For the Quarter Ending September 2025
North America
鈥� In the USA, the Lithium Carbonate Price Index fell by 3.8% quarter-over-quarter, pressured by abundant imports.
鈥� The average Lithium Carbonate price for the quarter was approximately USD 9004.33/MT, reflecting steady procurement.
鈥� Lithium Carbonate Spot Price tightened as Gulf Coast inventories normalized and Asian benchmarks moderated imports.
鈥� Lithium Carbonate Price Forecast shows consolidation near term, limited upside expected without significant supply disruptions.
鈥� Lithium Carbonate Production Cost Trend eased as spodumene and feedstock prices declined, reducing production costs.
鈥� Lithium Carbonate Demand Outlook improved amid record EV sales and growing utility-scale energy storage procurement.
鈥� Lithium Carbonate Price Index movements reflected port throughput changes and stable freight affecting import economics.
鈥� 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?
鈥� Heavy Chilean and Argentine imports maintained ample supply, offsetting restocking and limiting upward price pressure.
鈥� Lower spodumene costs and contained freight eased upstream cost pressure, reducing producer pass-through to buyers.
鈥� Elevated inventories and cautious offtake by battery makers restrained spot activity despite stronger EV demand.
APAC
鈥� In Japan, the Lithium Carbonate Price Index rose by 1.69% quarter-over-quarter, reflecting restocking, cost pressures.
鈥� The average Lithium Carbonate price for the quarter was approximately USD 9002.67/MT Osaka CIF trade basis, reflecting import parity.
鈥� Lithium Carbonate Spot Price firmed on tighter feedstock arrivals and yen weakness, prompting importer offers.
鈥� Lithium Carbonate Production Cost Trend softened as spodumene costs offset rising freight and currency expenses.
鈥� Lithium Carbonate Demand Outlook remains cautious with cathode restocking, while gigafactory ramps support demand.
鈥� Lithium Carbonate Price Forecast suggests near-term upside as elevated inventories and balanced supply constrain buying.
鈥� Lithium Carbonate Price Index volatility eased in September due to smooth shipments and converter run rates.
鈥� 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?
鈥� Steady imports and resumed Chinese supply eased tightness, reducing restocking and softening spot price momentum.
鈥� Yen weakness and freight surcharges lifted landed costs, prompting selective CIF purchases and constrained aggressiveness.
鈥� Elevated inventories and measured cathode procurement limited spot demand despite upstream disruptions and logistical delays.
Europe
鈥� In Belgium, the Lithium Carbonate Price Index fell by 3.81% quarter-over-quarter in Q3 2025, reflecting supply pressure.
鈥� The average Lithium Carbonate price for the quarter was approximately USD 8904.33/MT, DDP Antwerp reporting.
鈥� Lithium Carbonate Spot Price strengthened as the Price Index reflected tighter Antwerp inventories and costs.
鈥� Lithium Carbonate Price Forecast shows modest near-term gains conditional on restocking and improving regional Demand Outlook signals.
鈥� Lithium Carbonate Production Cost Trend eased on lower spodumene prices, cushioning the Price Index downside pressure.
鈥� Lithium Carbonate Demand Outlook improved for ESS and selective cathode restocking, supporting Spot Price resilience.
鈥� Lithium Carbonate Price Index volatility tied to South American export flows, Antwerp terminal congestion, distributor adjustments.
鈥� 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?
鈥� Persistent imports from Chile and Argentina maintained supply availability, limiting upward pressure despite episodic disruptions.
鈥� Lower spodumene prices eased production costs, while freight and Antwerp congestion intermittently raised landed cost volatility.
鈥� Downstream cautious procurement and elevated inventories constrained demand pull, tempering any sustained recovery in Price Index.
South America
鈥� In Chile, the Lithium Carbonate Price Index fell by 4.19% quarter-over-quarter, reflecting weaker marketwide demand.
鈥� The average Lithium Carbonate price for the quarter was approximately USD 8191.67/MT on an FOB basis.
鈥� Lithium Carbonate Spot Price tightened intermittently due to Chinese restocking and production interruptions in August.
鈥� Lithium Carbonate Price Forecast indicates firmness, with upside risk from supply disruptions and seasonal restocking.
鈥� Lithium Carbonate Production Cost Trend rose as brine depletion increased, pumping depths, and pressuring breakeven levels.
鈥� Lithium Carbonate Demand Outlook improved via Chinese cathode restocking and steady NEV sales supporting the offtake.
鈥� Lithium Carbonate Price Index reflected balanced export flows, stable logistics, and disciplined offers from producers.
鈥� 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?
鈥� Temporary production disruptions and La Negra maintenance tightened near-term supply, lifting Chilean spot indications modestly.
鈥� Weak global demand growth and Chinese inventory destocking limited sustained price gains despite sporadic restocking.
鈥� 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)
鈥� 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.
鈥� 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.
鈥� Why did the price change in Q2 2025?
鈥� Prices decreased, pressured by persistent oversupply, cautious restocking behaviour from battery manufacturers, and only mild cost relief from steady spodumene imports.
鈥� 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.
鈥� 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)
鈥� 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.
鈥� 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.
鈥� Why did the price change in Q2 2025?
鈥� Prices declined due to excess regional inventories, weakening EV adoption rates, and competitive offers from Asian suppliers that pressured European contract prices.
鈥� The Lithium Carbonate Production Cost Trend was steady, supported by stable energy costs, but elevated shipping and storage fees from Antwerp鈥檚 port congestion offset any relief.
鈥� 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)
鈥� 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.
鈥� 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.
鈥� Why did the price change in Q2 2025?
鈥� Prices eased due to oversupply, lower-than-expected NEV (New Energy Vehicle) demand growth, and competitive South American cargoes arriving at discounted rates.
鈥� 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.
鈥� 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)
鈥� 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.
鈥� 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.
鈥� Why did the price change in Q2 2025?
鈥� Prices dropped due to aggressive supply inflows, tepid global battery demand, and heavy discounting to secure export orders into Asia and Europe.
鈥� 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.
鈥� 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.聽
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.聽
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鈥擜lbemarle 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.聽
Chile remained a dominant import partner, with lithium carbonate shipments rising significantly鈥擩anuary 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.聽
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鈥檚 Mariana project in Argentina and growing domestic output further exacerbated supply-side pressures.聽
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.聽
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.聽
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.聽
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鈥檚 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鈥擜lbemarle 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.
For the Quarter Ending December 2024
North America聽
The US Lithium Carbonate market in Q4 2024 exhibited a volatile price trajectory, primarily driven by persistent oversupply and subdued demand. The quarter commenced with relatively stable prices amidst an oversupplied market, with excess supply outpacing current demand, leading to downward pressure on prices.聽
While there were initial signs of production cuts by Chinese producers, their impact was limited. Subsequently, prices experienced a brief period of upward movement driven by the import of higher-priced goods. However, this was short-lived, as prices declined significantly towards the end of the quarter due to continued oversupply, sluggish demand from battery manufacturers, and the import of cheaper goods. The demand for lithium carbonate remained subdued throughout the quarter, impacted by factors such as cautious purchasing behavior from battery manufacturers and EV makers, concerns about tightening regulations in key markets, and a global economic slowdown.聽
Despite the challenges, the US EV market continued to grow, albeit at a slower pace than initially anticipated. However, the impact of this growth on lithium carbonate demand was limited due to the prevailing oversupply conditions. The continued robust production from major producers like SQM in Chile further exacerbated the oversupply situation, exerting significant downward pressure on prices. Overall, the Q4 2024 price trend for Lithium Carbonate in the US market was characterized by volatility and a downward bias, with prices experiencing significant declines amidst a challenging market environment.
APAC
The APAC Lithium Carbonate market in Q4 2024 exhibited a volatile price trajectory, influenced by a complex interplay of supply and demand factors. The quarter commenced with a surge in prices driven by pre-holiday inventory buildup and robust demand from downstream sectors. However, this was followed by a period of price stability and even slight declines due to factors such as lower-than-expected production cuts, increased supply from new projects, and a slowdown in consumer demand. Subsequently, prices rebounded in November driven by improved market sentiment and production cuts at an overseas mine. However, this upward trend was short-lived, as prices declined again in December due to reduced consumer demand, high inventory levels, and cautious purchasing behavior ahead of the year-end. Throughout the quarter, supply and demand dynamics fluctuated significantly. While supply increased due to higher production from spodumene and lithium mica, it was partially offset by production halts for maintenance at some lithium salt factories. Demand remained robust, driven by strong NEV sales in China, although seasonal weakness was observed towards the end of the quarter. Overall, the Q4 2024 price trend for Lithium Carbonate in the APAC region was characterized by volatility, with prices experiencing both upward and downward movements in response to shifting market conditions.
Europe
The Belgian Lithium Carbonate market in Q4 2024 exhibited a volatile price trajectory, primarily influenced by the dynamics of the global battery market. The quarter commenced with a period of relative price stability amidst an oversupplied electrolyte market and reduced consumer inquiries. This oversupply, driven by factors such as increased production capacity and lower-than-expected demand from battery manufacturers, exerted significant downward pressure on LiPF6 prices. While demand from the EV sector in North America showed some growth, it was insufficient to offset the impact of the oversupplied market. Towards the end of the quarter, prices began to decline further, primarily due to cautious purchasing behavior from battery manufacturers and EV makers. This cautious approach was influenced by factors such as tightening regulations in key markets, rising interest rates, and concerns about a potential economic slowdown. Despite these challenges, the North American LiPF6 market demonstrated some resilience. The growing demand for EVs in the region, albeit at a slower pace compared to other regions, continued to support the market. However, the overall market sentiment remained subdued, with concerns about oversupply and potential price volatility persisting.
South America
The Chilean Lithium Carbonate market in Q4 2024 exhibited a volatile price trajectory, primarily driven by a complex interplay of global supply and demand factors. The quarter commenced with a period of price stability amidst an oversupplied market, with excess supply outpacing current demand, leading to downward pressure on prices. While there were initial signs of production cuts by Chinese producers, their impact was limited. Subsequently, prices experienced a brief period of upward movement driven by renewed interest from Asian markets. However, this was short-lived, as prices declined significantly towards the end of the quarter due to continued oversupply, sluggish demand from battery manufacturers, and cautious purchasing behavior from downstream consumers. The demand for lithium carbonate remained subdued throughout the quarter, impacted by factors such as weakening EV demand in key markets like China, reduced government subsidies, and rising interest rates. Despite these challenges, Chilean lithium producers continued to maintain high production levels, with SQM targeting an installed capacity of 210,000 metric tons of lithium carbonate this year. However, the impact of global oversupply on prices has significantly impacted profitability for Chilean producers. Overall, the Q4 2024 price trend for Lithium Carbonate in the Chilean market was characterized by volatility and a downward bias, with prices experiencing significant declines amidst a challenging market environment.
