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converters, traders, and any midstream or downstream end consumers in China.",{"type":574,"attrs":598,"content":599},{"textAlign":49},[600,606,610],{"text":601,"type":585,"marks":602},"A ",[603,604],{"type":588},{"type":605},"superscript",{"text":607,"type":585,"marks":608},"Cathode Inventory ",[609],{"type":588},{"text":611,"type":585},"tracks changes in the quantity of cathode active material held at midstream and downstream operations in China.",{"type":613,"content":614},"bullet_list",[615,623,630,637,644],{"type":616,"content":617},"list_item",[618],{"type":574,"attrs":619,"content":620},{"textAlign":49},[621],{"text":622,"type":585},"Despite pre-Chinese New Year restocking efforts, stronger than expected lithium consumption in January meant that domestic inventory of lithium carbonate and hydroxide fell marginally. Therefore, levels remain depleted",{"type":616,"content":624},[625],{"type":574,"attrs":626,"content":627},{"textAlign":49},[628],{"text":629,"type":585},"Annual maintenance at several chemicals producers’  facilities decreased lithium conversion activities, leading these players to draw down their inventories. Traders capitalised on high lithium prices by selling volumes. Meanwhile, cathode manufacturers moderately increased their stock of lithium to hedge against future price rises",{"type":616,"content":631},[632],{"type":574,"attrs":633,"content":634},{"textAlign":49},[635],{"text":636,"type":585},"Cathode active material restocking is taking place at CAM manufacturers, but price rises across cathode raw materials have made producers reticent to sell CAM at comparatively low price",{"type":616,"content":638},[639],{"type":574,"attrs":640,"content":641},{"textAlign":49},[642],{"text":643,"type":585},"The announcement that on 1 April 2026 export tax rebates would be lowered for batteries and removed for LCO and nickel-based CAM, pCAM, and AAM has prompted cell producers to encourage overseas customers to order early",{"type":616,"content":645},[646,651,672],{"type":574,"attrs":647,"content":648},{"textAlign":49},[649],{"text":650,"type":585},"Overall cathode procurement by cell producers has remained steady, so inventory levels at this stage of the supply chain are stable",{"type":574,"attrs":652,"content":653},{"textAlign":49},[654,659,664,666,670],{"type":578,"attrs":655},{"id":656,"alt":572,"src":657,"title":572,"source":572,"copyright":572,"meta_data":658},139689386576632,"https://a.storyblok.com/f/287943243085208/1024x236/ba6a7e5044/table-2-2_1352135b54c1-1.png",{},{"text":660,"type":585,"marks":661},"B, C ",[662,663],{"type":588},{"type":605},{"text":665,"type":585}," The ",{"text":667,"type":585,"marks":668},"Lithium Chemicals Inventory Change Break Down and the Cathode Inventory Change Break Down ",[669],{"type":588},{"text":671,"type":585},"illustrates where inventory sits within the supply chain for lithium chemicals and cathode active material, respectively. Lighter orange denotes lower-than-typical inventory levels, darker orange denotes higher-than-typical inventory levels. An up arrow indicates restocking, a flat arrow indicates a static balance, and a down arrow indicates destocking. The inventory changes at these supply chain steps comprise the overall change in the inventory trackers above.",{"type":574,"attrs":673,"content":674},{"textAlign":49},[675,680],{"type":578,"attrs":676},{"id":677,"alt":572,"src":678,"title":572,"source":572,"copyright":572,"meta_data":679},139690024143776,"https://a.storyblok.com/f/287943243085208/1024x58/a02f892280/inventory-tracking-key_134829519fb5-2.png",{},{"text":681,"type":585},"  ","briefing",[684,686,689],{"slug":685,"name":8},"lithium",{"slug":687,"name":688},"raw-materials","Raw Materials",{"slug":690,"name":691},"critical-minerals","Critical Minerals","private","weekly","Jan 30, 2026","30th January 2026",{"slug":697,"title":698,"cardImage":699,"description":700,"frequency":701},"lithium-inventory-tracker","Lithium Inventory Tracker","https://a.storyblok.com/f/287943243085208/1504x784/f371111ea2/inventory-tracker.png","This Briefing charts and explains the levels of lithium and CAM inventory held in China.","Monthly",[],[],1792773992247]