Mar. 3 at 11:53 AM
$LITOF Chinese market participants returned to the spot market after the Lunar New Year holiday ended on Feb. 24, with lithium prices on the Guangzhou Futures Exchange firming amid tight supply following the holiday production halt.
The bullish undertone for lithium prices was compounded by Zimbabwe's spodumene export suspension announced on Feb. 25, effective immediately, for all exports of raw minerals and lithium concentrates.
"I guess the Zimbabwe issue has, after all, had an impact on the market, at least sentiment-wise. But in terms of fundamentals, I think the market would only see some tightness or physical impact in May or June," a Sichuan-based producer said.
Latest tradable levels for battery-grade lithium carbonate were heard at Yuan 174,000-175,500/mt, while indicative offers were heard at Yuan 175,500-176,000/mt Feb. 27, according to traders.