Then, like Article 32 Trade Act of the U.S. And also additional safeguards from the U.S. for steel. Against those measures, I think that — do you think that the U.S. and also EU will lift their regulations? And finally, if you look at the latest media reports with regard to POSCO, we hear a lot about labor strikes. So can you provide us with some updates about that issue?
Unidentified Company Representative: Yes, thank you very much. With regard to lithium price, I would like to invite Mr. [indiscernible] head of lithium battery materials business to answer. And [indiscernible] and also trade regulations and carbon emissions related issues, I would like to invite Mr. [indiscernible] head of International Trade Affairs Office to answer. And with regard to labor strikes, I would like to ask Mr. [indiscernible] head of Finance Office to answer.
Unidentified Company Representative: Yes, thank you very much. I would like to take the first question about lithium battery materials, lithium battery prices or lithium prices. Now if you look at Chinese OEMs and procurement sites, what is the adequate level of the lithium price? That was the question. And the answer from OEM was that, it’s around $25,000 to $35,000 per ton. The answer was that from EV’s point of view, that price range is acceptable. And in reality, if you look at lithium industry $20,000 or if the price goes below $20,000, then new mine development is going to be delayed. So that is the overall comment. So again, currently the price is about $22,000, $23,000 per ton. Now if the price goes further down to $20,000, I think that is going to be the rock bottom.
Then if I think that — if we can’t have a prepared yield, I think that that price range is going to stay for an extended period of time. In the past, back in 2019, the lithium price was below $10,000 or just about $10,000, but it’s not feasible anymore because at that point in time that lithium came from South Lake, lithium, the amount was really limited. Brine lithium was the type of lithium and the cost was actually very low. However, the lithium — brine lithium that we get no longer comes from Argentina or Chile. Most of them are lithium ore and compared to Salt Lake lithium the material cost is much higher. So I believe that the lithium price will not go beyond below $10,000 and I think that in order to maintain the yield it’s going to be around $20,000 that is going to be the price range going forward and that is the industry consensus at the moment thank you.
Unidentified Company Representative: Yes. I am [indiscernible] from International Trade Affairs Office. So the question was the US-EU and GSSA or Global Sustainable Steel Agreement. And if there is an agreement, EU CBAM and also Section 23, how will they be affected? That’s the question, I guess. Well, If you look at the media reports, I think that it was last Friday, the executive council and also President Biden also had a summit meeting. And in that meeting, they had a conversation about GSSA. And we expected that there was going to be a conclusive agreement from that meeting. However, if you look at the joint statement that was produced, you can see that although there has been extensive progress, there needs to be additional discussion.
So they’re going to take two months’ time in order to make some more discussion and sometime next year, early next year, they’re going to announce the conclusion. So October onwards, the 25 tariffs on the sale is going to stay as is. So EU and the US, if they agree on the GSSA, then I think that POSCO and other Korean steelmakers, if they are to export to the U.S., then I think that the export tariffs projection is that depending on the GSSA agreement between the EU and U.S., I think that our tariff is going to be decided as well. And GSSA and also EU CBAM, I think that the individual companies will be significantly affected and so from going onwards we are going to try to get information also, have a common front together with other peer companies.
