Lithium prices and stocks spiked on Monday after battery giant Contemporary Amperex Technology Co. Ltd. halted operations at a major mine in China, Bloomberg reports.

Tianqi Lithium Corp. jumped as much as 19% in Hong Kong, while Ganfeng Lithium Group Co. surged 21%, and Australian miners rallied, after CATL confirmed it had shut the mine in Jiangxi province. Prices of the battery metal on the Guangzhou Futures Exchange hit the daily limit and held firm throughout the day.

The mine will be closed for at least three months. It accounts for about 6% of global lithium production, while other mines in the region account for at least 5%.

Lithium producers are struggling with a global oversupply. It is being increased by obstacles to demand for electric vehicles, in particular, due to the cancellation of privileges in this sector by US President Donald Trump.

Lithium is a light metal that has high reactivity and is used in various industries, including medicine, electronics, and battery production.