At the same time, an unprecedented slump in the lucrative lithium-ion battery industry had downstream manufacturers wringing theirs. Even China’s leading vehicle battery maker, Contemporary Amperex Technology Co. Ltd., found itself at the mercy of the mines producing this essential metal, which has multiple industrial applications.
But Chinese companies have been spending heavily on domestic lithium sources as they try to secure access to the metal at the heart of the energy transition. When a recent auction for exploration rights at a lithium site in China’s southwestern Sichuan province closed, it had garnered more than 11,000 bids.
A survey and assessment report released by the Sichuan Bureau of Geology and Mineral Resources showed that lithium oxide deposits in the two Sichuan prospecting zones have an estimated average grade of 1.26% and a predicted volume of 370,000 to 600,000 tons, which translates into 920,000 to 1.48 million tons of lithium carbonate.
China’s domestic lithium salt market is still in decline, and it is widely believed within the industry that supply will outweigh demand long into the future. So for many people the intensity of the two auctions in Sichuan and their large closing bids came as a surprise.
Since the start of 2023, the cost of lithium carbonate has dropped back to previous levels. On Aug. 24, the spot price of domestic battery-grade lithium was 220,000 yuan a ton, down 22.8% on the previous month and a 62.7% decrease from the peak of 591,000 yuan a ton in November.
When a recent auction for exploration rights at a lithium site in China’s southwestern Sichuan province closed, it had garnered more than 11,000 bids. Copyright © 2024 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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