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Chilean lithium miner SQM expects stable prices after earnings dip

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The CEO of Chilean lithium miner SQM said on Thursday he expects prices for the key battery metal to hold steady in the third quarter from the prior three-month period, while predicting demand would keep growing. SQM, the world's second-largest lithium producer, reported a larger-than-expected drop in second-quarter earnings on Wednesday, dragged down by lower average selling prices for lithium even as it shifted larger volumes.

The CEO of Chilean lithium miner SQM said on Thursday he expects prices for the key battery metal to hold steady in the third quarter from the prior three-month period, while predicting demand would keep growing.

"Since mid-June we have seen some negative trends in the Chinese index, followed by other indexes later on," CEOsaid in an earnings call, adding that the company's selling prices have various lags to spot prices depending on its contracts. Lithium prices have sky-rocketed over recent years amid soaring demand from the electronics sector and car makers, as more stringent environmental regulations drive a shift towards battery-powered vehicles.

SQM posted nearly a 37% year-on-year drop in the average price it received for its lithium in the April-June period and a 33% fall from the first quarter, even as its sales volumes soared.The company forecast higher sales volumes to continue into the second half of the year, while analysts at Itau BBA pointed to a strong demand outlook from EV makers in China, the United States and Europe.J.P.

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