Lithium prices continued to rise in November, with Chinese battery-grade prices surpassing the RMB 200,000/tonne (US$31,395/tonne) mark, according to Benchmark’s Lithium Price Assessment.

Source: Benchmark Mineral Intelligence

The rise in lithium carbonate prices could increase production costs of lithium-iron phosphate (LFP) battery cells by at least 16%, Benchmark Mineral Intelligence analysis shows, adding further pressure to electric vehicle (EV) makers next year.

Benchmark’s Chinese battery-grade lithium carbonate prices have risen by 346% this year, as sales of EVs in China have almost doubled from a year earlier and mined supply has struggled to keep pace.