Lithium Carbonate rallies to ¥157,000/t ($22,764), up 4.0% WoW. Futures-driven speculation and spot hoarding create bullish momentum.
LFP Power Grade rises to ¥56,000/t ($8,119), up 2.8% WoW as lithium costs flow through.
Electrolyte salt slides to ¥105,000/t ($15,224), down 2.8% WoW on overcapacity.
Mid-tier artificial anode holds at ¥27,500/t ($3,987). Producers capture margin from feedstock shifts.
Anode Materials
High-End Artificial
$7,757 USD/t
NCM Cathodes
5-Series (Single Crystal)
$26,519 USD/t
LFP Cathode
Power Grade
$8,119 USD/t
Lithium Carbonate
Battery Grade
$22,764 USD/t
LiOH
Battery Granular
$21,096 USD/t
LiPF₆
Average Market
$15,224 USD/t
LCO
4.35V Grade
$57,271 USD/t
LMO
Dynamical MnO₂
$8,699 USD/t
Artificial Graphite remains the dominant power baseline.
GPC and needle coke markets remain largely stable. Anode producers continue operating with measured inventory management.
Anode enterprises producing on strict "sales-based" model to avoid inventory bloat. Supply discipline keeping prices stable.
Transition to LWG furnaces (2,500-3,000 kWh/MT) from Acheson (4,000-4,800 kWh/MT) enables massive margin capture for advanced producers.
Cathode Dynamics:Cathode sector experiencing direct lithium cost pass-through. LFP rose 2.8% WoW. NCM 613 at $26,809 and NCM 5 at $26,519.
Direct lithium cost pass-through across chemistries.
Market Analysis: LCE surged to ¥157,000/t ($22,764), up 4.0% WoW. Futures speculation and spot hoarding drive the rally.
Breaking higher around the $22.8k level.
LiOH trading at $1,667/t discount to LCE.
Declining on overcapacity.
Futures-driven buying continues to push LCE higher. Spot traders suspending offers in anticipation of further gains.
LiPF₆ continues descent (-2.8% WoW) as new capacity outpaces demand growth.
LiOH trades at $1,667/t discount to LCE, signaling oversupply in high-nickel chemistry.
Graphite anode enterprises continue "sales-based" production model. Despite feedstock cost movements, prices stable as manufacturers prioritize margin.
Risk Warning: The divergence between rising lithium and falling electrolyte creates asymmetric risk. Cell manufacturers face margin compression as cathode costs rise while electrolyte savings partially offset.
D3CT Recommendation: Lock in electrolyte contracts at current favorable levels while hedging lithium exposure. The technical efficiency of your supply chain will determine who captures margin.
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