One Major Smelter With Dominant Pricing Power Cancels Orders After Robust Lithium Carbonate Prices Rebound Recently

SHANGHAI, May 24 (SMM) - SMM battery-grade lithium carbonate prices were between 275,000-315,000 yuan/mt today May 24, with the average price up 3,000 yuan/mt from yesterday to 295,000 yuan/mt.  Due to its dominant pricing power, one of the major lithium carbonate smelters, cancelled orders signed earlier at lower prices and re-negotiated prices instead. Other large smelters either held back cargoes in hopes of even higher prices or raised offers sharply, driving up market prices to a high level.  However, some traders still rushed to sell and intended to sell battery-grade lithium carbonate between 295,000-305,000 yuan/mt. Some downstream buyers had to accept higher prices due to rigid demand, while others still held a wait-and-see stance. Demand has not improved significantly. Sellers and buyers remain in a stalemate.