Lithium Crashes Again As EV Sales Stall, With Worse To Come, Says Citi [Forbes]
Albemarle Corporation (ALB)
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Source: Forbes
According to Citi, an investment bank, the price of lithium carbonate sold in China has dropped by 15% over the past month and could fall further. Overproduction of lithium, an important battery metal, has coincided with slower-than-expected sales of electric vehicles leading to gluts across the EV industry. An aerial photograph showing Chinese electric cars stacked for export at the international container ... [+] terminal in Suzhou. Photo by STR/AFP via Getty Images A material which soared two years ago to $82,000 a ton, lithium carbonate plunged by 84% to $13,000/t earlier this year before staging a modest recovery to $16,000/t in April before falling sharply again to latest trades earlier this week at $12,000/t. PROMOTED Citi said visible inventories are high with the latest information suggesting that stockpiles have increased by 70,000 tons since the start of the year. “These high and rising low-shelf-life chemical inventories, should see lithium prices fall another
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News
- Albemarle's Annual Sustainability Day Highlights Progress Toward Building a More Resilient World [Yahoo! Finance]Yahoo! Finance
- Albemarle's Annual Sustainability Day Highlights Progress Toward Building a More Resilient WorldPR Newswire
- Plastic Additive Market Thrives with Rising Demand in Packaging, Construction, and Automotive Sectors Says Future Market Insights, Inc. [Yahoo! Finance]Yahoo! Finance
- Albemarle Co. (NYSE: ALB) had its price target lowered by analysts at Piper Sandler from $122.00 to $95.00. They now have an "underweight" rating on the stock.MarketBeat
- Why the Market Dipped But Albemarle (ALB) Gained Today [Yahoo! Finance]Yahoo! Finance
ALB
Earnings
- 5/1/24 - Miss
ALB
Sec Filings
- 6/20/24 - Form 11-K
- 5/15/24 - Form 4
- 5/15/24 - Form 144
- ALB's page on the SEC website