EVE Advanced Materials Surges 7% Intraday Amid Concerns Over Lithium Supply from China
[Asia Economy Reporter Minji Lee] EV Advanced Materials is showing an intraday rise of over 7%.
At 10:48 AM on the 15th, EV Advanced Materials was trading at 1,910 KRW, up 7% from the previous trading day. The stock price surged to 1,925 KRW during the session.
The rise in stock price reflects concerns over the supply of lithium carbonate, a key battery raw material, following the European Union (EU) pushing for a forced labor ban law after the United States. Previously, EV Advanced Materials announced a supply contract with Lithium Plus for 50 tons of lithium carbonate worth 4,929.17 million KRW.
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The EU's proposed legislation targets forced labor in China's Xinjiang Uyghur region. The EU plans to ban imports of products from all countries, including Xinjiang, unless it is proven that the goods are free from forced labor. The Xinjiang region is a major production area for lithium carbonate, and it is reported that some domestic cathode material manufacturers as well as U.S. electric vehicle battery companies source lithium carbonate from Xinjiang.
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