The Core Lithium Ltd (ASX: CXO) share price is surging higher today as Australian lithium exports are being tipped to rise.
Core Lithium shares are lifting 7% and are currently trading at $1.135. For perspective, the S&P/ASX 200 Index (ASX: XJO) is rising 2.3% today.
Let's take a look at why this ASX lithium explorer is starting Tuesday on a high.
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Lithium exports predicted to rise
Core Lithium shares may be rising, but it is not alone among ASX lithium shares. The Pilbara Minerals Ltd (ASX: PLS) share price is rising 7.69% today, while Allkem Ltd (ASX: AKE) is rising 7.59%.
Global lithium giant Albemarle Corporation (NYSE: ALB) jumped 3.51% on the New York Stock Exchange overnight, while Lithium Americas Corp (NYSE: LAC) leapt 3%.
However, closer to home, a positive outlook for Australian lithium exports could be providing lithium shares including Core Lithium with a boost today.
Lithium exports are predicted to rise by 180% to $13.8 billion from 2022 to 2023, a new quarterly resources and energy report from the Federal Department of Industry reveals. However, lithium exports are then forecast to fall slightly to $12.9 billion from 2023 to 2024, as "prices ease".
The report also tipped lithium prices to soar 140% to US$3,528 per tonne from 2022 to 2023 before easing to US$2,745. Further, the report stated:
World demand for lithium is estimated to increase from 583,000 tonnes of
lithium carbonate equivalent (LCE) in 2021 to 724,000 tonnes in 2022.Over the following two years, demand is forecast to rise by over 40%, reaching 1,058,000 tonnes by 2024.
Core Lithium is exploring the Finniss Lithium Project near Darwin Port in the Northern Territory.
The company is targeting lithium concentrate production at this project in the first half of 2023.
Core lithium share price snapshot
The Core Lithium share price has soared 170% in the past year, while it has risen 92% in the year to date.
For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) has jumped 6% in the last year.
Core Lithium has a market capitalisation of more than $1.97 billion based on the current share price
