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lithium chemicals inventory across chemical producers, converters, traders, and any midstream or downstream end consumers in China.",{"type":574,"attrs":600,"content":601},{"textAlign":49},[602,608,612],{"text":603,"type":585,"marks":604},"A ",[605,606],{"type":590},{"type":607},"superscript",{"text":609,"type":585,"marks":610},"Cathode Inventory ",[611],{"type":590},{"text":613,"type":585},"tracks changes in the quantity of cathode active material held at midstream and downstream operations in China.",{"type":615,"content":616},"bullet_list",[617,630,650,660],{"type":618,"content":619},"list_item",[620],{"type":574,"attrs":621,"content":622},{"textAlign":49},[623],{"text":624,"type":585,"marks":625},"Lithium chemical inventory levels in China fell marginally during March, characterised by available material moving down the supply chain following Chinese New 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But by month-end, net inventory volume in China remained below February’s figure",[648],{"type":627,"attrs":649},{"color":629},{"type":618,"content":651},[652],{"type":574,"attrs":653,"content":654},{"textAlign":49},[655],{"text":656,"type":585,"marks":657},"Downstream, both cathode and cell production rebounded after the festive break. High nickel NCM cathode producers reported the most significant growth as players aimed to fulfil export orders ahead of the tax rebate change scheduled for 1 April 2026. LFP producers also saw rises, these linked to strong demand from cell makers supplying BESS markets. Increasing cell utilisation rates across chemistries generated a strong pull on inventory",[658],{"type":627,"attrs":659},{"color":629},{"type":618,"content":661},[662],{"type":574,"attrs":663,"content":664},{"textAlign":49},[665],{"text":666,"type":585,"marks":667},"In response, cell makers accelerated procurement, and CAM at cell producers increased, remaining within normal levels. This procurement drew down cathode material inventory at cathode manufacturers, which fell to a low level",[668],{"type":627,"attrs":669},{"color":629},{"type":574,"attrs":671,"content":672},{"textAlign":49},[673,678,679,684,686,690],{"type":578,"attrs":674},{"id":675,"alt":572,"src":676,"title":572,"source":572,"copyright":572,"meta_data":677},160853731474751,"https://a.storyblok.com/f/287943243085208/2296x434/4c06666de8/2026-03-31-lower-table-for-hubspot.png",{},{"text":584,"type":585},{"text":680,"type":585,"marks":681},"B, C ",[682,683],{"type":590},{"type":607},{"text":685,"type":585}," The ",{"text":687,"type":585,"marks":688},"Lithium Chemicals Inventory Change Break Down and the Cathode Inventory Change Break Down ",[689],{"type":590},{"text":691,"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":693,"content":694},{"textAlign":49},[695,700],{"type":578,"attrs":696},{"id":697,"alt":572,"src":698,"title":572,"source":572,"copyright":572,"meta_data":699},139690024143776,"https://a.storyblok.com/f/287943243085208/1024x58/a02f892280/inventory-tracking-key_134829519fb5-2.png",{},{"text":584,"type":585},"briefing",[703,705,708],{"slug":704,"name":8},"lithium",{"slug":706,"name":707},"critical-minerals","Critical Minerals",{"slug":709,"name":710},"raw-materials","Raw Materials","private","weekly","Mar 31, 2026","31st March 2026",{"slug":716,"title":717,"cardImage":718,"description":719,"frequency":720},"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",[],[],1792756436422]