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  [SMM Analysis]China imported 750,000 tonnes of spodumene in July, up 30.4% month-on-month—equivalent to roughly 67,000 tonnes of lithium carbonate (LCE).

  China imported 750,000 tonnes of spodumene in July, up 30.4% month-on-month—equivalent to roughly 67,000 tonnes of lithium carbonate (LCE).

• [SMM Analysis]China’s lithium hydroxide exports plunged to 1,248 tonnes in July.

  China’s lithium hydroxide exports plunged to 1,248 tonnes in July.

• Global Copper Market Tightens Further Despite Tariff Shock and Inventory Surge

  After the tariff shock and global trade adjustments, the copper market remains tight in 2025. Data shows that US refined copper inventories have surged to a 21-year high, following front-loaded imports by traders seeking to avoid potential tariffs and capture inter-market arbitrage.

• In July 2025, prebaked anode exports were up over 30% MoM. Growth momentum in 2026 will focus on the South Asia and Southeast Asia markets [SMM Analysis]

  From the perspective of prebaked anode export data in July 2025, the export volume showed a growth trend compared to the previous month. Specifically, orders to the UAE, Iceland, and Norway saw a significant increase, with a total increase of over 50,000 mt. However, orders to Spain, Malaysia, and Canada declined. Overall, prebaked anode export orders in 2025 performed well, and SMM learned that negotiations for 2026 export orders have already begun. Based on current negotiation situations, it is expected that the total export volume in 2026 will grow, with demand from South Asia and Southeast Asia being the main source of this growth. Despite the optimistic outlook, fluctuations in raw material prices, complex and volatile geopolitical situations, and a slowdown in global economic growth may bring uncertainties to the price system and delivery times of prebaked anode exports. Therefore, the dynamic changes in related markets are worth continued attention.

• SMM Offshore Copper Cathode Sentiment Index Now Available [SMM Analysis]

  [SMM Analysis] The SMM copper research team, based on their professional market research experience, has developed an offshore spot copper cathode procurement and sales sentiment index after long-term data accumulation and repeated validation, building upon the existing SMM Yangshan copper premiums methodology.