Lithium suppliers seek to rein in price discounts in 2025 talks
The past year has been torrid for lithium, as a global slowdown in the pace of EV adoption left the market saddled with a glut.
The iron ore price rose on Tuesday as hopes of a recovery in demand rose after financial hub Shanghai set to reopen from covid lockdowns.
Benchmark 62% Fe fines imported into Northern China rose 0.3%, to $136.15 per tonne.
Chinese iron ore futures touched 900 yuan ($135.00) per tonne for the first time in nearly six weeks and logged a 2.6% monthly gain.
Officials in Shanghai announced an end to a two-month lockdown on Monday. The city will move into a normalized epidemic-control phase from Wednesday, allowing shops to reopen and people in “low-risk” areas to return to work.
The development could boost downstream consumption, which was halted for months due to the recent covid-19 outbreak and had disappointed metals producers as they could not cash in on the traditional peak season for construction projects.
China’s factory activity declined slower in May from the prior month, though economic growth in the second quarter is still in doubt.
Related: Goldman expects “sharp correction” for lithium price and cobalt, nickel pullback
(With files from Reuters)
