It is reported that the price of lithium has fallen by 75% this year and will continue to decline in the future.
CTOnews.com, Nov. 25 (Xinhua)-- the price of lithium compounds used to make traction batteries for electric vehicles and batteries for mobile devices has fallen by 75% since 2023, and lithium prices will fall further in the foreseeable future, according to Bloomberg.
When prices soared a few years ago, prices in 2023 were depressed by oversupply. Citing industry consultancy Benchmark Mineral Intelligence, CTOnews.com predicts that the global lithium market will not resume rising until 2028. Rising interest rates have also led to uncertainty in global demand for electric vehicles, and some carmakers are rethinking their strategies.
Allan Ray Restauro, analyst at BloombergNEF, said:
As lithium supply increases next year, we are likely to see prices fall further, and on the demand side, some regional differences in electric vehicle sales have been a drag on industry sentiment.
SQM, the world's second-largest lithium producer, warned investors last week that lithium prices would remain on a downward trend this year.
Albemarle Corp., the largest mining company, said earlier this month that some producers had begun to cut production as prices fell.
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