Exports of Lithium from Port Hedland have rocketed
(Kitco News) - Exports of Lithium fromPort Hedland have jumped from 10,494 dry metric tonnes in August to 62,230 drymetric tonnes in September, according to monthly data from Pilbara PortsAuthority. In July, Port Hedland recorded 26,383 dmt of lithium concentrate exports.This comes with lithium being one of the most important metals for batterydevelopment.
PilbaraMinerals, which exports the metal via Port Hedland and is represented by itsPilgangoora lithium operation in Western Australia's Pilbara region, whichhas been somewhat of a barometer for the booming lithium market. Lastmonth, Pilbara Minerals stated it had conducted its second-ever auction onthe Battery Material Exchange to incredible results.
Thecompanies first auction made around $1420 ($1935) per tonne forspodumene at the benchmark price, but it was revealed its second auction nearlydoubled that. The second auction then fetched $2240 ($3052) a tonne oflithium concentrate for the 8000 tonnes sold.
Looking at the Pilbara Minerals daily price chart there has been asignificant rise over the last few months. The price is now hanging around the$2.06 area but at one stage it was as high as $2.53. There was a realacceleration in the price once $1.46 per share was broken but now the price isin a consolidation phase. The bulls will be looking to break out of theaforementioned high marked by the black resistance line but the price needs tobreak back into the middle of the consolidation first. Holding above thepsychological $2 level will be key.
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