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.

Around May 23, 2026, import and export data for cobalt and lithium battery industry chain-related products in April were released in a concentrated manner. Data showed that China's spodumene imports in April reached 758,000 mt in physical content, down 9.5% MoM and up 21.7% YoY. Lithium carbonate imports, China imported 32,650 mt of lithium carbonate in April, up 9% MoM and up 15% YoY.......SMM compiled the import and export data for battery materials, as detailed below: Upstream Lithium Concentrates In April 2026, China's spodumene imports reached 758,000 mt in physical content, down 9.5% MoM and up 21.7% YoY, equivalent to approximately 63,000 mt of LCE. Customs data showed that April spodumene imports pulled back MoM from March, reaching 758,000 mt in physical content. By source country, Australian ore port arrivals returned to a relatively normal level, with over 350,000 mt arriving this month, up 38.9% MoM; Zimbabwe's earlier shipments arrived at port this month at 102,000 mt, down 9.2% MoM; South Africa and Nigeria saw some contraction in monthly port arrivals, while ore from Mali had almost no notable port arrivals this month due to shipping schedule impacts. Notably, spodumene powder sold by Brazil in early 2026 arrived at port this month, driving a significant increase in port arrivals from this country. Additionally, after SMM screening, the month's incoming ore was equivalent to 63,000 mt of LCE. Among the incoming ore, lithium concentrates accounted for 67%, edging down MoM, mainly because apart from Australia , ore from other source countries contained some relatively low-grade ore. Source: China Customs, compiled by SMM Spodumene concentrates (CIF China) spot pricing, according to SMM spot pricing, spodumene concentrates (CIF China) spot prices fluctuated upward in April. As of April 30, spodumene concentrates (CIF China) spot prices rose to $2,540/mt, up $221/mt from the month-end price of $2,313/mt in March, a gain of 9.81%. According to SMM, lithium carbonate prices continued to rise in April, and spodumene concentrates prices rose in tandem with salt prices, with gains exceeding those of lithium carbonate itself, causing non-integrated enterprises that purchase externally spodumene concentrates to suffer losses, with spot profitability remaining in deficit. In April, spot circulation of lepidolite concentrates relatively eased. Meanwhile, as lithium carbonate prices rose, processing fees for non-integrated enterprises also increased accordingly, preserving a certain profit margin for their processing operations and enabling these enterprises to achieve spot profitability. However, recently, spodumene concentrates prices adjusted in tandem with lithium carbonate price fluctuations, and the price center shifted downward. According to SMM's latest findings, disrupted by rumors of production resumptions at Jiangxi mines this week, lithium carbonate futures and spot prices declined, further dragging down the overall price center. Currently, lithium mines showed a weak willingness to make shipments, and transactions were mostly concentrated between traders and buyers. Port lithium ore inventory continued to decline. Going forward, attention should still be paid to the potential tight lithium ore supply triggered by high operating rates in the lithium chemicals industry. Lithium ore prices were expected to continue to hold up well. Lithium Carbonate According to customs data, China imported 32,650 mt of lithium carbonate in April, up 9% MoM and up 15% YoY. Of this, 21,000 mt was imported from Chile (65% of total imports), 9,555 mt from Argentina (29%), and 1,100 mt from Indonesia (3%). From January to April, China's cumulative lithium carbonate imports reached 116,000 mt, up 47% YoY cumulatively. In April, China exported 370 mt of lithium carbonate, down 17% MoM and down 50% YoY. From January to April, China's cumulative lithium carbonate exports totaled 1,886 mt, up 7% YoY cumulatively. In April, China imported 17,942 mt of lithium sulfate, up 9% MoM and up 296% YoY. From January to April, China's cumulative lithium sulfate imports reached 58,900 mt, up 121% YoY cumulatively. According to SMM spot quotes, spot lithium carbonate prices generally trended upward in April. As of April 30, the spot lithium carbonate price rose to 177,000 yuan/mt, up 14,000 yuan/mt from 163,000 yuan/mt on March 31, a gain of 8.59%. According to SMM analysis, China's lithium carbonate prices followed a "V-shaped" trend in April, first declining then rising, with the monthly average price up 6% MoM. In the first ten days, geopolitical disruptions in the Middle East intensified global risk-averse sentiment, causing non-ferrous metals and lithium carbonate prices to fluctuate downward. In the mid-to-late period, driven by Zimbabwe's export ban, Jiangxi mine license renewals, and rising costs, prices began to rebound and fluctuate upward, with the price center shifting notably higher by month-end. Upstream and downstream purchasing remained stagnant, with the psychological price spread widening week by week. Upstream producers held prices firm and held back from selling, maintaining high offer prices, while downstream buyers made just-in-time procurement only, with psychological price levels concentrated at 155,000-175,000 yuan/mt, restocking on dips only when prices fell rapidly. In April, spot battery-grade lithium carbonate prices dropped to around 155,500 yuan/mt in the first ten days, then rallied all the way to 177,000 yuan/mt by month-end. As of May 29, domestic spot battery-grade lithium carbonate was quoted at 174,000-181,000 yuan/mt, with an average price of 177,500 yuan/mt. Lithium Hydroxide According to customs data, in April 2026, China imported 6,689 mt of lithium hydroxide, up 9% MoM and up four times YoY. Of this, 2,252 mt were imported from South Korea, accounting for 34% of total imports; 1,706 mt came from Indonesia, accounting for approximately 25% of imports; and the remaining 40% came from Australia and Chile. In April, China exported 5,535 mt of lithium hydroxide, up 76% MoM and up 31% YoY, of which 3,915 mt were exported to South Korea and 864 mt to Japan. Continued sluggish ternary cathode material output outside China limited the absorption capacity for lithium hydroxide in markets outside China, resulting in a slight surplus in markets outside China, which in turn widened the price spread between domestic and overseas markets. Meanwhile, as suppliers outside China had previously signed long-term supply agreements with domestic traders, they were able to continuously dump lithium hydroxide into the Chinese market. Under the combined effect of these factors, the trade pattern of lithium hydroxide continued to reverse (shifting from net exports to net imports). Source: China Customs, compiled by SMM Battery Materials LiPF6 According to China Customs data, in April 2026, China's cumulative LiPF6 exports totaled approximately 868 mt, down approximately 80.9% MoM, while cumulative imports were approximately 96 mt. Export side, China's LiPF6 exports in April 2026 were approximately 868 mt, down approximately 80.9% MoM from March and down approximately 33.2% YoY. Specifically, as the LiPF6 export VAT rebate policy was officially abolished starting April 1, 2026, enterprises rushed to export in advance in March, and electrolyte enterprises outside China built up certain inventory, leading to MoM declines in China's exports to multiple major destination countries in April. Exports to Poland were 337.5 mt (down approximately 80.4% MoM), South Korea 81.804 mt (down approximately 92.56% MoM), Czech Republic 150 mt (down approximately 67.43% MoM), and the US 101.908 mt (down approximately 61.7% MoM). Only exports to Japan increased — 191.37 mt (up approximately 50.77% MoM). Artificial Graphite In April 2026, China's artificial graphite imports were 757 mt, up 12.4% MoM and down 32.9% YoY. Average import price side, in April 2026, the average import price of artificial graphite in China was 75,941 yuan/mt, up 23.1% MoM and up 14.6% YoY. In April 2026, China's artificial graphite exports totaled 45,895 mt, up 22.3% MoM but down 21% YoY. In terms of average export price, in April 2026, the average export price of China's artificial graphite was 9,214 yuan/mt, down 6.6% MoM but up 0.26% YoY. Exports from the top five exporting provinces rose 21% MoM from the previous month, with two provinces seeing export volume increases of over 35% MoM, and another province recording a 20% MoM increase. Import market, orders from downstream power battery enterprises in China gradually recovered in April. Combined with the phased tightness in spot capacity of leading anode enterprises, restocking demand was released, boosting artificial graphite imports to rebound from weakness on a MoM basis. However, import volumes remained down YoY, primarily because China's anode industry had ample overall capacity with supply still in surplus, domestic self-sufficiency continued to strengthen, and the industry's reliance on imported raw materials and finished products steadily declined. Flake Graphite In April 2026, China's flake graphite imports totaled 3,178 mt, down 19% MoM and down 45% YoY. Data source: China Customs, SMM In April 2026, China's flake graphite exports totaled 4,093 mt, down 50% MoM and down 54% YoY. Export market, the flake graphite export tax rebate policy was officially canceled this month, directly squeezing profit margins for foreign trade enterprises and significantly dampening overall export willingness. Meanwhile, the approval pace for flake graphite export licenses slowed down, hindering foreign trade shipments processes. Coupled with weak ex-China end-use demand, multiple bearish factors combined to directly drive a sharp decline in industry export volumes. The import market also continued to weaken. Goods originally intended for exports shifted to domestic sales circulation, with increasingly abundant local supply sources in China. Market enthusiasm for import procurement was insufficient, ultimately causing imports to decline in tandem this month. Phosphate Ore On May 20, 2026, according to customs data, China's phosphate ore imports totaled 207,000 mt in April 2026. April imports rose 13.5% from 182,000 mt in March. Total import value in April was $19.741 million, up 35.7% MoM from $14.552 million in March. The average unit price was $95.5/mt, up 19.6% from $79.9/mt in March. Import commentary: In May, Egypt's phosphate ore exports faced "policy tightening and weakening demand."On May 13, Egypt's Ministry of Petroleum and Mineral Resources announced that it would no longer sign any new phosphate ore export contracts. Previously, Egyptian Prime Minister Mustafa Madbouly stated clearly at a meeting on May 10 that the government was pushing for a transition from raw material exports to the manufacturing of high-value-added products such as phosphate fertiliser. Already signed long-term contracts would not be affected. This is expected to push up import prices and may affect imports. Cobalt Cobalt Hydrometallurgy Intermediate Products In April 2026, China's cobalt hydrometallurgy intermediate products imports were approximately 1,247 mt in physical content, down 26% MoM and down 98% YoY. Among them, imports from the DRC were approximately 945 mt in physical content, down 43% MoM and down 98% YoY. In April 2026, the average import price of China's cobalt hydrometallurgy intermediate products was $17,187/mt in physical content, up 2.63% MoM. It was learned that most miners had completed the Q4 2025 quota approvals, but the Q1 2026 quota approvals slowed down again due to sampling, detection and other procedural issues. In addition, transportation capacity in the DRC was tight. Fleets, driven by economic considerations, prioritised the transport of oil products and chemicals that were in production shortage, followed by other metals with shorter turnover cycles, and cobalt among non-ferrous metals came last, meaning cobalt faced significant transportation capacity issues. Constrained by the above factors, miners mainly focused on building in-transit inventory and had not yet arranged concentrated vessel bookings, and the arrival of large batches of intermediate products at ports may continue to be delayed. Unwrought Cobalt In April 2026, China's unwrought cobalt imports were approximately 1,334 mt, up 39% MoM and up 59% YoY. In April, refined cobalt imports mainly came from Indonesia, Russia, and Madagascar, with imports of 462 mt, 457 mt, and 182 mt respectively. The main reason for the increase this month was that domestic smelters lacked intermediate product raw materials and imported cobalt slabs and cobalt briquettes for re-dissolution to ensure normal production. In terms of average import prices, the average import price of China's unwrought cobalt in April 2026 was $52,724/mt, up 4.72% MoM. Cumulative imports from January to April 2026 totalled 5,916 mt, up 153% YoY cumulatively. Export side, China's unwrought cobalt exports in April 2026 were approximately 218 mt, down 47% MoM and down 95% YoY. By country, China's exports to the US dropped significantly, with April exports to the US at 35 mt, down 87.5% MoM. The main reason was that demand for alloy-grade refined cobalt in the US pulled back in April, and ex-China branded refined cobalt was already sufficient to meet regional demand, with some refined cobalt traders redirecting their destinations from the US back to China. Average export price, the average export price of China's unwrought cobalt in April 2026 was $54,590/mt, up 5.80% MoM. Cumulative exports from January to April 2026 totaled 1,792 mt, down 76% YoY.

Around April 23, 2026, import and export data for cobalt and lithium battery industry chain products in March were released. Data showed that March spodumene imports rebounded significantly from February, hitting a new record high of 837,400 mt in physical content. Lithium carbonate side, China imported 29,974 mt of lithium carbonate in March, up 13% MoM and up 65% YoY.......SMM compiled the import and export data for battery materials as follows: Upstream Lithium Concentrates Customs data showed that March spodumene imports rebounded significantly from February, hitting a new record high of 837,400 mt in physical content. By source country: African ore arrivals increased notably — Nigeria imports reached 125,100 mt, up 63% MoM; Zimbabwe shipments from earlier periods arrived at ports in the month totaling 112,600 mt, up 61% MoM; Canada broke the zero-import situation in January-February with 58,600 mt arriving in March; while Australian ore volumes declined MoM due to shipping schedule impacts. According to SMM's screening and analysis, total port arrivals this month were equivalent to 81,000 mt LCE. Lithium concentrates accounted for 72% of the month's imports, down slightly compared to the same period last year, mainly due to the notable increase in South African raw ore port arrivals recently. Notably, driven by prices and local beneficiation plant development, Nigerian ore volumes increased significantly, with not only raw ore volumes rising markedly but also concentrates share increasing notably YoY. Source: China Customs, compiled by SMM Spodumene concentrates (CIF China) spot pricing side, according to SMM spot prices, March spodumene concentrates (CIF China) spot prices showed a V-shaped trend, dropping to a low of $2,028/mt at month-end, then rebounding to $2,313/mt at month-end, with a monthly average of $2,081.4/mt. According to SMM, in March, spodumene and lepidolite profit trends diverged, with structural cost differences among lithium chemicals enterprises becoming evident. Available spodumene volumes were tight, ore traders held back from selling, and inventory continued to be drawn down. Enterprises purchasing spodumene externally suffered losses on spot margins throughout the month, with non-integrated enterprises facing greater difficulties in hedging and procurement. Entering April, spodumene concentrates (CIF China) spot prices also showed a pattern of initial decline followed by recovery. Recently, spodumene concentrates prices continued to probe higher. As of April 27, spodumene concentrates (CIF China) spot prices rose to $2,507/mt, up $194/mt from $2,313/mt at end-March, an increase of 8.39%. According to SMM's recent research, driven by market expectations of improving future demand, speculative sentiment in the lithium carbonate futures market remained strong, pushing futures prices up. Lithium ore merchants showed increased willingness to sell, with pricing-against-futures prices staying high. Looking ahead, lithium chemical plant operating rates stay high, with demand for lithium ore continuing to climb. Meanwhile, Zimbabwe has suspended spodumene exports for nearly two months, leading to persistently tight available lithium ore supply in the market. Overall, spodumene prices are expected to hold up well. Lithium Carbonate According to customs data, China imported 29,974 mt of lithium carbonate in March, up 13% MoM and up 65% YoY. By source, the top 3 were Chile (18,000 mt, 61%), Argentina (8,292 mt, 28%), and Indonesia (2,100 mt, 7%). From January to March, China's cumulative lithium carbonate imports reached 83,000 mt, up 65% YoY cumulatively. China exported 448 mt of lithium carbonate in March, down 25% MoM and up 104% YoY. From January to March, China's cumulative lithium carbonate exports totaled 1,516 mt, up 46% YoY cumulatively. According to SMM spot quotes, lithium carbonate showed a volatile trend of first declining then rising in March. As of March 31, the average spot price of battery-grade lithium carbonate was quoted at 163,000 yuan/mt, with a monthly average price of 156,700 yuan/mt. According to SMM analysis, spot lithium carbonate prices in China showed a significantly volatile upward trend in March, with the monthly average price up 5% MoM. Fundamentals-wise, supply side, production gradually recovered as maintenance ended, and lithium chemical plants showed increased willingness to sell spot orders at the relatively high level around 170,000 yuan/mt; demand side, downstream cathode material producers basically adopted a dip-buying strategy, with strong purchase willingness at price levels around 140,000 to 150,000 yuan/mt. As demand continued to improve, some enterprises engaged in large-scale restocking at low levels. In March, battery-grade spot lithium carbonate prices rose to 172,500 yuan/mt at the beginning of the month and pulled back to around 163,000 yuan/mt at month-end. Recently, battery-grade lithium carbonate spot quotes stayed high above 170,000 yuan. As of April 28, battery-grade lithium carbonate spot quotes were at 172,000-177,000 yuan/mt, with an average price of 174,500 yuan/mt. According to SMM, in today's spot lithium carbonate market, as lithium carbonate prices declined, downstream purchase enthusiasm picked up, with some buyers' target prices basically around 170,000 to 175,000 yuan/mt; upstream spot order quotes remained at high levels. Overall, market inquiries and transactions were relatively active. Looking ahead, the supply side presents mixed signals: Huayou in Zimbabwe announced the successful shipment of lithium sulfate over the weekend, which may ease some supply anxiety in the short term; however, disruptions from mine license renewals in Jiangxi persisted, Middle East geopolitical fluctuations pushed up diesel costs, and some Australian mines confirmed cost increases in their Q1 quarterly reports. Although actual mining has not been affected yet, medium and long-term supply elasticity may be impacted. Demand side, LFP capacity release and the peak season for new car model deliveries in Q2 are expected to continue boosting lithium carbonate demand. Overall, cost support and demand expectations are resonating, and lithium carbonate prices are expected to remain on a relatively strong trend in Q2. Lithium Hydroxide According to customs data, in March 2026, China imported 6,111 mt of lithium hydroxide, up 66% MoM and up 200% YoY. Of this, 2,927 mt came from Indonesia, accounting for approximately 48% of imports, with another 40% from Australia and South Korea. In March, China exported 3,143 mt of lithium hydroxide, up 20% MoM and down 26% YoY, of which 2,059 mt were exported to South Korea and 278 mt to Japan. Battery Materials Ternary Cathode Material In March 2026, China's ternary cathode material (NCM and NCA combined) exports reached 21,900 mt, up 103% MoM and up 163% YoY. Of this, NCM exports were 20,900 mt, accounting for 96%. In terms of export destinations, South Korea was the largest importer of NCM, with March imports of 8,500 mt; Poland, Malaysia, and Japan ranked second, third, and fourth at 3,720 mt, 2,409 mt, and 2,363 mt respectively. In addition, Germany's imports saw significant growth compared to the same period last year. China's ternary cathode material exports hit a record high in March, mainly driven by the cancellation of China's 13% VAT export rebate policy for ternary cathode material effective April 1. Four leading battery cell manufacturers in Japan and South Korea placed orders in advance, boosting demand not only for their domestic plants but also for their battery cell production sites in Southeast Asia and Europe. Beyond the rebate policy impact, EV subsidy policies in Europe also fueled strong demand growth, driving up China's ternary cathode material exports. Among them, the Nordic countries led in EV penetration rate thanks to the most generous subsidies; the UK, France, and Germany continued to serve as important sources of NEV sales support. In contrast, US NEV sales declined notably in Q1, down nearly 30% YoY, significantly impacting Q1 orders for some ex-China battery cell manufacturers targeting the North American market. Looking ahead to Q2, Europe is expected to remain the largest source of incremental ex-China ternary cathode material demand. Despite some disruption from the tax rebate policy, as more battery cell manufacturers and ternary cathode producers plan to complete construction and commence production this year and next, the outlook for European market demand remains optimistic. LiPF6 According to China Customs data, in March 2026, China's cumulative LiPF6 exports totaled approximately 4,554 mt, up approximately 161% MoM, while cumulative imports were approximately 31 mt. Export side, China's LiPF6 exports in March 2026 were approximately 4,554 mt, up approximately 161% MoM from February and up approximately 188.8% YoY. Specifically, as the VAT rebate policy for LiPF6 exports was officially canceled starting April 1, 2026, enterprises rushed to export in advance in March, driving MoM increases in exports to multiple major destination countries. Among them, exports to Poland were 1,723.602 mt (up approximately 693.63% MoM), South Korea 1,099.429 mt (up approximately 184.26% MoM), Czech Republic 460.5 mt (up approximately 237.36% MoM), and Malaysia 249.346 mt (up approximately 141.39% MoM). However, exports to the US declined — 266.146 mt (down approximately 53.70% MoM). Artificial Graphite In March 2026, China's artificial graphite imports were 673 mt, up 0.6% MoM and down 34.1% YoY. Average import price in March 2026 was 61,696 yuan/mt, up 3.9% MoM and up 10.6% YoY. Data source: China Customs, SMM In March 2026, China's artificial graphite exports were 37,525 mt, up 6% MoM and down 16% YoY. Average export price in March 2026 was 9,866 yuan/mt, up 14.4% MoM and down 7% YoY. Flake Graphite In March 2026, China's flake graphite imports were 3,905 mt, up 11% MoM and up 45% YoY. Data source: China Customs, SMM In March 2026, China's flake graphite exports were 8,118 mt, up 35% MoM and up 65% YoY. Phosphate Ore According to customs data, China's phosphate ore imports in March 2026 were 182,000 mt. March imports rose 88.2% from February's 97,000 mt, up 144.4% YoY from 75,000 mt; March total import value was $14.552 million, up 74.6% MoM from February's $8.336 million. Unit price was $79.9/mt, down 7.2% significantly from February's $86.1/mt. In March, China's phosphate ore imports mainly came from Egypt and Pakistan, with imports of 170,000 mt and 12,000 mt respectively. Affected by factors related to the Strait of Hormuz, Jordanian phosphate ore failed to be imported, though imports from other regions filled the gap. Due to hindered transportation of high-priced Jordanian phosphate ore and lack of import volume support, March phosphate ore import unit price declined from February, pulling back to below $80/mt. Cobalt Cobalt Hydrometallurgy Intermediate Products In March 2026, China's cobalt hydrometallurgy intermediate products imports were approximately 1,690 mt in physical content, down 26% MoM and down 97% YoY. Among them, imports from DRC were approximately 1,668 mt in physical content, up 10% MoM and down 97% YoY. In March 2026, the average import price of China's cobalt hydrometallurgy intermediate products was $16,730/mt in physical content, up 2.92% MoM. It was learned that cobalt intermediate products export volume from DRC increased notably in March. If the government maintains this efficient approval pace going forward, quotas for Q4 2025 and Q1/Q2 2026 will most likely be exported within the stipulated timeframe, reducing the probability of further delays. However, shipping in Africa is currently tight, with only a few miners completing small-batch vessel bookings in April. Based on a 1-2 month shipping time from South Africa to China, these intermediate products are expected to arrive at port in May-June, while intermediate products from other miners are not expected to arrive until around July. Unwrought Cobalt In March 2026, China's unwrought cobalt imports were approximately 961 mt, down 44% MoM and up 83% YoY. March imports remained at a relatively high level, mainly due to continued arrivals of export orders placed during the import window opening from late December 2025 to mid-January 2026. On average import price, China's unwrought cobalt average import price in March 2026 was $50,346/mt, up 10% MoM. Cumulative imports from January to March 2026 totaled 4,582 mt, up 206% YoY cumulatively. It was learned that as the import window gradually closed after mid-to-late January 2026, overseas traders' export willingness weakened, and refined cobalt imports in April may continue to decline MoM. Exports, China's unwrought cobalt exports in March 2026 were approximately 413 mt, up 32% MoM and down 69% YoY. By country, China's exports to the US rose slightly, with 280 mt exported to the US in March, up 13% MoM. Average export price, China's average export price of unwrought cobalt in March 2026 was $51,596/mt, down 3% MoM. Cumulative imports from January to March 2026 totaled 1,574 mt, down 52% YoY cumulatively.

[SMM Data: Complete Summary of SMM March 2026 Import and Export Data] SMM March 2026 import and export data showed: copper cathode net imports were down YoY; primary aluminum imports reached 255,000 mt, up 14.8% YoY; refined lead imports climbed sharply; zinc ingot imports were up 220% MoM; tin ore imports were up 122% YoY; silver imports were up 93% MoM; steel exports rebounded MoM; PV module export value was up 122.7% MoM; silicon metal exports were up 43% MoM, and magnesium exports hit a multi-year high. Among new energy materials, exports of LiPF6 and artificial graphite surged significantly.

[SMM Analysis: Natural Graphite Trade Cools Down in May 2025, Expected to Continue Declining in June] SMM reported on July 16: In May 2025, China's flake graphite exports stood at 8,716 mt, down 3% MoM and 10% YoY.