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Lithium Prices in Q2 2025: Market Snapshot

Price Summary

During the second quarter of 2025, lithium prices remained under pressure due to continued oversupply and subdued demand recovery. According to data from Benchmark Mineral Intelligence and InfoLink Consulting, battery-grade lithium carbonate in China averaged between CNY 59,000 and 62,000 per metric ton in May, or approximately USD 8,500 to 9,000.

Spodumene concentrate, a key raw material in lithium refining, was priced between USD 670 and 685 per ton (CIF China), representing a 12.7 percent decline compared to the previous month.

Market Factors

  • Inventory levels in China remained elevated, with many lithium salt plants holding 2 to 4 weeks of feedstock, reducing short-term purchasing activity.

  • Spodumene imports into China increased significantly in April and May, contributing to excess supply conditions.

  • Domestic demand remained steady but showed limited short-term growth in electric vehicle production and energy storage applications.

Company Impacts

  • Sociedad Química y Minera de Chile (SQM) reported earnings pressure in Q2 due to lower realized lithium prices, citing weak market conditions in its May 2025 report.

  • Rio Tinto advanced lithium extraction initiatives in Chile using direct lithium extraction (DLE) technology. While the projects are in early phases, the company noted that current prices remain a constraint on profitability for new entrants.

For EnergyX, Q2 2025 highlights why developing the lowest-cost lithium extraction technologies remains critical to long-term success. Even as market prices fluctuate, our mission to invent and scale affordable, sustainable DLE solutions positions us to thrive through price cycles. By vertically integrating our supply chain and focusing on operational efficiency, we aim to remain competitive regardless of where prices move next.