Rapid growth in the energy storage sector is boosting battery-metal demand and lifting lithium prices, translating into sizable profits for producers. China majors TTANQT LITHIUM and Ganfeng Lithium recorded 1H net profits at three-year highs. US-based Albemarle said global lithium demand through May rose about 45% YoY, outpacing supply growth. Australia’s PLS Group posted AUD 526 mln (USD 377 mln) profit for the 12 months to June 30, versus a loss a year earlier, and expects a supply shortfall

Rapid growth in the energy storage sector is boosting battery-metal demand and lifting lithium prices, translating into sizable profits for producers. China majors TTANQT LITHIUM and Ganfeng Lithium recorded 1H net profits at three-year highs. US-based Albemarle said global lithium demand through May rose about 45% YoY, outpacing supply growth. Australia’s PLS Group posted AUD 526 mln (USD 377 mln) profit for the 12 months to June 30, versus a loss a year earlier, and expects a supply shortfall and firm lithium prices in the coming months.