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He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":567,"content":568},"doc",[569,598,620,642,653,664,695,729,735,757,777,785,793,815,823,831],{"type":570,"attrs":571,"content":572},"paragraph",{"textAlign":49},[573,581,593],{"text":574,"type":575,"marks":576},"Underwhelming ","text",[577],{"type":578,"attrs":579},"textStyle",{"color":580},"#1D1C1D",{"text":582,"type":575,"marks":583},"EV sales figures",[584,591],{"type":585,"attrs":586},"link",{"href":587,"uuid":588,"anchor":49,"target":589,"linktype":590},"/article/ev-manufacturers-fail-to-meet-their-2025-expectations","7de458a0-0657-40d8-8d37-346c42d4def5","_self","story",{"type":578,"attrs":592},{"color":580},{"text":594,"type":575,"marks":595}," by Chinese automakers in February and heightened geopolitical tensions in the Middle East combined leading to a dramatic drop in daily lithium prices.",[596],{"type":578,"attrs":597},{"color":580},{"type":570,"attrs":599,"content":600},{"textAlign":49},[601,606,615],{"text":602,"type":575,"marks":603},"On Tuesday 3rd of March 2026, the price of ",[604],{"type":578,"attrs":605},{"color":580},{"text":607,"type":575,"marks":608},"lithium futures",[609,613],{"type":585,"attrs":610},{"href":611,"uuid":612,"anchor":49,"target":589,"linktype":590},"/article/automaker-exposure-to-lithium-prices-highlights-need-for-hedging","3c5b6177-fc1a-4177-9e1d-3c8e4bb0b052",{"type":578,"attrs":614},{"color":580},{"text":616,"type":575,"marks":617}," on China’s Guangzhou Futures Exchange (GFEX) fell by its daily limit (13%) from around 172,000 RMB/tonne to 150,860 RMB/tonne.",[618],{"type":578,"attrs":619},{"color":580},{"type":570,"attrs":621,"content":622},{"textAlign":49},[623,628,637],{"text":624,"type":575,"marks":625},"Weakening sentiment amongst lithium futures traders was quickly mirrored in the physical spot market with Benchmark’s Lithium Carbonate (battery, spot) EXW China price settling at 157,100 RMB/tonne on 3 March, a 9.2% day-on-day decrease as assessed in ",[626],{"type":578,"attrs":627},{"color":580},{"text":629,"type":575,"marks":630},"Benchmark's Lithium Price Assessment",[631,635],{"type":585,"attrs":632},{"href":633,"uuid":49,"anchor":49,"target":589,"linktype":634},"https://www.benchmarkminerals.com/lithium/prices","url",{"type":578,"attrs":636},{"color":580},{"text":638,"type":575,"marks":639},".",[640],{"type":578,"attrs":641},{"color":580},{"type":643,"attrs":644},"blok",{"id":645,"body":646},"7cad7a17-251f-42ea-8cfd-1be9b2bddbe6",[647],{"id":648,"_uid":649,"type":650,"component":651,"fixed_height":652,"use_fixed_height":50,"fixed_height_mobile":652,"fixed_height_tablet":652},"27874328","i-b5ccc140-676c-4988-bb87-58dab3c19568","visualisation","ContentFlourish","",{"type":654,"attrs":655,"content":657},"heading",{"level":656,"textAlign":49},2,[658],{"text":659,"type":575,"marks":660},"Why did lithium futures on the GFEX crash by their daily limit?",[661],{"type":578,"attrs":662},{"color":663},"#000000",{"type":570,"attrs":665,"content":666},{"textAlign":49},[667,676,681,690],{"text":668,"type":575,"marks":669},"Lacklustre EV sales figures",[670,674],{"type":585,"attrs":671},{"href":672,"uuid":673,"anchor":49,"target":589,"linktype":590},"/article/global-ev-sales-reached-1-2-million-units-in-the-opening-month-of-2026","b27e8012-ca1b-4c7c-9200-1f5ccdbc7c24",{"type":578,"attrs":675},{"color":580},{"text":677,"type":575,"marks":678}," published by several Chinese automakers for February was a key factor weighing on lithium prices. ",[679],{"type":578,"attrs":680},{"color":580},{"text":682,"type":575,"marks":683},"BYD",[684,688],{"type":585,"attrs":685},{"href":686,"uuid":687,"anchor":49,"target":589,"linktype":590},"/article/in-charts-the-rise-of-byd","d138a8e7-adba-49a7-b52d-30b972975714",{"type":578,"attrs":689},{"color":580},{"text":691,"type":575,"marks":692}," was one of the worst performers with Feb sales down 41.1% year-on-year, the 6th consecutive month of decline. The shifting timing of the Chinese New Year holiday makes year-on-year comparisons more difficult. Nonetheless, the company’s sales across Jan-Feb 2026 were also notably lower than the same period in 2025.",[693],{"type":578,"attrs":694},{"color":580},{"type":570,"attrs":696,"content":697},{"textAlign":49},[698,703,710,715,724],{"text":699,"type":575,"marks":700},"Many EV-only automakers ",[701],{"type":578,"attrs":702},{"color":580},{"text":704,"type":575,"marks":705},"missed their 2025 targets",[706,708],{"type":585,"attrs":707},{"href":587,"uuid":588,"anchor":49,"target":589,"linktype":590},{"type":578,"attrs":709},{"color":580},{"text":711,"type":575,"marks":712}," on the back of lower than expected EV demand in China following ",[713],{"type":578,"attrs":714},{"color":580},{"text":716,"type":575,"marks":717},"changes",[718,722],{"type":585,"attrs":719},{"href":720,"uuid":721,"anchor":49,"target":589,"linktype":590},"/article/how-will-chinas-vat-rebate-changes-affect-the-battery-market","7d470beb-9ecf-4916-9e61-7f5c89a5397a",{"type":578,"attrs":723},{"color":580},{"text":725,"type":575,"marks":726}," to the country’s trade-in scheme.",[727],{"type":578,"attrs":728},{"color":580},{"type":643,"attrs":730},{"id":645,"body":731},[732],{"id":733,"_uid":734,"type":650,"component":651,"fixed_height":652,"use_fixed_height":50,"fixed_height_mobile":652,"fixed_height_tablet":652},"27876338","i-6982425f-f83f-4c93-af23-4c87ae4790eb",{"type":570,"attrs":736,"content":737},{"textAlign":49},[738,743,752],{"text":739,"type":575,"marks":740},"The battery energy stationary storage (BESS) market has been a broadly positive story for demand over the last year. However, the ",[741],{"type":578,"attrs":742},{"color":580},{"text":744,"type":575,"marks":745},"Middle East",[746,750],{"type":585,"attrs":747},{"href":748,"uuid":749,"anchor":49,"target":589,"linktype":590},"/article/how-the-middle-east-is-fast-becoming-a-key-player-in-the-bess-industry","ed167b13-1dda-4a8c-8054-734c47d92672",{"type":578,"attrs":751},{"color":580},{"text":753,"type":575,"marks":754}," represented a significant growth area for the market with many ambitious projects planned over the next few years. The rapid escalation of conflict has led to anticipation of dampened BESS demand in the region.",[755],{"type":578,"attrs":756},{"color":580},{"type":570,"attrs":758,"content":759},{"textAlign":49},[760,765,772],{"text":761,"type":575,"marks":762},"Some traders have sold their lithium futures contracts to move money into petrochemical contracts to capitalise on rising oil prices directly resulting from conflicts in the ",[763],{"type":578,"attrs":764},{"color":580},{"text":744,"type":575,"marks":766},[767,770],{"type":585,"attrs":768},{"href":769,"uuid":49,"anchor":49,"target":589,"linktype":634},"https://intelligence.benchmarkminerals.com/publications/special-issues/the-middle-east-and-north-africas-pivot-to-critical-minerals-and-clean-energy-2025",{"type":578,"attrs":771},{"color":580},{"text":773,"type":575,"marks":774},". Other traders have moved their money into cash to weather current market instability.",[775],{"type":578,"attrs":776},{"color":580},{"type":570,"attrs":778,"content":779},{"textAlign":49},[780],{"text":781,"type":575,"marks":782},"The large price fall in response to current events demonstrates that “opportunity cost” is a major influencing factor on lithium prices and that the GFEX hosts significant speculator capital.",[783],{"type":578,"attrs":784},{"color":580},{"type":654,"attrs":786,"content":787},{"level":656,"textAlign":49},[788],{"text":789,"type":575,"marks":790},"How will downstream players react?",[791],{"type":578,"attrs":792},{"color":663},{"type":570,"attrs":794,"content":795},{"textAlign":49},[796,801,810],{"text":797,"type":575,"marks":798},"After ",[799],{"type":578,"attrs":800},{"color":663},{"text":802,"type":575,"marks":803},"lithium inventories",[804,808],{"type":585,"attrs":805},{"href":806,"uuid":807,"anchor":49,"target":589,"linktype":590},"/article/lithium-chemical-prices-fall-as-inventory-builds","1e82c3c0-c12a-472b-bb6e-5dbc1c297262",{"type":578,"attrs":809},{"color":663},{"text":811,"type":575,"marks":812}," were depleted in Q4 2025, increased purchases by downstream players which is typical early in the calendar year has remained insufficient to raise net inventory levels. This has supported recent upwards movements in the lithium price.",[813],{"type":578,"attrs":814},{"color":663},{"type":570,"attrs":816,"content":817},{"textAlign":49},[818],{"text":819,"type":575,"marks":820},"Benchmark’s analysts estimate that a drop of approximately 10,000 RMB on the GFEX is sufficient to cause downstream players to increase their procurement activity. Although the price fall on 3rd of March exceeds this, it was sufficiently large to hit the exchange’s limit. This typically leads to a halt in trading which could prevent downstream players fully maximising on the lower price. Meanwhile, the move prompted a flurry of buying activity in the physical market.",[821],{"type":578,"attrs":822},{"color":663},{"type":570,"attrs":824,"content":825},{"textAlign":49},[826],{"text":827,"type":575,"marks":828},"Previously, lithium prices eroded significantly after the CPCA reported underwhelming Chinese EV sales on 29 January 2026, with trading on GFEX also halting after hitting its limit. However, in that situation, weakening prices stimulated aggressive purchasing behaviour which ultimately reversed the downward price trend. Downstream participants are likely to be cautious about missing signs of market symmetry one month later, especially in the context of weaker than usual inventory levels in China.",[829],{"type":578,"attrs":830},{"color":663},{"type":570,"attrs":832,"content":833},{"textAlign":49},[834],{"type":835},"hard_break","Underwhelming EV sales figures by Chinese automakers in February and heightened geopolitical tensions in the Middle East combined leading to a dramatic drop in daily lithium prices.\nOn Tuesday 3rd of March 2026, the price of lithium futures on China’s Guangzhou Futures Exchange (GFEX) fell by its daily limit (13%) from around 172,000 RMB/tonne to 150,860 RMB/tonne.\nWeakening sentiment amongst lithium futures traders was quickly mirrored in the physical spot market with Benchmark’s Lithium Carbonate (battery, spot) EXW China price settling at 157,100 RMB/tonne on 3 March, a 9.2% day-on-day decrease.",[838],{"slug":839,"name":840,"content":841},"adam-megginson","Adam Megginson",{"job_title":842,"image":843,"bio":845,"linkedin":846,"markets_covered":847},"Principal Analyst",{"filename":844},"https://a.storyblok.com/f/287943243085208/512x512/f25205e28d/adam-megginson.jpeg","Adam is a Principal Analyst at Benchmark Mineral Intelligence and is responsible for the lithium, graphite, synthetic graphite and anode price assessments. Adam is in constant communication with buyers, sellers, traders and distributors to collect first-hand price data and insights which are published in Benchmark's price assessments. He has presented battery supply chain analysis to executives and senators in the UK, US, France, Morocco, Germany and Japan. Before joining Benchmark, Adam worked at an energy transition impact investment company. There he focussed on distributing LPG smartmeters for cooking in Kenya and Tanzania. Adam graduated with a First Class Honours BSc in International Management from Warwick Business School..","https://www.linkedin.com/in/adam-megginson/","Lithium,natural graphite, synthetic graphite, anode","article","Lacklustre EV sales + geopolitical tension weigh on lithium price",[851,854],{"slug":852,"name":853},"critical-minerals","Critical Minerals",{"slug":855,"name":8},"lithium","private",{"id":49,"alt":49,"name":652,"focus":49,"title":49,"source":49,"filename":652,"copyright":49,"fieldtype":858,"meta_data":859},"asset",{},{"id":861,"alt":652,"name":652,"focus":652,"title":652,"source":652,"filename":862,"copyright":652,"fieldtype":858,"meta_data":863,"is_external_url":50},129066711562607,"https://a.storyblok.com/f/287943243085208/e2fc7a6dc0/bm-collage-prices-6.png",{},"Underwhelming EV sales figures by Chinese automakers in February and heightened geopolitical tensions in the Middle East combined leading to a dramatic drop in daily lithium prices.","Mar 03, 2026","3rd March 2026",[],[],1780500913795]