Price trend:

According to data from the SunSirs' commodity market analysis system, on November 10th, the price of lithium carbonate rose sharply. The SunSirs benchmark price for battery-grade lithium carbonate was 83,200 RMB/ton, up 4.92% from the previous day, while the SunSirs benchmark price for industrial-grade lithium carbonate was 81,433 RMB/ton, up 5.03% from the previous day.

Market Analysis

Demand surged: Strong driving force from the battery and energy storage sectors

The surge in demand from downstream new energy vehicles and energy storage industries was the core driver of this price increase. Since 2025, prices in the midstream new energy vehicle industry chain have gradually stabilized, and the supply-demand structure has improved, suggesting the start of a new upward cycle. Meanwhile, the energy storage sector had enormous growth potential, with demand growth expected to reach 50% in 2026.

Rapid demand growth directly boosted procurement activity across the lithium battery industry chain. Electrolyte manufacturers significantly increased their purchases of raw materials such as lithium carbonate to meet production needs, creating strong demand support and driving prices upward.

Supply-side tightness: Lower-than-expected lithium mine recovery exacerbated the supply gap

The tight supply situation further amplified the price increase, with the slower-than-expected resumption of production at the Jiangxi Jianxiawo lithium mine being a key factor. The lithium assessment report's results were lower than expected, and related approvals have yet to be finalized. This delay in resumption of production had significantly strengthened market expectations of a tighter supply of lithium carbonate.

Supply chain transmission: the ripple effect of the surge in lithium hexafluorophosphate prices

The sharp rise in prices of related products in the lithium battery industry chain created a ripple effect, further pushing up the price of lithium carbonate. The price of lithium hexafluorophosphate had surged by as much as 99% in just over a month, reaching a recent high. The core driver of this significant price increase was the explosive growth in demand from downstream new energy vehicle and energy storage industries, leading to a substantial increase in electrolyte manufacturers' procurement volumes.

The soaring price of lithium hexafluorophosphate, a key raw material for lithium battery electrolytes, reflected the strong demand from downstream lithium battery production. This demand had been transmitted to the upstream lithium carbonate segment, further strengthening market demand expectations for lithium carbonate and causing its price to surge.

Market outlook

According to analysts at SunSirs, lithium carbonate prices had surged due to a combination of favorable factors on both the supply and demand sides and a coordinated rise in prices across the industry chain. It is expected that lithium carbonate prices will remain stronger in the short term.

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