Tough times, tilll rate cuts IMOinterest rates need to...

Tough times, tilll rate cuts IMO


interest rates need to flipLithium Drops to Over-2-Year LowFeb 23, 202421:39 GMT+11LTH1!0Lithium carbonate prices eased to CNY 95,500, matching the over-two-year low from mid January and holding the 80% plunge in 2023 as the market continued to struggle with a considerable surplus.New estimates showed that NEV sales in China plunged by nearly 40% from the previous month in January, stretching the pessimism following the slowdown from the previous year.The slowdown in electric vehicle sales in China limited lithium demand for battery manufacturers, driving factories to skip their typical restocking season.Instead, firms took advantage of high inventories following the supply glut caused by extensive subsidies from Beijing throughout 2022.The developments drove key market players to forecast the next lithium deficit to return only in 2028, an aggressive twist from speculations of persistent shortfalls that lifted lithium prices to CNY 600,000 in November 2022.