Global lithium prices spike but remain below 2024 average, says Cochilco

Global lithium carbonate prices have risen significantly in recent weeks due to increased uncertainty over supplies and an improved outlook for future demand, though they remain below last year’s average, Chilean state agency Cochilco said in a report on Wednesday.

On December 10, the value reached $10,500/ton, equivalent to a 13% increase compared to the price at the end of October.

The average price to date is $9,306/ton, 24% lower than the $12,296 registered in 2024.

Higher consumption is projected for lithium battery energy storage systems, which has contributed to higher pricing.

Prices have risen despite a projected market balance surplus scenario for this year and next.

Uncertainty remains over the reopening of CATL’s Jianxiawo mine in China, putting pressure on global supply.

The price of lithium is expected to register a moderate recovery in 2026. However, the restart of operations at CATL’s Jianxiawo mine could cause prices to fall in the short term.

Chile is the world’s second largest lithium producer behind Australia, according to the World Economic Forum.

(By Fabián Cambero; Editing by Brendan O’Boyle)