The lithium carbonate CIF Asia price rose 11% in March to $10,000 per tonne — the biggest monthly increase since the price recovery began in January. There are signs prices are nearing a peak, however, with an improving supply outlook.
Cobalt prices declined sharply at end-March and into April on expectations of an easing supply-chain bottleneck; prices stabilized at $22.60 per pound April 16.
- China's passenger plug-in electric vehicle, or PEV, sales totaled just under 500,000 units in the March quarter, with full-year sales on course to exceed 2 million units.
- Ex-China passenger PEV sales will also benefit from the wider auto sector sales recovery in 2021 in addition to support from tighter emissions regulations.
- The U.S. PEV sector has welcomed the news of a $2.3 trillion infrastructure plan and the settlement between SK Innovation Co. Ltd. and LG Chem Ltd., which will spur PEV uptake and domestic supply chains.
- We forecast the lithium carbonate CIF Asia price to average $9,900/t in the June quarter, down from the March level.
- We maintain the view that cobalt prices are likely to trend downward as supply-chain disruptions continue easing through the June quarter, with the full-year price averaging $17.97/lb.
This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.
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April 27, 2021 at 01:52AM
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Lithium prices rally cobalt prices correct - S&P Global
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