7 consecutive rises after the holiday! Some Chemical raw materials rose by over 300%! Big factories started off-peak production and stopped production for overhaul!
According to sources, major chemical companies will implement peak-shift production and periodic shutdowns for maintenance from November 2021 to March 2022. After the holiday, various raw materials such as lithium carbonate, thermal coal, caustic soda, benzene, etc. have risen at a high level, with a maximum increase of over 300%...
▶▶Nyrstar, a global non-ferrous giant, announces substantial production cuts
Nyrstar, one of the world's largest zinc smelters, suddenly announced that it will further reduce the zinc output of its three European smelters, reducing production by as much as 50% from Wednesday. According to Haitong Securities, Nyrstar has a production capacity of 700,000 tons, which will affect 2.5% of global supply based on a 50% reduction in production. Nyrstar said that due to the substantial increase in electricity costs and costs related to carbon emissions, European factories cannot continue to operate at full capacity.
▶▶LG Chem has agreed to pay up to 1.9 billion U.S. dollars in compensation to General Motors (GM) for the recall and repair of Chevrolet Bolt electric vehicles. The reason is that the battery provided by this Korean supplier is malfunctioning and causing a risk of fire. The recall was issued after General Motors discovered manufacturing defects. One was the tearing of the anode sheet and the other was the folding of the separator. These two defects appeared in the same battery, which would increase the risk of fire. This is the third time GM has recalled this model, which covers all Bolt EV and EUV models produced since 2017. According to General Motors, faulty batteries have caused at least 13 cars to catch fire.
▶▶China Ganfeng Lithium told its customers that the company’s lithium metal products will increase its selling price by 100,000 yuan (US$15,500) per ton in the next month, partly because of higher production costs in the face of power shortages in China. Ganfeng Lithium also mentioned that the rising cost of raw materials such as lithium carbonate is also one of the reasons for the price increase. The price increase measures will be implemented from October 10th to November 9th. Ganfeng Lithium is one of the world's largest producers of lithium chemicals used in electric vehicle (EV) batteries such as lithium carbonate, and it also produces metal lithium used in the emerging solid-state battery industry.