Lithium carbonate prices in China rose slightly to 476,500 yuan/tonne in the end of July, remaining near the record-high of 500,000 from March and 430% higher year-on-year amid high demand and tight supply. The gradual recovery from inactivity in Shanghai prompted a 129% annual and 63% monthly surge in new energy vehicles sales during June. The increase in turnover followed the rewarding of cash subsidies by local Chinese governments including Beijing, Shanghai, and Wuhan, for customers replacing petrol cars with new EV purchases. The measures were placed to revamp activity in the sector after demand for durable goods plummeted during the strict Covid lockdowns, in addition to contributing to China’s goal of cutting carbon emissions. Meanwhile, the Shanghai Metals Market reported that major Chinese smelters remained in maintenance, leaving carbonate supply at muted levels.
Historically, Lithium reached an all time high of 500000 in March of 2022. Lithium - data, forecasts, historical chart - was last updated on August of 2022.
Lithium is expected to trade at 483218.65 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 503946.40 in 12 months time.