- Write by:
-
Friday, November 24, 2023 - 22:00:45
-
126 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
![Whitehaven Coal sees higher prices on disruptions](/Incsys/Photo.aspx?image=/Uploads/News/20240723142535752.jpg&width=236&height=180)
Australia’s Whitehaven Coal said it expected higher prices for steelmaking coal in the near and medium term due to ...
![Zimbabwe’s Kuvimba signs $310 million lithium mine deal](/Incsys/Photo.aspx?image=/Uploads/News/20240723141944589.jpeg&width=236&height=180)
Zimbabwe’s state-owned Kuvimba Mining House has signed a $310 million deal with a consortium of British and Chinese ...
![Sodium-ion battery startup sparks lithium alternative](/Incsys/Photo.aspx?image=/Uploads/News/20240723135657092.jpeg&width=236&height=180)
Peak Energy, an energy-storage startup, received $55 million in funding to scale up production of sodium-ion batteries ...
![Germany Chancellor plans lithium deal with Serbia after Rio ruling](/Incsys/Photo.aspx?image=/Uploads/News/20240723133917912.jpg&width=236&height=180)
German Chancellor Olaf Scholz plans to visit Serbia this week to secure supplies of lithium that are critical for the ...
![Argentina tripled lithium carbonate production capacity in last two years](/Incsys/Photo.aspx?image=/Uploads/News/20240723133459267.jpeg&width=236&height=180)
Argentina tripled its lithium carbonate equivalent (LCE) production capacity in the last two years, driven by new ...
![Rio Tinto hails another step closer to develop Serbian lithium mine](/Incsys/Photo.aspx?image=/Uploads/News/20240723132949598.jpeg&width=236&height=180)
Mining group Rio Tinto welcomed on Tuesday the Serbian government’s reinstatement of its licence to develop Europe’s ...
![Ganfeng Lithium plans to build $1.1 billion trading desk](/Incsys/Photo.aspx?image=/Uploads/News/20240723132643040.jpeg&width=236&height=180)
Battery-material giant Ganfeng Lithium Group Co. said it would set up a derivatives-trading desk, in a sign the industry ...
![Weak market for critical minerals seen dampening Western efforts to counter China](/Incsys/Photo.aspx?image=/Uploads/News/20240721172335758.jpg&width=236&height=180)
Low prices for critical minerals for the green energy transition, such as lithium, cobalt and rare earths, are curbing ...
![Chilean lithium to be eligible for US tax break](/Incsys/Photo.aspx?image=/Uploads/News/20240721171834496.jpeg&width=236&height=180)
Products made with Chilean-mined lithium – used for electric-vehicle batteries – will be eligible for US tax benefits, ...
No comments have been posted yet ...