Running discussion on SP, page-43926

China to strive for synergized international efforts to support Africa's development

China will facilitate synergized international efforts to support Africa's development, said Chinese President Xi Jinping on Friday, reaffirming that strengthening cooperation with African countries is always China's resolute strategic choice.

President Xi made the remarks as he held phone talks with his counterpart from the Democratic Republic of the Congo (DRC), Felix Tshisekedi, saying that China is ready to strengthen political and governance exchanges with the DRC.

Xi said China supports the DRC playing its role as the rotating chair of the African Union, and stands ready to work with the DRC to cement communication and coordination and make a success of the next meeting of the Forum on China-Africa Cooperation.

Xi added that China is willing to work with the DRC to enhance practical cooperation in multiple fields, including economy, trade, infrastructure, health care, agriculture and culture, so as to elevate the bilateral relations to a new level.

For his part, Tshisekedi said that his country is devoted to China-DRC friendship and being China's crucial cooperative partner in Africa, adding that the country firmly follows the one-China principle and is willing to closely work with China to enhance cooperation in areas including trade, resources and infrastructure, among others.

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GLOBAL LITHIUM WRAP:

Seaborne Asian carbonate price rises on tight availability

The battery-grade seaborne Asian lithium carbonate market continued to post gains over the week on Thursday May 6 amid tight spot availability.

An Asian distributor told Fastmarkets that some of his peers were unable to provide lithium carbonate to their customers at least until summer - and in some extreme cases until autumn - since producers could not deliver cargoes to them on time.

“We haven’t made any offers since we don’t have any availability for the spot market,” a second Asian distributor said. “But buyers might even be willing to take cargoes around $14 per kg.”

Sporadic business was concluded at around 90,000 yuan per tonne, according to market participants, adding that mainstream sales prices are likely to catch up with those for lithium carbonate shortly.

Market sources also said they anticipated a further rally for battery-grade lithium hydroxide as a result of ongoing tightness.

The battery-grade lithium carbonate price has held a premium over the equivalent grade lithium hydroxide price since December 2020 against a backdrop of robust demand to produce lithium cobalt oxide (LCO) batteries used by consumer electronics and a strong rally in the technical-grade lithium carbonate price amid active buying from the lithium iron phosphate (LFP) battery sector, which supplies electric vehicles (EVs).

Some market participants are eyeing the restart of operations in Qinghai province, wary of further downward pressure the increased output of technical-grade lithium carbonate in the summer would bring to the price of its battery-grade peer.

“It is the peak production season for technical-grade lithium carbonate in July and August,” a trader said.

“We might see some more impact during that time.”

Lithium hydroxide prices in Europe, US rise tracking global upward trend

Lithium hydroxide spot prices for both battery-grade and technical-grade applications continued to move upward over the past seven days in Europe and the United States.

This followed previous gains in the carbonate technical grade equivalent - a feedstock used in lithium hydroxide production - and the ongoing bullish trend in the seaborne Asia lithium hub.

“We have received several requests, but we do not have any material; we are sold out until June,” a producer of both lithium carbonate and hydroxide in Europe said.

Two market participants also emphasized that shipping delays have intensified in recent weeks, with metal and minerals companies transporting material in containers facing a second round of the havoc that first hit logistics out of China last October and November, namely a shortage of containers, vessel space and vessels altogether.

This situation could increase an existing tightness, especially within the lithium hydroxide market, because material is already scarce in Europe and consumers actively looking for units.

Meanwhile, the lithium spot carbonate battery technical grade markets in Europe and the US held steady following previous increases although sources reported that availability remains tight on the spot market for players that had not secured material on a long-term basis previously.

The lithium carbonate 99.5% Li2CO3 min, battery grade, spot price ddp Europe and US price stood at $12-13 per kg, while lithium carbonate 99% Li2CO3 min, technical and industrial grades, spot price ddp Europe and US held at $11.50-12.50 per kg.

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Food for thought

Frank