January 8, 2024
Lithium prices were relatively stable from 2010-2015 ranging between $5,000 and $7000 USD/metric ton (mt). There was a notable increase starting in 2016 and reached $15,000 in 2017. The price retreated for a few years due to the pandemic before jumping to over $35,000 in 2022. This surge in price can be attributed to the growing demand for lithium-ion batteries, driven by the increasing popularity of electric vehicles and energy storage systems. In 2023, the price of lithium per metric ton (mt)continued to rise, reaching over $40,000. This upward trend in price reflects the limited supply of lithium compared to its increasing demand. Factors such as resource availability, production capacity, and market dynamics can influence the price of lithium. Like most raw materials, lithium prices are forecast to increase as demand for the material outpaces available supply.
Source: US. Geological Survey
Source: Shanghai Metals Market
Source: Benchmark Minerals Intelligence