The world’s largest battery maker CATL said it was suspending operations at a lithium mine in China, sending shares of other producers soaring on speculation that Beijing is moving to tackle industrial overproduction.
Analysts said the suspension of the mine in Jiangxi province could be an early sign of how China plans to address overcapacity in industries ranging from solar panels to lithium, a vital metal in batteries for electric vehicles.
Chinese President Xi Jinping and party officials have become critical of “involution”, meaning excessive price competition, suggesting that Beijing is increasingly wary of the country’s surging industrial output.
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