Dear Users and Partners,
The framework for this period’s lithium carbonate inventory data has been adjusted. We hereby provide the following explanation:
I. Data classification expanded from three to four categories
Previously, lithium carbonate inventory covered three categories: upstream smelters, downstream cathode material plants, and other links. Starting from this period, the data is divided into four estimation categories:
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SMM: Lithium Carbonate: Upstream Inventory (including newly added slag‑leaching lithium extraction samples);
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SMM: Lithium Carbonate: Cathode Plant Inventory;
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SMM: Lithium Carbonate: Trade Inventory;
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SMM: Lithium Carbonate: Battery Cell Plant and Other Inventory.
At the same time:
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The upstream smelter category now includes estimation data from slag‑leaching lithium extraction.
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Some data for downstream cathode plants have been revised.
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The number of estimation samples for traders and battery cell plants has been increased accordingly.
Note: Regulated inventory adjustments at battery cell plants are still excluded from the estimation scope. Due to these changes, the current data are not directly comparable with previous classifications. We kindly ask for your attention to this matter.
II. Weekly inventory changes by segment for this week
Based on the new estimation framework, the weekly performance for each segment is as follows:
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Upstream smelters: With concentrated delivery of long‑term orders at the beginning of the month and active spot sales at relatively high prices, this week’s inventory showed a destocking trend.
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Downstream cathode material plants: Long‑term contracts and customer supply arrived progressively. Some companies also built stocks in advance for September and October production when prices were low, resulting in a slight accumulation of weekly inventory.
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Traders: Continued downstream restocking at low prices absorbed trader inventories, leading to a continued destocking trend this week.
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Battery cell plants and other links: Customer supply was shipped at the beginning of the month, so weekly inventory also destocked.
Overall, this week’s lithium carbonate inventory flowed from upstream to downstream. The structural feature—upstream destocking combined with partial accumulation in the mid‑to‑downstream segments—is now more clearly discernible under the new framework. We will continue to monitor and report on data performance.
III. Data notes
Due to factors such as customs clearance timing, title confirmation, and data cut‑off deadlines, which affect information feedback and verification from sample enterprises, the weekly inventory data may contain certain deviations. We appreciate your understanding.
All data are derived from public information, market communications, and SMM’s internal data models, and are comprehensively analysed and reasonably inferred by the research team. They are provided for reference only and do not constitute decision‑making advice.
Should you have any questions, please do not hesitate to contact us at: data@smm.cn
SMM (Shanghai Metals Market)
September 4, 2026