Lithium spot price updateLithium carbonate prices were below CNY 97,500 per tonne in January, the lowest since August 2021, and sinking over 80% in the last 12 months amid increasing oversupply. Electric vehicle sales pessimism in China limited lithium demand for battery manufacturers in their typical restocking season. Instead, firms took advantage of high inventories following the supply glut caused by extensive subsidies from the Chinese government throughout 2021 and 2022. The developments drove key market players to forecast the next lithium deficit to return only in 2028, an aggressive twist from speculations of persistent shortfalls that took lithium prices to CNY 600,000 in November 2022. Previous investments in increasing supply may drive global carbonate equivalent supply to jump by 40% in 2024, according to UBS, deepening the ongoing surplus.