Object Lesson? Lithium Woes Leave Top China Producers Year-to-Date Losses

 

• Ganfeng’s net income in Q3 pared losses in first nine months
• Tianqi reported a narrower net loss from the prior quarter

China’s two biggest lithium producers remain in the red nine months into the year as the battery-metal downturn continues squeezing the industry.

Tianqi Lithium Corp. and Ganfeng Lithium Group Co. both reported third-quarter results Tuesday that highlight the challenges of producing the metal amid slumping prices and a supply glut. Tianqi posted a net loss of 496 million yuan for the quarter, compared with profit of 1.65 billion yuan in the same period last year. Ganfeng’s net quarterly profit fell 25% to 120 million yuan.

https://www.bloomberg.com/news/articles/2024-10-30/lithium-woes-leave-top-china-producers-with-year-to-date-losses