USA | Chemicals Equity Research June 12, 2025 Lithium Value Chain Survey: Soft Conditions Likely Spill Into Q3 Our survey of lithium converters (90% of sales in China) and battery material producers (62%) suggests a mixed picture: softness in prices accelerates into Q3; battery volumes are up YoY, in contrast to soft converter volumes and weak sales expectations. Battery producers appear skeptical of order books. Inventories are weak, with converters flagging the need for a restock. The debate shifts to whe ...

USA | Chemicals Equity Research April 14, 2025 Lithium Value Chain Survey: Mixed Trends, Weak ASPs With Caution On Inventory Our survey of lithium converters (90% of sales in China) and battery material producers (64%) suggests a mixed picture: prices are expected to decline ~6% in Q2; convert volumes up YoY after several years of declines; new orders mixed and backlogs stalling; and concerns over inventory levels have returned. Tariff- related disruptions likely trigger a soft patch this summer: the debate ...