Consumer battery cell manufacturers are generally adopting a wait-and-see attitude, expecting further declines in raw material prices. A few manufacturers have made small-batch restocking purchases, while most are waiting for prices to drop further.

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.

On May 26, Wenzhou authorities issued a pre-approval public notice for Zhejiang Dingsen Lithium's 60,000-tonne basic lithium salt project (Phase I). Located in Dongtou District's Daxiaomen Petrochemical Industrial Park, the project involves a total investment of 2.59 billion yuan. Using overseas lithium spodumene from Tsingshan Holding Group, it will adopt advanced processes (lithium sulfate causticization, crystallization, carbonization) to produce lithium carbonate.

U.S. startup Bridge Green Upcycle has recently opened a lithium-ion battery critical mineral recovery plant in Chennai with an annual processing capacity of 7,200 tonnes. Located in Gummidipoondi, the facility can process end-of-life batteries and manufacturing scrap, recovering key materials including lithium, cobalt, nickel, manganese, copper, and graphite. The company plans to invest between INR 5 billion and INR 10 billion over the next five years, with the current plant expected to reach full capacity by the end of this year. In the next phase, Bridge Green will expand into the production of battery-grade salts—such as lithium carbonate, nickel sulfate, and cobalt sulfate—with commissioning targeted by 2028. The expansion will also include a second-life battery facility.

On May 26, Wenzhou approves pre-construction notice for Dingsen Lithium's 60kt/a Phase I basic lithium salt project. The project, located in Wenzhou New Energy Battery Materials Park (Dongtou District), involves a total investment of 2.59 billion yuan. Using overseas lithium pegmatite from Tsingshan Holding Group, it will adopt advanced processes including lithium sulfate causticization, crystallization, and carbonation to produce lithium carbonate.

On the demand side, the EV market saw strong overall orders and fast production pace in May, with some leading manufacturers achieving significant output growth.

As a key fundamental material supporting the stainless steel and new energy battery industries, electrolytic manganese is standing at a critical industrial transformation stage. Driven by tightening environmental policies, accelerating technological iteration, steady traditional demand and booming new energy consumption, the industry features shrinking supply, structural optimization and rising price center, with its strategic value growing increasingly prominent.

Spot lithium carbonate prices showed a continuous decline and pulled back from highs this week. The futures market performed weakly, with the most-traded LC2609 contract price range fluctuating downward from 187,600-193,900 yuan/mt at the beginning of the week to 175,200-184,100 yuan/mt, hitting a mid-week low of 175,200 yuan/mt, down approximately 5.8% for the week. Open interest first increased then decreased, and market sentiment was bearish. Market transactions showed a distinct "active on declines" pattern, with downstream purchasing enthusiasm rising as prices pulled back. Upstream lithium chemical plants held strong sentiment to hold prices firm and hold back from selling, with a widespread wait-for-rebound mentality. However, some enterprises that had hedged at earlier highs increased spot order shipments to downstream buyers. Downstream material plants saw sustained active downstream inquiries and purchases as prices continued to fall, initially focused on just-in-need restocking; as prices dropped further, purchase willingness grew increasingly strong, and restocking and stockpiling willingness gradually improved. Traders saw significant destocking due to large-scale downstream purchases. Overall, market inquiries and actual transactions became more active after price declines, showing a "buy on dips, watch on rallies" pattern. Supply side, multiple changes emerged, with production slightly decreasing but longer-term supply expectations increasing. Lithium carbonate production decreased slightly this week, mainly due to spodumene production line maintenance. In terms of inventory changes, as upstream lithium chemical plants continued to increase the volume of hedging-related registered warrants, combined with increased direct sales of lithium carbonate from lithium chemical plants to downstream buyers, upstream inventory showed a slight destocking trend this week. On longer-term supply, Mineral Resources Limited (MinRes) announced it would restart its wholly-owned Bald Hill lithium mine due to a significant and sustained rebound in lithium prices, with mining and crushing expected in June, first concentrates output in July, and the first shipment in Q1 FY2027. The expectation of incremental longer-term supply weighed on market sentiment. Import and export data indicated continued and growing ex-China replenishment. According to customs statistics, China imported 32,650 mt of lithium carbonate in April, up 9% MoM and up 15% YoY. Cumulative imports from January to April reached 116,000 mt, up 47% YoY. Lithium sulfate imports in April were 17,942 mt, up 9% MoM and up 296% YoY. Cumulative imports from January to April reached 58,900 mt, up 121% YoY, reflecting increased processing trade activity and exerting some pressure on short-term prices. Looking ahead, short-term lithium carbonate prices are expected to hover at highs. Supply side, key variables going forward include the progress of mining license renewals in Jiangxi, the pace of Zimbabwean concentrates arriving at ports, and the restart progress of the Bald Hill and Finniss lithium mines. Demand side, close attention should be paid to the sustainability of downstream purchasing enthusiasm and the actual volume increase in restocking and stockpiling. Short-term lithium prices are expected to maintain a fluctuating trend within the 180,000-190,000 yuan/mt range. It is recommended to closely monitor further changes in warrant volumes and actual progress in ore production resumptions.

Refined Cobalt: Spot refined cobalt prices continued to move sideways this week. Supply side, mainstream smelters held their offers steady, and traders maintained a stable spot-futures price spread ranging from parity to a premium of 8,000-10,000 yuan/mt. Demand side, downstream alloy and magnetic material enterprises continued purchasing as needed, maintaining tight control over raw material inventory levels. The current metal price spread between refined cobalt and lower-priced cobalt salt remained at a low level, and with cobalt salt being difficult to sell, enterprises showed weak willingness to re-dissolve for refined cobalt production. The market is likely to remain range-bound in the short term, and price rises still depend on effective upward momentum from the cobalt salt side. Cobalt Intermediate Products: Cobalt intermediate product prices remained generally stable this week. Supply side, suppliers held firm bullish expectations, with offers consistently held above $26/lb. Demand side performance was flat; affected by weak cobalt salt prices, downstream smelters only made just-in-time procurement, with some non-standard products transacting near $25/lb. On the quota front, 2025 Q4 miner quota approvals were largely completed, while Q1 quota approvals were slower due to procedural constraints. Combined with tight logistics capacity in the DRC and low transport priority for cobalt cargo, the arrival of large-volume shipments at Chinese ports may be further delayed. In the short term, weighed down by weak demand, prices are likely to remain stable, but once downstream orders materialize and restocking demand is released, intermediate product prices still have room for upward recovery. Cobalt Sulphate: Spot cobalt sulphate prices continued their gradual decline this week. Supply side, mainstream brand offer centers shifted down to 92,000-95,000 yuan/mt; some smelters and traders, under cash flow pressure, again made concessions on shipments, with low-priced cargoes probing down to 88,000-89,000 yuan/mt. Demand side, downstream enterprises still primarily drew down existing inventory, with weak purchasing enthusiasm and only minimal just-in-time restocking. Some downstream players reported that LCO production schedules fell short of expectations, and they remained on the sidelines until orders were confirmed. Short-term prices are likely to continue moving sideways, with subsequent recovery still dependent on the release of downstream restocking demand.

This week, ternary cathode material prices declined. On the raw material front, nickel sulfate and cobalt sulfate showed slight downward movements, manganese sulfate edged up, while lithium carbonate and lithium hydroxide saw significant pullbacks. In terms of transaction sentiment, after a month of sustained increases, the price correction for ternary cathode materials created pricing opportunities for manufacturers, and some battery cell manufacturers carried out restocking . On payables, the overall EV market continued to maintain existing payable levels , and June payables are expected to remain stable. On the consumer market front, due to relatively high spot contract transaction volumes and significant price volatility, some manufacturers expect upward adjustments to nickel sulfate payables in cathode materials next month . This is mainly driven by persistently high nickel sulfate production costs, upstream producers pushing prices higher due to cost pressures, with prices gradually transmitting downstream . On the demand side, the domestic EV market is currently in a phase of concentrated stockpiling for new models, with orders rebounding notably. The overseas market is also strong, driven by robust European vehicle sales and stockpiling for new product launches by some brands, collectively boosting orders for domestic cathode manufacturers. Overall demand in the consumer market remains relatively subdued, more reflected as need-based restocking by manufacturers. Overall, the ternary market is expected to maintain relatively high demand levels in June .