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Core Viewpoint - The price of lithium carbonate has significantly declined, raising concerns in the market as it fell below 70,000 yuan per ton, marking a substantial drop from its peak price of 218,000 yuan per ton in July 2023, reflecting a decrease of 68% over approximately two years [2][3]. Supply and Demand Dynamics - As of April 21, lithium carbonate futures dropped to a low of 68,500 yuan per ton, with an 11% decline year-to-date [2]. - The supply-demand imbalance is expected to persist in the short term due to increased production from resumed operations and ongoing inventory accumulation, despite some recovery in production lines [5][6]. - The current inventory of lithium ore stands at 68,500 tons, showing a slight increase, indicating limited demand from downstream lithium salt enterprises [5]. Market Sentiment and Price Trends - The market sentiment remains pessimistic, with traders showing low enthusiasm for purchasing due to high inventory levels and weak demand forecasts [3][4]. - The average price for battery-grade lithium carbonate is reported at 70,957 yuan per ton, reflecting a decrease of 575 yuan per ton [4]. - Analysts suggest that while there may be short-term fluctuations, the overall trend for lithium carbonate prices is expected to remain weak, with a focus on the cost support level around 68,000 yuan per ton [6]. Future Outlook - The long-term price support for lithium carbonate is projected at 65,000 yuan per ton, with short-term attention on the 68,000 yuan cost support level [6]. - The overall supply pressure remains significant, and the market is likely to experience fluctuations around the 70,000 yuan mark without strong upward drivers [6].