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Lithium Inventory China – September 2026","monthly-lithium-inventory-china-september-2026","publications/briefings/lithium-inventory-tracker/monthly-lithium-inventory-china-september-2026",{"_uid":557,"date":558,"content":559,"excerpt":711,"component":712,"categories":713,"visibility":722,"publication_frequency":723,"formattedDate":724,"formattedArticleDate":725,"folder":726},"b8e8aa15-7650-4318-8e67-1a2de6f1fe81","2026-09-30 00:00",{"type":560,"attrs":561,"content":562},"doc",{"backgroundColor":49},[563,574,584,602,617,676,689,707],{"type":564,"attrs":565},"blok",{"id":566,"body":567},"bc72bd76-5ab7-4a6b-b0c4-fa50214e7e3e",[568],{"id":569,"_uid":570,"type":571,"component":572,"fixed_height":573,"use_fixed_height":50,"fixed_height_mobile":573,"fixed_height_tablet":573},"30415070","i-cb354335-fe24-4108-a890-f0f19d29b408","visualisation","ContentFlourish","",{"type":575,"attrs":576,"content":577},"paragraph",{"textAlign":49},[578],{"type":579,"attrs":580},"image",{"id":581,"alt":573,"src":582,"title":573,"source":573,"copyright":573,"meta_data":583},225675602001797,"https://a.storyblok.com/f/287943243085208/2271x331/d68dff2e4f/2026-09-30-top-table-only.png",{},{"type":575,"attrs":585,"content":586},{"textAlign":49},[587,590,595,596,600],{"text":588,"type":589}," ","text",{"text":591,"type":589,"marks":592},"*",[593],{"type":594},"bold",{"text":588,"type":589},{"text":597,"type":589,"marks":598},"Lithium Chemicals Inventory ",[599],{"type":594},{"text":601,"type":589},"tracks changes in the lithium chemicals inventory across chemical producers, converters, traders, and any midstream or downstream end consumers in China.",{"type":575,"attrs":603,"content":604},{"textAlign":49},[605,611,615],{"text":606,"type":589,"marks":607},"A ",[608,609],{"type":594},{"type":610},"superscript",{"text":612,"type":589,"marks":613},"Cathode Inventory ",[614],{"type":594},{"text":616,"type":589},"tracks changes in the quantity of cathode active material held at midstream and downstream operations in China.",{"type":618,"content":619},"bullet_list",[620,640,652,664],{"type":621,"content":622},"list_item",[623,638],{"type":575,"attrs":624,"content":625},{"textAlign":49},[626,632],{"text":627,"type":589,"marks":628},"During ",[629],{"type":630,"attrs":631},"textStyle",{"color":573},{"text":633,"type":589,"marks":634},"September 2026, Chinese lithium chemical production rose by around 10% m-o-m, supported by more mineral arrivals from Zimbabwe, South Africa, Nigeria and Australia. August's price rebound reversed sharply, and some converters trimmed output in response. Having sold into the spot market in August, most converters now held back spot sales to avoid selling at a loss and prioritised existing contracts",[635],{"type":630,"attrs":636},{"color":637},"black",{"type":575,"attrs":639},{"textAlign":49},{"type":621,"content":641},[642,650],{"type":575,"attrs":643,"content":644},{"textAlign":49},[645],{"text":646,"type":589,"marks":647},"LFP production climbed further on tight year-end delivery schedules for BESS, though lower NCM output offset part of this gain. With little spot material on offer, traders and some cathode companies instead turned to the futures market, drawing down the trader and exchange stocks built ahead of the expected September pickup. Cathode companies extended stocks to cover the early-October Golden Week holiday, but aim to keep stocks lean given their uncertainty around Q4 demand. Overall, lithium chemical inventory fell by 1,800 tonnes LCE in September",[648],{"type":630,"attrs":649},{"color":637},{"type":575,"attrs":651},{"textAlign":49},{"type":621,"content":653},[654,662],{"type":575,"attrs":655,"content":656},{"textAlign":49},[657],{"text":658,"type":589,"marks":659},"The anticipated ‘Golden September’ consumption boost failed to materialise, leaving consumer electronics demand weak and slowing LCO drawdown across the supply chain. Reversing August’s anticipatory order build, leading NCM cell makers cut September orders sharply, particularly for mid-nickel material. NCM cathode plants have lowered production schedules for the rest of the year, but finished stock continued to accumulate under preexisting plans. LFP operating rates stayed high on strong BESS demand, and capacity constraints drew LFP inventory down further. On balance, NCM consumption weakness lifted CAM inventory at cathode producers slightly m-o-m",[660],{"type":630,"attrs":661},{"color":637},{"type":575,"attrs":663},{"textAlign":49},{"type":621,"content":665},[666,674],{"type":575,"attrs":667,"content":668},{"textAlign":49},[669],{"text":670,"type":589,"marks":671},"Weaker-than-expected domestic sales of high-end vehicles led some EV battery makers to slow their intake of NCM cathode material. Finished-cell inventory rose somewhat, but cathode turnover at cell makers held fairly stable, leaving their CAM stocks broadly unchanged. Overall, in September CAM inventory rose to 1.6 weeks of consumption from 1.5 weeks in August",[672],{"type":630,"attrs":673},{"color":637},{"type":575,"attrs":675},{"textAlign":49},{"type":575,"attrs":677,"content":678},{"textAlign":49},[679,684],{"type":579,"attrs":680},{"id":681,"alt":573,"src":682,"title":573,"source":573,"copyright":573,"meta_data":683},225675543568256,"https://a.storyblok.com/f/287943243085208/2296x434/be3e389e31/2026-09-30-bottom-table.png",{},{"type":579,"attrs":685},{"id":686,"alt":573,"src":687,"title":573,"source":573,"copyright":573,"meta_data":688},193129187355868,"https://a.storyblok.com/f/287943243085208/1620x91/54aebdbede/2026-06-30-key.png",{},{"type":575,"attrs":690,"content":691},{"textAlign":49},[692,694,699,701,705],{"text":693,"type":589},"  ",{"text":695,"type":589,"marks":696},"B, C ",[697,698],{"type":594},{"type":610},{"text":700,"type":589}," The ",{"text":702,"type":589,"marks":703},"Lithium Chemicals Inventory Change Break Down and the Cathode Inventory Change Break Down ",[704],{"type":594},{"text":706,"type":589},"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":575,"attrs":708,"content":709},{"textAlign":49},[710],{"text":693,"type":589},"During September 2026, Chinese lithium chemical production rose by around 10% m-o-m, supported by more mineral arrivals from Zimbabwe, South Africa, Nigeria and Australia. August's price rebound reversed sharply, and some converters trimmed output in response. Having sold into the spot market in August, most converters now held back spot sales to avoid selling at a loss and prioritised existing contracts\n\n","briefing",[714,716,719],{"slug":715,"name":8},"lithium",{"slug":717,"name":718},"critical-minerals","Critical Minerals",{"slug":720,"name":721},"raw-materials","Raw Materials","private","monthly","Sep 30, 2026","30th September 2026",{"slug":727,"title":728,"cardImage":729,"description":730,"frequency":731},"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",[],[],1792773992413]