China's lithium carbonate imports surged 93% year over year in July; lithium hydroxide exports recovered month over month, but year-to-date trade shifted to net imports
AI summary card
China's lithium carbonate imports surged 93% year over year in July; lithium hydroxide exports recovered month over month, but year-to-date trade shifted to net imports
J.P. Morgan tracking shows that China's lithium carbonate imports rose to 26.8kt in July, with the average import price nearly doubling year over year; lithium hydroxide exports increased month over month to 6.4kt, but China was a net importer of lithium hydroxide year to date in 2026.
- July lithium carbonate imports were 26.8kt, up 93% year over year.
- Year-to-date 2026 net lithium carbonate imports were 203.5kt, up 58.0% year over year.
- The average July lithium carbonate import price was US$19,655/ton, up 97% year over year.
- July lithium hydroxide exports were 6.4kt, up 7% month over month, while the average export price fell 5% month over month to US$20,502/ton.
Report interpretation
Overview
This report updates China's July 2026 import and export volumes, net trade position, and trade prices for lithium carbonate and lithium hydroxide. The key message is that lithium carbonate imports and import prices were significantly higher than a year earlier, while lithium hydroxide exports recovered month over month in July but year-to-date net trade shifted to imports.
Core views
For lithium carbonate, China's July imports were 26.8kt, up 93% from 13.8kt in the prior-year period. Year-to-date 2026 net lithium carbonate imports were 203.5kt, 58.0% higher than in the prior-year period, indicating an expansion in China's net reliance on external lithium carbonate supply during the year. In terms of prices, the average July lithium carbonate import price was approximately US$19,655/ton, broadly flat month over month but 97% above US$9,978/ton in July 2025, meaning import prices nearly doubled year over year with limited monthly movement. For lithium hydroxide, China's July exports were 6.4kt, up 7% from 6.0kt in June and also above 1.2kt in the prior-year period. Despite the recovery in monthly exports, China remained a net importer of lithium hydroxide year to date in 2026, with net imports of 10.8kt. In terms of prices, the average July lithium hydroxide export price was US$20,502/ton, down 5% from US$21,663/ton in June but 106% above US$9,961/ton in July 2025. Historical trade data indicate that net lithium carbonate imports generally increased from 2021 to 2025: 73.2kt in 2021, 125.7kt in 2022, 149.2kt in 2023, 231kt in 2024, and further to 237.7kt in 2025. Lithium hydroxide, by contrast, had maintained net exports, but the scale has declined in recent years: net exports were 126.2kt in 2023, fell to 113kt in 2024, and declined to 35.4kt in 2025. This provides trade-structure context for the shift to net imports year to date in 2026.
Analysis framework
The report tracks monthly Chinese import and export volumes, net imports or exports, and unit trade prices for lithium carbonate and lithium hydroxide, comparing July data with the prior month, the prior-year period, and year-to-date cumulative levels; it also uses annual net trade data from 2021 to 2025 to illustrate changes in the trade structure of the two lithium salts.
Methodology notes
Observes China's external supply and trade balance for lithium salts through import/export volumes and net imports/net exports.
Expanding net imports typically indicate greater external procurement needs as domestic demand exceeds exports and domestically available resources; the report uses this to show differences in the trade structure of lithium carbonate and lithium hydroxide.
Separately tracks trade volumes and unit import/export prices, with month-over-month and year-over-year comparisons.
This method presents changes in trade flows separately from price changes; for example, lithium carbonate import volumes rose year over year while the average import price also increased year over year.
Key data
- July Lithium Carbonate Imports26.8ktUp 93% year over year; 13.8kt in the prior-year period
- Year-to-Date 2026 Net Lithium Carbonate Imports203.5kt58.0% higher than in the prior-year period
- Average July Lithium Carbonate Import PriceUS$19,655/tonBroadly flat month over month and up 97% year over year; US$9,978/ton in July 2025
- July Lithium Hydroxide Exports6.4ktUp 7% month over month; 6.0kt in June; 1.2kt in the prior-year period
- Year-to-Date 2026 Net Lithium Hydroxide Imports10.8ktChina was a net importer year to date
- Average July Lithium Hydroxide Export PriceUS$20,502/tonDown 5% month over month; US$21,663/ton in June; up 106% year over year, versus US$9,961/ton in July 2025
Impact & implications
The report data show that China's net lithium carbonate imports continued to expand significantly in 2026, while import prices rose sharply from the prior year. Lithium hydroxide saw a recovery in monthly exports alongside year-to-date net imports. Historical data also show generally rising net lithium carbonate imports, while the scale of net lithium hydroxide exports contracted significantly from 2023 to 2025.