Pilbara Minerals (ASX:PLS), a major player in the global lithium market, has revealed a staggering plunge in lithium prices. This drop, shown through the company’s announcement, underscores the tumultuous adventure of this battery curtain since its peak in the past. maturing from 2022 to today, marking a drop of more than 80%.
Pilbara Minerals unveiled the disclosure, stating its satisfaction with lithium prices for its spodumene product, which are now noticeably lower than those announced at the end of 2022, along with a revamped price design for 2023.
The company detailed a sharp drop of $7,099 per ton in its recent announcement, juxtaposing it with figures from the last Battery Materials Exchange (BMX) auction in December 2022, a staggering 85% drop. Even compared to the adjusted prices announced later in December 2022 for the 2023 shipping year, the decrease is still substantial, albeit minor, at 81%.
Pilbara Minerals has revealed that it has previously sold its planned auction inventory of 5,000 tonnes of spodumene, scheduled for next week’s BMX auction. This unforeseen turn of events indicates an immediate and drastic renewal in the market.
The auction, originally scheduled for Monday, was cut short when the company announced the sale of the entire shipment for delivery in December 2024. Pilbara Minerals accepted an offer of $1,106 per tonne (CIF China) for its spodumene concentrate with a grade of 5. 5%. equivalent to US$1,200 The U. S. S. A. Spodumene Concentrate Standardized to 6% (CIF China) is a global standardized value.
A comparison to the last BMX auction in December 2022, where two cargoes totaling 10,000 tons were sold at $7,552 per dry metric ton, reflects the monumental depreciation in a short period of time.
Pilbara Minerals at the end of December 2022 highlighted a drastic revision of value, announcing an average value equivalent to SC6. 0 of around US$6300 per dry metric ton (CIF China) for 2023. This is a staggering 24% drop in value in just one week compared to the announcement of the BMX auction on December 14, 2022.
The announcement echoes an 81% drop from 2023 prices, highlighting the relentless downward spiral of lithium prices.
Pilbara Minerals made it clear that the previous auction had exhausted its surplus materials, halting the new auction for the remainder of the year. With production volumes for 2024 commonly committing to acquisition deals, the outlook for normal spot sales through BMX 2024 looks bleak. .
The company reiterated its commitment to explore avenues of sales to maximize shareholder value, including acquisition agreements, closed tenders, auctions and other business opportunities.
In this climate of uncertainty, Albemarle appears to be a notable exception, as it will launch auctions of Australian-origin spodumene from March 26. Amid industry turmoil, those auctions can serve as a beacon for price transparency in an otherwise opaque market landscape. .
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WT Financial Group Limited (WTL) is a fast-growing diversified monetary company founded in 2010 and indexed on the Australian Securities Exchange (ASX) in 2015. Their recommendations and product offerings are primarily provided through an organization of independent money advisors who act as legal representatives. . de WTL in connection with its broker organisation business Wealth Today Pty Ltd (Wealth Today) and Sentry Group Pty Ltd (Sentry Group). It has approximately 275 advisers in more than two hundred money advice firms across Australia. It also operates a direct-to-consumer operation under its Spring Financial Group brand.
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