Lithium Carbonate · Origin deep dive

EXW converter gates across Jiangxi, Sichuan and Qinghai — the GFEX-linked spot market.

Battery-grade Li2CO3 ≥99.5%, magnetics within cathode-maker limits.

Domestic truck logistics; the quote all import parities net back against.

Cathode and cell makers (CATL, BYD supply chains) on monthly contracts vs spot.

Q4 EV production push tightens spot; Q1 post-subsidy lulls soften it.

EV demand policy, lepidolite cost-curve swings, and GFEX positioning amplifying moves.

Antofagasta shipments from SQM and Albemarle brine operations in the Salar.

Brine-route carbonate, technical to battery grade with mature impurity control.

Containerized to Asian cathode hubs; the lowest-cost route to market in the industry.

Korean and Japanese cathode makers on term contracts; Chinese converters spot.

Evaporation-pond output is weather-stable; contract repricing quarters matter more.

Chilean lithium-policy evolution (state participation), water scrutiny, and contract-formula resets.

Port Hedland and Bunbury concentrate shipments from the WA hard-rock belt.

SC6 (6% Li2O) spodumene converted in China — the equivalent tracks converter economics.

Bulk concentrate to Chinese converters; conversion adds a quarter's lag to price response.

Chinese converters and integrated players (Tianqi, Ganfeng) with WA equity stakes.

Auction cadence (Pilbara Minerals BMX) sets marginal price discovery.

Converter-margin squeezes, WA mine curtailments, and auction-price signal volatility.