Following Hyundai’s first raw material supply deal earlier this month with Chengxin Lithium, Hyundai has expanded its lithium sourcing with another Chinese company Ganfeng Lithium. Ganfeng Lithium is the third largest producer of lithium salts depending on the realized combined output of newly formed Arcadium Lithium, after Australia’s Albemarle and Chile’s SQM. Hyundai has been relatively slow to secure bespoke deals for raw material supply, but the timing likely couldn’t be better considering the significant fall in lithium prices which has occurred over the last year. 4-year agreements at current prices will help to insulate Hyundai from significant fluctuations in price since the terms are likely to be more favorable than agreements struck while prices were high, when supply looked…