The lithium miner said its latest spot cargo auction for 5000 dry metric tonnes of spodumene concentrate from its Pilgangoora operations south of Port Hedland had achieved a price of $US6841 a tonne.
“Strong interest continues to be received in both participation and bidding by a broad range of qualified buyers with a total of 41 bids received online during the 30-minute auction window,” the company said.
The price secured on the company’s digital battery material exchange platform on Wednesday afternoon was slightly lower than the record price of $US7017 reach in the previous auction late last month.
Pilbara shares have been struggling to regain lost ground after a lithium stock rout wiped billions from the market capitalisation of some of WA’s biggest players in early June.
The brutal sell-off was sparked by a report from analysts at investment bank Credit Suisse which said battery metals prices would peak in the next few months as a supply deficit eased, adding to Goldman Sachs’ recent warning that the bull market was “over for now”.
While the news prompted a shake-out of spooked investors, industry players argued the long-term fundamentals of the lithium market remain intact.
Pilbara shares closed higher on Wednesday at $2.36, but still well off the May 30 close of $2.98 just before the rout.
