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Jianxiawo resuming operations lifted lepidolite production and seasonally warmer temperatures supported higher domestic brine output. However, this was offset by several spodumene converters undertaking maintenance work during a lull in hard rock shipments from Africa. Chilean chemical shipments to China rose m-o-m, helping to ease the domestic supply shortfall",[618],{"type":619,"attrs":620},"textStyle",{"color":621},"black",{"type":610,"content":623},[624],{"type":564,"attrs":625,"content":626},{"textAlign":49},[627],{"text":628,"type":578,"marks":629},"Cathode companies bought more lithium chemicals as their consumption climbed, but purchasing remained cautious and tied to downstream orders, due to falling and volatile raw materials prices. Buyers kept their inventory stable, covering their short-term requirements rather than building strategic stock. Trader and exchange inventory fell further, as tight convertor supply reduced inflows",[630],{"type":619,"attrs":631},{"color":621},{"type":610,"content":633},[634],{"type":564,"attrs":635,"content":636},{"textAlign":49},[637],{"text":638,"type":578,"marks":639},"Cathode material producers increased both NCM and LFP cathode production in July compared with June. Several LFP cathode manufacturers reported order volumes exceeding their production capacity, supporting Benchmark’s assessment that their inventory of cathode material continued to decline over the month",[640],{"type":619,"attrs":641},{"color":621},{"type":610,"content":643},[644,652],{"type":564,"attrs":645,"content":646},{"textAlign":49},[647],{"text":648,"type":578,"marks":649},"Despite rising downstream demand from commercial EV and energy storage sectors, declines in raw material prices and adequate stock levels of finished cells slowed the pace of cathode material procurement at battery cell manufacturers. As a result, overall CAM inventory was down moderately m-o-m, with cell manufacturer CAM stocks holding steady",[650],{"type":619,"attrs":651},{"color":621},{"type":564,"attrs":653},{"textAlign":49},{"type":564,"attrs":655,"content":656},{"textAlign":49},[657,663],{"type":568,"attrs":658},{"id":659,"alt":562,"src":660,"title":562,"source":562,"copyright":562,"meta_data":661},204011204083728,"https://a.storyblok.com/f/287943243085208/2296x434/18e40e850e/2026-07-31-bottom-table.png",{"size":662},"2296x434",{"type":568,"attrs":664},{"id":665,"alt":562,"src":666,"title":562,"source":562,"copyright":562,"meta_data":667},193129187355868,"https://a.storyblok.com/f/287943243085208/1620x91/54aebdbede/2026-06-30-key.png",{},{"type":564,"attrs":669,"content":670},{"textAlign":49},[671,673,678,680,684],{"text":672,"type":578},"  ",{"text":674,"type":578,"marks":675},"B, C ",[676,677],{"type":583},{"type":599},{"text":679,"type":578}," The ",{"text":681,"type":578,"marks":682},"Lithium Chemicals Inventory Change Break Down and the Cathode Inventory Change Break Down ",[683],{"type":583},{"text":685,"type":578},"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":564,"attrs":687,"content":688},{"textAlign":49},[689],{"text":672,"type":578},"Throughout July 2026, lithium inventories were destocked moderately, as demand growth outpaced the increase in domestic supply. Jianxiawo resuming operations lifted lepidolite production and seasonally warmer temperatures supported higher domestic brine output. However, this was offset by several spodumene converters undertaking maintenance work during a lull in mineral shipments from Africa. Chilean shipments to China rose m-o-m, helping to ease the domestic supply shortfall\n","briefing",[693,695,698],{"slug":694,"name":8},"lithium",{"slug":696,"name":697},"critical-minerals","Critical Minerals",{"slug":699,"name":700},"raw-materials","Raw Materials","private","Jul 31, 2026","31st July 2026",[],[],1787590008334]