SMM Daily Review: February 6 Spot Lithium Carbonate Prices Continued to Decline

[Chery Group's August sales hit 280,000 units, up 15.4% YoY] In August 2026, Chery Group sold 280,128 vehicles, up 15.4% YoY. Of this total, the group exported 196,984 units, up 52.1% YoY, and sold 120,909 new energy vehicles, up 69.8% YoY, surpassing the 100,000-unit mark for the fifth consecutive month.

Today, SMM’s spot prices for battery-grade lithium carbonate fluctuated higher compared with the previous working day. The lithium carbonate 2701 contract opened lower today at 160,800 yuan per tonne. Following the opening, it quickly dipped to around 158,900 yuan per tonne, before bullish capital stepped in to drive a volatile rebound; during the morning session, prices fluctuated on a relatively firm note within the 160,500–162,500 yuan per tonne range, reaching a high of 162,900 yuan per tonne; Around midday, bulls and bears engaged in a seesaw battle above the moving average line; in the afternoon, short sellers intensified their selling pressure, causing the price to plummet to 157,200 yuan per tonne, after which it consolidated weakly at lower levels. Although there were minor rebounds during this period, they failed to break through the resistance of the moving average line. The market weakened again towards the close, eventually closing down 1.64 per cent at 157,900 yuan per tonne, with open interest increasing by 1,885 contracts. In the spot market, downstream material manufacturers took the opportunity to buy on the dip, with both enquiries and actual transactions remaining relatively active; upstream lithium salt producers saw a slight slowdown in the pace of spot sales, whilst deliveries under long-term contracts began in earnest at the start of the month. Furthermore, some lithium salt producers maintained spot quotations at 165,000 yuan per tonne or higher. Overall, a divergence in price expectations between upstream and downstream players persists.