SMM

This week, lithium ore prices tumbled: the SMM spodumene concentrate CIF China index fell from US$810 /t (SC6) on Friday to US$766 /t today. The main driver remains the broad-based decline in lithium carbonate prices. Overseas miners continue to hold firm offers and are strongly reluctant to release cargoes, while the price acceptable to downstream buyers keeps sliding in tandem with spot and futures carbonate prices, pushing the market lower. The price drop has, however, sparked a modest rebound in downstream inquiries and purchase interest. In addition, a recent annual report from an Australian miner slightly raised its production guidance, signaling that both supply and sales of lithium ore are expected to rise in the coming period.