Posted on 15 Jul 2022
Pilbara Minerals confirmed on 14 July it intends to accept the highest bid of $6,188/dry metric tonne in its latest BMX spot auction, as long as the bidder enters a sales contract within 48 hours.
The Australian spodumene concentrate producer also requires a 10% deposit to be paid and a letter of credit from a recognised bank to be presented in late July 2022, Kallanish notes.
The cargo of 5,000 dmt at a target grade of around 5.5% lithia (SC5.5) is to be delivered from late August, leaving Port Hedland. The bid implies a price of $6,841/dmt for SC6.0 on a cif China basis, which is lower than the $7,017/dmt achieved in the previous auction (see related story).
Pilbara says the 30-minute online auction window had 41 bids.
“Strong interest continues to be received in both participation and bidding by a broad range of qualified buyers,” it adds, without disclosing company names.
Source:Kallanish
