[SMM Analysis] Weekly Review of the Lithium Carbonate Market: High Market Sentiment and Lithium Prices Fluctuating Upward

Published: Nov 13, 2025 16:44

Save

Spot lithium carbonate prices fluctuated upward this week, with the overall price center moving significantly higher.

Spot lithium carbonate prices fluctuated upward this week, with the overall price center moving significantly higher. Price-wise, the average battery-grade lithium carbonate price rose from 80,750 yuan/mt at the beginning of the week to 84,350 yuan/mt, while the average industrial-grade lithium carbonate price increased from 78,550 yuan/mt to 82,000 yuan/mt, with cumulative gains of 3,600 yuan/mt and 3,450 yuan/mt, respectively. The trading range for the most-traded lithium carbonate futures contract shifted upward to between 86,200 yuan/mt and 89,900 yuan/mt, with futures price fluctuations primarily driven by improved demand expectations and bullish market sentiment.

Supply side, lithium chemical plants maintained high operating rates overall, with capacity fully utilized. Both spodumene-based and salt lake-based effective capacity operating rates remained high, serving as the main supply sources. Domestic lithium carbonate production in November is expected to maintain October's level, roughly flat MoM. Demand side, the EV market saw rapid growth in both commercial and passenger new energy vehicles; the ESS market experienced robust supply and demand, with supply remaining tight.

Market transactions, market sentiment remained high this week, with upstream continuing destocking, growing reluctance to sell, and strong willingness to hold prices firm. Despite this week's price increases, downstream material plants maintained cautious purchase willingness, only buying for rigid demand. Currently, upstream and downstream enterprises are negotiating long-term agreements for next year, with the main focus at this stage being the coefficient.

Looking ahead, battery cell and cathode material production schedules continue to improve in November, and lithium carbonate is expected to see significant destocking during the month. Supported by both supply-demand fundamentals and market sentiment, lithium prices may maintain a strong, fluctuating pattern in the short term.

lithium Market

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

16 mins ago

Zimbabwe reaffirms its commitment to promoting domestic value addition【SMM Analysis】

16 mins ago

2 hours ago

[Galan Lithium Announces Completion of Phase 1 Construction at HMW Project]

On April 1, Galan Lithium announced that Phase 1 construction of its Hombre Muerto West (HMW) Project has been successfully completed. The project has now fully transitioned to the commissioning and operational readiness phase, with all major process facilities, including the nanofiltration plant, installed and electrical and mechanical testing underway. Supported by substantial brine inventory, first lithium chloride production is expected in 2026. As of April 2026, the project has 10,000 tonnes LCE of brine inventory available for processing. Initial production capacity is 4,000 tonnes LCE per annum, with plans to expand to 5,200 tonnes LCE in the near term.

2 hours ago

BYD Claims Top Spot Globally In Both New Energy Vehicle Sales And Energy Storage System Shipments For 2025

On March 28, BYD released its 2025 annual report. According to the report, the company achieved operating revenue of 803.965 billion yuan in 2025, a year-on-year increase of 3.46%; and net profit attributable to shareholders of the listed company of 32.619 billion yuan, a year-on-year decrease of 18.97%. As of the end of the year, its total assets reached 883.730 billion yuan, an increase of 12.81% year-on-year; net assets attributable to shareholders of the listed company stood at 246.274 billion yuan, up 32.94% from the end of the previous year, with its overall asset strength steadily consolidated. In terms of energy storage business, its global energy storage system shipments exceeded 60GWh in 2025, ranking first among global energy storage system manufacturers.

2 hours ago