Citi Australian analyst Kate McCutcheon said that lithium prices should recover towards the end of 2023 as Chinese battery makers restock.
A horror run for lithium prices is close to a bottom as Chinese battery makers move to restock supplies in the second quarter and the fundamental narrative of growing demand for electric vehicles supports prices, says Citi resources analyst Kate McCutcheon.
“We don’t think that [lithium] prices go back to the peaks, but we do expect prices to pick up from spot in the back end of this year, and moderate to $US40,000 a tonne for carbonate for next year,” said Ms McCutcheon. Prices for battery grade lithium carbonate equivalent in China collapsed from more than $US75,000 a tonne in November to well below $US40,000 a tonne on Monday. Prices are measured across different exchanges, markets and purity grades.Ms McCutcheon said the speed of the battery metal price falls caught some investors off-guard, but that Citi expected them to catch a bid at the back end of 2023.
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