By Dave Sherwood
By Dave Sherwood
SANTIAGO, Nov 21 (Reuters) – Chile’s SQM SQMA.SN, the world’s No. 2 producer of lithium, stated its earnings had plunged once more within the third quarter on sagging costs for the important thing battery metallic and softer-than-expected demand this yr from China.
Income sank 27.5% to $60.5 million within the third quarter quarter, from $83.5 million a yr earlier, the corporate reported late on Wednesday.
Plummeting lithium costs this yr have been dangerous information for the fast-growing trade, which provides crucial constructing blocks for electrical car batteries. SQM stated costs had fallen 28%, although gross sales volumes continued to develop, up 12% by September.
Lithium revenues fell 26.4% over the identical quarter the earlier yr, as falling costs offset growing gross sales volumes.
SQM chief government Ricardo Ramos stated the corporate anticipated the considerably decrease common costs however demand from China was softer than anticipated.
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