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The fall in the price of lithium worsens by dropping almost 80%

Isbel Lázaro.

Published: November 27, 2023

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Inspenet, November 27, 2023.

In the last 12 months, a sharp drop has been observed in the price of lithium for batteries, mainly attributed to excess supply in Asian markets. This decline is directly related to the global slowdown in electric vehicle adoption, which has been notable due to elevated interest rates.

Since November 2022, the average price of battery-grade lithium carbonate in China has seen a significant reduction, from $84,500 per metric ton to $18,630, representing a decrease of approximately 78%.

According to Benchmark Mineral Intelligence projections, the global lithium market is anticipated to remain in surplus and will not return to a deficit state until 2028. The slowdown in electric vehicle expansion plans by manufacturers such as General Motors, Honda and LG Energy Solution, among others, has been mainly attributed to rising interest rates, which has generated a global oversupply in the supply of this metal used in batteries.

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BloombergNEF’s Allan Ray Restauro said: “With lithium supply set to grow further next year, we are likely to see prices fall further” and I add: “On the demand side, some regional differences in EV sales have been dragging down sentiment in the industry“.

SQM, the world’s second largest lithium producer, has linked the recent decline in lithium prices to excess inventory, particularly highlighting the situation in Asia.

This drop in prices is occurring in a context in which the effervescence around “green” energy is decreasing, evidenced by the withdrawal of projects by Orsted A/S, the main developer of offshore wind farms worldwide. globally, in the United States, as well as the reduction of solar energy stocks due to decreased demand.

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Source: https://www.zerohedge.com/commodities/lithium-crash-deepens-battery-metal-now-down-78-peak