中国电池材料：2026年1-5月锂进口数据总结（截至6月第4周）

China Battery Materials Lithiuminto4thweekofJune-5M26wrap-upofimportdataset CITI'STAKE Chinaimported~153ktonslithiumcarbonatein5M26,+153%YoYandtheimportedvolumetouchedanhistoricalhighat~37.5ktons inMay-26Spodumenewise,Chinaimported2.74mntonsofspodumenein5M26upby15%YoY.Australiacontinuedtotakeupthe largestshare, accountingfor58%,thoughitssharehasbeendownvs65%in5M25and62%in2025.Africaacceleratedthespodumeneexport,especiallyNigeriaandMali,takingup37%ofChina'sspodumeneimportin5M26,vs25%inpressurewithhoveringconcernonJWresumption,albeitlithiumS/Ddynamics remainedtightand de-stocking extended foranotherweek.ReiterateourbullishviewasexpectlithiumS/Ddynamicsmaycontinuetobetightaslotsofnewbatterycapacitiesarescheduled in3Q26.eventakingaccountofJXWresumption JackShang,CFAAc+852-2501-2441jack.shang@citi.com Anna Wang+852-2501-2739anna.d.wang@citi.com Jimmy Feng+852-2501-7588jimmy.feng@citi.com Cynthia Wu+852-2868-7813cynthia.d.wu@citi.com Weekly wrap-up:Lithium AsPwas in the downtrendWoWduring lastweek.Amongthat,Li2CO3andLiOHASPisquotedatRmb157k/tandRmb143.5k/tasof25thJunerespectively,vsRmb167.25k/tandRmb152.5k/tasof18thJune.Productionwise,ChinaLi2Co3productionwas+1%WoWat26,642tonslastweek.Amongthat,outputfrombrine,lepidolite,spodumene,andrecyclewasflattish/+1%/+1%/+1%thisweek(-1%WoW /-833tons Wow).Withinthat, inventoryofdownstreamplayers(mainly cathodemakers), smelters,andothers (mainlybattery makersand traders)were+3%,+1%,-7%WoWto48,285tons,15,373tons,and34,582tonsrespectively Shreyas Madabushi+91-22-4277-5048shreyas.madabushi@citi.com CitiResearch @2026 Citigroup Inc.No redistribution without Citigroup's written permission.Source: Citi Research, SMM 2026 CitigroupInc.No redistribution without Citigroup's written permission.Source:Citi Research, SMM 2026 Citigroup Inc.No redistribution without Citigroup's writen permission.Source: Citi Research, SMM 2026 Citigroup Inc.No redistribution without Citigroup's written permission.Source: Citi Research, SMM @2026 Citigroup Inc.No redistribution without Citigroup's written permission.Source: Citi Research, SMM @ 2026 Citigroup Inc.No redistribution without Citigroup's written permission.Source: Citi Research, SMM Ifyouarevisuallyimpairedandwould liketospeaktoaCitirepresentativeregardingthedetailsofthegraphicsinthisdocument,pleasecallUSA1-888-500-5008(TTY:711),fromoutsidetheUS+1-210-677-3788 Appendix A-1 ANALYSTCERTIFICATION Theresearchanalystsprimarilyresponsibleforthepreparationandcontentofthisresearchreportareeither(i)designatedby"AC"intheauthorblockor(ii)listedinboldalongsidecontentwhichisattributabletothatanalyst.IfmultipleACanalysts aredesignatedintheauthorblock,eachanalystiscertifyingwithrespecttotheentireresearchreportotherthan(a)contentattributabletoanotherACcertifyinganalystlistedinboldalongsidethecontentand (b)viewsexpressedsolelywith respecttoaspecificissuerwhichareattributabletoanotherAC certifyinganalystidentifiedinthepricecharts orratinghistorytablesforthatissuershownbelow.Eachoftheseanalystscertify,withrespecttothesectionsofthereportforwhichtheyareresponsible:(1)thattheviewsexpressedthereinaccuratelyreflecttheirpersonalviews abouteachissuerandsecurityreferencedandwerepreparedinan independentmanner,includingwithrespecttoCitigroupGlobalMarkets Inc.and its affiliates;and (2)nopartofthe research analyst's compensation was,is,or will be,directly or IMPORTANTDISCLOSURES Analysts'compensation isdeterminedby CitiResearchmanagementand Citigroup's seniormanagementandisbaseduponactivities and services intended to benefit the investor clients of Citigroup Global Markets Inc.and its affiliates (the“Firm").Compensation is notlinkedto specifictransactions orrecommendations.Likeall Firmemployees,analysts receivecompensationthatisimpactedbyoverall Firmprofitabilitywhichincludes investmentbanking,sales andtrading,andprincipaltradingrevenues.Onefactorin equity researchanalystcompensation isarranging corporateaccesseventsbetweenparticipatewhentheanalysthasapositiveviewofthecompany Forfinancial instruments recommended inthe Product in which the Firmis not a marketmaker,theFirm is a liquidityproviderrecommended in the Product. The Firm regularly trades in the securities of the issuer(s)discussed in the Product.The Firm mayengageinsecuritiestransactions inamannerinconsistentwiththeProductand,withrespectto securitiescoveredbytheProduct,willbuyorsell fromcustomersonaprincipal basis. UnlessstatedotherwiseneithertheResearchAnalystnoranymemberoftheirteamhasviewedthematerialoperationsoftheCompaniesforwhichaninvestmentviewhasbeenprovidedwithinthepast12months. Forimportantdisclosures (including copies ofhistorical disclosures)regarding the companiesthatarethe subjectof this CitiAttention:Legal/Compliance[E6WYB6412478].Inaddition,thesameimportantdisclosures,withtheexceptionoftheValuation and Risk assessments andhistorical disclosures,are containedontheFirm's disclosure websiteat https://www.citivelocity.com/cvr/eppublic/citiresearch_disclosures.ValuationandRiskass