Tianqi Lithium and Ganfeng Lithium, two of the major Chinese producers announced that they slipped deep into the red in the first 6 months of 2024. Chinese EV market has cooled and globally, new players and a chronic oversupply are pushing the price down. Although the demand for batteries is improving, the lithium market remains weak.

BHP will suspend its domestic nickel operations, including the country's only nickel smelter. A global oversupply has crashed nickel prices, driven by Chinese projects in Indonesia. A review of the suspension is scheduled for February 2027. Since 2020, BHP has invested $3 bln in Western Australia Nickel to service the electric vehicle market.