Stay defensive, no reason to get positive
We wrote last month that we felt that performance in the sector could get worse, even after a torrid start to the month. And, unfortunately, we stand by that view now. Yes, most of our battery raw materials baskets were down by double-digits for the month, but unfortunately we believe that there is further down to go, particularly in lithium. We also note midstream in general and cathode in particular as a difficult segment to be in at the moment. Margins are highly compressed, new projects are being delayed and we don’t think that is being reflected in valuations of...
Topics
Brine
Cellmakers
Developers
EV Makers
Explorers
Graphite
Hard rock
Lithium
Manganese
Midstream
Producers
Recycling
Spodumene
