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.

Raw material side, spot lithium carbonate and nickel sulphate prices fluctuated this week, while cobalt sulphate prices fell steadily.

[SMM Lithium Battery Electrolyte Market Weekly Review: This week's electrolyte prices remained stable (6.22-6.25)] From June 22 to June 25, 2026, electrolyte prices remained stable. Future electrolyte market price trends still need to be continuously monitored for raw material price fluctuations and their transmission.

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

Raw material side, this week lithium carbonate and nickel sulphate prices fluctuated, while cobalt sulphate prices continued to decline.

This week, second-life battery market prices remained flat. Cost side, lithium carbonate prices saw a notable decline, cobalt sulphate extended its weakness with persistent declines, and nickel sulphate prices were basically flat. Meanwhile, new battery cell prices were generally stable; ternary new battery cell prices remained stable, while LFP energy storage new battery cell prices edged up. Correspondingly, downgraded A- and B-grade battery cells, anchored by new cell prices, also stabilized. Dismantled battery cells, supported by previous high procurement costs and rigid dismantling costs, had entered a phase of stability; coupled with limited circulation of qualified low-priced supply, prices had little upside and downside room.

This week, spot lithium carbonate prices followed a stable-then-dropping trajectory, fluctuating downward. The futures market was weak, with the most-traded 2609 contract price range edging down from 172,600-177,900 yuan/mt at the start of the week to 160,100-172,500 yuan/mt, hitting a mid-week low of 160,100 yuan/mt. The weekly decline was around 6.6%, open interest rose then fell, and market sentiment soured. Market transactions featured "active trading on dips, a wait-and-see approach on rebounds," with downstream dip-buying willingness relatively strong. On the upstream lithium chemical plant side, quotes remained relatively firm, with a pronounced mindset of holding prices firm and holding back from selling. Some enterprises showed low willingness to sell below 170,000 yuan/mt and some adopted a deferred pricing model for shipments. On the downstream material plant side, as prices fluctuated downward, dip-buying willingness was relatively strong. They maintained a strategy of just-in-time restocking and need-based purchases, but with prices yet to stabilize, general willingness to stockpile on a large scale was weak, and most maintained operations at safe inventory levels. Overall, market inquiry sentiment was moderate, actual transactions were mainly just-in-time, and activity picked up compared to the earlier period. Supply-side production edged down slightly, and industry chain inventories showed divergence. Lithium carbonate production edged down this week, with spodumene-based production basically stable. Despite some new capacity continuing steady production ramp-up, some lithium chemical plants saw output edge down due to raw material supply fluctuations. Other raw material-based operations remained stable. Looking at inventory changes: upstream lithium chemical plants saw an overall destocking trend this week, driven by increased long-term contract orders and some restocking demand from traders. Downstream material plants continued their strategy of dip-buying and need-based purchasing, keeping inventories at safe levels. Traders, driven by downstream just-in-time procurement, had some restocking demand, and overall inventory levels remained basically flat. Looking ahead, short-term lithium carbonate prices are expected to remain in the doldrums. Continued attention should be paid to key points such as the warrant inflection point, the arrival pace of lithium ore from Zimbabwe, and the actual fulfillment of downstream production schedules.

Today, SMM’s battery-grade lithium carbonate spot price fluctuated downward compared to the previous trading day. In the futures market, the lithium carbonate 2609 contract opened higher at 172,000 yuan/mt, quickly surged to 172,500 yuan/mt after opening, and then fluctuated downward, falling below the 165,700 yuan/mt average price line in early trading. Around midday, it accelerated its decline to an intraday low of 160,100 yuan/mt (a drop of over 6.5%). In the afternoon, it hovered at lows, struggling to rebound, weakened again near the close, and ultimately settled down 6.58% at 160,500 yuan/mt, with open interest decreasing by 4,883 lots. In the spot market, as lithium carbonate prices fluctuated downward, downstream material plants showed strong dip-buying interest, leading to active market inquiries and actual transactions. Upstream lithium chemical plants still held their offer prices relatively firm, with some enterprises shipping via post-pricing models. Lithium carbonate production increased slightly this week, mainly due to the gradual production resumptions of spodumene-side maintenance lines, while the recycling side and salt lake side maintained stable production. Lepidolite-side output saw minor fluctuations due to raw material supply issues. Looking at actual transactions and inventory situations, as prices continued to fluctuate downward, upstream lithium chemical plants were reluctant to sell spot orders. Only some enterprises that had previously hedged at high prices managed to secure small spot transactions with downstream firms or traders; most lithium chemical plants primarily held prices firm and held back from selling. However, with the concentrated delivery of early-month long-term contracts, along with some resumed production lines not yet reaching full capacity, lithium chemical plant inventories saw modest destocking this week. Downstream material plants, with early-month long-term contracts and customer supplies gradually arriving, combined with dip-buying of spot orders, led to an inventory buildup state this week. Traders, purchasing as needed along with downstream demand, showed a destocking pattern.

Affected by the traditional consumption off-season and raw material price transmission, China’s deep-processed manganese products came under overall downward pressure this week. Products showed differentiated market performances due to distinct supply-demand fundamentals, with obvious linkage across the industrial chain.

Spot lithium carbonate prices stopped falling and rebounded this week, fluctuating upward. The futures market held up well, with the most-traded September 2026 contract oscillating upward from a price range of 160,300-165,800 yuan/mt at the start of the week to 164,800-175,000 yuan/mt, hitting a mid-week high of 175,000 yuan/mt. The weekly gain was approximately 5.5%, open interest increased significantly, and bullish funds intervened actively. Market transactions showed a pattern of upstream holding prices firm and holding back from selling, while downstream purchased as needed, creating a clear misalignment in price expectations between buyers and sellers. Upstream lithium chemical plants maintained their stance of holding spot orders firm and holding back from selling, with some enterprises keeping their willingness to sell at prices above 170,000 yuan/mt. Downstream material plants held comparatively lower psychological procurement price levels, with most purchasing as needed; their willingness to purchase spot orders weakened as prices rose. Overall, market inquiries were relatively active, but actual transaction volumes remained stable due to the misalignment in price expectations between upstream and downstream. Lithium carbonate production increased this week, mainly due to production lines at spodumene processing facilities that had been under maintenance earlier resuming production successively. The recycling sector and salt lake operations maintained stable production, while lepidolite operations saw minor output fluctuations due to raw material supply issues. From the standpoint of actual transactions and inventory, as prices continued to fluctuate downward, upstream lithium chemical plants were reluctant to sell spot orders; only a few enterprises that had previously hedged at high levels managed to complete small-volume spot transactions with downstream or traders, while most lithium chemical plants still focused on holding prices firm and holding back from selling. However, due to the concentrated delivery of long-term contract orders early in the month, combined with some resumed production lines not yet reaching full capacity, lithium chemical plant inventories experienced slight destocking this week. Downstream material plants saw inventory buildup this week, as early-month long-term contracts and customer-supplied materials arrived successively, along with dip-buying of spot orders. Traders, following downstream purchase-as-needed patterns, exhibited a destocking trend. The price rise this week was mainly driven by the following factors: First, stronger import-side support. According to Chile customs data, Chile's total lithium carbonate exports in May were 19,100 mt, down 35.2% MoM, of which exports to China were 13,600 mt, a sharp decline of 40.8% MoM, marking the first significant pullback in the past six months. Lithium carbonate monthly imports are expected to decrease somewhat in June-July; coupled with continued high production schedules for downstream LFP materials in June, China's destocking speed is expected to accelerate. Second, news-driven disturbances. A fire occurred at the Greenbushes lithium mine's CGP3 plant; although CGP1 and CGP2 operations were unaffected and IGO did not revise its FY2026 production guidance, the extent of the damage to CGP3 and the repair timetable still require attention. A substantial delay in its production ramp-up could impact the pace of future supply growth. Third, the ongoing tug-of-war between longs and shorts persisted, with supply-side factors such as the drop in Chilean exports and Jiangxi mine permit renewals providing support for prices. However, headwinds such as high warrant pressure and expectations of Zimbabwean ore arrivals capped the upside, keeping the tug-of-war between longs and shorts ongoing. Looking ahead, short-term lithium carbonate prices are likely to hold up well.