The Lithium Decade

Lithium went from obscure industrial chemical to the metal of the decade as batteries took over cars. Prices rose nearly tenfold into 2022, then collapsed more than 80 percent by 2024 as spodumene mines and refining capacity flooded the market. The decade taught three lessons.

Supply responds, slowly then all at once, since a new mine takes years. Chemistry shifts matter, because iron phosphate batteries cut lithium intensity per car. And price is set in China, where most refining runs, quoted by price reporters rather than an exchange, though futures contracts are now building.

Electrification still points demand up, so the next squeeze question is already being scheduled..