That number ticked higher in 2022 from 2021, perhaps owing to the surge in lithium prices between March 2021 and May 2022. Since 1991, the cost of storing one kilowatt hour of electricity in a lithium battery has plunged by over 98%, from over $7,500 to around $100. Moreover, the revolution in battery technology continues apace. That figure has now grown to over 300,000 per quarter. In 2020, there were only 50,000 EVs sold in the U.S. ![]() While EV sales have disappointed expectations in the U.S., prompting some automakers to delay investments in lithium battery plants, sales continue to expand. That said, not all is gloomy in China when it comes to the prospects for battery metals: EVs accounted for nearly 40% of vehicle sales in China so far this year. Both metals are closely connected to the pace of growth in China, which has disappointed expectations for strong growth following the country’s sudden reopening from COVID-19 lockdowns late last year. Both aluminum and hot-rolled coil steel prices have fallen by around 50% since their respective highs in 20. The recent declines in lithium and cobalt prices have been mirrored in other metals. Battery usage has grown from around 25% to around 35% of cobalt use in the United States. Today, it is 80%.Ĭobalt’s growth in production hasn’t been as fast as lithium’s but has still seen a spectacular 10-fold increase from 17,000 metric tons to over 190,000 between 19. As recently as 2012, only 23% of lithium was used to make batteries. Much of this increased production has been directed to the battery sector. This is especially the case for lithium, whose mining production has grown 20-fold from 6,100 metric tons in 1994 to 130,000 by 2022. Both cobalt and lithium have seen explosive growth in global production in recent decades, as well as strong increases in battery use. ![]() Part of the reason for the strong growth in OI may have to do with the needs of producers/hedgers to manage their price risk.
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