The industry continues to switch to the low-cost cathode chemistry known as lithium iron phosphate (LFP). These packs and cells had the lowest global weighted-average prices, at $130/kWh and $95/kWh, respectively. This is the first year that BNEF’s analysis found LFP average cell prices falling below $100/kWh.
Taking a look at battery cells used in energy storage equipment, lithium iron phosphate (LFP) storage cells declined 10.5% MoM in April to around CNY 0.74/Wh. However, the price of LFP materials has recently begun to rise, and businesses are receiving more orders.
Although the MoM decline in prices has expanded, lithium salt prices began to show signs of stabilization and rebounded in late April.
A 200MW/400MWh LFP BESS project in China, where lower battery prices continue to be found. Image: Hithium Energy Storage. After a difficult couple of years which saw the trend of falling lithium battery prices temporarily reverse, a 14% drop in lithium-ion (Li-ion) battery pack cost from 2022-2023 has been recorded by BloombergNEF.
The ASP of battery-grade lithium carbonate and lithium hydroxide in China saw an MoM decline in the month of April, falling to CNY 198,000/ton (-39%) and CNY 266,000/ton (-33%), respectively, according to TrendForce research.
Lithium salt prices experienced a five-month decline before stabilizing and rebounding in April. This allowed the prices of various li-ion battery products to return to levels observed prior to the surge in demand at the end of 2021.
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