Lithium Fluoride Prices Soared to All-Time High in India
- 24-Jan-2022 4:46 PM
- Journalist: Kim Chul Son
The environmental issues presented by the consumption of Fossil Fuels in regards to transportation and electricity generation in India have remained a persistent concern among the Indian authorities. As the AQI index remains poor and sometimes surpasses all levels of severity during its peak season in India. Therefore, the transition towards Electric Vehicles in India witnessed unprecedented growth in the last couple of years. In addition, the subsidies offered by the state and central authorities presented adequate leverage for consumers to get a similar level of affordability as in ICV’s vehicles.
In response, the sales of Electric Vehicles in India witnessed a triple-digit growth of 132% in 2021, reported by the Society of Manufacturers of Electric Vehicles (SMEV). A total of 233, 971 Electric two-wheelers were sold in 2021. Therefore, to cater such enormous demand in the Indian market numerous EV giants and players were seeking to ensure long-term supplies of Lithium for the production of Lithium-ion batteries. Whereas, the global leaders settled to pace up the transition towards a greener economy. The ICV’s is amongst the major segments that contributed a significant share in the global carbon emission and replaced it with Electic counterpart is more uniform. As a repercussion, the demand for Lithium sources surged drastically and the offers skyrocketed in the fourth quarter of 2021.
Recently, the offers for Lithium Fluoride soared to an all-time high in the Indian domestic market and prices witnessed a growth of 32.14% on a month-on-month basis. This development came after the global players and numerous conglomerates in the energy sector were eager to ensure long-term supplies of Lithium and the demand soured drastically and the offers exceed the projected margin by a huge margin.
As per ChemAnalyst, the offers for Lithium Fluoride in China witnessed a 33.61% in the offered quotations throughout the fourth quarter of 2021. Whereas, several market experts anticipated that the demand from the EV sector will likely witness a double-digit growth therefore it is anticipated that the prices were likely to remain high in 2022.