Battery Materials Market Intelligence

Market Snapshot: Week of January 29, 2026

Anode materials stable at $7,661/t amid persistent overcapacity. LFP at $8,248/t on strong EV and storage demand. LCO elevated at $57,138/t on cobalt strength. LiPF₆ easing at $19,762/t. LCE battery-grade at $23,485/t. USD 1 = CNY 6.9831.

Anode Market

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Flat at $7,661/t as overcapacity persists. GPC $630/t · CPC $365/t · Needle coke $885/t.

Cathode Market

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LFP at $8,248/t on strong EV/storage demand. NCM 5-series $26,407/t · NCM 8-series $29,471/t. LCO elevated at $57,138/t.

Electrolyte Chain

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LiPF₆ easing at $19,762/t. VC at $21,767/t · FEC at $10,024/t. EC at $916/t.

Anode Chain: Stability Amid Ongoing Overcapacity

Synthetic graphite holds steady: high-end $7,661/t · mid-end $3,938/t · low-end $2,864/t. Overcapacity continues to suppress price recovery. Key feedstocks: GPC $630/t · CPC $365/t · needle coke $885/t.

Anode Material Prices (Avg. USD/t)

Key Feedstock Trends (USD/t)

Cathode & Lithium: Elevated Prices on Strong Demand

LFP at $8,248/t supported by robust power and energy storage demand. NCM 5-series $26,407/t · NCM 8-series $29,471/t · LCO $57,138/t on cobalt strength · LMO $8,521/t. Battery-grade LCE at $23,485/t · LiOH (granular) $22,554/t.

Cathode Materials Pricing (USD/t)

LFP vs LCO Trend

Electrolyte Chain: LiPF₆ Easing From 2026 Peak

LiPF₆ easing at $19,762/t. VC at $21,767/t · FEC at $10,024/t. LiF supply and AHF availability remain key upstream variables. EC at $916/t. LiF and phosphorus pentachloride markets underpin LiPF₆ cost structure.

LiPF₆ Price (Avg. USD/t)

$19,762

▼ 14.1% vs $23,000 reference

FEC Price (Avg. USD/t)

$10,024

▲ 0.2% vs $10,000 reference

VC Price (Avg. USD/t)

$21,767

▼ 9.3% vs $24,000 reference

Electrolyte Components vs Reference (%)

Key Market Events This Week

Significant developments impacting the battery materials supply chain

LCE Softens −0.3%

Battery-grade at $23,485/t

Lithium carbonate edged lower for the first time in 2026 as downstream demand resistance intensified. Battery producers reduced spot purchasing frequency, preferring to rely on existing inventories. Futures prices also declined modestly.

Lithium Salt -0.3% WoW

Impact: LCE peak formation signals a potential trend reversal. Battery producers who hedged through long-term contracts are now at an advantage vs spot buyers.

LiPF₆ Corrects −7.1%

At $19,762/t

LiPF₆ declined sharply as downstream electrolyte demand weakened amid broader cathode cost resistance. Producers maintained output levels, building some inventory as buyers delayed purchases. AHF and LiF upstream costs showed no material change.

Electrolyte Salt -7.1% WoW

Impact: LiPF₆ rapid correction from $21,275/t to $19,762/t (-7.1%) reduces electrolyte BOM costs significantly. Trend suggests continued softening in February.

LFP Stabilizes −0.2%

Dynamic-type at $8,248/t

LFP prices essentially flat after weeks of rapid gains as the market digested recent cost increases. Iron phosphate costs stabilized and LCE began showing softness. Downstream NEV buyers showing increased price resistance for Q1 deliveries.

Cathode Material -0.2% WoW

Impact: LFP stabilization at $8,248/t suggests peak formation. Energy storage sector increasingly cautious. LFP producers adjusting output schedules to avoid inventory buildup.

Market Outlook

Battery materials market shows early signs of peak formation in the final week of January 2026. LCE edges down marginally to $23,485/t after four weeks of aggressive gains. LiPF₆ corrects sharply to $19,762/t (-7.1%) leading the overall market lower. LFP stabilizes at $8,248/t while NCM 5-series holds at $25,000/t. Anode market continues its slow drift up at $7,661/t. The momentum shift suggests February could see broader corrections particularly in lithium and electrolyte. Procurement teams should prepare for a potential buying window.