https://www.marketindex.com.au/news/morning-wrap-asx-200-to-fall-us-markets-closed-understanding-pilbara
Pilbara Minerals and GanfengPilbara Minerals (ASX: PLS) expanded its offtake agreement with China's Ganfeng on Monday. As the company notes, this "materially increases short and medium term supply of spodumene concentrate to one of the world's leading lithium chemical converters."In summary (calendar year): 2024: Supply an additional 150,000 tonnes of spodumene concentrate 2025: Supply an additional 100,000 tonnes of spodumene concentrate (plus an option to increase to 150,000) 2026: Supply an additional 100,000 tonnes of spodumene concentrate (plus an option to increase to 150,000)
Here's an interesting perspective from one of my favourite lithium commentators Dwayne Sparkes. China is suppressing lithium prices with low grade internal sources (aka lepiodlite) to bide time to build stakes in overseas, high quality lithium plays China is also seeking to gain more buying power to get access to cheaper material This is taking place right now as they're locking in large amounts of spodumene concentrate The move seeks to soak up current supply while prices are low, effectively building a stockpile
Just how long can China suppress the market for? The above, coupled with recent developments such as further Tesla price cuts and Hertz selling EVs for gasoline vehicles, reiterates the bearish near-term narrative for lithium. And as we all know, a lot of developers and producers are hanging on to dear life at current prices.
Cough Core Lithium (ASX: CXO).
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