CITIC Securities: Adjust the forecasted operational range of lithium prices for the second half of 2025 to 60,000-70,000 yuan per ton.

CITIC Securities research report pointed out that the recent stabilization of the decline in the price of lithium in the first quarter of 2025 has led to a slight rebound in overseas lithium mine prices and improvements in the operation of salt lake enterprises, with slow clearance on the supply side. Since the second quarter, with the price of lithium falling to 60,000 yuan/ton, industry losses have significantly increased, and expectations for mine production cuts and price rebounds have risen. However, the demand for cost reduction and maintaining market share in mines has resulted in production cuts not meeting expectations, and it is predicted that the price of lithium will enter a difficult bottoming out process. We have adjusted our forecast for the price range of lithium in the second half of 2025 to be between 60,000-70,000 yuan/ton, and recommend focusing on low-cost targets that may benefit from the rebound in lithium prices.