Key Facts
- Albemarle added 1.37% to close at US$109.73 on Friday, September 25, 2026, leading the lithium board higher.
- SQM bucked the trend slipping 0.34% to US$66.89 even as Chilean joint-venture integration with Codelco continues.
- The LIT lithium-miners ETF rose a modest 0.29% to US$69.02, reflecting a mixed but steady session for the sector.
- EVs still dominate lithium-ion demand accounting for more than 70% of global battery deployment in 2025, with grid storage above 15%.
- Chile’s Atacama alliance is now live: SQM runs the NovaAndino Litio joint venture until 2030, Codelco takes majority control from 2031, and the venture holds Atacama rights to 2060.
- Albemarle’s realised lithium price averaged US$19.53 per kilogram in the second quarter, up 60.5% from US$12.17 a year earlier.
Today’s Focus
Friday’s lithium session was calm but uneven. Albemarle rose 1.37% to US$109.73 while SQM fell 0.34% to US$66.89, and the broad LIT miners ETF ticked up 0.29% to US$69.02.
The modest moves came against a backdrop of structural demand strength. Electric vehicles remain the main engine of lithium-ion battery use, contributing more than 70% of global deployment last year.
In the Lithium Triangle, Chile’s state-led model is crystallising. The Codelco-SQM Atacama joint venture, finalised in December 2025, leaves SQM in charge until 2030, hands Codelco majority control from 2031 and holds mining rights until 2060.
Argentina and Bolivia remain important but uneven players. Argentina is an established producer drawing external interest, while Bolivia holds a huge resource base still at an early commercial stage.
What matters today. The lithium market is no longer pricing a single boom; investors are now distinguishing between producers with realised prices, state partnerships and volume momentum.
01 The session in one read
Friday’s lithium trade was quiet but instructive. The LIT exchange-traded fund, which tracks a basket of lithium miners, edged up 0.29% to US$69.02.
That small gain masked a split at the top. Albemarle rose 1.37% to US$109.73, while SQM lost 0.34% to US$66.89.
For foreign investors, the message was that lithium is no longer a one-way trade. Company-specific execution now matters as much as the global electric-vehicle story.
The split between the two producers suggests investors are rewarding operational clarity: Albemarle’s rebound from Thursday’s 4.60% drop is backed by a realised lithium price of US$19.53 per kilogram in the second quarter, up 60.5% on the year, while SQM’s small slip hints at questions over margins in the Codelco venture, where the state takes majority control in 2031. The variables to watch are whether Albemarle’s next quarterly release confirms realised pricing near that level and whether SQM repeats second-quarter lithium sales above 84,100 metric tons.
02 The board
The LIT miners fund posted the most muted move at plus 0.29%, closing at US$69.02. Because LIT holds a broad mix of producers across geographies, its small gain suggests the sector overall held firm without any dramatic catalyst.
Albemarle was the session’s clear leader, gaining 1.37% to US$109.73. SQM closed in the red at US$66.89, down 0.34%, a reminder that Chilean governance changes weigh on SQM in a way they do not on Albemarle.
None of these are the raw commodity price. They are equity or fund proxies, so their moves reflect investor views on profitability, project risk and corporate structure rather than just supply and demand.
| Asset | Level | Change |
|---|---|---|
| Lithium (LIT ETF) | US$69.02 | +0.29% |
| Albemarle | US$109.73 | +1.37% |
| SQM | US$66.89 | -0.34% |
Source: RT close, 2026-09-25. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
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| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 183,476.86 | -0.27% | +21.85% | 183,965.91 | 168,310 | 167,142 | — |
| IPSA | 11,255.90 | -0.39% | — | 11,299.82 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 64,651.92 | +0.60% | +12.17% | 64,264.16 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 2,893,751 | -1.57% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,584.72 | -0.95% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 59,934.37 | +1.27% | — | — | — | — | — |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
| EUR/BRL | 5.95 | +1.01% | -5.83% | 5.89 | 5.98 | 5.94 | — |
| USD/MXN | 17.06 | -0.24% | -8.58% | 17.10 | 17.08 | 17.01 | — |
| USD/CLP | 913.98 | +0.04% | -5.67% | 913.65 | 915.11 | 906.68 | — |
| USD/COP | 3,140 | +0.03% | -22.04% | 3,139 | 3,141 | 3,105 | — |
| USD/PEN | 3.36 | -0.66% | -4.82% | 3.38 | 3.38 | 3.35 | — |
| USD/ARS | 1,493 | +0.10% | +12.96% | 1,491 | 1,494 | 1,480 | — |
| USD/UYU | 40.27 | +1.24% | +1.80% | 39.77 | 40.27 | 40.23 | — |
| USD/PYG | 5,939 | +1.68% | -19.54% | 5,841 | 5,939 | 5,925 | — |
| USD/BOB | 11.64 | -0.76% | +72.04% | 11.73 | 11.72 | 11.64 | — |
| USD/DOP | 58.34 | +1.25% | -3.44% | 57.62 | 58.34 | 58.04 | — |
| USD/CRC | 445.92 | +0.89% | -9.71% | 441.97 | 448.50 | 445.92 | — |
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03 What moved it
The quiet tape reflects a market absorbing strong demand signals rather than reacting to fresh news. Electric vehicles accounted for more than 70% of lithium-ion battery deployment last year, and grid storage added more than 15%.
Global EV-battery deployment is projected to climb from about 1.2 terawatt-hours in 2025 to nearly 3 terawatt-hours by 2030 under the IEA’s stated and announced policy scenarios.
Lithium prices early this year ran more than twice their level at the start of 2025, yet remained roughly 70% below the 2022 peak, according to the IEA. The agency links the rise to strong energy-storage demand and tighter supply.
Supply disruptions included the August 2025 suspension of CATL’s Jianxiawo mine in China, which was still reported idle in August 2026 pending environmental approval.
04 The Latin American read
Chile, Argentina and Bolivia concentrate some of the planet’s largest lithium supplies, but they are at very different stages. Chile and Argentina are established producers, while Bolivia holds enormous resources with only early commercial development.
Chile’s National Lithium Strategy keeps the state central while allowing private participation through public-private partnerships. The Codelco-SQM venture, completed in December 2025, leaves SQM as operator until 2030, gives Codelco majority control from 2031 and extends Atacama mining rights to 2060.
On August 28, 2026, Chile, Argentina, Bolivia and Peru signed a joint declaration on research, technical cooperation and more integrated strategic-mineral supply chains. Crucially, it set no production targets, prices or export quotas.
For investors, this means the region is coordinating softly without creating a formal producer cartel. Competitive dynamics between Chile and Argentina will likely persist.
05 The names to watch
Albemarle remains the barometer for realised pricing. It reported an average realised lithium price of US$19.53 per kilogram in the second quarter, up 60.5% from US$12.17 a year earlier.
SQM’s volume engine is intact. It reported second-quarter lithium sales above 84,100 metric tons of lithium-carbonate equivalent, indicating sustained battery-material consumption despite the equity slip on Friday.
The broader Latin American story still hinges on policy. Chile’s model for Atacama, with the state taking majority control in 2031, is now fixed, but Argentina’s more open approach continues to draw foreign interest.
06 The outlook
The lithium complex appears past the panic but not yet in a euphoric phase. Demand growth from both transport and grid storage provides a solid floor, yet realised prices remain far below historical highs.
What matters next is whether producers can defend margins inside new state frameworks while keeping volumes high. Friday’s split between Albemarle and SQM shows investors are already making that distinction.
07 What to watch
- Albemarle realised price: Holding near the second-quarter average of US$19.53 per kilogram would confirm the price recovery and support the shares.
- SQM volume follow-through: A repeat of the second-quarter figure above 84,100 metric tons would show the Codelco venture is not disrupting output.
- China supply: CATL’s Jianxiawo mine was still reported idle in August pending environmental approval; a full restart would add supply and could cool prices.
- Argentina project momentum: Foreign capital flows into Argentine lithium and energy projects could redraw the regional competitive map.
Frequently Asked Questions
What does the LIT ETF track?
It is a US-listed exchange-traded fund that holds a basket of lithium mining and battery-related companies, so its price reflects equity performance rather than the raw metal.
Why did Albemarle rise while SQM fell on Friday?
Albemarle added 1.37% to US$109.73, while SQM slipped 0.34% to US$66.89, suggesting investors favour operational clarity over state-heavy governance risk.
Is lithium still below its old peaks?
Yes. Lithium prices began 2026 more than twice as high as at the start of 2025, but still about 70% below the 2022 peak, according to the IEA.
Does the South American declaration set lithium prices?
No. The August 28 pact signed by Chile, Argentina, Bolivia and Peru covers research and technical cooperation, with no production targets, prices or export quotas.
Market data: RT live market data
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