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| Author | Amy Zhang |
| Updated | March 07, 2025 |
Lithium price
Lithium carbonate prices declined while SC6 prices stabilized in February.
Spot prices for battery-grade lithium carbonate stood at RMB 75,000-76,000/MT as of February 28, averaging RMB 75,500/MT at the month’s end, down 1.9% MoM. CIF prices for Chinese lithium spodumene concentrate (SC6) came in at USD 850-900/MT, averaging USD 875/MT, down 0.3% MoM.
In February, prices for battery-grade lithium carbonate showed a general downward trend. After the Lunar New Year holiday, lithium salt producers have gradually resumed production, with industrial utilization rates ramping up smoothly and production volumes increasing. Additionally, a lithium lepidolite mine in Jiangxi, which had halted production in 2H24, has also started operations again, leading to expectations of a more ample market supply.
On the demand side, some downstream material manufacturers had already completed inventory stocking in January. As the traditional off-season began in February, their purchasing became more cautious, leading to a dropping trading volume of battery-grade lithium carbonate. With supply growing faster than demand, prices for battery-grade lithium carbonate continued to decline in late February.
This month, prices for lithium spodumene concentrate (SC6) have maintained the recent firm trend , with the average price holding above USD 850/MT, indicating a slight slip. The SC6 price has stabilized at a high level, mainly driven by Australian miners, which provides some cost support for battery-grade lithium carbonate, limiting further price drops. However, as battery-grade lithium carbonate prices declined this month, Australian miners may face pressure to lower prices if downstream demand weakens further.
In January 2025, Chile exported about 19,000 MT of lithium carbonate to China, up over 40% MoM, supplementing China's lithium carbonate supply in February and March. Moreover, lithium salt producers will continue ramping up production in March, with new capacity gradually coming online, keeping supply growth strong and further easing market availability. Overall, battery-grade lithium carbonate prices in March are expected to fluctuate at low levels. However, if downstream demand exceeds expectations, subtle price rebounds may be likely.
Energy-storage cell price
Average prices for LFP cells in China slipped in February.
Prices for LFP cells in China slipped in February. As of February 28, the after-tax price range for 280Ah LFP cells was RMB 0.24-0.34/Wh, with an average price of RMB 0.290/Wh, down 1.7% MoM. The price range for 314Ah LFP cells came in at RMB 0.24-0.35/Wh, with an average price of RMB 0.295/Wh, down 1.7% MoM. The after-tax price range for 100Ah LFP cells was RMB 0.31-0.36/Wh, with an average price of RMB 0.335/Wh, the same as last month. Overall, price drops were minimal in February, mainly due to Tier-2 and Tier-3 manufacturers making slight downward adjustments to the lowest prices.
In early 2025, some Tier-2 and Tier-3 Chinese manufacturers are lowering prices to secure energy storage cell orders as downstream businesses continue with centralized procurement and bidding projects, a trend expected to continue in 1H25. However, relying on low prices alone will become harder.
In addition to Chinese demand, US buyers are stockpiling to prevent higher 301 tariffs, and emerging markets like the Middle East and South America are seeing growth in energy storage demand. These factors have increased non-China orders, and China’s top cell manufacturers have enough orders and are holding prices steady.
In February, lithium material prices like lithium carbonate and LFP dropped, while artificial graphite prices rose. Overall, energy storage cell costs have stayed stable with small fluctuations, supporting prices.
On February 9, China’s National Development and Reform Commission and the National Energy Administration issued a notice stating that new energy projects cannot be required to include energy storage as a condition for approval, grid connection, or power sales. This effectively cancels the “mandatory energy storage” policy. This change is expected to reduce low-price competition and encourage industry growth through technology and innovation.
Weaker manufacturers may be phased out, and more orders will go to top companies. This will increase industry concentration, focus on better-quality energy storage cells, and slow down extreme price cuts.