Lithium Roars Back to China Record as EV Boom Overwhelms Supply

Prices of lithium carbonate, the key material for batteries in electric vehicles, surged to match a record in China as soaring demand meets with a supply crisis.

The mineral is enjoying a fresh rally as consumption picks up in China, while last month’s power curbs in a domestic lithium-producing hub increased supply concerns. Prices hit 497,500 yuan ($71,825) a ton Friday, the same as the peak in March, according to data from Asian Metal Inc.

Consumer support of new-energy vehicles has been gaining momentum amid a global shift away from fossil fuels. The China Passenger Car Association has raised ...