[SMM New Energy] Lithium Carbonate Futures Return to the 100,000 Yuan Mark

Published: Nov 20, 2025 14:15

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The most-traded lithium carbonate futures contract broke through the 100,000 yuan/mt mark, rising nearly 6% to hit a new high since June 2024. Just two days earlier on November 17, the contract hit the upside limit in the afternoon session, closing up 9% at 95,200 yuan/mt, reclaiming the 90,000 yuan level and reaching its highest point since July, indicating a sustained upward trend. Fundamentally, downstream material plants showed strong production enthusiasm, with around 20 LFP enterprises operating at full capacity, a situation expected to continue until year-end. Inventory data confirmed the improvement in the supply-demand pattern. The latest figures show total market inventory fell by 3,400 mt to 120,000 mt, with smelter stocks down 2,500 mt to 28,000 mt, downstream inventory decreasing by 3,200 mt to 49,000 mt, while trader inventory increased by 2,200 mt to 41,000 mt. Sentiment in the midstream sector recovered, providing solid support to the spot market. Cost side also contributed upward momentum, as the latest Australian lithium ore offer rose to $1,055, with ore prices strengthening again, supporting lithium carbonate prices from a cost perspective.

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