Earlier this year, things looked bleak for Pilbara Minerals Ltd (ASX: PLS) and other ASX 200 mining stocks with lithium central to their operations.
A combination of macroeconomic headwinds, geopolitical uncertainty, and softening demand created a muted sentiment for the broader lithium market.
In fact, the price of lithium carbonate hit a four-year low in late June to leave the sector in a glut.
Fast forward to today and the narrative appears to be rapidly changing.
Since those June lows, lithium carbonate prices have rallied by about 40%.
Not only that, but prices for spodumene – the type of lithium mined in Australia – have nearly doubled over the past five months, as reported in the Financial Review.
And the share prices of some leading Aussie lithium shares have followed suit.
More specifically, three of the most revered ASX 200 mining stocks have seen their share prices more than double since the start of July.
Let's take a closer look at the stellar performance of these lithium mining heavyweights.
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Pilbara Minerals shares lead the charge
Pilbara Minerals shares were changing hands at $1.35 apiece at the start of July.
At Friday's close, they were priced at $3.82 each.
This equates to a stunning 183% return for shareholders in less than four months.
For context, the broader All Ordinaries Index (ASX: XAO) has risen by a modest 1.54% during the same period.
Fellow Western Australian miner Mineral Resources Ltd (ASX: MIN) has also performed handsomely.
The company's share price has risen by 133% since early July to reach $50.74 at the yesterday's close.
Not to be outdone, shares in Australia's newest lithium miner Liontown Resources Ltd (ASX: LTR) have also been roaring.
Since the start of July, Liontown shares have jumped from $0.69 each to $1.465 per share.
This represents a 112% increase in just a handful of months.
Bullish outlook for lithium
After several challenging years, the lithium sector could finally be entering a new bullish phase according to some experts.
Late last month, American investment bank JPMorgan Chase & Co (NYSE: JPM) released an upbeat research note on the lithium sector.
Here, the broker forecast a sharp rebound in lithium prices, driven by growing demand for electric vehicles and higher expected production rates for large-scale battery storage.
Similarly, fellow US investment firm Citigroup (NYSE: C) recently upgraded its lithium forecast on the back of a strong outlook for battery demand.
More specifically, it expects battery demand to soar by 31% in 2026 compared to 2025, as reported in the Financial Review.
The broker anticipates this surge to be driven by a 45% rise in energy storage systems and a 26% jump in electric vehicle adoption.
