Albemarle loses more than $1bn on falling lithium prices

Albemarle, the world's largest lithium producer, said on Thursday it lost more than $1 billion in the third quarter and that it would slash its capital budget amid a 71% drop in prices for the electric vehicle battery metal.

The results underscore the supply glut engulfing the entire lithium industry amid oversupply from China and a softening of aggressive EV adoption rates that has dragged down prices for the ultralight metal.

Charlotte, North Carolina-based Albemarle is making business decisions on the assumption that lithium prices stay in their current range of roughly $12 to $15 per kilogram for the foreseeable future, CEO Kent Masters told Reuters.