SHANGHAI, Apr 26 (SMM) - The market price of lithium hexafluorophosphate has dropped to 350,000 yuan/mt, a drop of 36% from 550,000 yuan/mt at the beginning of this year. According to SMM data, driven by robust demand from the new energy vehicle market in 2021, lithium hexafluorophosphate once rose from 250,000 yuan/mt in May 21 to 590,000 yuan/mt in March 22, an increase of 136%. However, affected by the current round of the pandemic, the demand for lithium hexafluorophosphate has continued to weaken since March, and the spot transaction price of lithium hexafluorophosphate in the market has continued to decline.
From the perspective of raw materials, the main raw material of lithium hexafluorophosphate is lithium carbonate. According to SMM data, the average price of industrial-grade lithium carbonate has fallen back to 430,000 yuan/mt, which also had a negative impact on the price of lithium hexafluorophosphate.
On the supply side, in 2022, the supply of lithium hexafluorophosphate in the market increased with the release of new capacity. Some car and battery makers were shut down or lowered output due to the pandemic, hurting demand for electrolyte, which uses lithium hexafluorophosphate as a mainstream solvent. Electrolyte plants rely on long-term orders and raw material inventory, hence demand for lithium hexafluorophosphate in the spot market declined sharply.
In 2021, rising prices and robust demand drove lithium hexafluorophosphate producers to expand capacity and new players entered the market. However, COVID-19 outbreak in China shocked the new energy industry chain and led to oversupply in lithium hexafluorophosphate market, sending its prices all the way down.
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