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Rising demand for lithium

Due to the increasing demand for EV batteries, the price of raw materials has risen worldwide. The price of lithium, for example, which is a fundamental component of batteries for EVs and smartphones, has recently risen sharply. According to the benchmark Mineral Intelligence Index for lithium carbonate and hydroxide, prices have more than doubled in the past year, Bloomberg reported. Demand for materials used in electric cars and renewable energy storage has soared.

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