Global Metals & Mining: Lithium consultant call feedback: 2027 supply growth exposed to risk; Softening China demand sentiment though

We recently hosted a global independent research and consultancy specialising in the battery raw materials supply chain, with dedicated on-the-ground coverage of China's lithium industry and global tracking of spodumene, brine, lepidolite and African feedstock supply. The discussion covered the 2026/27 demand-supply outlook, the growing divergence between cell-manufacturing capacity and end-use demand signals, the policy-driven risk map across China and Africa, and the resulting impact on pricing. On demand, the consultant flagged a widening gap between cell-manufacturing supply and end-use demand, with China's capital markets turning cautious on 2027 demand amid inventory concerns, though this reflects softened sentiment rather than fundamental weakness, as major cell manufacturers are likely to keep producing to defend market share;