Supply Chain Price and Cost Forecast Report — Now includes:
Price forecast for ⦁ 306 Ah cell in international markets ⦁ 4-hour liquid-cooled DC container ｜Request Sample 👇
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| Author | InfoLink |
| Updated | October 20, 2025 |
Lithium ore and lithium salt
In recent weeks, both lithium supply and demand have increased, signaling a market recovery. Inventory drawdowns and stable downstream demand have supported a moderate rebound in lithium salts and spodumene concentrate prices.
Updates as of October 20:
- Spodumene concentrate (SC6, CIF):
Price range: USD 845-865/MT
Average price: USD 855/MT - Battery-grade lithium carbonate (spot):
Price range: RMB 74,000–75,000/MT
Average price: RMB 74,000/MT
Both spot and average price are slightly higher than in late September.
From October 13 to 17, over 12,000 MT of lithium carbonate futures warehouse warrants were cancelled MoM on the Guangzhou Futures Exchange, indicating a significant acceleration in Chinese domestic inventory drawdown and stronger downstream spot procurement activity.
Downstream cathode material production continues to rise MoM, with sustained demand from both the energy storage and EV sectors expected to persist into November. Prior to the resumption of key projects such as Jianxiawo, robust procurement activity is providing tangible support to prices. In the near term, lithium carbonate prices are expected to remain firm.
Energy storage cells in China
Recent price quotes for energy storage cells have remained high.
According to the latest data, prices for LFP prismatic cells are as follows:
- 100 Ah: RMB 0.340–0.410/Wh, averaging RMB 0.375/Wh.
- 280 Ah: RMB 0.260–0.335/Wh, averaging RMB 0.298/Wh.
- 314 Ah: RMB 0.260–0.340/Wh, averaging RMB 0.300/Wh.
- Price quotes for 280 Ah cells have remained flat MoM, while the prevailing transaction levels for 100 Ah and 314 Ah cells have moved slightly higher.
Recently, Chinese demand for energy storage cells remains strong, with leading manufacturers maintaining high production levels, expected to continue through January and February 2026. Transaction prices have stabilized at elevated levels.
Since October 2025, rising prices for upstream materials such as electrolytes and some petroleum coke products have provided additional cost support for cell makers.
In China, grid connections are concentrated in Q4, with an increase in storage ratios at bases across Northwest and North China.
In non-China markets, while policy uncertainty in the U.S. has risen over the past month, energy storage orders in Europe remain robust. Project development in Australia and the Middle East continues at a steady pace, and competition for cell supply is likely to persist through the end of 2025.
Energy storage system (ESS) in China
ESS prices have remained steady recently. Prices are as follows, based on the latest data:
- DC-side liquid-cooled containerized ESS (2h): RMB 0.37-0.45/Wh, averaging RMB 0.41/Wh.
- AC-side liquid-cooled containerized ESS (1h): RMB 0.74–0.79/Wh, averaging RMB 0.77/Wh.
- AC-side liquid-cooled containerized ESS (2h): RMB 0.42–0.54/Wh, averaging RMB 0.48/Wh.
- AC-side liquid-cooled containerized ESS (4h): RMB 0.40-0.50/Wh, averaging RMB 0.45/Wh.
Rising cell prices have prompted some companies to raise DC-side quotes. However, AC-side bidding prices remain constrained by project schedules and competitive intensity, showing limited upward movement. Recently, grid-forming storage projects have maintained an average premium of RMB 0.10-0.15/Wh over grid-following systems.
In October, China’s National Development and Reform Commission (NDRC) issued the Measures for the Administration of Energy Saving and Carbon Reduction Investment Projects within the Central Budget.
The Measures advance energy conservation and carbon reduction across key industries. In addition to existing sectors such as power, steel, non-ferrous metals, and industrial parks, it designates computing infrastructure as a new focus area, targeting the high energy consumption of AIDCs and driving rigid configurations and large-scale demand for “mid- to long-duration, high-reliability” energy storage on the data-center side.
It also promotes demonstration projects for low-, zero-, and negative-carbon development, emphasizing flagship initiatives such as zero-carbon industrial parks and transport corridors to accelerate broader adoption.
As industrial parks move toward higher shares of green power, energy storage will remain essential for output smoothing, peak shaving, backup, and energy management, catalyzing capacity growth at the park level and accelerating commercial model formation. The Measures are expected to strengthen the certainty of energy storage demand.
