Overmining and processing of lithium, particularly in China, has led to large stockpiles of critical battery material worldwide. The Commodity IQ LCO Global Price Index was less than a third of its 2018 baseline in August. However, pricing can be dynamic within variants of the same battery chemistry. For hydroxide-based LMO batteries, the index was 38% lower than in the same period just two years ago but has climbed 27% on average for August compared to March and is hovering about 15 points below the baseline; alternatively, the index of carbonate-based LMO units is relatively stable at 1.3 times the baseline.