| Category | |
|---|---|
| Author | Nathon Lee |
| Updated | May 06, 2025 |
Lithium price
Lithium carbonate and SC6 prices kept dropping in April.
Spot prices for battery-grade lithium carbonate stood at RMB 67,000-70,000/MT as of April 30, averaging RMB 68,000/MT at the month’s end, down 7.8% MoM. CIF prices for Chinese lithium spodumene concentrate (SC6) sat at USD 771-781/MT, averaging USD 776/MT, down 7.0% MoM.
Battery-grade lithium carbonate prices sharply plunged in April, with the most actively traded futures contract shifting to the LC2507 contract, which fell to RMB 66,000/MT. The market was largely bearish due to various macro factors, including U.S. tariffs. For imported lithium spodumene, China's traders continued to back-calculate offers based on lithium carbonate spot prices, with both dropping at a similar pace. Although lithium carbonate production slipped in April, supply-demand imbalances persist. While downstream cathode material manufacturers maintained high utilization rates, growth has slowed, resulting in limited overall demand growth. China’s lithium carbonate market continues to see inventory pileups in April and May. High stock levels have weighed on prices, and sporadic pre-holiday restocking only offered temporary price support, failing to reverse the overall downward trend.
Looking ahead to May, some lithium salt producers have begun routine annual maintenance scheduled from April to June, and cost pressures have also led to voluntary production cuts. As a result, lithium carbonate output may decline further. On the demand side, inventory depletion will still take time. In the short term, fundamentals are unlikely to recover. Lithium carbonate prices will remain low, fluctuating around RMB 63,000-70,000/MT.
Energy-storage cell price
Prices for LFP cells in China fell in April.
Prices for LFP cells in China slipped in April. As of April 30, the after-tax price range for 280Ah LFP cells was RMB 0.24-0.33/Wh, with an average price of RMB 0.285/Wh, down 3.4% MoM. The prices for 314Ah LFP cells came in at RMB 0.24-0.34/Wh, with an average price of RMB 0.290/Wh, down 1.7% MoM. The after-tax price range for 100Ah LFP cells stayed the same at RMB 0.31-0.37/Wh, with an average price of RMB 0.340/Wh.
Average prices slipped in April, with mainstream trading prices moving lower in late April. Leading manufacturers kept higher prices, while Tier-2,3 makers lowered quotes to below RMB 0.26/Wh.
Prices for 100Ah cells stayed stable. Prices are supported by rising residential demand in Q2. 314Ah cells have become the mainstream for utility-scale and C&I projects. Cell manufacturers have maintained high utilization rates since March, easing the supply shortage for some producers.
As the May 31 installation rush started to subside in mid-late April and U.S. tariffs have disrupted exports of Chinese products to the U.S., some cell manufacturers lowered prices to win orders from Chinese integrators. 280Ah cell prices also dropped slightly due to inventory sell-offs.
Lithium carbonate prices declined in April, along with prices for key battery materials like LFP and electrolyte. Upstream raw material supply for graphite anodes also eased compared to March. As a result, overall cell production costs fell, weakening price support. With cell price3 quotes from Tier-2,3 manufacturers now near cost, prices are expected to stay low in May.
In the short term, the end of mandatory storage allocation in China’s policy has reduced demand from low-return projects that were planned but not yet implemented. Along with export disruptions caused by tariffs, Chinese energy storage supply chain faces further price pressure and shrinking profit margins. In the longer term, pricing is shifting from policy-driven to value-driven, speeding up and reshaping the competitive landscape across segments of the industry.