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On the edge of Chile’s Atacama Desert, one of the world’s biggest lithium refineries is about to get a lot bigger.
SQM’s unwavering approach is a double-edged sword for an industry reeling from a painful price capitulation. By expanding when buyers are still running down inventories, the strategy may help prolong the glut. But the world’s No. 2 producer is backing up its bullish demand outlook, preferring to stockpile unsold material rather than scaling back.
The refinery expansion also reflects the development of different EV segments — from high-performance Teslas to affordable city cars — and efforts by Western nations to loosen China’s grip on battery supply chains. Much of the recent investments have been directed at boosting output of hydroxide to give SQM more flexibility in fast-changing markets.SQM’s current extraction contracts expire in 2030.
Growing its share of the market is another reason. At current prices, some of SQM’s higher-cost rivals are losing money. In the last round of earnings calls, some industry executives stressed the need for supply discipline.
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