The lithium sector is facing a wave of mine closures as prices for the battery material continue to decline despite some companies already delaying future projects.
UBS slashed its lithium price forecasts for the 2025 and 2026 calendar year by up to 23 per cent on Monday as it cautioned that not enough supply was being deferred, and global demand for electric vehicles was softening.
This is despite a growing list of companies already curtailing production as the slump in prices intensifies. Carbonate prices in China have plunged 25 per cent this year to $US9000 a tonne, while spodumene is down 19 per cent to $US770 a tonne, the lowest since July 2021.
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