Sydney, Feb 27, 2026, 17:46 (AEDT) — Market closed
- PLS Group slipped 1.1%, closing at A$5.19, pulling back after an 8.3% surge on Thursday.
- Supply concerns got a jolt after Zimbabwe abruptly blocked exports of raw mineral and lithium concentrate.
- Traders are eyeing lithium prices in China while also waiting to see if Harare moves to adjust the ban—either tightening or easing restrictions.
PLS Group Limited shares lost ground Friday, closing at A$5.19, down 1.1%, after jumping 8.3% in the previous session. The day’s range: A$5.02 to A$5.23.
This matters for PLS, positioned close to the heart of a new lithium supply scare. Zimbabwe’s decision to halt exports of raw minerals and lithium concentrates has tightened things up. When China’s feedstock gets squeezed, price swings aren’t far behind. Lithium stocks, once more, are behaving like a macro trade.
China’s most-active lithium carbonate futures contract surged 6.07% to 178,020 yuan per metric ton Thursday, building on an earlier spike that took gains up to 9% after the Zimbabwe announcement. Futures let traders wager on the direction of lithium chemical prices.
The mines ministry in Zimbabwe has slapped an immediate suspension on exports, halting shipments even for minerals currently in transit. The restriction is set to last until further notice. In 2025, Zimbabwe shipped out 1.128 million metric tons of lithium-bearing spodumene concentrate—an 11% year-on-year increase, according to Reuters. Nearly all of that ended up in China for processing.
Australian lithium shares surged Thursday, investors scrambling to gauge the fallout. By Friday, PLS slipped—mostly a round of profit-taking rather than any clear shift in sentiment. The action’s been abrupt, even chaotic at times, as traders chased headlines across both the commodities and equities space.
The upbeat mood has spilled over to miners as well. Australia’s S&P/ASX 200 notched a fresh all-time high Thursday, Reuters reported via IndoPremier, with resource giants leading the charge. “Miners are still enjoying strong earnings momentum, with most seeing meaningful earnings upgrades and paying out sizable dividends,” said Jun Bei Liu, portfolio manager at Ten Cap. Indo Premier
PLS holders are left wondering if this is just a brief blip or if it’s got legs. Lithium price surges have a habit of vanishing quickly—either buyers shift to other suppliers, or governments step in with carveouts.
Zimbabwe’s policy could run into trouble—maybe it’s watered down, pushed back, or just spottily enforced. Should the expected supply crunch turn out less severe, or if electric vehicle and energy storage demand loses steam, lithium prices might ease, putting pressure on PLS’s recent rally.
PLS Group, previously known as Pilbara Minerals, stands among the country’s top hard-rock lithium players, sending spodumene concentrate — that’s the lithium-heavy ore used in battery chemical production — out of Western Australia. Investors are eyeing the company’s upcoming quarterly report, set for release on April 16.
