Lithium carbonate prices in China fell to 475,500 yuan/tonne in...

Lithium carbonate prices in China fell to 475,500 yuan/tonne in mid-May, the lowest since February, on stronger supply projections. Carbonate supplies are seen higher after Beijing called for an increase in output from smelters and miners to relieve the rally in the metal’s price since last December. Fresh figures showed that lithium carbonate production in China rose by 2% on the month and 30% on the year during April, while supply is projected to further increase in May as Covid lockdowns are expected to recede and capacity is set to rebound for manufacturers. Still, carbonate prices are 70% higher year-to-date, and remain near a record high of 497,500 yuan hit in late March as volatile energy prices strengthened the appeal to transition away from fossil fuels, adding to the booming demand for electric vehicles. After rising 157% to 3.2 million units in 2021, electric vehicle sales in China were forecasted to cross 5 million in 2022. .