Lithium prices rocket ๐ Lithium carbonate prices in China extended its record-high to CNY 537,500 per tonne in October, soaring nearly 95% year-to-date as surging demand coincides with tight supply. Strong momentum in sales of electric vehicles continued to support lithium demand for battery manufacturers, with added stimulus and cash incentives by local Chinese governments contributing to an 83% yoy and 15% mom increase in new energy passenger vehicle sales in September. In the meantime, slower output in salt lake systems in China also contributed to the mismatch between supply and demand, despite operations in major producing hubs having returned to normal as power rationing ended. Scarcity led auto manufacturers with large bets on battery electric vehicles to compete for long-term supply contracts, including Ford, Stellantis, and NIO.
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