According to SMM research, China's lithium carbonate production is approximately 460,000 tons in 2023, with a growth rate of 31% YoY. Among them, the increase in demand throughout the year and the commissioning of new smelters are the main driving forces for the increase in domestic lithium carbonate production in 2023. From 2021 to 2023, domestic lithium carbonate production is 221,845 tons, 350,197 tons and 460,095 tons, with YoY growth rates of 35%, 57.9% and 31.2% respectively. According to SMM calculations, the apparent domestic demand growth rates for lithium carbonate from 2021 to 2023 are approximately 86%, 66%, and 16% respectively with the market demand growth rate has begun to slow down significantly in 2023.
In 2023 China's lithium carbonate production, the lithium carbonate production of the top ten companies accounted for 53.3% of the total market volume, compared with 59% in 2022. The concentration of the top players has decreased, it's related to the new enters were quickly put into production.
In terms of imports, as the world's largest net importer of lithium resources, China imports of lithium carbonate have continued to expand significantly in recent years, which has greatly supplemented the domestic supply of lithium carbonate. Among them, from 2021 to 2023, China imported 81,018 tons, 136,093 tons and 158,749 tons of lithium carbonate respectively, with growth rates of 61.7%, 67.98% and 16.65%. In terms of exports, from 2021 to 2023, China exported 7,841 tons, 10,437 tons and 9,593 tons of lithium carbonate respectively, with growth rates of 4.7%, 33.1% and -8.1%.
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