Customs data shows that in November 2025, China's spodumene imports reached 729,000 physical tons, a month-on-month increase of 12%, equivalent to approximately 81,000 tons of lithium carbonate equivalent (LCE) based on SMM's statistical calculations after accounting for average grade and moisture content.

A Panoramic View of the Global Lithium Ore Market from 2025 to 2026: From Divergence to Rebalancing

Review and Outlook: Analysis of Lithium Hydroxide Market Operations in 2025 and Future Trends

This week, cobalt sulphate and nickel sulphate prices began to rise, while lithium carbonate prices fluctuated.

Progress on This Week's Recycling Incidents Was as Follows:

Progress on This Week's Recycling Incidents Was as Follows:

This week, prices in the second-life application market stabilized, with the previous upward momentum fading and the tug-of-war between sellers and buyers reaching an equilibrium stage. Cost support was significant, as spot prices for three key raw materials—nickel, cobalt, and lithium chemicals—rose simultaneously, providing strong bottom support for second-life product prices and curbing downside risks. On the supply side, volumes expanded. Approaching year-end, driven by factors such as capital recovery and annual performance assessments, most battery cell manufacturers increased shipments of Grade A and B second-life battery cells, boosting market circulation and alleviating earlier localized tight supply. Demand-side performance was clearly divergent: some downstream enterprises initiated year-end stockpiling purchases, supporting market demand, while others, cautious due to financial conditions and price assessments, showed low acceptance of current prices and adopted a wait-and-see approach, postponing procurement. Reviewing the full year of 2025, demand in the second-life application market remained generally stable overall, with only the ESS sector showing significant growth. Increased installations of ESS projects became the core driver of annual demand growth. Considering the combined effects of cost-side support, supply-side volume expansion, demand-side divergence, and overall stable annual demand, current prices for Grade B second-life battery cells maintained a steady trend.