Once-Hot EV Metals Fragile as China Warning Follows Goldman
- Rising supplies may hurt nickel and lithium, association says
- Wall Street bank also bearish on outlook with ‘surging’ output
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Battery-metals prices are set to retreat from highs this year as surging supplies trigger gluts, a leading Chinese industry group warned following a similar note of caution from Goldman Sachs Group Inc.
Nickel prices are likely to drop in the second half as the global market may see a surplus on rising supply led by mines in Indonesia, according to Chen Xuesen, a spokesman for the China Nonferrous Metals Industry Association. Cobalt and lithium carbonate prices may also come off, Chen said, according to a statement on the group’s Wechat account. No estimates were given.