Pilbara Minerals said Wednesday it intends to sell its eighth spot cargo through the BMX auction for an implied price of around $7,012/dry metric tonne, cif China, Kallanish reports.
This price is for a 6% lithia grade spodumene concentrate, inclusive of freight costs. The highest bid received on 3 August was $6,350/dmt for SC5.5 on a fob Port Headland basis. The 5,000-dmt shipment has delivery expected from mid-September.
The miner said it received 67 bids during the 30-minute online auction window, with participation and bidding by a broad range of buyers. Under the auction terms, the bidder must sign a sales contract within 24 hours and pay a 10% deposit by the end of the week. A credit letter must be presented by mid-month.
This sale is higher than the previous auction on 14 July, when the implied price for SC6.0 cif China was $6,841/dmt. However, it’s in line with the $7,017/dmt price achieved in June.
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