Battery-grade LCE plunged to ¥151,000/t ($21,890), down 4.4% WoW as futures fell and lithium salt enterprises were more active in shipping. LiOH granular dropped 3.3% to ¥145,500/t. Downstream cathode makers continued cautious procurement on rigid demand only. LCE supply recovering steadily; inventory remains low. Outlook: range-bound oscillation.
LiPF₆ slid to ¥108,000/t ($15,656), down 1.8% WoW. Mainstream producers maintained firm offers while some large enterprises ran turnarounds. Downstream electrolyte buyers cautious. AHF firm, LCE weak — mixed cost signals. Ternary and LFP electrolyte formulations flat at $4,566/$4,494. FEC and VC stable. Expect stable-to-weak scenario next week.
LFP power grade fell to ¥54,500/t ($7,901), down 3.0% WoW. Raw material iron phosphate continued upward but LCE correction weighed on pricing. Large LFP enterprises at full-load production; supply grew slightly. Energy storage demand stable. LMO also soft at −1.7%. LCO flat. Expect weak fluctuation near term.
NCM 5-series edged up to ¥182,400/t ($26,442), +0.6% WoW. NCM 613 also +0.5% to $26,732. Market increased then declined during the week. Enterprises mostly committed to early contracts with rare fresh orders. Some lifted production for export. Downstream buying not active amid sufficient inventories. Expect narrow consolidation.
Anode High-End
Artificial Graphite
$7,756 USD/t
Anode Mid-Tier
Artificial Graphite
$3,987 USD/t
Anode Low-End
Artificial Graphite
$2,899 USD/t
LCE Bat-Grade
Battery Grade 99.5%
$21,890 USD/t
LCE Ind-Grade
Industrial 99.2%
$21,455 USD/t
LiOH Granular
Battery Grade
$21,092 USD/t
LiOH Micro-Powder
Battery Grade
$21,962 USD/t
LiPF₆
Average Market
$15,656 USD/t
Ternary Electrolyte
Formulation
$4,566 USD/t
LFP Electrolyte
Formulation
$4,494 USD/t
FEC Additive
Electrolyte Additive
$8,843 USD/t
VC Additive
Electrolyte Additive
$21,600 USD/t
NCM 5-Series
Single Crystal
$26,442 USD/t
NCM 613
Single Crystal
$26,732 USD/t
LFP Power Grade
Power Grade
$7,901 USD/t
LCO 4.2v
Consumer Grade
$57,261 USD/t
Selling prices flat for 7 weeks — feedstock cost surge continues.
Low-sulfur GPC prices edged up individually. Mid-sulfur 2# GPC averaged ¥4,513/t (−0.9% WoW) while 3# GPC rose to ¥3,995/t (+1.8%). Overall GPC market averaged ¥3,198/t, up 0.3% WoW. Some refineries under maintenance, slightly reducing supply. Expect GPC to run strongly next week.
Oil-based needle coke averaged ¥6,665/t (+5.2%), some East China enterprises raised offers ¥500–800/t. Coal-based needle coke up to ¥6,750/t (+3.8%). Coal tar pitch discussions may see limited declines as feedstock coal tar price dropped and downstream adopts strong bidding-down approach.
Anode supply continued to rise WoW. Large enterprises hold good production while mid/small enterprises stable. Limited demand and fierce competition in mid/low-end products. Enterprises want to raise prices for normal operation but downstream forces prices down. Market anticipated to keep settled.
Cathode Dynamics:LFP drops 3.0% to $7,901 as LCE correction weighs on pricing despite upstream iron phosphate firming. Large enterprises at full-load production; supply grew slightly. NCM 5-series edges up +0.6% to $26,442 — enterprises lifted production for export orders. LCO flat at $57,261 — consumer electronics market in slack season. LMO soft −1.7% to $8,625 — demand soft, small orders only.
LFP retreats 3.0%; NCM edges up; LMO softens.
Market Analysis: LCE fluctuated down this week, settling at ¥151,000/t ($21,890), down 4.4% WoW. LCE futures fell further. Lithium salt enterprises were more active in shipping for immediate orders. Downstream cathode makers procured on rigid demand with cautious attitude. LCE supply recovering steadily; overall inventory remains low. Outlook: probable to oscillate within the range near term.
Correction deepens from $22.9k to $21.9k — testing floor.
LiOH drops to $21,092/t (granular, −3.3%). Supply tight.
Softens to $15,656/t (−1.8% WoW) — stable-to-weak.
Battery-grade LCE fell to ¥151,000/t ($21,890, −4.4%) as futures declined and lithium salt enterprises actively shipped. LiOH granular dropped to ¥145,500/t ($21,092, −3.3%), micro-powder to ¥151,500/t (−2.9%). Downstream cathode makers purchased cautiously on rigid demand. LCE inventory remains low. Outlook: range-bound oscillation.
LiPF₆ slid to ¥108,000/t ($15,656, −1.8%). Mainstream producers maintained firm offers. Some large enterprises conducting turnarounds. AHF market remained firm but LCE decline weakened cost support. Ternary/LFP electrolyte formulations flat. FEC and VC unchanged. Expect stable-to-weak next week.
Oil-based needle coke jumped to ¥6,665/t (+5.2% WoW) as oil slurry surged on international tensions. Some East China enterprises raised offers ¥500–800/t. Coal-based needle coke up to ¥6,750/t (+3.8%). Coal tar pitch discussions may see limited declines. Industry operation rate inching down. Raw material inventories near low levels for anode producers.
LFP power grade fell to ¥54,500/t ($7,901, −3.0%) as LCE correction weighed despite upstream iron phosphate firming. Energy storage demand stable. LMO dropped to ¥59,500/t ($8,625, −1.7%) — downstream consuming inventories, small orders only. NCM 5-series edged up +0.6% on export order support.
Risk Warning: The lithium chain correction is accelerating — LCE −4.4%, LiOH −3.3%, LFP cathode −3.0%. While this provides cost relief for cell producers, needle coke is surging (+5.2%) and could force anode price hikes. The divergence between falling lithium/cathode and rising anode feedstocks creates a compressed margin environment.
D3CT Recommendation: Consider opportunistic LCE procurement at ¥148,000–153,000/t — this correction may find a floor near ¥145,000/t. Lock in LiPF₆ at current $15,656/t levels before turnaround-driven supply tightening. For anode supply chains, needle coke and GPC cost escalation makes Q2 contracts urgent. NCM cathode showing slight recovery — watch for sustained trend reversal.
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