Join our daily newsletter At The Bell to receive exclusive market insights
- Pilbara Minerals (PLS) says it received “strong interest” at its first spodumene concentrate auction, with the highest bid weighing in at US$1250 per dry metric tonne
- The company launched its Battery Metals Exchange platform in March in a bid to create a more sophisticated sales channel
- A total of 17 bidders took part in the auction and 62 online bids were placed
- Pilbara says it considers results to date from the online auction to be “very supportive” of its initial objective
- Pilbara Minerals shares are trading in the grey at $1.77 at 11:36 am AEST
Pilbara Minerals (PLS) said it received “strong interest” at its first spodumene concentrate auction, with the highest bid weighing in at US$1250 per dry metric tonne.
The auction was held via the Battery Metals Exchange yesterday afternoon and attracted 17 bidders.
It marked the first online auction on the company’s digital platform since its launch in March, which was hoped to provide a more efficient sales channel to support increasing demand for spodumene concentrate.
PLS said 62 online bids were placed ranging from US$700 per dry metric tonne to US$1,250 per dry metric tonne, for a ‘spot’ 10,000 dry metric tonne (dmt) cargo of spodumene concentrate.
Pursuant to the highest bid of US$1250/dmt the bidder is set to enter into a sales contract with the company in the coming days, with ship loading expected in August.
Pilbara said it considers results to date from the online auction to be “very supportive” of Pilbara Minerals’ objective to access a broad range of buyers via its new sales channel.
Pilbara Minerals shares are trading in the grey at $1.77 at 11:36 am AEST.
