New York, Feb 25, 2026, 14:44 (EST) — Regular session.
- Spot prices for lithium carbonate in China climbed roughly 6% to 7% during the session.
- Zimbabwe has stopped shipments of raw minerals and lithium concentrates, effective immediately.
- Sigma Lithium surged roughly 26%. Albemarle and SQM posted gains, too.
China’s lithium market saw a swift jump Wednesday, with spot prices for lithium carbonate moving up to 160,000-162,000 yuan per tonne, compared to 150,000-152,000 just a day prior, according to SunSirs data. The spike followed news that Zimbabwe has stopped exporting lithium concentrates and other unprocessed minerals, tightening supply for refiners and battery manufacturers. (SunSirs)
The mines ministry in Zimbabwe says its ban is in force right away, halting exports of minerals already en route and set to last until further notice—citing “the national interest.” The country leads Africa in lithium output, sending 1.128 million metric tons of lithium-rich spodumene concentrate abroad in the 12 months to December 2025, mainly to China, according to Reuters. Investment from Chinese firms has surged: Zhejiang Huayou Cobalt, Sinomine, Chengxin Lithium Group, and Yahua have all stepped in. Huayou’s $400 million lithium sulphate facility is already up, while Sinomine has mapped out a $500 million plan for its Bikita operation. (Reuters)
Timing’s crucial here: after a turbulent start to February, China’s lithium market has tightened up, with traders more focused on inventory levels and energy-storage demand than EVs. Mysteel reported battery-grade lithium carbonate dipping to 132,500 yuan a tonne early in the month, then bouncing as futures climbed, putting the average spot price at 145,500 yuan. In the same update, Mysteel pegged February’s lithium carbonate output at roughly 88,300 tonnes, 8.2% lower than January, and cited “low inventory” as a key support for prices heading into Q1. (Mysteel)
Sigma Lithium shot up 25.95% to $15.87 during U.S. hours, with Albemarle not far behind, climbing 5.38% to $196.88. SQM, based in Chile, advanced 4.41% to $80.10, and Lithium Americas put on 3.08% to $5.195, Investing.com data show. (Investing)
The China-linked lithium benchmark watched by Trading Economics jumped 6.41% on Feb. 25, landing at 161,750 yuan per tonne. (Trading Economics)
Futures ticked up as well. SunSirs put lithium carbonate spot prices at 167,840 yuan per tonne, with the “dominant contract”—the market’s busiest—at 162,000. A day before, those were at 161,000 and 152,000, respectively. (SunSirs)
Zimbabwe’s decision is aimed at exports of concentrate, an essential raw material for Chinese refiners producing lithium carbonate and lithium hydroxide—core ingredients for batteries. When there’s a persistent supply hiccup, prices for chemical-grade product in China are usually the first to react, with the ripple hitting contract negotiations and squeezing producer margins soon after.
The shock to supply might not last if Harare grants exemptions or spells out the rules more clearly. There’s also a chance firms simply figure out new shipping or processing routes. And once prices jump, spot demand often dries up—downstream plants may just hold off and ride out the surge.
Investors are taking the announcement as another gauge of just how constrained lithium supplies are after months of choppy trading. Shares of miners — those exposed most to immediate price swings — have seen the sharpest moves. Battery makers further down the chain, though, have held steadier.
Traders now turn their attention to Zimbabwe’s mines ministry for the next move, scanning for signals on compliance and updates. They’re also eyeing SQM’s earnings set for Feb. 26, looking for takeaways on contract prices and demand trends going into 2026. (Investing)
