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In its fourth quarter earnings report, Sociedad Química y Minera de Chile S.A. (SQM) (NYSE:SQM) reported that while the lithium market continued to grow in 2014, prices for lithium carbonate fell for the year. The company reported a net income of US$296.4 million for 2014, with revenues 8.6 percent lower year over year.
In its fourth quarter earnings report, Sociedad Química y Minera de Chile S.A. (SQM) (NYSE:SQM) reported that while the lithium market continued to grow in 2014, prices for lithium carbonate fell for the year. The company reported a net income of US$296.4 million for 2014, with revenues 8.6 percent lower year over year.
As quoted in the press release:
The lithium market continued to grow in 2014, attributed primarily to growth in the rechargeable battery market. Demand growth reached over 9%, while demand growth in batteries grew well over 14%. We remained a major player in the lithium carbonate market in 2014; our market share was approximately 27%.
Prices in the lithium carbonate market fell slightly during 2014; this was reflected in the average prices in this business line, which were down almost 4% in 2014 when compared to 2013. It is anticipated that existing competition will add new supply in 2015, but demand growth should exceed this new supply and therefore we are expecting average prices to increase in 2015.
Our sales volumes in the lithium business line increased almost 10% in 2014 when compared to 2013. We saw particularly strong sales volumes in the fourth quarter, in which we reported the strongest quarterly sales volumes of 2014. We expect our sales volumes in 2015 to remain relatively stable compared to 2014 with sales volumes totaling just below 40,000 metric tons.
Click here to read the Sociedad Química y Minera de Chile S.A. (SQM) (NYSE:SQM) press release
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