[InterBattery] EcoPro INNO Kim Yoon-tae "Lithium Prices Are at the Bottom Now"

Kim Yuntae, CEO of EcoPro Innovation, interviewed by the press at 'InterBattery 2024'. Photo by Joint Press Corps

On the 6th, Kim Yuntae, CEO of Ecopro Innovation, stated that lithium prices are "currently at the bottom" and predicted that "they will start to rise from the second half of this year."

At the 'InterBattery 2024' battery exhibition held at COEX in Gangnam-gu, Seoul, Kim told reporters that "however, prices will not rise as sharply as before." The price of lithium carbonate recorded 580,000 yuan per ton (approximately 107.2 million KRW) in November 2022 and is currently around 100,000 yuan per ton (approximately 18.48 million KRW).

Ecopro Innovation currently processes ultra-high purity lithium carbonate and lithium hydroxide used by Ecopro BM and others, including grinding and drying, and manufactures lithium nickel oxide, an electrode additive. Lithium prices, a key material for secondary batteries, have sharply declined due to the possibility of oversupply and a slowdown in electric vehicle demand.

Regarding the recent battery value chain market conditions, CEO Kim said, "It is due to the decline in metal prices, and overall electric vehicle demand has slightly stagnated," adding, "It will be difficult until the end of this year."

Despite this market slowdown, Ecopro Group plans to continue active facility investments, Kim stated. He said, "We are continuously expanding other raw materials as well as cathode materials to 700,000 tons by 2027, so investments will continue," adding, "We are actively expanding our business and striving to increase our market share."

Regarding the lithium iron phosphate (LFP) cathode materials product that Ecopro Group is developing, he said, "We are currently planning to start production by the end of this year." He added, "China is strong in the LFP market, and since we expect that market to continue, we will actively participate in the LFP market as well."

This content was produced with the assistance of AI translation services.