The price of lithium, which is used in batteries for electric vehicles and large energy storage systems, fell about 14% this week amid concerns about the prospects for demand for the metal, Bloomberg reports.
Quotes for lithium carbonate contracts on the Guangzhou exchange fell below 100,000 yuan ($14,900) per ton in trading on Thursday, before partially recovering. and ended the session at 104.4 thousand yuan per ton, which is 3.6% lower than the closing level of the previous day.
The downward trend in the market has continued since the end of August. The situation escalated earlier in the week when the European Union and China agreed to limit the export of hybrid cars to the EU. This has fueled long-standing concerns about demand for both electric vehicles and large-scale energy storage systems.
