The Sayona Mining Ltd (ASX: SYA) share price is tanking on Wednesday despite only silence from the company. However, there’s been plenty of news on lithium lately.
At the time of writing, the Sayona share price is 18.75 cents, 14.77% lower than its previous close.
Let’s look at what might be weighing on the lithium explorer and developer’s shares on Wednesday.
What’s going wrong with the Sayona share price?
The Sayona share price is suffering alongside many of its peers on Wednesday.
The sell-off facing numerous lithium miners might have been spurred by negative sentiment about the value of lithium and a major decision from Argentina.
The South American nation has set a reference price of US$53 per kilogram of lithium, reports The Australian.
The decision reportedly comes after Argentina flagged irregularities in shipments.
Additionally, Goldman Sachs was said to have tipped the end of the battery metals boom earlier this week.
“[W]e see the battery metals bull market as over for now,” Goldman analysts Nicholas Snowdon and Aditi Rai were quoted by Bloomberg as saying.
They reportedly predict the spot price of lithium will fall to slightly higher than US$16,000 per tonne next year.
Though, the analysts were said to believe lithium’s value will take off again in the second half of the decade.
It’s impossible to say whether the happenings are weighing on the Sayona share price today. But at least it’s not alone in the red.
And despite today’s falls, the Sayona share price is around 48% higher than it was at the start of 2022. It has also gained 348% since this time last year.