LITHIUM producer Chemetall will increase the global lithium product prices by 20 percent, reaching pre-GFC levels.
Chemetall Lithium is a division within Rockwood Holdings.
Starting from 1 July, it will increase the prices for its lithium salts, including lithium carbonate, lithium hydroxide, lithium chloride, and lithium metal battery grade, by 20 percent.
Chemetall Lithium is one of the largest global manufacturers and suppliers of lithium-based compounds.
According to Galaxy Resources, its modelling forecasted lithium prices to return to pre-GFC levels within the next 12 months on the back of a significant rise in demand. This announcement by Chemetall indicates this is happening sooner than expected.
Galaxy says it welcomes to growth in demand and the corresponding price increases in the global lithium market.
Galaxy Resources produces lithium compounds, and its products are used to powering the hybrid and electric cars.
Lithium compounds such as lithium carbonate are forecast to be in high future demand due to advances in long life batteries and sophisticated electronics including mobile phones and computers.