The most-traded lithium carbonate futures price recorded another losing day and fell below Yuan 90,000/tonne, creating a new year-to-date low. The market kept digesting the expectations of an earlier-than-expected restart of Jianxiawo Mine. Should the mine restart earlier than expected, it will break the current narrative of a tight spot market approaching year-end. In addition, the November cathode production scheduling will likely show a monthly reduction, adding up to demand concerns. Meanwhile, Mysteel's weekly tracking of the lithium carbonate inventory indicated a slowdown.
On the spot market, the convergence of bears put the downstream players on the sidelines, and the spot transactions slowed yesterday. Overall, the lithium carbonate prices are likely to remain soft in the near term.
