More analysts are admitting the oversupply thesis might have been overstated

Over the last few weeks, I’ve noticed more commentary acknowledging that the bearish lithium outlook relied heavily on production estimates that haven’t played out.

Between cost-driven shutdowns, delayed expansions, and slower Chinese lepidolite output, the supply side looks way softer than the 2023 models assumed.

Combine that with ESS + industrial demand coming in stronger than expected, and the setup heading into 2025 doesn’t look nearly as bearish as everyone thought six months ago.

Not calling a squeeze, but the tone has definitely shifted.
Anyone else sensing the same thing?