On April 20, Jin10 reported that SMM battery-grade lithium carbonate prices increased by 2,000 yuan to 169,500 yuan, while lithium ore prices rose by $25 to $2,415. According to Jin10, as of April 12, 2026, over 1.67 million applications for car trade-ins have been submitted, reflecting a rise in the proportion of car consumption compared to 2025. This indicates the effectiveness of the policy but also highlights the weakness in first-time purchase consumption potential. Despite the price increase, spot transactions remain weak, with a price difference of nearly 4,000 yuan between May and September contracts. The current price rise is not driven by tight spot supply. Expectations of increased demand combined with previous supply disruptions may lead to a temporary tightening of supply and demand, supporting price increases. However, whether prices can surpass previous highs remains uncertain.