[SMM Analysis] Lithium Ore Market Review in the First Week of 2025

Last week, lithium ore prices experienced slight fluctuations WoW. On the spodumene side, overseas mines showed strong sentiment to stand firm on quotes, with offers remaining at high levels and occasional transaction prices around $900/mt CIF. However, both spot and futures prices of domestic lithium chemicals were at relatively low levels, leading to weak purchase willingness for high-priced overseas lithium ore from the demand side. In the domestic market, some traders have recently limited their purchases, and when selling, they also exhibited a certain sentiment to stand firm on quotes under the current lithium chemicals prices. Coupled with the approach of the Chinese New Year, suppliers' willingness to negotiate prices weakened due to logistics and other reasons, slowing the pace of shipments. Overall, spot cargo circulation in the market was limited, and spodumene prices continued to fluctuate within the current range.

On the lepidolite side, with limited overall circulation of lepidolite concentrate in the market, supply-side quotes remained at high levels. On the demand side, most non-integrated lepidolite smelters currently in production maintained normal production rhythms, sustaining their demand for lepidolite concentrate, which further bolstered the supply side's sentiment to stand firm on quotes. However, due to recent inconsistencies in the volume and quality of spot cargo, the demand side showed a certain desire to bargain down prices. Combined with the relatively low lithium chemicals prices recently, lepidolite prices overall exhibited continuous fluctuations within the current range.

Lithium ore prices are expected to continue fluctuating at current levels.