This page collects a decade of lithium price history from public sources: annual average battery-grade lithium carbonate prices published by the U.S. Geological Survey (USGS), plus dated reference points for 2026. For today’s levels see the lithium price chart.
Annual lithium carbonate prices, 2016–2025
| Year | Avg. price (US$/t) | What happened |
|---|---|---|
| 2016 | $8,650 | Chinese EV and battery build-out tightens supply |
| 2017 | $15,000 | Boom year; converters scramble for spodumene |
| 2018 | $17,000 | Peak of the first EV-driven cycle |
| 2019 | $12,100 | New Australian spodumene supply; prices slide |
| 2020 | $8,600 | Oversupply plus COVID-19 demand shock |
| 2021 | $12,600 | EV sales surge; spot prices rise sharply in H2 |
| 2022 | $68,100 | All-time high; China spot carbonate near 600,000 CNY/t in November |
| 2023 | $46,000 | Crash through the year as new supply arrives |
| 2024 | $14,000 | China CIF spot falls from ~$14,500 (Jan) to ~$9,400/t (Nov) |
| 2025 | $9,000 | Lows in H1; recovery in H2 (CIF China ~$9,300 Jan to ~$10,300/t Nov) |
Values are the USGS “annual average, battery-grade lithium carbonate” series for US contract prices (sourced by USGS from Benchmark Mineral Intelligence), taken from the 2021 (2016–2018), 2024 (2019–2023), 2025 (2024) and 2026 (2025) editions. Later editions sometimes restate earlier years, for example in inflation-adjusted terms, so small differences between sources are normal.
The three lithium price cycles
2015–2018: the first EV boom
Chinese battery demand and subsidies for new-energy vehicles pulled lithium carbonate from single-digit thousands of dollars per tonne to an annual average of about US$17,000/t in 2018. Producers responded with a wave of Western Australian spodumene mines.
2019–2020: oversupply
The new Australian supply arrived just as Chinese EV subsidies were cut and then COVID-19 hit. Prices fell to about US$8,600/t on average in 2020, and several higher-cost mines were idled.
2021–2022: the super-spike
Global EV sales accelerated far faster than mines could restart or expand. China spot lithium carbonate climbed to close to 600,000 yuan per tonne in late 2022 and the USGS annual average reached about US$68,100/t, by far the highest on record.
2023–2025: the bust
High prices brought on supply from Australia, Africa (Zimbabwe, and new operations in Mali in 2024), Chinese lepidolite and South American brines. The USGS average fell to about US$14,000/t in 2024 and US$9,000/t in 2025, and many projects were deferred or mines put on care and maintenance.
Late 2025–2026: recovery and a new peak
Strong EV sales in China and Europe and fast-growing battery energy storage demand lifted prices from the second half of 2025. Supply disruptions in China added fuel, and Guangzhou lithium carbonate futures reached a two-year high above 200,000 yuan per tonne in mid-May 2026 (about 210,000 yuan at the peak, according to market reports). Prices then fell back: China battery-grade carbonate dropped from about 159,300 yuan/t at the end of August 2026 to 142,800 yuan/t on 8 September after Shanghai Metals Market revised its inventory methodology, and Trading Economics shows 122,800 yuan/t on 30 September 2026.
2026 reference points
| Date | Benchmark | Level | Source |
|---|---|---|---|
| 13 Jan 2026 | Spodumene concentrate, spot sales | Above US$2,200/t (+60% in a month) | Argonaut |
| Mid-May 2026 | GFEX lithium carbonate futures | Two-year high above 200,000 CNY/t | Market reports |
| 10 Aug 2026 | Lithium carbonate / hydroxide / spodumene | US$18,160 / US$18,510 / US$2,000 per t | Benchmark |
| 2 Sep 2026 | Lithium carbonate / hydroxide (CIF Asia) | US$19,750 / US$18,750 per t | Benchmark |
| 2 Sep 2026 | Spodumene 6% (FOB Australia) | US$2,254/t | Benchmark |
| 8 Sep 2026 | China battery-grade carbonate | 142,800 CNY/t | BigGo Finance |
| 30 Sep 2026 | China lithium carbonate | 122,800 CNY/t | Trading Economics |
Frequently asked questions
What was the highest lithium price ever?
The 2022 cycle produced the record. The USGS puts the 2022 annual average battery-grade lithium carbonate price at about US$68,100 per tonne, and Chinese domestic spot prices peaked near 600,000 yuan per tonne in November 2022.
What was the lithium price in 2025?
The USGS estimates the 2025 annual average US contract price for battery-grade lithium carbonate at US$9,000 per tonne, 31% below 2024. China CIF spot prices rose from about US$9,300 per tonne in January 2025 to about US$10,300 per tonne in November 2025.
How has the lithium price moved in 2026?
Prices rose strongly in the first five months of 2026: Guangzhou lithium carbonate futures reached a two-year high above 200,000 yuan per tonne in mid-May. They then fell through August and September; Trading Economics showed China lithium carbonate at 122,800 yuan per tonne on 30 September 2026, down about 22.5% over the month but still about 67% higher year on year.
Why are lithium prices so volatile?
Supply comes from a small number of large mines and chemical plants that take years to build, while demand from electric vehicles and storage can change quickly. Inventories are opaque, much of the market is priced in China, and futures trading in Guangzhou amplifies short-term moves.
Sources
- USGS, Mineral Commodity Summaries 2026: Lithium (February 2026)
- USGS, Mineral Commodity Summaries 2025: Lithium
- USGS, Mineral Commodity Summaries 2024: Lithium
- USGS, Mineral Commodity Summaries 2021: Lithium
- Benchmark Mineral Intelligence, lithium prices page (assessment of 2 September 2026)
- Benchmark Mineral Intelligence, “Lithium Price Watch: What the Forward Curve Is Telling Buyers Now” (prices as of 10 August 2026)
- Argonaut, “Spodumene surges beyond US$2,000/t” (13 January 2026)
- BigGo Finance, “China’s Lithium Carbonate Futures Tumble Below 140,000 Yuan as Inventory Data Overhaul Triggers Repricing” (10 September 2026)
- Trading Economics, Lithium (China lithium carbonate, CNY/t) (value for 30 September 2026)