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Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":952,"relatedVideos":953},112470246287079,"2a16c44d-52e7-4d54-a4bc-a86c28a5f180","Lithium price decline casts shadow over long-term supply prospects – 2023 in review","lithium-price-decline-casts-shadow-over-long-term-supply-prospects-2023-in-review","article/lithium-price-decline-casts-shadow-over-long-term-supply-prospects-2023-in-review",{"_uid":547,"date":548,"tags":549,"editor":556,"content":566,"excerpt":930,"featured":51,"reporter":931,"_editable":935,"component":936,"seo_title":543,"categories":937,"visibility":943,"author_company":49,"data_vis_image":944,"featured_image":947,"seo_description":930,"author_full_name":49,"author_job_title":49,"formattedDate":950,"formattedArticleDate":951},"04b87adc-58cc-4f1f-a7ac-1269f83f582e","2023-12-22 00:00",[550,553],{"slug":551,"name":552},"data-visualisation","Data Visualisation",{"slug":554,"name":555},"lithium-prices","Lithium prices",[557],{"slug":558,"name":559,"content":560},"matthew-bird","Matthew Bird",{"job_title":561,"image":562,"bio":564,"linkedin":565},"Senior Editor - Supply Chains & Data Visualisation",{"filename":563},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":567,"content":568},"doc",[569,576,589,594,606,611,616,629,640,647,652,657,662,667,672,681,692,697,702,709,714,719,732,739,751,756,763,784,789,810,822,827,834,855,868,873,886,891,904,925],{"type":570,"attrs":571,"content":572},"paragraph",{"textAlign":49},[573],{"text":574,"type":575},"A major correction in prices from record highs defined the lithium market in 2023, as new capacities provided flexibility in raw material supplies and electric vehicle (EV) demand growth underperformed on expectations. ","text",{"type":570,"attrs":577,"content":578},{"textAlign":49},[579,587],{"text":580,"type":575,"marks":581},"Benchmark’s lithium carbonate prices",[582],{"type":583,"attrs":584},"link",{"href":585,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://www.benchmarkminerals.com/price-assessments/lithium/portal/","url",{"text":588,"type":575}," had surged to unprecedented levels, reaching $81,375 per tonne in China by December 2022, leading consumers across the supply chain to build inventories approaching the end of the year. ",{"type":570,"attrs":590,"content":591},{"textAlign":49},[592],{"text":593,"type":575},"This stock build up was compounded by a slowdown in the Chinese EV market moving into 2023, sparking an inevitable correction in prices which had reached unsustainable levels across much of the spot market. ",{"type":570,"attrs":595,"content":596},{"textAlign":49},[597,599,604],{"text":598,"type":575},"Incremental supply growth – most notably from spodumene operations in Africa and lepidolite in China – subsequently fueled a decline of more than 75% in ",{"text":600,"type":575,"marks":601},"Benchmark’s Lithium Price Index",[602],{"type":583,"attrs":603},{"href":585,"uuid":49,"anchor":49,"target":49,"linktype":586},{"text":605,"type":575}," over the course of the year. ",{"type":570,"attrs":607,"content":608},{"textAlign":49},[609],{"text":610,"type":575},"Much of this new incremental supply was, however, from lower grade sources of material, creating an increasingly steep cost curve. ",{"type":570,"attrs":612,"content":613},{"textAlign":49},[614],{"text":615,"type":575},"By the end of 2023, lower price levels – which were still up by 139% from when the price cycle began in 2020 – had already made swathes of this flexible capacity uneconomical, leaving questions over the true scale of the surplus moving into 2024.",{"type":570,"attrs":617,"content":618},{"textAlign":49},[619,621,627],{"text":620,"type":575},"Lower prices have also stunted capital investment into the sector, diminishing new supply prospects in a sector where demand is still on course to experience a CAGR of 20% between now and 2030, according to ",{"text":622,"type":575,"marks":623},"Benchmark’s Lithium Forecast",[624],{"type":583,"attrs":625},{"href":626,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://www.benchmarkminerals.com/forecasts/lithium/reports/",{"text":628,"type":575},". ",{"type":570,"attrs":630,"content":631},{"textAlign":49},[632],{"text":633,"type":575,"marks":634},"Watch Benchmark analyst Tony Alderson discuss the key lithium market trends of 2023",[635,638],{"type":583,"attrs":636},{"href":637,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/video/watch/price-slump-new-supply-shifting-market-dynamics-lithium-2023-year-in-review",{"type":639},"italic",{"type":641,"attrs":642,"content":644},"heading",{"level":643,"textAlign":49},4,[645],{"text":646,"type":575},"Will lithium prices incentivise supply growth?",{"type":570,"attrs":648,"content":649},{"textAlign":49},[650],{"text":651,"type":575},"Shifting cost dynamics in the lithium market have led to concerns over the viability of some projects at lower price levels. ",{"type":570,"attrs":653,"content":654},{"textAlign":49},[655],{"text":656,"type":575},"The need to develop new assets, often using new technologies, only increases capital intensities, at a time when short-term market dynamics are detracting financing. ",{"type":570,"attrs":658,"content":659},{"textAlign":49},[660],{"text":661,"type":575},"“We’ve seen prices fall and spot market activity remain relatively subdued throughout the whole of the year,” Tony Alderson, an analyst at Benchmark, said. “The scale of the correction now raises questions over the economics of many projects.” ",{"type":570,"attrs":663,"content":664},{"textAlign":49},[665],{"text":666,"type":575},"In particular, lithium hydroxide – which was central to the industry’s expansion ambitions as recently as 2019 – has seen prices slump over 80% in the last 12 months to $13,150 per tonne in China in December. ",{"type":570,"attrs":668,"content":669},{"textAlign":49},[670],{"text":671,"type":575},"This decline relative to lithium carbonate has led to periods of battery-grade hydroxide trading at a discount to carbonate, which speaks to the rapid shift in battery chemistry preferences – another bottleneck to capital allocation. ",{"type":570,"attrs":673,"content":674},{"textAlign":49},[675],{"type":676,"attrs":677},"image",{"id":49,"alt":678,"src":679,"title":49,"source":49,"copyright":49,"meta_data":680},"","https://a.storyblok.com/f/287943243085208/9b3d2619a6/bm-lithiumprices2023.png",{},{"type":570,"attrs":682,"content":683},{"textAlign":49},[684,686,690],{"text":685,"type":575},"As a result, lithium hydroxide supply is now on track to increase by only 65% in 2023, according to ",{"text":622,"type":575,"marks":687},[688],{"type":583,"attrs":689},{"href":626,"uuid":49,"anchor":49,"target":49,"linktype":586},{"text":691,"type":575},", a worrying sign for Western markets which are still expected to lean far more towards hydroxide containing, high energy-dense chemistries over the coming years. ",{"type":641,"attrs":693,"content":694},{"level":643,"textAlign":49},[695],{"text":696,"type":575},"Where led the 2023 supply surge? ",{"type":570,"attrs":698,"content":699},{"textAlign":49},[700],{"text":701,"type":575},"The majority of the supply increase in 2023 came from the ramp up or expansion of existing projects. Supply from new projects accounted for just 21% of the increase.",{"type":570,"attrs":703,"content":704},{"textAlign":49},[705],{"type":676,"attrs":706},{"id":49,"alt":678,"src":707,"title":49,"source":49,"copyright":49,"meta_data":708},"https://a.storyblok.com/f/287943243085208/704ab69cba/bm-lithiumsupply2023.png",{},{"type":570,"attrs":710,"content":711},{"textAlign":49},[712],{"text":713,"type":575},"In terms of tonnage, more than 60% of additional supply in 2023 came from either Australia or China.",{"type":570,"attrs":715,"content":716},{"textAlign":49},[717],{"text":718,"type":575},"In Australia, this growth came from spodumene sources, with some spodumene producers in the country reporting record production volumes.",{"type":570,"attrs":720,"content":721},{"textAlign":49},[722,724,730],{"text":723,"type":575},"The largest increase in Australian production this year was from the ramp up of the Wodgina mine operated by MARBL Lithium, a joint venture between ",{"text":725,"type":575,"marks":726},"Albemarle",[727],{"type":583,"attrs":728},{"href":729,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/article/albemarle-plans-to-double-kemerton-hydroxide-capacity-as-australian-lithium-chemical-production-ramps-up",{"text":731,"type":575}," and Mineral Resources, which began operations in 2022. In 2023, production is forecast to increase to 55,000 tonnes and is expected to ramp up further to 69,000 tonnes in 2024.",{"type":570,"attrs":733,"content":734},{"textAlign":49},[735],{"type":676,"attrs":736},{"id":49,"alt":678,"src":737,"title":49,"source":49,"copyright":49,"meta_data":738},"https://a.storyblok.com/f/287943243085208/223eec190a/bm-australiachinasupply.png",{},{"type":570,"attrs":740,"content":741},{"textAlign":49},[742,744,749],{"text":743,"type":575},"In China new lithium supply came primarily from either brine or mica deposits. Mica deposits in Jiangxi generally have low grades, containing around 0.2% Li2O, making them a high cost source of lithium. As such these deposits are considered marginal cost operations and most are experiencing losses, according to ",{"text":622,"type":575,"marks":745},[746],{"type":583,"attrs":747},{"href":748,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://www.benchmarkminerals.com/forecasts/lithium/reports",{"text":750,"type":575},".",{"type":570,"attrs":752,"content":753},{"textAlign":49},[754],{"text":755,"type":575},"Three of the top five lithium deposits were in Australia in 2023, with the remaining two being located in the Salar de Atacama in Chile.",{"type":570,"attrs":757,"content":758},{"textAlign":49},[759],{"type":676,"attrs":760},{"id":49,"alt":678,"src":761,"title":49,"source":49,"copyright":49,"meta_data":762},"https://a.storyblok.com/f/287943243085208/246a5f4ca0/bm-lithiumdeposits.png",{},{"type":570,"attrs":764,"content":765},{"textAlign":49},[766,768,774,776,782],{"text":767,"type":575},"Although ",{"text":769,"type":575,"marks":770},"lithium production in Africa",[771],{"type":583,"attrs":772},{"href":773,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/video/watch/analyst-insights-lithium-sustainability-risks-in-china-africa-and-south-america",{"text":775,"type":575}," this year was just 4% of global production, the continent saw significant increases in supply. ",{"text":777,"type":575,"marks":778},"African lithium production in 2023",[779],{"type":583,"attrs":780},{"href":781,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/article/china-set-to-dominate-african-lithium-production-this-decade",{"text":783,"type":575}," is forecast to be five times of 2022, with Zimbabwe and Namibia making up the bulk of this supply.",{"type":641,"attrs":785,"content":786},{"level":643,"textAlign":49},[787],{"text":788,"type":575},"Sustainable lithium sources",{"type":570,"attrs":790,"content":791},{"textAlign":49},[792,794,800,802,808],{"text":793,"type":575},"Sustainability has been in focus this year. The Initiative for Responsible Mining Assurance (IRMA), the most stringent mining standard in the world, ",{"text":795,"type":575,"marks":796},"accredited the Chilean brine operation of Albemarle and SQM",[797],{"type":583,"attrs":798},{"href":799,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/article/all-chilean-lithium-rated-to-worlds-most-rigorous-standard",{"text":801,"type":575}," in June and September, respectively. These operations accounted for all ",{"text":803,"type":575,"marks":804},"Chilean lithium production",[805],{"type":583,"attrs":806},{"href":807,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/article/what-does-chiles-national-lithium-strategy-mean-for-albemarle-and-sqm",{"text":809,"type":575}," this year.",{"type":570,"attrs":811,"content":812},{"textAlign":49},[813,815,821],{"text":814,"type":575},"Albemarle and SQM also have Industry Leading environmental, social and governance (ESG) practices and disclosures, according to ",{"text":816,"type":575,"marks":817},"Benchmark’s Lithium Sustainability Index",[818],{"type":583,"attrs":819},{"href":820,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://www.benchmarkminerals.com/esg/lithium/reports",{"text":750,"type":575},{"type":570,"attrs":823,"content":824},{"textAlign":49},[825],{"text":826,"type":575},"The Index comprises 79 metrics such as whether they publish an ESG report. A third of global lithium production in 2023 is forecast to be associated with miners or chemical producers with Industry Leading scores on the Index.",{"type":570,"attrs":828,"content":829},{"textAlign":49},[830],{"type":676,"attrs":831},{"id":49,"alt":678,"src":832,"title":49,"source":49,"copyright":49,"meta_data":833},"https://a.storyblok.com/f/287943243085208/d73ac8bdec/bm-lithiumsustainability2023.png",{},{"type":570,"attrs":835,"content":836},{"textAlign":49},[837,839,845,847,853],{"text":838,"type":575},"Allkem, an Australian lithium producer with an Industry Leading score on Benchmark’s index, ",{"text":840,"type":575,"marks":841},"merged with the USA’s Livent in May 2023",[842],{"type":583,"attrs":843},{"href":844,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/article/livent-and-allkem-merger-to-create-10-6-billion-lithium-producer",{"text":846,"type":575},". In December, the ",{"text":848,"type":575,"marks":849},"$10.6 billion merger offer",[850],{"type":583,"attrs":851},{"href":852,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/article/being-fully-integrated-is-the-only-way-this-industry-will-develop-to-meet-all-the-needs-of-consumers-qa-with-livent-ceo-paul-graves",{"text":854,"type":575}," was formally accepted. Arcadium Lithium, the combined company name, could be the fifth largest lithium producer in terms of market capitalisation.",{"type":570,"attrs":856,"content":857},{"textAlign":49},[858,860,866],{"text":859,"type":575},"The prices of lithium carbonate produced by companies with Industry Leading scores are compiled in a ",{"text":861,"type":575,"marks":862},"new price released by Benchmark",[863],{"type":583,"attrs":864},{"href":865,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/article/benchmark-to-launch-sustainable-lithium-carbonate-pricing",{"text":867,"type":575}," in November this year.",{"type":641,"attrs":869,"content":870},{"level":643,"textAlign":49},[871],{"text":872,"type":575},"Western policy movements",{"type":570,"attrs":874,"content":875},{"textAlign":49},[876,878,884],{"text":877,"type":575},"Over a year on from the introduction of the Inflation Reduction Act in the US, the government released guidance on what constitutes a ",{"text":879,"type":575,"marks":880},"Foreign Entity of Concern",[881],{"type":583,"attrs":882},{"href":883,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/article/us-moves-to-cut-china-from-its-battery-supply-chain",{"text":885,"type":575}," in December.",{"type":570,"attrs":887,"content":888},{"textAlign":49},[889],{"text":890,"type":575},"The guidance states that automakers will not be eligible for up to $7,500 in electric vehicle subsidies if they use battery components or critical minerals from companies where at least 25% is owned directly or indirectly by Chinese companies. This could pose an issue to sourcing lithium from mines such as Greenbushes in Australia. Despite Australia having a Free Trade Agreement with the US, China’s Tianqi Lithium has a 26% stake in the project.",{"type":570,"attrs":892,"content":893},{"textAlign":49},[894,896,902],{"text":895,"type":575},"Further guidance from the US states that “any costs related to the extraction or acquisition of raw materials would not be taken into account as production costs,” in a blow to ",{"text":897,"type":575,"marks":898},"domestic lithium miners",[899],{"type":583,"attrs":900},{"href":901,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/article/us-miners-and-recyclers-could-lose-out-on-production-tax-credits-in-the-inflation-reduction-act",{"text":903,"type":575}," who could lose out on the production tax credits they had hoped to claim.",{"type":570,"attrs":905,"content":906},{"textAlign":49},[907,909,915,917,923],{"text":908,"type":575},"In Europe, ",{"text":910,"type":575,"marks":911},"political agreement was reached",[912],{"type":583,"attrs":913},{"href":914,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/article/eu-increases-critical-mineral-recycling-targets-in-bid-to-increase-self-reliance",{"text":916,"type":575}," over the ",{"text":918,"type":575,"marks":919},"Critical Raw Materials Act",[920],{"type":583,"attrs":921},{"href":922,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://source.benchmarkminerals.com/article/opinion-critical-raw-materials-act-europes-attempt-to-have-both-quality-speed",{"text":924,"type":575},". The Act states that 10% of Europe’s consumption of critical minerals, including lithium, should be mined within the bloc, 40% should be processed there, and 25% recycled by 2030.",{"type":570,"attrs":926,"content":927},{"textAlign":49},[928],{"text":929,"type":575},"Benchmark analysis showed that for lithium the recycling and processing targets will be difficult to achieve with current forecast production. However, it should be noted that these are benchmarks and not mandates.","A major correction in prices from record highs defined the lithium market in 2023, as new capacities provided flexibility in raw material supplies and electric vehicle (EV) demand growth underperformed on expectations. Benchmark’s lithium carbonate prices had surged to unprecedented levels, reaching $81,375 per tonne in China by December 2022, leading consumers across the supply […]",[932],{"slug":558,"name":559,"content":933},{"job_title":561,"image":934,"bio":564,"linkedin":565},{"filename":563},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"04b87adc-58cc-4f1f-a7ac-1269f83f582e\", \"id\": \"\"}-->","article",[938,941],{"slug":939,"name":940},"critical-minerals","Critical Minerals",{"slug":942,"name":8},"lithium","private",{"id":49,"alt":678,"name":678,"focus":678,"title":678,"source":678,"filename":737,"copyright":678,"fieldtype":945,"meta_data":946,"is_external_url":51},"asset",{"alt":678,"title":678,"source":678,"copyright":678},{"id":49,"alt":678,"name":678,"focus":678,"title":678,"source":678,"filename":948,"copyright":678,"fieldtype":945,"meta_data":949,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/86dcba3f46/bm-lithium-reserves-salar-de-atacama.jpg",{"alt":678,"title":678,"source":678,"copyright":678},"Dec 22, 2023","22nd December 2023",[],[],1780926539960]