(Reuters) - Australia's Mineral Resources <MIN.AX> on Friday said sale price for lithium from its Western Australia project for the December quarter had been finalised at 14.5% below the previous quarter prices amid weaker demand for the commodity.
The sale price for 6% spodumene concentrate shipments at its Mt Marion Lithium Project has been set at $520.92 per dry metric tonne for the December quarter, versus $608.95 in the previous quarter, Mineral Resources added.
The drop comes as Australian lithium miners grapple with a prolonged downturn in prices amid slowing electric vehicle (EV) sales in China, which has clouded the near-term outlook for demand.
New energy vehicle sales in China, the world's biggest auto market, have been dented by a steep cut in subsidies this year with sales in November dropping 43.7%, following a 45.6% drop from a year earlier in October.
Last month, Mineral Resources said its joint venture with the world's largest lithium producer Albemarle Corp <ALB.N> had decided to pause operations at the Wodgina Project due to "challenging" lithium market conditions.
(Reporting by Shreya Mariam Job in Bengaluru; Editing by Himani Sarkar)
