Weekly Review of the Lithium Carbonate Market: Spot Lithium Carbonate Prices Continue to Rise [SMM Weekly Review]

Spot lithium carbonate prices fluctuated upward this week. The SMM average price for battery-grade lithium carbonate rose consistently from 135,500 yuan/mt at the beginning of the week (February 9) to 142,500 yuan/mt on Thursday (February 12), with a cumulative increase of 7,000 yuan/mt for the week. The average price for industrial-grade lithium carbonate increased from 132,000 yuan/mt to 139,000 yuan/mt, also rising by 7,000 yuan/mt. The futures market performed more strongly, with the price range for the most-traded contract fluctuating upward from 135,000-141,000 yuan/mt at the start of the week to 146,000-152,400 yuan/mt. On Wednesday (February 11), the contract surged by over 9%, closing above the 150,000 yuan/mt mark, and open interest increased significantly compared to the previous week.

 Despite the consecutive gains in futures prices, overall market sentiment in the spot market remained cautious. As the Chinese New Year holiday approached and logistics gradually halted, downstream material plants had largely completed their stockpiling for February. Most enterprises shifted to a wait-and-see stance, with low psychological price levels for procurement. Market transactions were mainly sporadic back-pricing settlements and limited just-in-time procurement, with overall inquiries and deals becoming increasingly sluggish.