The global lithium market enters the third supercycle of prices, with lithium mining concept stocks surging. Weiling Co. hits the daily limit.

On March 11, lithium concept stocks surged and pulled higher, with Weilong Co., Ltd. (002667.SZ) hitting the daily limit. Yongxing Materials (002756.SZ), EVE Energy (300014.SZ), Tibet Zhumeng (600338.SH), Tianhua New Energy (300390.SZ), and Red Star Development (600367.SH) also rose along with them.

In terms of news, on February 25, Zimbabwe’s Ministry of Mines announced an immediate suspension of all ore and lithium concentrate exports (including in-transit goods). According to official data, Zimbabwe has one of the largest lithium reserves in Africa and is one of the world’s major producers, with estimated resources of 126 million tons.

Additionally, lithium carbonate futures have been highly volatile recently, with a cumulative increase of 33.5% since the beginning of the year. According to Mysteel research, the export ban on unprocessed lithium minerals in Zimbabwe has significantly impacted shipments. Ships already dispatched before the ban (about 25,000 tons of lithium concentrate) can arrive normally, but all subsequent shipments of unprocessed minerals (including lithium sulfate and lithium concentrate) have been suspended, with no clear timeline for lifting the ban, creating constraints on medium-term raw material supply. Mysteel forecasts that lithium carbonate prices will fluctuate within the range of 130,000 to 170,000 yuan per ton in the short term.

UBS states that the sluggish lithium prices from 2024 to 2025 have led to the write-down of over 30% of high-cost global production capacity. Many lithium mining expansion projects have been delayed. The global lithium market has entered its third supercycle of prices. The forecast for spodumene lithium prices in 2026 has been sharply raised by 74% to $3,131 per ton, and lithium carbonate prices to $26,000 per ton. The driving force behind this cycle is no longer just electric vehicles but the global explosion in energy storage demand. It is expected that by 2030, global demand will double to 3.4 million tons; by 2035, energy storage applications will account for 42% of total global lithium demand.