For lithium carbonate, the current pace of downstream stockpiling exceeded expectations. Beyond meeting the stockpiling demand for Chinese New Year holiday, some downstream players have also prepared some strategic inventory. The recent lithium price cut occurred with the precious metals lacking sufficient momentum for a oversold rebound, and the immediate restocking demand from downstream users was fully released. The market currently lacks new bullish catalysts for support. In the short term, prices are expected to experience volatile, gradual declines.