Lithium prices in China have tumbled 29% as slower EV demand hits 'white gold'
Looming over the Chinese market are lower subsidies for electrified vehicles and weak consumer confidence, which has been rattled by the country's property crisis, according to Fastmarkets.
While this spells an end to its two-year rally, the"white gold" of clean energy continues to be worth eight times more than it was two years ago. For now, producers seem to be adapting to shifting demand. China's CATL, which is the world's largest battery producer, reportedly agreed to sell batteries to Chinese EV makers at lower rates.
Prices will be based on the production cost — capped at $29,016 per tonne — as long as customers agree to buy 80% of their battery requirements from CATL.
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