Affected by the traditional consumption off-season and raw material price transmission, China’s deep-processed manganese products came under overall downward pressure this week. Products showed differentiated market performances due to distinct supply-demand fundamentals, with obvious linkage across the industrial chain.

Spot lithium carbonate prices stopped falling and rebounded this week, fluctuating upward. The futures market held up well, with the most-traded September 2026 contract oscillating upward from a price range of 160,300-165,800 yuan/mt at the start of the week to 164,800-175,000 yuan/mt, hitting a mid-week high of 175,000 yuan/mt. The weekly gain was approximately 5.5%, open interest increased significantly, and bullish funds intervened actively. Market transactions showed a pattern of upstream holding prices firm and holding back from selling, while downstream purchased as needed, creating a clear misalignment in price expectations between buyers and sellers. Upstream lithium chemical plants maintained their stance of holding spot orders firm and holding back from selling, with some enterprises keeping their willingness to sell at prices above 170,000 yuan/mt. Downstream material plants held comparatively lower psychological procurement price levels, with most purchasing as needed; their willingness to purchase spot orders weakened as prices rose. Overall, market inquiries were relatively active, but actual transaction volumes remained stable due to the misalignment in price expectations between upstream and downstream. Lithium carbonate production increased this week, mainly due to production lines at spodumene processing facilities that had been under maintenance earlier resuming production successively. The recycling sector and salt lake operations maintained stable production, while lepidolite operations saw minor output fluctuations due to raw material supply issues. From the standpoint of actual transactions and inventory, as prices continued to fluctuate downward, upstream lithium chemical plants were reluctant to sell spot orders; only a few enterprises that had previously hedged at high levels managed to complete small-volume spot transactions with downstream or traders, while most lithium chemical plants still focused on holding prices firm and holding back from selling. However, due to the concentrated delivery of long-term contract orders early in the month, combined with some resumed production lines not yet reaching full capacity, lithium chemical plant inventories experienced slight destocking this week. Downstream material plants saw inventory buildup this week, as early-month long-term contracts and customer-supplied materials arrived successively, along with dip-buying of spot orders. Traders, following downstream purchase-as-needed patterns, exhibited a destocking trend. The price rise this week was mainly driven by the following factors: First, stronger import-side support. According to Chile customs data, Chile's total lithium carbonate exports in May were 19,100 mt, down 35.2% MoM, of which exports to China were 13,600 mt, a sharp decline of 40.8% MoM, marking the first significant pullback in the past six months. Lithium carbonate monthly imports are expected to decrease somewhat in June-July; coupled with continued high production schedules for downstream LFP materials in June, China's destocking speed is expected to accelerate. Second, news-driven disturbances. A fire occurred at the Greenbushes lithium mine's CGP3 plant; although CGP1 and CGP2 operations were unaffected and IGO did not revise its FY2026 production guidance, the extent of the damage to CGP3 and the repair timetable still require attention. A substantial delay in its production ramp-up could impact the pace of future supply growth. Third, the ongoing tug-of-war between longs and shorts persisted, with supply-side factors such as the drop in Chilean exports and Jiangxi mine permit renewals providing support for prices. However, headwinds such as high warrant pressure and expectations of Zimbabwean ore arrivals capped the upside, keeping the tug-of-war between longs and shorts ongoing. Looking ahead, short-term lithium carbonate prices are likely to hold up well.

Raw material side, lithium carbonate prices edged up this week, nickel sulphate prices fluctuated, and cobalt sulphate prices continued to fall.

[SMM Lithium Battery Electrolyte Market Weekly Review: Electrolyte Prices Remain Stable This Week (2026.6.8-6.11)] From June 8 to 11, 2026, electrolyte prices remained stable. Supported by raw material costs and underpinned by downstream demand, electrolyte prices are expected to remain stable in the short term.

Today, the SMM spot price of battery-grade lithium carbonate fluctuated upward compared to the previous trading day. In the futures market, the lithium carbonate 2609 contract opened higher at 168,000 yuan/mt today, quickly surged to 169,500 yuan/mt after opening, then fluctuated and pulled back, moving sideways around the average price line during the morning session. Around midday, it accelerated its decline to an intraday low of 164,800 yuan/mt. It rebounded in the afternoon, fluctuated narrowly around 167,400 yuan/mt in late trading, and ultimately closed up 0.65% at 166,400 yuan/mt, with open interest increasing by 8,762 lots. In the spot market, downstream psychological purchase willingness prices were relatively low, with most participants remaining cautious and on the sidelines. Upstream lithium chemical plants' willingness to sell via spot orders remained above the 170,000 yuan/mt level, maintaining an attitude of holding prices firm and holding back from selling. Overall, market inquiries were relatively active, but due to a mismatch in price expectations between upstream and downstream, actual transaction volumes were relatively limited. On the news front, today IGO Limited announced that a fire broke out at CGP3 at Greenbushes on June 9. The fire has been extinguished, and no casualties were reported. According to IGO, operations at CGP1 and CGP2 were unaffected, and IGO has not revised its FY2026 production guidance. The impact on actual near-term global spodumene supply is expected to be limited. However, the extent of the damage to CGP3, the repair timetable, and the recovery plan should be closely monitored. If this incident materially delays the ramp-up of CGP3, it could affect the pace and marginal volume of Greenbushes' future supply growth. In summary, the short-term lithium carbonate market continues to see a tug-of-war between bulls and bears. Supply-side disruptions, such as a pullback in Chilean exports and Jiangxi mine license renewals, provide price support, while high warrant pressure and expectations of Zimbabwean ore arrivals create overhead resistance. Lithium carbonate prices are expected to maintain a fluctuating trend in the near term, with key areas of future focus remaining the warrant inflection point, progress on Jiangxi mine license renewals, and the pace of Zimbabwean ore arrivals.

Europe's renewable energy market is undergoing structural acceleration in 2026. Utility-scale storage projects are breaking ground at pace, and solar installations continue to expand — but supply chain pressures are intensifying in parallel. Lithium carbonate price swings have yet to fully transmit through to system-level pricing, and the cost mechanisms across the cell and integration layers are still being recalibrated. At the same time, grid connection queues in Europe are lengthening, permitting timelines are growing less predictable, and project delivery schedules are under real strain. How Chinese supply chains respond to Europe's shifting market structure, and how European developers balance cost pressure with project momentum, have become defining questions for the entire value chain. To address these challenges head-on, SMM is hosting the 2026 SMM Germany Solar & Energy Storage Forum on 23 June 2026 in Munich, running alongside Intersolar Europe & ESS Europe. The forum brings together senior industry leaders from GCL, LONGi, Gokin Solar, Farasis Energy, Verkor, Greenvolt Power, AKU-BAT CZ, RES Group, Power Capital Renewable Energy, and more, for a focused dialogue on European ESS project realities, China's PV supply chain dynamics, and the path forward for China-Europe collaboration. Venue: Hotel Novotel München Messe, Munich, Germany Date : 23 June 2026 | 14:00–18:0 Forum details: https://www.metal.com/events/conferences/2026-SMM-Germany-Solar--Energy-Storage-Forum/969 Register for free : https://bd.smm.cn/s/HDq2UoEI For enquiries, please contact: Joanne Xu | +86 150 0197 5312 | joannexu@smm.cn