** KeyBanc Capital Markets says lithium demand continued to be strong through year-end, but a pullback in Q1 is likely owing to the upcoming Lunar New Year in China
** Brokerage adds that the lithium supply/demand landscape is healing, but further improvement will be dependent on the demand pull through from electric vehicle/energy storage systems markets and a "more balanced market is unlikely until 2026"
** Profitability continues to be a key challenge for non-integrated producers as lithium prices are depressed and raw material costs have been more stubborn in recent months - KeyBanc
** Brokerage expects to see continued improvements in 1H25 due to producer discipline
** "Although the direction of lithium prices continues to disappoint...prices are at a trough and see little downside risks in the near term" - KeyBanc
(Reporting by Pooja Menon in Bengaluru)
((Pooja.Menon@thomsonreuters.com;))
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