A new supply is expected to weigh on the market next year
Lithium prices rebounded this week for the first time in five months after tumbling from record highs, but new supply of the key mineral for electric vehicle batteries coming on stream is likely to weigh on the market next year.
Battery-grade lithium carbonate prices in China rose 10.6% from a week earlier to 182,500 yuan a tonne, the first weekly increase since November 2022, data by Fastmarkets on Refinitiv Eikon showed. The price had surged 10-fold in less than two years to 605,000 yuan a tonne by November as supply failed to keep up with soaring demand due to robust EV sales.
“Demand was showing softness early in the year, but we’re still expecting a relatively tight market for the year on average and that’s because of much stronger demand from EV sales later in the year,” said Martin Jackson, head of battery raw materials at consultancy CRU.The biggest EV market China has been volatile, with new sales of new energy cars slipping 6.3% in January, partly due to the end of EV subsidies, after 90% growth in 2022.
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