Customs data shows that in November 2025, China imported 729,000 physical tons of lithium spodumene, a 12% month-on-month increase, equivalent to approximately 81,000 metric tons of lithium carbonate equivalent (LCE).

By origin, Australia was the primary source of increased imports, with shipments reaching 425,000 metric tons that month—a significant 44% month-on-month increase, accounting for 58% of total imports. Imports from Zimbabwe totaled 110,000 metric tons, down 28% month-on-month, while shipments from Nigeria amounted to 92,000 metric tons, a 16% month-on-month decrease. Additionally, 73,000 metric tons of lithium concentrate from Mali arrived in concentrated shipments. while imports of lithium spodumene from South Africa continued to shrink, with November arrivals nearing zero.

Lithium Carbonate

Customs data indicates that China's total lithium carbonate imports in November 2025 amounted to approximately 22,055 tons, an 8% decrease month-on-month but a 15% increase year-on-year. The average import price was approximately $9,915 per ton, an 11% increase from October's average.

Imports from Chile totaled about 10,800 tons, down 27% month-on-month, accounting for roughly 49% of the total imports. Imports from Argentina reached approximately 8,043 tons, up 11% month-on-month, representing about 36% of the total. Imports from Indonesia amounted to about 1,900 tons, increasing 26% month-on-month, accounting for approximately 9% of the total. Chile and Argentina remain China's primary sources for imported lithium carbonate. From January to November, China's cumulative imports of lithium carbonate reached 219,000 metric tons, marking a 5.8% year-on-year increase.

On the export front, China shipped 759 tons of lithium carbonate in November, surging 209% month-on-month and 248% year-on-year, primarily destined for Japan and South Korea. Cumulative exports from January to November reached 4,378 tons, up 36.6% year-on-year.

Spot prices for battery-grade lithium carbonate showed an upward trend in November. By November 28, spot prices reached 93,750 RMB/ton, up 12,750 RMB/ton or 15.74% from the month's opening price of 81,000 RMB/ton. The monthly average price was reported at 86,457.5 RMB/ton, a significant shift upward from October's average of 75,291.18 RMB/ton.

Reviewing November, from a supply-demand perspective, lithium salt supply remained at high levels throughout the month. However, downstream demand for power and energy storage grew even more robustly. The supply-demand imbalance that month drove a substantial drawdown in lithium carbonate inventories. Accumulating market optimism, coupled with sustained capital inflows, further fueled rapid price escalation. During the first half of the month, as prices surged, downstream buyers adopted a cautious wait-and-see approach, resulting in subdued actual transactions. In the latter half, following a slight price correction, downstream buyers increased their willingness to purchase at lower levels and conducted some inventory replenishment. The daily average price of battery-grade lithium carbonate peaked near CNY94,000 per ton in November.

Entering December, the announcement by the Yichun Natural Resources Bureau in Jiangxi regarding the revocation of 27 mining rights spurred a sharp rally in lithium carbonate futures. In recent trading sessions, strong capital inflows coupled with robust fundamentals have driven futures prices higher, with the benchmark contract breaking through the RMB 120,000/ton threshold again on December 23!

In the short term, inventory levels provide a price floor. However, sustained upward momentum will depend on downstream acceptance of high costs and the actual progress of restarting key lithium resource projects. Amid conflicting expectations and weak reality, the market is expected to remain highly volatile.

Lithium Hydroxide

Customs data indicates China's lithium hydroxide exports reached 3,357 metric tons in November 2025, marking a 17% month-on-month increase but a 39% year-on-year decrease. By destination, exports to South Korea and Japan accounted for 87% of total shipments: exports to South Korea reached 2,595 tons, up 70% month-on-month but down 28% year-on-year; exports to Japan totaled 327 tons, down 68% month-on-month and 80% year-on-year. Additionally, China imported 1,420 tons of lithium hydroxide in November, an 11% increase from October.

Lithium Hexafluorophosphate

According to China Customs data, in November 2025, China's cumulative exports of lithium hexafluorophosphate totaled approximately 895 metric tons, representing a month-on-month decrease of about 18.2%. China's cumulative imports of lithium hexafluorophosphate amounted to 0.05 metric tons.

Regarding exports, China shipped approximately 895 tons of lithium hexafluorophosphate in November 2025, marking a month-on-month decrease of about 18.2% and a year-on-year decline of approximately 35.9%. Specifically, exports to the United States and the Czech Republic both decreased month-on-month: exports to the U.S. totaled 176.292 tons, down about 42.72% month-on-month; and 78 tons to the Czech Republic, down approximately 45.72% month-on-month. Meanwhile, exports to South Korea, Japan, and Malaysia increased in volume: Exports to Japan reached 142.24 tons, a month-on-month increase of approximately 23.25%; Exports to Malaysia reached 92.146 tons, a month-on-month surge of 145.7%.

Artificial Graphite

In November 2025, China imported 682 tons of artificial graphite, marking a 20.7% increase month-on-month but a 24.4% decrease year-on-year. Regarding the average import price, China's average import price for artificial graphite in November 2025 was CNY47,223 per ton, down 37.9% month-on-month and 38.9% year-on-year.

In November 2025, China's artificial graphite exports totaled 42,981 tons, a 0.23% decrease month-on-month but a 9% increase year-on-year. The average export price for artificial graphite in November 2025 was CNY7,671 per ton, down 37.2% month-on-month and 37.6% year-on-year.

On the export front, domestic battery cell manufacturers maintained robust demand, with local anode material producers continuing to prioritize the domestic market. Among the top five exporting provinces for artificial graphite, one province saw its export volume drop nearly 60% month-on-month, while two others experienced declines exceeding 75%.

On the import side, tightening supply from China's tier-one and tier-two anode manufacturers, coupled with smaller players struggling to fill downstream demand gaps, drove a 20.7% month-on-month increase in imported artificial graphite anode materials in November. However, year-on-year imports fell by 24.4%, highlighting the domestic lithium battery market's gradually decreasing reliance on overseas products.

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