📈 Surge and Slump: Lithium Prices from 2020 to 2024
Lithium metal prices (99% purity, battery-grade) saw significant volatility from 2020 to 2024:
2020: From an average of 103,000 CNY/MT in 2019, prices slightly declined to 75,000 CNY/MT, influenced by global economic uncertainties and temporary dips in EV production due to external factors like the early stages of the COVID-19 pandemic.
2021: A rebound was observed with prices climbing back to 111,000 CNY/MT, driven by increased demand from the EV sector and battery storage initiatives.
2022: The price of lithium saw a significant surge, peaking at 490,000 CNY/MT in April, with an annual average of 417,000 CNY/MT. This spike was due to a combination of factors including heightened EV sales, supply chain bottlenecks, and geopolitical tensions affecting supply.
2023 - 2024: After reaching its zenith, lithium prices began to decline, reflecting market corrections, increased supply from new mining operations, and a slowdown in EV market growth rate. By September 2024, prices had settled at around 104,000 CNY/MT, indicating a stabilization after a period of intense fluctuation.