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| Author | InfoLink |
| Updated | September 02, 2026 |
Lithium ore and lithium salt
Over the past week, prices for spodumene concentrate and battery-grade lithium carbonate have slightly rebounded. Details are as follows:
- Battery-grade lithium carbonate (spot)
Price range: RMB 149,000–155,000/MT
Average price: RMB 152,000/MT
Up 1.7% WoW - Spodumene concentrate (SC6, CIF)
Price range: USD 2,140–2,240/MT
Average price: USD 2,190/MT
Up 2.8% WoW
This week, lithium salt prices remain volatile at elevated levels, continuing to be supported by tight spot availability, a strengthening basis, and continued downstream procurement on an as-needed basis. Midweek futures declines prompted downstream restocking, with some transactions near RMB 150,000/MT. After the rebound, willingness to accept higher prices remains limited. This suggests that the current price recovery reflects the market’s repricing of near-term supply-demand tightness and inventory drawdown more than a broad-based expansion in demand.
On the supply side, uncertainty has resurfaced over the resumption of production at the Jianxiawo mine, while the pace of additional lithium supply from mines in Jiangxi still warrants close monitoring. On August 26, the Yichun Municipal Ecology and Environment Bureau withdrew its proposed acceptance public notice for the environmental impact report of the Jianxiawo lithium mining project. A new notice will be issued once the application meets regulatory requirements, meaning the project’s production resumption will be pushed back further from earlier optimistic expectations.
Outside China, Zimbabwean lithium concentrate arrivals and resumed production at some manufacturers should support the recovery in lithium carbonate output from September. However, uncertainty over Zimbabwe’s export policy poses a potential risk to mine supply in Q4. On the lithium salt side, lithium carbonate inventories have declined since August. While increased spodumene supply in September may ease supply constraints, peak-season production schedules are expected to sustain demand.
Overall, lithium carbonate remains caught between strong near-term fundamentals and weak expectations. Inventory drawdowns and a firmer basis are supporting the price floor. However, weaker longer-term demand expectations, elevated cell inventories, and a potential supply recovery should limit significant upside. Prices are expected to remain range-bound in the near term, with periods of strength possible if supply disruptions in Jiangxi, Zimbabwe, and elsewhere continue to materialize. Nevertheless, a sustained one-way rally would still require a further improvement in demand expectations.
Energy storage cells in China
Over the past week, prices for China’s LFP energy storage cells have remained largely stable with a slight recovery. Prices are as follows:
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100 Ah: RMB 0.400–0.480/Wh, averaging RMB 0.440/Wh (flat WoW)
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280 Ah: RMB 0.340–0.390/Wh, averaging RMB 0.365/Wh (up 0.7% WoW)
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314 Ah: RMB 0.340–0.390/Wh, averaging RMB 0.365/Wh (up 0.7% WoW)
Lithium carbonate prices remain relatively firm this week, providing stronger cost support for cells than previously and slightly lifting transaction prices for mainstream utility-scale energy storage cells, including 280 Ah and 314 Ah. In contrast, 100 Ah cell prices have remained stable amid residential storage channel inventories and long-term demand expectations, with insufficient momentum for a comparable price increase.
In terms of cost pass-through, cell prices have remained relatively stable, with only moderate fluctuations. On the one hand, elevated and volatile lithium salt prices have reduced cell manufacturers’ willingness to sell at low prices. Meanwhile, firm prices for copper and other non-ferrous metals, as well as some key components, have also supported the costs of auxiliary materials and conductive components. On the other hand, the consumption tax on lithium-ion batteries took effect in September. Some manufacturers have since issued price adjustment notices to pass an increasing share of the additional tax burden to customers, providing some support for prices for new and certain undelivered orders. Utility-scale energy storage orders remain in a period of concentrated deliveries, keeping mainstream cell supply and demand relatively tight through year-end. Looking further ahead, cell capacity is expected to remain ample, and major customers’ bargaining power remains in place, requiring manufacturers to balance passing on costs, securing orders, and maintaining customer relationships. In the short term, energy storage cell prices are expected to remain stable with a slight upward bias. However, sustained, significant price increases for mainstream cell formats remain unlikely.
Energy storage system (ESS) in China
For the past week, transaction prices for electrochemical ESS in China have remained stable. Prices are as follows:
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DC-side liquid-cooled containerized ESS (2h): RMB 0.45–0.53/Wh, averaging RMB 0.49/Wh (flat WoW)
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AC-side liquid-cooled containerized ESS (1h): RMB 0.81-0.87/Wh, averaging RMB 0.84/Wh (flat)
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AC-side liquid-cooled containerized ESS (2h): RMB 0.52-0.63/Wh, averaging RMB 0.58/Wh (flat)
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AC-side liquid-cooled containerized ESS (4h): RMB 0.50-0.55/Wh, averaging RMB 0.53/Wh (flat)
Although mainstream cell prices have seen a modest recovery, system prices have yet to rise in tandem, as they remain primarily constrained by multiple factors, including power conversion system (PCS), transformers, energy management system (EMS), battery management system (BMS), thermal management, fire protection, grid-connection commissioning, warranties, and delivery responsibilities. System prices remain low and stable. Integrators must manage fluctuations in cell and component costs while meeting project owners’ requirements for equipment unit prices and lifecycle costs. Future project quotes will place greater demands on complete configurations, clearly defined delivery scopes, and execution capability.
Recent system tenders and awards indicate stable, low prices alongside rising delivery requirements. In late August, China Datang launched a 5 GWh framework tender for LFP ESS for 2026–2027, covering 0.5C and 0.25C systems in both grid-following and grid-forming configurations. The tender suggests that, beyond standard energy storage procurement, major power generators are beginning to more explicitly allocate a share of procurement to grid-forming capabilities. During the same period, the winning bid for Guangxi Guiguan’s 50 MW/100 MWh energy storage equipment project in Laizhou, Shandong, was approximately RMB 0.581/Wh. Shortlisted bids for the Botou Zhihe 100 MW/400 MWh standalone ESS equipment ranged from RMB 0.58–0.59/Wh, indicating continued low-price competition across standard and hybrid technology pathways. System integrators will compete not only on equipment unit prices but also on meeting full-scope requirements covering battery containers, PCS, transformer substations, BMS, EMS, thermal management, fire protection, grid-connection compatibility, delivery schedule, and warranty services. As grid-forming and sodium-ion technology pathways are increasingly included in tender documents, differences in system design and multi-technology integration capabilities will become more pronounced.
Additionally, discussions of stricter approval requirements for lithium-ion battery capacity intensified noticeably in late August. However, it is still necessary to distinguish market rumors from officially confirmed policies. On August 24, market reports indicated that approvals for new lithium-ion battery capacity may tighten in H2. Nevertheless, no formal public policy has been issued, so this should not be viewed as a broad suspension of capacity expansion.
What is clear is that Chinese regulators have taken a series of measures since the beginning of the year to regulate competition in the power and energy storage battery industry. On January 7, four authorities—the Ministry of Industry and Information Technology, National Development and Reform Commission, State Administration for Market Regulation, and National Energy Administration—held an industry conference calling for improved capacity management, monitoring, and tiered early-warning mechanisms. On April 9, they held another conference and urged companies to advance capacity early-warning and regulation, regulate price competition, shorten supplier payment terms, and improve product quality supervision.
For energy storage prices, this suggests that cell capacity expansion is shifting from a simple race for scale toward a broader screening process based on effective capacity, order absorption, product quality, and price discipline. In the short term, firm lithium salt prices, consumption tax pass-through, and concentrated utility-scale energy storage deliveries will support cell prices. Over the medium term, existing and planned capacity will still constrain substantial, sustained price increases. Key factors will be whether capacity management can curb irrational low-price competition and payment-term pressure, allowing cell and ESS prices to return to a more sustainable competitive range.