Lithium prices are spiraling down toward the lowest level in two years on concerns over the strength of Chinese demand for the material, a key ingredient in electric vehicle batteries.
Prices of lithium carbonate in China fell to 166,500 yuan a ton last Wednesday, ahead of the Golden Week holidays, a loss of almost half from the recent peak in early June. The decline has been precipitous. Less than a year ago, the metal reached a record of 598,000 yuan a ton.
Demand for lithium typically picks up in the fourth quarter in China - the world’s largest EV market - because of strong battery cell production and installation, and manufacturers usually replenish their feedstock ahead of that. While the drop in prices may curb supply, especially from lepidolite mines in China, the pace of the decline in demand means they could go lower, said Wanyi Shao, an analyst at Guotai Junan Futures Co. “Car and battery manufacturers have been cautious when it comes to restocking” because consumer demand is weaker than expected, she said.In China, carmakers are struggling to defend their market share amid economic uncertainty.
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