Energy Insider: Lithium Prices Soar to Record High on Strong EV Demand

In today’s Caixin energy news wrap: Coal storage at China’s power plants climbs to a record high; Xi calls for further revamp of the power system; Zhejiang pushes hard to develop hydrogen fuel cell vehicles.

Lithium prices jump to all-time high

Prices of lithium carbonate, a key material used to make rechargeable batteries, surpassed a record 200,000 yuan ($31,281) per ton in China, driven by strong demand for electric vehicles. Prices of the mineral have surged 277% from the beginning of this year and nearly 360% from the same time a year ago. The price gains may continue unless the new-energy vehicle industry begins to mass-produce alternative battery technologies or major recycling programs are put in place, according to the head of China’s largest miner of the metal.