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 | November 06, 2025 |
Lithium ore and lithium salt
In recent weeks, both lithium supply and demand have increased, signaling a market recovery. A sharp decline in futures warehouse warrants has led to expectations of tighter spot supply, driving prices upward.
By late October, spot prices of lithium carbonate had peaked at RMB 81,000/MT. In early November, prices briefly softened amid reports that tax negotiations for lepidolite projects in Jiangxi had been settled, paving the way for potential production resumption. As of November 6, spodumene concentrate (SC6) was quoted at USD 910-930/MT CIF, with an average price of USD 920/MT. Battery-grade lithium carbonate spot prices stood at RMB 79,000-82,000/MT, averaging around RMB 80,000/MT, reflecting an overall uptick from late October.
In November, end-market demand is expected to edge up slightly MoM. Uncertainty over the resumption of Jiangxi’s lepidolite projects suggests output will remain steady, with inventories continuing to decline in the short term. After the recent retreat, lithium prices are likely to stabilize within a narrow range.
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 0.260-0.340/Wh, averaging RMB 0.300/Wh.
- 314 Ah: RMB 0.260–0.340/Wh, averaging RMB 0.300/Wh.
Over the past two weeks, prices for 280 Ah and 314 Ah cells have held near the upper end of the range. Since Q4, robust orders from non-China markets have continued to underpin strong demand for system integrators. Raw material costs for cells rose significantly, with lithium carbonate and cathode material prices rebounding. Capacity shakeout and stronger demand have pushed lithium hexafluorophosphate (LiPF₆) and electrolyte into a relatively tight supply stage, leading to significantly higher unit costs.
As November begins, some manufacturers have raised their quotes, and transaction levels may continue to edge up in the short term.
Energy storage system (ESS) in China
As the year-end approaches, the number and scale of Chinese ESS tenders have temporarily declined, while winning bid prices have remained stable. Prices are as follows, based on the latest data:
- DC-side liquid-cooled containerized ESS (2h): RMB 0.37-0.46/Wh, averaging RMB 0.42/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 0.43-0.56/Wh, averaging RMB 0.50/Wh.
- AC-side liquid-cooled containerized ESS (4h): RMB 0.41-0.50/Wh, averaging RMB 0.46/Wh.
Rising cell costs 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.
On November 5, the 8th China International Import Expo opened in Shanghai. At the sub-forum on “High-quality Development of New Types of Energy Storage Accelerates Global Energy Transition,” China’s National Energy Administration (NEA) stated that during the 15th Five-Year Plan, new-type energy storage will serve as the main source of incremental flexible regulation for the power system. The NEA also highlighted efforts to enhance planning coordination, refine market mechanisms, advance source-storage integration and intelligent dispatch, strengthen technological innovation, and deepen international cooperation.
For the industry, this will bring greater predictability to energy storage installation and grid connection. Projects will secure steadier cash flows through diversified revenue streams such as energy and ancillary services, while system utilization and economics will improve with optimized dispatch. Rising technical and quality standards will favor companies with advanced safety, efficiency, longevity, and integration capabilities, guiding the industry’s shift from rapid expansion to high-quality growth.
