Raw materials cost advantages and cash-in inclination drove some of the cobalt salt producers in China to reduce offers and destock last week, as more investors were on the sidelines given the fulfilment of pre-holiday orders and slow increase in new orders.
Sluggish demand in the downstream power battery market saw lithium salts consumers cautious about restocking, and demand from the industry sectors remained subdued. SMM expects limited upside momentum in near-term prices of lithium carbonate as lithium salts supply normalises in March and a smaller price spread between industrial- and battery- grade lithium carbonate squeezed the profit margins at refining plants.
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