Supply-Demand Gap Widens, Lithium Carbonate Prices Approach Year-to-Date High

November 10, News

According to the commodity market analysis system: On November 10, the price of lithium carbonate significantly increased. The benchmark price for battery-grade lithium carbonate was 83,200 CNY/ton, up 4.92% from the previous day, and the benchmark price for industrial-grade lithium carbonate was 81,433 CNY/ton, up 5.03% from the previous day.

Demand Surge: Battery and Energy Storage Sectors Drive Strong Growth

The concentrated surge in demand from the downstream new energy vehicle and energy storage industries is the core driving force behind this price increase. Since 2025, prices in the midstream of the new energy vehicle industry chain in China have gradually stabilized, and the supply-demand structure has improved, signaling the potential start of a new upward cycle. At the same time, the demand for energy storage has enormous growth potential, with the expected growth rate of energy storage demand in China reaching 50% by 2026.

The rapid growth in demand has directly stimulated the purchasing enthusiasm of the upstream and downstream of the lithium battery industry chain. Electrolyte manufacturers, in order to meet production needs, have significantly increased their purchases of raw materials such as lithium carbonate, forming a strong demand support and driving prices up.

Supply-side tightness: Lithium mine production resumption falls short of expectations, exacerbating the shortage in China

The tight supply situation on the production side has further intensified price increases, with the slower-than-expected resumption of operations at Jiangxi Jianxiawo’s lithium mine emerging as a key factor. The lithium assessment report came in lower than anticipated, and relevant approvals have yet to be finalized, leading to a significant delay in restarting production. As a result, market expectations for a tightening supply of lithium carbonate have grown markedly.

Industry Chain Transmission: The Ripple Effect of Lithium Hexafluorophosphate Price Surge in China

The sharp rise in prices of lithium-ion battery industry-related products has triggered a ripple effect, further fueling the upward trend in lithium carbonate prices. Over the past month, the price of lithium hexafluorophosphate has surged by as much as 99%, reaching a new recent high. At the heart of this dramatic price increase is the explosive demand from downstream sectors such as the electric vehicle and energy storage industries, which has significantly boosted electrolyte manufacturers' procurement activities.

Lithium hexafluorophosphate, as a key raw material for lithium battery electrolytes, has seen a sharp increase in price, reflecting the strong demand for downstream lithium battery production. This demand has been transmitted to the upstream lithium carbonate segment, further strengthening the market demand expectations for lithium carbonate and leading to a significant increase in its price.

Lithium carbonate data analysts believe that against the backdrop of favorable factors on both supply and demand sides and a chain reaction of price increases in the industry, the price of lithium carbonate has surged. It is expected that the price of lithium carbonate will remain strong in the short term.