And after the third quarter, the EV demand is facing a short-term adjustment as well. And this was also said in the media a while ago as for the economic downturn in Europe. And with the electrification, there will be a short-term adjustment. And against this backdrop, companies like Volkswagen will see the sales volume decreasing as compared to their plan. And until the end of this year and until the beginning of next year, there could be an impact and there were opinions saying that. And as for the price of the raw materials and the lithium and nickel, it will have to meet the demand. And as for the lithium price, it is around KRW23,000 and as for the nickel price, it is around KRW18.5K. And right now [indiscernible] Markets forecast. In 2030 the lithium price is expected to be between $25,000 to $35,000 dollars.
So the forecast has dropped by around $5,000 as compared to the first half. So in the July IR we have actually expected it to be around $30,000. However, for the short-term price, it is still written as around $35,000 to $40,000. However, we are seeing some adjustment in the market, but it is a bit lower than expected. So we are expecting there to be a restructuring of the prices in the market soon. And as for our business areas, In the mid to long-term plan, we are not that far off from that $30,000 that we expected. And as for our revenue, especially for — even if there is a drop in the lithium price, we are going to see a drop in the unit price as well. And as for the — because there will be a drop in the lithium ore price as well, we are seeing that it will be pretty stable for us and that will be all.
Unidentified Company Representative: So let me give my opinion about the hydrogen reduction steel. As for the hydrogen reduction steel, the HyREX, we don’t really have a right answer to it. However, when you see the regions like Europe, Japan, and Korea, there are different approaches to the HyREX. As for Europe, it uses the shaft method and then adds the pellets to reduce the hydrogen. And this has to use the high grade pellets. And as for our full use of the method, we can actually use the powder pellet so that has an advantage there. And the method used in Japan is to put hydrogen into the furnace and to go into CCU. However, there are some skepticisms as for CCU being possible or not. And this is also related to the economic situations.
Right now in each of the regions, mills are developing their own approaches and technology. And as for the HyREX and the fluidized reduction furnace method that we are working on, this is something that the promising steel companies are also interested and we are also carrying out technological cooperation. So as for the fluidized reduction furnace method, we believe that this is a competitive method for us and therefore we are continuing to drive it forward. But for the shaft method that is being used in Europe now, we are monitoring the technology and if necessary, we’re going to ensure that it is applied. So we are currently monitoring many different technologies and if they can be applied, we will try to work it out.
Operator: Next question is from [Hana] (ph) Securities, we have Mr. [indiscernible]. You have the floor.
Unidentified Analyst: Yes, thank you very much. I’m from Hana Securities. Thank you very much. I also have three questions. First of all, the lithium price. You did comment on it already, but if you look at your previous projections, $25,000 to $35,000 price range, you mentioned that it’s going to be somewhere similar. However, what we worry about is that compared to the current price, the lithium price could go down or [indiscernible] even further. So that is the market concern. So do you have such an expectation? Do you see that the price could plummet that much? And also, you see them and also the U.S. carbon emission-related penalties and trade barriers, applications. With regard to those, I think that they will be implemented starting from 2026 if that is the case.
