Lithium price surge driven by reports China is reassessing assets: Pilbara Minerals CEO | ABC NEWS

Pilbara Minerals chief executive, Dale Henderson, says it's too early to call a major shift in the market after the price of lithium spodumene surged more than 30 per cent during July. He says reports are indicating China is looking at a number of assets and environmental approvals of those assets. CBA's lead mining and energy commodities strategist, Vivek Dhar, said Beijing was cracking down on eight lithium mines in the Chinese province of Jiangxi that held incorrect licences. Another lithium producer in Qinghai also faces inspections following overproduction and licence expiration allegations. These actions are curtaining supply and pushing up the price. The recent crackdown on lithium mining in China coincides with Beijing's push to reduce overcapacity and intense price competition across several industries from the start of July. Mr Henderson says Beijing's positioning is very strong in terms of critical minerals. China has its own domestic supply of lithium, but it do import it as well. He said Beijing has a broad strategy underway after building an incredible industrial base for electric vehicles (EVs) #ABCBusiness Subscribe: http://ab.co/1svxLVE ABC NEWS provides around the clock coverage of news events as they break in Australia and abroad. It's news when you want it, from Australia's most trusted news organisation. For more from ABC NEWS, click here: https://ab.co/2kxYCZY Watch more ABC NEWS content ad-free on ABC iview: https://ab.co/2OB7Mk1 Go deeper on our ABC NEWS In-depth channel: https://ab.co/2lNeBn2 Like ABC NEWS on Facebook:   / abcnews.au   Follow ABC NEWS on Instagram:   / abcnews_au   Follow ABC NEWS on X (Twitter):   / abcnews   Note: In most cases, our captions are auto-generated. #ABCNEWS #ABCNEWSAustralia