Supply side, current LMO production is not optimistic and continuously declines. Demand side, the downstream battery market entered the off-season and was rather bleak, with companies restocking as needed. Demand from end-users in the digital market also performed poorly, with transactions decreasing.
On the raw material side, the manganese ore market was quite chaotic, with prices experiencing a slight decline. The industry mostly adopted a wait-and-see attitude. Lithium carbonate spot prices continued to decline in June, with the market still dominated by long-term contracts. Market transactions remained sluggish, and sentiment towards lithium carbonate procurement did not significantly improve, which led to continuous LMO price declines.
In terms of downstream demand, entering the traditional off-season, the battery cell market was quite dull, the digital market performed poorly, and the demand from the new energy and energy storage markets remained sluggish. Downstream inquiries were few, and transactions were mainly done for rigid demand. LMO market purchases were mostly under long-term contracts by leading companies, with few retail orders.
Looking ahead, in the coming year, LMO demand from the battery market will see low growth, and the downstream and end-user markets will remain sluggish. The energy storage market will maintain steady growth, but the increase will be slow. Therefore, the supply-demand contradiction will persist. It is expected that LMO prices will have further downward room in Q4. Under the deep industry reshuffle, it is an inevitable trend for the lithium battery industry to eliminate the weak and retain the strong.
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