- Write by:
-
Friday, November 24, 2023 - 22:00:45
-
99 Visit
-
Print
Mining News Pro - Lithium extended an almost monthlong run of declines, taking its drop this year to 75%, with expectations the rout in the electric-vehicle battery metal is far from over.
Chinese prices of lithium carbonate, a semi-processed form of the metal, fell 2.3% on Thursday, and are down 20% so far this month. The last time they posted a daily gain was on Oct. 25. Spodumene, the lithium-bearing rock mined in Australia, has more than halved in 2023.
A supply glut has pushed down prices in 2023, after they surged in the previous couple of years. The global lithium market won’t return to deficit until 2028, according to forecasts from industry consultancy Benchmark Mineral Intelligence. Elevated interest rates are also leading to uncertainty over global EV demand, with some automakers rethinking their strategies.
“With lithium supply growing more next year, we are likely going to see prices falling further,” said Allan Ray Restauro, analyst at BloombergNEF. “On the demand side, some regional differences on EV sales have been dragging sentiment down around the industry.”
SQM, the world’s No. 2 lithium producer, warned investors last week the downward price trend could continue for the rest of the year. Albemarle Corp., the biggest miner, said earlier this month that some producers have started to rein in operations as prices fall below reinvestment economics.
Short Link:
https://www.miningnews.ir/En/News/627695
Jiang Weiping, the founder of major Chinese lithium producer Tianqi Lithium Corp., resigned as chairman after the ...
China’s Tianqi Lithium said on Thursday it has formally requested that a proposed joint venture between lithium company ...
India is in talks with several countries seeking partnerships for technical help on lithium processing, said four ...
Zimbabwe’s President Emmerson Mnangagwa has re-appointed Winston Chitando as the southern African nation’s mines ...
A new report by IDTechEx states that investing in e-haul trucks could result in major savings for miners due to the ...
Chile’s state copper company Codelco defended its proposed lithium production tie-up with SQM in response to criticism ...
Nigeria has revoked 924 dormant mining titles immediately and invites investors to freely apply for the affected ...
Copper traded near $10,000 a ton, hitting a new two-year high on its way, as investors continue to pile in on a bet that ...
Adriatic Metals is taking over as the operator of the Rupice deposit development, which is part of the company’s Vares ...
No comments have been posted yet ...