...BYD record EV sales but SC6 remains at US$1047/T!
EV growth has not translated into higher lithium price.
...Lithium hodlers claim that China is manipulating and suppressing the spot price. But they don't realise that BYD and CATL, the largest Chinese EV battery makers have access to their own lithium supplies from mines they own, so of course there won't be a large upward pressure on lithium spot.
...When EV growth largely originates from China even for those EVs that Tesla and EU makers make in China for export, most of the lithium demand is consumed in China and largely by the two biggest battery makers (CATL and BYD), there's not enough international trade to influence the spot price.
....Lithium stocks won't grow if we don't have sustainable lithium price growth. Soon enough, when lithium majors announce their next quarter result, it would so underwhelming that valuations would continue to mean revert. Keep waiting because Chinese EVs won't enjoy the growth they have now if lithium prices were higher. So until we have many projects dropping off and weaker players go bust, lithium winter hibernation has a long way more to run.
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BYD sells record 341,658 NEVs in Jun, PHEVs hit another record high https://x.com/CnEVPost/status/1807738547484705205
Except for SMM Li2CO3 (which rose) & SMM LiOH (which fell), all other #lithium chemical prices remained constant, while all but 1 (BR SC6%CIF China) Li ore prices fell today in the Chinese spot market. Average LC futures prices exceeded average LC spot prices increasing contango. https://x.com/jczuleta/status/1808036875602477468
