Lithium prices extended their yearlong rally as surging demand spurs a shortfall of the key battery material.

Prices have more than doubled in the past year, according to a Benchmark Mineral Intelligence index of lithium carbonate and hydroxide. Demand for the materials used in EVs and renewable-energy storage has soared and, while miners are seeking to boost supply, there’s not enough to meet consumption.

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Lithium Prices Soar As EV Demand Outstrips Production Capability

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