South Korea’s lithium imports fall in 2024

Market: Battery materials, Metals
20/01/25

South Korea's lithium carbonate as well as lithium oxide and hydroxide imports fell in 2024 compared to a year earlier as battery makers were significantly impacted by the global electric vehicle (EV) growth slowdown.

Lithium carbonate imports over 2024 fell by about 47pc on the year to around 26,965t, South Korean customs data show. South Korea took 20,471t of lithium carbonate from Chile, less than half of what it received in 2023. Imports from Argentina more than doubled on the year to 5,888t, while imports from China fell sharply to 590t from 2023's 3,538t.

Lithium oxide and hydroxide imports fell by 15pc on the year to around 101,447t. Imports from China dipped by 10pc on the year to 83,863t while imports from Chile fell by 41pc to 13,400t. But imports from the US rose by 20pc to 2,122t, followed by Australian imports that surged to near 2,062t from 18t in 2023.

South Korean conglomerate Posco in late 2023 completed its first lithium hydroxide plant, which has a capacity of 21,500 t/yr, a joint venture with Australian lithium producer Pilbara that is supplying spodumene concentrate. The construction of a second plant with identical capacity was completed in November 2024.

Operating rates at secondary battery firms have dipped, given the slowdown in global EV demand, according to South Korean market intelligence firm SNE Research. Data from South Korean top battery makers LG Energy Solution and SK On showed their average international operating rates falling to 59.8pc and 46.2pc in July-September 2024, down from 72.9pc and 94.9pc compared to the same period a year earlier.

South Korea's battery EV domestic sales and exports in 2024 were lacklustre, having been displaced by hybrid growth. Battery EV (BEV) domestic sales fell by 10pc to almost 142,000 units while BEV exports fell by 27pc to almost 255,000 units. Hybrid domestic sales and exports meanwhile rose by 32pc and 38pc to about 496,000 units and 433,000 units, respectively.

Argus-assessed 99.5pc grade lithium carbonate prices on 14 January were stable at $10.50-11.20/kg cif South Korea/Japan with lithium hydroxide also stable at $9-11/kg cif South Korea/Japan on limited market activities.

By Joseph Ho

South Korea's lithium carbonate imports (t)

South Korea's lithium oxide, hydroxide imports (t)

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