The Pilbara Minerals Ltd (ASX: PLS) share price is ending the week on a positive note.
In afternoon trade, the lithium miner's shares are up 3% to $3.75.
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Why is the Pilbara Minerals share price rising today?
Investors have been bidding the company's shares higher today despite there being no news out of it.
However, it is worth noting that a number of ASX lithium shares are finishing the week strongly.
This appears to have been driven by the release of the quarterly results of lithium giant Albemarle Corp (NYSE: ALB).
What did Albemarle report?
Albemarle's result was actually a bit of a shocker, though this was widely expected to be the case due to falling lithium prices.
The lithium giant reported third-quarter net income of US$302.5 million, which is down 66% on the prior corresponding period.
Looking ahead, management revealed that net sales are now expected to increase approximately 30% to 35% year-over-year, with adjusted EBITDA now expected to be flat to slightly down year-over-year. This is lower than previous guidance.
While this sounds like bad news for the Pilbara Minerals share price, there was something else that caught the eye of the market.
Albemarle downgraded its earnings because it is now expecting its lithium sales volumes to be lower than planned. The market may see this as a positive for lithium prices. After all, if less lithium enters the market, then prices could rebound quicker. Especially during a time when lithium demand has been softening.
Whether this proves to be the case, only time will tell. But it certainly could be worth keeping a close eye on the lithium market in the coming months.
