China's lithium carbonate inventories continued to draw down last week but at a narrowing pace. Structurally, converters and cathode plants destocked while traders rebuilt for a second consecutive week; warrants rose continuously early in the week, ending the sustained destocking trend since October 2026. On the cost side, low prices and cost inversion have pushed marginal-cost capacity toward production cuts, but no substantive cuts have occurred, leaving limited support for lithium carbonate prices.
