Lithium mining stocks came under collective pressure, with GANFENGLITHIUM (01772) falling 3.69% to HK$22.46 and TIANQI LITHIUM (09696) dropping 2.62% to HK$23.82 as of press time.
On the news front, lithium carbonate futures continued to slide in the afternoon, with the main 2701 contract plunging more than 8%, breaking below the 90,000 yuan threshold and hitting a new low since November 2025 鈥?down nearly 60% from this year's May peak of 209,800 yuan.
Affected by the lithium price correction, lithium mining companies saw their third-quarter profits broadly cool. GANFENGLITHIUM posted third-quarter net profit attributable to shareholders of 755 million yuan, down 68% quarter-on-quarter, while TIANQI LITHIUM reported third-quarter net profit of 1.36 billion yuan, down 42% quarter-on-quarter.
Xinda Futures noted that the market recently circulated news that the Jianxiawo project passed its environmental assessment and could resume production in early November. Combined with the weekly inventory data released yesterday showing a drawdown of about 3,000 tonnes 鈥?a significant sequential reduction 鈥?if Jianxiawo does resume production as scheduled, weekly inventory drawdowns could shrink sharply to 2,000 tonnes or even less within November. That would essentially dash the previous narrative of a year-end sprint rally.
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