[SMM Analysis] Lithium carbonate prices have temporarily stabilized, and the National Day stockpiling is nearing completion

At the beginning of the week, the domestic spot lithium carbonate market remained stable, with the price center holding steady and no significant fluctuations observed. The SMM battery-grade lithium carbonate average price was 73,550 yuan/mt, down 50 yuan/mt from the previous trading day; the industrial-grade lithium carbonate average price was 71,300 yuan/mt, also down 50 yuan/mt from the previous trading day. Lithium carbonate futures prices continued their fluctuating trend, with the most-traded contract oscillating between 72,300-74,800 yuan/mt. National Day stockpiling by downstream material plants has largely concluded, leading to a noticeable slowdown in market transactions. Supply side, spodumene-based lithium carbonate production accounted for over 60% of the total, becoming a key support for market supply; lepidolite-based lithium carbonate production share fell to 15%. Overall, September saw simultaneous growth in both supply and demand, but with demand growing at a faster pace, resulting in continued destocking during the month.