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The average price of battery-grade lithium carbonate in China fell by 3,000 yuan per tonne to 296,000 yuan per tonne on Wednesday, hitting a new low in more than a month and falling for the sixth consecutive day, according to data from consultancy Shanghai Metals Market.
The price declined by 10,000 yuan per tonne in the recent five days.
The average price of battery-grade lithium hydroxide fell by 2,000 yuan per tonne to 273,000 yuan per tonne, marking a new low in more than two months and falling for the 3rd consecutive day, showed the data.
The price declined by 8,000 yuan per tonne in the recent five days.
Market participants said that the weakness in the domestic Chinese lithium market became more apparent after China’s Dragon Boat holiday (June 22-24), while spot demand remained lukewarm.
The rebound of lithium prices in May was due to consumer restocking and now the restocking has finished and the real consumer demand is limited, which explains the current weak demand for spot lithium carbonate, said industry insiders.
Several market participants were also concerned about the lithium supply in the second half of the year, which further discouraged consumers to build up their stocks since it should bring more downward pressure to the market.