Battery Materials Market Intelligence
Market Snapshot: Week of December 25, 2025
Lithium carbonate hikes to $16,312/t (+10.7%). LFP rises to $6,454/t (+4.8%). LiOH steps up 11.4% to $13,688/t. LiPF6 edges down to $24,396/t (-1.6%). LiF keeps going up to $26,311/t (+4.7%). NCM extends upward trend with 5-series at $20,907/t (+1.7%). LMO witnesses further growth +10%. Anode market keeps settled. Natural graphite performs steadily. Energy storage and NEV demand continues to drive market as year ends.
Anode Market
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Keeps settled. High-end at $7,588/t. Mid-end at $3,901/t. GPC edges down. Needle coke stable. Supply rose slightly. Cost pressure continues.
Cathode Market
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LFP rises to $6,454/t (+4.8%). NCM extends uptrend to $20,907/t. LCO stable-to-up at $54,467/t. LMO witnesses growth +10%. Strong cost support.
Lithium Market
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LCE hikes to $16,312/t (+10.7%). LiOH steps up to $13,688/t (+11.4%). Futures up strongly. Inventory declines. LiOH runs strongly on tight supply.
Electrolyte Chain
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LiPF6 edges down to $24,396/t (-1.6%). LiF keeps going up +4.7%. EC stable at $950/t. VC unchanged at $24,822/t. LiFSI holds at $12,056/t.
Anode Chain: Market Keeps Settled Amid Steady Demand
Domestic Lib anode materials market kept settled this week. Overall demand for Lib anode materials was steady. Lib anode materials enterprises basically produced on sales. Recently, raw material GPC market registered stable-to-soft scenario, coupled with inventory control at the year end, so some Lib anode materials enterprises purchased raw materials on need-to basis. On supply side, Lib anode materials supply rose slightly compared with last week. On demand side, owing to some policies, there would be rigid demand from energy storage market. Anode materials market is anticipated to remain stable next week.
Anode Material Prices (Avg. USD/t)
Key Feedstock Trends (USD/t)
Natural Graphite: Market Performs Steadily
Natural graphite market performed steadily this week. With rare fresh orders closing to the month end, natural graphite plants still committed to current contracts. In Northeast China, due to low temperature, many natural graphite plants shut down and only individual plants carried on production for normal shipment. In Shandong, natural graphite plants held relatively stable production and shipped cargoes normally. As for supply, natural graphite supply was less in Northeast China and was normal in Shandong. As for demand, refractory plants took natural flake graphite cargoes still on rigid demand. Lib anode materials enterprises showed less willingness to purchase natural spherical graphite cargoes for fresh orders. Natural graphite market is anticipated to sustain stability next week.
Spherical Graphite by Region (USD/t)
Flake Graphite Grades (USD/t)
Cathode Materials: LFP Rises, NCM Extends Uptrend, LMO Witnesses Growth
LFP market continued rising with dynamical-type at $6,454/t (+4.8% WoW) and storage-type at $6,085/t (+5.6%). Raw material iron phosphate market edged up further and LCE hiked up. LFP enterprises replenished raw materials mainly on rigid demand and some curtailed production under cost pressure. NCM market extended upward trend with 5-series at $20,907/t (+1.7%) and 8-series at $23,092/t (+0.8%). LCO registered stable-to-up scenario at $54,467/t (4.45v). LMO witnessed further growth with dynamical MnO2 type at $6,879/t (+10.4%) and Mn3O4 type at $6,312/t (+6.1%). Terminal enterprises took cargoes mainly on rigid demand with cautious attitude.
Cathode Materials Pricing (USD/t)
LCO vs LFP Trend
Lithium Markets: LCE Hikes Up, LiOH Steps Up
Battery-grade lithium carbonate (99.5%) hiked up to $16,312/t (+10.7% WoW). Industrial-grade (99.2%) at $16,028/t (+10.9%). LCE futures price went up. Some traders suspended offers. Downstream enterprises took cargoes still on rigid demand with limited acceptance to high-priced cargoes. Currently, lithium salt enterprises kept high production and new capacity in Northwest China was constantly released. LCE inventory declined slightly. LiOH stepped up with granular at $13,688/t (+11.4%) and micro-powder at $14,397/t (+10.8%). Influenced by strong LCE futures market, spodumene market stayed firm. LiOH inventory declined further. LiOH market is likely to run strongly next week.
Lithium Carbonate & Hydroxide (USD/t)
LCE Historical Trend
Electrolyte Chain: LiPF6 Edges Down, LiF Keeps Going Up
LiPF6 showed stable-to-down scenario at $24,396/t (-1.6% WoW) with ordinary trading performance. Raw material AHF stayed steady amid watching mood, LCE hiked up, LiF kept going up and phosphorus pentachloride held steady, generating strengthening cost support. LiPF6 enterprises maintained early production with largely stable orders. LiF kept going up with industrial at $25,602/t (+4.4%) and battery at $26,311/t (+4.7%). VC unchanged at $24,822/t. FEC stable at $9,929/t. LiFSI holds at $12,056/t. EC stable at $950/t. Electrolyte enterprises sustained largely stable production.
LiPF6 Price (Avg. USD/t)
$24,396
Down 1.6% WoW (-$388) - Edges down
LiF Battery (Avg. USD/t)
$26,311
Up 4.7% WoW (+$1,173) - Keeps going up
EC Price (Avg. USD/t)
$950
Stable WoW - Maintains level
Electrolyte Components Weekly Change (%)
Key Market Events This Week
Significant developments impacting the battery materials supply chain
LCE Hikes +10.7%
Battery-grade at $16,312/t
Lithium carbonate market hiked up with lackluster trading performance. LCE futures price went up strongly. Some traders suspended offers. Downstream enterprises took cargoes still on rigid demand with limited acceptance to high-priced cargoes. LCE inventory declined slightly. New capacity in Northwest China constantly released.
Impact: Strong LCE price increase continues to provide robust cost support to cathode materials. LFP enterprises showed willingness to raise prices fueled by rising cost. Market is probable to undulate within the range short term.
LiOH Steps Up +11.4%
Granular at $13,688/t
Lithium hydroxide market stepped up strongly. Major lithium salt enterprises held stable production and large enterprises mainly committed to long-term contracts. Influenced by strong LCE futures market, spodumene stayed firm, giving stable cost support. LiOH inventory declined further.
Impact: LiOH supply tightness supports NCM cathode costs. Lithium salt enterprises with own raw material resources maintained stable production. LiOH market likely to run strongly next week amid declining inventory.
LFP Rises +4.8%
Dynamic-type at $6,454/t
LFP market continued rising. Raw material iron phosphate edged up further and LCE hiked up. LFP enterprises replenished raw materials mainly on rigid demand and some curtailed production under cost pressure. LFP supply dropped slightly as some enterprises conducted turnaround. LFP inventory decreased slightly.
Impact: LFP price rise reflects continued cost pass-through from lithium. Fresh order negotiations still in stalemate. Market anticipated to consolidate in the short term as iron phosphate may nudge up.
Market Outlook
The lithium market continues to strengthen as 2025 draws to a close with LCE hiking +10.7% to $16,312/t and LiOH stepping up +11.4% to $13,688/t amid tight supply. This provides strong cost support to cathode materials - LFP rises +4.8% to $6,454/t and NCM extends upward to $20,907/t. LMO witnesses further growth +10% despite sluggish terminal demand from small power markets. The electrolyte chain shows mixed signals - LiPF6 edges down to $24,396/t (-1.6%) while LiF keeps going up +4.7% on rising LCE costs. Anode market keeps settled with prices stable as downstream battery plants continue on rigid demand. Natural graphite performs steadily with many Northeast China plants shut down for winter. Energy storage and NEV demand driven by supportive policies continues to bolster overall battery materials market heading into the new year.
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