World's largest lithium producers reported shortages and price increases
World's largest lithium prod...
Subscribe to Newsletter

World's largest lithium producers reported shortages and price increases

10 April 2021
4665
2 min.
5
World's largest lithium producers reported shortages and price increases

Lithium prices

The world's largest lithium suppliers, China's Ganfeng Lithium and US-based Albemarle, warn that lithium prices will continue to rise as the market becomes increasingly imbalanced between supply and demand.

The world's major lithium suppliers are currently not prepared to meet the sharply increased demand for lithium from electric vehicle manufacturers, claiming a shortage of raw materials. Lithium hydroxide is used not only in batteries for electric cars but also in batteries for mobile phones and other equipment.

Albemarle (ALB) said that lithium prices should rise so that suppliers can cover the cost of financing large-scale expansions to meet demand.

Amid a "boom" in the electric car market, prices for lithium carbonate for batteries began to overcome a three-year slump in the second half of 2020.

The recovery of the Chinese car market from the Covid-19 pandemic from the second half of 2020, stricter emissions regulations in Europe and US President Joe Biden's promises to boost the electric car industry and build half a million charging stations have all been factors in the sharp rise in lithium carbonate prices from late 2020.

Since the beginning of 2021, lithium carbonate prices have risen by 67%, with an increase of 224% over the past 12 months.

Albemarle announced this year that it plans to double lithium production in Nevada at its Silver Peak mine by 2025 and is committing $30m.

Jiangxi Ganfeng Lithium is trying to meet the huge demand, given that, in addition to domestic electric car and appliance manufacturers, its customers include leading automakers such as Tesla and BMW. Ganfeng expects to launch its large-scale Cauchari Olaroz project in Argentina in the first half of 2022, which will produce 40,000 tonnes of lithium carbonate per year. Ganseng currently produces an impressive 120,000 tonnes of lithium salt, but plans to ramp up production capacity to at least 600,000 tonnes of lithium carbonate equivalent (LCE) per year, which would mean a 400% increase in production.

China has invested at least $60bn to support the electric car industry and is pushing an ambitious plan to switch to all-electric or hybrid cars by 2035.

Persons1 and Companies4 in the news

46th President of the United States
1 place
Ganfeng Lithium
1 place
BMW
BMW
3 place
Tesla
4 place
Section:
Rating companies
Instagram
17 Mention
Netflix
14 Mention
X (Twitter)
12 Mention
TikTok
8 Mention
Tesla
8 Mention
White House
7 Mention
JP Morgan Chase
7 Mention
Us Weekly
7 Mention

NEW YORK NEWS

News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova

Development Director
Population
8173083568
Died this year
55653178
Born this year
136916668