[SMM Analysis：China's Lithium Hydroxide Exports Totaled 2,876 Tonnes in October Down 56% Month-on-Month]

Sichuan Energy Power: Lijiagou Lithium Mine Reaches Design Capacity, Lithium Salt Projects Commence Production

Located approximately 100 kilometers northwest of Menzies, the Mt Ida Critical Minerals Project is emerging as a pivotal development in Western Australia's mining sector. This integrated operation employs an innovative model, combining the extraction of three critical minerals – lithium, rubidium, and tantalum – within a unified development framework, significantly enhancing operational efficiency and economic returns while strongly supporting lithium industry innovation within Australia's critical minerals sector.

In September 2025, China's total lithium carbonate imports amounted to approximately 19,597 mt, down 10% MoM and up 20% YoY. The average import price was about $8,625/mt, up 0.8% MoM from the August average.

China's Lithium Hydroxide Production Sees 6% Monthly Increase in October, Slight Gain Forecast for November

In the first half of 2025, all segments of the sodium-ion battery industry chain demonstrated significant growth. However, the industry also faced concurrent challenges of technological route changes, cost pressures, and market challenges, marking a critical turning point amid rapid development.

At the 2025 (10th) New Energy Industry Expo - New Energy PV ESS Forum hosted by SMM Information & Technology Co., Ltd. (SMM), Ma Yuqi, Senior Partner and Head of the Mining Energy M&A and Restructuring Department at Beijing Yuren Law Firm, shared insights on the topic "Legal Risks and Prevention of the Application of Generation-Grid-Load-Storage Integration in Mining Enterprises." She stated that the integration of generation-grid-load-storage is an essential path for the green transformation of mines, as it can optimize energy utilization, reduce energy consumption, minimize environmental impact, and drive mining enterprises toward sustainable development. During the implementation of generation-grid-load-storage integration projects, the principle of compliance-first must always be upheld. It is crucial to fully recognize the existence of legal risks, take effective preventive measures, and ensure the legal and compliant operation of the projects. Risk prevention and compliance operations will help achieve a win-win situation for both new energy enterprises and mining enterprises.

Despite the current challenges, there are some positive variables for the long-term development of the sodium-ion battery industry. On one hand, the potential of the domestic Chinese market is immense. With the continuous promotion of policies such as "trade-in" for new energy vehicles, electric two-wheelers, and energy storage, the demand for batteries in these sectors is growing, providing vast development opportunities for the sodium-ion battery industry.

The policy drive for the transition of the world in cleaner, renewable energy has really triggered an unbeatable surge in the demand for such metals as cobalt, lithium, and nickel. They are very important development factors in electric vehicle economies, batteries, energy-storage systems, and renewable energy technology in general. Indeed, technological development is creating demand for such metals on one hand, while there are major government policies that drive the demand much deeper: from tax breaks and subsidies given to green technologies down to rules covering imports and exports, numerous policy measures reach and set prices of such critical metals.

2024 is a highly volatile year for lithium carbonate prices, with prices experiencing a "roller coaster" ride and an average price of 90,000 yuan/mt. Annual domestic lithium carbonate output reached 680,000 mt, up 47% YoY; annual lithium carbonate imports totaled 230,000 mt, up 46% YoY; and annual lithium carbonate demand reached 850,000 mt LCE, up 44% YoY. The domestic surplus pattern persisted. Looking ahead, with both lithium carbonate supply and demand increasing, supply growth is expected to outpace demand, leading to a continued expansion of the surplus. Additionally, under the deepening of low-cost integration and the impact of low-cost lithium carbonate imports from overseas, the cost center of lithium carbonate still has room to decline.

[Hundreds of Boats Compete, the Brave Take the Lead—2024 Annual Review of the NEV Market] Global NEV sales in 2024 are expected to reach 17.15 million units, up 20% YoY; China's NEV sales are projected to be 12.85 million units, with domestic sales accounting for approximately 89% and exports about 11%, and the penetration rate of NEVs in China reaching 45%; sales in Europe are expected to reach 2.81 million units, down 4.7% YoY; US sales are projected to be 1.62 million units, up 11% YoY.