Lithium Prices Hit Record Highs
Lithium is one of the key battery materials used to make electric vehicles. Lithium hit a record price of $71,315 a ton in China on Friday, lithium prices have tripled in the past year. China has recently held a meeting to review developments and ask the top companies to help stabilize prices.
The government is taking steps to encourage the stabilization of imports and promote recycling. Battery-makers and the automotive industry have been rushing to lock in reliable and stable supplies of lithium, but with the price hikes which will likely cause an inflation concern and add cost pressures.