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Battery Materials Market Weekly

Key Insights for the week ending October 23, 2025

Executive Summary

LiPF₆ & LCO Surge

LiPF₆ soared over 21% on tight feedstock (LiF, AHF) and strong demand, signaling rising electrolyte costs. LCO (Cobaltate) also spiked, driven by a volatile cobalt market.

Lithium Finds a Floor

Lithium Carbonate (LCE) and Hydroxide (LiOH) prices rose 1-4%, establishing a new market floor as smelters held firm on offers and buyers returned for procurement.

Cathode Prices Climb

Following the rise in lithium inputs, both LFP and NCM cathode prices saw upward movement. NCM was lifted by strong orders, while LFP's rise was tied directly to the LCE floor.

Anodes Hold Steady

The graphite anode market was the exception, remaining stable and flat. Producers face margin pressure not from feedstocks, but from high energy costs for graphitization.

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Market at a Glance

Weekly Price Direction Heatmap

Anode Materials

Mid-Grade Artificial

→ FLAT

~$3,735 USD/t

Anode Feedstocks

CPC / Needle Coke

↑ RISING

CPC costs rising; Needle stable

NCM Cathodes

5/6/8 Series

↑ RISING

Up 2-5% on LCE & demand

LCO Cathode

4.45V Grade

↑↑ SURGING

~$52,858 USD/t (+5.9%)

LFP Cathode

Power Grade

↑ RISING

~$5,018 USD/t (+1.9%)

Lithium Carbonate

Battery Grade

↑ RISING

~$10,783 USD/t (+4.2%)

Lithium Hydroxide

Battery Grade

↑ RISING

~$10,536 USD/t (+1.4%)

Electrolyte Salt (LiPF₆)

Battery Grade

↑↑ SURGING

~$12,686 USD/t (+21.7%)

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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) $5,018/t ↑
NCM 8-Series $22,243/t ↑
NCM 5-Series $19,254/t ↑
LCO (4.45V) $52,858/t ↑↑
LMO (Power) $4,792/t →

Discussion Point: The entire cathode complex moved up this week, pulled by the rising cost of lithium feedstocks (LCE & LiOH) and strong cobalt prices. LFP and NCM saw steady price gains on good demand, while LCO's spike was amplified by its cobalt sensitivity. LMO was the only chemistry to hold flat.

Cathode Price Comparison (USD/t)

A comparison of spot prices across formulations shows the significant premium for cobalt-bearing LCO and NCM.

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Lithium Carbonate Market

Battery Grade (99.5%) $10,783/t ↑
Industrial Grade (99.2%) $10,572/t ↑

Discussion Point: The LCE market has firmed up. Smelters, having worked through inventory, are holding offers high. Downstream cathode producers, seeing the price floor establish, have returned to the market for procurement, supporting the price rise. The spread between battery and industrial grades remains narrow.

LCE Price by Grade (USD/t Avg)

Both battery and industrial grades climbed this week, establishing a new, higher price floor.

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Electrolyte & LiOH Markets

Lithium Hydroxide Weekly Trend

LiOH prices also rose, following the carbonate market and supported by firm costs.

LiPF₆ Price Breakout

The key salt surged over 21% WoW on tight feedstocks (LiF, AHF) and strong electrolyte producer demand.

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What Moved the Market This Week?

LiPF₆ Feedstock Squeeze

Tightness in upstream Lithium Fluoride (LiF) and Anhydrous Hydrofluoric Acid (AHF) created a cost-push shock, amplifying the demand-pull from electrolyte producers and sending LiPF₆ prices soaring.

LCE Price Floor Established

Lithium carbonate producers are no longer selling at a loss. With inventories low, they held offers firm. Buyers, accepting the new floor, returned to the market, solidifying the price increase.

Cobalt & NCM Demand

A spike in cobalt feedstock prices was the primary driver for the LCO surge. This, combined with healthy orders for NCM, pulled all high-performance cathode prices higher.

Anode Market Stability

The anode sector was quiet, with stable prices. This shifts the focus from procurement to operations: margins are now dictated by graphitization energy costs and OEE, not feedstock volatility.

Strategic Outlook

Procurement Focus: The immediate priority is securing LiPF₆ and electrolyte supply. The +21% spike is a major cost inflection. Lock in Q4/Q1 volumes if possible. The LCE/LiOH floor appears stable; secure volumes before further cathode-driven demand pushes it higher.

Risk & Manufacturing: Anode margins are now purely an operational play. Focus on OEE and energy cost management. For cathode, the volatility in LCO highlights the supply chain risk of cobalt. This reinforces the strategic importance of LFP and high-nickel/low-cobalt NCM lines for cost-down and risk mitigation.

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. All prices are converted at USD 1 = CNY 7.0945. This infographic is for informational purposes only.

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