It said EXW China battery-grade lithium carbonate pricing rose 2.1% in the first two weeks of November to an average RMB195,250 per tonne (US$30,650/t), representing a 345.9% rise year-to-date.
Lithium hydroxide EXW China crept up 0.5% to an average RMB190,000/t (US$29,825/t), a 265.7% rise this year.
The prices recently surpassed previous peaks set in 2018, according to Benchmark data, as supply battles to keep up with demand.
Fellow price-tracker Fastmarkets index manager Peter Hannah said earlier this month the market was not merely at the precipice of a supply deficit but might have already lost its footing.
The improving conditions for producers have prompted actions including ASX-listed Pilbara Minerals to speed up the recommissioning of its neighbouring Ngungaju spodumene plant in Western Australia, while Albemarle and Mineral Resources are restarting their hard rock Wodgina mine.
The spodumene market has seen record prices achieved by Pilbara Minerals in its three digital auctions so far, with a peak of US$2,350/dmt offered in October for a future shipment.
"Contacts reported to Benchmark in early November that some non-integrated spodumene converters had begun to run out of feedstock inventory, forcing some to switch to a tolling business model, indicating potential for price rally reboot if fears over availability reignite," the price reporting and research firm said.
"Carbonate and hydroxide continue to trade in a similar price range given exceptional domestic Chinese demand for LFP cathode material over the course of 2021, a price dynamic that could maintain on the back of indications from key automakers such as Tesla, Ford, Volkswagen and Mercedes that base range models will utilise LFP-based cells."
Benchmark said downstream demand persisted and China's electric vehicle sales broke records for the fifth consecutive month, approaching 400,000 units in October.
