For the Quarter Ending December 2025
North America
• In USA, the Lithium Carbonate Price Index rose by 15.86% quarter-over-quarter, driven by tightening inventories and demand.
• The average Lithium Carbonate price for the quarter was approximately USD 10432.67/MT, reflecting balanced supply and steady procurement.
• Lithium Carbonate Spot Price strengthened amid accelerating gigafactory offtake and depleted availability across the USGC.
• Lithium Carbonate Price Forecast indicates near-term firmness as restocking and utility storage projects sustain purchases.
• Lithium Carbonate Production Cost Trend remained contained, with stable freight and inputs limiting cost-push pressure.
• Lithium Carbonate Demand Outlook shows robust EV and energy-storage procurement supporting elevated procurement through Q4.
• Lithium Carbonate Price Index reflected bullish momentum as import dependency amplified inventory draws across USGC
• Lithium Carbonate Spot Price volatility increased; futures strength supported higher spot offers from international exporters.
• Lithium Carbonate Price Index dynamics were influenced by South American shipments and constrained import volumes.
Why did the price of Lithium Carbonate change in December 2025 in North America?
• Tightening inventories and accelerated gigafactory ramp-ups tightened availability and supported higher offers in December 2025.
• Stable South American shipments met strong offtake but could not offset near-term domestic supply constraints.
• Contained freight and energy costs limited landed cost increases while futures and restocking pushed prices up.
APAC
• In Japan, the Lithium Carbonate Price Index rose by 14.9% quarter-over-quarter, reflecting tighter imports and stock drawdowns.
• The average Lithium Carbonate price for the quarter was approximately USD 10345.33/MT, reported according to trade data sources.
• Lithium Carbonate Spot Price strength matched Price Index gains as merchant inventories declined, tightening prompt availability.
• Lithium Carbonate Price Forecast indicates modest near-term upside driven by restocking, constrained seaborne arrivals, cathode demand.
• Lithium Carbonate Production Cost Trend stayed contained as feedstock and freight costs remained stable, limiting immediate cost-push.
• Lithium Carbonate Demand Outlook remains steady with cathode production ramps and selective restocking supporting sustained procurement levels.
• Japan's Price Index reflected import-parity inflation from a weak yen and freight surcharges, pressuring delivered CIF offers.
• Converter inventories fell as distributors built cover ahead of year-end cell assembly, amplifying short-term tightness.
Why did the price of Lithium Carbonate change in December 2025 in APAC?
• Tighter seaborne arrivals and Chilean regulatory audit reduced near-term supply visibility, tightening merchant inventories material.
• Japanese buyers accelerated year-end restocking, boosting demand while cathode production maintained elevated utilization rates levels.
• Import parity inflation from weak yen and freight surcharges increased delivered costs, supporting higher CIF offers.
Europe
• In Belgium, the Lithium Carbonate Price Index rose by 16.04% quarter-over-quarter, driven by restocking urgency.
• The average Lithium Carbonate price for the quarter was approximately USD 10332.67/MT, per Antwerp sources.
• Lithium Carbonate Spot Price showed steady gains as Antwerp logistics tightened, supporting the Price Index.
• Lithium Carbonate Price Forecast implies upside; Lithium Carbonate Production Cost Trend remains relatively competitive regionally.
• Lithium Carbonate Demand Outlook positive from EV and cathode restocking, supporting a firmer Price Index.
• Elevated warehouse cover limited buying, yet export demand and producer run-rate stability sustained contract volumes.
• China's export licensing reduced arrivals, while EU designation increased competition for traceable Lithium Carbonate supplies.
• Antwerp berth times eased, yet seasonal shipping constraints influenced delivered offers and Price Index margins.
Why did the price of Lithium Carbonate change in December 2025 in Europe?
• Restricted inflows from China export controls tightened availability, elevating spot premiums across Belgium and Europe.
• Robust cathode restocking and EU procurement for traceable material sustained strong demand against limited imports.
• Stable upstream costs and supportive logistics eased pressure, although seasonal shipping delays kept market tightness.
South America
• In Chile, the Lithium Carbonate Price Index rose by 18.25% quarter-over-quarter, reflecting strengthened export demand and supply tightness.
• The average Lithium Carbonate price for the quarter was approximately USD 9687.00/MT, based on reported transactional volumes.
• Lithium Carbonate Spot Price tightened as Asian cathode restocking drained San Antonio availability, supporting firmer seller offer behavior.
• Lithium Carbonate Price Forecast remains cautiously upward as contracted export volumes and restocking underpin selective short-term gains.
• Lithium Carbonate Production Cost Trend stays muted due to low brine feedstock costs and stable evaporation efficiencies.
• Lithium Carbonate Demand Outlook reflects robust EV and LFP adoption, sustaining absorptive capacity in Asian gigafactories.
• Lithium Carbonate Price Index strength was reinforced by regulatory uncertainty around alliances, elevating seller confidence and limiting offers.
• High export flows, steady inventories, and uninterrupted producer operations constrained volatility while sustaining a firm negotiation environment.
Why did the price of Lithium Carbonate change in December 2025 in South America?
• Sustained Asian cathode restocking absorbed Chilean tonnage, tightening spot availability and supporting stable higher offers.
• High operational rates and plentiful brine lowered cost pressures, limiting bearish catalysts despite logistical flows.
• Regulatory uncertainty over major alliances increased seller caution, reducing incremental supply and firming parity levels.
For the Quarter Ending September 2025
North America
• In the USA, the Lithium Carbonate Price Index fell by 3.8% quarter-over-quarter, pressured by abundant imports.
• The average Lithium Carbonate price for the quarter was approximately USD 9004.33/MT, reflecting steady procurement.
• Lithium Carbonate Spot Price tightened as Gulf Coast inventories normalized and Asian benchmarks moderated imports.
• Lithium Carbonate Price Forecast shows consolidation near term, limited upside expected without significant supply disruptions.
• Lithium Carbonate Production Cost Trend eased as spodumene and feedstock prices declined, reducing production costs.
• Lithium Carbonate Demand Outlook improved amid record EV sales and growing utility-scale energy storage procurement.
• Lithium Carbonate Price Index movements reflected port throughput changes and stable freight affecting import economics.
• Export flows from Chile and Argentina cushioned availability while Albemarle's partial shutdowns tightened prompt supply.
Why did the price of Lithium Carbonate change in September 2025 in North America?
• Heavy Chilean and Argentine imports maintained ample supply, offsetting restocking and limiting upward price pressure.
• Lower spodumene costs and contained freight eased upstream cost pressure, reducing producer pass-through to buyers.
• Elevated inventories and cautious offtake by battery makers restrained spot activity despite stronger EV demand.
APAC
• In Japan, the Lithium Carbonate Price Index rose by 1.69% quarter-over-quarter, reflecting restocking, cost pressures.
• The average Lithium Carbonate price for the quarter was approximately USD 9002.67/MT Osaka CIF trade basis, reflecting import parity.
• Lithium Carbonate Spot Price firmed on tighter feedstock arrivals and yen weakness, prompting importer offers.
• Lithium Carbonate Production Cost Trend softened as spodumene costs offset rising freight and currency expenses.
• Lithium Carbonate Demand Outlook remains cautious with cathode restocking, while gigafactory ramps support demand.
• Lithium Carbonate Price Forecast suggests near-term upside as elevated inventories and balanced supply constrain buying.
• Lithium Carbonate Price Index volatility eased in September due to smooth shipments and converter run rates.
• Lithium Carbonate spot liquidity fluctuated with port berthing delays and freight surcharges impacting cost competitiveness.
Why did the price of Lithium Carbonate change in September 2025 in APAC?
• Steady imports and resumed Chinese supply eased tightness, reducing restocking and softening spot price momentum.
• Yen weakness and freight surcharges lifted landed costs, prompting selective CIF purchases and constrained aggressiveness.
• Elevated inventories and measured cathode procurement limited spot demand despite upstream disruptions and logistical delays.
Europe
• In Belgium, the Lithium Carbonate Price Index fell by 3.81% quarter-over-quarter in Q3 2025, reflecting supply pressure.
• The average Lithium Carbonate price for the quarter was approximately USD 8904.33/MT, DDP Antwerp reporting.
• Lithium Carbonate Spot Price strengthened as the Price Index reflected tighter Antwerp inventories and costs.
• Lithium Carbonate Price Forecast shows modest near-term gains conditional on restocking and improving regional Demand Outlook signals.
• Lithium Carbonate Production Cost Trend eased on lower spodumene prices, cushioning the Price Index downside pressure.
• Lithium Carbonate Demand Outlook improved for ESS and selective cathode restocking, supporting Spot Price resilience.
• Lithium Carbonate Price Index volatility tied to South American export flows, Antwerp terminal congestion, distributor adjustments.
• Lithium Carbonate Price Forecast remains range-bound absent sustained procurement, with upper limits constrained by ample European stocks.
Why did the price of Lithium Carbonate change in September 2025 in Europe?
• Persistent imports from Chile and Argentina maintained supply availability, limiting upward pressure despite episodic disruptions.
• Lower spodumene prices eased production costs, while freight and Antwerp congestion intermittently raised landed cost volatility.
• Downstream cautious procurement and elevated inventories constrained demand pull, tempering any sustained recovery in Price Index.
South America
• In Chile, the Lithium Carbonate Price Index fell by 4.19% quarter-over-quarter, reflecting weaker marketwide demand.
• The average Lithium Carbonate price for the quarter was approximately USD 8191.67/MT on an FOB basis.
• Lithium Carbonate Spot Price tightened intermittently due to Chinese restocking and production interruptions in August.
• Lithium Carbonate Price Forecast indicates firmness, with upside risk from supply disruptions and seasonal restocking.
• Lithium Carbonate Production Cost Trend rose as brine depletion increased, pumping depths, and pressuring breakeven levels.
• Lithium Carbonate Demand Outlook improved via Chinese cathode restocking and steady NEV sales supporting the offtake.
• Lithium Carbonate Price Index reflected balanced export flows, stable logistics, and disciplined offers from producers.
• Lithium Carbonate Spot Price and inventory draws will determine near-term balance as expansions come online.
Why did the price of Lithium Carbonate change in September 2025 in South America?
• Temporary production disruptions and La Negra maintenance tightened near-term supply, lifting Chilean spot indications modestly.
• Weak global demand growth and Chinese inventory destocking limited sustained price gains despite sporadic restocking.
• Logistics remained stable, but elevated inventories and long-term oversupply expectations constrained significant upward price momentum.
For the Quarter Ending June 2025
North America (USA)
• The Lithium Carbonate Price Index in the U.S. averaged USD 9,357/MT DDP USGC in Q2 2025, continuing a downward trajectory from earlier in the year as battery producers curtailed spot purchases.
• The Lithium Carbonate Spot Price reflected subdued sentiment, as excess inventories at EV battery manufacturers and slower downstream electric vehicle (EV) rollouts kept procurement soft despite modest stabilization in cathode production.
• Why did the price change in Q2 2025?
• Prices decreased, pressured by persistent oversupply, cautious restocking behaviour from battery manufacturers, and only mild cost relief from steady spodumene imports.
• The Lithium Carbonate Production Cost Trend remained manageable, supported by stable U.S. energy tariffs and steady imports of South American lithium concentrate. However, logistics costs on the Gulf Coast nudged upward due to seasonal freight adjustments.
• The Lithium Carbonate Demand Outlook stayed muted, with EV and energy storage sectors prioritizing contract volumes over spot deals. Growth prospects hinge on potential U.S. incentives for domestic battery production in H2 2025, but Q2 ended with soft market fundamentals.
Europe (Belgium)
• The Lithium Carbonate Price Index in Europe averaged USD 9,267/MT DDP Antwerp during Q2 2025, with prices slipping as downstream gigafactory activity slowed despite steady cathode material exports.
• The Lithium Carbonate Spot Price showed persistent weakness, as buyers preferred short-cycle procurement given declining EV sales in Germany and France, along with broader eurozone industrial softness.
• Why did the price change in Q2 2025?
• Prices declined due to excess regional inventories, weakening EV adoption rates, and competitive offers from Asian suppliers that pressured European contract prices.
• The Lithium Carbonate Production Cost Trend was steady, supported by stable energy costs, but elevated shipping and storage fees from Antwerp’s port congestion offset any relief.
• The Lithium Carbonate Demand Outlook remained subdued, with European automakers cutting output forecasts. Only steady exports of cathode precursors to Asia prevented deeper price drops.
Asia-Pacific (China)
• The Lithium Carbonate Price Index in China averaged USD 9,278/MT CFR Qingdao across Q2 2025, edging down as downstream lithium iron phosphate (LFP) battery producers ran at reduced rates.
• The Lithium Carbonate Spot Price reflected soft domestic buying, as both EV and stationary energy storage segments minimized procurement while waiting for potential stimulus-linked demand recovery.
• Why did the price change in Q2 2025?
• Prices eased due to oversupply, lower-than-expected NEV (New Energy Vehicle) demand growth, and competitive South American cargoes arriving at discounted rates.
• The Lithium Carbonate Production Cost Trend was steady despite lower feedstock spodumene prices, as peak summer power tariffs in northern China kept processing costs firm.
• The Lithium Carbonate Demand Outlook is cautious, with buyers in LFP battery and EV chains refraining from bulk purchasing. Seasonal restocking may provide a mild boost in late Q3, but Q2 closed on a bearish note.
South America (Brazil)
• The Lithium Carbonate Price Index in Brazil averaged USD 8,582/MT FOB Santos Antonio during Q2 2025, marking one of the sharpest regional declines as export volumes remained high despite soft global demand.
• The Lithium Carbonate Spot Price tracked weaker, as oversupply from Chilean and Argentine brine operations flowed into Brazil, forcing traders to lower offers to maintain throughput.
• Why did the price change in Q2 2025?
• Prices dropped due to aggressive supply inflows, tepid global battery demand, and heavy discounting to secure export orders into Asia and Europe.
• The Lithium Carbonate Production Cost Trend stayed favourable, supported by low brine extraction costs and stable regional energy tariffs, though weakening FX rates slightly pressured margins.
• The Lithium Carbonate Demand Outlook remained soft, with limited domestic consumption and most volumes reliant on export markets, where buyers-maintained leverage due to abundant supply.
For the Quarter Ending March 2025
North America
In the first quarter of 2025, the U.S. lithium carbonate market experienced fluctuating dynamics shaped by ongoing global oversupply, restrained demand, and geopolitical uncertainty. Prices exhibited a gradual decline through January and February before stabilizing in March. Production and supply dynamics were shaped by a projected 16% increase in global capacity, driven by expansions in Chile, Australia, and Africa. Chile alone is expected to reach 305,000 tons of lithium output in 2025.
Despite this, delays in certain projects and weather-related disruptions in salt lake regions slightly curtailed some supply-side pressure. Import volumes into the U.S. fluctuated due to material abundance and changing buyer behavior. On the demand side, seasonal restocking and cautious procurement patterns kept short-term buying subdued. The automotive sector showed mixed signals. EV sales rose 20% year-over-year in February, driven by federal incentives, infrastructure improvements, and model diversification.
The U.S. policy uncertainty under President Trump, including potential rollbacks on EV mandates and federal tax credits, cast a shadow over future market momentum. Despite these challenges, manufacturers like Tesla and Albemarle are recalibrating strategies—Albemarle delayed its Chengdu lithium hydroxide plant launch and refocused on lithium carbonate production, while Chilean producer SQM aims to raise lithium sales by 15% in 2025.
APAC
During the first quarter of 2025, China's lithium carbonate market experienced a persistent decline in prices, driven primarily by an oversupply scenario and fluctuating downstream demand. At the start of the year, lithium carbonate prices were moderately stable, with robust supply stemming from high production rates of spodumene and lithium mica. This high supply trend was temporarily disrupted in February due to Spring Festival maintenance at several lithium salt factories, but resumed swiftly as major companies restarted operations, especially in the Yichun and Jiangxi regions.
Chile remained a dominant import partner, with lithium carbonate shipments rising significantly—January imports alone from Chile to China totaled 19,100 MT, a 43% month-over-month increase. On the demand front, leading ternary material manufacturers maintained high operating rates throughout January, supporting prices briefly. However, smaller producers faced shutdowns, and by February, demand weakened further, resulting in cautious procurement activity and few spot market transactions.
Although there was a brief recovery in March, supported by a rise in lithium iron phosphate production for power batteries, overall market sentiment remained cautious. Despite temporary boosts in production activity and restocking demand, the market's oversupply challenge proved difficult to overcome. The restart of operations at Ganfeng Lithium’s Mariana project in Argentina and growing domestic output further exacerbated supply-side pressures.
Europe
During the first quarter of 2025, the lithium carbonate market in Belgium exhibited signs of gradual stabilization following several months of price corrections and global oversupply. While prices declined gradually throughout the quarter due to weak downstream demand, they began to stabilize by March, driven by improved fundamentals and a more balanced market environment. Global production of lithium carbonate continued to increase, with a projected 16% rise in capacity for the year, reaching 1.58 million tons of LCE.
Chile, Belgium's primary supplier, reported robust export growth and anticipates a 7% production increase in 2025, maintaining its role as a key global player. However, oversupply remains a structural issue, with global surpluses estimated at 141,000 tons in 2025. Several projects in Africa and Australia experienced delays, slightly alleviating immediate supply pressures. On the demand side, Q1 began with tempered restocking activity, influenced by holiday-related slowdowns and elevated inventory levels.
Nonetheless, demand is expected to rise by 26% YoY in 2025, largely fueled by battery manufacturing for electric vehicles (EVs) and energy storage systems (ESS). ESS demand alone is forecast to represent 13% of total lithium usage this year. The European EV market, especially in Belgium, showed encouraging trends. Sales grew significantly in February, supported by stringent CO2 emissions regulations, government incentives, and expanded charging infrastructure.
South America
During the first quarter of 2025, lithium carbonate prices in Chile remained under pressure due to persistent global oversupply and subdued demand from major end-use sectors. Production remained strong, driven by Chile’s robust extraction infrastructure, with output forecasted to grow by 7% to reach 305,000 tons in 2025. However, delays in new projects in Africa and Australia slightly offset potential oversupply.
On the demand side, the market faced headwinds, particularly from China, where reduced EV subsidies and slowing sales impacted battery production. Seasonal restocking in January and muted downstream activity also dampened short-term demand. Despite this, long-term projections remain optimistic, with global lithium carbonate demand expected to grow 26% in 2025, driven by the expansion of electric vehicles (EVs) and energy storage systems (ESS), which are set to account for 13% of overall demand.
EV sales trends were mixed but largely positive. Global sales rose 18% year-over-year in January and 50% in February, with strong performances in the EU and North America. Germany saw a 40% surge in early 2025, aided by new CO2 emission regulations. Meanwhile, key lithium players like Albemarle and SQM are adjusting their strategies—Albemarle delaying its Chengdu lithium hydroxide plant and SQM targeting a 15% sales increase in 2025, signaling a shift in focus toward lithium carbonate amid current market conditions.
