FOCUS: Tight availability propels spodumene price, prompts more frequent price negotiations

The spodumene price skyrocketed in July with tight availability posting challenges to lithium operations in China, while suppliers intended to negotiate the price more frequently in light of the price rally in the downstream chemical market.

Fastmarkets' monthly assessment for spodumene 6% Li2O min, cif China rose to $880-950 per tonne on Wednesday June 30, up by $195 per tonne from $690-750 per tonne one month ago. The price has more than doubled since January 2021.
Key Chinese producers of battery-grade lithium hydroxide, which is typically fed on spodumene concentrates, have battled with tight raw material supply amid robust downstream electric vehicle (EV) battery demand, which has resulted in aggressive ramp-up plans among cathode materials producers.
Global demand of lithium should reach 426,000 tonnes of lithium carbonate equivalent in 2021, which is a 30% increase from 320,000 tonnes in 2020; supply of processed lithium is estimated to only increase by 13% year on year, according to Fastmarkets' battery raw materials research team.

The spot market has responded quickly to the optimism in the EV battery supply chain dynamics with lithium prices across the globe...

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