Lithium prices: five years from boom to bust

By Velstrand Research analysts · November 2025

Lithium prices went through a full cycle between 2021 and 2025: a spectacular spike, then a long decline that continued through 2025.

The hydroxide premium over carbonate narrowed but did not disappear. At current prices, the highest-cost hard rock producers are under pressure while brine producers keep comfortable margins.

Our full report gives annual spot prices for carbonate and hydroxide and a cash cost curve for the main producers.