Chris Ellison’s Mineral Resources and New York-listed Albemarle sell lithium above spot price amid renewed efforts to make China-dominated market transparent
Already a subscriber?Mineral Resources will start selling lithium on a digital auction platform after fetching a much higher premium for a recent sale than the prevailing spot price for the battery-making material.
MinRes achieved a price of $US1300 a tonne on a 6 per cent spodumene concentrate basis compared to a spot price of around $US1075 a tonne.The sale was not by auction, and MinRes has not decided which digital platform it will use in following Pilbara Minerals and Albemarle down the auction route. “Last week, MinRes sold spodumene concentrate at $US1300 a tonne, more than 10 per cent higher than the current spot price,” he said.
When lithium prices started to go into freefall last October, MinRes claimed markets were being manipulated to suppress prices in a sector dominated by battery chemical makers in China. The cargo was sold to a buyer in China and came from the Wodgina mine in WA co-owned by Albemarle and MinRes.Although Albemarle has yet to comment, Global Lithium chief executive Ron Mitchell said on Tuesday that the Chinese buyer paid $US1246 a tonne including taxes for the 10,000 tonne Albemarle offering. The sale implied a price of about $US1200 a tonne on a 6 per cent spodumene concentrate basis and minus taxes.
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