Déjà vu in Battery Raw Materials: Is the 2021 Playbook Repeating?

Price movements in battery raw material markets since June last year look very familiar to those seen during the 2021/22 cycle. Lithium, cobalt and nickel prices are once again breaking higher after prolonged downturns, and the pace, sequencing and momentum closely resemble late 2021, just before the energy storage sector erupted into one of the strongest bull runs in its history. Although the absolute prices are lower than during the 2021/22 rally, the patterns are similar.