Lithium Carbonate Prices Still in Downturn after New Year's Day, Lithium Demand Is Projected to Increase More than 40% in the Next Two Years

SHANGHAI, Jan 4 (SMM) - The SMM spot prices of domestic battery-grade lithium carbonate kept falling recently, losing another 4,500 yuan/mt in a single day to 493,000-518,000 yuan/mt today. 

Although the current domestic prices of lithium-related products are falling steadily, the enthusiasm for lithium in overseas markets remains robust.

According to report by a foreign media on January 2, lithium, as an increasingly precious resource, is becoming Australia's "new gold". 

As the world's largest source of lithium, Australia is the global top lithium mining country and the largest lithium exporter in the world. In a report on trade in raw materials and natural resources released by the Australian Department of Industry, Science and Technology, the Australian government mentioned that Australia’s lithium export revenue will exceed $16 billion in the 2022/2023 fiscal year, more than three times the previous year’s export value and almost 15 times the export value in the 2020/2021 fiscal year. It is reported that lithium has become the sixth most important raw material in Australia's exports, after gold. Not only that, the report also pointed out that according to its forecast for the next few years, Australia's future lithium export revenues will exceed gold. According to the report, lithium demand is forecast to grow by more than 40% over the next two years, reaching 1.09 million mt of lithium carbonate equivalent (LCE) in 2024.