Shanghai, Feb 27, 2026, 03:25 CST — Market closed.
China’s lithium prices jumped on Thursday after Zimbabwe suspended exports of raw minerals and lithium concentrates, raising fresh worries about supply at a time when energy-storage demand has already been pushing the battery metal higher. The most-traded lithium carbonate contract on the Guangzhou Futures Exchange rose 6.07% to 178,020 yuan ($26,043) a metric ton by 0330 GMT after touching 187,700 yuan earlier in the session. 1
Zimbabwe’s mines ministry said the suspension applies with immediate effect, including cargoes in transit, and lasts until further notice, bringing forward a concentrate-export ban previously expected in 2027. The country shipped 1.128 million metric tons of lithium-bearing spodumene concentrate in 2025, most of it to China, after a wave of investment by groups including Zhejiang Huayou Cobalt and Sinomine. Huayou recently built a $400 million plant to process lithium concentrates into lithium sulphate, while Sinomine has outlined plans for a $500 million sulphate plant at its Bikita mine. 2
The move lands in a market that has tightened again as demand grows for batteries used in power grids as well as electric vehicles. Zimbabwe accounted for about 10% of the world’s mined lithium last year, and about 19% of China’s imported lithium concentrate, according to a note cited by market participants. Shares of lithium producers also jumped outside mainland China, and “the higher lithium price and continuous illegal shipments are likely driving factors for why the overhaul is happening now,” said Cameron Hughes, an analyst at consultancy CRU Group. 3
In China, some miners with Zimbabwe exposure fell as investors tried to work out how strict the new permit regime might be. Yahua Industrial Group slid 8.8% to 26.44 yuan, Sinomine Resource Group ended 4.8% lower at 87.59 yuan and Huayou Cobalt eased 0.8% to 76.88 yuan, after company spokespersons said they were assessing the impact and waiting for more policy clarity. 4
Zimbabwe’s Mines Minister Polite Kambamura told reporters in Harare the ban would stay in place “until further notice” and said it would only be lifted if miners comply with government requirements. 5
Benchmark Mineral Intelligence said the suspension has no end date and comes as the global lithium market is forecast to be tight, with supply and demand broadly balanced in 2026, making the hit to Zimbabwe’s supply hard to pin down in the first days of the policy shift. 6
Lithium carbonate is a key battery chemical, and the Guangzhou Futures Exchange contract is used by traders and some industrial users to hedge price swings; the exchange lists the contract in 1-metric-ton trading units. 7
Still, a policy headline is not the same thing as a shipping stoppage. Some miners say they have already moved material out of Zimbabwe or can still apply for permits if they provide extra documentation, which could limit the size of any near-term supply shock.
The bigger risk for bulls is that Harare narrows the measure to unauthorised traders rather than choking off licensed exports, turning a scare into a short squeeze that fades. Lithium has a habit of doing that.
For the next China session, traders will be watching for a follow-up notice from Zimbabwe on export permits and for any sign that cargoes to Chinese refiners are being delayed. Mainland markets reopen at 9:30 a.m. local time.
