Iron ore price slumps to three-week low on weak China demand, strong global supply
Property investment in China fell 10.1% in the first half of 2024 from a year earlier.
Allkem Ltd chairman Peter Coleman said on Thursday he sees current low lithium prices extending for the near term.
Lithium prices overshot last year driven by China but this year fresh supply, including from Africa, has led to a collapse in prices, Coleman said at an event in Melbourne.
“That’s natural. You get a price signal in the market and everyone runs off to the bank and their investors and says its time to build a mine,” he said.
“That price signal arrived a few years ago. Now we have to work that (excess supply) out of the market. We’re going to be here for a little while.”
Lithium prices have fallen amid slowing demand growth for electric vehicles which has led to a price war among makers in China and which may remain sluggish for years.
(By Melanie Burton; Editing by Christopher Cushing)
Read More: China lithium price poised for further decline in 2024 – analysts
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