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LiCarbonate Daily - Market Update for June 3

iconJun 3, 2024 20:53
On June 3, lithium carbonate futures fell 2.84% to 102,850 yuan/ton (~14,186.21 USD/ton). The battery-grade index dropped to 104,549 yuan/ton (~14,420.55 USD/ton).

Market Summary: On June 3, the lithium carbonate market experienced a significant decline, with the main 2407 futures contract falling by 2.84%. The futures opened at 104,000 yuan per ton (~14,344.83 USD/ton) and closed at 102,850 yuan per ton (~14,186.21 USD/ton). The trading volume was 134,283 contracts, and open interest increased by 3,931 contracts to 165,260.

Spot Market Overview:

Battery-Grade Lithium Carbonate:

SMM index: 104,549 yuan per ton (~14,420.55 USD/ton), down by 1,096 yuan from the previous day.

Price range: 102,800 - 107,000 yuan per ton, with an average price of 104,900 yuan per ton (~14,468.97 USD/ton), down by 1,000 yuan.

Industrial-Grade Lithium Carbonate:

Price range: 100,000 - 102,200 yuan per ton, with an average price of 101,100 yuan per ton (~13,944.83 USD/ton), down by 1,000 yuan.

Market Dynamics:

Futures Performance: The main 2407 futures contract opened at 104,000 yuan per ton and showed a sideways trend with fluctuations until the end of the morning session. It then dropped to an intraday low of 101,050 yuan per ton before recovering slightly, ultimately closing down by 2.84%.

Spot Market Activity: The spot market focus continued to decline. Some downstream enterprises reported that recent surges in customer-supplied volumes disrupted their procurement plans, leading to adjustments in monthly long-term and spot purchase plans and continuous lowering of designated spot purchase prices. Upstream lithium salt producers reported difficulties in quoting spot prices due to slow and cautious downstream orders and significant pressure from buyers to lower prices. Trade companies also indicated minimal inquiries and weak spot purchase demand from downstream buyers, leading to further declines in spot prices amid a subdued market.

Looking Forward:

Production and Sales:

Upstream producers face challenges in maintaining spot price quotes due to slow and cautious downstream orders and low buyer interest.

Purchasing Behavior:

Downstream buyers are adjusting their procurement strategies due to increased customer-supplied volumes and high inventory levels, leading to reduced interest in spot purchases. Market activity is expected to remain subdued in the near term.

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If you have any questions regarding the recent movement of lithium carbonate market (e.g. what caused it and how this can affect your business), or would like to know more comprehensive pricing info on Lithium Carbonate. Please feel free to reach out to me:

Robin He

SMM Li-ion Battery Materials Department

E: robinhe@smm.cn | T: +86-21-51595884

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