Arizona Lithium not 'the hottest girl at the prom'!Oversupply concerns
The SK On and Exxon announcement comes as lithium supplies and EV sales are still falling.
Investment banking firm Citi has forecast that lithium prices will fall by as much as 20% over the coming months due to an oversupply of battery materials.
According to Citi, the price of lithium carbonate sold in China has dropped by 15% over the past month.
The global oversupply of lithium comes at the same time as EV sales in key markets such as the US have declined, with predictions that further falls will remain in place due to a supply glut.
The US recently proposed to introduce a significant tariff on Chinese-produced EVs in an attempt to counter the oversupply of cheap imports flooding the market.
Exxon Mobil sign MoU with SK Korea for Lithium via DLE in Arkansas, page-7
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