[SMM Analysis] Spot lithium carbonate prices fall steadily, pre-holiday stockpiling basically over

Published: Sep 30, 2026 17:29 (GMT+8)

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Today, SMM battery-grade lithium carbonate spot prices continued to fall from the previous trading day. The lithium carbonate 2701 contract opened lower at 119,500 yuan/mt today. After the open, bulls briefly pushed prices up to 120,500 yuan/mt, before encountering bearish selling pressure and consolidating lower to a low of 117,700 yuan/mt. Around midday, bulls and bears tussled repeatedly in the 118,000-119,500 yuan/mt range. In the afternoon, bears regained the upper hand, and prices consolidated lower. Near the close, prices edged up slightly from the lows to settle around 119,100 yuan/mt, ultimately closing down 0.33% at 119,100 yuan/mt, with open interest up 2,773 lots.

In the spot market, on the last trading day before the holiday, downstream pre-holiday stockpiling was nearing its end, and the pace of inquiries and actual transactions continued to slow down. In September, China's lithium carbonate production edged up. With the arrival of spodumene ore, production recovered somewhat. The lepidolite side also saw growth as enterprises resumed production following the completion of maintenance. On the salt lake side, some enterprises controlled production, leading to a decline in output. The recycling segment saw a slight reduction due to maintenance shutdowns at some enterprises, while slag lithium extraction saw production cuts at some enterprises affected by raw material supply. Entering October, with increased arrivals of spodumene ore, production will continue to rise. Meanwhile, the lepidolite side is expected to see reductions due to relatively low ore inventory, while salt lake and recycling output are expected to remain basically stable. Slag lithium extraction output will continue to pull back due to maintenance impacts at some enterprises. Taking all segment changes into account, China's total lithium carbonate production in October is expected to remain basically stable MoM.

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