China’s biggest lithium miners are enjoying a bumper earnings season just as the price of the battery metal approaches record highs
amid a supply crunch.
Demand for the battery material, meanwhile, is accelerating as the automotive industry increasingly turns to electric vehicles. Chinese EV sales could surge as much as 89% this year, supported by post-lockdown subsidies and new model launches, according to Bloomberg Intelligence. UBS Group AG has lifted its long-term price forecast for battery-grade lithium by 38%, as incentivizing new supply will require even higher prices, it said in a note on Friday.
Ganfeng Lithium said its production and sales were generally lower than expected in the first half. However, it’s forecasting an improvement for the second half, citing the completion of its Mt Marion mine expansion in Australia, new capacity in China, and the relaxation of virus curbs. The company also unveiled expansion plans for battery production in Chongqing and Jiangxi.
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