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| Author | InfoLink |
| Updated | September 30, 2026 |
Lithium ore and lithium salt
Over the past week, prices for both spodumene concentrate and battery-grade lithium carbonate have continued to decline.
- Battery-grade lithium carbonate (spot)
Price range: RMB 117,000–123,000/MT
Average price: RMB 120,000/MT
Down 9.1% WoW - Spodumene concentrate (SC6, CIF)
Price range: USD 1,650–1,750/MT
Average price: USD 1,700/MT
Down 9.1% WoW
Lithium salt prices remain weak this week, with market attention focused on Q4 supply recovery and diverging demand expectations. Shipments from Zimbabwe and other African mines are gradually recovering, increasing imported ore inventories in China, with spodumene-based lithium production still expected to recover. Meanwhile, market views remain divided on Q4 battery production schedules and energy storage demand, while price support from the earlier peak season demand has weakened. However, the sharp price declines have prompted more low-price purchases by downstream players and traders. Spot supply remains relatively tight, while market inventories and warehouse receipts continue to fall. Lithium salt inventories have yet to see a clear build.
From a near-term supply-demand perspective, buying support for lithium carbonate has strengthened around RMB 120,000/MT. Market inventories have continued to decline since September, while spot trading has recovered after futures prices fell sharply. Traders have also become more reluctant to sell, keeping the basis relatively firm. In China, the Jianxiawo lithium mine entered the pre-approval public disclosure stage for its environmental impact assessment (EIA) on September 18. The project must still complete EIA acceptance and approval procedures, and the current review mainly covers mining activities, making a meaningful increase in near-term supply unlikely. Outside China, African ore arrivals are expected to continue recovering, with raw material supply expected to increase gradually in Q4. On the demand side, the key variable has shifted to October battery production schedules. LFP material and energy storage battery output remain resilient, with no clear signs of a significant decline yet. Overall, recovering supply is capping upside for lithium prices, while inventory drawdowns and low-price procurements are limiting further sharp declines. In the near term, lithium carbonate prices are likely to fluctuate around RMB 120,000/MT.
Energy storage cells in China
Over the past week, transaction prices for China’s LFP energy storage cells have edged down, with prices as follows:
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100 Ah: RMB 0.395–0.460/Wh, averaging RMB 0.428/Wh (down 2.3% WoW)
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280 Ah: RMB 0.335–0.390/Wh, averaging RMB 0.363/Wh (down 0.7% WoW)
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314 Ah: RMB 0.335–0.390/Wh, averaging RMB 0.363/Wh (down 0.7% WoW)
Recent sharp declines in lithium carbonate prices have lowered material costs, with the impact gradually reflected in some newly signed orders and spot transactions. With utility-scale storage project deliveries maintaining a normal pace, price adjustments for high-capacity cells such as 280 Ah and 314 Ah remain relatively limited. 100 Ah cells face looser supply-demand conditions, resulting in a more pronounced price decline than other formats.
The price premium for 100 Ah cells, previously supported by residential storage demand and temporary supply tightness, is fading further. As production capacity and market supply increase, the earlier supply-demand tightness has eased significantly. Meanwhile, some suppliers have begun introducing higher-capacity cells such as 314 Ah and 392 Ah into residential and small-scale storage products, replacing traditional 100 Ah cells to some extent and adding further downward pressure on 100 Ah prices. In the utility-scale storage market, 314 Ah remains the mainstream format, while 280 Ah cells continue to be used in existing projects, keeping demand relatively stable. China's consumption tax on lithium-ion batteries took effect in September. Some suppliers are incorporating the additional tax into newly signed orders and contract terms. However, cost reductions from the recent decline in lithium carbonate prices have been more pronounced, leaving overall cell costs somewhat lower. Near-term price trends are expected to diverge by format. 100 Ah cells may see further modest declines, while 280 Ah and 314 Ah prices are likely to remain stable at low levels, supported by utility-scale storage demand.
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)
Prices for standardized utility-scale ESS remain at the low levels seen previously, with no clear overall upward or downward trend recently. Price differences across projects mainly reflect variations in storage duration, grid-forming requirements, equipment scope, grid-connection performance, and warranty coverage. Transaction prices for conventional LFP systems remain broadly stable.
System equipment procurement remains active. On September 17, candidate results were announced for the procurement of a 297 MW/1,188 MWh LFP ESS for the Deyu grid-side standalone energy storage demonstration project in Weichang, Hebei. Nine companies submitted bids, with most quotes ranging from RMB 0.511–0.535/Wh. The top three candidates quoted around RMB 0.511–0.522/Wh, still within the prevailing low-price range for 4-hour utility-scale ESS. On September 28, Beijing Guozong Green Energy announced the shortlisted suppliers for its 2H26 centralized procurement covering 4 GWh of LFP ESS, including about 3 GWh of 4-hour systems and 1 GWh of 2-hour systems. Battery containers, PCS, and EMS will be procured separately, with 16 suppliers shortlisted for battery containers. Recent large-scale procurement remains focused on 4-hour systems, with a broad supplier base indicating continued project demand and intense competition among system integrators. In the near term, prices for standard LFP ESS are expected to remain stable at low levels. Quote differences driven by project configuration, technical requirements, and delivery scope will likely be more pronounced than shifts in the overall market price level.
On September 28, seven Chinese government agencies, including the Ministry of Industry and Information Technology, the National Development and Reform Commission, and the National Energy Administration, among others, jointly issued the 15th Five-Year Plan for the Development of the New-Type Battery Industry. For the energy storage industry, the plan is notable not only for its technical targets but also for addressing supply-demand coordination, capacity early-warning mechanism, price competition governance, and technology upgrades within a unified industry framework. The plan calls for continued implementation of capacity early-warning and regulatory measures, product quality supervision, and regulation of price competition. By 2030, long-life lithium batteries are targeted to reach 15,000 cycles, while all-solid-state batteries are expected to achieve initial large-scale application. Energy storage applications will also expand across generation side, grid side, industrial parks, and data centers.
In the near term, existing cell capacity remains ample, so the plan is unlikely to immediately change the current low-price competitive landscape. Over the medium to long term, however, industry expansion will place greater emphasis on supply-demand balance and effective capacity, leaving less room for redundant capacity expansion and market-share gains driven solely by low prices. Competition in energy storage will increasingly shift toward cycle life, safety, system integration, and life-cycle economics. Price will remain important, but product performance and operational value are expected to carry greater weight in project selection.