Lithium carbonate prices hit US$22,832 per tonne on Thursday, the highest since November 2023, following a 24% drop in Chilean exports in 2025. Experts link the surge to demand for batteries in electric vehicles and energy storage. A positive year is forecasted for the commodity, though not matching prior peaks.
The lithium market starts 2026 with a notable price rebound, contrasting the previous year's export decline. According to GEM Mining Consulting data, lithium carbonate averaged US$20,585 per tonne in early January, peaking at US$23,384 on Wednesday. This level had not been seen since November 2023, when prices were falling after records over US$80,000 per tonne at the end of 2022.
In 2025, Chilean lithium carbonate exports fell 24%, reaching US$1,903 million, US$590 million less than in 2024. The annual average was US$10,520 per tonne, influenced by low prices in the first semester. However, lithium hydroxide rose by US$42 million, and lithium sulfate increased from US$60 million to US$200 million.
Juan Ignacio Guzmán, CEO of GEM, stated: “In the last three months, both lithium carbonate, hydroxide, and spodumene have significantly increased their prices. We see a very significant increase in the current year. And in the last year in particular, the price has risen almost 85%.” He attributes the rise to battery demand, not just for electric vehicles but also stationary ones. He projects prices between US$11,000 and US$20,000 per tonne in 2026, with a positive global outlook.
Daniela Desormeaux, director of Cesco, noted that the export drop was due to “lower prices, as during 2025 the downward trend in lithium carbonate prices was maintained, particularly in the first semester, to then begin stabilizing only in the third quarter.” She highlights robust demand, with electric vehicle sales near 20 million units in 2025 and growth in energy storage. The halt of CATL's Jianxiawo mine in China since August 2025 adds supply uncertainty, contributing to market balance after production capacity adjustments.
Despite the rebound, Chile's total exports exceeded US$100 billion in 2025, led by copper, salmonids, and cherries to China and the United States.
