Monthly Lithium Market Report Sep 2025

Contents
1. Market Highlights 3
2. Economy and Policy 3
3. Market Movements 3
3.1 Chinese market 3
3.1.Asian Metal Copyright5 LNCMO 11 5.Asian Metal Copyright1 Lithium carbonate 99.2%min Delivered D/P 3
3.1.Asian Metal Copyright2.Asian Metal Copyright2 Lithium carbonate 99.5%min Delivered D/A 3
3.1.Asian Metal Copyright1 Qinghai Yanhu reports higher lithium carbonate output and sales in H1 6 4.Asian Metal Copyright3 Lithium hydroxide 56.Asian Metal Copyright6.Asian Metal Copyright5%min, magnetic 0.0001%max Delivered D/A 3
3.1.4 Lithium metal 99%min Delivered D/A 3
3.1.Asian Metal Copyright5 Lithium carbonate 99.Asian Metal Copyright5 Lithium metal 99.9%min Delivered D/A 3
3.1.6 LCO Co 60%min Delivered D/A 4
3.1.7 LNCMO 523 Delivered D/A 4
3.1.8 LNCMO 613 Delivered D/A 4
3.1.9 LNCMO 8312 Delivered D/A 4
3.1.10 LMO 58%min Delivered D/A 4
3.1.Asian Metal Copyright2 China's lithium carbonate export volume increased 56.Asian Metal Copyright11 LFP Li 3.9%min Delivered D/A 4
3.2 International market 5
3.2.Asian Metal Copyright0001%max Delivered DA 3 3.Asian Metal Copyright2 Lithium carbonate 99.5%min CIF China 5
3.2.Asian Metal Copyright5%min Delivered EU 5 3.Asian Metal Copyright3 Lithium carbonate 99.5%min Delivered EU 5
3.2.Asian Metal Copyright2 International market 5 3.Asian Metal Copyright4 Lithium carbonate 99.Asian Metal Copyright3 Lithium hydroxide 56.Asian Metal Copyright5%min Delivered U.Asian Metal Copyright5 LNCMO 11 5.Asian Metal CopyrightS. 5
3.2.Asian Metal Copyright9%min Delivered DA 3 3.Asian Metal Copyright5 Lithium carbonate 99.5%min FOB South America 5
3.2.Asian Metal Copyright2.Asian Metal Copyright6 Lithium hydroxide monohydrate 56.Asian Metal Copyright5 LNCMO 11 5.Asian Metal Copyright5%min, magnetic 0.0001%max FOB China 5
3.2.Asian Metal Copyright5%min, magnetic 0.Asian Metal Copyright7 Lithium hydroxide monohydrate 56.Asian Metal Copyright1.Asian Metal Copyright5%min, magnetic 0.0001%max Delivered South Korea 6
4. Company news 6
4.1 Qinghai Yanhu reports higher lithium carbonate output and sales in H1 6
4.2 De'a Lithium produces first battery-grade lithium carbonate 6
4.3 Lijiagou lithium mine project reaches full production 6
4.4 Huayou Cobalt sells 25% stake in cathode materials JV to Toyota Tsusho 6
4.5 Zhonghe Phosphate to build 300ktpa LFP project in Guizhou 6
4.6 MGL accelerates cathode material capacity expansion 6
4.7 LBM New Energy signs long-term LFP supply deal with CATL 7
4.8 Huiyang New Energy kicks off synthetic graphite anode material project 7
4.9 CATL signs RMB1.5 billion prepayment deal to secure LFP supply 7
4.10 Chengxin Lithium to acquire 21% stake in Qicheng Mining 7
5 Producers Statistics 7
5.1 Lithium carbonate 99.2%min 7
5.1.Asian Metal Copyright2%min 7 5.Asian Metal Copyright1 Chinese industrial grade lithium carbonate producers' operating rate in September 2025 down by 25.15% YoY 7
5.1.Asian Metal Copyright47% YoY 8 5.Asian Metal Copyright2 China's industrial grade lithium carbonate output in September 2025 down by 28.49% YoY 7
5.1.Asian Metal Copyright3 Lithium hydroxide 9 5.Asian Metal Copyright3 Chinese industrial grade lithium carbonate producers' stocks in September 2025 down by 83.05% YoY 8
5.2 Lithium carbonate 99.5%min 8
5.2.Asian Metal Copyright1.Asian Metal Copyright1 Chinese battery grade lithium carbonate producers' operating rate in September 2025 up by 3.33% MoM 8
5.2.Asian Metal Copyright2.Asian Metal Copyright2 China's battery grade lithium carbonate output in September 2025 up by 18.47% YoY 8
5.2.Asian Metal Copyright5%min 8 5.Asian Metal Copyright3 China's battery grade lithium carbonate stocks in September 2025 up by 10.11% YoY 9
5.3 Lithium hydroxide 9
5.3.Asian Metal Copyright3 Chinese industrial grade lithium carbonate producers' stocks in September 2025 down by 83.Asian Metal Copyright1 Chinese lithium hydroxide monohydrate producers' operating rate in September 2025 up by 22.69% MoM 9
5.3.Asian Metal Copyright2 Lithium carbonate 99.Asian Metal Copyright2 China's lithium hydroxide monohydrate output in September 2025 down by 29.52% YoY 9
5.3.Asian Metal Copyright6 LCO Co 60%min Delivered DA 4 3.Asian Metal Copyright3 Chinese lithium hydroxide monohydrate producers' stocks in September 2025 up by 17.86% MoM 10
5.4 LCO 10
5.4.Asian Metal Copyright6.Asian Metal Copyright1 Chinese LCO producers' operating rate in September 2025 up by 9.28% YoY 10
5.4.Asian Metal Copyright6.Asian Metal Copyright2 China's LCO output in September 2025 up by 25.9% YoY 10
5.4.Asian Metal Copyright4 Lithium metal 99%min Delivered DA 3 3.Asian Metal Copyright3 China's LCO stocks in September 2025 down by 42.86% YoY 11
5.5 LNCMO 11
5.5.Asian Metal Copyright48% YoY 12 5.Asian Metal Copyright1 Chinese LNCMO producers' operating rate in September 2025 up by 7.55% YoY 11
5.5.Asian Metal Copyright3.Asian Metal Copyright2 China's LNCMO output in September 2025 up by 23.48% YoY 11
5.5.Asian Metal Copyright3 Lithium hydroxide 56.Asian Metal Copyright3 China's LNCMO inventory in September 2025 up by 54.99% YoY 12
5.6 LMO 12
5.6.Asian Metal Copyright2 China's lithium carbonate export volume increased 56.Asian Metal Copyright1 Chinese LMO producers' operating rate in September 2025 down by 3.48% YoY 12
5.6.Asian Metal Copyright8 LNCMO 613 Delivered DA 4 3.Asian Metal Copyright2 China's LMO output in September 2025 down by 4.18% MoM 12
5.6.Asian Metal Copyright18% MoM 12 5.Asian Metal Copyright3 China's LMO inventory in September 2025 up by 5.3 times YoY 13
5.7 LFP 13
5.7.Asian Metal Copyright1 Qinghai Yanhu reports higher lithium carbonate output and sales in H1 6 4.Asian Metal Copyright1 Chinese LFP producers' operating rate in September 2025 up by 31.72% YoY 13
5.7.Asian Metal Copyright1.Asian Metal Copyright2 China's LFP output in September 2025 up by 52.37% YoY 13
5.7.Asian Metal Copyright Customs Statistics 14 6.Asian Metal Copyright3 China's LFP inventory in September 2025 up by 55.26% YoY 14

6. Customs Statistics 14
6.1 China's lithium carbonate import volume rose 23.54% YoY in Aug 2025 14
6.2 China's lithium carbonate export volume increased 56.97% YoY in Aug 2025 15
6.3 China's lithium hydroxide export volume rose 354.70% MoM in Aug 2025 15
.Asian Metal Copyright5%min, magnetic 0Asian Metal Copyright