithium carbonate prices extended their downward trajectory this week, with the price center shifting further lower. The futures market saw intensifying volatility, with the most-traded LC2609 contract fluctuating downward from 150,900-161,800 yuan/mt early in the week to 150,300-163,900 yuan/mt, hitting a mid-week high of 163,900 yuan/mt before pulling back sharply and dipping to a low of 150,300 yuan/mt, testing the 150,000 yuan/mt psychological level. Open interest increased overall amid a fierce tug-of-war between longs and shorts. Market transactions showed active dip-buying on the downstream side while upstream players held firm on prices and held back from selling. On the upstream lithium chemical plant side, spot order quotes remained high as they maintained a stance of holding prices firm and holding back from selling, with some enterprises showing limited willingness to sell below 170,000 yuan/mt. On the downstream material plant side sentiment around buying and stockpiling near the 150,000 yuan/mt level was active, continuing a dip-buying strategy, with some closing out their post-settlement price positions around 150,000 yuan/mt. Overall, market inquiries and actual transactions were relatively active, with downstream purchase willingness notably strengthening as prices fell. Supply-side production edged up, while industry chain inventory diverged significantly. Lithium carbonate production edged up this week, mainly driven by incremental release from new capacity ramp-up on the spodumene side, while production from other raw material sources remained relatively stable overall. Looking at inventory changes: upstream lithium chemical plants, against the backdrop of a downward shift in the price center, continued to hold firm on spot order quotes and hold back from selling, leaving inventory basically stable; downstream material plants maintained a dip-buying strategy, with enthusiasm for buying and stockpiling notably increasing this week, leading to some inventory accumulation; traders synchronized destocking in line with the downstream buying pace. Overall, inventory adjustments diverged across segments, and market trading sentiment warmed somewhat. Import and export data showed continued ample supply from outside China. According to customs data, China imported 37,555 mt of lithium carbonate in May, up 15% MoM and up 78% YoY. Cumulative imports for January-May reached 153,000 mt, up 53% YoY. Of this, 24,522 mt came from Chile (65%) and 11,422 mt from Argentina (30%). Lithium sulfate imports in May totaled 12,107 mt, down 33% MoM but up 53% YoY, with cumulative imports for January-May reaching 71,000 mt, up 105% YoY. Import data stayed high, supplementing domestic supply. Looking ahead, on the supply side, the arrival pace of ore from Zimbabwe and the progress of Jiangxi mining license renewals remain key variables; on the demand side, active downstream buying and stockpiling sentiment near the 150,000 yuan/mt level provides some price support. In the short term, lithium carbonate prices are expected to remain in the doldrums, but whether the support near 150,000 yuan/mt holds requires monitoring.

[SMM Rare Earth Flash] Aclara Resources, listed in Toronto, announced that its Penco rare earth project in the Biobío Region of Chile has obtained the final environmental permit, clearing a key hurdle for the project's advancement. The project, being developed by Aclara in partnership with Chile's Steel and Mining Group (CAP), is an ion-adsorption type rare earth deposit with an expected investment of $130 million, and is expected to create nearly 700 construction jobs and 400 operational jobs. The company plans to integrate the Penco project into its mine-to-magnet supply chain strategy and build a rare earth separation facility in Louisiana, US, while jointly constructing a downstream alloy facility with CAP.

Anglo American and Chile's state-owned miner Codelco have finalized a joint mine plan agreement to integrate the development of their neighbouring Los Bronces and Andina copper operations. Subject to regulatory approvals, the project is expected to add approximately 2.7 million tonnes of copper production over the next 21 years, with average annual incremental output of around 120,000 tonnes of low-cost copper shared equally between the two companies. The partners estimate the collaboration could unlock at least US$5 billion in value by optimizing mine sequencing, sharing infrastructure and improving resource utilization without requiring significant additional capital investment. The agreement is expected to strengthen Chile's position as the world's leading copper producer and support its goal of increasing national copper output to 6 million tonnes by 2030.

According to customs data, in May 2026, China imported 3,932 tons of lithium hydroxide, down 41% month-on-month but up nearly fourfold year-on-year. Of this, 2,029 tons were imported from South Korea, accounting for 51% of total imports; another 30% came from Australia and Chile. In May, China exported 3,549 tons of lithium hydroxide, down 36% month-on-month and down 36% year-on-year. Among exports, 2,799 tons went to South Korea and 608 tons to Japan. Source: China Customs, SMM

SMM Analysis: According to data from the General Administration of Customs, China imported 68,700 mt of copper anode (HS code: 74020000) in May 2026, down 5.48% MoM and 1.04% YoY...

[SMM Analysis] China's Sulphur and Sulphuric Acid Import and Export Data in May

In May 2026, China's total monthly sulphur imports were 268,380.951 mt, down 9.2% MoM and down 66.40% YoY. The main import sources were Oman, South Korea, Japan, the UAE, Singapore, Vietnam, Brunei, and Kazakhstan, among others; China's total monthly sulphur exports were 440 mt, down 36.37% MoM and down 19.56% YoY. The main export destinations were Myanmar, Vietnam, Fiji, Indonesia, Cambodia, and South Korea; China's total monthly sulphuric acid imports were 946.594 mt, down 94.46% MoM and down 90.05% YoY. The main import sources were Taiwan, China, South Korea, Japan, Germany, and the US; China's total monthly sulphuric acid exports were 116,703.096 mt, down 15.69% MoM and down 75.87% YoY. The main export destinations were Indonesia, Chile, Brazil, Thailand, the Philippines, and Singapore, among others.

SMM Morning Meeting Summary: Last Friday night, LME copper opened at $13,625.5/mt, dipped to $13,584.6/mt early in the session, then fluctuated upward to a high of $13,675.7/mt, and finally closed at $13,587/mt, down 0.50%. Trading volume reached 10,500 lots, and open interest reached 253,000 lots, an increase of 2,615 lots from the previous trading day, reflecting bearish position building. Meanwhile, SHFE copper was closed last Friday night due to a holiday.

Data released by the General Administration of Customs’ online query platform showed that China’s imports of copper cathode in May 2026 were 316,094.23 mt, up 0.09% MoM and up 7.99% YoY. In May, China imported 128,615.64 mt of copper cathode from the DRC, down 12.76% MoM and up 42.43% YoY. In May, China imported 29,851.08 mt from Russia, up 22.80% MoM and down 20.88% YoY. On the export side, China’s exports of copper cathode in May 2026 were 19,857.06 mt, down 22.45% MoM and down 41.14% YoY. In May, China exported 7,663.11 mt of copper cathode to Thailand, down 10.32% MoM and up 9.65% YoY. In May, China exported 4,600.10 mt to Vietnam, up 13.11% MoM and down 41.58% YoY. Below is a breakdown of import data by origin based on China Customs statistics: Origin May 2026 (mt) MoM YoY DRC 128,615.64 -12.76% 42.43% Russia 29,851.08 22.80% -20.88% Zambia 20,244.03 84.03% 126.32% Japan 15,969.24 -2.79% -0.05% South Korea 15,370.53 178.87% 116.61% China 14,928.75 5.50% -48.96% Chile 14,028.31 -6.06% -39.16% Kazakhstan 12,726.46 -34.96% -21.19% Uzbekistan 8,967.50 98.20% 137.48% Australia 8,321.78 6.14% 44.62% Indonesia 5,021.60 -22.57% -0.95% Serbia 4,990.42 252.61% -40.42% Poland 4,680.62 39.05% 29.53% Pakistan 4,402.80 -42.32% 15.73% Myanmar 4,379.73 -21.38% 130.09% India 4,008.66 -39.87% 370.26% Peru 3,881.38 -42.17% -10.35% South Africa 2,285.43 -5.57% 6.68% Netherlands 1,981.23 299.77% -73.37% Tanzania 1,482.72 98.52% 257.03% Turkey 1,360.46 66.96% -11.60% Belgium 1,056.91 117.86% - Laos 957.40 23.77% 74.70% Malaysia 744.93 -23.19% -38.74% Morocco 701.01 48.93% 176.47% Thailand 682.26 0.86% -37.37% UAE 674.85 35.03% -87.68% Spain 502.10 - - Mongolia 394.03 -23.37% -72.77% Oman 328.22 8.95% 218.26% Qatar 315.13 -25.49% -75.29% Tajikistan 308.94 -62.58% 10.48% Mexico 204.16 - -87.48% Jordan 200.85 169.09% 290.61% Bolivia 200.09 - 373.33% Gabon 192.18 155.67% 160.26% Guinea 180.01 76.46% 1.64% Taiwan, China 178.58 -31.28% -30.34% Egypt 137.44 -74.79% -50.63% Saudi Arabia 118.12 626.46% -32.27% Mauritius 97.27 90.65% 259.46% Canada 87.93 152.35% 129.61% Angola 75.49 -80.03% - France 50.64 - - Sierra Leone 50.62 -33.69% - Georgia 43.59 82.22% 81.61% Lebanon 39.79 - - Brazil 23.03 - -14.72% Rwanda 22.08 -11.68% - Germany 15.01 - -36.77% Tunisia 13.02 - - US 0.20 -1.51% - Total 316,094.23 0.09% 7.99% Source: China Customs Below is a breakdown of export data by destination based on China Customs statistics: Destination May 2026 (mt) MoM YoY Thailand 7,663.11 -10.32% 9.65% Vietnam 4,600.10 13.11% -41.58% Taiwan, China 4,397.79 -32.29% 21.12% Indonesia 1,702.60 -14.81% 325.62% Brazil 693.46 - - Malaysia 499.18 -83.89% -44.48% Japan 300.32 - - South Korea 0.50 -99.91% - Total 19,857.06 -22.45% -41.14% Source: China Customs (Wenhua Composite)