Lithium prices in China tumbled more than 5% on Monday to break below 120,000 a tonne and mark a fresh 26 month low. The downward spiral comes as Chinese EV maker BYD cut domestic prices on certain models by as much as 10% amid growing competition.
The world's second-largest lithium producer, SQM, says the pain is far from over and warned investors of further price declines in its third-quarter earnings call last week.
"Most of our sales contracts are tied to price indices that mirror market price trends, and these indices have experienced a notable decrease since the start of the current year. We believe this trend could continue for the reminder of the year," the company said in a statement.
The lithium market is in the thick of a second bear market, revisiting the cost profile of existing producers is essential. Are there any companies dangling dangerously close to being unprofitable?
Lithium prices in China tumbled more than 5% on Monday to break...
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