Higher upstream spodumene prices in the recent Pilbara auction...

Higher upstream spodumene prices in the recent Pilbara auction result, coupled with persistent lithium salt supply tightness, have supported sentiments this week.
"I think the uptrend for lithium salts will definitely continue after the Pilbara auction result, I don't think we are seeing a bubble yet therefore I expect prices to be supported," an international trader said.
“Many downstream consumers don’t have a lot of stocks right now, there will be a lot more small deals done at high prices which is reasonable given the current climate,” a Chinese trader said.
“There is very little spot availability right now, major producers are not offering at all,” a Chinese consumer echoing similar sentiments about the current tightness in the market.
“Lithium prices will continue to rise further, I do not think that we are far from Yuan 600,000/mt now,” he added.
Platts assessed spodumene concentrate with 6% lithium oxide content at $7,100/mt FOB Australia Oct. 21, up $100/mt from the previous week.
Pilbara’s auction in the week of Oct. 21 concluded with a pre-auction bid of $7,100/dmt for a target grade of 5.5% lithium oxide content, on an FOB Port Hedland basis, S&P Global Commodity Insights reported earlier.
“I think the result of the auction is within market expectations given the bullishness downstream,” said a second Chinese trader.
Most market participants are pegging tradable levels of $7,100/mt FOB Australia this week.