CITIC Securities: Supply and demand boost lithium price upside potential
According to a May 12 report from Golden Ten Data, a research note by CITIC Securities states that recent disruptions in African lithium resource supplies have not been resolved, and domestic lepidolite supply may face new variables. The Greenbushes lithium mine has lowered its annual production guidance, while the marginal increase in South American lithium salt exports is declining, leading to an overall supply contraction over the next 2–3 months. In 2026, demand for power and energy storage batteries is expected to exceed expectations, and lithium battery production has increased month-on-month in May. CITIC Securities predicts that the combined supply and demand optimism is likely to drive lithium prices up to 250,000 yuan/ton in the next 2–3 months.
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