摩根大通：锂-中国 5 月进出口数据

Investment Rating - The report does not explicitly state an investment rating for the lithium industry or specific companies within it [1]. Core Insights - Lithium hydroxide exports from China in May 2025 decreased by 54% year-over-year to 5.6kt, with year-to-date net exports down 70% compared to the same period last year [2][4]. - Lithium carbonate imports in May 2025 fell by 14% year-over-year to 21.1kt, while year-to-date net imports are 15% higher than in 2024 [2][7]. - The average lithium carbonate import price decreased by 23% year-over-year in May 2025, averaging $9,392 per ton [2][10]. - The average export price for lithium hydroxide in May 2025 was $12,093 per ton, down 44% year-over-year [2][10]. Summary by Sections Lithium Hydroxide Trade Data - Exports in May 2025 were 5.6kt, a 54% decrease from 12.0kt in May 2024 [2]. - Year-to-date net exports are 15.1kt, down 70% compared to the same period last year [2][4]. - Full-year 2024 net exports are projected at 113kt, which is 11% lower than 2023 [2][4]. Lithium Carbonate Trade Data - Imports in May 2025 were 21.1kt, a 14% decrease from 24.6kt in May 2024 [2]. - Year-to-date net imports are 98.0kt, which is 15% higher than in 2024 [2][7]. - Full-year 2024 net imports are expected to reach 231kt, a 55% increase compared to 2023 [2][7]. Price Trends - The lithium carbonate import price averaged $9,392 per ton in May 2025, down 2% month-over-month and 23% year-over-year [2][10]. - The lithium hydroxide export price averaged $12,093 per ton in May 2025, reflecting a 15% month-over-month decrease and a 44% year-over-year decline [2][10].