📈 Surge and Slump: Lithium Prices from 2020 to 2025
Battery-grade lithium metal prices (99% purity) experienced dramatic swings from 2020 to 2025:
2020: Prices dipped to an average of 75,000 CNY/MT from 103,000 CNY/MT in 2019, as early COVID-19 disruptions and weaker EV output weighed on demand.
2021: A rebound took hold, with prices rising to 111,000 CNY/MT amid renewed growth in electric vehicle (EV) production and battery storage deployment.
2022: Prices surged to a record high of 490,000 CNY/MT in April, averaging 417,000 CNY/MT for the year. The spike was fueled by soaring EV demand, supply chain constraints, and geopolitical uncertainties.
2023–2025: A sharp correction followed. Increased global supply—especially from new mining operations—along with a deceleration in EV sales growth led to falling prices. By May 2025, lithium dropped to 82,000 CNY/MT, below the 2015–2019 average of 105,000 CNY/MT.