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The price of battery-grade lithium carbonate in China drops by 2,500 yuan per tonne to 293,500 yuan per tonne on Thursday, marking a new low on more than a month and falling for the 7th straight day, according to data from Shanghai Metals Market.
The price declined by 11,000 yuan in the recent five days.
The price of battery-grade lithium hydroxide falls by 1,500 yuan to 271,500 yuan per tonne, marking a new low in more than two months and falling for the 4th straight day, showed the data.
The price declined by 8,500 yuan per tonne in the recent five days.
The domestic Chinese lithium market became has weakened since late Junewhile 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.