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 | December 05, 2025 |
Lithium ore and lithium salt
Lithium carbonate prices have continued to fluctuate at elevated levels.
Updates as of December 5:
- Spodumene concentrate (SC6, CIF):
Price range: USD 1,090–1,110/MT
Average price: USD 1,100/MT
Up 1.4% MoM - Battery-grade lithium carbonate (spot):
Price range: RMB 90,000–92,000/MT
Average price: RMB 91,000/MT
Up 2.6% MoM
Current lithium carbonate prices remain elevated, placing notable cost pressure on downstream manufacturers. Buyers are prioritizing long-term contracts and price-locking arrangements, with limited interest in spot procurement.
On the supply side, Tibet Mineral Development stated on November 25 that Phase II of the Zabuye project had entered operation at the end of September and was expected to maintain continuous production this winter. Together with marginal improvements in lithium shipments from non-China markets, expectations for additional lithium carbonate supply have become increasingly clear.
On the demand side, weekly lithium carbonate destocking has slowed markedly since early December. With the peak season concluding, electric vehicle (EV) production is expected to decline ahead of the energy-storage segment.
Looking ahead, as the market enters the traditional off-season, the currently tight supply–demand balance is likely to ease, with prices expected to fluctuate on a mildly weaker trajectory.
Energy storage cells in China
Recent price quotes for energy storage cells remain high.
According to the latest data, prices for LFP prismatic cells remain flat from the last report, as shown below:
- 100 Ah: RMB 0.350-0.420/Wh, averaging RMB 0.385/Wh
- 280 Ah: RMB 0.270–0.350/Wh, averaging RMB 0.310/Wh
- 314 Ah: RMB 0.270–0.350/Wh, averaging RMB 0.310/Wh
Upstream cell materials have seen sharp price increases. In December 2025, major LFP producers announced processing-fee hikes effective January 2026. Hunan Yuneng will raise fees for all LFP products by RMB 3,000/MT (before tax), with Lopal Tech, Wanrun New Energy, and others following suit.
As a core material for LFP, lithium carbonate has a significant cast impact: an RMB 10,000/MT increase raises LFP cathode costs by roughly RMB 2,300–2,500/MT. Rising prices for sulfur and sulfuric acid have also pushed up costs for intermediates such as phosphoric acid, monoammonium phosphate (MAP), and ferrous products. Meanwhile, copper prices, driven by AI and renewable-energy demand, have hit record highs, further lifting slurry and electrode manufacturing costs.
These combined factors have lifted cell production costs to their highest levels since 2025, offering firm short-term support for pricing. Unless upstream prices ease or demand weakens, energy storage cell prices are expected to remain elevated and fluctuate within a high range.
Energy storage system (ESS) in China
Toward year-end, China’s ESS tenders have declined in number and scale due to project timing. With cell prices remaining high and several leading PCS suppliers implementing Q4 price increases, winning bid prices of ESS have seen a modest uptick.
Prices are as follows, based on the latest data:
- DC-side liquid-cooled containerized ESS (2h): RMB 0.38-0.48/Wh, averaging RMB 0.43/Wh.
- AC-side liquid-cooled containerized ESS (1h): RMB 0.74–0.81/Wh, averaging RMB 0.78/Wh.
- AC-side liquid-cooled containerized ESS (2h): RMB 0.44-0.56/Wh, averaging RMB 0.50/Wh.
- AC-side liquid-cooled containerized ESS (4h): RMB 0.42-0.50/Wh, averaging RMB 0.46/Wh
Bid prices on both the AC and DC sides have seen slight increases. Grid-forming storage projects have maintained an average premium of RMB 0.10-0.20/Wh over grid-following systems.
On November 28, China’s Ministry of Industry and Information Technology (MIIT) held a symposium with 12 major players across the power and energy storage battery industry, including CATL and BYD, spanning cells, vehicles, system integration, and key materials such as cathodes, anodes, and separators.
MIIT called for rectifying “involutionary” competition, strengthening capacity monitoring and warning mechanisms, guiding companies to plan capacity rationally and pursue orderly overseas expansion, and tightening oversight of production consistency and product quality, while strictly enforcing intellectual-property protection.
Overall, the meeting signaled a firm move to rein in disorderly capacity expansion and extreme low-price bidding for orders, implying a more defined price floor for energy storage cells and key materials.
In the short term, below-cost, volume-driven pricing strategies will face increasing constraints, narrowing the scope for further price reductions in cells, cathodes, separators, and related materials, and helping stabilize prices amid elevated cost pressures.
Over the medium term, competition is expected to shift from price to technology, quality, and system capability. As pricing aligns more closely with rational costs and sustainable margins, value-chain profitability should improve, supporting a transition toward higher-quality development in both power and energy storage battery industries.
