The lithium market is expected to remain in a state of oversupply, depressing prices this year and into next. But the market desperately needs new supply -although at current prices few players are incentivised to jump on the lithium bandwagon.
"We don't really see the market balancing in the next six to 12 months; we might see some slight price increases from a low level, but I don't think we're going to see another rally in pricing until we get towards the end of the decade," Andy Leyland , managing director of SCI told Mining Journal.Demand for lithium continues to ramp up however.
Investment in critical minerals exploration and greenfield projects consistently lags other energy transition sectors, the research arm said, adding that it believes lithium will see its demand growing by between 11 to 17 times the amount needed today by 2050. PricesMacquarie Bank have forecast lithium mine supply to grow at a CAGR of 15.6% from 2023 to 2028, versus demand growth of 17.3%, with strong supply growth from Australia and Argentina.
SCI Macquarie Bank Joe Lowry Supply Chain Insights
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