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Top Bid for Lithium Up 140% After Musk’s ‘Insane Levels’ Call

  • Pilbara Minerals spodumene sale attracts bid of $5,650 a ton
  • Surge in prices is threatening to slow global adoption of EVs

The highest bid for lithium at an online sale surged by 140% in just six months, an indication the stampede for supplies of the main ingredient used in electric vehicle batteries could get even more intense.

Pilbara Minerals Ltd.’s auction of spodumene concentrate -- a partly-processed form of lithium -- attracted a top bid of $5,650 a ton on Wednesday for a cargo of 5,000 tons. That compares with $2,350 at the previous sale in late October on the Australian miner’s Battery Metal Exchange.