Here’s why the Galaxy Resources (ASX:GXY) share price is dropping lower

The Galaxy Resources Limited (ASX: GXY) share price is out of form on Thursday and dropping lower.

At one stage today, the lithium miner’s shares were down as much as 6.5% to $2.80.

The Galaxy share price has since recovered a touch and is down 2% to $2.94 this afternoon.

Why is the Galaxy share price dropping lower today?

Investors have been selling Galaxy’s shares today after the market selloff overshadowed a reasonably positive fourth quarter update.

According to the release, Galaxy shipped a record total of 75,336 dry metric tonnes (dmt) of lithium concentrate during the quarter. This brought its full year FY 2020 shipments to 150,630 dmt with an average grade of 5.8%.

Another positive was the company’s quarterly sales,…