HK Stock Market Move | Lithium stocks surged in the afternoon. Ganfeng Lithium Group (01772) rose over 13% and Tianqi Lithium Corporation (09696) is now up nearly 10%.

In the afternoon, the lithium sector stocks rose rapidly, with Ganfeng Lithium Group and Tianqi Lithium Corporation both hitting the daily limit. As of the time of writing, Ganfeng Lithium Group (01772) rose by 11.99% to 26.15 Hong Kong dollars, while Tianqi Lithium Corporation (09696) rose by 9.43% to 29.6 Hong Kong dollars. On the news front, on November 19th, the main lithium carbonate futures contract saw a more than 4% increase in the afternoon, reaching a high of 82,900 yuan. It is reported that MIN announced that due to the continued low prices of lithium concentrate, the Bald Hill lithium mine will be transitioned to maintenance starting from the week of November 13th, with mining work stopping from that date onwards. The company expects the lithium spodumene processing plant to suspend operations in December 2024. The company has revised the shipment volume of lithium concentrate from the Bald Hill mine for the 2025 fiscal year from 12,000-14,500 dry tons to about 60,000 dry tons. The company expects to sell the final batch of lithium concentrate in December. Haitong pointed out that the production halt of the lithium spodumene mines in Australia is a significant event in the industry supply clearance. The bank believes that under the current low lithium prices, industry capital expenditure is scarce, and high-cost lithium resources will continue to reduce production capacity or stop production. With the outlook for increased prosperity in the downstream new energy vehicles and power battery industries, Haitong is positive that lithium ore and lithium salt prices will rebound from the bottom.