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Benchmark Mineral Intelligence reported that China's lithium prices hit a record high
on Wednesday.
At a time when the electric vehicle market is in high demand, battery manufacturers are scrambling to secure supply
.
China's battery-grade lithium carbonate prices rose 1.
7% over the past week to an all-time high of $74,475 a tonne, more than
doubling so far in 2022, according to battery supply chain research and pricing.
The price of lithium hydroxide, which is used in high-nickel batteries, is up nearly 150 percent this year, trading at $
73,925 a tonne this week, according to the Benchmark lithium Price Assessment.
Benchmark pointed out that lithium prices have been on the rise for 24 consecutive months as the electric vehicle market continues to expand, and global electric vehicle sales reached 1 million units
for the first time in September.
Benchmark analyst Daisy Jennings-Gray said rising prices in China's spot market will affect long-term contracts
between automakers and lithium producers.
"When it comes to long-term pricing contracts, there are still some areas that need to catch up
.
The current performance of the spot market may not necessarily be the price that most downstream products digest, but given the restructuring of the pricing mechanism in lithium supply contracts last year, most consumers will quickly digest prices, which puts further pressure on automakers and increases the cost difficulty
of meeting their electrification goals.
”
Benchmark Mineral Intelligence reported that China's lithium prices hit a record high
on Wednesday.
At a time when the electric vehicle market is in high demand, battery manufacturers are scrambling to secure supply
.
China's battery-grade lithium carbonate prices rose 1.
7% over the past week to an all-time high of $74,475 a tonne, more than
doubling so far in 2022, according to battery supply chain research and pricing.
The price of lithium hydroxide, which is used in high-nickel batteries, is up nearly 150 percent this year, trading at $
73,925 a tonne this week, according to the Benchmark lithium Price Assessment.
Benchmark pointed out that lithium prices have been on the rise for 24 consecutive months as the electric vehicle market continues to expand, and global electric vehicle sales reached 1 million units
for the first time in September.
Benchmark analyst Daisy Jennings-Gray said rising prices in China's spot market will affect long-term contracts
between automakers and lithium producers.
"When it comes to long-term pricing contracts, there are still some areas that need to catch up
.
The current performance of the spot market may not necessarily be the price that most downstream products digest, but given the restructuring of the pricing mechanism in lithium supply contracts last year, most consumers will quickly digest prices, which puts further pressure on automakers and increases the cost difficulty
of meeting their electrification goals.
”
