COMMODITIES RESEARCH | September 18, 2025 | 5:54PM BST Battery Metals Analyst Lithium: Powering the Energy Transition Amid Low-For-Longer Prices ▪ We forecast lithium prices to decline in 2026 to an average of $8,900/t, modestly below the current spot price of$9,150/t. We believe this low-for-longer price forecast below incentive price levels in all key regions is necessary to slow production growth and prevent inventories from rising to unsustainable levels. If sufficient growth projects are delayed, the ...