Lithium carbonate prices in China climbed to CNY 165,000 per tonne in late March, the highest level in nearly a month and more than 40% above the start-of-year level, driven by strong demand expectations in both the near and longer term. The sharp rise in crude oil and refined product prices since early March has strengthened the outlook for major economies to accelerate the adoption of new energy vehicles, whose batteries rely heavily on lithium.
Demand has also been buoyed by ongoing Chinese investment in power infrastructure, most recently underscored by plans to increase spending on power storage. This comes alongside Beijing’s pledge to double national EV charging capacity to 180 gigawatts by 2027, further supporting lithium-intensive energy storage systems.
At the same time, Zimbabwe has suspended exports of lithium concentrates and other raw materials in a bid to pressure downstream consumers to establish refining operations within the country.
