Lithium ore market update for 7.21-7.24 [SMM Weekly Review]

This week, lithium ore prices have risen significantly due to the substantial increase in lithium carbonate prices. On the supply side, overseas mines have shown a strong reluctance to budge on prices, with current quotes above CIF SC6 $820/mt. On the buyer side, due to the soaring futures prices of lithium carbonate, there is a certain profit margin for hedging, leading to an increase in the ore prices acceptable by lithium chemical plants and traders, which has boosted market prices. However, from the perspective of buying sentiment, due to the rapid fluctuations in futures prices, most buyers are in a wait-and-see mode, and spot transactions have been relatively mediocre.