Battery-grade lithium carbonate spot prices closed at $9,210 per ton on the Wuxi Stainless Steel Exchange Wednesday, up 4.2% on the session and 28% above the early-March $7,180 cycle low. The recovery represents the first sustained 14-day uptrend since November 2024 and matches what Goldman Sachs commodities desk earlier this week identified as a tactical bottom for the lithium downcycle.
The catalyst has been a step-change in Chinese EV battery cell production: weekly cell-production volumes at the largest Chinese cell makers — CATL, BYD, EVE Energy, Gotion, and CALB — averaged 24.6 GWh in April through April 27, up 11% versus March and 21% above the year-ago period. This exceeds the implied production rate from end-vehicle sales by approximately 8 GWh per month, indicating restocking from very low inventories.
Equity Reaction
Albemarle Corp. (ALB) jumped 8.4% in pre-market trade to $112.40, the highest since November 2024. SQM (SQM) rose 6.2% to $54.40. Sigma Lithium (SGML) surged 14.2% to $9.40 on the back of better-than-expected Brazilian production volumes disclosed Tuesday evening. The Global X Lithium & Battery Tech ETF (LIT) opened up 4.1%. Year-to-date, ALB is now up 6.4% — its first positive YTD reading in 18 months.
Australian-listed lithium miners traded in tandem on Wednesday's ASX session, with Pilbara Minerals (PLS.AX) up 9%, IGO Ltd (IGO.AX) +7.8%, Liontown Resources (LTR.AX) +12.4%, and Mineral Resources (MIN.AX) +8.9%. Spot spodumene-concentrate prices for SC6 grade rose to $940 per ton FOB Australia from $880, the highest since November.