Mineral Resources Ltd (ASX: MIN) shares are sliding today.
Shares in the S&P/ASX 200 Index (ASX: XJO) lithium miner and diversified resources producer closed yesterday trading for $55.65. In afternoon trade on Thursday, shares are swapping hands for $54.53 apiece, down 2.0%.
For some context, the ASX 200 is down 0.2% at this same time.
Last week, on 27 January, Mineral Resources shares hit one-year-plus highs, closing the day trading for $63.98.
Not coincidentally, that high-water mark coincided with lithium carbonate prices notching their own two-year highs.
However, amid concerns that Chinese lithium demand may not be as robust as assumed, lithium prices have slumped 15% since 26 January. Though it's worth noting that lithium carbonate prices are still above the levels we saw throughout 2024 and 2025.
As you'd expect, this recent sharp retrace in lithium prices has thrown up headwinds for most every ASX lithium stock. Indeed, Mineral Resources shares are down 14.7% since 27 January.
Despite that slide, though, shares in the ASX 200 mining stock remain up 278.7% since plumbing a multi-year closing low on 9 April.
Which brings us back to our headline question.
Image source: Getty Images
Should you buy Mineral Resources shares today?
Morgans' Damien Nguyen recently ran his slide rule over the ASX 200 mining stock (courtesy of The Bull).
"MIN is a diversified resources company in Western Australia. It has extensive operations in lithium, iron ore, energy and mining services," he said.
"Mineral Resources enters 2026 with improved stability after a volatile period, supported by progress at Onslow Iron.," Nguyen added.
Commenting on the company's December quarter update, he noted:
On January 29, 2026, the company upgraded lithium volume guidance and maintained cost guidance at both operations. It reduced net debt to about $4.9 billion as at December 31, 2025.
Explaining his current hold recommendation on Mineral Resources shares, Nguyen concluded:
We remain confident management can successfully execute its strategy and expect strong earnings growth in the current commodity price environment. The shares have risen from $14.40 on April 9, 2025 to trade at $61.18 on January 29, 2026.
At this point, we believe the stock is fully valued.
What's the latest from the ASX 200 lithium stock?
Mineral Resources shares closed down 3.9% on 29 January, with the release of the miner's solid December quarter update unable to outweigh negative market sentiment from the sinking lithium price on the day.
As Nguyen mentioned above, the company upgraded its FY 2026 lithium volume guidance at its Wodgina project to the range of 260,000 dry metric tonnes (dmt) to 280,000 dmt SC6, up from the prior 220,000 dmt to 240,000 dmt.
Mineral Resources also upgraded FY 2026 lithium volume guidance at Mt Marion to 190,000 dmt to 210,000 dmt, up from previous guidance of 160,000 dmt to 180,000 dmt.
