SMM Daily Review: Spot Lithium Carbonate Prices Consolidated Higher on August 28

SMM battery-grade lithium carbonate spot prices consolidated higher versus the previous business day. The lithium carbonate 2701 contract opened higher at 154,000 yuan/mt. After the open, it briefly dipped to 152,100 yuan/mt, setting an intraday low, before bulls’ funds actively stepped in and prices rebounded amid consolidation. In the morning session, it fluctuated within the 153,000–156,000 yuan/mt range; despite some back-and-forth, the center gradually moved higher. Approaching midday, bulls made a concentrated push, and prices quickly surged past 156,000 yuan/mt. In the afternoon, strength continued, consolidating on a strong note at elevated levels and climbing further. Near the close, it shot up to 159,600 yuan/mt, setting an intraday high, and ultimately closed up 4.77% at 159,600 yuan/mt, with open interest increasing by 28,232 lots.

Spot market: As prices consolidated higher and with month-end coinciding, downstream material plants turned more cautious in purchase willingness. Some saw raw material replenishment as customer-supplied material and long-term contracts were shipped successively around month-end and early month. Upstream lithium chemical plants had relatively limited spot order shipments, with some needing to reserve part of their inventory for long-term contract deliveries. Overall, market inquiries and actual transactions were relatively sluggish.