Ganfeng Lithium Profit Soars On Skyrocketing Prices, As It Moves Into Batteries (GNENF)

Olemedia/E+ via Getty Images Sometimes known as “white oil”, lithium is probably the most talked-about periodic table element in financial markets lately. You are also probably no stranger to it, either. Given how important it is for the production of new energy vehicle batteries, people in the Chinese car industry like to joke that electric battery makers hold the purse strings of electric vehicle (EV) makers. But raw material makers are the mother of all purse string holders, as they supply the battery makers. The Covid-19 pandemic has forced many lithium mines to be shuttered. But demand for lithium compounds has surged in the meantime as the global transition to clean energy drives up demand for EVs. That has dramatically driven up the cost of lithium. The price of SMM battery-grade lithium carbonate was between 345,000 yuan ($54,250) and 353,000 yuan per ton between…

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