The world’s largest battery maker CATL said it was suspending operations at a lithium mine in China, sending shares of other producers soaring on speculation that Beijing is moving to tackle industrial overproduction.

After soaring to record highs in 2022, prices of lithium, which is critical to the world's transition to greener energy, have tumbled almost 90%, prompting producers around the world to scale back investment plans.

Chinese battery manufacturer Contemporary Amperex Technology Co., or CATL, reportedly suspended operations at one of the world's largest lithium mines.