Chinese Lithium Suppliers Soar as Lithium Price Rally Continues
17 Februar 2022 - 5:41AM
Dow Jones News
By Yifan Wang
Shares of Chinese lithium suppliers jumped on Thursday, as
prices of the battery-making commodity continued to rally on supply
tightness and a booming electric-car market.
Tianqi Lithium Corp. soared 10% in Shenzhen to hit its daily
fluctuation limit, while Ganfeng Lithium Co. rose 7.8% by mid-day
trading break. Chengxin Lithium Group Co. and Sinomine Resource
Group Co. were by 7.9% and 10% respectively.
The upturn extended a recent rally in the lithium sector amid an
upbeat price outlook for the metal.
Investment bank Citi has recently substantially raised its price
forecast for lithium, doubling its estimate for spot battery-grade
lithium carbonate prices in China this year. Its optimism is
supported by "higher electric vehicle production and sales
expectations, and resulting tighter short-medium term market
balances," the bank wrote in a recent note.
Appetite for lithium shows no signs of slowing. In one recent
deal underscoring demand strength, Tesla Inc. on Wednesday inked a
five-year agreement to buy lithium products from Australian miner
Liontown Resources Ltd.
Write to Yifan Wang at yifan.wang@wsj.com
(END) Dow Jones Newswires
February 16, 2022 23:26 ET (04:26 GMT)
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