Despite the importance of lithium for electrification and energy security, lithium markets remain fragmented and opaque, with price discovery in spot markets largely dependent on price reporting agency (PRA) assessments (Wojewska et al, 2024). This study focuses on spodumene concentrate, Australia’s primary lithium export, where limited transparency, episodic liquidity in bilateral trading and product heterogeneity contribute to delayed or potentially non-representative price signals which undermine market efficiency. These challenges are particularly relevant for Western Australia’s large spodumene concentrate production, which is sold into export markets with diverse product specifications and contract structures.