Global Report: Battery metal prices fell amid rising demand, lithium 80% cheaper; increased supply became the reason
Global Report: Despite the growing demand for e-vehicles and green energy, prices of battery metals such as lithium, cobalt, graphite, and nickel fell sharply in 2024. According to the global report, prices have fallen due to increased supply, especially due to countries like China, Congo, and Indonesia.
The demand for metals and minerals needed for batteries across the globe, particularly metals such as lithium, cobalt, graphite, and nickel, went up sharply in 2024. All these metals are needed for batteries for e-vehicles, solar, and wind installations. Notwithstanding this, prices for these metals have come down significantly.
According to the Global Critical Minerals Outlook 2025 report, lithium prices had increased eight times in 2021-22, but now they have fallen by 80 percent. The prices of cobalt, graphite, and nickel have also fallen by 10 to 20 percent. The main reason for the fall in prices is the increased supply of these minerals.
China, Indonesia, and Congo are among the nations that have rapidly expanded their mining and production. The supply of metals for use in batteries has doubled its growth since 2020 relative to a decade ago.
