Dear Valued Customer,
The SMM Spodumene Concentrate Index is positioned as a weighted average price across various transaction methods including long-term contracts and spot deals. It is to be noted that for the fourth quarter of 2023 and the first quarter of 2024, in certain proportions of long-term contracts, pricing was set to be based on the previous quarter’s (Q-1) price for settlement purposes. However, due to an error by our pricing team in adjusting quarterly prices, there was a mistake in the final index calculation. We have now updated the Spodumene Concentrate (CIF China) Index as of January 2nd, 2024.
January 2nd: The Spodumene Concentrate Index price has been corrected to $1,070 USD per ton, representing a decrease of $245 USD per ton from the previous day.
January 3rd: The Spodumene Concentrate (CIF China) Index price has been corrected to $1,060 USD per ton, which is a decrease of $10 USD per ton from the previous day.
We sincerely apologize for any confusion this may have caused the market.
SMM New Energy Research Team,
Jan 3rd 2024