Lithium miners’ Q3 profit growth slows sequentially as carbonate prices slide

The split between blockbuster year-on-year growth and sequential declines is the real signal here: it shows the earnings cycle has already turned even while headline comparisons still look strong. What matters is that carbonate pricing appears to be detaching from physical shipment trends, meaning miners' reported profits may lag the market's forward view. The divergence between steady spot demand and oversupply expectations is the crux — whether that gap widens or closes will shape how miners' results read in coming periods.