Researchers at the Odtu-Gunam institute in Türkiye, in collaboration with Necmettin Erbakan University, have developed a TOPCon solar cell using nickel (Ni) contacts with minimal silver (Ag) content—under 0.5 mg/W compared to the typical 13–20 mg/W—achieving nearly the same efficiency (23.66%) as traditional fully silver-metallized cells (23.71%). By employing Ag-doped Ni pastes and optimizing the contact structure with advanced layers such as silicon monoxide (SiOX), a-SiNx, and nickel oxide (NiO), the team significantly reduced silver usage while preserving performance. This innovation could lower production costs and enhance the sustainability and scalability of solar cell manufacturing.

A research team from Turkey's Odtu-Gunam Institute, in collaboration with Necmettin Erbakan University, has developed a TOPCon solar cell that utilizes nickel (Ni) contacts and contains almost no silver (Ag). The silver usage in this cell is less than 0.0005 grams per watt, significantly lower than the 0.013–0.02 grams per watt required for traditional silver-contacted cells, while still achieving nearly the same efficiency (23.66% vs. 23.71%). The team employed silver-doped nickel paste and optimized the contact structure, including functional layers such as silicon monoxide (SiOX), silicon nitride (a-SiNx), and nickel oxide (NiO), to maintain high performance while substantially reducing silver usage. This innovation is expected to significantly reduce production costs and enhance the sustainability and scalability of solar cell manufacturing.

Around May 20, import and export data for cobalt and lithium battery industry chain-related products in April were released. The data showed that in April, China's domestic spodumene imports totaled 623,000 mt, up 16.5% MoM, equivalent to 54,000 mt of LCE. Among them, lithium ore imports from Zimbabwe amounted to 106,000 mt, up 82% MoM. For lithium carbonate, China imported 28,000 mt in April, up 56% MoM and 34% YoY. Among these imports, 20,000 mt came from Chile, accounting for 71% of the total imports. In April, China exported 734 mt of lithium carbonate, up 334% MoM and 213% YoY. SMM has compiled the import and export situation of battery materials as follows: Upstream Lithium Concentrates According to data from the General Administration of Customs, in April, China's domestic spodumene imports totaled 623,000 mt, up 16.5% MoM, equivalent to 54,000 mt of LCE. Specifically, Australia, Nigeria, and Zimbabwe were the main sources of imports. Among them, lithium ore imports from Australia amounted to 298,000 mt, down 3% MoM; imports from Zimbabwe amounted to 106,000 mt, up 82% MoM; and imports from Nigeria amounted to 89,000 mt, up 4% MoM. Imports from South Africa amounted to 40,400 mt, down 22% MoM, a significant decrease. In addition, the volume of spodumene concentrates in April was 520,000 mt, accounting for 83% of the total ore imports, mostly from countries such as Australia and Zimbabwe. Data source: China Customs, SMM's processed data based on public information Note: It may not be possible to fully and accurately account for the actual monthly spodumene concentrate imports from customs data, and some data are only reported in terms of the general direction of import volumes. [SMM Analysis] In April, China's domestic spodumene imports totaled 623,000 mt, up 16.5% MoM Returning to the current lithium ore market, on the spodumene side, according to SMM, on the supply side, although overseas mines have a certain willingness to refuse to budge on prices, due to their shipping pressure, their quotes have been adjusted downward. On the demand side, as the current lithium chemical prices are at a relatively low level, the psychological price level of buyers continues to decline, and their purchase willingness for lithium ore priced at CIF US$650/mt or above is not strong. When the current spot and futures prices of lithium carbonate are falling, demand continues to push down prices during negotiations, and the willingness to close deals is relatively moderate. This week's lithium ore import customs data showed that in April, China's domestic spodumene imports exceeded 600,000 mt, with a significant MoM increase, equivalent to over 50,000 mt of LCE. Coupled with the high inventory levels at ports in recent months, traders and mine operators are under certain pressure to sell, enhancing buyers' bargaining power. With lithium carbonate prices remaining low, there is an expectation of weakness in lithium ore prices. As of May 23, the spot quotation index for spodumene concentrates (CIF China) fell to $690/mt, down $127/mt from $817/mt on April 1, representing a 15.54% decline. 》Click to view SMM's spot quotations for new energy products Lithium Carbonate According to customs data, China imported 28,000 mt of lithium carbonate in April, up 56% MoM and 34% YoY. Of this, 20,000 mt was imported from Chile, accounting for 71% of the total imports, and 6,850 mt was imported from Argentina, accounting for 25% of the total imports. From January to April, China's cumulative imports of lithium carbonate reached 79,000 mt, up 27% YoY. In April, China exported 734 mt of lithium carbonate, up 334% MoM and 213% YoY. Reviewing the current lithium carbonate prices, according to SMM's spot quotations, as of May 23, the spot quotation for battery-grade lithium carbonate temporarily held steady at 61,600-64,500 yuan/mt, with an average price of 63,050 yuan/mt, down 11,050 yuan/mt from 74,100 yuan/mt in early April, representing a 14.91% decline. 》Click to view SMM's spot quotations for new energy products Reviewing the lithium carbonate market in April, downstream power demand performed well, but was constrained by the impact of the cancellation of mandatory ESS allocation in China and US tariff policies, limiting the overall increase in demand. Additionally, with the increase in the proportion of customer-supplied raw materials at downstream material plants, their willingness to purchase spot orders weakened. Supply side, the continuous decline in prices led some non-integrated lithium chemical plants to reduce or halt production, but the impact was limited in scale. Lithium carbonate remained in a state of surplus that month, with the surplus scale narrowing somewhat. Looking at the current situation, according to SMM, from the supply side, some enterprises have shown signs of maintenance and production cuts, with weekly output scales weakening. However, under the hedging opportunities presented by the slight rebound in the futures market, some non-integrated lithium chemical plants are expected to resume production or show signs of increasing output. Overall, while the reduction in output due to maintenance has exerted some pressure on the total output of lithium carbonate, overall supply is expected to remain at a relatively high level. Although downstream demand also saw some increase in May, due to the currently large proportion of customer-supplied and long-term contracted materials, and with the continuous decline in lithium carbonate prices, downstream material plants are generally adopting a cautious wait-and-see attitude, making it difficult for spot order transactions to support market confidence. From the perspective of the raw material ore side, prices have also continued to decline, and no mines have announced production cuts or halts. With the continuous weakening of cost support, lithium carbonate prices lack upward momentum. Against the backdrop of an unchanged surplus in supply and demand, SMM expects the lithium carbonate market to remain under pressure in the short term. Lithium hydroxide According to customs data, China's lithium hydroxide exports reached 4,222 mt in April, remaining basically flat MoM and decreasing by 61% YoY. Of this, exports to South Korea amounted to 2,047 mt, accounting for 48% of China's total exports, decreasing by 6% MoM and 72% YoY. Exports to Japan reached 1,756 mt, accounting for 42% of China's total exports, decreasing by 7% MoM and 40% YoY. The average export price of lithium hydroxide from China in April was $14,297/mt, up 8% MoM. Since the beginning of 2025, weak overseas downstream demand, coupled with the partial transfer of overseas lithium hydroxide orders for domestic shipments, has led to a sustained low level of exports. Additionally, China's lithium hydroxide imports in the same month amounted to 1,276 mt, decreasing by 35% MoM. Of this, imports from Australia and Argentina amounted to 1,094 mt, accounting for 86%, primarily due to the sales of inventory and output from Chinese-funded smelters in Australia and the production from salt lakes in Argentina. Data source: General Administration of Customs, compiled by SMM 》【SMM Analysis】China's lithium hydroxide exports reached 4,222 mt in April, basically flat MoM Battery materials LFP According to the latest data from the General Administration of Customs, China's LFP exports amounted to 1,151.7 mt in April 2025, decreasing by 16% MoM from March and increasing by 1,724% YoY. In terms of prices, the average export price of LFP in March 2025 was $6,206.9/mt, up $315.55/mt from the average price in March, representing a MoM increase of approximately 5.4%. In the import data of the General Administration of Customs for April 2025, Guangxi Zhuang Autonomous Region remained the top province for LFP exports, with 968.5 mt, all exported to Vietnam. Hubei Province ranked second with 59.454 mt, and Anhui Province ranked third with 30 mt. In terms of country-specific export data for LFP in April 2025, Vietnam remained the top export destination, with a total of 968 mt of LFP exported to Vietnam, accounting for 84% of total exports. South Korea ranked second with 7%, and Taiwan, China ranked third, with 63 mt of LFP exported to Taiwan, China, accounting for 5.5% of total exports. There were also exports to France, Italy, the US, Greece, etc. Additionally, according to China's customs import data, China's LFP imports in April amounted to 8.6 mt, decreasing by 58% MoM, primarily imported from Indonesia, with an average import price of $5,345.6/mt. 》【SMM Analysis】China's LFP import and export situation in April Ternary cathode In April 2025, China's imports of ternary cathode materials (combined NCM+NCA) amounted to 6,158 mt, increasing by 36.73% MoM and decreasing by 17.58% YoY. Among them, NCM imports reached 5,170 mt, up 28.48% MoM and down 16.21% YoY. NCA imports stood at 988 mt, up 105.94% MoM and down 24.07% YoY. In April 2025, China's exports of ternary cathode materials (combined NCM and NCA) amounted to 9,356 mt, up 13% MoM and up 30% YoY. Among them, cumulative NCM exports reached 9,058 mt, up 11.31% MoM and up 30.86% YoY. The recovery in overseas demand was mainly reflected in South Korea, Japan, and Poland. Exports to South Korea in April were 4,725 mt, up 104 mt MoM. Exports to Japan were 1,016 mt, up 349 mt MoM. Exports to Poland were 1,539 mt, up 349 mt MoM. NCA exports were 298 mt, up 90.29% MoM and down 0.71% YoY. 》[SMM Analysis] April's ternary cathode import and export volumes released, with imports up 37% MoM and exports up 13% MoM Ternary cathode precursor In April 2025, China's exports of ternary cathode precursors reached 7,511 mt, up 7% MoM and down 60% YoY. From May 2024 to April 2025, China's cumulative exports of ternary cathode precursors (including NCM, NCA, nickel oxides, and NC) were 141,523 mt, down 16.70% YoY. In April, the overall export volume of ternary cathode precursors increased compared to March. Among them, the export volumes of NCM and NC rebounded, while the export volume of NCA decreased significantly. The total NC exports in April were 2,580 mt, up 20.56% MoM and down 33.13% YoY. NCA exports in April were 0 mt. In addition, the total NCM exports in April were 4,931 mt, up 1.69% MoM and down 65.62% YoY. By country, South Korea remained China's main export destination for NC in April, though its share decreased slightly to 90%, with export volume increasing from 1,605 mt the previous month to 2,331 mt. The volume of NCM flowing to South Korea decreased from 4,546 mt the previous month to 4,426 mt. 》[SMM Analysis] Analysis of ternary cathode precursor exports in April Artificial graphite In April 2025, China's imports of artificial graphite were 1,128 mt, up 10% MoM and up 1% YoY. In terms of average import price, in April 2025, the average import price of artificial graphite in China was 66,270 yuan/mt, up 219% MoM and down 8% YoY. Data source: SMM, China Customs In April 2025, China's exports of artificial graphite were 58,170 mt, up 30% MoM and up 19% YoY. In terms of average export price, in March 2025, the average export price of artificial graphite in China was 9,190 yuan/mt, down 13% MoM and down 32% YoY. In April 2025, against the backdrop of domestic coke prices not yet falling to low levels, domestic anode material enterprises showed low production enthusiasm, and domestic supply was slightly tight. As a result, the import volume of artificial graphite increased MoM. On the export side, affected by tariffs, the volume of artificial graphite exported to the US in April decreased by 29% MoM. Except for the US, the import volume of artificial graphite from China by other countries all increased to varying degrees. 》[SMM Analysis] In April, the import and export volumes of artificial graphite both increased MoM. LiPF6 According to data from China Customs, in April 2025, China's cumulative export volume of LiPF6 was 1,217 mt, a decrease of approximately 23% MoM. Among them, China's cumulative import volume of LiPF6 was 0 mt. On the export side, in April 2025, China's export volume of LiPF6 was 1,217 mt, a decrease of approximately 23% MoM from March and approximately 41% YoY. Specifically, 371.404 mt of LiPF6 was exported to Poland, an increase of approximately 48% MoM; 225 mt was exported to Hungary, an increase of approximately 66.7% MoM; 171.212 mt was exported to South Korea, a decrease of approximately 41% MoM; and 107.847 mt was exported to the US, a significant decrease of approximately 78.7% MoM. Overall, there was a certain decrease in the procurement volume of raw materials for lithium batteries by foreign countries in April, and overseas demand for lithium batteries declined. 》[SMM Data] Import and Export Data of LiPF6 in April 2025 Cobalt Cobalt hydrometallurgy intermediate products According to customs data, in April 2025, China's import volume of cobalt hydrometallurgy intermediate products was approximately 18,600 mt (metal content), an increase of 5% MoM. In terms of average import prices, in March 2025, the average import price of cobalt hydrometallurgy intermediate products in China was $15,820/mt (metal content). By country, in March, the DRC remained the main importing country, with an import volume of approximately 18,500 mt (metal content) (calculated based on a grade of 35%), an average import price of $15,857/mt (metal content), and an import share of approximately 99%. 》[SMM Analysis] In April, the import volume of cobalt intermediate products increased slightly. Unwrought cobalt In April 2025, China's import volume of unwrought cobalt was approximately 839 mt (metal content), an increase of 60% MoM and 230% YoY. In terms of average import prices, in April 2025, the average import price of unwrought cobalt in China was $26,831/mt (metal content), an increase of 36% MoM. From January to April 2025, the cumulative import volume was 2,337 mt (metal content), a cumulative increase of 175% YoY. On the export side, in April 2025, China's export volume of unwrought cobalt was approximately 4,086 mt (metal content), an increase of 201% MoM and 556% YoY. In terms of average export prices, the average export price of China's unwrought cobalt in March 2025 was $31,119/mt (metal content), up 28% MoM. The cumulative export volume from January to April 2025 was 7,397 mt (metal content), up 185% YoY. 》[SMM Analysis] Both China's unwrought cobalt exports and imports saw significant growth in April 2025.

In April 2025, China's exports of ternary cathode precursors reached 7,511 mt, up 7% MoM and down 60% YoY. From May 2024 to April 2025, China's cumulative exports of ternary cathode precursors (including NCM, NCA, nickel oxides, and NC) totaled 141,523 mt, representing a cumulative YoY decline of 16.70%.

The CLNB 2025 (10th) New Energy Industry Expo, hosted by SMM, will be grandly held at the Suzhou International Expo Center from April 16 to 18, 2025. During the exhibition, there will be 1 main forum and 10 sub-forums, attended by government leaders, academicians from the Chinese Academy of Sciences and the Chinese Academy of Engineering, domestic and overseas scientists, foreign guests from dozens of countries, and leading entrepreneurs from various industries. Join us in Suzhou to witness the gathering of industry leaders, discuss core technologies, listen to expert insights, interpret market trends, and focus on key issues. This year's expo covers 6 major exhibition areas, with over 1,300 domestic and overseas exhibitors showcasing the entire industry chain of batteries, including power batteries, consumer batteries, energy storage, raw materials, materials, equipment, battery recycling, as well as new energy vehicles, power tools, electric drives, and the low-altitude economy in the power exhibition area, providing you with a one-stop exhibition experience. Click to fill out the registration form and register immediately to discuss the future development of the new energy industry with industry elites. We look forward to your arrival and joining SMM in opening this grand feast of the new energy industry. At this year's New Energy Industry Expo, Wudi Jinhaibay Lithium Technology Co., Ltd. will make a grand appearance, discussing industry cooperation, sharing development opportunities, and jointly painting a bright future for the new energy industry with peers. Extending the Circular Economy Chain, Building the Capital of Lithium Battery Materials. Wudi Jinhaibay Lithium Technology Co., Ltd., located in the Binzhou Lubei Chemical Industry Park, one of the first batch of chemical industry parks in Shandong Province, is a subsidiary of the state-owned Shandong Lubei Enterprise Group. Established in September 2016, the company covers an area of 115 acres, with fixed assets of 300 million yuan and 260 employees, including a R&D team of over 30 senior engineers and postgraduates. The company's main business is the R&D, production, and sales of battery-grade lithium carbonate. With strong technical capabilities, the company holds multiple national invention patents and utility model patents, including the continuous lithium precipitation process technology for battery-grade lithium carbonate. Supported by the powerful technical backing of the Lubei Lithium Battery Materials Research Institute, the company adopted the mature domestic sulfuric acid production process and resin tower purification technology, investing 300 million yuan to build a 20,000 mt/year lithium carbonate new materials project in March 2018. The first phase of the project was completed and put into production in August 2019. Currently, the company produces 10,000 mt of battery-grade lithium carbonate annually. The company's battery-grade lithium carbonate products, low in sodium and calcium and without EDTA additives, are widely used in lithium-ion battery cathode materials, electrolyte materials, and other industries, with a sales network covering the entire country. The by-product lithium slag is fully utilized by Lubei Group's listed company for the production of sulfuric acid and cement, achieving comprehensive resource utilization and clean production, and becoming an important part of the Lubei circular economy system's new energy chain. In 2022, the company achieved sales revenue of 720 million yuan and profits and taxes of over 90 million yuan. During the "14th Five-Year Plan" period, the company will adhere to the concept of green development, focus on creating new momentum with new materials, form upstream and downstream connections with Lubei Group's existing industries, further extend the Lubei circular economy industry chain, build a high-end new materials industry base in Lubei, and create the capital of lithium battery materials, making positive contributions to regional economic development. Battery-grade lithium carbonate (Li2CO3): Basic information: Battery-grade lithium carbonate is usually a white powdery crystal with a molecular weight of 73.89, a density of 2.11 g/cm³, and a melting point of 732°C, with high purity and good chemical stability. Purity standards: Battery-grade lithium carbonate requires a high lithium carbonate content, generally not less than 99.5%, with strict limits on the content of various impurities. For example, the content of metal impurities such as sodium (Na), potassium (K), iron (Fe), calcium (Ca), copper (Cu), and lead (Pb) needs to be controlled at very low levels to ensure its performance and safety in battery applications. Application fields: Lithium-ion battery cathode material production. LCO battery: Lithium cobalt oxide is the earliest commercialized lithium-ion battery cathode material, and battery-grade lithium carbonate is an important raw material for synthesizing lithium cobalt oxide. LCO batteries have high energy density and good charge-discharge performance, widely used in 3C electronic products such as mobile phones and laptops. LFP battery: Rapidly developed in recent years, with advantages such as high safety, long cycle life, and relatively low cost, widely used in electric vehicles, energy storage, and other fields. Battery-grade lithium carbonate is one of the key raw materials for preparing lithium iron phosphate. Ternary material battery: Ternary materials generally refer to lithium nickel cobalt manganese oxide or lithium nickel cobalt aluminum oxide, combining the advantages of lithium cobalt oxide, lithium nickel oxide, and lithium manganese oxide, with high energy density and good comprehensive performance, also an important application direction in electric vehicles and other fields, and its production is inseparable from battery-grade lithium carbonate. Lithium-ion battery electrolyte additive: As an electrolyte additive, battery-grade lithium carbonate can improve the ionic conductivity of the battery, enhance the charge-discharge performance, and to some extent improve the safety and service life of the battery. Other application fields: Also has certain applications in industries such as glass, ceramics, and medicine. For example, in glass manufacturing, lithium carbonate can be used as a flux to lower the melting temperature of glass and improve its quality; in the medical field, lithium carbonate can be used to treat mental illnesses. Industrial-grade lithium carbonate (Li2CO3): Basic information: Industrial-grade lithium carbonate is usually a white powdery crystal with a molecular weight of 73.89, a density of 2.11 g/cm³, and a melting point of 720°C. Purity standards: The main component content is between 99.2%-99.5%, but with more impurities compared to battery-grade lithium carbonate. Application fields: Glass and ceramic industry: In glass manufacturing, lithium carbonate can be used as a flux to lower the melting temperature and viscosity of glass, improve the processing performance of glass, and enhance its strength, transparency, and corrosion resistance. In ceramic production, lithium carbonate can be used as an additive to improve the sintering performance and microstructure of ceramics, enhancing their strength, hardness, and heat resistance. Aluminum industry: In the aluminum production process, adding industrial-grade lithium carbonate can lower the melting point and viscosity of the electrolyte, improve the conductivity of the electrolyte, thereby reducing the energy consumption and production costs of aluminum. In addition, lithium carbonate can also reduce the volatilization of hydrogen fluoride in the electrolyte, lowering environmental pollution. Refrigerant industry: As an additive in refrigerants, industrial-grade lithium carbonate can improve the refrigeration effect and stability of refrigerants, while reducing their corrosiveness and toxicity. For example, in some new environmentally friendly refrigerant formulations, lithium carbonate is an important component. Cement industry: In cement additives, lithium carbonate can act as a coagulant, shortening the setting time of cement and improving its early strength, suitable for projects with special requirements for cement setting time. Other fields: Can be used to prepare various lithium salts such as lithium chloride and lithium bromide, which are widely used in air conditioners, dehumidifiers, batteries, and other fields. In the medical field, lithium carbonate can be used to treat certain mental illnesses and as an intermediate in drug synthesis. In analytical chemistry, it can be used as an analytical reagent for component analysis and detection. It also has certain applications in the semiconductor, optical communication, and rare earth electrolysis industries. For example, in the preparation of semiconductor materials, lithium carbonate can be used as a dopant to improve the performance of semiconductors. Lithium hydroxide monohydrate (LiOH•H2O): Basic information: A highly corrosive white crystalline powder, slightly soluble in ethanol, easily soluble in water, with a melting point of 471°C and a density of 1.51 g/cm³. Application fields: Battery field: An inevitable choice for producing high-nickel ternary cathode materials, with increasing demand for lithium hydroxide monohydrate due to the rapid development of the new energy vehicle industry. Can be used as an additive in alkaline battery electrolytes to increase storage capacity and extend battery life. Chemical industry: Lithium-based grease prepared with lithium hydroxide has advantages such as long service life, oxidation resistance, and high-temperature stability, widely used in the lubrication of machinery, automobiles, and other equipment. Can be used as catalysts and additives in the petrochemical industry, for example, in the petroleum refining process, lithium hydroxide can be used as a component of catalysts to promote chemical reactions. Can be used to produce new refrigerants such as lithium bromide absorption solutions for refrigeration machines. Metallurgical field: In the metallurgical industry, lithium hydroxide monohydrate can be used for metal purification, alloy preparation, and metal surface treatment. For example, in the production of aluminum-lithium alloys, lithium hydroxide can be used as an additive to improve the performance of the alloy. Other fields: Can be used as an analytical reagent, oxidizer, etc., in chemical experiments and analysis and detection. In ceramic and glass production, it can be used as an additive to improve product performance, such as enhancing the corrosion resistance of glass and the sintering performance of ceramics. Used in the treatment of certain nuclear fuels and the separation of radioactive substances. Sodium sulfate (Na2SO4): Basic information: A white, odorless, bitter-tasting white monoclinic crystal or powder, with a relative density of 2.68, a melting point of 884°C, and a boiling point of 1,404°C. Exposed to air, it easily absorbs moisture to become hydrated sodium sulfate, transforming into hexagonal crystals at 241°C. Easily soluble in water, with an alkaline aqueous solution, soluble in glycerol, but insoluble in ethanol. Application fields: Industrial field: Widely used in the chemical, paper, glass, textile, printing and dyeing, and cement industries. Medical field: In traditional Chinese medicine, sodium sulfate has the effects of purging accumulation, softening hardness, moistening dryness, clearing heat, and reducing swelling, and can be used externally to clear heat and reduce swelling. In modern medicine, it can be used as an analytical reagent, such as a dehydrating agent, digestion catalyst in nitrogen determination, and interference inhibitor in atomic absorption spectroscopy. Other fields: Used as a filler in synthetic detergents, reducing surface tension and increasing the solubility of detergents. In sulfate galvanizing, it can be used as a buffer to stabilize the pH of the plating solution. It is a diluent for food coloring and an agent for caramel coloring production. [CLNB 2025—Hot Registration in Progress] CLNB 2025 (10th) China International New Energy Industry Expo April 16-18, 2025 Suzhou International Expo Center Contact Us

Around April 20, import and export data for cobalt and lithium battery-related products in March were released. The data showed that in March 2025, domestic spodumene imports totaled 534,500 mt, equivalent to 46,000 mt LCE. Among these, imports from Nigeria amounted to 85,000 mt, up 83% MoM... SMM has consolidated the import and export situation of battery materials as follows: Upstream Lithium Concentrates According to customs data, in March 2025, domestic spodumene imports totaled 534,500 mt, down 6% MoM, equivalent to 46,000 mt LCE. Specifically, imports from Australian mines were 308,000 mt, up 33% MoM; imports from Zimbabwe were 58,000 mt, down 40% MoM; and imports from Nigeria were 85,000 mt, up 83% MoM. Additionally, imports from South Africa were 52,000 mt, down 65% MoM, showing a significant decrease. Furthermore, in March, spodumene concentrate imports amounted to 464,300 mt, accounting for 87% of total ore imports, with most coming from Australia, Zimbabwe, and Nigeria. Data Source: China Customs, SMM processed data based on public information Note: Customs data may not fully and accurately reflect the actual spodumene concentrate imports for the month, and some data is reported only in broad terms. [SMM Analysis] In March, domestic spodumene imports totaled 534,500 mt. Returning to the current lithium ore market, on the spodumene side, according to SMM, although overseas mines are still standing firm on quotes, the continuous decline in lithium carbonate spot and futures prices has led to a lower acceptable price range for buyers. Some suppliers, due to a pessimistic outlook on future market prices, have a strong desire to sell, leading to continuously falling quotes. Although transactions are generally slow, there is a trend of downward pressure on market prices. As of April 25, the spot price index for spodumene concentrate (CIF China) fell to $793/mt, down $43/mt from the high point of $836/mt in mid-March, a decrease of 5.14%. [Click to view SMM new energy product spot prices] On the lepidolite side, the continuous decline in lithium carbonate prices has weakened the purchasing enthusiasm of buyers. Some external lepidolite smelters even have plans to reduce or halt production, leading to a continuous decline in the acceptable price range for lepidolite concentrates. Lithium Carbonate According to customs data, in March 2025, China imported 18,125 mt of lithium carbonate, up 47% MoM and down 5% YoY. Specifically, 12,718 mt, or 70%, was imported from Chile, and 4,646 mt, or 26%, was imported from Argentina. Exports of lithium carbonate in March were 220 mt, still at a low level. Returning to the current lithium carbonate prices, according to SMM spot prices, as of April 25, the spot price for battery-grade lithium carbonate fell to 68,200-71,400 yuan/mt, with an average price of 69,800 yuan/mt, down 4,500 yuan/mt from the high point of 74,300 yuan/mt on March 27, a decrease of 6.06%. [Click to view SMM new energy product spot prices] According to SMM surveys, from the demand side, the expected increase in lithium carbonate demand for May has not been met. When lithium carbonate prices were at a low point earlier, downstream material plants generally stockpiled, so it is unlikely that there will be large-scale pre-holiday stockpiling before Labour Day. From the supply side, some upstream lithium chemical plants have recently reduced or halted production, leading to a decrease in lithium carbonate output. However, overall output remains high, and the surplus situation continues. If the market sentiment shows positive signals, the reduced or halted lithium chemical plants may quickly resume production, making the supply volume highly elastic. In market news, a lithium chemical plant, due to its previously set floor price being broken, is considering adjusting long-term contract shipment volumes. In an extreme scenario, if all long-term contract shipments are terminated, it could cause short-term supply disruptions. However, considering the cumulative inventory levels of domestic lithium carbonate, there is still little upward momentum for spot prices. Additionally, attention should be paid to the price trends of raw materials. If ore prices show a significant downward trend, the cost pressure on non-integrated lithium chemical plants will be somewhat relieved. [Click for more details] Battery Materials LFP According to the latest customs data, in March 2025, China's LFP exports reached a record high of 1,367.8 mt, up 129% MoM and 861% YoY. In terms of price, the average export price of LFP in March 2025 was $5,891.4/mt, up $406.56/mt from February. In March 2025, the top exporting province for LFP was Guangxi Zhuang Autonomous Region, with 906 mt, all exported to Vietnam; Jiangsu Province ranked second with 177.4 mt, and Anhui Province third with 163 mt. In terms of export destinations, Vietnam remained the top country, with a total of 906 mt, accounting for 66.2% of the export volume; Taiwan, China, was second with 195.2 mt; and South Korea was third with 96.3 mt. There were also exports to Poland, France, and Japan. Additionally, according to customs import data, in March, China's LFP imports were 20.54 mt, mainly from Taiwan, China, with an average import price of $18,916.6/mt. [March LFP Material Import and Export Situation [SMM Analysis]] Ternary Cathode Precursor In March 2025, China's ternary cathode precursor exports were 7,033 mt, down 10% MoM and 58.81% YoY. From April 2024 to March 2025, China's cumulative ternary cathode precursor exports (including NCM, NCA, nickel oxides, and NC) were 169,888 mt, down 31.14% YoY. In March, the overall export volume of ternary cathode precursors decreased compared to February. Specifically, NCM and NC exports weakened, while NCA exports increased slightly. The total NC exports in March were 2,140 mt, down 4.59% MoM and 43.71% YoY. NCA exports in March were 45 mt. Additionally, the total NCM exports in March were 4,849 mt, down 12.31% MoM and 61.02% YoY. [March Ternary Cathode Precursor Export Analysis [SMM Analysis]] Ternary Cathode In March 2025, China's ternary cathode material (NCM + NCA combined) imports were 4,504 mt, up 31% MoM and down 32.15% YoY. Specifically, NCM imports were 4,024 mt, up 35.49% MoM and down 23.98% YoY; NCA imports were 480 mt, up 1.11% MoM and down 64.33% YoY. In March 2025, China's ternary cathode material (NCM + NCA combined) exports were 8,294 mt, up 36% MoM and 14.14% YoY. Specifically, NCM exports were 8,138 mt, up 34.65% MoM and 17.15% YoY. The main regions driving the recovery in overseas demand were South Korea and Poland, with exports to South Korea reaching 4,621 mt, up 3,431 mt MoM, and exports to Poland reaching 3,851 mt, up 3,061 mt MoM. NCA exports were 156 mt, up 111.55% MoM and down 51.18% YoY. [March Ternary Cathode Import and Export Volumes Released, Imports Up 31% MoM, Exports Up 36% MoM [SMM Analysis]] Artificial Graphite In March 2025, China's artificial graphite imports were 1,021 mt, down 78% MoM and 8% YoY. In terms of import prices, in March 2025, the average import price of artificial graphite in China was 55,788 yuan/mt, up 211% MoM and down 29% YoY. Data Source: SMM, China Customs In March 2025, China's artificial graphite exports were 44,437 mt, up 108% MoM and down 18% YoY. In terms of export prices, in March 2025, the average export price of artificial graphite in China was 10,610 yuan/mt, down 36% MoM and 23% YoY. Although imports in March 2025 declined compared to the previous month, from a long-term perspective, this month's import scale remains within the normal historical fluctuation range, with no abnormal changes. On the export side, there was a significant increase, with the end of the Chinese New Year holiday leading to a rapid recovery in market demand. This month, artificial graphite exports increased by 108% MoM, indicating a strong recovery. [March Market Recovery, Artificial Graphite Exports Increase [SMM Analysis]] LiPF6 According to China Customs data, in March 2025, China's LiPF6 cumulative exports were 1,577 mt, up about 6.1% MoM, with cumulative imports at 0 mt. In terms of exports, in March 2025, China's LiPF6 exports were 1,577 mt, up about 6.1% MoM and down about 28.4% YoY. [March 2025 LiPF6 Import and Export Data [SMM Data]] Cobalt Cobalt Hydrometallurgy Intermediate Products According to customs data, in March 2025, China's imports of cobalt hydrometallurgy intermediate products were approximately 17,850 mt (calculated at 35% grade), up 20.6% MoM and 5.6% YoY. The average import price in March 2025 was $12,351/mt (metal content). By country, the DRC remained the main import source, with imports of approximately 17,600 mt (calculated at 35% grade), at an average import price of $12,374/mt (metal content), accounting for about 98.5% of total imports. [March Cobalt Intermediate Product Imports Up Both MoM and YoY [SMM Analysis]] Unwrought Cobalt In March 2025, China's unwrought cobalt imports were approximately 525 mt, up 10.5% MoM and 135% YoY. The average import price in December 2024 was $19,711/mt (metal content), down 8.7% MoM. Cumulative imports from January to March 2025 were 1,499 mt, up 152.4% YoY. In terms of exports, in March 2025, China's unwrought cobalt exports were approximately 1,353 mt, up 199% MoM and 37% YoY. The average export price in March 2025 was $24,255/mt (metal content), up 9% MoM. Cumulative exports from January to March 2025 were 68,412 mt, down 24.7% YoY. [March 2025 Unwrought Cobalt Exports and Average Export Prices Up Significantly MoM [SMM Analysis]]

In March 2025, China's ternary cathode precursor exports totaled 7,033 mt, down 10% MoM and 58.81% YoY. From April 2024 to March 2025, China's cumulative ternary cathode precursor exports (including NCM, NCA, nickel oxides, and NC) reached 169,888 mt, with a cumulative YoY decline of 31.14%.

The CLNB 2025 (10th) New Energy Industry Expo, hosted by Shanghai Metals Market (SMM), will be grandly held at the Suzhou International Expo Center from April 16 to 18, 2025. During the exhibition, there will be 1 main forum and 11 sub-forums, attended by government leaders, academicians from the Chinese Academy of Sciences and the Chinese Academy of Engineering, domestic and overseas scientists, foreign guests from dozens of countries, and leading entrepreneurs from various industries. Witness the gathering of industry leaders, discuss core technologies, listen to experts' insights, interpret market trends, and focus on key issues in Suzhou. This year's expo covers 6 major exhibition areas, with over 1,300 domestic and overseas exhibitors and participating companies showcasing the entire industry chain of batteries, including power batteries, consumer batteries, ESS, raw materials, materials, equipment, battery recycling, as well as NEVs, power tools, electric drives, and the low-altitude economy in the power exhibition area, providing you with a one-stop exhibition experience. Click to fill out the registration form and register immediately to discuss the future development of the new energy industry with industry elites. We look forward to your arrival and to opening this feast of the new energy industry with SMM. At this year's New Energy Industry Expo, Xuancheng Jingrui New Materials Co., Ltd. will make a grand appearance, discussing industry cooperation, sharing development opportunities, and jointly outlining the beautiful blueprint of the new energy industry with peers. Xuancheng Jingrui New Materials Co., Ltd., Booth No.: G75, cordially invites you to visit the CLNB 2025 New Energy Industry Expo. About Jingrui New Materials: Discovering the beauty of materials, creating the light of technology. Xuancheng Jingrui New Materials Co., Ltd. is located in the High-tech Zone of Xuancheng City, Anhui Province, and is a company specializing in the research, production, and application of nano new materials. The company's founding team began researching nano materials in 1999 and established Hangzhou Dayang Nano Materials Co., Ltd. in Qiandao Lake in 2001, specializing in the production of nano alumina, nano titanium dioxide, nano zirconia, and various nano material liquid products. In 2005, Hangzhou Wanjing New Materials Co., Ltd. was established. With the continuous expansion of the company's business market and the development of nano material production technology, the company settled in the High-tech Zone of Xuancheng City in 2009 through investment attraction. Currently, the company has 130 professional technical personnel, including 35 long-term engaged in new material technology R&D, detection, process design, and project industrialization, with bachelor's, master's, and doctoral degrees. The company has established industry-university-research cooperation with renowned domestic and overseas universities such as Central China Normal University, Hokkaido University in Japan, and Northeast Forestry University, forming a new material R&D team with professors and doctors from well-known universities as consultants. The company has established a nano new material R&D center with Hokkaido University in Japan and exchanges technical personnel for R&D and cooperation. With a strong new material R&D team, the company currently has 16 authorized invention patents, 5 utility model patents, 1 copyright certificate, and 5 intellectual property applications, and has developed over 60 new materials and nano material application technologies. The current products include: nano oxides for lithium batteries, nano high-purity alumina, titanium dioxide, zirconia, silicon dioxide, molybdenum trioxide, zinc oxide, bismuth oxide, tungsten trioxide, cerium oxide, yttrium oxide, lanthanum oxide, manganese oxide, iron oxide, copper oxide, silicon carbide, nickel oxide, magnesium oxide, photocatalysts, rare earth oxides, polishing oxides, etc. The products are widely used in new energy, information and communication, coatings, air treatment, rubber, ink, plastics, cosmetics, clothing, and other fields, and are highly praised by domestic and overseas customers. Product Introduction: Nano Oxide Powder, Nano Oxide Dispersion Liquid, Precision Detection Equipment, Nano Rare Earth Materials. Contact Information: Company Address: No. 40, Qilin Avenue, Xuanzhou District, Xuancheng City, Anhui Province. Company Website: http://www.jingruinano.com. Manager Xu: 15867120050, Manager Yang: 13305631332, Manager Li: 18956341785, Manager Wu: 13305631650, Manager Sun: 13336102095, Manager Wu: 18958007459, Manager Gan: 18620162680. [CLNB 2025—Hot Registration in Progress] CLNB 2025 (10th) New Energy Industry Expo, April 16 to 18, 2025, Suzhou International Expo Center.

Around March 20, the import and export data of cobalt and lithium battery industry chain related products for January-February 2025 were released. The data showed that China's spodumene imports totaled 1.16 million mt in physical weight, equivalent to 95,000 mt LCE. In January-February 2025, China imported 32,450 mt of lithium carbonate, mostly from Chile. SMM integrated the import and export situation of battery materials as follows: Upstream Lithium Concentrate According to customs data, China's spodumene imports totaled 1.16 million mt in physical weight in January-February 2025, equivalent to 95,000 mt LCE. Specifically, lithium ore imports in January were 590,000 mt, with 341,500 mt (58%) from Australia, 101,000 mt (17%) from South Africa, and 54,000 mt (9%) from Zimbabwe. In February, lithium ore imports were 567,000 mt, with 232,000 mt (41%) from Australia, down 32% MoM; 150,000 mt (26%) from South Africa, up 49% MoM; and 97,000 mt (17%) from Zimbabwe, up 80% MoM. Data source: China Customs, SMM processed data based on public information. Note: Customs data may not fully accurately count the actual spodumene concentrate imports for the month, and some data are only reported in the general direction of import volume. [SMM Analysis] China's spodumene imports totaled 1.16 million mt in physical weight in January-February 2025, with spodumene concentrate accounting for about 76%. Returning to the current lithium ore market, on the spodumene side, SMM learned that at the beginning of this week, the spot and futures prices of lithium carbonate showed a significant downward trend due to macro policy impacts. Affected by this, overseas spodumene mines have a clear attitude to stand firm on quotes, with relatively small price reductions and even a tendency to hold prices. Domestic spot traders are mostly in a wait-and-see attitude, and market transactions are relatively sluggish. As of April 8, the spodumene concentrate (CIF China) index was $812/mt, down $32/mt from $844/mt on March 7, a drop of 3.79%. Click to view SMM new energy product spot quotes. On the lepidolite side, demanders' willingness to purchase higher-priced lithium ore has shifted downward, showing a wait-and-see attitude in the market, with overall transactions being mediocre. Lithium Carbonate According to customs data, China imported 32,450 mt of lithium carbonate in January-February 2025. Specifically, 20,197 mt (62%) were imported from Chile and 11,086 mt (34%) from Argentina. China exported 816 mt of lithium carbonate in January-February 2025. Returning to the current lithium carbonate price, SMM spot quotes showed that as of April 8, the average spot price of battery-grade lithium carbonate was 70,800-74,000 yuan/mt, with an average of 72,400 yuan/mt, down 2,650 yuan/mt from 75,050 yuan/mt on March 7, a drop of 3.53%. Click to view SMM new energy product spot quotes. Reviewing the lithium carbonate supply-demand pattern in March, after the traditional off-season in February, both supply and demand for lithium carbonate rebounded significantly in March. With the continuous ramp-up of some lithium carbonate production lines, domestic lithium carbonate production reached a historical high in March, up 23% MoM, approaching the 80,000 mt mark. The surplus pattern of lithium carbonate further intensified, dragging down the spot price of lithium carbonate. Returning to the present, SMM learned that today's macro sentiment dragged down the spot price of lithium carbonate significantly. Market transactions increased slightly but have not yet reached an active level. Downstream material plants are considering future price trends and currently maintain a wait-and-see attitude. Upstream lithium chemical plants still have a firm attitude on quotes, with few transactions. Considering the subsequent supply-demand situation, the significant surplus pattern is difficult to reverse, and the spot price of lithium carbonate is expected to continue to decline. Lithium Hydroxide [China's lithium hydroxide exports hit a new low in January-February 2025, totaling 7,545 mt, with imports totaling 2,380 mt] According to customs data, China exported 7,545 mt of lithium hydroxide in January-February 2025, with 5,064 mt (67%) exported to South Korea and 1,983 mt (26%) to Japan. Imports totaled 2,380 mt, with 1,305 mt (55%) from Australia and 259 mt (11%) from Argentina. Battery Materials LFP According to the latest customs data, China's LFP exports in January 2025 reached a record high of 1,221 mt, up 34% MoM and 916% YoY. In terms of price, the average export price of LFP in December 2024 was $6,088/mt, down $2/mt from December. In January 2025, Guangxi Zhuang Autonomous Region remained the top province for LFP exports - 876 mt, all exported to Vietnam; Jiangsu ranked second - 150 mt, and Anhui ranked third - 131 mt. In terms of export destinations, Vietnam remained the top country, with 876 mt (71.7%) of LFP exported to Vietnam; Taiwan, China ranked second, with 147 mt exported; the US ranked third, with 138.7 mt exported. Other destinations included South Korea and France. Click to view SMM new energy product spot quotes. [SMM Analysis] China's LFP exports surged in January! Ternary Precursor In February 2025, China's ternary precursor exports were 7,773 mt, down 17% MoM and 57% YoY. From March 2024 to February 2025, China's cumulative ternary precursor exports (including NCM, NCA, nickel oxides, and NC) were 162,854 mt, down 34% YoY. In February, overall ternary precursor exports decreased compared to January, with NCM, NCA, and nickel oxides and NC exports weakening to varying degrees. Nickel oxides and NC exports in February were 2,243 mt, down 18% MoM and 64% YoY. NCA exports in February were 0 mt. NCM exports in February were 5,530 mt, down 15% MoM and 52% YoY. [SMM Analysis] Analysis of ternary precursor exports in February. Artificial Graphite In February 2025, China's artificial graphite imports were 4,607 mt, up 440% MoM and 325% YoY. The average import price was 17,933 yuan/mt, down 74% MoM and 77% YoY. Exports were 21,389 mt, down 57% MoM and 50% YoY. The average export price was 16,469 yuan/mt, down 95% MoM and up 33% YoY. In February, imports surged nearly five times. SMM learned that this surge was mainly due to Chinese anode material plants establishing and starting production overseas. Exports were affected by the start of production at overseas plants of Chinese anode material plants and the Chinese New Year holiday. Click to view details. [SMM Analysis] China's artificial graphite imports increased in February. In January 2025, China's artificial graphite imports were 853 mt, up 2% MoM and down 37% YoY. The average import price was 69,510 yuan/mt, up 469% MoM and 2% YoY. On the import side, due to pre-holiday stockpiling by battery cell manufacturers, artificial graphite imports in January increased by 2%. Domestic artificial graphite has advantages in price and specifications, and domestic capacity is relatively sufficient, so battery cell manufacturers still mainly use domestic artificial graphite, leading to a 37% YoY decline in imports in January. On the export side, in January, as the Chinese New Year holiday approached, domestic artificial graphite production decreased. Click to view details. [SMM Analysis] Logistics disruptions led to a decline in artificial graphite exports in January. LiPF6 According to Chinese customs data, China's cumulative LiPF6 exports in January 2025 were 2,430 mt, up 13.5% MoM. In February, cumulative exports were 1,486 mt, down 38.8% MoM. In January, cumulative imports were 0.002 mt, and in February, cumulative imports were 8.134 mt. Overall, foreign lithium battery manufacturers increased raw material procurement in January, and overseas demand for lithium batteries grew slightly. In February, foreign lithium battery product demand was affected by the Chinese New Year holiday, leading to a decline in demand. [SMM Data] LiPF6 import and export data for January-February 2025. Cobalt Cobalt Hydrometallurgy Intermediate Products According to customs data, China's cobalt hydrometallurgy intermediate product imports in February 2025 were approximately 14,800 mt in metal content (converted at 35% grade), down 19.2% MoM and 4.9% YoY. The average import price was $12,629/mt (metal content), down 9% YoY. By country, the DRC remained the main import source, with imports of approximately 14,700 mt in metal content (converted at 35% grade) and an average import price of $12,640/mt (metal content). [SMM Analysis] China's cobalt hydrometallurgy intermediate product imports declined MoM in February. Unwrought Cobalt In February 2025, China's unwrought cobalt imports were approximately 475.1 mt in metal content, down 4.7% MoM and up 111.2% YoY. The average import price was $21,598/mt (metal content). Cumulative imports in January-February 2025 were 973.9 mt in metal content, up 163% YoY. Exports were approximately 452.3 mt in metal content, down 70% MoM and up 54.2% YoY. The average export price was $22,230/mt (metal content). Cumulative exports in January-February 2025 were 1,958.1 mt in metal content, up 19.1% YoY. [SMM Analysis] China's unwrought cobalt imports decreased 4.7% MoM in February 2025.

In February 2025, China's exports of ternary cathode precursor were 7,773 mt, down 16% MoM and 57% YoY. From March 2024 to February 2025, the cumulative exports of ternary cathode precursor (including NCM, NCA, nickel oxides, and NC) were 162,854 mt, with a cumulative YoY decline of 34%.