Over $71,000 a ton for Lithium prices on strong demand for batteries

Wavetraders - Wed Sep 28, 4:34AM CDT
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Unlike the other commodities that followed the opposite direction due to higher inflation, lithium carbonate prices rose 4 times since the same period last year. With the increasing demand and usage for the manufacture of batteries for making electric cars, smartphones, and other devices, the price of lithium exceeded $71.000 per ton on the Chinese commodity exchange. And if the Yuan was stronger compared to the US Dollar now, it would be at a much higher price. 

The reasons behind this rising are the technological turn to more environmentally ‘’correct’’ products, and additionally, the extremely high demand for electric vehicles in China which is the world’s largest electric cars market. Also, the shortage of components linked to the batteries’ cells and the problems in the supply chain are causing delays and forcing buyers to pay higher and wait for their vehicle. According to data from Bloomberg, sales are doubled compared to 2021.