The most-traded GFEX lithium carbonate futures price dropped below Yuan 150,000/tonne yesterday after hitting a near-term high of Yuan 160,000/tonne, indicating the interwinding of bulls and bears. On the fundamentals, Mysteel's latest survey of producers' production scheduling showed strong supply and demand in September, and the weekly inventory data also pointed to sustained destocking.
Yet, the pressure has been gradually aggravating, including continuously rising GFEX warrants, a slowdown in inventory drawdown, front-loading of battery cell orders amidst export tax rebate phase-out, among others. Therefore, it is expected that the lithium carbonate prices will remain rangebound in the near term.
