Albemarle, the world’s largest lithium producer, expects high prices for the key battery metal to persist for years even as they spark a rush to expand supply.
The lithium market crashed between 2018 and 2020 as it was swamped by oversupply and demand was hit after cuts to subsidies for electric vehicles. During that time prices dived from $25,000 per tonne to below $6,000, according to data from Benchmark Mineral Intelligence.
But Eric Norris, head of lithium at the US chemicals group, said the market for the metal had fundamentally transformed after breakneck growth in electric vehicle sales.
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