Lithium prices in China surge after earthquake hits northern Chile

The powerful 7.3-magnitude earthquake that struck the Antofagasta and Tarapacá regions not only caused power outages, dozens of aftershocks and one death, but on the other side of the Pacific, lithium prices were particularly shaken by the earthquake in Chile.

Lithium carbonate futures on the Guangzhou Futures Exchange rose 2.9% to 89,800 yuan per metric ton, or about 12,356.89 U.S. dollars, on Friday.

Strong earthquake hits lithium prices in China

The recovery from 86,450 yuan ($11,904) in the previous session came as investors worried that the quake could affect lithium supply chains, recalling that 90% of the world's reserves of the metal, which is key to batteries, are in the Atamaca Desert, Reuters reported.

Despite the rise, concerns about falling electric vehicle sales, which had already led to a decline in lithium prices earlier in the week, continue to weigh on Chinese analysts.

Aspects such as the possible re-election of Donald Trump – who has warned that he will back away from promoting electric mobility models -, the lower level of electric car purchases in Europe or the higher production figures for lithium carbonate in China (57.4% more in the middle of the year), create a complex picture for analysts.

“Since March, better lithium carbonate prices will boost production. However, producers may hold back as recent declines have squeezed their margins. August is likely to see lower production,” Zhang Yuang, an analyst at CITIC Futures, told Reuters.

Battles over Chinese electric cars in Europe

Let us remember that the European Union and China are now engaged in a tariff battle, after the old continent imposed additional duties on imports of electric cars “made in China”.

According to the European Commission, a preliminary investigation has found that these models receive illegal subsidies, which affects consumers in society.

For this reason, it announced its intention to impose additional tariffs of 17.4% on the manufacturer BYD, 20% on Geely, and 38.1% on SAIC, the three companies included in the Commission's investigations.

China responded by launching an investigation into EU trade barriers, as well as an anti-dumping investigation into EU pork imports.

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