US imports of critical minerals fell 33.2% year over year in the fourth quarter of 2025 to 130,041 metric tons, the second consecutive quarter of declines, according to an analysis of S&P Global Market Intelligence data.
Imports have been falling since buyers tried to stock up in the second quarter of 2025 to get ahead of a potential critical minerals tariff. The Trump administration launched a critical minerals investigation on April 15, 2025, into a potential tariff on a wide variety of metals, but ultimately opted for other trade measures.
Critical mineral imports from Gabon, which accounted for 32% of the US total, fell 45% to 41,563 mt in the fourth quarter of 2025 from 75,000 mt in the year-ago period, according to Market Intelligence data.
The US also imported 10,896 mt of critical minerals from China in the same quarter, representing 8.4% of US critical mineral imports and a 57.6% year-over-year decline, according to the data.
The decline in critical mineral imports was largely driven by a drop in manganese imports: The US imported 47.7% less manganese ore in the fourth quarter than a quarter earlier, pulling down overall critical mineral import volumes.
The fall in manganese imports was largely driven by low prices, according to Eramet SA, a French company that mines manganese. Weak selling prices for ore hit the company's EBITDA in the fourth quarter of 2025, "especially in the United States," the company said in its Feb. 18 results report.
Lithium imports, by contrast, increased year over year as battery manufacturers prepared for expected growth in energy storage deployments and 2026 electric vehicle sales.
Cobalt imports dip
Cobalt imports dropped as the Democratic Republic of Congo, the largest global exporter of cobalt, established export restrictions.
US imports of cobalt oxides and hydroxides fell 8.9% year over year in the fourth quarter of 2025, as did cobalt ore imports, which fell 19.0% in the same period.
Congo's cobalt export flows have been sporadic since the government tightened regulatory oversight of artisanal cobalt production on Dec. 19, 2025, S&P Global Energy CERA analysts said in a January report. The move was part of plans to improve transparency in sourcing and tackle illegal exports of cobalt.
In addition, US sales of electric vehicles slipped in 2025, pulling down demand. US sales of plug-in EVs (PEVs) totaled 1.5 million, a 5.7% decrease from 2024, according to data from Market Intelligence and S&P Global Mobility. Market penetration fell to 7.2% in the fourth quarter after a federal tax credit for EV purchases expired in September 2025, according to CERA analysts.
"This slowdown reflects lower consumer spending and the difficulty of sustaining rapid penetration growth," CERA analysts said.
The Platts-assessed US cobalt cathode price reached $29 per pound DDP on Dec. 31, 2025, up 26.1% from the start of the quarter and the highest level since prices spiked following the Russian invasion of Ukraine in 2022.
Lithium imports up
Imports of processed lithium, including lithium carbonate and lithium hydroxide, rose 5.5% year over year to 3,008 mt in the fourth quarter of 2025. US demand for battery storage applications has been growing in conjunction with data centers.
Lithium prices rose in the same quarter compared to the previous year, driven by concerns over Chinese supply and strong demand expectations for 2026, analysts said. The Platts-assessed lithium carbonate CIF North Asia price surged 32% year over year to $13,600/mt on Dec. 31, 2025.
The growing role of Canada, Argentina and Chile underscores a broader shift in US lithium supply chains away from China and toward regional sources.
Although lithium compounds were largely exempt from trade measures targeting China, US buyers still reduced purchases from the Asian country. US imports of refined lithium compounds from China fell 29.2% year over year to 2,081 mt in the December quarter.
Meanwhile, the US imported 9,015 mt of refined lithium compounds from Canada, up 10% year over year and representing 57.5% of its total imports of the commodity.
Argentina accounted for 1,705 mt, or 56.7%, of US imports of processed lithium in the December quarter of 2025, while Chile supplied 38.4%, or 1,154 mt.
