INN recaps significant events in the lithium market during Q2 2024, revealing trends that may shape the future.

Lithium Price Decline in Q2

Prices for lithium fell to its lowest since 2021, driven by oversupply and slow electric vehicle (EV) sales. Lithium carbonate equivalent hit US$12,610.44 per tonne at June’s end.

China’s Influence on Lithium Dynamics

Zihao Lee, Fastmarkets, highlighted China’s leading role in lithium refining, impacting global prices despite being third in mine production. China’s output increased significantly in 2023.

Key Projects and Investments in April

Piedmont Lithium (PLL) received approval for its Carolina project, boosting North American supply. Honda Motor (HMC) announced C$15 billion for building an EV value chain in Canada.

Tough Financing for Lithium Juniors in May

Despite initial momentum, funding for junior mining firms fell in May. Fastmarkets suggests low prices hinder new projects, potentially leading to a market deficit by 2028.

Strategic Deals Amidst EV Sales Concerns in June

Major EV makers secured large-scale lithium supply agreements. SQM partnered with Hyundai and Kia for lithium hydroxide supply to support a sustainable future.

Amid oversupply, weak demand, and high inventory, market consolidation continues. Experts warn of potential price weakness but expect stability in the short term.

Stay updated with INN for the latest lithium market developments.

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