[SMM Daily Review: Spot Lithium Carbonate Prices Fluctuated Upward on March 13] SMM's battery-grade lithium carbonate index price fluctuated upward from the previous working day. Futures trend, the most-traded contract fluctuated higher after opening and once climbed to around 163,000 yuan/mt; after the midday session, the price reversed downward and once fell to 150,000 yuan/mt near the close, then fluctuated rangebound at low levels until the close. As of the close, open interest for the day decreased by about 8,500 lots from the previous trading day. Actual transactions, upstream lithium chemical plants showed a clear reluctance to sell and held prices firm, while willingness to sell spot orders remained weak; downstream material plants still mainly stayed cautious and on the sidelines, maintaining only just-in-time procurement. Overall, both market inquiries and actual transactions were sluggish. As for subsequent price movements, given that downstream procurement sentiment remained cautious and the market lacked sustained momentum to chase higher prices, lithium carbonate prices were expected to continue a fluctuating trend in the short term.

[CleanTech Is About to Sign a 40-Year Operating Contract With the Chilean Government for the Laguna Verde Lithium Project] CleanTech Lithium, an Anglo-Australian company, is about to sign a 40-year contract with the Chilean government to develop the Laguna Verde lithium project in the Atacama Region, enabling it to advance extraction of this mineral at one of the salt lakes opened to the private sector. After reaching agreement with the Ministry of Mining on the terms of the Special Lithium Operating Contract (CEOL), Chile’s Office of the Comptroller General is now expected to approve the document in Q2 2026. CleanTech, its subsidiary Atacama Salt Lakes, and minority shareholders that are among the consortium members established to advance the Laguna Verde project have begun celebrating this new phase, as it provides greater certainty for their investment. [Rio Tinto Begins Commercial Lithium Exports From the Rincon Project] Rio Tinto’s milestone achievement in commencing commercial lithium exports from the Rincon project marked a pivotal moment for the global lithium market. Miners are currently contending with the complex interplay of resource scarcity, geopolitical tensions, and the accelerating popularization of EVs. The traditional supply-chain dependencies that have defined battery materials sourcing for decades are being reshaped by new producers launching commercial operations in previously underexplored regions. These developments signify not merely a slight increase in capacity, but a fundamental shift in how critical minerals move from extraction sites to manufacturing hubs, with implications far beyond quarterly production data. Rio Tinto’s commercial lithium exports from the Rincon project reflected its prudent positioning in one of the world’s most fiercely contested mining regions for this mineral. Following the suspension of the Jadar project in Serbia in 2025, the company shipped 200 mt of battery-grade lithium carbonate from Buenos Aires to Shanghai in March 2026, marking the official start of operations at its core South American lithium asset. The timing of this market entry reflected broader industry dynamics across the Lithium Triangle. Argentina’s regulatory environment has increasingly favoured large-scale international mining operations. In addition, the Rincon project is located in Salta Province, placing Rio Tinto within a geographic cluster that contains significant global lithium resources across Argentina, Chile, and Bolivia. [The Geothermal Plant Behind Europe’s Lithium Push] The town of Landau in der Pfalz, near the French-German border, has long been at the heart of the local winemaking industry. The region is also home to the Upper Rhine Valley brine fields, which contain Europe’s largest lithium resources and have now made it a hub for Europe’s push to advance EV development. The planned integrated geothermal-lithium extraction plant forms part of renewable energy producer Vulcan Energy’s ambition to build a carbon-neutral EV supply chain in Europe. The project will use geothermal wells to extract lithium-rich brine from depths of up to 5 kilometers. The high-temperature brine will be pumped to the surface, where lithium will be extracted before being transported to a plant. There, the lithium will be converted through electrolysis into lithium hydroxide monohydrate (LHM). The brine will then be reinjected underground, while LHM will be delivered to offtakers, including automaker Stellantis, which owns automotive brands such as Citroen and Peugeot. [Liontown's Interim Loss Widens as It Bets on a Recovery in Lithium Prices] Australia's Liontown said on Thursday that its loss widened in H1 due to a non-cash accounting charge, and added that it is evaluating potential expansion options for its Kathleen Valley mine as lithium prices are expected to rise. The miner of this raw material used in EV batteries has been seeing an initial price recovery after nearly two years of weakness. Previously, EV adoption was slower than generally expected, resulting in oversupply. Liontown said in its December quarter report that prices improved, with the selling price reaching $900/mt, up 28% from the previous quarter. As its flagship project transitioned to underground mining, the company sold 190,000 mt of spodumene, a lithium raw material, in H1. Source: https://www.investing.com

PTL announced that on March 11, 2026, the 15th meeting of the fourth board of directors of Shanghai Putailai New Energy Technology Group Co., Ltd. unanimously reviewed and approved the Proposal on Investing in the Construction of an Anode Material Production Site in Malaysia. Through its wholly owned overseas sub-subsidiary, Zichen Malaysia Sdn. Bhd., the company is expected to invest in the construction of a 50,000 mt/year lithium-ion battery anode material project in Malaysia, with a planned total investment of $297 million (or the equivalent in other currencies, approximately 2.051 billion yuan, subject to the actual investment amount and not exceeding $297 million).

This week, China’s domestic manganese-based battery materials market has shown a differentiated operation trend. The price of battery-grade manganese tetroxide has slightly declined, the price of electrolytic manganese dioxide has slightly increased, and lithium manganate has maintained a weak balance of supply and demand.

This week, spot lithium carbonate prices moved sideways, with the center edging slightly lower. At the start of the week (March 9), prices dropped slightly, then fluctuated upward over the following two days, before turning lower again on Thursday (March 12). The weekly average price center of SMM battery-grade lithium carbonate shifted lower WoW. Futures moved wildly, with prices of the most-traded contract posting wide swings between 142,000 yuan/mt and 167,300 yuan/mt. Market transactions were marked by a stalemate of "upstream reluctance to sell, downstream caution." Upstream lithium chemical plants generally showed weak willingness to sell spot orders, with a sentiment of holding back sales and holding prices firm throughout the week, and only a few enterprises made limited shipments when prices surged. Downstream material plants maintained a strategy of buying the dip. When futures prices quickly fell to relatively low levels, purchase willingness among some enterprises increased somewhat; however, after prices rose, they quickly turned cautious again, with insufficient willingness to chase higher prices. Overall, inquiry activity was moderate, but actual transactions were slightly sluggish. Looking ahead, the market is expected to remain in the doldrums in the short term. Upstream lithium chemical plants' reluctance to sell provided some support to prices, but downstream purchase willingness remained weak, lacking sustained demand boost. Against a backdrop of cooling futures market sentiment and declining open interest, prices lacked momentum to rise, while downside was constrained by costs and support from reluctance to sell. Lithium carbonate prices are expected to fluctuate in the short term.

[SMM Lithium Battery Electrolyte Market Weekly Review: Electrolyte Prices Remained Temporarily Stable This Week (2026.3.9-3.12)] From March 9 to March 12, 2026, electrolyte prices remained temporarily stable. Considering the overall trend in cost-side changes and the supply-demand pattern, electrolyte prices were expected to remain temporarily stable in the short term.

On March 11, Putailai disclosed an announcement regarding investing in the construction of an anode material production base in Malaysia. The project, to be undertaken by Zichen Malaysia Sdn. Bhd., involves the construction of an annual 50,000-ton lithium-ion battery anode material production facility, with a planned total investment of 297 million US dollars. The project aims to establish an international production capacity layout, deeply integrate into the global supply chain, serve customers locally, and meet the demands of downstream customers and the terminal market.

This week, prices for some Grade-B battery cells in the second-life battery market rose. Cost side, lithium carbonate prices fluctuated more sharply this week and showed an overall upward trend, directly pushing up battery cell production costs; nickel sulphate prices edged up, while cobalt sulphate prices remained stable, providing mild support on the cost side and lifting overall cost pressure somewhat. Supply side, the market was clearly boosted by energy storage demand, enterprises showed relatively strong willingness to sell, and circulating supply was steadily released; coupled with rising lithium carbonate prices, enterprises' expectations for higher costs strengthened, and overall pricing sentiment remained firm to slightly stronger. Demand side, demand for second-life Grade-B battery cells recovered significantly, mainly driven by the energy storage market, as downstream energy storage projects commenced and supporting demand continued to be released, noticeably boosting procurement enthusiasm.

Chile's Foreign Ministry said on Thursday that Chile and the US had signed a joint statement to launch consultations on critical minerals and rare earths. The statement also added that the first meeting would be held within the next two weeks. Rare earths are widely used in fields such as EVs, semiconductors, national defense systems, and consumer electronics products. Chile is the world's largest copper producer and the second-largest lithium producer. US Deputy Secretary of State Landau told reporters in Chile: "I believe the US and Chile can do a great deal together to strengthen the supply chains for these minerals." Landau added: "We will explore how to cooperate."

On March 10, Tinci Materials released an announcement regarding investor relations activities. Sulfide solid-state electrolytes are currently at the kilogram-scale pilot and sample delivery stage. The hundred-ton lithium sulfide and solid-state electrolyte pilot production line is expected to commence operation in the third quarter of 2026. UV adhesive frames for supporting solid-state batteries have achieved small-batch sales.