Lithium prices have turned into one of the red flags in the energy transition as they have climbed inexorably for more than a year, with many expecting the supply of the battery metal to experience a further squeeze in the future.
Lithium prices have skyrocketed by 1,200 percent over the past year.EV maker BYD says prices could fall next year as new mines come online.
The price surge has come at a time when EV makers are struggling with higher prices for their other raw materials as well, on top of the continued pandemic-related supply chain problems that continue to plague global industriesEventually, the raw material cost inflation led to the first increase in lithium batteries since 2010, BloombergNEFearlier this week. The transition research division of Bloomberg said batteries had become 7 percent more expensive since last year, reaching $151 per kWh.
The bank said it expected demand for the battery metal to rise to 1.3 million tons of lithium carbonate equivalent by 2025, but supply will expand to 1.7 million tons of lithium carbonate equivalent during the same period.of Canadian Sigma Lithium, which it plans to have in production by April 2023. By the following year, the mine should be producing 100,000 tons of lithium carbonate equivalent annually.
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