The lightest metal, and the one most electric-vehicle and grid batteries are built around.
Lithium is the lightest metal and is used mainly in rechargeable batteries: USGS estimates that 88% of global lithium use goes into batteries for electric vehicles, grid storage, portable electronics and power tools. Production rose 31% in 2025 to about 290,000 tonnes of lithium content (from 222,000 in 2024, excluding U.S. output) and consumption rose 20% to about 263,000 tonnes. Output is counted as lithium content, while trade quotes use lithium carbonate equivalent (LCE) or lithium oxide in concentrate, so always state the basis: one tonne of lithium is about 5.3 tonnes of lithium carbonate equivalent.
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Designations are indicative equivalents. Always confirm the exact standard, edition and temper or form on the purchase order and the mill certificate.
Australia mined about 32% of the world's lithium in 2025, China about 21% and Chile about 19%, so the top three supply about 72%. The world total (about 290,000 t) excludes U.S. output, which USGS withholds. Mali's output rose from 770 t to 9,400 t after two new operations started in 2024, Zimbabwe's from 20,000 t to 28,000 t, and Argentina's from 13,800 t to 23,000 t. Namibia was temporarily removed from production owing to legal uncertainties. Source: USGS Mineral Commodity Summaries 2026.
USGS puts world lithium reserves at about 37 million tonnes of lithium: Chile 9.2 Mt, Australia 8.4 Mt (5.1 Mt on a JORC-compliant basis), China 4.6 Mt, Argentina 4.4 Mt and the United States 4.4 Mt. Measured and indicated resources have grown with exploration to about 150 million tonnes, led by Argentina (28 Mt), Bolivia (23 Mt) and Chile (13 Mt). Resources are not reserves: they have not been shown to be economic to mine.
Lithium comes from two kinds of source, which USGS counts separately: brines (Argentina, Chile and China) and hard-rock minerals such as spodumene (Australia, Brazil, Canada, China, Mali and Zimbabwe). Both are converted into chemicals, mainly lithium carbonate, hydroxide and chloride, and USGS notes that two U.S. companies make downstream lithium compounds from imported carbonate, chloride and hydroxide. Mineral concentrate is also sold directly to ceramics and glass makers.
Recycling is still small but growing: USGS reports that construction of lithium battery recycling plants continued through 2025 and that automakers and battery recyclers are partnering to create a supply of battery materials. USGS notes that substitution is possible in batteries, ceramics, greases and glass: examples include calcium, magnesium, mercury and zinc as anode material in primary (non-rechargeable) batteries, calcium and aluminium soaps in greases, and sodic and potassic fluxes in ceramics and glass.
Africa is where much of the recent growth has come from. Mali's mine output rose from 770 t to 9,400 t in 2025 after two new operations started in 2024, and Zimbabwe, with five mineral operations, rose from 20,000 t to 28,000 t. Zimbabwe has also moved to keep more of the value at home: it banned exports of raw lithium ore in 2022 and has announced a ban on lithium concentrate exports from January 2027. For buyers, that means supply from the country can change form on short notice. See the guide to raw ore export restrictions.
Lithium trades in several forms with different benchmarks. Spodumene concentrate is priced per tonne on a 6% lithium oxide (SC6) basis: Fastmarkets publishes a spot spodumene assessment at a minimum of 6% Li2O CIF China plus a monthly contract-price assessment, and Platts publishes SpodIX on a 6.0% basis alongside a 5.5% assessment that better reflects containerised shipments. Lower-grade lots are adjusted to the SC6 basis. Shanghai Metals Market and Mysteel reported Albemarle's spodumene auctions at $2,018 per tonne SC6 CIF in March 2026, $2,704.50 in May and $2,113 in July, which shows how far the price moves within a year.
Chemicals are priced separately. USGS reports the annual average battery-grade lithium carbonate price (from Benchmark Mineral Intelligence) fell from $63,700 per tonne in 2022 to $39,000 in 2023, $11,800 in 2024 and about $9,000 in 2025. USGS attributes the weakness in the first half of 2025 to concern about short-term oversupply, and the recovery in the second half to electric-vehicle sales in China and Europe and demand for battery energy storage.
How rare, critical and minor metals are mined, priced and traded, with the other metals in this group.
For lithium, say which stage you are buying: concentrate, carbonate, hydroxide or battery-grade material, and state the basis (Li2O percentage or LCE), the impurity limits and, for concentrate, the grade and size. Ask for an independent assay and the origin documents, and check the origin's export rules before you contract: Zimbabwe has banned raw lithium ore exports and announced a ban on concentrate from January 2027.
Talk to a SpecialistProduction and reserve figures are USGS estimates for 2025 unless stated. Figures are rounded and change with each annual revision.