Automobile

A pause to the rally? Lithium prices top out as China’s EV sales hit a slow lane

By Eduardo Saverin

A worker checks bags containing lithium carbonate powder suitable for batteries to be shipped internationally in Antofagasta, Chile on October 25, 2022.

Synopsis

The spot price of lithium carbonate rocketed up for almost two years to a record high of around 600,000 yuan (USD85,530) per ton in November as demand outpaced supply, creating unprecedented profits for miners. But now as the demand dips, leading analysts and industry insiders predict a supply glut and plunging prices of the metal this year.

Lu Yutong and Guo Yingzhe Companies along China’s electric vehicle (EV) supply chain, from miners to battery-makers and car companies, have been riding high on an EV buying spree. And the price of lithium, a key raw material in most electric car batteries, has soared in tandem, drawing billions in capital from a diverse group of investors. But the wave of demand downstream is breaking, leading analysts and industry insiders to predict a supply

BY

Caixin Global

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Eduardo Saverin