Zimbabwe signs agreement with Tsingshan to set up lithium operations

China has been grappling with the spread of the highly contagious Delta variant since July 20.

The unknown factor for iron ore is what policy changes Beijing may adopt.

Hainan Mining wants to produce 20,000 tonnes per year of lithium hydroxide, a chemical favoured in lithium-rich EV batteries.

The sector is benefiting as local governments, including Beijing and Inner Mongolia, introduce strategies aimed at cultivating green hydrogen firms to show compliance with net-zero targets.

The Kwinana plant is expected to reach its initial 24,000 tonne per year capacity by the end of 2022.

"Prices have now declined to a sustainable level,” said Wood Mackenzie

Copper prices are tumbling as miners in the top producing nation gird to fight for bigger bonuses, setting the stage for labor strife that raises the risk of supply disruptions.

Mining stocks also slid, with BHP down more than 18% from the previous week, Freeport-McMoRan down 16%, and Glencore down 12%.

Prices are more than 40% below a record high reached three months ago.