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| Author | InfoLink |
| Updated | October 28, 2026 |
Lithium ore and lithium salt
Over the past week, prices for both spodumene concentrate and battery-grade lithium carbonate have continued to decline.
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Battery-grade lithium carbonate (spot)
Price range: RMB 95,000–99,000/MT
Average price: RMB 97,000/MT
Down 4.9% from the previous update
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Spodumene concentrate (SC6, CIF)
Price range: USD 1,300–1,400/MT
Average price: USD 1,350/MT
Down 10% from the previous update
Lithium salt prices remain under pressure this week, primarily weighed down by expectations of a supply recovery and concerns over longer-term demand. In China, further progress in the approval process for the Jianxiawo lithium mine strengthens market expectations of a recovery in lithium ore supply from Jiangxi. Meanwhile, arrivals of lithium ore from Australia, Zimbabwe, and other sources remain relatively high, with port inventories continuing to rise.
Battery production schedules for October fall short of earlier peak-season expectations, while expectations for November production diverge. Financial market participants continue to trade on expectations of a loosening supply-demand balance, driving further declines in lithium salt prices.
However, spot-market supply and demand have not shown a corresponding shift toward a significantly looser balance. Lithium carbonate output in October falls short of earlier market expectations, while lithium iron phosphate (LFP) cathode material production remains relatively high. Weekly inventories continue to decline, tradable spot supply remains limited, and spot basis levels remain relatively strong.
On October 22, the environmental impact assessment (EIA) for the Jianxiawo lithium mining project enters the public notice stage for proposed approval, further strengthening expectations of a resumption of production. However, a time lag remains between regulatory approval progress and the actual recovery of output, limiting the near-term supply impact.
On the demand side, November battery production forecasts continue to vary across data sources. Residential energy storage demand remains weak, while production activity and deliveries in the utility-scale energy storage segment remain relatively stable. Overall demand has not seen a rapid contraction. As lithium carbonate prices fall below RMB 100,000/MT, buying at lower prices and reductions in short positions also slow the pace of further declines.
In the near term, lithium carbonate prices are expected to fluctuate around RMB 100,000/MT. Expectations of a supply recovery limit the upside, while inventory drawdowns and spot-market buying provide downside support. Over the medium term, key factors to monitor include the actual pace of production resumption at Jianxiawo, additional lithium ore supply from outside China, and whether inventories shift from drawdowns to accumulation toward year-end.
Energy storage cells in China
Over the past week, transaction prices for China’s LFP energy storage cells have continued to edge down, with prices as follows
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100 Ah: RMB 0.380–0.445/Wh, averaging RMB 0.413/Wh (down 0.6% from the previous update)
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280 Ah: RMB 0.325–0.385/Wh, averaging RMB 0.355/Wh (down 0.7% from the previous update)
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314 Ah: RMB 0.325–0.385/Wh, averaging RMB 0.355/Wh (down 0.7% from the previous update)
As lithium carbonate prices continue to decline, LFP cathode material costs fall further. Some cell manufacturers have begun adjusting prices for new orders and actual transactions, pushing the lower end of the market price range further down. However, utility-scale energy storage projects maintain a relatively high pace of deliveries, continuing to support demand for mainstream cell formats. As a result, price adjustments for 280 Ah and 314 Ah cells remain relatively limited.
Recent changes in actual quotes show that declining raw material costs are gradually being reflected in order pricing. Some customers are renewing requests for price reductions in the latest round of procurement, prompting cell manufacturers to soften their quotes compared with earlier levels.
Cells of 100 Ah and below are more significantly affected by slowing demand from the residential segment, inventory pressure, and shifts in cell formats. As some residential and small-scale energy storage products begin adopting higher-capacity cells, the price premium previously commanded by traditional lower-capacity cells continues to narrow. By contrast, 314 Ah cells remain the mainstream format delivered for utility-scale storage projects, while 280 Ah cells continue to benefit from demand from existing projects, keeping supply and demand relatively stable.
Currently, the decline in lithium carbonate costs continues to outweigh additional costs, including the consumption tax, pushing overall cell costs lower. Cell prices are expected to face further modest downward pressure in the near term. However, with utility-scale energy storage demand remaining resilient, substantial further price declines for mainstream high-capacity cell formats remain relatively unlikely.
Energy storage system (ESS) in China
Over the past week, transaction prices for electrochemical ESS in China have remained stable overall, with prices as follows:
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2-hour DC-side liquid-cooled containerized ESS: RMB 0.45–0.53/Wh, averaging RMB 0.49/Wh (flat)
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1-hour AC-side liquid-cooled containerized ESS: RMB 0.81–0.87/Wh, averaging RMB 0.84/Wh (flat)
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2-hour AC-side liquid-cooled containerized ESS: RMB 0.52–0.63/Wh, averaging RMB 0.58/Wh (flat)
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4-hour AC-side liquid-cooled containerized ESS: RMB 0.50–0.55/Wh, averaging RMB 0.53/Wh (flat)
Prices for standard LFP ESS currently remain at low levels, with recent project transactions showing no significant change in the overall price level. However, as cell prices continue to decline, the cost basis for newly signed projects is falling. If cell prices weaken further, system equipment quotes may still face downward pressure.
Recent equipment procurement results also show that prices for 4-hour ESS remain mainly around RMB 0.50/Wh. On October 22, the results of the 400 MW/1,600 MWh ESS equipment procurement for the project in Ongniud Banner, Inner Mongolia, were announced, with a winning bid of RMB 816 million, equivalent to approximately RMB 0.51/Wh based on storage capacity. The procurement covers ESS equipment rather than an engineering, procurement, and construction (EPC) contract, and the winning bid price is broadly in line with the prevailing price range of RMB 0.50–0.55/Wh for 4-hour systems in China.
Recent projects indicate that procurement demand from utility-scale energy storage projects continues to materialize, but system prices have yet to show another significant decline. Market competition is increasingly reflected in price differences among projects within the lower price range.
In the near term, prices for standard LFP ESS are expected to remain stable at low levels. If declines in cell costs continue to materialize, further downward adjustments in equipment procurement prices in subsequent rounds remain a possibility worth monitoring.
In addition, on October 21, China’s National Energy Administration (NEA) issued Announcement No. 4 of 2026, approving the release of 287 energy industry standards, including several related to energy storage. Among them, the Code for Safety Pre-assessment of Electrochemical Energy Storage Power Stations and the Design Specification for DC-Coupled Electric Energy Storage Systems will take effect in April 2027. From an industry perspective, the new standards further specify technical requirements for energy storage power stations, covering preliminary design, safety assessment, system integration, and operational management. Industry evaluation criteria are also beginning to extend beyond equipment prices to encompass safety, design standards, and operational quality throughout the project lifecycle.
The implementation of these standards is unlikely to directly affect ESS prices in the near term. However, as requirements for project design, testing and validation, and safety management become more stringent, the scope for securing orders solely through low-price competition is expected to narrow further. This places greater demands on system integrators’ engineering design, system compatibility, and long-term operation and maintenance (O&M) capabilities, while also helping shift industry competition gradually from equipment prices toward overall project delivery capabilities.