On April 14, news emerged that Qinghai Salt Lake Industry disclosed its preliminary performance report for the first quarter of 2026. In Q1 2026, the company achieved operating revenue of 6.432 billion yuan, a year-on-year increase of 94.89%; net profit was 2.939 billion yuan, a year-on-year increase of 147.44%. During the reporting period, the company's potassium chloride production was approximately 877,300 tons, with sales of approximately 1.3297 million tons; lithium carbonate production was approximately 19,500 tons, with sales of approximately 16,800 tons. Driven by year-on-year increases in sales volume and prices, the profitability of the potassium chloride segment grew significantly.

Stardust Power, a U.S. producer of battery-grade lithium carbonate, has announced that it has signed a letter of intent with a strategic partner to supply up to 15,000 metric tons per annum of lithium chloride feedstock, equivalent to lithium carbonate (LCE), to its Muskogee refinery in Oklahoma. The feedstock is sourced from a lithium brine project in California, with initial deliveries expected to start in the first half of 2028. The company may also purchase additional volumes at its own discretion as needed. It is currently advancing the pre-construction phase of the Muskogee lithium refinery, having completed the FEL-3 engineering study and obtained an air quality construction permit.

This week, ternary cathode material prices edged slightly lower, though the overall change remained limited. On the raw material front, cobalt sulfate prices held steady, manganese sulfate saw a modest increase, while nickel sulfate declined slightly. Lithium carbonate and lithium hydroxide prices also softened. Spot lithium salt prices are currently range-bound, with the future trend still uncertain. Further guidance from overseas supply-side developments remains to be monitored. On transaction activity, payable levels for EV market orders showed no notable changes recently. In the consumer and e-mobility markets, some battery cell manufacturers conducted batch price-linked restocking during this week's period of low-range lithium salt price fluctuations, resulting in slightly more active transaction activity compared to the previous week. On the demand side, the domestic EV market showed modest recovery, though the increase was limited, and manufacturers remain cautious about future production schedules. Demand in the e-mobility market remained relatively subdued, with production still largely based on sales orders and need-based procurement. On overseas orders, after the export rush period ended in April, order volumes declined, though the magnitude of the decline was smaller than previously expected. Based on current conditions, overall industry production in April is still expected to see a certain degree of decrease compared with March.

This week, the market prices for cascade-use B-grade battery cells remained generally stable. Cost side, lithium carbonate prices continued their downward trend, nickel sulphate prices edged down slightly, and only cobalt sulphate prices held firm, with overall cost support weakening. Supply side, battery cell manufacturers maintained a steady shipments pace with no significant increase, and market supply remained relatively stable. Demand side, energy storage continued to be the core market driver, but as procurement standards kept rising, B-grade battery cells, constrained by quality compliance limitations, struggled to enter the mainstream demand market, with A-grade battery cells becoming the absolute procurement preference. Among them, standard energy storage high-demand models such as 314Ah and 280Ah saw tight supply and intense competition for goods, with prices continuing to be pushed higher, while B-grade battery cells, affected by limited compliance space, maintained largely stable prices with no notable fluctuations.

Spot lithium carbonate prices fluctuated downward this week. Futures market fluctuations continued, with the most-traded contract price range sliding from 155,000-164,300 yuan/mt at the beginning of the week to 151,400-158,200 yuan/mt, showing significant intra-week volatility and continuously declining open interest. In the spot market, upstream lithium chemical plants continued to hold prices firm and hold back from selling this week. However, as prices kept falling, their psychological price expectations and quoted prices softened somewhat, with a small number of enterprises already quoting below 160,000 yuan/mt. Downstream material plants maintained a strategy of buying the dip: when prices fell below the psychological price level of 155,000 yuan/mt, downstream purchase willingness strengthened notably, driving market inquiries and actual transactions to become more active. Overall, transaction volumes picked up after the price decline, and the price spread between upstream and downstream narrowed. News continued to disturb market sentiment. Jiangxi mine developments and Middle East geopolitical fluctuations continued to unsettle the market, serving as key factors behind this week's price fluctuations. In addition, news regarding Zimbabwe's lithium ore export restrictions continued to ferment. Looking ahead, on the supply side, ongoing disruptions from lithium resources supply sources such as Jiangxi mines and Zimbabwe have yet to be resolved; on the demand side, the concentrated launch of new car models in April is expected to drive incremental demand at the margin. With supply-side disruptions yet to subside and downstream rigid demand providing a floor, spot lithium carbonate prices are expected to hold up well in the near term.

As production order fully resumed after the Chinese New Year, the sodium-ion battery industry chain saw a strong recovery in March. Production across the four major segments—cathode, anode, electrolyte, and battery cell—posted substantial growth both YoY and MoM, with industry prosperity rebounding markedly.