China Battery Materials: What‘s New at 2026 China ESS and Battery Chain Tour: Meeting with Lithium Expert

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China Battery Materials: What‘s New at 2026 China ESS and Battery Chain Tour: Meeting with Lithium Expert

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20 Jul 2026 15:19:10 ET │ 8 pages

China Battery Materials

What’s New at 2026 China ESS and Battery Chain Tour: Meeting with

Lithium Expert

CITI'S TAKE

We hosted the 2026 China ESS and Battery Chain Tour and met with Ms.

Bonnie Song, an independent trader/lithium expert, on 13th Jul. In 2027E,

global lithium demand is expected to increase 400-450kt YoY and supply Jack Shang, CFAAC

is expected to increase 340kt YoY, mainly from Australia, recycling +852-2501-2441

lithium, Argentina, JXW mine, etc. Therefore, Ms. Song is positive on jack.shang@citi.com

lithium price in 2027E. However, if the Zimbabwe export ban is released, Anna Wang

2027E global lithium supply could increase 70kt compared with base +852-2501-2739

case. Key takeaways are as follows. anna.d.wang@citi.com

Jimmy Feng

Lithium concentrate – The lithium concentrate inventory at domestic ports was +852-2501-7588

327kt on 10th Jul, down 39kt WoW, driven by strong demand. The concentrate jimmy.feng@citi.com

inventory days at refinery is 1-3 months. The lithium concentrate imported from

Cynthia Wu

Zimbabwe is expected to arrive starting from Jul and fully resume in Sep-Oct. To

+852-2868-7813

encourage domestic lithium refinery, Zimbabwe will ban concentrate export from cynthia.d.wu@citi.com

Jan 2027 and Ms. Song expects only Huayou’s lithium refinery plant to be ready by

then, while other producers are negotiating with the govt to potentially extend the

deadline to mid-2027.

Lithium refinery – The lithium refineries are positive on lithium price and not active

in spot sales while mainly fulfilling long-term contracts. The LC inventory at traders

is low currently.