Sumary of Lithium Price Surpasses 200,000 Yuan Milestone as EV Sales Reach New Heights:
- As of Thursday, the spot price of battery-grade lithium carbonate was up nearly 360% year-on-year at 200,013 yuan per ton, metal research institute Shanghai Metals Market data shows.
- On the first day this year for which the institute gives a price, Jan.
- Before this year, the record lithium carbonate price was set in 2017 at 168,000 yuan per ton, which was surpassed on Sept.
- October saw a new monthly high with over 383,000 EVs sold, an increase of 135% year-on-year and 7.2% month-on-month, the latest data from the China Association of Automobile Manufacturers shows.
- Skyrocketing lithium prices aren’t likely to stabilize unless the EV industry begins to mass-produce alternative battery technologies or major battery recycling programs are put in place, Li Liangbin, chairman of China’s largest lithium miner, Ganfeng Lithium Co. Ltd. (002460.SZ), told Caixin in a recent interview.
- An unnamed lithium trader agreed, saying that major buyers aren’t being put off by the surging prices.
- The trend is likely to moderate in 2022 as 403,300 tons of lithium production capacity is on track to be added to total global capacity, Tianfeng Securities Co. Ltd. wrote in a research note.
- Meanwhile, major players in the new-energy sector are scrambling to secure their access to the crucial metal.