Global lithium prices are shrinking, largely due to China’s slowing demand for electric vehicles (EV), according to a new report.
The price of lithium has collapsed by more than 80% in the past year, now ringing in at $13,200 per ton (its lowest level since 2020), according to data group Benchmark Mineral Intelligence.
The oversupply of lithium means that EV prices — which have struggled to compete with gas-powered car price tags — could start falling. But in the meantime, major lithium suppliers, like Australia and South America, are scrambling to find new business models.
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