Australia’s Lithium Exports Surge in H1 2024
Australia’s exports of lithium concentrates (spodumene) saw a significant rise in the first half of 2024, reaching around 1.94 million tonnes. This increase was largely driven by strong demand in the second quarter, particularly as South Korea and Indonesia ramped up their imports of Australian lithium supplies.
According to data from the Australian Bureau of Statistics, exports surged by 49% year-on-year to 1.26 million tonnes during the April-June period, contributing to a 9.9% growth in overall shipments for the first half of the year. China remained the dominant importer, accounting for approximately 95% of Australia’s lithium concentrate exports, with volumes increasing by 4.6% to 1.84 million tonnes. This surge is closely tied to China’s ongoing expansion in the sales and production of new energy vehicles (NEVs), which continues to be strong despite global concerns about a slowdown in EV growth in other regions such as Europe and the United States.
China Dominates Imports, but South Korea and Indonesia Show Strong Growth
South Korea’s imports of spodumene rose dramatically, from 1,240 tonnes a year ago to 71,441 tonnes in the first half of this year. This spike followed the completion of the country’s first lithium hydroxide plant at the end of last year, which began production shortly after. The plant, a joint venture between Australian lithium producer Pilbara Minerals and South Korean conglomerate POSCO, delivered its first order of lithium hydroxide in April.
Indonesia also experienced a sharp increase in spodumene imports, rising to 25,098 tonnes from just 60 tonnes the previous year. This growth coincides with the start of pilot production at a lithium plant in Indonesia by Chinese lithium salt producer Chengxin Lithium, which extracts lithium from hard rock ores.
Challenges in the Lithium Market
Despite these gains, the lithium market is facing challenges. While most Australian lithium producers reported increased spodumene production in the second quarter—including Pilbara Minerals, Mineral Resources, and Core Lithium—Core Lithium has halted processing operations since June due to weak market conditions in the lithium sector.
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