China's lithium carbonate futures price experienced a short pullback after climbing for several consecutive days, and hovered rangebound in the last two trading days of 2025, closing the year at Yuan 120,640/tonne, an increase of nearly 55% from Yuan 77,860/tonne at the beginning of the year. Nonetheless, bullish sentiment sustained. The detailed policies regarding 2026 national subsidies have been officially released. In addition, the extensive overhaul-triggered production cuts among leading LFP cathode factories signal the suppliers' firm stance to raise the prices based on optimistic outlook, though it will slightly reduce the lithium carbonate consumption in January 2026.