Ganfeng Lithium Tumbles 8% as Carbonate Futures Slide

Ganfeng Lithium (1772.HK) tumbled 8.02% during regular trading to HK$48.94, with transaction value reaching HK$511 million. On the news front, lithium carbonate futures main contract dropped over 6% intraday, dragging down both A-share and Hong Kong lithium mining sectors.

Shanghai Futures Exchange lithium carbonate main contract has fallen nearly RMB 60,000 per tonne since hitting an annual high of RMB 205,000 on May 12—less than one month. Meanwhile, CATL's Jiangxia lithium mine project regained preliminary land use review and location selection approval, which industry sources say may directly affect approximately 10% of domestic lithium salt supply.

Additionally, Hong Kong Exchanges disclosure showed BlackRock reduced its holding in Ganfeng Lithium H-shares on June 19, lowering stake percentage from 7.63% to 6.74%.