For the Quarter Ending June 2025
North America (USA)
• The Lithium Metal Price Index in the U.S. declined by 6.8% quarter-over-quarter in Q2 2025, reflecting a volatile and bifurcated market. While April and May were dominated by bearish sentiment tied to global oversupply and soft EV demand, June marked a sharp reversal driven by renewed procurement activity amid geopolitical anxiety. This Q2 average decline masks the underlying month-to-month price swings, particularly the rebound seen in late June due to anticipatory buying ahead of Chinese export control risks.
• The Lithium Metal Production Cost Trend during Q2 was shaped by inconsistent domestic refining output and global freight disruptions. U.S.-based lithium operations remained constrained due to project delays and unfavorable refinery economics, while rising maritime insurance costs and longer lead times through the Cape of Good Hope route added pressure on importers. Importers who previously depended on steady inflows from Chile and China faced delays and cost escalations, with East Coast ports like Boston becoming strategic pricing points. These pressures elevated the landed cost of Lithium Metal in late June, particularly for suppliers holding prompt material in the U.S.
• The Lithium Metal Demand Outlook in North America remains directionally bullish but uneven in its short-term execution. The second quarter saw subdued industrial demand in April and May as EV production faltered and federal tax incentive clarity remained elusive. However, June saw a pivot toward strategic stockpiling, especially from battery manufacturers tied to grid storage and gigafactory timelines. Fears surrounding access to Chinese technology and export policies prompted U.S. firms to fast-track procurement cycles, with less concern for short-term prices and more focus on securing long-term supply. This late-quarter surge helped stabilize market sentiment and may support a moderate price floor heading into Q3.
Why did the price of Lithium Metal change in July 2025 in North America?
Although the broader Q2 average reflects a declining trajectory, Lithium Metal prices rose in June and have shown early signs of stabilization in July. The late-quarter price momentum was driven by forward-looking demand, linked to U.S. battery sector reshoring, and logistical bottlenecks that limited availability at key import nodes. Buyers—especially those operating under government procurement timelines or supply security mandates—demonstrated inelastic demand behavior, supporting firmer FOB offers despite bearish macro sentiment. The near-term outlook remains cautiously firm, underpinned by strategic, project-bound procurement and continued geopolitical uncertainty around Chinese export controls.
Asia-Pacific (APAC)
• The Lithium Metal (99.9%)] Price Index in China declined by 3.6% quarter-over-quarter in Q2 2025, signaling deepening weakness in refined lithium demand despite booming new energy vehicle (NEV) exports. A persistent mismatch between upstream supply and downstream offtake continued to weigh heavily on the pricing structure. Prices contracted further in June, extending the downturn that began in April and reflecting the broader deflationary trend in lithium feedstocks.
• The Lithium Metal (99.9%) Production Cost Trend remained elevated relative to realized sales prices, squeezing profit margins for Chinese smelters. Despite a 5% MoM drop in lithium hydroxide output in June—largely due to maintenance-related slowdowns—overall Lithium Metal supply stayed high. Imports of lithium sulphate from Chile and spodumene concentrate from Australia ensured steady feedstock availability. High inventories persisted across producers and traders, prompting FOB sellers to accept steeper discounts to maintain cash flow and keep throughput stable. With producers offloading cargoes under a Free on Board basis, freight cost volatility had limited impact on domestic pricing decisions.
• The Lithium Metal (99.9%) Demand Outlook across the APAC region remained tepid through Q2. While China’s internal NEV sales and exports hit record highs—over 1 million units shipped in H1—key import markets such as India, Germany, and the UK slowed procurement of upstream lithium inputs. In India, despite active policy incentives for domestic cell manufacturing, spot demand dipped in June as buyers awaited further price corrections. Globally, falling lithium carbonate and hydroxide prices reinforced expectations of continued price erosion, discouraging inventory restocking. European battery makers in particular relied on existing inventories, further depressing FOB export momentum from Chinese ports.
Why did the price of Lithium Metal change in July 2025 in APAC?
The Lithium Metal (99.9%) Spot Price in July 2025 remained under pressure, extending the bearish trend of Q2. Although supply-side discipline modestly improved due to falling lithium hydroxide output and selective shutdowns, the global demand imbalance persisted. Market participants in Europe and Asia continued to delay new offtake, hoping for deeper price cuts amid declining costs of lithium carbonate. As a result, Chinese FOB sellers faced muted overseas demand and abundant inventories, forcing further concessions. With freight risk transferred to buyers under the FOB Incoterm, the weak international appetite—not shipping costs—remained the key driver of lower quotes. The Lithium Metal (99.9%) Price Forecast remains soft, with further downside likely unless feedstock discipline or inventory liquidation improves across the lithium value chain.
Europe
• The Lithium Metal Price Index in Germany declined by 7.7% quarter-over-quarter in Q2 2025, reflecting a disconnect between Europe’s localized procurement constraints and the broader global lithium oversupply. Although June registered a marginal price uptick, Q2 as a whole was defined by steep price corrections in April and May, with bearish sentiment from Asia and Latin America weighing on FOB Hamburg valuations.
• The Lithium Metal Production Cost Trend remained volatile. Conversion costs at German terminals increased in June due to higher feedstock lithium carbonate prices, which rebounded to over $10,500/MT. However, this followed two months of margin compression triggered by falling spot prices for spodumene and lithium hydroxide imports. German exporters on an FOB basis absorbed pricing pressure as international parity worsened, with rising freight costs failing to support margins due to weak downstream offtake.
• The Lithium Metal Demand Outlook was structurally supportive yet tactically cautious. BEV registrations in Germany surged by 45% year-to-date through May, signaling strong medium-term demand. Nevertheless, inventory buildup, buyer hesitation, and soft cumulative passenger car sales in Q2 (down 2.4% YoY) tempered immediate restocking activity. Buyers prioritized existing inventory drawdowns over new procurement, and energy storage system manufacturers continued to delay purchases. The divergence between robust policy-led demand growth and sluggish transactional volumes reinforced a bearish-to-neutral short-term outlook for export prices.
Why did the price of Lithium Metal remain stable in July 2025 in Europe?
The Lithium Metal Spot Price in July 2025 remained largely stable, following June’s modest 1.5% rebound. This stability reflected the equilibrium between European buyers’ preference for in-region supply—due to logistical uncertainties—and a still-weak global pricing environment. Battery-grade carbonate and hydroxide inputs held firm, and container freight costs on Asia-Europe lanes hovered near $6,000 per box, discouraging Asian arbitrage. Domestic procurement was buoyed by ongoing strength in EV assembly activity and strategic gigafactory restocking, particularly for LFP chemistries. However, stagnant energy storage demand and cautious downstream inventory management limited price upside. The Lithium Metal Price Forecast remains flat-to-slightly-firm in the near term, contingent on whether EV-driven offtake strengthens enough to override global oversupply conditions.
For the Quarter Ending March 2025
North America
• The Lithium Metal Price Index in North American market ended Q1 2025 settling at USD 163,210/MT FOB Boston, demonstrating a moderate increase from Q4 2024.
• Why did the price of Lithium Metal Change in April 2025? April 2025 witnessed a price decrease due to rising global inventory levels and increased exports from countries like Chile, which is exerting downward pressure on North American prices.
• In January, a sharp 13% price surge occurred due to stabilization in the lithium salts market and rising demand from the EV sector.
• February experienced a slowdown as seasonal restocking faded and uncertainty surrounding EV incentive policies hampered growth.
• By March, despite robust EV sales (11.4% YoY growth), concerns about production surpluses and market corrections dampened bullish sentiment.
• The Lithium Metal Spot Price fluctuated during the quarter, reflecting a market trying to balance EV-driven demand with growing inventories.
• The Lithium Metal Production Cost Trend remained mixed, with upstream raw material availability and energy prices impacting margins.
• A cautious Lithium Metal Demand Outlook persists due to federal policy ambiguity and fears of oversupply.
• The Lithium Metal Price Forecast for Q2 anticipates further correction unless demand growth accelerates sharply or production is curtailed.
Europe
• The Lithium Metal Price Index in Europe concluded Q1 at USD 576,730/MT FOB Hamburg, a minor gain over Q4 despite weak momentum.
• Why did the price of Lithium Metal Change in April 2025? April 2025 brought a modest decline in prices, as demand softens and market participants respond to changing regulatory and consumer patterns.
• January saw a 5% price increase, driven by output gains from lepidolite and spodumene, bolstering battery-grade lithium carbonate supply.
• Despite record EV and battery energy storage system (BESS) sales, a 7.1% drop in new vehicle registrations curbed demand optimism.
• February was marked by stability, as EV sales climbed 35% YoY, partially offsetting the impact of subsidy withdrawals.
• March brought renewed demand weakness, especially for gasoline vehicles, dragging on the lithium metal market.
• The Lithium Metal Spot Price reflected Europe’s efforts to manage both domestic consumption and imports amid price volatility.
• The Lithium Metal Production Cost Trend remained steady, but with potential for volatility due to fluctuating energy inputs and policy compliance costs.
• The Lithium Metal Demand Outlook is cautiously optimistic, though heavily influenced by future EU policy changes and consumer sentiment.
• The Lithium Metal Price Forecast suggests near-term softness unless downstream demand rebounds more strongly in Q2.
APAC
• In the APAC region, the Lithium Metal Price Index ended Q1 2025 at USD 208,440/MT FOB Shanghai, a mild decline from Q4 2024.
• Why did the price of Lithium Metal Change in April 2025? In April 2025 prices declined further due to high inventory levels and reduced procurement activity from downstream battery and cathode manufacturers.
• January saw a strong 12% price increase, driven by tight supply of lithium hydroxide and spodumene, and strong EV sector pull.
• February brought stabilization amid production disruptions (maintenance shutdowns, Chinese New Year), curbing output and easing market pressure.
• March prices turned bearish, as oversupply and limited ternary cathode demand weighed on the market, despite signs of EV sales recovery.
• The Lithium Metal Spot Price reflected sharp intra-quarter volatility, a sign of ongoing instability in the regional supply-demand equation.
• The Lithium Metal Production Cost Trend remained volatile due to feedstock price shifts and intermittent output disruptions.
• The Lithium Metal Demand Outlook is subdued, especially from cathode producers, although long-term prospects remain tied to EV growth.
• The Lithium Metal Price Forecast anticipates a soft start to Q2 unless output is restrained, and inventory levels improve.
For the Quarter Ending December 2024
North America
In Q4 2024, the lithium metal market in North America displayed notable volatility, with prices experiencing fluctuations driven by both supply dynamics and changing demand conditions. In October, lithium metal prices decreased by 2.8% as manufacturers faced pressure to lower costs due to limited support from related markets like lithium carbonate and hydrogen fluoride. However, a significant rebound occurred in November, with prices increasing by 9% as battery manufacturers and electric vehicle (EV) makers responded to tightening regulations and anticipated market adjustments.
Despite these fluctuations, December saw a stabilization of prices as the market began adjusting to a phase of oversupply. Strong production levels from Chile, the world's leading lithium carbonate producer, coupled with a burgeoning demand for EVs and energy storage systems, helped balance market dynamics. U.S. EV sales rose by over 10% year-over-year in Q3 2024, reflecting robust consumption trends in the automotive sector.
The quarter-ending price for Lithium Metal (99.9%) FOB Boston stood at USD 147,370/MT. Overall, lithium metal pricing trends in Q4 showed initial declines followed by increases, ultimately stabilizing as market participants navigated the complexities of supply chains and a recovering demand landscape. However, challenges remain, including persistent global oversupply and price competition, which may affect future profitability and investment strategies in the lithium market.
Europe
The lithium metal market in Europe experienced notable fluctuations throughout Q4 2024, reflecting a complex interplay of supply dynamics, demand pressures, and shifting market sentiment. Prices in Germany fell by 2.8% in October amid a weak market sentiment characterized by oversupply and reduced demand for electric vehicles (EVs). A slight rebound occurred in November, with prices increasing by 8%, driven by higher global prices despite persistent challenges in business activity. However, December saw a decline of 2% in lithium metal prices as inventory levels remained high amid increased production of battery-grade lithium carbonate. Key market factors included robust production rates in Chile, one of the world's leading lithium producers, which continued to influence supply chains across Europe. Additionally, Germany's new car sales showed mixed results, with a notable decline in battery-electric vehicle registrations but increased interest in hybrid vehicles, further complicating demand dynamics. The quarter-ending price for Lithium Metal granulate FOB Hamburg was USD 560,420/MT. Throughout Q4, pricing trends reflected initial declines followed by rebounds and subsequent stabilization. As market participants navigate these complexities, they face ongoing challenges from overcapacity, fluctuating demand, and the need for adaptation amidst evolving regulatory and market structures.
APAC
In Q4 2024, the lithium metal market in the APAC region exhibited a complex landscape shaped by fluctuating prices and changing demand dynamics. Following a decline of 3.5% in October due to weak cost support from upstream markets, prices rebounded by 8% in November, driven by strong consumption from the electric vehicle (EV) sector. However, by December, lithium metal prices stabilized as supply constraints and moderate demand helped maintain pricing equilibrium. Key drivers influencing the market included robust production growth in lithium carbonate, which rose significantly due to favourable conditions in the futures market and increased recycling efforts. The Chinese government's stimulus measures supported economic activities amid an evolving industrial landscape. EV sales soared, with new energy vehicles accounting for a record 47.2% of total car sales in China during the year, bolstered by competitive pricing and government incentives. The quarter-ending price for Lithium Metal (99.9%) FOB Shanghai was USD 189,890/MT. Throughout Q4, prices exhibited fluctuations but ultimately stabilized, reflecting both opportunities and challenges such as oversupply, evolving demand patterns, and pressures in related markets.
For the Quarter Ending September 2024
North America
In Q3 2024, the North American region experienced a notable decline in Lithium Metal prices, with the USA particularly facing substantial price decreases. This downward trend was primarily influenced by a combination of factors, including oversupply concerns stemming from new sources in Africa and China, coupled with a global market surplus that exerted pressure on prices. The persistent imbalance between lithium production and demand dynamics further contributed to the pricing downturn, leading to a bearish market sentiment.
Moreover, the correlation between reduced industrial production, trade tensions impacting supply chains, and geopolitical instability in lithium-rich regions added to the negative pricing environment. The quarter also witnessed a moderate decrease in demand for lithium, exacerbated by economic uncertainties and regulatory challenges in key markets.
Additionally, the impact of decreased government subsidies for electric vehicles on adoption rates further dampened demand for lithium-ion batteries, influencing market prices. Throughout the quarter, the USA experienced a significant 4% price decline from the previous quarter, with a notable decline of 3% price between the first and second halves. The quarter concluded with the latest price standing at USD 140506/MT of Lithium Metal (99.9%) FOB Boston, reflecting the prevailing downward trajectory in pricing for the region.
Asia-Pacific
In Q3 2024, the Lithium Metal pricing in the APAC region experienced a significant decline, with China being the focal point of maximum price changes. The market was influenced by various factors, including oversupply concerns arising from new lithium production facilities coming online globally, trade tensions leading to reduced manufacturing activity, and advancements in alternative battery chemistries gaining traction.
These factors collectively contributed to a bearish sentiment in the market, leading to a notable 10% decrease from the previous quarter and a further decline from the first and second half of the quarter. China, in particular, saw a substantial decrease of 6.0% price, with the latest quarter-ending price standing at USD 184046/MT of Lithium Metal (99.9%) FOB Shanghai.
The country's market trends were indicative of the overall decreasing sentiment, aligning with the broader regional dynamics of weak economic growth, subdued demand from battery manufacturers, and ongoing oversupply challenges. Despite the stable supply, the demand remained low, further exacerbating the downward pressure on prices. The quarter also witnessed no significant disruptions or plant shutdowns in the Lithium Metal industry.
Europe
In Q3 2024, the Europe region experienced a significant decline in Lithium Metal pricing, driven by various factors impacting the market. Oversupply, weakening demand, and increased competition from alternative battery technologies contributed to the downward pressure on prices. Uncertainty in the global economic outlook further exacerbated the situation, leading to cautious purchasing behaviour among consumers.
Plant shutdowns and disruptions also played a role in disrupting the supply chain, adding to the negative sentiment in the market. Germany, in particular, witnessed the most substantial price changes during the quarter. The country's manufacturing sector faced challenges, with declining orders and production impacting the demand for Lithium Metal.
Overall trends in Germany reflected a bearish market sentiment, with seasonality and correlation in price changes evident. The quarter recorded a notable 6% decrease from the previous quarter, with a 5% decline between the first and second half of the quarter. The quarter-ending price for Lithium Metal granulate FOB Hamburg in Germany stood at USD 544753/MT, highlighting the prevailing negative pricing environment in the region.
Frequently Asked Questions (FAQs):
1. What is the current price of Lithium Metal?
As of July 2025, Lithium Metal (99.9%) prices show regional variation. In China (FOB basis), prices remained under pressure around USD 85,000/MT, while U.S. spot prices showed signs of stabilization above USD 90,000/MT due to late-June procurement spikes. Europe saw flat prices near USD 88,000/MT, reflecting a balanced yet cautious outlook.
2. Who are the top Lithium Metal producers in Asia, North America, and Europe?
In Asia, leading producers include Ganfeng Lithium, Tianqi Lithium, and CNNC. North American supply is more fragmented, with key players like Livent and Albemarle involved in upstream integration. In Europe, lithium metal capacity is still developing, with pilot-scale production led by firms in Germany and the UK targeting local battery supply chains.
3. What are the key applications or end-use sectors of Lithium Metal?
Lithium Metal is primarily used in high-energy battery chemistries, especially lithium-metal anode batteries, solid-state cells, and defense-grade batteries. Secondary uses include specialty alloys, aerospace materials, and emerging grid-scale storage systems.
4. What is the expected price trend of Lithium Metal for Q3 2025?
Prices in Q3 2025 are expected to remain soft in Asia due to weak overseas demand and high inventories. In North America and Europe, prices may stabilize or rise modestly, supported by strategic battery restocking and geopolitical procurement behavior. The global forecast remains mixed, with supply overhangs balanced by localized buying pressure.
