Source of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
U.S. Under-Secretary for Economic Growth, Energy, and the Environment Jose Fernandez on Monday accused China of over-producing lithium in a predatory scheme to push down market prices and drive competing suppliers out of business.
Ironically, some of these lavishly subsidized efforts to produce more lithium for electric vehicle batteries have been stymied by environmentalists, who object to digging new mines or expanding existing projects.into a “gold mine” of lithium — and also running into trouble with environmentalists, who say the proposed Barroso Hills mining project would contaminate the water supply, erode the soil, and damage agricultural production.
The Chinese have indeed been able to use their production dominance to suppress global prices, as Fernandez charged. Lithium prices have dropped by 80 percent over the past year. Part of this decrease was directly attributable to Chinese overproduction, although weakening demand for EVs also played a role.
“We want to help them, and we think we can,” he said. “Lithium mining companies, everywhere, have to survive this difficult phase that was created by predatory pricing.”the lithium oversupply situation to last through 2028, at which time supply might harmonize with much lower-than-expected demand for EV batteries. China’s own demand for EVs has diminished as well, which is one reason why the frantic lithium production boom of the past few years left the Chinese with an excessive inventory.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China is oversupplying lithium to eliminate rivals, US official saysNo 1 source of global mining news and opinion
Read more »
Exclusive: China Accuses U.S. of Supplying Russia With Weapon ComponentsA Chinese official has told Newsweek that its arms trade is 'aboveboard' and pointed the finger at Washington.
Read more »
India rules out joining world's largest trade deal, accuses China of ‘very opaque' trade practicesThe RCEP is the world’s largest trade deal, making up about 30% of global GDP.
Read more »
Top Justice Dept. official warns of 'onslaught' of foreign election interference from Russia, Iran and ChinaIn an interview with CBS News, the head of the Department of Justice's National Security Division said the U.S. is facing a multi-pronged offensive from Russia, Iran and China.
Read more »
Taiwan official warns China, Russia, Iran forming 'alliance' after Blinken says 'no axis' existsTaiwan's new representative in the U.S. is warning about the alliance among China, Russia, Iran and North Korea.
Read more »
China’s newest nuclear-powered submarine sank earlier this year, US official saysChina’s newest nuclear-powered submarine sank pierside in the spring and the Chinese Navy tried to conceal the loss, according to two US defense officials.
Read more »