Battery Materials Market Intelligence
Market Snapshot: Week of March 26, 2026
LCE +4.0% to $22,764/t. LiOH granular 0.0% to $21,096/t. LiPF₆ -2.8% to $15,224/t. LFP cathode +2.8% to $8,119/t. NCM 5-series +0.3%. Anode stable at $7,757/t. USD 1 = CNY 6.897.
Anode Market
→
Stable at $7,756/t. Mid-end $3,987/t. GPC +0.3% to ¥3,198/t. Needle coke surges +5.2% to ¥6,665/t. Pitch may soften. Margin squeeze continues.
Cathode & Lithium
↓
LCE $21,890/t (−4.4%). LFP $7,901/t (−3.0%). NCM5 $26,442/t (+0.6%). LCO $57,261/t (flat). LiOH $21,092/t (−3.3%). LMO $8,625/t (−1.7%).
Electrolyte Chain
↓
LiPF₆ softens to $15,656/t (−1.8%). FEC flat at $8,843/t. VC flat at $21,600/t. Ternary flat at $4,566/t. LFP elec. flat at $4,494/t. Electrolyte chain stabilizing.
Anode Chain: Flat Prices, Needle Coke Surges +5.2%
Synthetic graphite high-end $7,756/t · mid-end $3,987/t (flat) · low-end $2,899/t (flat). All anode sell prices unchanged for 7 weeks. GPC +0.3% to ¥3,198/t. Needle coke surges +5.2% to ¥6,665/t on oil slurry spike. Coal tar pitch may soften as coal tar drops. Operation pressure persists.
Anode Material Prices (Avg. USD/t)
Key Feedstock Trends (USD/t)
Cathode & Lithium: LCE Plunges −4.4%, LFP Retreats −3.0%
LCE plunges to $21,890/t (−4.4%) as futures decline and lithium salt enterprises actively ship. LiOH gran $21,092/t (−3.3%). LFP power cathode $7,901/t (−3.0%) · NCM 5-series $26,442/t (+0.6%) · NCM 613 $26,732/t (+0.5%) · LCO $57,261/t (flat) · LMO $8,625/t (−1.7%). Lithium chain correction deepening.
Cathode Materials Pricing (USD/t)
LFP vs LCO Trend (W1–W11)
Electrolyte Chain: LiPF₆ Softens Further, Formulations Stabilize
LiPF₆ softens to $15,656/t (−1.8%) — mainstream producers hold firm offers while some run turnarounds. FEC flat at $8,843/t. VC flat at $21,600/t. Ternary electrolyte $4,566/t (flat) and LFP electrolyte $4,494/t (flat). Electrolyte formulations stabilize after last week's plunge. AHF firm but LCE decline weakens cost support.
LiPF₆ Price (Avg. USD/t)
$15,656
▼ 1.8% WoW · Stable-to-weak
FEC Price (Avg. USD/t)
$8,843
→ Flat WoW · Stabilized
VC Price (Avg. USD/t)
$21,600
→ Flat WoW · Stable
Electrolyte Components WoW Change (%)
Key Market Events This Week
Significant developments impacting the battery materials supply chain
Lithium Chain Correction Deepens
LCE $21,890/t (−4.4%) · LiOH $21,092/t (−3.3%)
Battery-grade LCE plunged to ¥151,000/t ($21,890, −4.4%) as futures declined. LiOH granular dropped to ¥145,500/t ($21,092, −3.3%). Lithium salt enterprises more active in shipping immediate orders. Downstream cathode makers cautious. LCE supply recovering; inventory remains low.
Impact: Lithium correction provides margin relief for cathode and cell producers. LCE likely to oscillate within ¥148,000–153,000/t range near term. Floor may form near ¥145,000/t. LiOH expected to run soft next week.
LiPF₆ Softens −1.8%
$15,656/t · Stable-to-weak outlook
LiPF₆ slid to ¥108,000/t ($15,656, −1.8%). Mainstream producers maintained firm offers. Some large enterprises conducting turnarounds. AHF market firm but LCE decline weakened cost support. Downstream electrolyte buyers cautious. Ternary/LFP electrolyte formulations flat. FEC and VC unchanged.
Impact: LiPF₆ expected stable-to-weak next week. Orders may grow from electrolyte market. Some turnarounds may tighten supply later. Electrolyte formulations have stabilized after last week's plunge.
Needle Coke Surges +5.2%
Oil-based ¥6,665/t · Coal-based ¥6,750/t
Oil-based needle coke jumped to ¥6,665/t (+5.2%) as oil slurry surged on international tensions. Some East China enterprises raised offers ¥500–800/t. Coal-based needle coke up to ¥6,750/t (+3.8%). GPC +0.3% to ¥3,198/t. Coal tar pitch may see limited declines as feedstock coal tar price dropped.
Impact: Needle coke surge driven by international tensions and oil slurry price rise. Industry operation rate inching down. Raw material inventories near low levels for anode producers. Q2 contracts urgent. Anode price hike pressure building.
LFP Cathode Firms +1.4%
$8,144/t — demand-led firming
LFP power grade rose to ¥56,200/t ($8,144), up 1.4% WoW. Large LFP enterprises held high production. Downstream battery cell plants active in procurement. Demand bullish from power and energy storage markets. Iron phosphate upstream edged up. New capacity in Central/NW China releasing.
Impact: LFP demand remains strong from both power and energy storage. New capacity releasing in Central/NW China will moderate price gains. Monitor iron phosphate upstream for further cost push.
Needle Coke Rising on Oil Slurry
Oil-based up ¥150–240/t · Coal-based resuming
Domestic needle coke market witnessed price rise. Oil-based enterprises raised offers ¥150–240/t on strong oil slurry support. Coal-based costs climbing on coal tar pitch surge. A coal-based enterprise resumed production. Operation rate inched up. Raw needle coke price forecast to rise further next week.
Impact: Needle coke adds to the anode feedstock cost pressure alongside GPC and coal tar pitch. Lib anode materials producers raising production increases needle coke demand. Graphite electrode take remains mild.
VC Holds Firm at $21,592/t
Granular $21,809/t · Micro $22,606/t
Vinylene carbonate (VC) — a critical electrolyte additive for cycle life improvement — holds flat at $21,592/t despite LiPF₆ weakness. Tight supply of high-purity VC and growing demand from high-energy NCM cells is keeping prices supported. VC is increasingly viewed as a differentiated specialty chemical.
Impact: LiOH supply tightness provides floor support. NCM cathode makers dependent on LiOH face firm input costs even as LCE and LiPF₆ correct. Watch for production resumptions to ease supply.
Market Outlook
Week 10 saw electrolyte chain plunge 3-5% while LCE rebounded +1.9% to $22,896/t. The key theme was divergence: lithium rebounding while electrolyte melted down. LFP cathode firmed +1.4% on strong demand. GPC surged +3.5% and coal tar pitch spiked ¥500/t. The question for Week 11: does the lithium rebound hold or reverse? Answer: it reversed — LCE now down 4.4% to $21,890/t, dragging LiOH and LFP cathode with it. Needle coke surging +5.2% adds another cost pressure vector for anode producers. The electrolyte chain has stabilized after last week's plunge.
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