China Lithium Prices Rise After Chile Quake, But Demand Concerns Remain | WTAQ News Talk | 97.5 FM · 1360 AM

BEIJING (Reuters) – Lithium prices in China rose on Friday after a powerful earthquake struck the main lithium-producing region of Chile, although growing concerns about demand weighed on the metal used in electric car batteries.

The most widely traded lithium carbonate futures contract for November on the Guangzhou Futures Exchange rose 2.9 percent to 89,800 yuan ($12,356.89) per metric ton on Friday after hitting a seven-month low of 86,450 yuan in the previous session.

A 7.3-magnitude earthquake struck northern Chile, home to the world's largest lithium reserves, 90% of which are in the Atacama Desert, near the epicenter.

The news has raised concerns about supplies, as Chile is one of China's main suppliers of lithium-based chemicals.

That pared some losses earlier this week as investors raised bets on a Donald Trump victory in November’s U.S. presidential election. The Republican has pledged to roll back much of President Joe Biden’s climate change efforts, including rules promoting electric vehicles.

“The Trump administration’s less favorable approach to electric vehicles has heightened demand concerns, given that electric vehicle sales have already come in much lower than expected in the U.S. and Europe this year,” Zhang Yuan, an analyst at CITIC Futures, said on Friday.

In Europe, monthly sales of all-electric and plug-in hybrid vehicles fell 7% in June, according to market research firm Rho Motion, while monthly sales in the United States and Canada grew 6%.

Macquarie analysts said in a note last month that growth in electric vehicle sales in China, a key driver of the industry, will slow from 30.2% last year to 24.6% this year.

Increased supply is also weighing on the market. Data from MySteel showed that China produced 303,200 tons of lithium carbonate in the first half, up 57.4% from the same period last year.

“The rise in lithium carbonate prices since March has encouraged production. However, producers may hold back production as recent price declines have squeezed their margins. August is likely to see lower production,” Zhang said.

The growing surplus led to lower prices, which reached an all-time high in November 2022.

In its latest forecast, CRU expects a global surplus of 90,000 tonnes of lithium carbonate equivalent this year.

Chinese manufacturers Janfeng Lithium and Tianqi Lithium last week warned of losses in the first half of this year, citing falling lithium product prices.

(1 USD = 7.2672 Chinese Yuan Renminbi)

(Reporting by Siyi Liu and Colin Howe; Editing by Philippa Fletcher)

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