February 28, 2026 — Domestic lithium carbonate prices in China continued to surge following Zimbabwe's comprehensive ban on lithium ore exports, with futures contracts hitting an intraday high of RMB 189,800/ton, approaching the critical RMB 190,000 threshold.

Zimbabwe Issues Emergency Export Ban

On February 25, the Zimbabwean Ministry of Mines issued an emergency statement announcing the immediate suspension of all exports of raw lithium ores and concentrates. The ban applies to all new contracts and shipments already in transit, with resumption to be announced at a later date.

Zimbabwe's Minister of Mines Winston Chitando stated that the measure aims to ensure the country's mineral resources benefit its domestic economic development. "The government is committed to promoting local processing of mineral resources, creating more jobs and tax revenue, rather than merely exporting raw ores."

Prices Approach RMB 190,000 Threshold

Stimulated by this news, lithium carbonate prices have risen continuously. On February 28, the main lithium carbonate futures contract hit an intraday high of RMB 189,800/ton, setting a new high for the year. In the spot market, the average price of battery-grade lithium carbonate stood at RMB 175,500/ton, with cumulative gains exceeding 12% over the past week.

Analysts from CITIC Futures commented: "As an important global lithium supplier, Zimbabwe's export ban directly impacts market supply expectations, leaving room for further price increases in the short term."

Chinese Companies Respond

In response to the Zimbabwe ban, several Chinese listed companies with mining rights in the country have issued statements:

• Yahua Group announced that the company holds mining rights and beneficiation plants in Zimbabwe and is communicating with local authorities regarding export permits. The company currently has sufficient raw material inventory in China and normal production operations.

• Sinomine Resource Group stated that its Zimbabwe mine has accumulated certain inventory and is actively negotiating with local authorities to resume exports as soon as possible.

• Chengxin Lithium Group said it has noted the relevant ban, is assessing the impact, and maintaining communication with local authorities.

Industry Impact Assessment

Data shows that in 2025, China imported approximately 1.2 million tons of lithium concentrate from Zimbabwe, accounting for about 15% of total imports. If the ban continues, it could affect approximately three months of China's lithium raw material supply.

Industry insiders point out that in the long term, this ban may accelerate Chinese enterprises' deployment of lithium salt processing capacity in Africa, promoting the extension of the industrial chain to resource-rich countries.