ASX lithium shares are in the spotlight today.
Again.
This comes following the release of the Industry Department's latest quarterly Resources and Energy Report.
And investors in lithium stocks will likely take heart from what the report reveals.
Lithium exports to surge 180%
Lithium is a crucial element in lithium-ion batteries that power EVs.
Some 75% of the world's consumption of lithium currently goes into rechargeable batteries. And EV sales are forecast to grow tenfold over the next decade. Remarkable growth that's kept ASX lithium shares high on investor radars.
With Australia already claiming the title of the world's top exporter of lithium, the Industry Department report states, "Notably, lithium exports are now forecast to rise by over 180% to $13.8 billion in 2022-23."
This compares to $4.9 billion in 2021-2022, a figure which was just revised upwards from the previous $4.1 billion estimate.
Remarkably, lithium export earnings in 2020-21 were 'only' $1.1 billion. Meaning a tenfold increase in just two years. Certainly, some gusty tailwinds for ASX lithium shares.
Further ahead, Industry Department analysts expect lithium export revenues to drop slightly in 2022-23 to $12.9 billion as lithium prices ease amid more supply coming onto the market.
As for prices for the battery critical mineral, the report stated, "We expect lithium hydroxide prices to lift from US$17,370 a tonne in 2021 to US$38,575 a tonne in 2022 and US$51,510 in 2023, and moderate to US$37,650 by 2024."
That's the outlook for the battery-critical metal.
Now which ASX lithium shares are in on the action?
Which ASX lithium shares are in on the action?
While there is a wide range of ASX lithium shares exploring lithium, only a handful are currently producing and exporting the metal.
First up we have Mineral Resources Limited (ASX: MIN).
While Mineral Resources is also a mining services company, it has a large footprint in the lithium space. The miner's Mt Marion operations in Western Australia are situated in the Pilbara region.
The Mineral Resources share price is up 58% over the past 12 months.
Next, we have Allkem Ltd (ASX: AKE), formerly known as Orocobre.
Allkem's projects are primarily located in Argentina. It supplies lithium carbonate to a variety of industrial and technical sectors. The miner is among the lowest-cost lithium producers in the world and aims to ramp up production by three times its current levels by 2026.
The Allkem share price is up 73% in 12 months.
The third ASX lithium share in the production stage is Pilbara Minerals Ltd (ASX: PLS).
Pilbara's Pilgangoora Lithium-Tantalum Project is also located in the Pilbara region of Western Australia.
Pilgangoora is one of the largest hard-rock lithium-tantalum deposits in the world. Pilbara forecasts spodumene concentrate capacity at Pilgangoora will increase from 560,000 to 580,000 dry metric tonnes (dmt) this year.
The Pilbara share price is up 158% over the past full year.
In case you're wondering, Core Lithium Ltd (ASX: CXO) isn't officially on this list yet. That's because the miner's Finniss Lithium Project, located in the Northern Territory in proximity to Darwin, hasn't produced its first lithium yet. Though that production is now forecast to be just months away.
The Core Lithium share price has rocketed 169% in 12 months.
