Total lithium carbonate equivalent (LCE) inventories were peaked in March 2023, around 70kt LCE; reduced to 59.8kt LCE on 12 October 2023 according to SMM data, it's estimated to be 55kt LCE on 30 November 2023.
In my view, the total LCE inventories in China is not high especially given rising demand (lithium demand almost doubled over last two years, from ~512kt LCE in 2021 to 977kt LCE in 2023), and demand is expected to grow to over 1.5 million tons over next two years.
The total inventory of 55kt LCE is just about 5% of the total demand. Likely iron ore, total demand is around 2.4 billion tons, total China inventories are around 240m tons.
GS' underestimates lithium demand, but significantly inflates lithium supply, especially from Africa and lepidolite production.
All imo.
GS:
Always DYOR.
Lithium Related Media Articles, page-19557
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