Bank of America raised Albemarle to a buy rating, emphasizing that lithium spot prices have doubled since October and remain above $20/kg.

Benchmark lithium prices jumped from about $10/kg in October to over $20/kg, driven by accelerating demand for batteries in electric vehicles and grid storage.

Mining output declines have tightened supply, while global electrification trends and energy storage projects fuel rising lithium demand, supporting Albemarle’s long-term pricing power.