Yamato: It is expected that the global lithium supply will improve, and it is predicted that the price of lithium will remain in the range of 75,000 to 90,000 yuan per ton next year.

Daiwa has released a research report stating that the global lithium market supply and demand balance is expected to improve from this year to next year. The demand for energy storage systems and electric vehicle batteries exceeds expectations, but due to constrained supply growth, there is still a conservative view on lithium prices next year. Daiwa maintains a "underperform the market" rating for Ganfeng Lithium, raising the target price from HK$23 to HK$53, and downgrading Tianqi Lithium's A-share rating from "underperform the market" to "sell," with the target price raised from RMB 36 to RMB 50. It is forecasted that the global lithium oversupply will reach 76,000 tons in 2025 and decrease to 54,000 tons in 2026, a significant reduction from 121,000 tons in 2024. The bank predicts that lithium prices next year will remain in the range of RMB 75,000 to 90,000 per ton, with limited upside potential from the current level of RMB 85,000 per ton. It is believed that Chinese lithium prices will remain soft in the fourth quarter of this year and the first quarter of next year due to weak demand during the Lunar New Year and the global electric vehicle off-season.