February lithium carbonate prices "off-season not weak," lithium ore concept strengthens again in the afternoon, Zhongda Mining hits the daily limit

(Source: Caixin)

          It is rumored that the lithium mines in Zimbabwe may suspend production due to negotiations with the local government, which remains to be verified. The expected rebound is likely to be limited, and in the short term, it will continue to oscillate around support levels.            

On March 24, lithium mining stocks strengthened again in the afternoon, with Zhongda Mining (001203.SZ) hitting the daily limit, Rongjie Co., Ltd. (002192.SZ) previously hitting the daily limit, and Weiling Co., Ltd. (002667.SZ), Guocheng Mining (000688.SZ), Tianhua New Energy (300390.SZ), Jinyuan Co., Ltd. (000546.SZ), and Yanhai Co., Ltd. (000792.SZ) also rising.

On the news front, as of March 23, 2026, the price of lithium carbonate futures has increased by over 70% since November 2025, with a cumulative increase of over 19% this year.

The Lithium Branch of the China Nonferrous Metals Industry Association released the operational status of the lithium industry for February 2026. In February, the price of lithium carbonate continued to rise, with market prices quickly increasing after the holiday, and the basis continued to widen, showing a “not dull off-season” trend. On the supply side, lithium carbonate production decreased month-on-month, with Zimbabwe announcing a suspension of all lithium ore exports. On the demand side, the sales of new energy vehicles fell short of expectations, and the decrease in export tax rebates for lithium batteries boosted first-quarter demand for exports. In February, the price of battery-grade lithium carbonate rose from 148,000 yuan/ton at the beginning of the month to 158,500 yuan/ton by the end of the month, an increase of 7.1%; the price of industrial-grade lithium carbonate rose from 145,000 yuan/ton at the beginning of the month to 155,000 yuan/ton by the end of the month, an increase of 6.9%; the closing price of the main contract rose from 132,440 yuan/ton at the beginning of the month to 176,040 yuan/ton by the end of the month, an increase of 32.9%. The price spread between futures and spot widened to about 17,000 yuan/ton.

Donghai Futures pointed out that there was a late rally yesterday, with market rumors that the lithium mines in Zimbabwe may suspend production due to negotiations with the local government, which remains to be verified. The expected rebound is likely to be limited, and in the short term, it will continue to oscillate around support levels.

Zhaoshang Futures pointed out that there are still disturbances on the supply side in the short term, and the recovery of demand from power sources needs to be observed amid the long and short market dynamics. Concerns about the suspension of production in Zimbabwe brewed yesterday, and future upward momentum will depend on observing supply disturbances in Zimbabwe and the production situation in April.

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