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| Author | InfoLink |
| Updated | September 23, 2026 |
Lithium ore and lithium salt
Over the past week, prices for both spodumene concentrate and battery-grade lithium carbonate have edged higher following their earlier sharp declines.
- Battery-grade lithium carbonate (spot)
Price range: RMB 130,000–134,000/MT
Average price: RMB 132,000/MT
Up 1.5% WoW - Spodumene concentrate (SC6, CIF)
Price range: USD 1,820–1,920/MT
Average price: USD 1,870/MT
Up 1.1% WoW
This week’s price rebound primarily reflects a period of recovery following the earlier sharp decline. Stocking demand ahead of the Mid-Autumn Festival and China’s National Day holidays continues to play out, while market inventories and warehouse receipt inventories continue to decline. Supply in trading channels remains relatively tight, and the spot basis remains firm, providing some support for prices. Meanwhile, Argentina’s lithium salt exports declined MoM in August, while port congestion continues to create some uncertainty around the pace of arrivals of Zimbabwean ore, tempering expectations for a rapid easing of near-term supply.
However, as concentrated pre-holiday stocking gradually draws to a close, spot trading volumes have already declined. As a result, the latest price move largely reflects a recovery from recent lows, with supply-demand fundamentals not yet in place to support a sustained uptrend.
Looking ahead, the lithium salt market in Q4 is expected to remain caught between near-term inventory drawdowns and a medium-term recovery in supply. In China, the Jianxiawo lithium mine project entered the pre-approval public disclosure stage for its environmental impact assessment (EIA) again on September 18, with the resumption process continuing to move forward. However, the project remains in the approval stage, and the current EIA process mainly concerns the mining segment, limiting its impact on near-term supply. Outside China, shipments from Zimbabwe and other African sources have gradually resumed, lifting inventories of imported ore in China and leaving room for further increases in spodumene-based lithium production.
On the demand side, conditions have proved more resilient than previously pessimistic market expectations suggested. Overall production schedules for EV, energy storage, and consumer batteries are expected to remain elevated in October. Earlier production adjustments by some leading companies were driven more by proactive inventory management and have yet to indicate a clear weakening in end-market demand. Lithium carbonate inventories are still being drawn down, but as pre-holiday stocking comes to an end and additional upstream mining supply is released, the pace of inventory drawdowns is expected to gradually slow.
In the near term, tight spot availability, declining warehouse receipts, and seasonally strong production schedules continue to support prices. However, expectations for a recovery in supply in Q4 are likely to cap further upside. Prices for spodumene concentrate and lithium carbonate are therefore expected to remain volatile with a slight downward bias in the next period, with average prices potentially edging lower.
Energy storage cells in China
Over the past week, transaction prices for China’s LFP energy storage cells have held steady overall, with prices as follows:
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100 Ah: RMB 0.395–0.480/Wh, averaging RMB 0.438/Wh (flat WoW)
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280 Ah: RMB 0.340–0.390/Wh, averaging RMB 0.365/Wh (flat WoW)
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314 Ah: RMB 0.340–0.390/Wh, averaging RMB 0.365/Wh (flat WoW)
Although lithium carbonate prices have edged higher this week, the overall price level remains well below the previous high, and raw material costs have yet to re-exert significant upward pressure on cell prices. Meanwhile, the delivery pace of utility-scale energy storage projects remains stable, supporting prices of mainstream high-capacity cells. Suppliers also have little incentive to proactively cut prices further in the near term. As a result, transaction prices across formats have remained broadly stable.
314 Ah cells remain the main format delivered for utility-scale energy storage projects in China, with orders and project execution providing relatively strong support for prices. A considerable number of existing projects using 280 Ah cells also remain under delivery, keeping transaction prices broadly stable in the near term. The format premium previously enjoyed by 100 Ah cells on the back of residential storage demand and demand outside China has narrowed significantly. With supply relatively ample and market competition relatively intense, 100 Ah cells continue to face greater price pressure than high-capacity cells. As lithium carbonate prices have fallen significantly from their previous highs, there remains some room for further declines in cell costs. However, current energy storage demand has not weakened materially, and overall cell prices are expected to remain within a narrow range at low levels. In particular, 280 Ah and 314 Ah prices are expected to show relatively greater stability in the near term, while 100 Ah prices may still edge lower.
Energy storage system (ESS) in China
For the past week, transaction prices for electrochemical ESS in China have remained stable overall, with prices as follows:
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2-hour DC-side liquid-cooled containerized ESS: RMB 0.45–0.53/Wh, averaging RMB 0.49/Wh (flat)
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1-hour AC-side liquid-cooled containerized ESS: RMB 0.81–0.87/Wh, averaging RMB 0.84/Wh (flat)
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2-hour AC-side liquid-cooled containerized ESS: RMB 0.52–0.63/Wh, averaging RMB 0.58/Wh (flat)
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4-hour AC-side liquid-cooled containerized ESS: RMB 0.50–0.55/Wh, averaging RMB 0.53/Wh (flat)
Cell prices have shown no significant adjustments recently, while costs for other equipment, including power conversion systems (PCS), transformers, thermal management, fire protection, and control systems, have also remained stable. As a result, recent lithium salt price fluctuations have yet to pass through materially to system prices. Following the sustained price declines seen earlier, prices for standardized utility-scale ESS are now already at relatively low levels. Market competition remains intense, but the room to win orders simply by further cutting equipment prices has narrowed.
Recent public procurement results also show that mainstream LFP ESS prices remain stable at low levels. In mid-September, the preliminary winning bid for system equipment for a 135 MW/540 MWh standalone energy storage project in Wuwei, Gansu, was approximately RMB 0.558/Wh. During the same period, candidate bids for CNPC Tarim Oilfield’s 150 MW/300 MWh ESS procurement ranged from approximately RMB 0.525/Wh to RMB 0.580/Wh. On September 17, candidate bids for system equipment procurement for the 297 MW/1,188 MWh Deyu LFP energy storage project in Weichang, Hebei, ranged from approximately RMB 0.511/Wh to RMB 0.522/Wh, with overall bids concentrated mainly in the RMB 0.511–0.535/Wh range. As projects differ in equipment configuration, scope of supply, grid-forming requirements, and warranty obligations, these prices are not directly comparable. However, recent procurement results have yet to indicate either a broad-based increase in conventional LFP system prices or a new round of rapid price declines. In the near term, system prices are expected to remain broadly stable at low levels, with price differences across projects driven more by differences in equipment scope, technical requirements, and contractual obligations.
In addition, Shaanxi has recently further strengthened whole-process management of new-type energy storage projects, dividing standalone grid-side energy storage projects into two lists—those eligible for capacity tariffs and those implemented independently—and announcing a combined 7.57 GW of recommended grid connection capacity. The policy also stipulates that, in principle, projects eligible for capacity tariffs may not be transferred or have relevant rights and interests changed from the time they are included on the list until three years after completion. Projects that fail to commence substantive construction within six months, or fail to be completed within one year without applying for an extension as required, will be subject to dynamic removal from the list. Grid-forming energy storage will also be prioritized in areas with concentrated renewable energy connections and relatively low short-circuit ratios. The policy focus has shifted from simply expanding the project pipeline toward tighter constraints on grid connection resources, construction progress, and project investors, helping reduce quota hoarding, project flipping, and low-quality duplicate development.
For the supply chain, the 7.57 GW of recommended grid connection capacity provides a degree of demand support for future project development, but does not equate to final capacity additions. As eligibility for capacity tariffs becomes more closely tied to construction progress, ownership stability, and grid-connection capability, project screening will increasingly focus on actual project execution and long-term operating capability. Competition among system integrators will also gradually extend beyond equipment prices to grid-forming performance, grid-connection compatibility, delivery schedules, and long-term operating capability.