Lithium iron phosphate prices double in a year as new energy vehicle, energy storage, and export demand combine with rising upstream costs to drive market rally

On June 21, iron phosphate and lithium iron phosphate, key raw materials for new energy and energy storage batteries, have seen prices rise continuously since the beginning of this year, with market demand remaining exceptionally strong. Reporters learned that a bag of lithium iron phosphate weighing about 400 kilograms now costs more than 25,000 yuan, compared with only 10,000 yuan a year ago. Despite the price having more than doubled, demand remains robust. According to a company executive, strong exports of new energy vehicles and energy storage products have continued to drive up demand for lithium iron phosphate, becoming an important factor behind this round of price increases. In addition to demand from downstream markets, rising prices of upstream raw materials are another key factor pushing up the price of lithium iron phosphate in this round.