Albemarle expects lithium prices to remain high to fuel fresh supply
Tue, January 24, 2023, 4:48 PM GMT+1
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Jan 24 (Reuters) - Lithium prices must stay high in order to incentivize mining companies to produce more of the electric vehicle battery metal, industry leader Albemarle Corp said on Tuesday.
"The (lithium) market is tighter than it was last year," Eric Norris, head of Albemarle's Energy Storage division, said during the company's 2023 Strategic Update presentation. "There's significant supply coming on, but the demand growth is more significant." Lithium prices have more than doubled in the past year and are up nearly ninefold in the past three years, according to an index tracked by Benchmark Mineral Intelligence. (Reporting by Ernest Scheyder)