Australia to dominate lithium supply for 'years to come' but prices subdued

SYDNEY -- Lithium prices will not return to their previous highs any time soon despite robust demand due to an influx of new producers and persistent oversupply, according to a recent analysis.

Australia will remain the top global source of the metal -- a vital ingredient in electric vehicle batteries -- over the next several years, according to a report from commodities research firm Benchmark Mineral Intelligence released on Thursday. The overall market, however, will remain in oversupply until 2030 due to a "rapidly expanding global supply" that has already crashed prices over the past year.