Ganfeng Lithium Subsidiary Forms JV with YIGIT AKU to Invest $500M in 5GWh Lithium Battery Project in Turkey

[SMM Daily Review: Spot Lithium Carbonate Prices Continued to Fall on May 19] Today, SMM battery-grade spot lithium carbonate prices fluctuated downward compared to the previous working day. Futures side, the lithium carbonate 2609 contract opened high at 191,000 yuan/mt today, then quickly pulled back after the opening. During the morning session, it fluctuated downward and broke below the average price line. Around midday, it accelerated its decline to a daily low of 182,100 yuan/mt (a drop of over 5%). In the afternoon session, it rebounded slightly but struggled to rebound further, weakening again toward the close, ultimately settling down 3.71% at 184,400 yuan/mt, with open interest decreasing by 20,533 lots. Spot market, lithium carbonate prices pulled back from highs after the previous rapid rally, which notably stimulated downstream inquiries and purchasing enthusiasm. Upstream lithium chemical plants still maintained willingness to hold prices firm, and some enterprises that had hedged at previous highs increased spot order shipments to downstream buyers. Overall, inquiries and actual transactions in the spot market were active. Lithium prices are expected to have limited downside in the short term and are expected to hover at highs.