The higher price for new material indicates strong demand for spot spodumene concentrates
Platts reports the auction ‘spot’ price for the first 10,000-tonne cargo is well more than the $850 per tonne for 5% minimum content of lithium dioxide CIF being quoted in China, meaning the product attracted a 45% premium.
According to a Platts research note, the higher price for new material indicates strong demand for spot spodumene concentrates.
Pilbara Minerals reports a total of 62 online bids with prices ranging from $700 to $1,250 per tonne.
Pilbara is the largest ASX-listed pure-play lithium company, owning 100% of the world’s largest, independent hard-rock lithium operation at Pilgangoora, Western Australia.
The share price has rallied to a new record high every week for the past five weeks, mainly reflecting lithium prices steadily climbing higher amid super cycle-like fundamentals for the battery-making ingredient. On Tuesday, shares rallied 8.57% to a record high of A$2.28 in Sydney.
At A$2.45 a share, the stock last traded up 19% in the past week and 583% over the past 12 months. The company has a market capitalization of A$7.11 billion ($5.25 billion).
