Battery Materials Market Intelligence
Market Snapshot: Week of November 6, 2025
LiPF₆ crisis deepens to $16,436/t (+12.6% WoW) on fluorine shortage. LCE retreats to $11,287/t (-3.0% WoW) as futures cool. LFP edges up to $5,241/t on demand strength. Anode materials stable at $7,548/t despite rising petroleum coke to $631/t. Natural graphite consolidates ahead of Northeast winter cuts.
Anode Market
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Stable at $7,548/t (high-end). Supply rises slightly, demand improves from energy storage. Battery plants bid down on oversupply. GPC up 6.1% to $631/t.
Cathode Market
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Mixed trends: LFP up 0.4% to $5,241/t. NCM 5-series +0.3% to $19,625/t. LCO flat at $53,753/t. Strong precursor at $13,335-15,018/t.
Lithium Market
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LCE slides to $11,287/t (-3.0% WoW). LiOH rises to $10,722/t (+0.3%). Futures retreat but supply remains tight. Range consolidation expected.
Electrolyte Chain
↑↑↑
LiPF₆ extends crisis to $16,436/t (+12.6% WoW). VC jumps to $8,112/t (+1.8%). FEC stable at $6,208/t. Further increases expected RMB 5-10k/t.
Anode Chain: Stability Despite Rising Feedstock Costs
Synthetic graphite holds at $7,548/t (high-end) as petroleum coke surges 6.1% to $631/t (Daqing). Downstream demand gradually releases from energy storage market. Battery plants force prices down amid oversupply. Mid-sulfur CPC climbs 10.6% to $437/t on tighter supply. Needle coke stable at $832/t. Natural spherical graphite steady at $1,340-1,552/t. Anode producers negotiate price increases under raw material cost pressure. Short-term outlook: stable with potential for slight increases.
Anode Material Prices (Avg. USD/t)
Key Feedstock Trends (USD/t)
Natural Graphite: Stable Ahead of Winter Shutdowns
Natural graphite markets run soft with ordinary deals. Spherical graphite (big) holds at $1,340/t in Northeast China with Shandong premium at $1,552/t. Flake graphite 195 steady at $395-423/t. Downstream refractory plants and anode producers take cargoes on rigid demand. Individual Northeast plants plan curtailment or shutdown. Current inventory stable as seasonal replenishment complete. Market expected stable-and-weak near term as Northeast production cuts approach. Refractory demand remains tepid with anode providing primary support.
Spherical Graphite by Region (USD/t)
Flake Graphite Grades (USD/t)
Cathode Materials: Partial Gains on Selective Demand
NCM edges up with 5-series at $19,625/t (+0.3% WoW) and 8-series at $22,305/t (flat). Precursor holds high at $13,335-15,018/t. LFP climbs 0.4% to $5,241/t on lithium carbonate and iron phosphate strength. LCO stable at $53,753/t on settled cobaltosic oxide at $49,027/t. LMO rises to $5,220/t (+1.2% WoW) for dynamical MnO2 type. Mid-high nickel demand robust from power market. Consumer electronics recovers mildly. Cathode producers pass through costs as acceptance improves. Near-term: fluctuations expected.
Cathode Materials Pricing (USD/t)
LCO vs LFP Trend
Lithium Markets: Retreat from Peak on Futures Cooling
Battery-grade lithium carbonate (99.5%) slides 3.0% to $11,287/t as futures cool. Industrial-grade (99.2%) drops to $11,146/t. LCE enterprises commit to early contracts with less immediate shipment. Some producers increase output while mainstream maintain higher production. Downstream purchase on rigid demand at lower prices. LiOH granular rises 0.3% to $10,722/t (+$34/t) on spodumene support. LiOH holds mid-low production with reluctance to sell spot. Market outlook: oscillate within range near term.
Lithium Carbonate & Hydroxide (USD/t)
LCE Historical Trend
Electrolyte Chain: LiPF₆ Crisis Reaches New Extreme
LiPF₆ extends explosive rally to $16,436/t (+12.6% WoW, +$1,833/t) as fluorine feedstock crisis worsens. AHF consolidates stable-and-weak generating limited cost support. LiF mixed with industrial at $19,258/t, battery at $19,470/t. Electrolyte producers face severe margin squeeze. VC jumps 1.8% to $8,112/t. FEC holds at $6,208/t. Market expects further RMB 5-10k/t increases ahead. LiFSI stable at $9,170/t. Individual LiPF6 producers plan new capacity recently. Supply slightly rises but demand grows from electrolyte production.
LiPF₆ Price (Avg. USD/t)
$16,436
Up 12.6% WoW (+$1,833) - Crisis intensifies
FEC Price (Avg. USD/t)
$6,208
Stable (0.0% WoW) on balanced supply
VC Price (Avg. USD/t)
$8,112
Up 1.8% WoW (+$140) maintaining gains
Electrolyte Components Weekly Change (%)
📰 Key Market Events This Week
Significant developments impacting the battery materials supply chain
LiPF₆ Crisis Reaches Critical Extreme
⚡ Electrolyte Emergency Worsens
LiPF₆ extends rally to RMB 116,500/t (+12.6% WoW) as fluorine feedstock crisis deepens further. Individual producers planning new capacity but supply remains critically tight. Further increases of RMB 5-10k/t expected.
Impact: Battery pack costs rising $500-700 per EV total since September. Electrolyte producers face margin squeeze. Market expects continued extreme volatility through Q1 2026.
Lithium Carbonate Retreats from Peak
📉 Futures Cooling
LCE battery-grade drops 3.0% to $11,287/t as futures cool after rally. Downstream purchases on rigid demand at lower prices. LiOH rises slightly to $10,722/t on spodumene support. Range consolidation expected.
Impact: Market finding new equilibrium after October surge. Supply remains tight but futures speculation subsides. Expect range trading $11,000-11,500/t near-term.
Anode Margins Under Pressure
💰 Cost Push from Feedstock
Petroleum coke surges 6.1% to $631/t (Daqing) as refineries lift prices. CPC jumps 10.6% to $437/t. Anode producers negotiate price increases with battery plants under cost pressure despite oversupply.
Impact: Anode producers caught between rising feedstock costs and battery plant bidding down. Some negotiate price increases. Export market weakens on policy factors.
Market Outlook
The battery materials market shows mixed signals as LiPF₆'s continued rally to $16,436/t (+12.6%) signals the electrolyte bottleneck remains critical, potentially adding $600-900 to EV battery costs since September. Lithium carbonate's 3.0% retreat to $11,287/t provides cathode producers with temporary relief but supply remains structurally tight. With Northeast China graphite production cuts starting soon and petroleum coke costs rising 6.1%, anode producers face margin pressure despite stable selling prices. The divergence between electrolyte crisis and lithium retreat creates complex cost dynamics heading into year-end. Battery costs likely stable near-term except for continued electrolyte inflation.
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