On October 24th, the Lithium Industry Branch of the China Non-Ferrous Metals Industry Association released the operation situation of the lithium industry in September. In September 2025, the domestic price of lithium carbonate fluctuated weakly. The price of battery-grade lithium carbonate fell from 77,000 RMB/ton at the beginning of the month to 73,000 RMB/ton at the end of the month, a decrease of 5.2%; the price of industrial-grade lithium carbonate fell from 75,300 RMB/ton at the beginning of the month to 71,300 RMB/ton at the end of the month, a decrease of 5.3%; the closing price of the main lithium carbonate futures contract fell from 75,560 RMB/ton at the beginning of the month to 72,800 RMB/ton at the end of the month, a decrease of 3.7%, and the end-of-month spread between the futures and spot prices was 1500 RMB/ton.
In terms of market trading, in September, the daily average trading volume of lithium carbonate futures was 678,000 lots, a decrease of 375,000 lots compared to the previous month; the daily average position volume was 7.48 million lots, a decrease of 45,000 lots compared to the previous month, indicating a decrease in market trading activity.
The futures price of lithium carbonate in September continued to fluctuate weakly, with the main contract fluctuating narrowly around 73,000 RMB/ton. The price increased significantly in the previous period, and some lithium salt plants locked in sales profits, which led to a strong demand for spodumene, offsetting the impact of the shutdown of lithium mica in Jiangxi.
In addition, in September, the domestic price of lithium hydroxide decreased. The price of lithium hydroxide fell from 75,500 RMB/ton at the beginning of the month to 74,000 RMB/ton at the end of the month, a decrease of 2.0%.
From the supply side, in September, the production of lithium carbonate decreased slightly, while the production of lithium hydroxide rebounded. Due to the shutdown of the Jixiaowu lithium mine under Ningde Times, the production of lithium carbonate from lithium mica raw materials decreased. Sichuan overtook Jiangxi to become the first region in lithium salt production.
According to the statistics of the Lithium Industry Branch of the China Non-Ferrous Metals Industry Association, in September 2025, the national output of lithium carbonate was about 63,000 tons, a decrease of 2.5% compared to the previous month; the national output of lithium hydroxide was about 34,000 tons, an increase of 10.5% compared to the previous month. The national output of lithium salts, converted into lithium carbonate equivalent (LCE), was about 94,000 tons, an increase of 1.4% compared to the previous month.
The production of lithium salts is highly concentrated in specific regions. In September, the production of lithium carbonate in China was mainly concentrated in Sichuan, Jiangxi, and Qinghai, with production volumes of 18,000 tons, 17,000 tons, and 10,000 tons, respectively; the production of lithium hydroxide was mainly concentrated in Sichuan and Jiangxi, with production volumes of 15,000 tons and 12,000 tons, respectively.
From the perspective of lithium product imports and exports, in September, China imported lithium concentrate, imported lithium carbonate and exported lithium hydroxide increased month-on-month.
On the import side, in September, China imported 7.11 million tons of lithium concentrate, a 14.7% increase compared to the previous month. The top three countries for lithium concentrate imports were Australia, Nigeria, and Zimbabwe. In September, Australia's lithium concentrate imports increased by 64.1% compared to the previous month. The import price of lithium concentrate has rebounded, with the import price decreasing by about 8% compared to the previous month on average.
In September, our country imported 20,000 tons of lithium carbonate, a decrease of 10.3% compared to the previous month, with an average import price of 61,000 RMB/ton, basically unchanged compared to the previous month. Among them, about 11,000 tons of lithium carbonate were imported from Chile, accounting for about 55%.
On the export side, in September, our country exported 0.7 million tons of lithium hydroxide, with the main export countries being South Korea and Japan. The average export price of lithium hydroxide was 77,000 RMB/ton, an increase of 1.6% compared to the previous month.
From the demand side, in September, the production and sales of batteries and new energy vehicles continued to grow rapidly. The output and installation of power batteries continued to rise, and the production and sales of new energy vehicles increased both环比 and year-on-year, showing a rapid growth trend.
It is worth noting that as of October, the lithium market has shown a clear recovery, and the lithium futures have also been rising continuously.
Huatai Futures Research Report believes that the recent rebound in the futures market is mainly due to the impact of news shocks and consumption support. The current market is in the peak season of consumption, which has a certain support, and it is expected that the market will fluctuate in the short term.
Huaxi Securities pointed out that although the supply in October has steadily increased, the strong demand in the power and energy storage fields will push the market into a stage of significant inventory reduction, and it is expected to form a phased supply-tight situation. In terms of upstream mines, the overseas mine continues to maintain a firm price posture; other cargo holders are more cautious about selling due to the obvious inventory reduction in the early stage, and the quotations are vibrating in line with the futures price. Downstream lithium salt plants maintain the previous production rhythm, and the demand for raw materials remains high, and the purchasing intention has increased compared to the previous period. Overall, the lithium mine market is tight in terms of spot supply, and the market inquiry and transaction activity are both higher than the previous period.
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