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LITHIUM WRAP: China Price Momentum Continues to Drive up Other Global Markets

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LITHIUM WRAP: China Price Momentum Continues to Drive up Other Global Markets DAILY Monday 8 February 2021 | Number 9702.1 www.metalbulletin.com LITHIUM WRAP: China price momentum continues to drive up other global markets BEIJING, LONDON “Current offering prices are in a mess in the range of 70,000- Lithium carbonate prices in Europe and the United States as well as 80,000 yuan per tonne for battery-grade lithium carbonate on the the seaborne Asia market rose in the week to Thursday February 4, spot market, but I don’t think there are many deals concluded at supported by the continued uptrend in China’s domestic market. such high levels ahead of the holiday. I have no immediate needs • China’s battery-grade lithium carbonate price increased before the holiday and will see what the market trend will be after further, driven by tight spot supply despite thin trade ahead of the holiday,” a buyer told Fastmarkets. Lunar New Year. “We have already stopped offering for battery-grade lithium • The Asian battery-grade lithium carbonate spot price climbed carbonate, and in my opinion, I think prices will continue the upward 3.3% due to reducing supply at most global suppliers and bullish trend post-holiday,” a producer said. Chinese pricing. The lithium carbonate 99% Li2CO3 min, technical and industrial • The European, US lithium carbonate price jumped 12.1% against grade, spot price range exw domestic China price also surged this a backdrop of a strong Chinese market and limited supply in the week, reaching 63,000-68,000 yuan per tonne on Thursday equivalent technical grade market. compared with 60,000-65,000 yuan per tonne a week earlier. Some offers reached as high as 70,000-72,000 yuan per tonne, but spot Tight battery-grade lithium carbonate spot supply continued to trades were limited. drive the upward trend in the Chinese domestic market this week. The battery-grade lithium hydroxide prices similarly moved up Producers insisted on higher offer prices or stopped offering and with most producers maintaining higher prices ahead of the holiday, said they expect the price trend to continue after the Chinese New but buyers were in no hurry to restock before the holiday. Year holiday that officially ends on February 17. Spot trading fell “Most prices are around and above 55,000 yuan per tonne for during the assessment period because of the holiday and most battery-grade lithium hydroxide this week, but spot trades are buyers have opted to hold a watchful attitude of the market in the limited,” a second buyer said. coming weeks. Fastmarkets’ lithium hydroxide monohydrate, 56.5% LiOH.H2O Fastmarkets’ weekly price assessment for lithium carbonate, min, battery grade, spot price range exw domestic China was at 99.5% Li2CO3 min, battery grade, spot price range exw domestic 55,000-60,000 yuan per tonne on Thursday, up from 52,000-56,000 China was 65,000-70,000 yuan ($10,046-10,819) per tonne on previously. Thursday, up 3.1% from 63,000-68,000 yuan per tonne last week. continued › Base metals 4 Exchange news 14 Semi-finished 27 Ores & alloys 6 Non-ferrous scrap 15 Ferrous scrap 28 Non-ferrous raw materials 11 Carbon steel: Flats 17 Ferrous raw materials 31 Minor & precious metals 12 Carbon steel: Longs 23 Prices 34 Fastmarkets MB subscription rates are charged strictly on a per individual user basis. Unauthorised redistribution of content from Fastmarkets MB, including this newsletter, by printing, scanning, forwarding or saving to a shared server, all constitute a violation of our copyright. If you need additional access please contact [email protected] Copyright © 2002-2021 2 Monday 8 February 2021 | Number 9702.1 Asian seaborne lithium carbonate price edges up further battery grade, spot price ddp Europe and US held steady at $10-11.50 Chinese prices supported another move up in the Asian battery- per kg on February 4, unchanged for two consecutive weeks after grade lithium carbonate spot price this week. Buyer sources also increasing from $9-11 per kg on January 21. said global supply is tight but spot buying activities remained thin. Similarly, the lithium hydroxide monohydrate 56.5% LiOH.H2O min, Fastmarkets assessed the lithium carbonate, 99.5% Li2CO3 min, technical and industrial grades, spot price ddp Europe and US remained battery grade, spot price at $7-8.50 per kg on a cif China, Japan and steady for a second consecutive week at $9-10.50 per kg on Thursday. Korea basis on Thursday, up from $7-8 per kg a week ago. A source active in Europe and Asia agrees that current price “Spot prices for battery-grade lithium carbonate are moving increases are also affected by higher freight rates and shipping higher as there are basically no spot volumes available from most disruptions. Severe logistical hurdles continue to affect the main global suppliers and contract prices are also higher accordingly, seaborne shipping routes out of China, with prohibitively high following the surging prices in China,” a third buyer said. container freight costs persisting and recent land transport issues There were also higher offers heard in the Asian battery-grade adding to the congestion and delays at ports. lithium hydroxide market, driven by the uptrend in China, but the Fastmarkets’ trade log for battery-grade lithium carbonate in spot market was flat overall. Most market participants expected China for February includes all trades, bids and offers reported to clearer market direction after Chinese market participants return Fastmarkets. from their holiday. All lithium carbonate, hydroxide and spodumene prices are The lithium hydroxide monohydrate, 56.5% LiOH.H2O min, available in our Battery Raw Materials Market Tracker. battery grade, spot price, cif China, Japan and Korea held at CARRIE SHI, DALILA OUERGHI $8.50-9.50 per kg on Thursday in a thinly traded market. EU, US battery-grade carbonate moves up on limited supply The Europe and US battery-grade lithium carbonate price rose this week, with sources citing surging Chinese prices and limited spot supply of the equivalent technical-grade market. The lithium carbonate 99.5% Li2CO3 min, battery grade, spot price ddp Europe and US rallied by 12.1% week on week to $8.50-10 per kg on Thursday, after holding steady at $7.50-9 for the previous three weeks. Sources spoke of scarce spot availability in the technical grade market as a factor driving the lithium complex higher - technical- grade lithium carbonate can be processed to battery-grade. “Very tight availability of [lithium] carbonate, I am sold out for Q1 and only taking orders for Q2,” An upstream source active in Europe and seaborne Asia said. “I don’t see the same pressure on battery-grade compounds at the moment, my understanding is that usually technical-grade lithium prices move first and battery-grade follow... so far the differential between the two is tight at less than $2 per kg,” the same source added. Fastmarkets assessed the lithium carbonate 99% Li2CO3 min, technical and industrial grades, spot price ddp Europe and US at $7-8.50 per kg on Thursday, a level it has held for two consecutive weeks after posting three consecutive weekly price increases between January 7-21. The lithium hydroxide monohydrate 56.5% LiOH.H2O min, BATTERY-GRADE LITHIUM SPOT PRICES Previous % New price price Change Lithium carbonate 99.5% Li2CO3 min, battery grade, spot price 65,000- 63,000- ▲3.1 range exw domestic China, yuan/tonne 70,000 68,000 Lithium hydroxide monohydrate 56.5% LiOH.H2O min, battery 55,000- 52,000- ▲6.5 grade, spot price range exw domestic China, yuan/tonne 60,000 56,000 Lithium carbonate 99.5% Li2CO3 min, battery grade, spot prices 7-8.50 7-8 ▲3.3 cif China, Japan & Korea, $/kg Lithium hydroxide monohydrate 56.5% LiOH.H2O min, battery 8.50-9.50 8.50-9.50 0 grade, spot price cif China, Japan & Korea, $/kg Lithium carbonate 99.5% Li2CO3 min, battery grade, spot price 8.50-10.00 7.50-9 ▲12.1 ddp Europe and US, $/kg Lithium hydroxide monohydrate 56.5% LiOH.H2O min, battery 10.00- 10.00- 0 grade, spot price ddp Europe and US, $/kg 11.50 11.50 Spodumene min 6% Li2O min, cif China, $/tonne 450-460 390-400 ▲15.2 Source: Fastmarkets Fastmarkets MB subscription rates are charged strictly on a per individual user basis. Unauthorised redistribution of content from Fastmarkets MB, including this newsletter, by printing, scanning, forwarding or saving to a shared server, all constitute a violation of our copyright. If you need additional access please contact [email protected] Copyright © 2002-2021 4 Monday 8 February 2021 | Number 9702.1 FASTMARKETS’ KEY PRICES: INDICES Price Change† Assessed Base metals Alumina index fob Australia ($/t) 301.05 -1.45% q 05 Feb 21 Charge chrome index 50% Cr cif Shanghai ($/lb Cr) 1.06 0.95% p 02 Feb 21 FASTMARKETS’ KEY PRICES Manganese ore index 44% Mn cif Tianjin ($/dmtu) 5.07 0.4% p 05 Feb 21 Daily base metal prices and premiums ($/t) Manganese ore index 37% Mn fob Port Price Change† Assessed Elizabeth ($/dmtu) 3.79 -1.04% q 05 Feb 21 LME copper cash settlement 7,936.50 0.76% p 05 Feb 21 Manganese ore index 37% Mn cif Weekly copper premium (cif Tianjin China ($/dmtu) 4.62 -1.28% q 05 Feb 21 Rotterdam) 40.00-50.00 0% 02 Feb 21 MB Index CFR Turkey HMS 1&2 (80:20) Daily copper premium (cif Shanghai) 60.00-75.00 3.85% p 05 Feb 21 (North Europe material) 381.84 -6.4% q 05 Feb 21 Daily copper premium (in-whs HMS 1&2 ferrous scrap index (80:20) Shanghai) 65.00-75.00 3.7% p 05 Feb 21 fob Rotterdam ($/t) 378.25 -5.01% q 05 Feb 21 LME aluminium cash settlement 2,007.50 1.03% p 05 Feb 21 Copper concentrate Asia-Pacific index TC import $/dmt 37.00 -3.14% q 05 Feb 21 Daily aluminium
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