Battery Materials Market Intelligence
Market Snapshot: Week of April 9, 2026
LCE -1.9% to $22,682/t. LiOH granular -2.0% to $21,010/t. LiPF₆ -6.7% to $14,249/t. LFP cathode -0.5% to $8,215/t. NCM 5-series -0.3%. Anode stable at $7,779/t. USD 1 = CNY 6.8778.
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 $22,682/t (-1.9%). LFP $8,215/t (-0.5%). NCM5 $26,520/t (-0.3%). LCO $57,431/t (flat). LiOH $21,010/t (-2.0%). LMO $8,578/t (-2.5%).
Electrolyte Chain
↓
LiPF₆ plunges to $14,249/t (-6.7%). FEC flat at $8,869/t. VC nudges up to $21,809/t. Ternary flat at $4,580/t. LFP elec. flat at $4,507/t. Electrolyte salt falling fast on overcapacity.
Anode Chain: Prices Flat, Needle Coke Inches Up
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 Eases -1.9%, LiPF₆ Plunges -6.7%
LCE eases to $22,682/t (-1.9%) as futures fluctuate. LiOH gran $21,010/t (-2.0%). LFP power cathode $8,215/t (-0.5%) · NCM 5-series $26,520/t (-0.3%) · NCM 613 $26,811/t · LCO $57,431/t (flat) · LMO $8,578/t (-2.5%). LMO market went downward on downstream resistance.
Cathode Materials Pricing (USD/t)
LFP vs LCO Trend (W1–W14)
Electrolyte Chain: LiPF₆ Plunges -6.7%, VC Nudges Up
LiPF₆ plunges to $14,249/t (-6.7%) — overcapacity weighing heavily. FEC flat at $8,869/t. VC nudges up to $21,809/t (+0.7%). Ternary electrolyte $4,580/t (flat) and LFP electrolyte $4,507/t (flat). AHF market remarkably rose, but LCE decline and overcapacity dominate LiPF₆ dynamics.
LiPF₆ Price (Avg. USD/t)
$14,249
▼ 6.7% WoW · Plunging on overcapacity
FEC Price (Avg. USD/t)
$8,869
→ Flat WoW · Stabilized
VC Price (Avg. USD/t)
$21,809
▲ +0.7% WoW · Nudging up
Electrolyte Components WoW Change (%)
Key Market Events This Week
Significant developments impacting the battery materials supply chain
LCE Eases Back −1.9%
$22,682/t · Futures-driven oscillation
Battery-grade LCE softened to ¥156,000/t ($22,682, −1.9%) as futures price increased then declined. Lithium salt enterprises shipped on immediate orders. Traders became active in offers but actual deals limited. Downstream cathode makers procured on rigid demand. LCE inventory at low level.
Impact: LCE likely to vibrate within range near term. Low inventory provides floor support. Downstream buying remains cautious. Watch futures for direction signals.
LiPF₆ Plunges −6.7%
$14,249/t · Overcapacity dominates
LiPF₆ slid sharply to ¥98,000/t ($14,249, −6.7%). Supply grew slightly as mid-small enterprises planned production increases. AHF market rose but LCE decline and LiF market weakness weighed on costs. Downstream electrolyte buyers procured on rigid demand only. Inventory at low level but declining demand outlook prevails.
Impact: LiPF₆ expected stable-and-weak next week. Supply may rise slightly. Orders may be stable-to-up from electrolyte market but overcapacity continues to dominate pricing.
Iron Phosphate Surges +2.8%
$1,803/t · Full-load production
Iron phosphate continued rising to ¥12,400/t ($1,803, +2.8%). Enterprises raised offers and stopped receiving low-priced orders. Downstream LFP cathode buying interests were active. Most producers reached full-load production. Inventory dropped further on smooth shipment. Wet process phosphoric acid hiked up sharply.
Impact: Iron phosphate expected to edge up further to ¥12,750/t next week. Cost push from phosphoric acid and ferrous sulfate continues. Balanced supply-demand supports price firmness.
LMO Market Drops −2.5%
$8,578/t · Downstream resistance
LMO (MnO₂) dropped to ¥59,000/t ($8,578, −2.5%). LCE decline and downstream battery plants showed strong resistance to high-priced cargoes. Enterprises produced on orders. Small power and digital markets approaching peak season may provide near-term support.
Impact: LMO expected to oscillate within range. Small power and digital markets may enter peak season providing demand support. LCE range-bound will limit further downside.
AHF Market Remarkably Rose
¥13,500–14,500/t · Cost pressure mounts
Domestic AHF (anhydrous HF) market remarkably rose. Sulfuric acid prices surged. Tight sulfuric acid supply significantly constrained production. Industry utilization rates at medium level. AHF supply steadily declined. Most enterprises ran at low utilization rates. Downstream demand remained tepid — refrigerant peak season provides baseline demand.
Impact: AHF expected to remain firm. High costs and industry losses drive passive price increases. But long-term contract mechanisms restrict mainstream trading price fluctuation. LiPF₆ cost support exists but overcapacity still dominates.
Anode Market Settled
All grades flat · Overcapacity persists
Anode materials market kept settled. Needle coke low-end price hiked up — an enterprise in South China raised raw needle coke offers ¥200/t. Energy storage demand remains bullish. Downstream battery plants held high production, bolstering demand. But overcapacity and bidding-down approach keep prices flat.
Impact: Anode prices expected to sustain stability amid buy-sell confrontations. Needle coke offers expected firm. GPC may remain stable with some downsides. Cost pressure not effectively eased for anode producers.
Market Outlook
Week 14 theme: LiPF₆ plunges −6.7% on overcapacity while LCE eases −1.9%. The divergence between falling electrolyte salt and rising AHF/iron phosphate creates cost-structure tension. Iron phosphate surges to $1,803/t as LFP cathode demand stays strong. LMO drops −2.5% on downstream price resistance. Anode chain remains flat — overcapacity trumps needle coke cost pressure. International landscape volatility adds uncertainty. Key question: does LCE stabilize or continue correcting?
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