For lithium carbonate, the downstream players built stocks appropriately for the CNY holiday. And Mysteel's survey indicated that a refinery in Jiangxi is scheduled to resume the operation soon, which is likely to contribute additional supply. On the demand end, the holiday season will slightly impact the LFP production scheduling, while on the whole, the cathode plants have maintained high operating rates with robust orders. With market sentiment cooling recently, it is important to watch the February production and pre-holiday stockpiling pace.