Price trend:

According to data from the SunSirs' commodity market analysis system, lithium carbonate prices recently experienced significant fluctuations. As of November 25, the benchmark price of battery-grade lithium carbonate on SunSirs in China was 92,266 RMB/ton, a decrease of 3.15% from the weekly high (November 19), an increase of 21.56% week-on-week, and an increase of 14.19% year-on-year; the benchmark price of industrial-grade lithium carbonate on SunSirs in China was 90,433 RMB/ton, an increase of 21.99% week-on-week and an increase of 15.64% year-on-year.

The initial price increase was primarily driven by the continued improvement in end-user demand

Downstream demand remained optimistic, with material suppliers generally reporting full order books and energy storage continuing to exceed expectations. In the first three quarters of 2025, global energy storage cell shipments totaled 410.45 GWh, a year-on-year increase of 98.5%, with Q3 shipments reaching 170.24 GWh, continuing to break single-quarter records.

In the field of new energy vehicles, China's production and sales of new energy vehicles reached 1.772 million and 1.715 million units respectively in October, representing year-on-year increases of 21.1% and 20.0%. New car sales accounted for 51.6% of total vehicle sales, a record high.

Later market sentiment fluctuated, and lithium carbonate prices stopped rising and started to fall

On November 20th, the exchange announced adjustments to contract fees and stricter daily position limits, which cooled market sentiment in the futures market and caused spot prices to stop rising. Recent market news suggests that CATL's Jianxiawo lithium mine may resume production in early December, further pressuring prices.

Destocking further cooled market sentiment 

The destocking trend that had lasted for 14 weeks slowed significantly. As of the 21st, the total lithium carbonate inventory was 118,400 tons, a decrease of only 2,052 tons compared to the previous week, of which smelter inventory was 26,100 tons and downstream inventory was 54,400 tons.

Market Forecast:

According to analysts at SunSirs, lithium carbonate prices are expected to fluctuate with a slightly upward bias in the medium to long term due to strong supply and demand. However, rumors of production resumption will continue to disrupt the market in the short term, and market changes should be closely monitored.

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