Lithium Market Cheers as Top Supplier Sees Demand Driving Higher
- Albemarle calms concerns about oversupply, weak Chinese demand
- Albemarle reported better-than-expected quarterly results
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The world’s largest producer of lithium calmed investor fears of oversupply and slower Chinese demand for the mineral used to power electric vehicles, sending shares surging across the industry.
Albemarle Corp.’s fourth-quarter earnings topped analysts’ estimates, and it expects global lithium demand to grow 21 percent annually, with the market remaining tight for years as manufacturing of electric cars and large-scale batteries soars. The company’s stock rose the most in almost three years on Thursday.