[SMM Daily Review: Spot Lithium Carbonate Edges Down on July 31] Today, SMM battery-grade spot lithium carbonate prices edged down slightly from the previous working day. In futures, the lithium carbonate 2609 contract opened low at 143,900 yuan/mt today, briefly shot up to 144,400 yuan/mt before being pressured by bears, and prices consolidated lower and broke below the average price line. During the morning session, prices fluctuated weakly in the 142,000–143,500 yuan/mt range; near midday, bears intensified pressure, and prices rapidly dropped to around 140,000 yuan/mt. In the afternoon, prices consolidated at lows, and near the close, bears pressed again, causing prices to slide further and hit a fresh intraday low of 137,800 yuan/mt. The contract ultimately closed down 4.84% at 137,800 yuan/mt, with open interest decreasing by 3,001 lots. In the spot market, at month-end, the downstream procurement pace slowed, with purchasing on dips as needed dominating. Upstream lithium chemical plants continued to hold spot order prices firm, and long-term contract volume additions increased. Overall, market inquiries and actual transactions were relatively stable. In July, affected by maintenance at lithium chemical plants using both spodumene and lepidolite routes, China's lithium carbonate production saw a notable decline. Entering August, although maintenance at plants relying on spodumene and lepidolite continues, salt lake lithium extraction benefited from warmer weather, and output climbed significantly, which is expected to effectively supplement overall supply. Overall, China's total lithium carbonate production in August is expected to increase by 7% MoM.

On July 29, Rio Tinto announced its 2026 H1 results. According to the data, in H1, Rio Tinto's underlying earnings reached $6.85 billion, up 43% YoY; net profit was $6.66 billion, up 47% YoY. In H1, net cash generated from operating activities was $9.2 billion, underlying EBITDA was $14.8 billion, underlying ROIC was 17%, underlying earnings per share were 421.4¢, dividends per ordinary share were 211¢, and the payout ratio was 50%.

The first half of 2026 is already in the past. At the start of H2, industry chain enterprises have begun to release their H1 2026 performance forecasts collectively. Notably, against the backdrop of a significantly higher YoY lithium price center, stable demand in the NEV industry, and a continuously booming energy storage sector, most enterprises in the lithium industry chain expect varying degrees of performance improvement. SMM has compiled the performance forecast situations of some enterprises in the industry chain, as follows:

[SMM Analysis: Jiuwu Hi-Tech's LATP Solid-State Electrolyte Passes 4.62V Extreme Overcharge Test, Ceramic Membrane Giant's Dual-Track Solid-State Battery Layout] Jiuwu Hi-Tech's LATP solid-state electrolyte was applied in NCM811 pouch batteries and passed the extreme overcharge (4.62V) and over-discharge (0V) tests according to GB38031-2020, with no smoke, fire, or explosion throughout the process, a temperature rise of ≤5°C, and a significantly improved safety margin. The company has adopted a dual-track layout of oxides (LLZO/LATP) and sulphides, achieved mt-level mass production and supplied leading battery cell enterprises, while advancing a hundred-mt-level pilot scale-up. Leveraging nearly 30 years of ceramic membrane technology expertise, it is positioning itself in the key materials segment for solid-state batteries.

[SMM Lithium Battery] Soochow Securities research report noted that Ganfeng Lithium (002460.SZ) delivered results in line with our expectations, with the rise in lithium prices contributing to earnings flexibility.

From a supply-demand balance perspective, China's lithium carbonate market exhibited a tight balance in H1 2026, with sellers and buyers continuously seeking new equilibrium points amid bargaining.