Lithium prices have slumped. So too have the stocks of Chinese lithium companies. But there is no reason for panic selling. Electric vehicles remain in strong demand. So do the batteries needed to power them.
Prices of lithium carbonate in China have fallen to about $22,900 per tonne, about half their peak in June. That compares with prices hitting a record high of almost $83,600 per tonne in November.
Weaker than expected EV sales growth in China in January was the initial trigger. Investors feared that demand for the metal had peaked. Analysts have forecast the global market deficit of lithium will soon start to shrink.
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