Maintaining Our $65 FVE For SQM; Lower Near-Term Lithium Production Will Be Offset by Higher Prices
SQM's third-quarter results were highlighted by sharply reduced lithium sales, as volumes fell 27% year on year to 9,300 metric tons. As a result, we've slightly lowered our lithium sales volume forecast for 2018 to 45,000 metric tons from 47,000. However, offsetting this decline, we expect lithium prices to remain higher through the end of the year. Further, SQM should also benefit from higher potash and iodine prices. Having updated our model to reflect these changes, we maintain our $65 per s...
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