In general with lithium pricing, you'll find that battery makers would literally rather draw down their inventory to near emergency low levels than bring the cost of lithium higher (which means they'll have to pay more).
So where people say lithium should have risen ages ago because it's below cost price for a lot of mines, be prepared for a bit of a delay in that.
The analogy is it's like a whale coming up for air only when they have to after being under for a long time.
In general with lithium pricing, you'll find that battery makers...
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