[SMM Analysis] Spot lithium carbonate prices drift higher, inventory continues to draw down

Published: Sep 17, 2026 16:17

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Today, SMM battery-grade lithium carbonate spot prices continued to drift higher from the previous trading day. The lithium carbonate 2701 contract opened higher today at 126,200 yuan/mt (the intraday low). After the open, bulls quickly entered the market, and prices drifted higher, holding above the average price line in the morning session. Around midday, bulls pushed again, and prices shot up rapidly to 131,900 yuan/mt. In the afternoon, prices moved sideways at high levels without further breakthroughs. Near the close, prices consolidated around 131,000 yuan/mt, eventually closing up 3.91% at 131,300 yuan/mt, with open interest basically flat.

In the spot market, downstream players maintained their dip-buying and stockpiling strategy, with buying sentiment remaining relatively active. Upstream lithium chemical plants continued to hold spot order prices firm, with some plants shipping spot orders at the website's monthly average price. Overall, market inquiries and actual transactions remained active. This week, China's lithium carbonate production gradually rebounded as salt lake operations resumed after maintenance, while production from other raw material sources remained basically stable. From the perspective of actual transactions and inventory, as prices fell steadily, upstream lithium chemical plants showed weak sentiment toward spot order shipments, with a clear attitude of holding prices firm and holding back from selling. Normal long-term contract deliveries led to a slight inventory drawdown at upstream lithium chemical plants. Downstream material plants and battery cell manufacturers became increasingly active in spot order purchases this week, maintaining their dip-buying and stockpiling strategy, resulting in some inventory buildup. At the trader level, as upstream shipment pace slowed noticeably, purchasing became more difficult, while downstream continued to buy large volumes on dips for stockpiling, leading to a significant inventory drawdown in this segment.

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