The Core Lithium Ltd (ASX: CXO) share price is in the red again today, bringing its losses this week so far to almost 14%.
While the stock surged higher on Monday and in early trade on Tuesday – reaching a new all-time high of $1.68 – it has been plunging lower since.
The lithium developer's stock closed 8% lower on Tuesday before sliding another 6% on Wednesday.
At the time of writing, the Core Lithium share price is $1.32, 3.99% lower than its previous close. That's also 21% lower than its shiny new all-time high.
For context, the broader market is also in the red on Thursday. Right now, the All Ordinaries Index (ASX: XAO) and S&P/ASX 200 Index (ASX: XJO) are both down almost 0.6%.
Let's take a look at how the ASX lithium share is trading compared to its peers today.
Image source: Getty Images
What's happening with the Core Lithium share price?
The Core Lithium share price is slumping alongside many of its peers on Thursday.
Right now, shares in Liontown Resources Limited (ASX: LTR) and IGO Ltd (ASX: IGO) are also in the red, down 4.27% and 3.1% respectively. Additionally, AVZ Minerals Ltd (ASX: AVZ) slumped by 4% in morning trade before staging a recovery.
Interestingly, each of the above-named lithium-focused stocks hit all-time highs on Friday. Thus, today's falls could be the result of extended price taking.
The falls also come despite good news about lithium demand hitting the market on Tuesday.
Then, Mineral Resources Limited (ASX: MIN) announced that, due to "unprecedented" demand for the battery-making material, it will be upping its production.
It follows an update from Allkem Ltd (ASX: AKE) on its lithium outlook for the June quarter, released last week.
The company expects the price of both lithium and spodumene to continue rocketing this quarter, reaching around US$35,000 per tonne and US$5,000 per tonne respectively.
Despite the recent positive news from its peers, the Core Lithium share price has tumbled almost 14% so far this week.
Though, it's still 111% higher than it was at the start of 2022. It's also 478% higher than it was this time last year.
