Lithium Carbonate Holds Near 93,500 Yuan Per Ton
Battery-grade lithium carbonate averaged 93,500 yuan per metric ton on November 2, while LC2701 futures rebounded from an early dip.
Updated on Nov. 2, 2026 in Electric Vehicles
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SMM battery-grade lithium carbonate spot prices averaged 93,500 yuan per metric ton on November 2, 2026, down 100 yuan from the previous trading day. Futures contract LC2701 closed at 90,700 yuan per metric ton, up 2.49% from last Friday.
Why it matters
Lithium carbonate is a key input for electric vehicle batteries, so its price moves feed into battery costs for automakers. Supply is growing as ore arrivals increase production, while downstream buyers are destocking and smelter inventories keep accumulating.
SMM quoted battery-grade lithium carbonate between 91,300 and 95,700 yuan/mt, with LC2701 open interest at 439,000 lots, down 4,060 lots. The source gives no forecast beyond short-term consolidation at current lows.
The players
SMM (Shanghai Metals Market)
SMM is a Shanghai-based metals price-reporting service whose daily assessments are widely used as benchmarks in the battery materials market.
The details
Sellers held firm on quotes while buyers were in no rush to fix prices or purchase, keeping spot prices near the middle of the range. LC2701 opened at 88,000 yuan/mt, dipped to 87,680 yuan/mt, then rebounded as buying gradually stepped in during the session. Buyers are shifting purchases to long-term contracts and waiting before committing.
Timeline
November 2, 2026: SMM spot price quoted and LC2701 futures session traded.
Last Friday: reference closing price used for the futures comparison.
Roadmap
Lithium carbonate is the main raw input into electric vehicle batteries, so its benchmark prices shape battery cost trends across the automotive industry. The November 2 readings show prices holding near lows as supply expansion outpaces downstream demand.
Lower or volatile lithium carbonate prices can affect the cost of EV battery packs and therefore vehicle pricing over time. Buyers and fleet operators watching battery costs may see these benchmark moves reflected in future model pricing.
The takeaway
Benchmark lithium prices are a leading signal for future EV battery costs, so tracking spot and futures moves helps explain shifts in vehicle pricing. Watching supply growth and downstream destocking gives a clearer view of where prices may head next.
Further reading
For more on how battery input costs shape the market, see Electric Vehicles coverage on Wisevoter.
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