Cost of lithium used to make electric car batteries up nearly 500% since last year
The race to a low-carbon future via electric vehicles already comes with a hefty price tag. But that price tag may enlarge even more in the coming months if the skyrocketing cost of lithium serves as any indication.
The cost of lithium carbonate — a key ingredient used in the manufacturing of electric vehicle batteries and other low-carbon energy resources such as solar panels — has jumped 95% already in 2022, and is up almost 500% year-over-year.
According to Benchmark Mineral Intelligence, a leading price reporting agency, battery-grade lithium carbonate (EXW China, ≥99.5% Li2CO3) was averaging a whopping $76,700 a tonne in mid-March. During the same month last year, the metal was trading at $13,400 a tonne.
Benchmark reportedly added that based on reports out of China, things aren’t going to get any easier in the short term due to continued low inventory levels. China is a major producer of the mineral, selling nearly 20% of the world’s supply. – READ MORE
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