Galaxy Resources managing director Iggy Tan is confident that lithium carbonate prices will continue to rise above the 20% increase already posted by FMC Lithium and Chemetall, driven by demand for hybrid car and electric bicycle (e-bike) batteries.
As a lithium miner and future lithium carbonate and battery producer, Tan could be expected to be bullish on price, but he argues that his forecasts are based on a good understanding of the Chinese market, where the company is building a 17,000 tpa lithium carbonate plant and plans a battery factory.
“China’s macro strategy has a strong focus on a low-carbon economy and they want to have 50% ownership of hybrid type vehicles on the road by 2030,” he told IM.