A shortage of lithium needed to supply the world’s switch from combustion engines to electric cars is on course to prolong last year’s stunning price rally | NickToscano1
A shortage of the battery raw material lithium needed to supply the world’s switch from combustion engines to electric cars is on course to prolong last year’s stunning price rally, lifting the outlook for miners of the sought-after mineral across Australia.
A one-off cargo sold at auction by ASX-listed miner Pilbara Minerals in the September quarter sold for a staggering $US2240 a tonne. While lithium prices fell sharply in 2018 as a rush of new supply projects collided with a slowdown in EV sales, optimism about the EV revolution has since returned. EV uptake has been building strongly in key markets of the US, Europe and China and carmakers are expanding their electric vehicle lines.
Morgan Stanley analyst Rachel Zhang said lithium supply tightness was expected to remain during the first half of 2022 before some “loosening” was possible in the second half as new supply came to market. “That said, considering normally better lithium consumption in the second half, tight market balance is still likely then,” she said.
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