Critical Minerals | Daily Chemical Reactions

Preparing For The Charge – Most Clean Energy Mineral Markets Unlikely To Surge In 2024, Optimism Increasingly Shifts To 2025
June 5, 2024
Commodities Mentioned:
Lithium, Copper, Nickel, Cobalt, Graphite, Rear Earths, Solar PV, Wind Power, Nuclear Power, Silicon, Manganese, EVs, Hydrogen, Natural Gas, SynGas
Companies Mentioned:
SQM, Albemarle, Oxy, TerraLithium, BHE Renewables, BHP, Anglo American, Tesla, Li-Cycle, Daimler Truck North America, Fulcrum BioEnergy

Monthly Update – Critical Minerals – Daily Chemical Reactions

Preparing For The Charge – Most Clean Energy Mineral Markets Unlikely To Surge In 2024, Optimism Increasingly Shifts To 2025

Key Findings

  • General Thoughts: The C-MACC Clean Energy Mineral Index was broadly unchanged MoM in May, holding gains of ~10% YTD following a ~53% YoY decline in 2023 and keeping general optimism for tighter markets in 2024 in check.
  • Critical Mineral Supply: Copper is among the best performers in the C-MACC Clean Energy Mineral Index in 2Q24, with lithium among the weakest. We discuss critical mineral globalization challenges and Occidental DLE news.
  • Clean Energy Components & Recycling: We highlight battery overcapacity, most notably in China, which puts downward pressure on battery prices while lifting Western market challenges to establish competing supply chains.
  • Critical Mineral Macro Demand: The global demand pull on electricity appears increasingly likely to outpace supply and related critical mineral use, especially considering the rising likelihood of power grid expansion project lags.

Exhibit 1: The C-MACC Clean Energy Mineral Index was unchanged in May, up ~10% YTD after its 53% decline in 2023.

Source: Bloomberg, C-MACC Analysis, June 2024

See PDF below for all charts, tables and diagrams


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