Battery Materials Market Intelligence
Market Snapshot: Week of November 27, 2025
LiPF₆ surges to historic $24,003/t (+30.8% WoW) extending crisis rally. Anode materials float up on cost pressure with mid-end rising to $3,883/t (+3.8%). LFP nudges up to $5,768/t (+1.7%) on robust demand. LCE fluctuates at $13,202/t. Coal tar pitch registers uptrend. Natural graphite soft ahead of Northeast winter cuts.
Anode Market
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Floated up on cost pressure. High-end at $7,554/t. Mid-end rises 3.8% to $3,883/t. GPC stood high. Graphitization price nudged up. Enterprises raised prices.
Cathode Market
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LFP rises to $5,768/t (+1.7%). NCM stable at $20,233/t (5-series). LCO steady at $53,795/t. Iron phosphate inched up. Robust EV and storage demand.
Lithium Market
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LCE fluctuates at $13,202/t. LiOH edged up to $11,437/t (+6.3%). Northwest capacity releasing. Downstream on rigid demand. Range vibration expected.
Electrolyte Chain
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LiPF₆ surges to $24,003/t (+30.8%!). LiF rises to $22,944/t. FEC up 6.7% to $9,036/t. VC stabilizes at $24,003/t. Further RMB 5-10k/t expected.
Anode Chain: Floats Up Under Cost Pressure
Synthetic graphite market floated up this week. High-end holds at $7,554/t while mid-end rises 3.8% to $3,883/t and low-end climbs 5.3% to $2,824/t. GPC market stood high even with individual downsides, and graphitization price nudged up, squeezing profits of anode materials enterprises. To maintain reasonable profits and normal operations, some enterprises slightly raised price and actively negotiated fresh orders. Energy storage market ran bullish driving demand. Major producers at full-load production while smaller firms produce on sales. Short-term outlook: stable amid buy-sell confrontations.
Anode Material Prices (Avg. USD/t)
Key Feedstock Trends (USD/t)
Natural Graphite: Soft Market Ahead of Winter Cuts
Natural graphite market ran soft this week. Spherical graphite (big) holds at $1,341/t in Northeast China with Shandong premium at $1,553/t. Flake graphite 195 steady at $395-424/t. Influenced by ascending processing cost and transportation cost in winter, natural graphite plants showed less willingness to carry on production. Some plants in Northeast China halted production in advance. Natural spherical graphite plants began to reduce production due to blocked shipment. Downstream demand remains weak. More plants will stop production next week. Stable-and-weak scenario expected short term.
Spherical Graphite by Region (USD/t)
Flake Graphite Grades (USD/t)
Cathode Materials: LFP Rises on Robust Terminal Demand
LFP fluctuated up with dynamical-type at $5,768/t (+1.7% WoW) and storage-type at $5,351/t. Iron phosphate inched up further. Terminal demand robust from new-energy automobile and energy storage markets. Large LFP enterprises kept full-load production. NCM ran stably with 5-series at $20,233/t and 8-series at $22,690/t. LCO steady at $53,795/t (4.45v). LMO stabilized at $5,860/t (dynamical MnO2). Precursor moved downward with NCM 523 at $13,331/t. Near-term: LFP anticipated to nudge up further to $5,796/t dynamical and $5,634/t storage.
Cathode Materials Pricing (USD/t)
LCO vs LFP Trend
Lithium Markets: Fluctuations as LiOH Edges Up
Battery-grade lithium carbonate (99.5%) registered fluctuations at $13,202/t. Industrial-grade (99.2%) at $12,919/t. Some LCE enterprises shipped cargoes at high price for immediate orders while mainly committing to long-term contracts. Downstream replenished on rigid demand with limited acceptance to high-priced cargoes. LiOH edged up amid buy-sell confrontations with granular at $11,437/t (+6.3% WoW) and micro-powder at $12,143/t. Enterprises with own resources held normal production while outside purchasers kept low production. LiOH inventory declined further. Market outlook: LCE to vibrate within range, LiOH likely to run strongly.
Lithium Carbonate & Hydroxide (USD/t)
LCE Historical Trend
Electrolyte Chain: LiPF₆ Crisis Surges to $24,003/t
LiPF₆ witnessed further growth surging to $24,003/t (+30.8% WoW, +$5,655/t) reaching RMB 170,000/t. Large enterprises resumed production after turnaround. Demand acceptable from electrolyte market. Market anticipates further RMB 5-10k/t increases. LiF continued rising with industrial at $22,238/t and battery at $22,944/t. VC stabilized temporarily at $24,003/t. FEC rose 6.7% to $9,036/t. LiFSI (liquid to solid) at $10,589/t (+3.5%). EC ramped up to $833/t. Electrolyte supply tended tight without inventory pressure.
LiPF₆ Price (Avg. USD/t)
$24,003
Up 30.8% WoW (+$5,655) - Crisis deepens
FEC Price (Avg. USD/t)
$9,036
Up 6.7% WoW - Continued rise
LiF Battery Grade (USD/t)
$22,944
Continued rising - Cost support strong
Electrolyte Components Weekly Change (%)
📰 Key Market Events This Week
Significant developments impacting the battery materials supply chain
LiPF₆ Surges to RMB 170,000/t
🔥 +30.8% WoW - Crisis Intensifies
LiPF₆ rocketed to $24,003/t (RMB 170,000/t), up +$5,655 WoW as supply remains critically tight. Large enterprises resumed production after turnaround but demand from electrolyte market remains strong. Market expects further RMB 5-10k/t increases ahead.
Impact: Battery costs face unprecedented pressure. LiPF₆ now accounts for 20-25% of cell cost. Crisis expected to continue through Q1 2026 despite capacity additions.
Anode Producers Raise Prices
📈 Cost Pressure Drives Increases
Anode materials market floated up as GPC stood high and graphitization prices nudged up. Mid-end rises 3.8% to $3,883/t, low-end up 5.3% to $2,824/t. Profits shrinking under cost pressure forcing enterprises to raise prices.
Impact: Energy storage market bullish driving demand. Large producers at full capacity. Price negotiations active for fresh orders as margin protection becomes priority.
Coal Tar Pitch Registers Uptrend
⚡ Supply Crunch Drives Prices
Coal tar pitch market registered uptrend with Northeast China at $600/t (+12% WoW). Few distillation enterprises shut down for maintenance. Supply kept tight as producers adopted firming-up approaches. Rising coal tar price lent support.
Impact: Coal-based needle coke profits squeezed. Cost support for anode graphitization. Supply crunch may gradually mitigate as distillation enterprises resume next week.
Market Outlook
The battery materials market faces intensifying cost pressures across multiple supply chains. LiPF₆'s 30.8% surge to $24,003/t signals the electrolyte crisis is far from over, with further RMB 5-10k/t increases expected. Anode producers are finally passing through costs with mid-end prices rising 3.8%, while high-end holds at $7,554/t. LFP strength continues with prices nudging up to $5,768/t on robust EV and energy storage demand. Natural graphite faces soft conditions as Northeast China plants begin winter shutdowns, which may tighten supply by Q1. LCE fluctuates at $13,202/t while LiOH edges up 6.3% to $11,437/t. The coal tar pitch uptrend adds pressure to the anode supply chain. Battery cell manufacturers face margin compression from simultaneous electrolyte and anode cost increases.
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