Battery cell prices fall to record low in September, says report - Batteries News

Battery cell prices fall to record low in September, says report

LONDON, Oct 30 (Reuters) – Global battery cell prices slid to record lows last month due to persistent declines in raw materials prices such as lithium and cobalt, consultancy Benchmark Mineral Intelligence said.

The weaker battery prices were led by lithium iron phosphate (LFP) cells, which dropped to $59 per per kilowatt hour (kWh) in September, based on weighted average prices.

LFP cells have shed a fifth of their value so far this year, BMI said in a report.

Evan Hartley, research manager at Benchmark, said :

Prices will likely drop a little further on average, but already LFP battery cells have and are actively being purchased in instances at agreed prices around $50/kWh,

LFP batteries were developed for the Chinese market to provide a cheaper alternative to nickel cobalt manganese (NCM) and have taken increasing market share in recent years.

The global weighted average price of NCM cells fell to $68.6 per kWh, a decline of 11.3% so far in 2024, BMI added.

Battery material prices have extended their declines this year due to a glut of supply and weaker than expected electric vehicle sales, with lithium carbonate prices down 29% so far this year, it said.

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Battery cell prices fall to record low in September, says report, source