SYDNEY — Shares in Australia’s lithium producers surged on Wednesday following reports battery giant CATL is suspending operations at a major mine in China, potentially buoying prices for the metal which have long been pressured by oversupply.

Pilbara Minerals stock, which has dropped 32% since the beginning of the year, ended the day 13% higher, while Mineral Resources, down 50% year-to-date, rose almost 16%. Liontown, which began production this year, was up 13%.