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majors differ on move to market-based lithium pricing ","lithium-majors-differ-on-move-to-market-based-lithium-pricing","article/lithium-majors-differ-on-move-to-market-based-lithium-pricing",{"_uid":557,"date":558,"tags":559,"editor":566,"content":576,"excerpt":780,"featured":51,"reporter":781,"_editable":785,"component":786,"seo_title":553,"categories":787,"visibility":793,"author_company":49,"featured_image":794,"seo_description":780,"author_full_name":49,"author_job_title":49,"formattedDate":798,"formattedArticleDate":799},"3b175ef4-5484-493e-961b-2a32ea5cf9db","2024-07-10 00:00",[560,563],{"slug":561,"name":562},"china","China",{"slug":564,"name":565},"lithium-prices","Lithium prices",[567],{"slug":568,"name":569,"content":570},"matthew-bird","Matthew Bird",{"job_title":571,"image":572,"bio":574,"linkedin":575},"Senior Editor - Supply Chains & Data Visualisation",{"filename":573},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":577,"content":578},"doc",[579,586,591,614,619,626,631,643,648,667,672,677,682,687,692,697,702,707,716,721,726,731,736,755,760,765,770,775],{"type":580,"attrs":581,"content":582},"paragraph",{"textAlign":49},[583],{"text":584,"type":585},"Lithium majors Arcadium Lithium and Ganfeng Lithium are employing different pricing strategies in their supply agreements with automakers, following the end of a dramatic run-up in lithium pricing. ","text",{"type":580,"attrs":587,"content":588},{"textAlign":49},[589],{"text":590,"type":585},"The global lithium market has undergone a move  from long term fixed price contracts between consumers and lithium producers, to more market-based pricing mechanisms, according to Benchmark. ",{"type":580,"attrs":592,"content":593},{"textAlign":49},[594,596,604,606,612],{"text":595,"type":585},"Yet there are still considerable differences in approach between Western and Chinese lithium producers, according to exclusive interviews with ",{"text":597,"type":585,"marks":598},"Arcadium",[599],{"type":600,"attrs":601},"link",{"href":602,"uuid":49,"anchor":49,"target":49,"linktype":603},"https://source.benchmarkminerals.com/video/watch/power-players-exclusive-interview-with-arcadium-lithium-ceo-paul-graves","url",{"text":605,"type":585}," and ",{"text":607,"type":585,"marks":608},"Ganfeng",[609],{"type":600,"attrs":610},{"href":611,"uuid":49,"anchor":49,"target":49,"linktype":603},"https://source.benchmarkminerals.com/video/watch/the-view-from-china-exclusive-interview-with-ganfeng-lithium",{"text":613,"type":585},". ",{"type":580,"attrs":615,"content":616},{"textAlign":49},[617],{"text":618,"type":585},"Ganfeng only prices sales according to market prices, according to the company’s president Wang Xiaoshen, while Arcadium Lithium uses price floors and ceilings to help protect against volatility, according to the company’s chief executive Paul Graves. ",{"type":620,"attrs":621,"content":623},"heading",{"level":622,"textAlign":49},4,[624],{"text":625,"type":585},"Lithium price volatility ",{"type":580,"attrs":627,"content":628},{"textAlign":49},[629],{"text":630,"type":585},"Chinese battery-grade lithium carbonate prices more than doubled in 2022, causing lithium ion battery prices to increase for the first time this century, putting pressure on global automakers. ",{"type":580,"attrs":632,"content":633},{"textAlign":49},[634,636,642],{"text":635,"type":585},"They have since fallen more than 70% since their peak at the beginning of 2023, according to ",{"text":637,"type":585,"marks":638},"Benchmark’s Lithium Price Assessment",[639],{"type":600,"attrs":640},{"href":641,"uuid":49,"anchor":49,"target":49,"linktype":603},"https://www.benchmarkminerals.com/price-assessments/lithium/portal/",{"text":613,"type":585},{"type":580,"attrs":644,"content":645},{"textAlign":49},[646],{"text":647,"type":585},"The price volatility has put pressure on lithium producers. Arcadium Lithium said in February it would slow the pace of its growth capital spending this year and extend the timeline for some expansion projects. ",{"type":580,"attrs":649,"content":650},{"textAlign":49},[651,656,663],{"text":652,"type":585,"marks":653},"Watch this exclusive interview with Arcadium Lithium CEO Paul Graves. View more Power Players videos ",[654],{"type":655},"italic",{"text":657,"type":585,"marks":658},"here",[659,662],{"type":600,"attrs":660},{"href":661,"uuid":49,"anchor":49,"target":49,"linktype":603},"https://source.benchmarkminerals.com/search/tag/power-players?items_per_page=12&page_offset=0&tags[]=power-players",{"type":655},{"text":664,"type":585,"marks":665},".",[666],{"type":655},{"type":580,"attrs":668,"content":669},{"textAlign":49},[670],{"text":671,"type":585},"Benchmark last assessed Chinese battery-grade lithium carbonate prices at RMB 103,500 ($14,275) a tonne and CIF Asia lithium hydroxide contract prices at $14,000 a tonne.",{"type":620,"attrs":673,"content":674},{"level":622,"textAlign":49},[675],{"text":676,"type":585},"Floors and ceilings",{"type":580,"attrs":678,"content":679},{"textAlign":49},[680],{"text":681,"type":585},"Automakers’ have learned from the recent lithium price spike that there is a need for pricing “ceilings” in contracts, and are willing to have “floors” to help lithium producers invest in new supply, Graves said. Market-based pricing is “somewhat inevitable” but it can be within “reasonable ranges,” he said. ",{"type":580,"attrs":683,"content":684},{"textAlign":49},[685],{"text":686,"type":585},"“The first thing they’ve [OEMs] learned is the pricing risk for them is asymmetric: it can only fall so far but it can go really high. So I think the recognition that ceilings on prices are really valuable to them and they don’t mind paying for them with floors,” Graves told Benchmark Source. ",{"type":580,"attrs":688,"content":689},{"textAlign":49},[690],{"text":691,"type":585},"“I think most of the market – us included – wants to just price with the market, but within reasonable ranges and the floors and the ceilings are designed to reflect reasonable ranges,” he said. “Any lower than the floor we stop investing. Any higher than the ceiling the economics for the OEM become challenging and we potentially get demand destruction.”",{"type":620,"attrs":693,"content":694},{"level":622,"textAlign":49},[695],{"text":696,"type":585},"Move away from fixed price contracts",{"type":580,"attrs":698,"content":699},{"textAlign":49},[700],{"text":701,"type":585},"Western lithium producers used to sign long-term fixed price contracts for supply. But that structure is gradually being replaced with pricing contracts indexed to market prices, often with a lag. ",{"type":580,"attrs":703,"content":704},{"textAlign":49},[705],{"text":706,"type":585},"Arcadium Lithium said this year that it benefited from both floors and fixed prices “on a portion” of its lithium hydroxide sales, as well as “a lagging price index effect on some legacy carbonate contracts.” ",{"type":580,"attrs":708,"content":709},{"textAlign":49},[710],{"type":711,"attrs":712},"image",{"id":49,"alt":713,"src":714,"title":49,"source":49,"copyright":49,"meta_data":715},"","https://lh7-us.googleusercontent.com/docsz/AD_4nXfMfFcBH9fgkUlUL7CoWs1f1s8rglzZT42ArufFEBbArfuxbFRI_YfwxJa0FlZUFrkOlfRIMjMl4-gHQkxi8yKJL84j2tpD7kRESpr-smwMaCd5XBFC5_epfRR-vjjC1vp8t5MKtbEttDRois4XDrXTSTo?key=TiLb-0Q5TwX1YVpZCz9zNg",{},{"type":580,"attrs":717,"content":718},{"textAlign":49},[719],{"text":720,"type":585},"The company says it has multi-year agreements, all with pricing floors, on around two-thirds of its total lithium hydroxide volumes. ",{"type":580,"attrs":722,"content":723},{"textAlign":49},[724],{"text":725,"type":585},"Last year Nemaska Lithium, which is half owned by Arcadium, signed an 11-year supply agreement with Ford. ",{"type":580,"attrs":727,"content":728},{"textAlign":49},[729],{"text":730,"type":585},"Ganfeng’s Wang, however, said he did not believe in price floors or ceilings on long-term contracts. ",{"type":580,"attrs":732,"content":733},{"textAlign":49},[734],{"text":735,"type":585},"“We don’t believe the floor or ceiling is a good idea, we just follow the market,” Wang told Benchmark Source. “You never know – it could be even lower than the floor or higher than the ceiling so the best way is to follow the market.” ",{"type":580,"attrs":737,"content":738},{"textAlign":49},[739,743,747,752],{"text":740,"type":585,"marks":741},"Watch this exclusive interview with Wang Xiaoshen, president of Ganfeng Lithium.",[742],{"type":655},{"text":744,"type":585,"marks":745},"View more Power Players videos ",[746],{"type":655},{"text":657,"type":585,"marks":748},[749,751],{"type":600,"attrs":750},{"href":661,"uuid":49,"anchor":49,"target":49,"linktype":603},{"type":655},{"text":664,"type":585,"marks":753},[754],{"type":655},{"type":620,"attrs":756,"content":757},{"level":622,"textAlign":49},[758],{"text":759,"type":585},"Lithium producer auctions",{"type":580,"attrs":761,"content":762},{"textAlign":49},[763],{"text":764,"type":585},"Lithium producers are also moving to more market-based pricing for spodumene sales. This year Albemarle and Pilbara Minerals have both conducted price auctions for sales of spodumene concentrate. ",{"type":580,"attrs":766,"content":767},{"textAlign":49},[768],{"text":769,"type":585},"Graves said that it “makes a ton of sense” and the company was looking at auctions for sales from its Mt Catlin mine in Australia. ",{"type":580,"attrs":771,"content":772},{"textAlign":49},[773],{"text":774,"type":585},"“The Chinese consumer of spodumene concentrate has created this,” Graves said. “Price is what it is for them. The natural conclusion to that is you sell to the highest bidder on any given day you don’t have customer relationships, you don’t have contracts – that’s certainly what I think is the right model for spodumene concentrate.”",{"type":580,"attrs":776,"content":777},{"textAlign":49},[778],{"text":779,"type":585},"Ganfeng’s Wang also said it was a good thing that spodumene prices moved more towards market-based pricing. ","Lithium majors Arcadium Lithium and Ganfeng Lithium are employing different pricing strategies in their supply agreements with automakers, following the end of a dramatic run-up in lithium pricing. The global lithium market has undergone a move from long term fixed price contracts between consumers and lithium producers, to more market-based pricing mechanisms, according to Benchmark. […]",[782],{"slug":568,"name":569,"content":783},{"job_title":571,"image":784,"bio":574,"linkedin":575},{"filename":573},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3b175ef4-5484-493e-961b-2a32ea5cf9db\", \"id\": \"\"}-->","article",[788,791],{"slug":789,"name":790},"critical-minerals","Critical Minerals",{"slug":792,"name":8},"lithium","private",{"id":49,"alt":713,"name":713,"focus":713,"title":713,"source":713,"filename":795,"copyright":713,"fieldtype":796,"meta_data":797,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/8aaff897a8/bm-livent-argentina.png","asset",{"alt":713,"title":713,"source":713,"copyright":713},"Jul 10, 2024","10th July 2024",[],[],1789748846282]