[SMM New Energy] Hitting a New High Since July 2024! Lithium Carbonate Limit Up

Published: Nov 19, 2025 13:40

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The most-traded lithium carbonate futures contract hit the limit-up, closing with a gain of 9% at 95,200 yuan/mt. This price not only reclaimed the level above 90,000 yuan/mt but also marked the highest since July 2024. Boosted by the sharp rise in futures prices, A-share lithium mine concept stocks surged across the board, with Chengxin Lithium, YOUNGY, and Dazhong Mining all hitting the limit-up, while industry leaders such as Tianqi Lithium and Ganfeng Lithium also posted significant gains. Behind this round of limit-ups lies a substantial improvement in the supply-demand pattern. Supply side, the Jianxiawo mine has no near-term expectations for production resumptions, and the release of incremental lithium resources faces bottlenecks. Demand side, however, shows robust momentum, with end-use demand in the EV sector remaining strong and industry chain inventory accelerating destocking. Particularly underpinned by both policy guidance and large industrial orders, expectations for ESS market demand have been fully ignited, leading to a turning point in the fundamentals of lithium carbonate.

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