[SMM Daily Review: Lithium Carbonate Spot Prices Start to Fall on July 29]
The SMM battery-grade lithium carbonate index price was 73,069 yuan/mt, down 668 yuan/mt from the previous working day MoM. Battery-grade lithium carbonate prices ranged from 71,800 to 74,500 yuan/mt, with an average price of 73,150 yuan/mt, down 750 yuan/mt from the previous working day MoM. Industrial-grade lithium carbonate prices ranged from 70,200 to 71,800 yuan/mt, with an average price of 71,000 yuan/mt, down 700 yuan/mt from the previous working day MoM.
The irrational rally in futures prices driven by sentiment in the early stage has begun to correct sharply, with futures prices continuing to decline. Although downstream purchase willingness has improved compared to the previous period, most enterprises still maintain a wait-and-see attitude, expecting prices to hit bottom further, which has led to the overall market transaction activity not yet fully recovering. Specifically: upstream lithium chemicals producers still show strong reluctance to budge on prices, with the psychological expected transaction price range of some first- and second-tier producers maintained at 73,000-74,000 yuan/mt. Downstream enterprises, however, are more inclined to purchase through the futures premiums and discounts pricing model. Currently, there is a significant divergence in psychological price level expectations between upstream and downstream market participants.