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Battery Materials Market Weekly

Key Insights for the week ending October 30, 2025

Executive Summary

Broad-Based Cost Increases

Nearly all segments saw prices rise, driven by increasing LCE costs. Cathodes (NCM, LFP, LCO), Lithium Hydroxide, and LiPF₆ all moved up, passing costs downstream.

Anodes: The Stable Outlier

The graphite anode market remained flat, resisting the upward trend. Producers face margin pressure from low prices, not volatile feedstocks, with downstream buyers bidding aggressively.

LCE & LiPF₆ Climb Again

Lithium Carbonate (LCE) prices rose on futures markets and firm offers. This, plus rising LiF costs, pushed LiPF₆ prices up further as electrolyte producers ramped up production.

Cathode Demand Holds

Despite rising prices, cathode demand was bullish. LFP orders from both power and storage markets grew. NCM demand was strong, while LCO was lifted by both LCE and firming cobalt prices.

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Market at a Glance

Weekly Price Direction Heatmap (USD/t)

Anode Materials

Mid-Grade Artificial

→ FLAT

~$3,739 USD/t

NCM Cathodes

5-Series

↑ RISING

~$19,570 USD/t (+1.5%)

LCO Cathode

4.45V Grade

↑ RISING

~$53,757 USD/t (+1.6%)

LFP Cathode

Power Grade

↑ RISING

~$5,221 USD/t (+3.9%)

Lithium Carbonate

Battery Grade

↑ RISING

~$11,640 USD/t (+7.9%)

Lithium Hydroxide

Battery (Granular)

↑ RISING

~$10,688 USD/t (+1.3%)

Electrolyte Salt (LiPF₆)

Battery Grade

↑↑ SURGING

~$14,603 USD/t (+15.0%)

Anode Feedstocks

GPC (Low-Sulfur)

↑ RISING

GPC & CPC costs rising

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Anode Market Analysis

Graphite Pricing (USD/t Avg)

Prices held steady across all grades despite rising costs elsewhere, as oversupply gives buyers strong bargaining power.

Market Commentary

Demand is improving, but margins remain the key issue.

Stable but Pressured

The anode market "changed little" this week. Prices for artificial and natural graphite are completely flat week-on-week.

Mixed Demand Signals

Demand from the energy storage (ESS) market is improving, and downstream cell plants are more active in procurement. However, EV demand remains relatively weak.

Buyer's Market

Due to "serious product homogeneity" in mid-to-low-end products, battery plants have strong bargaining power and are "strongly bidding down" prices, keeping margins for anode producers thin.

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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Cathode Market: Pricing Snapshot

LFP (Power) $5,221/t ↑
NCM 8-Series $22,307/t ↑
NCM 5-Series $19,570/t ↑
LCO (4.45V) $53,757/t ↑
LMO (Power) $5,221/t ↑

Discussion Point: The entire cathode complex "hiked up," following the rising tide of raw materials. LCE, LiOH, and precursors all rose, forcing cathode makers to raise their own offers. Demand remains bullish, especially for LFP and mid/high-nickel NCM, allowing the cost pass-through.

Cathode Price Comparison (USD/t)

A comparison of spot prices (averages) across formulations. Note the significant premium for cobalt-bearing LCO and high-nickel NCM.

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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Lithium Carbonate Market

Battery Grade (99.5%) $11,640/t ↑
Industrial Grade (99.2%) $11,499/t ↑

Discussion Point: LCE "kept moving up" this week. The rise is supported by futures markets, and major enterprises are limiting immediate orders to focus on long-term contracts. Downstream buyers are purchasing only for "rigid demand," showing some resistance to the higher prices, but the upward trend holds.

LCE Price by Grade (USD/t Avg)

Both battery and industrial grades continue to climb, with the spread between them remaining narrow.

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Electrolyte & LiOH Markets

Lithium Hydroxide (USD/t Avg)

LiOH saw "further growth," pulled up by rising LCE and spodumene costs. Downstream procurement is increasing slightly.

LiPF₆ Price Breakout (USD/t Avg)

The key salt "shot up further" on strong cost support from LCE & LiF. Electrolyte producers are at full-load, driving "significantly rising orders."

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?

Cost-Push Inflation

Rising Lithium Carbonate (LCE) prices acted as the primary driver across the chain. This cost was passed directly into LiOH, LiF, and all cathode chemistries (LFP, NCM, LCO).

Electrolyte Chain Squeeze

LiPF₆ prices surged as it was hit by both rising LCE costs and strong demand. Electrolyte producers are running at full load, increasing orders for the salt and bidding up prices.

Bullish Cathode Demand

Demand for cathodes was strong enough to absorb the price hikes. LFP orders grew from both power and storage sectors, while mid/high-nickel NCM also saw brisk demand.

Anode Market Disconnect

The anode sector remained flat, completely disconnected from the upstream volatility. This highlights a market still plagued by overcapacity, where producers cannot pass on any costs and buyers retain all pricing power.

Strategic Outlook

Procurement Focus: The cost of LCE is now flowing through the entire supply chain. Secure cathode and electrolyte volumes immediately, as suppliers are raising offers and have bullish demand. Expect LFP and NCM prices to continue rising next week.

Risk & Manufacturing: Anode procurement remains a buyer's market; continue to bid aggressively to protect margins. The primary risk is now on the cathode/electrolyte side. Model the impact of a +$1k/t LCE rise and +$1k/t LiPF6 rise on your cell cost ($/kWh) immediately.

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 Lithium Battery Weekly (Oct 30, 2025). All prices are converted at USD 1 = CNY 7.0874. This infographic is for informational purposes only.

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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.