The spot price for spodumene concentrate ticked up due to tight availability of the raw material, while downstream global lithium prices continued to post steady gains in October after China's National Day holiday (October 1-7).
Fastmarkets' assessment for spodumene 6% Li2O min, cif China basis was $2,100-2,500 per tonne on Thursday October 28, narrowing upward by $100 per tonne from $2,000-2,500 per tonne two weeks ago.
Spot price rose after bids hit $2,350 per dry metric tonne (dmt) in Australian Miner Pilbara Minerals' third spodumene auction on its Battery Material Exchange platform for 10,000 dmt SC 5.5 units on October 26. The latest auction price was up by $110 per dmt from the second auction in late September.
Although the auctioned units are forward cargoes with shipment scheduled in February, consumer sources have showed acceptance of higher prices for spot lithium feedstock given lingering tight availability and the...