Top Lithium Supplier Albemarle Says Prices Are Unsustainably Low
- Sees significant long-term growth in demand for limited supply
- Albemarle delivered net sales that beat average estimate
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Low lithium prices are “unsustainable” and will have to rise in order to trigger the supply investments needed to meet long-term demand growth, according to Albemarle Corp., the world’s biggest producer.
Lithium suppliers around the world are reining in spending and, in some cases, production after demand for the key component in electric-vehicle batteries slowed just as new mines started up, whiplashing the market from shortages to oversupply. One measure of prices has slumped more than 80% from record highs in late 2022.