Battery Materials Market Intelligence
Market Snapshot: Week of December 4, 2025
Electrolyte chain maintains strength with LiPF₆ continuing rally to $24,871/t (+3.6%), LiFSI surging 13.4%, and EC ramping up 13.7%. LiOH moves up further with granular at $11,587/t (+1.3%). LCE fluctuates down slightly to $13,071/t. Anode market stabilizes temporarily amid buy-sell confrontations. Coal tar pitch extends uptrend. Natural graphite weak ahead of year-end slack season.
Anode Market
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Stabilized temporarily. High-end at $7,560/t. Mid-end holds at $3,886/t. GPC showed fluctuations. Needle coke active. Large producers at high production. Buy-sell confrontations.
Cathode Market
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LFP fluctuates at $5,794/t. NCM stable at $20,264/t (5-series). LCO steady at $53,839/t. LMO edged down 2.3%. Iron phosphate continued rising. Robust terminal demand.
Lithium Market
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LCE increased then declined at $13,071/t (-1.0%). LiOH moved up further to $11,587/t (+1.3%). Inventory declined. LiOH likely to run strongly next week.
Electrolyte Chain
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LiPF₆ continues to $24,871/t (+3.6%). LiFSI surges 13.4% to $12,011/t. EC ramps 13.7% to $947/t. FEC up 7.9%. Further RMB 5-8k/t expected for LiPF₆.
Anode Chain: Stabilized Temporarily Amid Buy-Sell Confrontations
Domestic Lib anode materials market stabilized temporarily this week. Downstream demand was bullish from battery cell market with large enterprises maintaining high production. High-end holds at $7,560/t while mid-end steady at $3,886/t and low-end at $2,826/t. Raw material GPC market showed fluctuations, raw needle coke market ran bullish. Due to overcapacity, anode materials enterprises had weaker bargaining power. Actual trading price changed little amid buy-sell confrontations. Short-term outlook: largely stable as major producers keep full-load production while smaller enterprises maintain current production.
Anode Material Prices (Avg. USD/t)
Key Feedstock Trends (USD/t)
Natural Graphite: Weak Market With Lackluster Trading
Natural graphite market remained weak with lackluster trading performance. Spherical graphite (big) holds at $1,342/t in Northeast China with Shandong premium at $1,554/t. Flake graphite 195 steady at $396-424/t. Downstream demand turned soft approaching the slack season. Natural graphite plants under production mainly committed to long-term contracts with limited fresh orders. Some plants in Northeast China stopped or curtailed production. Natural spherical graphite inventory grew slightly caused by slow shipment. Many plants have reserved enough inventories for shutdown period commitments. Stable-and-weak scenario expected short term.
Spherical Graphite by Region (USD/t)
Flake Graphite Grades (USD/t)
Cathode Materials: LFP Fluctuates, LMO Edges Down
LFP market registered fluctuations with dynamical-type at $5,794/t (+0.5% WoW) and storage-type at $5,342/t (-0.2%). Iron phosphate continued rising. Demand for high-voltage real-density LFP products remained robust. NCM ran largely stable with 5-series at $20,264/t and 8-series at $22,709/t. LCO steady at $53,839/t (4.45v). LMO edged down partially with dynamical MnO2 at $5,723/t (-2.3%). Precursor slid down further with NCM 523 at $13,328/t. Near-term: LFP anticipated to fluctuate within range at $5,794/t dynamical and $5,342/t storage.
Cathode Materials Pricing (USD/t)
LCO vs LFP Trend
Lithium Markets: LCE Fluctuates, LiOH Moves Up Further
Battery-grade lithium carbonate (99.5%) increased then declined amid intensified buy-sell confrontations at $13,071/t (-1.0% WoW). Industrial-grade (99.2%) at $12,789/t. LCE futures price stood high in early week then fluctuated down. Enterprises mainly committed to long-term contracts. LiOH moved up further with granular at $11,587/t (+1.3%) and micro-powder at $12,294/t (+1.2%). Raw material spodumene stood high providing rigid cost support. Enterprises with own resources maintained stable production while outside purchasers kept low production. LiOH inventory continued to drop. Market outlook: LCE to vibrate within range, LiOH likely to run strongly.
Lithium Carbonate & Hydroxide (USD/t)
LCE Historical Trend
Electrolyte Chain: LiPF₆ Rally Continues, LiFSI & EC Surge
LiPF₆ went up further to $24,871/t (+3.6% WoW) reaching RMB 176,000/t. Raw material AHF continued rising, LiF witnessed further growth. Large enterprises mostly maintained full-load production. Market anticipates further RMB 5-8k/t increases. LiF continued rising with industrial at $22,963/t and battery at $23,670/t (+3.2%). VC stabilized at $24,588/t (+2.4%). FEC rose 7.9% to $9,750/t. LiFSI (liquid to solid) surged 13.4% to $12,011/t. EC ramped up 13.7% to $947/t as supply tended tight. Electrolyte supply tight without inventory pressure.
LiPF₆ Price (Avg. USD/t)
$24,871
Up 3.6% WoW (+$868) - Rally continues
LiFSI Solid (Avg. USD/t)
$12,011
Up 13.4% WoW (+$1,422) - Surges
EC Price (Avg. USD/t)
$947
Up 13.7% WoW (+$114) - Supply tight
Electrolyte Components Weekly Change (%)
📰 Key Market Events This Week
Significant developments impacting the battery materials supply chain
LiFSI Surges 13.4% to $12,011/t
🔥 +$1,422 WoW - Supply Tightens
LiFSI (liquid converted to solid) rocketed to $12,011/t (RMB 85,000/t), up from $10,589/t last week. Raw material costs rising. Demand growing as additive for high-performance electrolytes. Supply constrained driving aggressive price increases.
Impact: LiFSI increasingly used in high-energy density cells. Price surge adds pressure to advanced electrolyte formulations targeting premium EV applications.
EC Ramps Up 13.7% on Tight Supply
📈 $947/t - Supply Crunch Bites
Ethylene carbonate kept hiking up to $947/t (RMB 6,700/t), up $114 WoW. Supply tended tight despite stable production. Raw material ethylene oxide slid down but failed to ease cost pressure. Without inventory pressure, enterprises shipped on orders and constantly raised price.
Impact: EC is fundamental electrolyte solvent. Continued tightness expected next week with stable-to-up scenario as downstream buying interests remain acceptable.
Coal Tar Pitch Extends Uptrend
⚡ Fresh Orders May Push Higher
Coal tar pitch market extended uptrend with modified pitch in main producing areas at $586-615/t. Utilization rate of coal tar distillation rose greatly with some enterprises returning to production. Feedstock coal tar price edged up. Supply crunch easing but offers may be pushed up further.
Impact: Coal-based needle coke enterprises bear heavier cost pressure. Market expected to be restrained next week but offers may be pushed up on fresh orders.
Market Outlook
The electrolyte chain remains the focal point with LiPF₆ continuing its rally to $24,871/t and market anticipating further RMB 5-8k/t increases. LiFSI's 13.4% surge and EC's 13.7% ramp signal broad-based electrolyte component tightness. LiOH strengthens further with inventory declining and likely to run strongly next week. Anode market stabilizes temporarily as GPC showed fluctuations and needle coke ran bullish, but overcapacity limits bargaining power. Natural graphite faces soft conditions as downstream demand turns soft approaching the slack season. LFP fluctuates at $5,794/t as iron phosphate continues rising. LMO edged down partially as terminal enterprises delayed procurement plans. The year-end period typically sees destocking and cautious procurement, but robust EV demand and energy storage growth provide underlying support. Battery cell manufacturers continue managing margin compression from electrolyte cost increases.
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