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rebound","ev-battery-prices-rise-for-first-time-this-year-as-chinas-lithium-prices-rebound","article/ev-battery-prices-rise-for-first-time-this-year-as-chinas-lithium-prices-rebound",{"_uid":547,"date":548,"tags":549,"editor":550,"content":560,"excerpt":671,"featured":51,"reporter":672,"_editable":676,"component":677,"seo_title":543,"categories":678,"visibility":685,"author_company":49,"featured_image":686,"seo_description":671,"author_full_name":49,"author_job_title":49,"formattedDate":690,"formattedArticleDate":691},"0fe9124c-c6e6-43a9-881a-e3695b752475","2023-06-14 00:00",[],[551],{"slug":552,"name":553,"content":554},"didi-bostock","Didi Bostock",{"job_title":555,"image":556,"bio":558,"linkedin":559},"Editor - Energy Transition & Economics",{"filename":557},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":561,"content":562},"doc",[563,570,585,598,603,608,613,618,627,634,639,644,649,661,666],{"type":564,"attrs":565,"content":566},"paragraph",{"textAlign":49},[567],{"text":568,"type":569},"Lithium ion battery prices rose in May for the first time this year, according to Benchmark, as Chinese lithium carbonate prices surged by 50%, driven by a recovery in the country’s electric vehicle market. ","text",{"type":564,"attrs":571,"content":572},{"textAlign":49},[573,575,583],{"text":574,"type":569},"The ",{"text":576,"type":569,"marks":577},"Benchmark Global Weighted Average Cell Price",[578],{"type":579,"attrs":580},"link",{"href":581,"uuid":49,"anchor":49,"target":49,"linktype":582},"https://www.benchmarkminerals.com/price-assessments/lithium-ion-batteries/portal/","url",{"text":584,"type":569}," increased to $110.7 a kilowatt hour (kWh), according to Benchmark Lithium Ion Battery Cell Price Assessment.",{"type":564,"attrs":586,"content":587},{"textAlign":49},[588,590,596],{"text":589,"type":569},"The increase in Chinese lithium carbonate and hydroxide ",{"text":591,"type":569,"marks":592},"prices",[593],{"type":579,"attrs":594},{"href":595,"uuid":49,"anchor":49,"target":49,"linktype":582},"https://www.benchmarkminerals.com/price-assessments/lithium/portal/",{"text":597,"type":569}," over the past month is outweighing any benefit from declining cobalt and nickel prices this year, as lithium makes up around a third of the cost of producing lithium ion battery cells. ",{"type":564,"attrs":599,"content":600},{"textAlign":49},[601],{"text":602,"type":569},"Average prices for nickel cobalt manganese (NCM) cells rose by 3.7%, from a month earlier, to $112.7/kWh, the first average NCM cell price increase this year. ",{"type":564,"attrs":604,"content":605},{"textAlign":49},[606],{"text":607,"type":569},"The lithium cost pressure was particularly felt in lithium iron phosphate (LFP) cell chemistries. Battery grade lithium carbonate prices in China rose by 55.6% in May, according to Benchmark. ",{"type":564,"attrs":609,"content":610},{"textAlign":49},[611],{"text":612,"type":569},"As a result average prices for lithium iron phosphate (LFP) cells rose by 11.2% to an average of $98.5/kWh. ",{"type":564,"attrs":614,"content":615},{"textAlign":49},[616],{"text":617,"type":569},"“This increase has largely been driven by the Chinese domestic market, with both lithium hydroxide and battery grade lithium carbonate prices climbing from the lows seen in late April and early May,” said Evan Hartley, analyst with Benchmark.",{"type":564,"attrs":619,"content":620},{"textAlign":49},[621],{"type":622,"attrs":623},"image",{"id":49,"alt":624,"src":625,"title":49,"source":49,"copyright":49,"meta_data":626},"","https://a.storyblok.com/f/287943243085208/51817da617/bm-average-global-cell-prices-chart-vertical.png",{},{"type":628,"attrs":629,"content":631},"heading",{"level":630,"textAlign":49},4,[632],{"text":633,"type":569},"China’s EV demand ",{"type":564,"attrs":635,"content":636},{"textAlign":49},[637],{"text":638,"type":569},"China’s EV demand has recovered after a weak start to the year. EV production in China rose by 11.4% m-o-m in May and 53.0% y-o-y to reach 713,000 vehicles, boosting overall EV demand sentiment. ",{"type":564,"attrs":640,"content":641},{"textAlign":49},[642],{"text":643,"type":569},"Some cell producers are operating at near full utilisation rates so far in June due to particularly strong orders from end-market customers, according to Benchmark’s Lithium Price Assessment. ",{"type":564,"attrs":645,"content":646},{"textAlign":49},[647],{"text":648,"type":569},"“Despite some recent sluggishness in the electric vehicle production in China, demand for battery cells both domestically and on a global scale is robust,” Hartley said.",{"type":564,"attrs":650,"content":651},{"textAlign":49},[652,654,659],{"text":653,"type":569},"Spot prices for lithium hydroxide in China continued to rise at a steady rate in the week 7 June – 14 June, increasing by 2.0% w-o-w to reach an average of RMB 304,500/tonne ($42,625) (EXW China) as downstream demand gradually picked up and liquidity in China improved, according to ",{"text":655,"type":569,"marks":656},"Benchmark’s Lithium Price Assessment",[657],{"type":579,"attrs":658},{"href":595,"uuid":49,"anchor":49,"target":49,"linktype":582},{"text":660,"type":569},".",{"type":564,"attrs":662,"content":663},{"textAlign":49},[664],{"text":665,"type":569},"Still, the Benchmark Global Weighted Average Cell Price is still down 13.2% so far this year due to months of decline in prices for lithium, cobalt and nickel.",{"type":564,"attrs":667,"content":668},{"textAlign":49},[669],{"text":670,"type":569},"Last year prices rose to over $140/kWh as lithium prices touched record highs.","Lithium ion battery prices rose in May for the first time this year, according to Benchmark, as Chinese lithium carbonate prices surged by 50%, driven by a recovery in the country’s electric vehicle market. The Benchmark Global Weighted Average Cell Price increased to $110.7 a kilowatt hour (kWh), according to Benchmark Lithium Ion Battery Cell […]",[673],{"slug":552,"name":553,"content":674},{"job_title":555,"image":675,"bio":558,"linkedin":559},{"filename":557},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0fe9124c-c6e6-43a9-881a-e3695b752475\", \"id\": \"\"}-->","article",[679,682],{"slug":680,"name":681},"batteries","Batteries",{"slug":683,"name":684},"critical-minerals","Critical Minerals","private",{"id":49,"alt":624,"name":624,"focus":624,"title":624,"source":624,"filename":687,"copyright":624,"fieldtype":688,"meta_data":689,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/aadf241777/bm-batteries-11312bf43-1298518e4148.jpg","asset",{"alt":624,"title":624,"source":624,"copyright":624},"Jun 14, 2023","14th June 2023",[],[],1781107344848]