The red-hot lithium market is set for a further cooling off, as a recovery in electric-vehicle sales this year and China’s reopening won’t be enough to soak up ample supply headed for the market.
That’s according to Goldman Sachs analysts, who weighed in on pressure in recent months that’s been hitting prices for the energy-efficient storage pillar used in EV batteries, mobile phones and other consumer devices. Benchmark Mineral Intelligence’s lithium price index is down 7.4% this year but remains up 25.9% year over year. The index is linked to the weighted average price for lithium carbonate and hydroxide, the two primary lithium chemicals.
Lithium has been in the spotlight in recent years amid a push by the U.S. and other countries for greener energy solutions against the backdrop of climate change, with Russia’s yearlong war in Ukraine driving an urgency by some countries to pare back on traditional fuels. A more recent push for lithium has come from hopes that China’s reopening will be a boon for its massive EV market.
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