Exports of Lithium from Port Hedland have rocketed
(Kitco News) - Exports of Lithium from Port Hedland have jumped from 10,494 dry metric tonnes in August to 62,230 dry metric tonnes in September, according to monthly data from Pilbara Ports Authority. In July, Port Hedland recorded 26,383 dmt of lithium concentrate exports. This comes with lithium being one of the most important metals for battery development.
Pilbara Minerals, which exports the metal via Port Hedland and is represented by its Pilgangoora lithium operation in Western Australia’s Pilbara region, which has been somewhat of a barometer for the booming lithium market. Last month, Pilbara Minerals stated it had conducted its second-ever auction on the Battery Material Exchange to incredible results.
The companies first auction made around $1420 ($1935) per tonne for spodumene at the benchmark price, but it was revealed its second auction nearly doubled that. The second auction then fetched $2240 ($3052) a tonne of lithium concentrate for the 8000 tonnes sold.
Looking at the Pilbara Minerals daily price chart there has been a significant 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 real acceleration in the price once $1.46 per share was broken but now the price is in a consolidation phase. The bulls will be looking to break out of the aforementioned high marked by the black resistance line but the price needs to break back into the middle of the consolidation first. Holding above the psychological $2 level will be key.