China LiPF6 Is Still Mainly Exported, With Minimal Import Volume In September  

When we shifted our perspective away from price fluctuations, we found that the lithium carbonate market in Q1 2026 was undergoing deeper structural changes. These changes were reflected not only in price changes, but also in policy-driven dynamics on the demand side, geopolitical constraints on the supply side, and the quiet transformation of lithium carbonate's role within the entire new energy industry chain.

In Q1 2026, China's lithium carbonate market entered a phase of fluctuating at highs, building on the strong rally at the 2025 year-end. Prices exhibited a typical "N-shaped" wide-ranging trajectory: a significant rise in January, a slight pullback in February, and another sharp rise in March. Behind this trajectory was a concentrated manifestation of the ongoing tug-of-war between upstream spot order holders holding back from selling and downstream buyers restocking on dips.

On April 25, 2026 local time, the Zimbabwe lithium sulfate project successfully held the shipment ceremony for its first batch of products, marking the full transition of Huayou's lithium sulfate project in Zimbabwe from construction and commissioning to stable production. Huayou became the first Chinese enterprise to achieve localized lithium sulfate production in Zimbabwe, marking a milestone achievement in Huayou's ex-China ore mining and metallurgy integration strategy.