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Lithium Smashes New Record as Supply Struggles to Feed EV Growth

  • Lithium carbonate prices in China reached 500,500 yuan a ton
  • SQM sees a “very tight market” for lithium in the years ahead

The surge in prices of lithium, the key battery material used to power electric cars, is seemingly unstoppable.

Lithium carbonate hit a fresh record of 500,500 yuan ($71,315) a ton in China Friday, according to data from Asian Metal Inc. Prices more than tripled in the past year, inflating the cost of batteries used in electric vehicles, with recent gains driven by strong demand and disruptions at a domestic producing hub.