Analyst Note
| Seth Goldstein, CFA |We have raised our near- and medium-term lithium price forecast. Due to undersupplied market conditions, lithium prices are currently in the mid-$70,000 per metric ton range, which is near the all-time highs set earlier this year and well above our marginal cost estimate of $12,000 per metric ton. While we expect prices to moderate slightly, we forecast lithium carbonate prices will average $70,000 per metric ton in 2023, down less than 10% from current levels.