EXECUTIVE SUMMARY
China’s energy storage supply chain showed mixed price movement between August 5 and 12, with lithium carbonate and spodumene averages increasing. The 100 Ah LFP cell price edged lower, while 280 Ah and 314 Ah cells and major liquid-cooled ESS configurations remained unchanged.
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Chinese lithium prices has recovered slightly this week as trading activity improved and supply remained tight. However, expectations of more supply in the coming months limited further price gains, while LFP cell and energy storage system (ESS) prices remained largely stable.
According to renewable energy research firm InfoLink Consulting’s latest price assessment, Chinese battery-grade lithium carbonate rose to an average of RMB 142,000/MT (range: RMB 139,000–144,000/MT), up from RMB 140,000/MT on August 5. Meanwhile, imported SC6 spodumene concentrate was assessed at USD 1,990–2,090/MT on a CIF basis. This brought the spodumene average to USD 2,040/MT, compared to USD 2,020/MT the previous week. Despite recent volatility, lithium prices has showed a modest recovery during the week as lower-price trading improved and the spot basis strengthened.
Near-term lithium prices were supported by limited fresh supply and expectations of inventory drawdowns in August. Delays in the resumption of the Jianxiawo lithium mine, lower Australian ore shipments and winter-related disruptions in South America also constrained supply. However, expectations of a looser supply-demand balance in 2027 continued to limit the potential for a sustained price rally. InfoLink expects lithium carbonate to remain range-bound, with prices more likely to fluctuate between RMB 133,000–149,000/MT.
China’s LFP energy storage cell market showed limited price movement. The 100 Ah cell averaged RMB 0.440/Wh, down slightly from RMB 0.443/Wh on August 5. The 280 Ah cell remained unchanged at RMB 0.360/Wh. The 314 Ah cell also stayed at RMB 0.360/Wh. The 314 Ah format remains the mainstream specification for utility-scale storage shipments. Cells of 500 Ah and above have yet to materially change the near-term competitive landscape.
Electrochemical ESS transaction prices also remained stable. Two-hour DC-side liquid-cooled systems averaged RMB 0.49/Wh, unchanged from August 5. AC-side one-hour systems averaged RMB 0.84/Wh. Two-hour AC systems averaged RMB 0.58/Wh. Four-hour AC systems averaged RMB 0.53/Wh. All three AC-side prices were unchanged from their August 5 averages.
Lower cell costs are being reflected in DC-side ESS pricing to some extent. However, complete system prices also include PCS, transformers, EMS, thermal management, fire protection, commissioning and warranty costs. As a result, AC-side system prices are adjusting more slowly.
Utility-scale procurement remains competitive. Hebei Transportation Investment Group’s 300 MW/1,200 MWh standalone energy storage project recorded a winning bid of approximately RMB 0.525/Wh. The bid covers a four-hour LFP system.
Going forward, InfoLink expects ESS price assessments to consider more than equipment procurement prices. These assessments are expected to increasingly reflect equipment costs, operating returns and safety responsibilities.