Battery Materials Market Intelligence
Market Snapshot: Week of December 11, 2025
Anode market keeps settled with prices unchanged. LCE fluctuates at high-end level rising to $13,287/t (+1.7%). LiOH inches down marginally. LiPF₆ continues rally to $25,161/t (+1.2%). LiF extends upward trend +3%. Phosphorus pentachloride skyrockets. LFP nudges up to $5,824/t (+0.5%). LMO slides down with Mn3O4 type falling 2.6-2.8%. Natural graphite holds steady in slack season. Energy storage demand bolsters market.
Anode Market
↔
Keeps settled. High-end at $7,562/t. Mid-end holds at $3,887/t. Raw material GPC partially slid. Needle coke stable. Prices near cost line. Overcapacity persists.
Cathode Market
↗
LFP rises to $5,824/t (+0.5%). NCM stable at $20,270/t. LCO steady at $53,855/t. LMO slides 1-3%. Iron phosphate grows further. LFP enterprises full-load.
Lithium Market
↗
LCE fluctuates high at $13,287/t (+1.7%). LiOH inches down to $11,577/t. NW China capacity released. Inventory declined slightly. LiOH may run strongly.
Electrolyte Chain
↑
LiPF₆ continues to $25,161/t (+1.2%). LiF extends rise +3%. EC stable at $947/t. Phosphorus pentachloride skyrockets. LiFSI holds at $12,015/t.
Anode Chain: Market Keeps Settled, Prices Near Cost Line
Domestic Lib anode materials market kept settled this week. Raw material mid and low-sulfur GPC market partially slid down, dragging down cost. However, current anode prices had been close to the cost line. Downstream battery cell plants still intended to bid down prices, causing profit margins to shrink further. Due to lack of differentiated product advantage and weak cost control, some middle and small-sized enterprises might be eliminated. On supply side, anode supply increased slightly. On demand side, good demand from energy storage market bolstered full-load production at battery cell plants.
Anode Material Prices (Avg. USD/t)
Key Feedstock Trends (USD/t)
Natural Graphite: Market Holds Steady During Slack Season
Natural graphite market held steady this week. Plants generally suspended production caused by sluggish downstream demand. Natural flake graphite supply continued to decline as many plants in Northeast China shut down. Natural spherical graphite supply also decreased during the slack season. Downstream demand dropped from both refractory and Lib anode materials markets. Export market was not good. Flake graphite inventory at mid-to-high level while spherical graphite inventory at low level. Market anticipated to consolidate within range at low-end price level short term.
Spherical Graphite by Region (USD/t)
Flake Graphite Grades (USD/t)
Cathode Materials: LFP Nudges Up, LMO Slides Down
LFP market declined then increased with dynamical-type at $5,824/t (+0.5% WoW) and storage-type at $5,386/t (+0.8%). Iron phosphate witnessed further growth. LFP enterprises showed strong willingness to raise price but downstream resisted. Majority held full-load production. NCM stayed steady with 5-series at $20,270/t and 8-series at $22,715/t. Demand for 6-series and 8-series was relatively good from consumer electronics. LCO kept unchanged at $53,855/t (4.45v). LMO slid down overall with dynamical Mn3O4 type falling 2.6% to $5,301/t. Terminal demand entered slack season.
Cathode Materials Pricing (USD/t)
LCO vs LFP Trend
Lithium Markets: LCE Fluctuates High, LiOH Inches Down
Battery-grade lithium carbonate (99.5%) fluctuated at high-end price level at $13,287/t (+1.7% WoW). Industrial-grade (99.2%) at $13,004/t. LCE futures price registered fluctuations within a wide range. Enterprises mainly committed to long-term contracts with limited spot shipment. LiOH inched down with granular at $11,577/t and micro-powder at $12,284/t. Raw material spodumene stood high providing firm cost support. Large enterprises with own resources kept high production while some mid/small enterprises maintained low production. LiOH inventory declined further. LiOH likely to run strongly next week.
Lithium Carbonate & Hydroxide (USD/t)
LCE Historical Trend
Electrolyte Chain: LiPF₆ Continues Rally, LiF Extends Uptrend
LiPF₆ continued rising then gradually stabilized at $25,161/t (+1.2% WoW) reaching RMB 178,000/t. Raw material AHF ran stably, LCE fluctuated high, LiF extended upward and phosphorus pentachloride skyrocketed providing strengthened cost support. Many enterprises held full-load production. LiF continued rising with industrial at $23,677/t (+3.1%) and battery at $24,383/t (+3.0%). VC moved up further to $24,737/t. FEC rose 1.5% to $9,895/t. LiFSI holds at $12,015/t. EC stable at $947/t. Electrolyte enterprises maintained largely stable production.
LiPF₆ Price (Avg. USD/t)
$25,161
Up 1.2% WoW (+$290) - Rally continues
LiF Battery (Avg. USD/t)
$24,383
Up 3.0% WoW (+$713) - Extends uptrend
EC Price (Avg. USD/t)
$947
Stable WoW - Maintains level
Electrolyte Components Weekly Change (%)
📰 Key Market Events This Week
Significant developments impacting the battery materials supply chain
Phosphorus Pentachloride Skyrockets
🔥 $1,131/t - Major Cost Driver
Phosphorus pentachloride market skyrocketed to $1,131/t (RMB 8,000/t). Raw material phosphorus trichloride went up further while liquid chlorine moved down. Overall cost increased significantly. LiPF6 enterprises slightly lifted production driving steady demand. Market expected to fluctuate at high-end level.
Impact: Phosphorus pentachloride is key feedstock for LiPF6. Sharp rise adds substantial cost pressure to electrolyte salt production, supporting continued LiPF6 price strength.
LiF Extends Upward Trend +3%
📈 Battery-grade at $24,383/t
Lithium fluoride market extended upward trend with industrial-grade at $23,677/t (+3.1%) and battery-grade at $24,383/t (+3.0%). Raw material AHF ran stably and LCE fluctuated high providing cost support. LiPF6 enterprises at full-load production driving demand for battery-grade LiF.
Impact: LiF is key precursor for LiPF6. Continued strength signals robust electrolyte demand. Market expected to change little next week as supply remains largely stable.
GPC Market Partially Slides Down
⚡ Daqing at $622/t (-1.6%)
Green petroleum coke market transactions were subdued. Major refineries' low-sulfur prices registered fluctuations while mid/high-sulfur prices partially slid. Sinopec refineries fell RMB 40-220/t. CNPC slipped RMB 70-150/t. Market averaged at RMB 3,079/t ($435/t), down 1.44% WoW. Prices expected largely stable with some upticks next week.
Impact: GPC decline drags down anode material costs but current anode prices already near cost line. Downstream battery plants continue to bid down creating margin pressure.
Market Outlook
The electrolyte chain remains strong with LiPF₆ continuing its rally to $25,161/t as phosphorus pentachloride skyrockets providing cost support. LiF extends its upward trend +3% driven by full-load LiPF6 production. LCE fluctuates at high-end at $13,287/t while LiOH inches down marginally with inventory declining further. Anode market keeps settled with prices unchanged and near cost line - overcapacity limits bargaining power. Natural graphite holds steady as downstream demand turns soft during slack season with many Northeast China plants stopping production. LFP nudges up to $5,824/t as iron phosphate continues rising and enterprises show strong willingness to raise prices. LMO slides down overall with Mn3O4 types falling 2.6-2.8% as terminal demand from small power and digital markets enters slack season. Energy storage demand from both domestic and overseas markets continues to bolster battery cell production at full-load levels.
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