South Korea Raises Critical Minerals Cooperation Channel With Chile to Ministerial Level

Today, the SMM battery-grade lithium carbonate spot price surged 5% from the previous trading day. In futures, the most-traded contract LC2701 opened higher at 161,500 yuan/mt, hit a high of 162,500 yuan/mt during the session, and closed the morning session with a gain of nearly 3%. The sharp price surge was mainly due to the slower-than-expected progress of production resumptions at Jiangxi mines, which continuously heightened market concerns over tightening lithium ore supply, pushing prices to climb rapidly. Demand side, as month-end approaches, downstream material plants are actively stockpiling for next month's production, and spot order purchase willingness has notably strengthened; on the spot market, some lithium chemical plants undergoing maintenance continue to prioritize long-term contract supply, while those not in maintenance have seen a significant increase in their willingness to sell spot orders as prices broke through recent highs, with market inquiries and actual transactions becoming more active.

South Korea’s Ministry of Climate, Energy and Environment announced that it will pre-announce revisions to the enforcement decree and rules of the Act on the Integrated Management of Environmental Pollution Facilities from August 26 to October 6. The revision focuses on adding industries that require integrated environmental management, taking into account changes in the industrial structure and fairness among sectors. Seven industries will be newly added: automobile manufacturing, secondary battery manufacturing, non-alcoholic beverage manufacturing, animal and vegetable oils and dairy product manufacturing, other food manufacturing, flat glass manufacturing, and rubber product manufacturing. The new rules will apply to automobile, secondary battery, flat glass and rubber product manufacturing from January 2029.