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Battery Materials Market Weekly

Key Insights for the week ending November 6, 2025

Executive Summary

LCE Prices Cool

Lithium Carbonate (LCE) prices "slid down" as futures fell back. Downstream enterprises showed resistance, purchasing only for rigid demand at low prices.

LiPF₆ Surges on Demand

In contrast, LiPF₆ "continued soaring" (up ~12.5% WoW). The driver was bullish demand from electrolyte producers, who are lifting production, not rising LCE costs.

Anodes Hold Flat

The graphite anode market "stayed steady," resisting volatility. Battery plants continue to "bid down" prices, keeping producer margins thin in an oversupplied market.

LiOH & Cathodes Firm

LiOH "ran strongly," supported by high spodumene costs. This, along with firm LFP demand, allowed cathode producers (LFP, LMO, NCM-5) to push prices up slightly.

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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

~$19,625 USD/t (+0.3%)

LCO Cathode

4.45V Grade

→ FLAT

~$53,753 USD/t

LFP Cathode

Power Grade

↑ RISING

~$5,241 USD/t (+0.4%)

Lithium Carbonate

Battery Grade

↓ FALLING

~$11,287 USD/t (-3.0%)

Lithium Hydroxide

Battery (Granular)

↑ RISING

~$10,722 USD/t (+0.3%)

Electrolyte Salt (LiPF₆)

Battery Grade

↑↑ SURGING

~$16,436 USD/t (+12.5%)

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. The market is disconnected from lithium volatility, with oversupply giving buyers strong bargaining power.

Market Commentary

Demand is improving, but margins remain the key issue.

Market Stayed Steady

The anode market "stayed steady" 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 "gradually released," but this is not enough to lift prices.

Buyer's Market

Sufficient supply and aggressive downstream customers mean "battery plants bid down Lib anode materials price," keeping margins for anode producers thin.

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Cathode Market: Pricing Snapshot

LFP (Power) $5,241/t ↑
NCM 8-Series $22,305/t →
NCM 5-Series $19,625/t ↑
LCO (4.45V) $53,753/t →
LMO (Power, Mn3O4) $4,867/t ↑

Discussion Point: The cathode market was mixed. LFP saw "significant" demand improvement, while NCM "edged up partially." LCO "stabilized" as cobalt prices held firm. The cooling LCE price was offset by firm LiOH/spodumene costs and steady downstream demand.

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.

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Lithium Carbonate Market

Battery Grade (99.5%) $11,287/t ↓
Industrial Grade (99.2%) $11,146/t ↓

Discussion Point: LCE "slid down" this week. The drop was supported by falling futures prices. Downstream enterprises adopted a wait-and-see approach, purchasing only for "rigid demand at a low price," indicating buyer resistance to previous highs.

LCE Price by Grade (USD/t Avg)

Both battery and industrial grades fell, with the spread between them remaining narrow as the whole complex cooled off.

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Electrolyte & LiOH Markets

Lithium Hydroxide (USD/t Avg)

LiOH "ran strongly," bucking the LCE trend. The driver was high spodumene costs, forcing producers to hold prices firm.

LiPF₆ Price Breakout (USD/t Avg)

The key salt "continued soaring" (+12.5% WoW) *despite* falling LCE. This was driven by "bullish demand" as electrolyte producers ramped up production.

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What Moved the Market This Week?

LCE Correction

Lithium Carbonate "slid down" as futures fell and downstream buyers balked at high prices, purchasing only for rigid demand. This marks a clear break from other lithium salts.

Demand-Pull Inflation (LiPF₆)

LiPF₆ prices "continued soaring" (up ~12.5%) *despite* its LCE feedstock falling. This indicates a strong, demand-driven squeeze from electrolyte producers running at full load.

Cost-Push Inflation (LiOH)

Lithium Hydroxide "ran strongly," resisting the LCE drop. Its price is tied to high spodumene costs, forcing NCM/NCA-chain suppliers to hold prices firm.

Anode Market Disconnect

The anode sector remained "steady," completely disconnected from the lithium volatility. This highlights a market still plagued by overcapacity, where producers cannot pass on costs and buyers "bid down" prices.

Strategic Outlook

Procurement Focus: The key disconnect is LCE (falling) vs. LiPF6/LiOH (rising). This suggests LiPF6 demand is the primary driver, not just LCE cost. Secure LiPF6 *now*. Use the LCE dip as a buying opportunity for cathode needs, but be aware LiOH/spodumene is still firm.

Risk & Manufacturing: Anode remains a buyer's market; continue to bid aggressively. The primary risk is LiPF6 availability/pricing. Model the impact of a *falling* $/kWh from LCE vs. a *rising* $/kWh from LiPF6.

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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 Lithium Battery Weekly (Nov 6, 2025). All prices are converted at USD 1 = CNY 7.0880. 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.