ASX lithium shares had an outstanding run in FY26 amid an astonishing 278% increase in the lithium spodumene price.

Lithium was by far the best-performing commodity relevant to Australian miners in FY26.

That run followed a two-year slump between mid-2023 and mid-2025 when the global lithium market became oversupplied.

Supply/demand finally rebalanced at the start of FY26, driven in large part by the green energy transition.  

Lithium is a key component in rechargeable batteries for electric vehicles (EVs), energy storage systems, e-bikes, and smartphones.

In FY26, lithium spodumene skyrocketed from about US$600 per tonne in June 2025 to US$2,270 per tonne in June this year.

The price has since come…