Lithium carbonate futures trade on the Guangzhou Futures Exchange (GFEX) and are denominated in RMB. They represent the onshore China price for battery-grade lithium carbonate, a material central to electric vehicle supply chains.
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Why is Lithium Carbonate Futures (GFEX) (LITHIUM.COMM) moving?
Lithium demand strengthens as supply plans shift, supporting prices
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UBS: Demand Fears Overblown, Supply Constraint Real UBS says the recent price drop was due to data confusion, not weaker demand. The real limit is spodumene feedstock, not total supply. Battery output is growing faster than EV sales thanks to storage and exports. This supports higher lithium prices.
Directly addresses why the price fell and argues it should rise, a key driver for the period.
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Albemarle: Lithium Prices Rebound on Restocking and Storage Demand Albemarle reported a 148% jump in EBITDA as lithium prices rebounded to around $23/kg from $10. Battery restocking and utility-scale storage demand are driving the recovery. Analysts forecast a 4% supply deficit in 2026, supporting higher prices.
Shows concrete evidence of price recovery and demand growth, central to the price outlook.
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Electricity Demand Surge Boosts Lithium Demand Global electricity demand is set to outpace GDP growth for the first time, driven by AI data centers and EVs. Lithium prices have soared roughly 150% as demand for energy transition metals rises. This trend supports higher lithium prices.
Highlights a major new demand driver (AI/data centers) that lifts lithium demand and prices.
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Project Cancellation Reduces Future Supply Tianci Materials will terminate a 243,000-ton lithium battery materials project due to oversupply and weak demand. This reduces future supply expectations, which supports lithium carbonate prices by tightening the market outlook.
A supply-side event that directly lowers expected future supply, pushing prices up.
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Lithium stays tight as demand booms, but new supply and China oversupply cap gains
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Producers post big profits as demand outruns supply Shengxin Lithium swung to a 1.01 billion yuan first-half profit and Wanrun New Energy returned to profit with lithium iron phosphate shipments up 63%. Tianqi and Ganfeng posted their biggest profits in three years. Strong demand with supply lagging keeps lithium carbonate futures supported.
Shows demand is genuinely strong and supply is not keeping up, the core force lifting prices.
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Long-term supply deals priced off GFEX futures Guocheng Mining signed a ten-year contract to supply battery-grade lithium carbonate, with prices set from the average GFEX futures settlement price. More deals using the futures price as the benchmark tie real demand to the contract and support it.
Directly links physical demand to the GFEX futures price, a structural support for the contract.
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New African lithium sulfate projects add future supply Shengxin Lithium plans 75,000-tonne lithium sulfate projects in Zimbabwe and Nigeria, costing about $477 million combined. Lithium sulfate can be turned into lithium carbonate, so this adds supply down the road and can weigh on futures prices.
New supply is the main counterweight to the tight-market story and can cap price gains.
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Albemarle CEO change highlights China oversupply hangover Albemarle named BHP's Rag Udd as next CEO as it works through a pricing hangover from Chinese oversupply. Analysts cut its 2026 profit estimate, noting each $1/kg move in lithium prices shifts yearly profit by about $250 million. Oversupply risk still caps prices.
Shows the biggest producer still sees oversupply as the main risk, a real drag on prices.
Q3 2026
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Lithium swings on supply restarts, then demand and export ban lift prices
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Supply loosens as mines restart and expand Early in the quarter, mine restarts and expansions from CATL, SQM-Codelco, and Sigma increased supply, pressuring prices. New projects and CALB battery faults added further downside risk.
This explains the initial price weakness in Q3.
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Demand surges and inventories hit record lows Battery and energy-storage demand rose 45% year-over-year, pushing inventories to record lows. Chinese producer profits surged, and China's renewable energy plan boosted sentiment, driving futures up 3.58% to 146,500 yuan/tonne.
This shows the demand-driven recovery that lifted prices.
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US black-mass export ban tightens recycled supply The US black-mass export ban restricted recycled lithium supply, adding upward pressure. GFEX futures also became the key pricing benchmark, reflecting China's growing influence in lithium pricing.
This highlights a new supply restriction and pricing shift.
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Oversupply risk persists as expansions loom Albemarle, Elevra, ERAMET, Sigma, and Tibet Mining are expanding output, and African projects loom. Albemarle warns oversupply and low prices remain the biggest threat, capping gains.
This provides the counterweight of ongoing supply growth.
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Critical Materials & Supply Chain▲
Galan Lithium Tracks First LiCl Sales for Q4 2026 as HMW Phase 1 Ramp-Up Advances
Galan Lithium Limited said first lithium chloride concentrate sales from its Hombre Muerto West Phase 1 operation in Catamarca, Argentina, remain on track for delivery in the fourth quarter of calendar year 2026. The company said the nanofiltration plant continues to deliver impurity separation in line with piloting results and its own expectations, recording over three months of data with 98% or greater rejection of sulphate, supporting the upgrading of LiCl concentrate to the targeted 6% lithium content. Galan said plant productivity has continued to improve through the ramp-up, giving it confidence the initial targeted throughput rate of 4ktpa LCE will be achieved in the first half of calendar year 2027, with additional plant processing capacity planned for operational resilience in winter. Earthworks for the initial expansion of HMW to 5.2ktpa have commenced on site, with the higher production volumes expected to be realised in the second half of calendar year 2027. The company noted the Puna region endured one of its most severe winters in recent history, with significant snowfall and wind, though HMW operations continued safely with only minor suspensions.
Galan Lithium Limited · Demand · Positive First LiCl concentrate sales on track for Q4 2026 with nanofiltration plant meeting 98% sulphate rejection and ramp-up progressing toward 4ktpa LCE
LITHIUM · Supply · Positive Galan's HMW Phase 1 ramp-up and 5.2ktpa expansion add future lithium supply, a mild negative for lithium prices but the article frames it as supply growth; for the carbonate futures contract the added supply is a bearish/negative price signal, though Galan is a small producer
Nth Cycle signs $1bn recycled minerals offtake deal with Glencore
Nth Cycle, a US-based metals refining company, has signed a $1bn ten-year offtake agreement with Glencore covering lithium and other critical minerals recovered from recycled batteries. Announced at Glencore's New York offices, the contract is described as one of the largest supply deals to date in the US battery recycling industry. Under the terms, Glencore will sell approximately 24,000 tonnes per annum of shredded battery materials, known as black mass, to Nth Cycle, which will process the material with its electrochemical extraction technology to produce lithium carbonate and a nickel-rich mixed hydroxide product for supply back to Glencore over the next decade. Actual delivered amounts will depend on the mineral content in the black mass received, and the contract's value is based on metals prices as of the second quarter of 2026. The deal follows a $100m grant Nth Cycle received last month from the US Department of Energy, which prompted plans for a commercial refining facility in the south-east of the US, with operations expected to begin by 2029 and the location to be announced later this year. Nth Cycle also recently announced it will list publicly through a merger with Kensington Capital Acquisition, valuing the company at $585m, and has cancelled a planned Series C funding round to focus on raising capital through its public offering.
Nth Cycle Inc. · Demand · Positive Nth Cycle signs a $1bn ten-year offtake with Glencore for lithium and critical minerals recovered from recycled batteries, securing long-term product demand.
GLEN.LSE · Demand · Positive Glencore secures a $1bn ten-year offtake to sell black mass and buy back lithium carbonate and nickel-rich MHP, expanding its battery-materials supply/trading business.
LITHIUM · Supply · Positive The deal adds a large new source of recycled lithium carbonate supply from Nth Cycle's refining, weighing on lithium carbonate prices.
NICKEL · Supply · Positive Nth Cycle will produce a nickel-rich mixed hydroxide product for Glencore, adding recycled nickel supply to the market.
Bridge Green and Hartree sign eight-year lithium carbonate deal worth up to $1bn
Bridge Green Upcycle and Hartree Partners have signed an eight-year commercial agreement for the purchase and marketing of lithium carbonate produced from recycled batteries, valued between $500m and $1bn at current market conditions. Under the deal, Hartree gains exclusive rights to market approximately 10,000 tonnes per annum of lithium carbonate across all grades from Bridge Green's facilities, with an option to renew for an additional seven years. Hartree has also made an equity investment in Bridge Green as part of the company's bridge financing round, intended to support its planned expansion of battery recycling and critical mineral refining operations. Hartree battery and critical minerals head Landon Berns said critical minerals are a key pillar of Hartree's growth strategy, while Bridge Green founder and CEO Balki Iyer called the agreement a defining milestone toward a circular supply chain. Initial volumes of lithium carbonate for Hartree are anticipated in 2028, and Bridge Green's upcoming Series A funding round is expected to finance integrated refining facilities in India and the US.
Bridge Green Upcycle · Demand · Positive Bridge Green secures an eight-year, up-to-$1bn offtake agreement for its recycled lithium carbonate, a defining commercial milestone.
Bridge Green Upcycle · Capital · Positive Hartree made an equity investment in Bridge Green's bridge financing round to support its expansion.
Hartree Partners · Demand · Positive Hartree gains exclusive marketing rights to ~10,000 tpa of lithium carbonate plus an equity investment in Bridge Green.
LITHIUM · Demand · Positive Eight-year deal to purchase and market ~10,000 tpa of lithium carbonate from recycled batteries signals new end-demand for the commodity.
Equinor and Standard Lithium Report Positive PEA for Texas Franklin Project
Equinor and its partner Standard Lithium announced a positive Preliminary Economic Assessment for the Franklin lithium project in Texas, operated through their joint venture Smackover Lithium. The project targets production of battery-quality lithium carbonate at large scale, and Equinor framed the PEA as a key step in its move beyond traditional oil and gas toward critical battery minerals exposure. The assessment outlines a US$3.5b initial investment, with production that may not start until the early 2030s. Equinor, a large energy producer with a NOK995.7b market cap focused on oil and gas operations in Norway and internationally, now faces the question of whether the partners will advance Franklin from PEA to a full feasibility study and then toward a final investment decision, with a SWA Project decision planned for late 2026.
EQNR · Capital · Positive Positive PEA for the Franklin lithium project advances Equinor's diversification into battery minerals, though production may not start until the early 2030s.
SLI · Capital · Positive Positive PEA for the Franklin lithium project advances Standard Lithium's joint-venture development toward feasibility and a final investment decision
LITHIUM · Supply · Positive The Franklin project targets large-scale battery-quality lithium carbonate production, adding potential future lithium supply
POSCO Secures $700 Million Facility for Argentina Lithium Operations
POSCO Holdings has secured a $700 million short-term credit facility from IDB Invest, the private-sector arm of the Inter-American Development Bank Group, to support its Argentina-based brine lithium business. POSCO Argentina received approval for the facility on Aug. 4, providing working capital for its first lithium plant and a second plant scheduled for completion in the second half of 2026. The financing strengthens POSCO's liquidity and is expected to reduce funding costs through competitive interest rates and preferential tax treatment. IDB Invest recognized the project's compliance with global ESG standards and its contribution to economic development in Latin America. The facility comes as POSCO accelerates development of its Sal de Oro lithium project at Argentina's Salar del Hombre Muerto, which comprises four phases with eventual production capacity of around 100,000 metric tons per year. The credit facility provides additional financial flexibility to ramp up Argentine lithium operations and, combined with Argentina's investment incentives and Korea-Argentina cooperation, should help accelerate project development and enhance the long-term competitiveness of POSCO's battery-materials portfolio.
005490.KO · Capital · Positive POSCO secured a $700M credit facility from IDB Invest, strengthening liquidity and lowering funding costs for its Argentina lithium business
LITHIUM · Supply · Positive POSCO's Sal de Oro project financing accelerates development toward ~100,000 t/yr capacity, adding future lithium supply
Elevra PFS Backs Near-Doubling of Quebec Lithium Output
Elevra Lithium has released a pre-feasibility study for the expansion of its North American Lithium mine in Quebec, outlining a plan to nearly double annual spodumene concentrate production while lowering unit operating costs. The study puts average annual production after the expansion at 373,000 tonnes of 5.4% Li2O spodumene concentrate, compared with 199,000 tonnes in the unexpanded base case, and about 10% above the 338,000-tonne estimate from its May scoping study. The brownfield expansion carries an estimated initial capital expenditure of C$366 million (US$271 million), including C$73 million of contingency, unchanged from May and fully funded through a strategic financing package announced earlier this year. The PFS estimates an incremental post-tax net present value of C$943 million at an 8% discount rate, with a 49.9% post-tax internal rate of return and a 34-month payback period, while the entire expanded operation has a post-tax NPV of C$3.22 billion. Life-of-mine C1 costs are expected to fall to C$876 per tonne under the expansion case, dropping to C$851 per tonne after completion, compared with C$1,048 per tonne in the base case. The project will be developed in three stages, with Stage 1 increasing production by 15-20% within the existing 4,500-tonne-per-day milling permit from mid-2027, Stage 2 raising milling capacity to 6,500 tonnes per day from mid-2028, and Stage 3 installing a permanent crushing circuit and additional ore-sorting capacity by mid-2029. The expansion is supported entirely by North American Lithium's existing 47.2 million tonnes of proven and probable reserves grading 1.12% Li2O, with no inferred resources included, and assigns the operation a roughly 20-year mine life. The asset, located at La Corne in Quebec's Abitibi-Témiscamingue region, restarted concentrate production in 2023 and is now wholly owned by Elevra following the 2025 merger of Sayona Mining and Piedmont Lithium. The PFS remains subject to development risks, with permitting identified as a critical path, particularly for later-stage pit development and associated infrastructure.
Brazil court suspends Sigma Lithium's only producing mine
A Brazilian court has suspended environmental permits and mining operations at Sigma Lithium's Grota do Cirilo complex, its sole producing asset, amid a dispute over its impact on a nearby traditional community. The ruling, stemming from a lawsuit by the Federation of Quilombola Communities of Minas Gerais, found preliminary evidence that the Bau Quilombola Community may be within 8 kilometers of the project, requiring a more extensive licensing process. The court ordered an independent georeferencing assessment and prohibited further licenses, while Sigma maintains the mine is outside the relevant zone. The suspension poses material operational risk, as the mine has an annual capacity of 330,000 metric tons of lithium oxide concentrate, and Sigma's stock has declined 6.1% this year.
SGML · Regulation · Negative Brazilian court suspended environmental permits and mining operations at Sigma's sole producing Grota do Cirilo asset over Quilombola community licensing dispute.
LITHIUM · Supply · Positive Suspension of Sigma's 330,000 t/y lithium oxide concentrate mine removes supply from the market, tightening lithium feedstock.
Albemarle Corp. has named BHP Group's Chief Commercial Officer Ragnar "Rag" Udd as its next CEO, effective Feb. 1, 2027, succeeding Kent Masters, who will become executive chairman at the 2027 annual meeting. Udd, who brings over 25 years of experience in natural resources, will oversee the company's retooling for a market increasingly driven by grid-scale storage. The transition comes as Albemarle faces a pricing hangover from Chinese oversupply, with JPMorgan analyst Jeffrey Zekauskas cutting the 2026 adjusted EBITDA estimate by 14.4% to $2.88 billion, noting that each $1-per-kilogram move in lithium prices shifts annual EBITDA by roughly $250 million. Meanwhile, demand is diverging: Chinese EV sales fell 13% in the first half of 2026, but global lithium consumption jumped 45% through May, above Albemarle's 15%-to-40% forecast, driven by stationary storage. Udd inherits a company with second-quarter Energy Storage sales up 78% to $1.28 billion, but near-term hurdles remain, including a fire at the Greenbushes CGP3 plant and expected third-quarter adjusted EBITDA of $668 million, down from $858 million.
Vulcan Unveils €1.26 Billion Second German Lithium Project
Vulcan Energy has unveiled plans for a €1.26-billion second-phase lithium and geothermal project in Germany, aiming to replicate the development model of its flagship Lionheart project. The preliminary feasibility study for Project Ludwig, located about 60 kilometers north of Lionheart in the Upper Rhine Valley Brine Field, targets production of 21,100 tonnes per year of battery-grade lithium carbonate over a 30-year operating life, with total expected output of about 517,000 tonnes. Development capital is estimated at €1.26 billion including a 15% contingency, yielding a post-tax net present value at an 8% discount rate of €1.73 billion and a post-tax internal rate of return of 20.2%. The project would comprise 14 production and 14 injection wells across five sites, producing around 3,125 GWh of renewable heat annually, with C1 operating costs estimated at €4,101 per tonne. The PFS also increased the Indicated lithium Mineral Resource by 91% to 1.25 million tonnes of lithium carbonate equivalent, while Inferred resources stand at 2.23 million tonnes. A final investment decision is expected only after Lionheart reaches commercial production, with an assumed FID in 2029, and the company is seeking strategic partners and asset-level financing.
LITHIUM · Supply · Negative A large new lithium carbonate supply project (517,000 t total output) adds future supply, a bearish signal for lithium carbonate prices
ProLogium Starts Mass Production of All-Solid-State Battery
ProLogium Technology has begun mass production of its Gen 3.5 Lithium Ceramic Battery at its Giga-level facility in Taiwan, marking a move beyond pilot scale for high-energy-density all-solid-state batteries. A TÜV test confirmed the 185.4 Ah cell achieves 381 Wh/kg gravimetric and 903 Wh/L volumetric energy density, while UL Solutions testing under China's GB/T 43568-2026 standard classified it as all-solid-state after weight loss of less than 0.05% under vacuum at 120°C. The company has shipped over 2.4 million cells since 2013, with more than 175 repeat orders from a U.S. automotive audio-system supplier for vehicles of a top-three Japanese automaker in North America, totaling over 900,000 cells. ProLogium's platform strategy allows Gen 4, featuring a fully inorganic electrolyte, to require only about 10% modification of existing production lines, and the company plans global expansion with Taiwan, France, and North America.
Energy Transition & Power Demand › Energy Storage & Grid Flexibility Technology
ProLogium Technology · Technology · Positive ProLogium began mass production of its Gen 3.5 all-solid-state battery with TÜV-verified 381 Wh/kg energy density.
ProLogium Technology · Demand · Positive Over 175 repeat orders and 900,000+ cells shipped to a U.S. automotive audio supplier for a top-three Japanese automaker.
LITHIUM · Demand · Positive Mass production of all-solid-state batteries implies future lithium demand, though lithium carbonate is not directly discussed.
LG Energy signs lithium carbonate deal with Smackover
LG Energy Solution has entered into a binding offtake agreement with Smackover Lithium for 8,000 tonnes of battery-quality lithium carbonate annually over the next ten years. Smackover, a joint venture between Standard Lithium, which holds a 55% stake, and Equinor, holding 45%, will supply the material from its South West Arkansas Project in the US. The lithium carbonate will be produced using direct lithium extraction and purification, a more sustainable method. This deal enables LG Energy Solution to build a fully integrated local supply chain for its US battery plants, most of which focus on lithium iron phosphate chemistry. The agreement also helps LG Energy Solution meet non-Prohibited Foreign Entity requirements for cathode materials.
373220.KO · Supply · Positive LG Energy Solution secures a 10-year local lithium carbonate supply for its US battery plants and meets non-PFE cathode requirements
Smackover Lithium · Demand · Positive Smackover Lithium, the Standard Lithium/Equinor JV, signed a binding 10-year offtake agreement with LG Energy Solution
SLI · Demand · Positive Standard Lithium's Smackover JV signed a binding 10-year offtake to supply 8,000 t/yr of lithium carbonate to LG Energy Solution
EQNR · Demand · Positive Equinor's 45%-owned Smackover JV signs a 10-year binding offtake to supply 8,000 t/yr of lithium carbonate to LG Energy Solution.
LITHIUM · Demand · Positive A new long-term offtake for battery-quality lithium carbonate signals firm demand for the commodity
Lithium Miners Profit as Battery Storage Demand Surges
Lithium miners are reporting strong first-half profits driven by surging battery storage demand, with major producers planning output increases. Tianqi Lithium and Ganfeng Lithium posted their biggest profits in three years, while Albemarle noted global lithium demand rose 45% year-over-year through May. Supply growth has lagged, creating a gap that benefits miners, and Tianqi warned that overseas supply may face policy and logistics hurdles, suggesting further price upside. CATL expects energy storage to account for half of its sales by 2030, and Middle East tensions are boosting demand as countries seek energy independence.
Wanrun New Energy swings to first-half profit as lithium iron phosphate volumes and prices rise
Wanrun New Energy released its semi-annual report on August 28. During the reporting period, it achieved operating revenue of 12.426 billion yuan, up 180.13 percent year on year. Net profit attributable to shareholders of the listed company was 602 million yuan, swinging from a loss to a profit compared with the same period last year. The company said the revenue growth was mainly because rising prices of raw materials such as lithium carbonate drove up product selling prices, while downstream demand increased and lithium iron phosphate sales volume rose 63.22 percent year on year. Among these, lithium iron phosphate product revenue was 12.184 billion yuan, accounting for about 98.05 percent of total revenue, with shipments of 242,100 tonnes, up 63.22 percent year on year, and gross margin recovered. The company is focusing on advancing its high-pressure-density lithium iron phosphate project, which already has conditions for large-scale mass production, while simultaneously developing energy-storage products and a new generation of sodium ferrous sulfate cathode material, the latter of which has already achieved shipments at the hundred-tonne level. In addition, lithium-supplementing agent materials have entered the customer validation stage, sodium-ion battery cathode materials have achieved shipments of several hundred tonnes, and lithium manganese iron phosphate product validation is progressing smoothly.
Zhaoxin Shares' First-Half Net Profit Rises 19.93% Year on Year as New Energy Push Begins to Pay Off
Zhaoxin Shares disclosed its 2026 semi-annual report on the evening of August 27. In the first half, the company achieved operating revenue of 209 million yuan, up 0.55% year on year, and net profit attributable to shareholders of the listed company of 3.68 million yuan, up 19.93% year on year. After excluding the impact of share-based payments, net profit was 27.81 million yuan. The company's fine chemicals segment posted first-half operating revenue of 139 million yuan, up 33.09% year on year, contributing stable revenue. In the new energy segment, the company completed the acquisition of a 70% stake in Youde New Energy and consolidated it into its financial statements. Its smart operations and maintenance business generated total revenue of 17.47 million yuan, accounting for 8.34% of total operating revenue. In addition, the company made a strategic entry into the lithium extraction from salt lakes sector. Through resource complementarity with Qinghai Jintai, it is strengthening its ability to secure a position in this core resource sector, and plans to extend toward integrated salt lake and new energy development as well as smart salt lake operations.
优得新能源 · Capital · Positive Zhaoxin completed acquisition of a 70% stake in Youde New Energy and consolidated it into its financial statements.
青海锦泰 · Demand · Positive Zhaoxin partners with Qinghai Jintai for resource complementarity in salt-lake lithium extraction, strengthening its position in the sector.
LITHIUM · Demand · Positive Zhaoxin's strategic entry into lithium extraction from salt lakes implies future lithium supply/demand activity relevant to lithium carbonate.
SQM Beats Expectations and Raises Lithium Demand Outlook
Sociedad Química y Minera de Chile reported second-quarter revenue of $2.47 billion, up 136.7% year over year, with net income of $660 million, or $2.31 per share, and adjusted EBITDA of $1.32 billion that beat consensus. Lithium and derivatives revenue rose nearly 300% to $1.78 billion on record sales volume of 84,100 metric tons of lithium carbonate equivalent, up 59%, while the realized price in the Novandino business was about $21.80 per kilogram, up 23% sequentially. Management raised its 2026 global lithium-demand forecast to more than 2.1 million metric tons from roughly 1.9 million, citing battery-energy-storage demand that offset slower-than-expected growth in the battery-electric-vehicle market. The company expects third-quarter lithium prices to remain broadly in line with the first-half average and sales volumes to stay near second-quarter levels, with production costs below 2025 levels. SQM plans approximately $3 billion of capital spending from 2026 through 2028, and Salar Futuro could require about $3 billion over seven years after approvals, while the company accrued more than $1.6 billion in payments to the Chilean state during the first half.
Energy Transition & Power Demand › Uranium Mining & Development ▲Demand
SQM · Capital · Positive Q2 revenue, net income and adjusted EBITDA beat consensus, with lithium revenue up nearly 300% on record volumes
SQM · Demand · Positive Management raised its 2026 global lithium-demand forecast to over 2.1 million tonnes, citing battery-energy-storage demand
LITHIUM · Demand · Positive SQM raised 2026 global lithium demand forecast to over 2.1 million metric tons, citing battery-energy-storage demand, which is positive for lithium carbonate futures.
Lithium Argentina and Ganfeng sign definitive agreements to finalise PPG joint venture
Lithium Argentina has signed definitive agreements with Ganfeng to establish a joint venture consolidating the Pozuelos-Pastos Grandes lithium projects in Salta Province. Ganfeng will invest $180 million in Lithium Argentina through a six-year unsecured convertible note carrying a 4% coupon and convertible at $12.50 per share, while holding a 67% interest in the venture against Lithium Argentina's 33%. The project targets annual lithium carbonate equivalent production of 150,000 tonnes across three phases, with historical investments in the consolidated assets amounting to $1.8 billion. Proceeds from the investment, combined with existing cash, are earmarked to repay in full Lithium Argentina's $259 million convertible debt due January 2027, extending the company's maturity profile on an unsecured basis. Completion of the joint venture is expected in September 2026, subject to customary approvals from the Toronto Stock Exchange and New York Stock Exchange.
Salt Lake Industry first-half net profit 6.169 billion yuan, up 137.88% year on year
Salt Lake Industry disclosed its 2026 interim report. In the first half, it achieved operating revenue of 13.052 billion yuan, up 79.88% year on year on an adjusted basis. Net profit attributable to shareholders of the listed company was 6.169 billion yuan, up 137.88% year on year on an adjusted basis. Basic earnings per share were 1.1657 yuan. The company produced 1.6817 million tonnes of potassium chloride and sold 2.2474 million tonnes. Against a backdrop of tight global potash supply and a higher price centre, profitability in the potash segment expanded significantly. Lithium carbonate production was 49,400 tonnes and sales were 39,100 tonnes. Facing wide swings in the lithium carbonate market in the first half, with prices rising first and then falling, the company relied on its cost advantage in extracting lithium from salt lakes, and its earnings resilience continued to lead the industry.
Fulin Precision and Chuanfa Lomon Terminate Lithium Iron Phosphate Project Cooperation
Fulin Precision and Chuanfa Lomon announced the termination of their subsidiaries' investment cooperation on a project with an annual output of 175,000 tonnes of lithium iron phosphate. Fulin Precision stated that the joint venture company under the original agreement had not yet been established, and the cooperation could not meet the practical needs for rapid project advancement in terms of implementation path, resource allocation, and decision-making efficiency. Chuanfa Lomon said the termination was due to changes in the market environment and uncertainties in project operations. Staff from the securities departments of both companies said the decision was reached through mutual agreement. Fulin Precision also disclosed that its project with an annual output of 350,000 tonnes of new high-compaction-density lithium iron phosphate has now commenced production, with production line construction and commissioning progressing as planned, and the company does not rely on the original partner.
002312.CS · Capital · Negative Termination of lithium iron phosphate project cooperation due to market changes and uncertainties.
300432.CS · Capital · Positive Termination of unestablished JV, but new 350k-tonne project commenced production, reducing reliance on partner.
LITHIUM · Supply · Negative Termination of large lithium iron phosphate project may reduce future supply, but market environment changes suggest demand weakness.
Chuaneng Dongli first-half 2026 profit doubles; proposes interim dividend of 480 million yuan
Chuaneng Dongli released its 2026 interim report, with operating revenue of 3.34 billion yuan, up 124.78 percent year on year, net profit attributable to the parent of 706 million yuan, up 130.73 percent, and non-recurring net profit of 696 million yuan, up 134.67 percent. Lithium battery business revenue was 1.917 billion yuan, accounting for 57.40 percent of total revenue, up 786.33 percent year on year, with a gross margin of 49.76 percent, up 46.61 percentage points year on year, making it the core growth engine. Wind and solar power revenue was 888 million yuan, up 17.91 percent, with a gross margin of 71.19 percent. Net cash flow from operating activities was 464 million yuan, down 13.68 percent year on year, and the asset-liability ratio was 49.94 percent, down 3.00 percentage points from the end of last year. The board proposed a cash dividend of 2.60 yuan per 10 shares before tax to all shareholders, totaling about 480 million yuan. The profit growth was mainly driven by the Lijiagou lithium mine mining and processing project reaching full capacity, higher lithium product volumes and prices, and newly commissioned wind power projects boosting electricity sales by 17.64 percent.
Shengxin Lithium swings to first-half net profit of 1.012 billion yuan
Shengxin Lithium disclosed its half-year report, achieving net profit attributable to shareholders of the listed company of 1.012 billion yuan in the first half of 2026, compared with a loss of 841 million yuan in the same period last year, turning from loss to profit year on year. The company's total operating revenue in the first half was 7.358 billion yuan, up 355.94 percent year on year, with basic earnings per share of 1.11 yuan. Benefiting from the continued recovery in the lithium salt market, the selling prices of lithium salt products rose sharply compared with the same period last year. At the same time, the company optimized production efficiency and promoted cost control and efficiency improvement, and production capacity at its Indonesian lithium salt plant was substantially released, achieving increases in both volume and price for lithium salt products, with operating performance significantly improved compared with the same period last year.
Shengxin Lithium Energy Plans Lithium Sulfate Projects in Zimbabwe and Nigeria
Shengxin Lithium Energy announced that the company plans to invest in building lithium sulfate projects with an annual capacity of 75,000 tonnes each in Zimbabwe and Nigeria. The Zimbabwe project has a total investment of approximately 244 million US dollars, while the Nigeria project has a total investment of approximately 233 million US dollars.
Guocheng Mining Subsidiary Signs Long-Term Distribution Contract for Lithium Carbonate
Sichuan Guocheng Lithium Industry Company Limited, a controlling subsidiary of Guocheng Mining, signed a Product Distribution Contract with Jike Supply Chain Management Chengdu Company Limited. From August 2026 to July 2036, it will supply battery-grade lithium carbonate to Jike, with monthly delivery volumes calculated as 25% of the lithium carbonate equivalent in the previous month's lithium concentrate output of the supplier. Jike is an affiliate of Hangzhou Jicheng Enterprise Management Partnership, a 5% shareholder of Guocheng Mining, making this transaction a related-party transaction. Pricing will be based on the average settlement price of the dominant battery-grade lithium carbonate futures contract on the Guangzhou Futures Exchange in the month before delivery, adjusted by a discount specified in the framework contract. From August 2026 to January 2027, payment will be made before delivery. The company said the agreement will bring sustained and stable operating revenue and gross profit contribution over the contract period, with market-based, fair and transparent pricing, and no transfer of benefits.
Huati Technology's first-half loss widens to 28.22 million yuan
Huati Technology released its 2026 interim report, showing operating revenue of 283 million yuan, up 46.4 percent year on year, but net profit attributable to the parent company widened to a loss of 28.22 million yuan, compared with a loss of 25.11 million yuan in the same period last year. Net profit attributable to the parent after deducting non-recurring items was a loss of 22.08 million yuan, narrowing from 27.48 million yuan a year earlier. Net operating cash flow was negative 48.38 million yuan, an improvement of 46.1 percent year on year. The company said sales growth in charging piles and energy storage products drove the revenue increase, but changes in the market environment and intensifying industry competition led to a decline in gross margin, while the lithium ore processing business posted losses due to market fluctuations.
Xinzhoubang's first-half net profit up 103.33% year on year; proposes 3 yuan dividend per 10 shares
Xinzhoubang disclosed its 2026 half-year report. In the first half, it achieved operating revenue of 7.463 billion yuan, up 75.66% year on year. Net profit attributable to shareholders of the listed company was 984 million yuan, up 103.33% year on year. Basic earnings per share were 1.31 yuan. The company plans to distribute a cash dividend of 3 yuan per 10 shares, tax included. The company said that, benefiting from industry development opportunities brought by the rapid growth of high-tech industries and the continued rapid recovery of the new energy lithium battery industry, the three main business segments achieved deep synergy between technology and market. Production and sales of major products rose quickly, operating results of key projects improved steadily, and overall performance grew significantly year on year.
Albemarle swings to profit, raises 2026 sales outlook
Albemarle Corporation swung to a profit in the second quarter of 2026 and issued full-year guidance calling for US$5.7 billion to US$6.0 billion in net sales. The company reported sales of US$1,743.31 million and net income of US$479.96 million, with basic earnings per share of US$3.72 compared with a loss per share of US$0.16 a year earlier. Albemarle also guided for 225 to 235 kilotons of lithium carbonate equivalent volumes in 2026, citing operational friction including the Talison CGP3 fire delay partly offset by higher Wodgina output. The results support a near-term earnings recovery catalyst, though prolonged low lithium pricing and oversupply remain the most immediate risk.
POSCO Enters LFP Cathode Market With Major Long-Term Supply Deal
POSCO Holdings Inc., through its subsidiary POSCO Future M, has reached a large-scale, long-term supply agreement with a major South Korean battery manufacturer to supply more than 190,000 metric tons of LFP cathode materials over six years from 2027 through 2032, with a formal contract expected in the third quarter of 2026. The agreement marks POSCO's first major LFP cathode-material order and diversifies its battery-materials portfolio beyond high-nickel cathode materials, targeting rising demand for LFP-based energy storage systems in North America driven by AI data centers and utilities. To support the new business, POSCO has converted part of its Pohang facility's existing high-nickel cathode production lines to LFP production, with mass production and supply targeted to begin by the end of 2026, and plans to improve cost competitiveness by using iron oxide from its steelmaking operations and lithium from salt lakes in Argentina. The company is also pursuing additional cathode and anode material supply agreements, and in March secured a long-term contract worth approximately KRW 1 trillion with a global automaker for synthetic graphite anode materials, while investing about KRW 357 billion in a new plant in Vietnam. Separately, CNP New Material Technology, a joint venture between POSCO and FINO-CNGR, began construction of an LFP cathode-material plant in Pohang in May, with mass production expected in 2027 and capacity planned to expand in phases to as much as 50,000 tons annually.
Tianhua New Energy swings to first-half net profit of 2.292 billion yuan
Tianhua New Energy disclosed its 2026 interim report. In the first half, it achieved total operating revenue of 7.78 billion yuan, up 125 percent year on year. Net profit attributable to shareholders of the listed company was 2.292 billion yuan, compared with a loss of 90.8597 million yuan in the same period last year, marking a turnaround to profitability. Basic earnings per share were 2.76 yuan. The company said that, benefiting from the rapid development of downstream industries such as new energy vehicles and new energy storage, the lithium battery market has expanded, demand for core lithium battery materials such as lithium carbonate and cathode materials has risen, and shipment volumes have climbed rapidly. The new energy lithium battery materials business saw both volume and price increase, and operating performance grew significantly.
Youngy Co. First-Half Net Profit Soars More Than Tenfold
Youngy Co. released its 2026 interim report, with first-half net profit attributable to the parent company of 1.002 billion yuan, up 1,076.14 percent year on year. The company achieved operating revenue of 1.524 billion yuan, up 402.35 percent year on year, and non-GAAP net profit of 1.004 billion yuan, up 1,269.63 percent. Second-quarter non-GAAP net profit surged about 149 percent from the first quarter, mainly benefiting from a rebound in lithium salt prices. The company's total output of lithium concentrate reached 146,100 tonnes, up 108.80 percent year on year, of which second-quarter output was 86,700 tonnes, up 45.99 percent quarter on quarter. Its lithium mining and processing subsidiary Rongda Lithium achieved net profit of 1.031 billion yuan, up 1,103.78 percent year on year.
Hualian Holdings receives FIRES notice from Canada; Argentina lithium brine project investment may trigger review
Hualian Holdings announced that it has received a notice letter from FIRES, Canada's foreign investment review and economic security authority, which considers that the company's investment in the Arizaro lithium brine project in Argentina may affect Canada's national security and may initiate further review. The company acquired 100% of the shares of Argentum Lithium S.A. for approximately 175 million US dollars, obtaining an 80% interest in the project. The company is temporarily unable to assess the possible impact of this notice letter, and there is uncertainty as to whether the transaction can ultimately pass the review.
Sigma Lithium Reports Record Q2 Revenue and Margins
Sigma Lithium reported record second-quarter 2026 results, with net sales revenue of $54.7 million, up 223.9% year over year, and an adjusted EBITDA margin of 47.0%, the highest in company history. Lithium oxide concentrate production reached 35,400 tonnes, a 52% increase from the first quarter, driven by the ramp-up of mining operations. The company realized a net lithium price of $2,089 per ton for SC5, a 17% sequential increase, while plant gate cost fell 36% to $401 per ton and CIF cost decreased 33% to $452 per ton. Sigma Lithium also reduced total debt by 25% over the last year and held $16.7 million in cash as of June 30, 2026, with management projecting an additional $60 million in cash inflows during the third quarter. The company maintained its Plant 1 twelve-month forward guidance of 240,000 tonnes, with the ramp-up timeline pushed forward by three months due to a temporary suspension, and raised its fiscal 2027 production guidance to 330,000 tonnes for Plant 1, exceeding nominal capacity due to improvements in the reprocessing circuit.
Sinomine Resource Group Resumes Production at High-Purity Lithium Salt Lines
Sinomine Resource Group announced that its subsidiary Jiangxi Sinomine Lithium has completed all maintenance work, with self-produced lithium concentrate gradually arriving at the plant, meeting the conditions for production resumption. The company decided to restart the annual 30,000-ton high-purity lithium salt production line on August 10, 2026, and plans to gradually resume the annual 35,000-ton high-purity lithium salt production line in mid-August 2026. Previously, due to a temporary mismatch between the transportation cycle of self-produced lithium concentrate and production scheduling, the two production lines were temporarily shut down for maintenance starting June 30, 2026, during which comprehensive equipment upkeep was carried out.
Tibet Mining Turns Profitable in First Half of 2026, Plans 1 Yuan Cash Dividend per 10 Shares
Tibet Mining disclosed its 2026 semi-annual report, with operating revenue reaching 541 million yuan, up 304.58 percent year-on-year. Net profit attributable to the parent company was 60.0663 million yuan, compared with a loss of 15.305 million yuan in the same period last year. Basic earnings per share stood at 0.115 yuan. The company also announced a dividend plan, proposing a cash dividend of 1.0 yuan per 10 shares, tax included. During the reporting period, higher selling prices for lithium salt products, coupled with the ramp-up of production capacity at the Zhabuye Phase II project, drove the turnaround to profitability.
000762.CS · Capital · Positive Tibet Mining turned profitable with strong revenue growth and announced a cash dividend.
LITHIUM · Supply · Positive Higher lithium salt prices and capacity ramp-up at Zhabuye Phase II indicate increased supply, which may pressure prices but the article highlights positive price environment.
Albemarle Q2 2026 EBITDA more than doubles to $858 million
Albemarle Corp reported second-quarter 2026 net sales up 31% year-over-year and adjusted EBITDA more than doubling to $858 million, with enterprise EBITDA margin expanding to 49%. The company generated $710 million in cash from operations and $638 million in free cash flow, achieving over 80% operating cash conversion. Global lithium demand grew 45% year-over-year through May, driven by strong stationary storage and improving EV growth, with inventories at near-record lows. Albemarle raised its full-year outlook for specialties and is on track to hit the high end of its cost productivity target of $100-150 million. However, a June 9 fire at the Greenbushes CGP3 plant delayed the ramp-up to full production until Q1 2027, leading the company to expect energy storage sales volumes for 2026 to be flat to down 4% year-over-year.
US bans exports of tungsten scrap and battery recycling materials for one year
The United States is set to ban exports of tungsten scrap and black mass, a recycled material from lithium-ion batteries, for one year starting late this August, according to Bloomberg. The move comes less than a week after President Donald Trump signed an order authorizing restrictions on exports of industrial waste containing critical minerals and materials under the Defense Production Act, aiming to reduce reliance on China and strengthen supply chain security. Operators must primarily sell these raw materials domestically but can apply for case-by-case exemptions. The US Commerce Department stated that shortages of recyclable critical minerals and materials increase national security risks, necessitating urgent measures to preserve domestic raw material sources.
Ganfeng Lithium Applies for Designated Delivery Factory Warehouse Qualification for Lithium Hydroxide at Guangzhou Futures Exchange
Ganfeng Lithium has applied to the Guangzhou Futures Exchange for designated delivery factory warehouse qualification for lithium hydroxide. The company announced that this move will help integrate the spot market, futures market, and delivery factory warehouse, further enhancing risk resistance and market competitiveness while improving profitability. In the first quarter of 2026, Ganfeng Lithium achieved revenue of 9.196 billion yuan and net profit attributable to the parent company of 1.837 billion yuan.
002460.CS · Capital · Positive Application for delivery warehouse qualification aims to improve profitability and competitiveness, with strong Q1 earnings.
LITHIUM · Supply · Positive Ganfeng's application to become a delivery warehouse for lithium hydroxide could increase futures market liquidity and integration.
ERAMET Reports Mixed Production as Lithium Output Rises Sharply
ERAMET has reported second quarter and half year 2026 production figures that show weaker volumes in several key commodities alongside a sharp rise in lithium carbonate output. The company's share price stands at €43.12, with a year-to-date decline of 30.00% and a 1-year total shareholder return down 9.11%. ERAMET is flagged as trading at good value with a price-to-sales ratio of 0.4x, compared to the European Metals and Mining industry average of 1.1x and a peer group average of 1.4x. A discounted cash flow model estimates the stock is trading 68.9% below an estimated future cash flow value of €138.54. The company faces risks from current losses of €520 million and exposure to cyclical demand in regions such as China and Other Asia.
Hongyuan Pharmaceutical's first-half revenue up 52% year on year, lithium hexafluorophosphate sees higher volumes and prices
Hongyuan Pharmaceutical disclosed on the evening of August 27 that its operating revenue for the first half of 2026 was 1.342 billion yuan, up 52% year on year, with net profit attributable to the parent company of 156 million yuan. The company said the revenue increase was mainly driven by higher volumes and prices of lithium hexafluorophosphate during the period. By product, lithium battery materials revenue reached 609 million yuan, up 154.9% year on year, while active pharmaceutical ingredients and pharmaceutical intermediates revenue was 496 million yuan, up 5.83%. According to ICC Xinchen Information, global electrolyte production in the first half of 2026 totaled 1.48 million tonnes, up 47.2% year on year, with domestic production accounting for more than 95% of the global total. Lithium hexafluorophosphate production in the first half was 172,000 tonnes, up 43% year on year, and the top five companies in the industry held a combined market share of 69%. Hongyuan Pharmaceutical is currently advancing its third-generation proprietary lithium hexafluorophosphate technology, and its jointly developed technology with Wuhan University for preparing lithium hexafluorophosphate via a rheological phase reaction method has reached an internationally advanced level. The company also revealed that its expansion project for 6,000 tonnes per year of high-purity crystalline lithium hexafluorophosphate is in the trial production stage, and it plans to build a 40,000-tonne-per-year high-purity crystalline lithium hexafluorophosphate production facility in phases in Wuxue.
301246.CS · Capital · Positive H1 2026 revenue rose 52% YoY to 1.342bn yuan with net profit of 156m yuan, driven by higher lithium hexafluorophosphate volumes and prices.
301246.CS · Technology · Positive Company is advancing third-generation proprietary lithium hexafluorophosphate technology and a jointly developed rheological phase method reaching internationally advanced level.
LITHIUM · Demand · Positive Global electrolyte production rose 47.2% YoY and lithium hexafluorophosphate output rose 43% YoY, signaling strong demand for lithium compounds.
Brokers highlight MOSHI as top profit growth in retail sector, backed by strong SSSG
Several brokers view MOSHI as the standout in the retail sector. Maybank Securities forecasts second-quarter 2026 profit at 154 million baht, up 15% year-on-year, with same-store sales growth of 3.5%, the highest in the group. KGI Securities and DBS Vickers Securities emphasize recovering consumer confidence and ongoing branch expansion plans. In the hotel sector, ERW is expected to post a 25% year-on-year profit increase in the second quarter of 2026, supported by short-haul tourists and HOP INN. CENTEL is projected to earn 120 million baht, up 15% year-on-year, and is benefiting from positive sentiment around year-end domestic events. For large-cap stocks, PTT is seen as having its core business returning to a recovery cycle. Krungsri Securities expects normalized profit in 2026 to grow 66%, with the stock trading at a low price-to-book value of just 0.95 times. TRUE is forecast to achieve a new record high for second-quarter 2026 profit, reaching 6.8 billion baht, a 232% year-on-year surge, driven by higher margins and reduced competition. In logistics, SJWD is expected to report normalized second-quarter 2026 profit of 337 million baht, up 18% year-on-year, the highest in five quarters. UOB Kay Hian has upgraded BJC to a buy recommendation, citing an improving utilization outlook for its glass bottle production. Additionally, AIRA Securities notes that GANFENG23, which references Ganfeng Lithium Group, one of the world's largest lithium producers, has a forward price-to-earnings ratio for 2026 of just 7.8 times, well below its five-year historical average of 14.4 times, with earnings expected to recover as lithium carbonate prices rise to 160,000 yuan per ton.
Elevra Lithium posts record monthly output, secures strategic financing package
Elevra Lithium delivered a strong June 2026 quarter, setting a monthly production record at its North American Lithium operation and securing a strategic financing package to fully fund its NAL expansion. Spodumene concentrate production rose 15% quarter-on-quarter to 54,479 dry metric tonnes, including a new monthly record of 22,202 dry metric tonnes in May, while lithium recoveries improved by 5 percentage points to 71%. Revenue fell 61% to US$31 million due to a 39% drop in tonnes sold and a 37% decline in the average realised selling price to US$921 per dry metric tonne, as the company completed deliveries under a legacy offtake contract with lagged pricing. Elevra announced a financing package comprising a US$196 million institutional placement and US$102 million in convertible notes from Canada Growth Fund, with the upfront tranche of US$46 million approved by shareholders in July. The company also agreed to sell its interest in the Ewoyaa Project in Ghana to Zhejiang Huayou Cobalt for approximately US$71 million in cash, and ended the quarter with a cash balance of US$255 million.
Industry Ministry to propose batteries and power banks as controlled goods, enforcement expected by mid-2027
The Ministry of Industry is preparing to submit a draft ministerial regulation to the Cabinet to designate nickel-system batteries, lithium-system batteries, and power banks as controlled goods. Products manufactured, imported, or sold in Thailand must receive Thai Industrial Standards certification before entering the market. The three standards are expected to take effect by mid-2027. The measures reference the international standard IEC 62133 and tighten safety requirements, such as testing for over-discharge protection and high-temperature endurance. A transition period will be provided for operators to adapt, with existing license holders allowed to apply for an extension of no more than one year after the standards come into force.
LITHIUM · Regulation · Negative Tighter safety standards for lithium batteries may reduce demand for lithium carbonate, as compliance costs rise and market access becomes stricter.
NICKEL · Regulation · Negative New controlled goods designation for nickel-system batteries could dampen nickel demand due to stricter certification requirements.
