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Battery Materials Market Weekly

Key Insights for the week ending October 16, 2025

Executive Summary

Anodes & Lithium Flatline

Graphite anode prices held at yearly lows amid intense competition. Lithium Carbonate and Hydroxide also remained stable, consolidating within a narrow price band with minimal spot trading.

Divergent Cathode Pressures

NCM cathodes rose 3-5% on higher precursor costs. LFP held firm with strong orders. The standout was LCO, which surged over 17% due to a spiraling cobalt feedstock market, highlighting supply chain risks.

Electrolyte Chain Breaks Higher

The key salt LiPF₆ jumped ~14% on brisk demand from electrolyte producers ramping up for Q4. Key additives VC and FEC also edged up, signaling rising costs for finished electrolyte solutions.

Strategic Imperative

A bifurcated market requires careful sourcing. Opportunities exist in stable anode and LFP markets, while managing volatility in cobalt-bearing cathodes and rising electrolyte component costs is critical.

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Market at a Glance

Weekly Price Direction Heatmap

Anode Materials

Mid-Grade Artificial

→ FLAT

~$3,732 USD/t

Anode Feedstocks

CPC / Needle Coke

↑ RISING

Costs firming, margins squeezed

NCM Cathodes

5/6/8 Series

↑ RISING

Up 3-5% on precursor costs

LCO Cathode

4.4V Grade

↑↑ SURGING

~$49,438 USD/t (+17%)

LFP Cathode

Power Grade

→ FLAT

~$4,923 USD/t

Lithium Carbonate

Battery Grade

→ FLAT

~$10,352 USD/t

Lithium Hydroxide

Battery Grade

→ FLAT

~$10,388 USD/t

Electrolyte Salt (LiPF₆)

Battery Grade

↑↑ SURGING

~$10,423 USD/t (+14%)

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Anode Market Analysis

Graphite Pricing (Artificial & Natural)

Prices held steady across all grades, but remain at low levels due to overcapacity and intense competition.

Synthetic Anode Cost Stack

Energy-intensive graphitization and key feedstocks dominate the cost, leaving near-zero margins at current prices.

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Cathode Market: Pricing Snapshot

LFP (Power) $4,923/t →
NCM 8-Series $21,663/t ↑
NCM 5-Series $18,381/t ↑
LCO (4.4V) $49,438/t ↑↑
LMO (Power) $4,789/t ↓

Discussion Point: Soaring cobalt costs drove the LCO price surge, reminding the market of its volatility. Firming nickel precursors lifted NCM prices. In contrast, the stability of LFP and slight easing of LMO underscore their value in cost-sensitive EV and ESS applications, creating a clear divergence in the market.

Cathode Price Comparison

A comparison of spot prices across formulations shows LCO as the clear outlier due to the cobalt spike.

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Lithium Carbonate Market

Battery Grade (99.5%) $10,352/t →
Industrial Grade (99.2%) $10,141/t →

Discussion Point: The lithium carbonate market is in a state of equilibrium, characterized by a very narrow price spread of only ~$200/t between battery and industrial grades. This indicates an ample supply of high-purity material relative to current demand. Producers are focused on fulfilling long-term contracts, with limited spot market activity from buyers or sellers.

LCE Price by Grade

The market remains in a narrow consolidation range with a minimal premium for battery-grade material.

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Electrolyte & LiOH Markets

Lithium Hydroxide Consolidation

LiOH prices held steady, mirroring the stability in the carbonate market with disciplined production.

LiPF₆ Price Breakout

The key electrolyte salt surged on strong demand, while feedstock costs like AHF remained weak.

CONFIDENTIAL: © 2025 Delta3CoreTec LLC. This report is proprietary and confidential. Unauthorized distribution, reproduction, or disclosure is prohibited. For internal use only.

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What Moved the Market This Week?

Spiraling Cobalt Costs

A surge in cobaltosic oxide feedstock prices was the primary catalyst for the >17% jump in LCO cathode prices and contributed to the firmness in the NCM market.

Strong Electrolyte Demand-Pull

Robust Q4 orders for EV batteries led electrolyte producers to ramp up production, creating a demand surge that pushed LiPF₆ prices up ~14% despite stable feedstock costs.

Resilient EV & Storage Demand

Healthy, ongoing demand from the EV and energy storage sectors provided a stable floor for LFP and supported price increases for higher-cost NCM chemistries.

Graphite Geopolitics & Investment

While anode prices are soft, major investments from US EXIM and Appian Capital into non-Chinese graphite and critical mineral supply chains signal a long-term strategic push to diversify this key input.

Strategic Outlook

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CONFIDENTIAL: © 2025 Delta3CoreTec LLC. This report is proprietary and confidential. Unauthorized distribution, reproduction, or disclosure is prohibited. For internal use only.

Data derived from BAIINFO Big Data and open source data. All prices are converted at USD 1 = CNY 7.0998. This infographic is for informational purposes only.

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