Global Metals Weekly: Spanner in the works

研报英文原文证据摘录

Global Metals Weekly: Spanner in the works

uld gradually push higher in the coming months, as permitting issues at MLI (UK)

CATL’s Jianxiawo mine, the market’s focus, have slowly been resolved in recent weeks. daryna.kovalska@bofa.com

Brine supply has also risen. Finally, activity in Zimbabwe, which had boosted exports in Rachel Wiser

Commodity Strategist

recent years before the government-imposed restrictions on shipments, should also be BofAS

normalising. These three dynamics together meant that China’s lithium inventories are rachel.wiser@bofa.com

no longer declining. The gap between lithium prices in China and ex-China has also Equity Research

Jason Fairclough >>

started to close, an indication that the tightness in the domestic market of the Asian Research Analyst

country is subsiding. Hence, we are cutting forecasts. MLI (UK) jason.fairclough@bofa.com

Lithium demand supported, sodium-ion batteries concern CaioResearchRibeiroAnalyst>>

As for demand, the electrification of the global economy is raising the share of Merrill Lynch (Brazil) caio.ribeiro@bofa.com

renewables in power supply. To tackle issues with intermittency, energy storage systems

Matty Zhao >>

(ESS) are becoming more important. Lithium usage from ESS will likely make up a third Research Analyst

of demand growth this year, so the sector is a critical consumption driver. While the Merrill Lynch (Hong Kong) matty.zhao@bofa.com

country’s manufacturers churn out twice as many cells as are installed at present, which

will ultimately need to come an end, this can be justified for now with long lead-times of

ESS projects. Meanwhile, there are concerns that sodium-ion batteries will steadily gain

market share. Granted, CATL will start shipping its first system relying on the technology