General Discussion AGY, page-10649

I think it's the small pullback in the carbonate prices coupled with the usual Goldman Sachs/Sussie claims of slight oversupply in 2023.  Meanwhile [source],

'Full electric cars accounted for 22% of new car sales in the Chinese market last month!

Plugin vehicles continue to be all the rage in the Chinese auto market. They grew 75% year over year (YoY) in October. They scored over 578,000 registrations last month, their second best month ever, only behind last September when they hit 636,000 registrations. Plugin hybrids (PHEVs) surged 143% year over year (YoY). They reached 168,000 registrations in October, which is their fifth sixth record month in row. It seems the Chinese version of PHEVs, with an average of 30+ kWh batteries and working more as EREVs, has struck a chord with buyers. As for BEVs, they grew a “paltry” 57% … to 410,000 units. In just one month.

Share-wise, plugin vehicles hit 31% market share in October. Full electrics (BEVs) alone accounted for 22% of the country’s auto sales last month! These brilliant results kept the 2022 share at 29% plugins and 22% BEVs.
If electrification continues at this pace, expect the plugin share to be at some 45% in a year from now, with BEVs owning one third (33%) of the Chinese market!
And expect BEVs to cross the 50% share threshold by 2025! Imagine that: the largest automotive market in the world being BEV-based in three years time!
Another measure of the importance of this market is the fact that China alone represented over half of global plugin registrations last month.'

Reality is demand growth as usual underestimated, supply overestimated.  Carbonate will continue to sit high for some time.