Battery Materials Market Intelligence

Market Snapshot: Week of February 5, 2026

Anode materials stable at $7,685/t amid persistent overcapacity. LFP at $7,412/t on strong EV and storage demand. LCO elevated at $57,170/t on cobalt strength. LiPF₆ easing at $18,674/t. LCE battery-grade at $20,110/t. USD 1 = CNY 6.9617.

Anode Market

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Flat at $7,685/t as overcapacity persists. GPC $636/t · CPC $366/t · Needle coke $887/t.

Cathode Market

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LFP at $7,412/t on strong EV/storage demand. NCM 5-series $25,626/t · NCM 8-series $29,274/t. LCO elevated at $57,170/t.

Electrolyte Chain

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LiPF₆ easing at $18,674/t. VC at $21,690/t · FEC at $10,055/t. EC at $905/t.

Anode Chain: Stability Amid Ongoing Overcapacity

Synthetic graphite holds steady: high-end $7,685/t · mid-end $3,950/t · low-end $2,873/t. Overcapacity continues to suppress price recovery. Key feedstocks: GPC $636/t · CPC $366/t · needle coke $887/t.

Anode Material Prices (Avg. USD/t)

Key Feedstock Trends (USD/t)

Cathode & Lithium: Elevated Prices on Strong Demand

LFP at $7,412/t supported by robust power and energy storage demand. NCM 5-series $25,626/t · NCM 8-series $29,274/t · LCO $57,170/t on cobalt strength · LMO $8,331/t. Battery-grade LCE at $20,110/t · LiOH (granular) $20,972/t.

Cathode Materials Pricing (USD/t)

LFP vs LCO Trend

Electrolyte Chain: LiPF₆ Easing From 2026 Peak

LiPF₆ easing at $18,674/t. VC at $21,690/t · FEC at $10,055/t. LiF supply and AHF availability remain key upstream variables. EC at $905/t. LiF and phosphorus pentachloride markets underpin LiPF₆ cost structure.

LiPF₆ Price (Avg. USD/t)

$18,674

▼ 18.8% vs $23,000 reference

FEC Price (Avg. USD/t)

$10,055

▲ 0.5% vs $10,000 reference

VC Price (Avg. USD/t)

$21,690

▼ 9.6% vs $24,000 reference

Electrolyte Components vs Reference (%)

Key Market Events This Week

Significant developments impacting the battery materials supply chain

LCE Corrects −14.4%

Battery-grade at $20,110/t

Lithium carbonate declined sharply as the January buying frenzy unwound. Downstream acceptance of high-priced material dropped significantly as battery manufacturers returned to cautious procurement. Futures declined in tandem with spot prices. Sellers offering concessions to move inventory.

Lithium Salt -14.4% WoW

Impact: LCE correction of -14.4% provides significant relief to cathode material costs. LFP and NCM producers will see gross margin improvement as raw material costs decline.

LFP Eases −10.2%

Dynamic-type at $7,412/t

LFP prices dropped sharply following the lithium carbonate correction. Iron phosphate costs also softened slightly. Downstream battery cell producers negotiated aggressively on new order pricing. Energy storage procurement activity picked up modestly at lower price levels.

Cathode Material -10.1% WoW

Impact: LFP at $7,412/t remains above pre-surge Dec 2025 levels ($6,454/t). The correction is healthy but the market has structurally repriced. New EV and storage order books being established at $7,200–7,800/t range.

LiPF₆ Slides −5.5%

At $18,674/t

LiPF₆ continued its correction trajectory as electrolyte producers adjusted pricing to stimulate demand. Downstream blenders had paused purchases during the January peak and began cautious restocking at lower levels. AHF costs remained stable at moderate levels.

Electrolyte Salt -5.5% WoW

Impact: LiPF₆ at $18,674/t approaching more normalized levels. Additive pricing (VC, FEC) also softening slightly. Electrolyte chain correction supports overall cell cost reduction in Q1 2026.

Market Outlook

February marks a sharp reversal in the battery materials market with LCE correcting −14.4% to $20,110/t and LFP declining −10.2% to $7,412/t. LiOH eases to $20,972/t (−7.0%) reducing NCM cathode pressure. LiPF₆ continues its descent to $18,674/t (−5.5%). Anode market remains stable at $7,685/t as expected given overcapacity dynamics. The January 2026 lithium price spike appears to have been a temporary demand-driven overshoot. Battery BOM costs are resetting toward more sustainable levels. A stable-to-slightly-lower market is anticipated through Q1 2026.