Most ASX lithium stocks are rising on Thursday amid a 58% increase in the lithium carbonate price in 2026 alone.
The lithium carbonate price is US$27,528 per tonne at the time of writing.
It rose nearly 6% in the last trading session and is up 18% over the past month and 181% year over year.
Lithium carbonate is now at its highest level since 2023 amid renewed and growing long-term demand for lithium batteries.
The lithium spodumene price has also ripped from less than US$600 per tonne in June last year to US$2,752 per tonne today.
Lithium prices endured a two-year downward spiral before turning a corner in mid-2025 as supply and demand rebalanced.
The green energy transition is the key driver of new demand, while the global oil shock has highlighted the draw of electric vehicles (EVs).
On top of that, supply has rebalanced after many young lithium miners shuttered their operations in 2023 and 2024 as prices collapsed.
Analysts at Trading Economics said:
The surge in crude oil and product prices since the start of March supported the outlook for larger economies to favor new energy vehicles, which use batteries that take lithium as a major input.
Demand also remained supported by Chinese investment in power infrastructure, recently consolidated with Beijing stating it would double national EV charging capacity to 180 gigawatts by 2027.
Fresh buying is also featured from data center operators, whose power storage systems require more lithium than those used by EVs, on the historical capital investments by AI companies and hardware producers.
Lithium is leaving other commodities in the dust when it comes to year-to-date (YTD) growth.
The 58% gain for lithium carbonate compares to 3.5% for iron ore, 8.9% for gold, 8% for copper, and 9% for silver.
How are ASX lithium stocks performing today?
Today, the best performing ASX lithium shares for price growth include IGO Ltd (ASX: IGO), up 4.3% to $8.43 per share.
The IGO share price is up 2.6% in the YTD and 103% over 12 months.
Mineral Resources Ltd (ASX: MIN) shares are up 2.1% to $71.42 on Thursday.
The Mineral Resources share price is up 29% in the YTD and up 242% over 12 months.
The Liontown Ltd (ASX: LTR) share price is down 1.2% today at $2.51.
However, Liontown shares have been on a tear this year, up 55% YTD and up 348% over 12 months.
The market’s largest pure-play lithium company, PLS Group Ltd (ASX: PLS), cracked a new record at $6.38 today.
The PLS Group share price is currently $6.34, up 1.6% for the day and up 47.1% in the YTD.
Which ASX lithium stocks are a buy?
On the CommSec trading platform, IGO shares have a consensus moderate buy rating from 16 analysts.
UBS is among the brokers with a buy recommendation.
Late last month, the broker raised its price target from $9.05 to $9.75, implying a 15% upside from here.
Mineral Resources has a consensus moderate buy rating among 15 analysts tracking the ASX lithium stock on CommSec.
In a new note, the broker described a “compelling outlook supported by continued deleveraging and commodity prices”.
Liontown shares have a consensus hold rating among 12 analysts rating it on CommSec.
Morgans downgraded Liontown shares from hold to trim but with an improved $2.20 price target this week.
The broker said:
Weak 3Q26 result was driven by lower recoveries, though ramp-up is progressing well and cash flow turned positive.
Outlook is improving with recoveries and spodumene prices lifting.
Move to a TRIM with a A$2.20ps TP on valuation but the outlook remains positive.
PLS Group shares score a consensus moderate hold rating from 18 analysts on CommSec.
The hold rating is unsurprising given the market’s largest ASX lithium stock by market cap is trading at record price levels.
Bell Potter is among the brokers with a hold rating on PLS Group shares.
In a recent note, the broker said:
At current lithium market prices, PLS will generate substantial earnings and cash flow ahead of the restart of the 200ktpa Ngungaju processing plant.
P2000 and Colina development studies are being progressed, providing substantial organic growth optionality in markets with strong underlying EV and BESS-led long term demand fundamentals.
The post ASX lithium stocks to buy amid commodity price rocketing 58% already this year appeared first on The Motley Fool Australia.
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Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.