It may seem like it looking at the current Lithium price but...

It may seem like it looking at the current Lithium price but consider this. Current price of SC6, lets say $880 x 7.5t = 6600. Add processing cost of $4000 = $10600.

Current price of Carbonate around $11440 (GFEX) so margin of approx' 8% on its unit production cost, for a convertor who is not integrated with their own raw material supply. Hence Ganfeng and Tianqi reporting losses.

Compare that with a miner like PLS who achieved a unit operating cost of AUD $591 and an approx' AUD price of $1260. A nice margin. Of course, once CIF and all in costs are calculated, a small profit is achieved.

Now you would think the cell makers would also be under pressure, as apparently there is a surplus of cells in the chain.

IMO, the whole supply chain is under pressure with low cost miners and briners achieving the majority of minimal profit available. Something will have to change or the transition will struggle to build out the entire supply chain, especially ex China. How many of the western battery plant projects have been delayed or shelved.