The price of lithium surged 91.4% from Jan. 1 to July this year, the prices of cobalt, copper and aluminium jumped 63.1 %, 30.3 % and 25.5 % respectively which were all core materials used in battery systems.
Global pack prices fell 14 % this year to a record low of $ 139 per kilowatt-hour, according to BNEF. Lithium prices softened, components got cheaper, and massive new battery factories opened up. Demand for batteries grew an astonishing 53 % this year, but even that fell short of some manufacturers’ expectations, which pushed prices down further.
The London Metal Exchange three-month cobalt price fell 10.2% during the second quarter to $31,380 per metric ton as of June 30, from $34,930/t as of March 31, Market Intelligence data shows. The price remained 62.1% below the high of $82,865/t recorded on March 30, 2022, and increased a modest 6.3% from the May 31 price of $29,525/t.
surge across the battery metals. Lithium is the most prominent in this trend, where we expect supply growth to average just over 30% per year over 2022-25, reflecting the ramp-up of new projects in Australia, China and Chile in particular. While nickel still faces a battery-grade supply crunch over the rest of this year, we expect an increasing
Amid fierce EV demand for lithium-ion phosphate batteries, London-based, S&P Global-owned IHS has predicted a battery module price increase of 5% this year will drive up the overall cost of
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li ion battery price trend
