Global lithium demand is expected to grow by 30pc in 2026, and prices could be driven higher if this increase exceeds current projections, according to Li Liangbin, chairman of major Chinese lithium producer Ganfeng.
Global lithium demand is projected to reach 1.55mn t of lithium carbonate equivalent (LCE) in 2025, while supply is estimated at 1.7mn t LCE in the same period, Li said at the 10th International Summit on Battery Applications held on 16 November.
If growth in 2026 reaches 40pc, a further increase in lithium carbonate prices to above 150,000 yuan/t ($21,115/t) would become likely, he added.
Argus-assessed prices for 99.5pc grade lithium carbonate extended rises to Yn82,000-85,500/t ex-works on 13 November from Yn81,500-85,000/t ex-works on 12 November and Yn81,500-84,000/t ex-works on 11 November. Current prices are down by more than 80pc from November 2022 because supply rises have outpaced demand growth.
Ganfeng has battery production capacity of approximately 40 GWh/yr, covering small-power batteries for two-wheelers, large-power batteries for automobiles and construction machinery, as well as energy storage batteries.
Li also highlighted significant opportunities in China's truck battery-swapping market, adding that the rising adoption of electric forklifts has steadily increased the share of lithium batteries in this sector.
In the electric two-wheeler segment, China's new mandatory national safety technical standards are expected to accelerate the use of lithium-ion batteries, prompting major battery firms to expand their presence in this market.
Ganfeng aims to continue advancing the iteration and application of liquid batteries, along with research and development of solid-state batteries, to support electrification across diverse scenarios.
The firm aims to reach at least 600,000 t/yr of LCE supply by 2030, drawing from spodumene, brine, lepidolite, and recycling sources. It is ramping up its mining projects this year in Mali and Argentina.
