[SMM Analysis] China's Total Lithium Carbonate Production Continued to Rise in October 2025, Exceeding 90,000 mt!

In October 2025, China's total monthly lithium carbonate production continued its growth trend, increasing 6% MoM and 55% YoY. The new energy EV and ESS markets performed better than expected, and driven by demand, domestic lithium carbonate smelters maintained high production enthusiasm, with overall operating rates remaining at elevated levels.

By raw material: Spodumene, lepidolite, salt lake, and scrap sources all contributed to the growth.

Spodumene-derived lithium carbonate: Total production in October increased 2% MoM. Leading lithium chemical plants consistently maintained very high production levels. Non-integrated enterprises also sustained high output amid improved demand. Additionally, incremental contributions from ramp-ups at certain production lines supported the continued growth in spodumene-derived output. Currently, spodumene-derived lithium carbonate accounts for over 60% of total production.

Lepidolite-derived lithium carbonate: Total production rose 10% MoM. The increase primarily came from enterprises previously constrained by raw materials actively procuring feedstock and raising operating rates. Output at other enterprises remained generally stable.

Salt lake-derived lithium carbonate: Total production increased 16% MoM. Output saw a significant boost from the ramp-up of new production lines, while other enterprises maintained stable production.

Scrap-derived lithium carbonate: Total production in October grew 10% MoM, mainly benefiting from the sustained positive demand for lithium carbonate, which boosted production enthusiasm among recycling enterprises, though the overall production scale remains limited.

Currently, the lithium carbonate market still faces uncertainty regarding mine policies in Jiangxi province. However, supported by continued positive downstream demand, domestic lithium carbonate output in November is expected to remain at October's level, roughly flat MoM.

Demand side, the EV market saw rapid growth in both commercial and passenger NEVs; the ESS market experienced robust supply and demand, with supply remaining relatively tight. Battery cell and cathode material production schedules for November continue to show positive trends, and lithium carbonate is expected to see significant destocking in November.