China’s lithium price soars after Zimbabwe suspends export

China’s lithium price surged on Thursday after Zimbabwe suspended raw mineral exports, sparking concerns over supply disruptions, at a time when growing energy storage demand is projected to drive a boom in the market. The most traded lithium carbonate contract on the Guangzhou Futures Exchange jumped 6.07% to 178,020 yuan ($26,043.45) a metric ton as of 0330 GMT, having spiked more than 9% to 187,700 yuan earlier this session. Zimbabwe on Wednesday suspended exports of all raw minerals and lithium concentrates with immediate effect.

The country is the largest lithium producer in Africa and exported 1.128 million tons of spodumene concentrate in 2025, up 11% from a year before, with the bulk of the exported volume shipped to China. Chinese mining companies such as Zhejiang Huayou Cobalt and Sinomine have made significant investments in Zimbabwe in recent years. The export ban has raised concerns about the stability of raw material supply at a time when expectations of a boom in energy storage systems have driven a rally in lithium prices since the second half of 2025.