For the Quarter Ending September 2025
North America
• In USA, the Lithium Metal Price Index remained steady quarter-over-quarter, reflecting balanced trade scenarios.
• The average Lithium Metal price for the quarter was approximately USD 153783.33/MT.
• Lithium Metal Spot Price tightened from port premiums and logistical delays, lifting the Price Index
• Lithium Metal Price Forecast expects modest monthly gains as feedstock volatility supports the Price Index
• Lithium Metal Production Cost Trend increased for the short term due to shipping reroutes and higher hydroxide input costs
• Lithium Metal Demand Outlook remains robust from EV and energy storage procurement, sustaining buying urgency
• Elevated inventories tempered some international flows, yet US demand absorbed volumes stabilizing the Price Index
Why did the price of Lithium Metal not change in September 2025 in North America?
• Due to the balanced supply demand scenarios.
• Strategic pre-emptive buying ahead of policy risks, ample inventories limited upward price pressure
APAC
• In China, the Lithium Metal Price Index fell quarter-over-quarter, pressured by oversupply pressures.
• The average Lithium Metal price for the quarter was approximately USD 157,996/MT, reflecting inventory discounts.
• Lithium Metal Price Forecast indicates modest recovery as hydroxide constraints support selective buyer restocking.
• Though, Lithium Metal Production Cost Trend rose on hydroxide shortages and higher carbonate conversion expenses during the quarter.
• Lithium Metal Demand Outlook remains weak despite China's NEV growth, with deferred purchasing and destocking.
• Elevated producer inventories pressured the Lithium Metal Price Index, prompting aggressive discounting and production cuts.
• Export demand softness from Germany, India, UK depressed Lithium Metal Spot Price, reducing shipments abroad.
Why did the price of Lithium Metal change in September 2025 in APAC?
• High domestic inventories and cautious downstream restocking limited sustained rallies, keeping Price Index recovery weak.
• Due to the weak overseas demand condition during the quarter.
Europe
• In Germany, the Lithium Metal Price Index fell quarter-over-quarter, reflecting oversupply conditions.
• The average Lithium Metal price for the quarter was approximately USD 418636.67/MT, per FOB Hamburg.
• Lithium Metal Spot Price strengthened due to Hamburg congestion, high container freight and Asian arbitrage.
• Lithium Metal Price Forecast anticipates modest gains as German EV procurement and restocking tighten inventories.
• Lithium Metal Demand Outlook remains constructive driven by German EV production and gigafactory procurement schedules.
• Lithium Metal Price Index volatility reflected alternating Chinese export flows and variable European inventory replenishment.
• Elevated European inventories and Chinese exports constrained near-term buying while domestic producers maintained disciplined offers.
Why did the price of Lithium Metal change in September 2025 in Europe?
• Port congestion and container delays, supported to accumulate the inventory, domestically.
• Chinese export surges created global oversupply, prompting buyer caution and a quarter-over-quarter Price Index correction.
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.
