Albemarle is yet to conduct its auction but Pilbara has just reported that the one it scheduled for next Monday has been parked up in preference for its acceptance on Thursday of a pre-auction bid for 5,000t of 5.5% concentrate of $US1,106/t, equal to $US1,200/t on a benchmark 6% basis.The Chinese markets have been quoting 6% material at around $US1,050/t, itself up from the December lows of $US850/t. So if Pilbara wanted to go through the auction process (its last one was in 2022 when prices were $8,000/t plus) to demonstrate the market was in an under- appreciated recovery mode, it has achieved its purpose.That it decided to take a pre-auction bid also suggests that there was a depth of interest in securing the supply, countering commentary in recent times that the market is awash with lithium. The supply glut is not as bad as some think is the suggestion.
https://www.livewiremarkets.com/wires/pilbara-s-one-off-sale-shows-lithium-bears-may-have-to-eat-their-shorts
