Lithium Woes Hold Top China Producers to Year-to-Date Losses [Yahoo! Finance Canada]
Albemarle Corporation (ALB)
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Source: Yahoo! Finance Canada
(Bloomberg) -- China's two biggest lithium producers remained in the red nine months into the year as the battery-metal downturn continues to squeeze the industry. Most Read from Bloomberg Tianqi Lithium Corp. and Ganfeng Lithium Group Co. both reported results Wednesday that highlight the challenges of producing the metal amid slumping prices and a supply glut. Tianqi's loss for the nine months loss widened to 5.7 billion yuan ($800 million), while Ganfeng's was at 640 million yuan after turning a narrow profit for the third quarter. Global lithium prices have plunged from two years ago due to a flood of new supply and softening growth in demand from the electric-vehicle sector. In China, the material is 88% cheaper than its peak in late 2022. Tianqi said its output and sales volumes climbed in the third quarter as it ramped up new plants, though that was offset by a “substantial decline” in prices from a year earlier. Its net loss for the third quarter was 496 million yuan,
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ALB
Earnings
- 11/6/24 - Miss
ALB
Sec Filings
- 11/20/24 - Form 4
- 11/20/24 - Form 144
- 11/19/24 - Form 3
- ALB's page on the SEC website