Pilbara, Liontown shares tumble as lithium price plunges
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The news: Lithium miners Pilbara Minerals and Liontown Resources were among the worst performers on the ASX 200 by afternoon trade, as lithium prices fell to their lowest level in four years.
The numbers: Pilbara Minerals dropped 4.74% to $1.47, while Liontown Resources fell 4.14% to 53 cents.
Lithium prices stood at 66,650 Chinese yuan — the lowest in over four years — as supply continued to outpace demand, according to Trading Economics data. This marks a 39.68% plunge over the past 12 months.
The context: At the same time, electric vehicle manufacturer BYD and metals group Tsingshan Holding Group both dropped plans to develop lithium processing projects in Chile due to the price tumble.
Chile is the world number two lithium producer, following Australia.
The sources: Trading Economics, Bloomberg, Reuters
