HK Stock Market Move | Resonance between rebounding lithium carbonate supply and expectations of weakening demand: Ganfeng Lithium Group (01772) and Tianqi Lithium Corporation (09696) fell more than 4%.

Lithium mining stocks continued to decline. As of press time, Ganfeng Lithium Group (01772) fell 4.48% to HKD 31.58; Tianqi Lithium Corporation (09696) fell 4.18% to HKD 29.32. On the news front, during the morning session on September 24, the main lithium carbonate futures contract extended its decline, dropping more than 4% intraday and falling below 125,000 yuan per tonne, with a cumulative decline of about 20% since the start of September. Founder CIFCO Futures believes that the current resonance between rebounding lithium carbonate supply and expectations of weakening demand has increased market volatility, and a range-bound, bearish bias is appropriate. UBS previously lowered its 2027 China lithium price assumption from 200,000 yuan per tonne to 120,000 yuan in a research report, while also cutting earnings forecasts and target prices for Chinese lithium stocks. However, the bank also believes the market may be overly concerned about potential destocking risks in China's battery energy storage systems, while overlooking the risk that Jiangxi's anti-corruption investigation could lead to a supply downturn.