On July 21, Ganfeng Lithium fell 3.16% in regular trading, trading at HKD 35.02 per share with turnover of HKD 182 million, extending the stock's decline over the past two weeks.

On the news front, lithium carbonate prices have accelerated their downward trajectory, with battery-grade lithium carbonate spot average prices falling to approximately RMB 152,200 per tonne — a cumulative decline of nearly RMB 60,000 from the May peak above RMB 200,000. The Guangzhou Futures Exchange lithium carbonate main contract dropped nearly 5% on the previous trading day. Simultaneously, three government departments confirmed that a 2% consumption tax on lithium batteries will take effect from September, causing downstream automakers and energy storage companies to slow procurement, further suppressing lithium salt demand expectations. On the supply side, concentrated capacity releases including domestic lithium mine restarts and bulk arrivals of Zimbabwean lithium concentrate have reinforced market expectations of oversupply, with institutions forecasting global lithium oversupply of 20%-22% in the second half. Peer Tianqi Lithium fell nearly 1% on the same day, reflecting broad sector weakness.

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