On June 30, SMM quoted battery-grade lithium carbonate at RMB 60,500-62,100 yuan/mt, with an average price of RMB 61,300 yuan/mt, up RMB 150 yuan/mt from the 27th; industrial-grade lithium carbonate was quoted at RMB 59,200-60,200 yuan/mt, with an average price of RMB 59,700 yuan/mt, up RMB 150 yuan/mt from the 27th. The current market presents a game of "upstream refusing to budge on prices, downstream driving down prices": smelters maintain high quotes, but downstream cathode material plants' procurement is still mainly based on rigid demand, with overall sluggish transactions in the market. However, some rigid demand orders still support a slight upward movement in prices, with the center of spot prices slightly rising. From the perspective of supply and demand fundamentals, there is still inventory pressure in the industry, and there is an ample supply of marketable goods. The market dynamics suggest that the actual recovery of demand in July still needs to be monitored.