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Battery Materials Market Weekly

Key Insights for the week ending November 13, 2025

Executive Summary

Electrolyte Shock: LiPF₆ Rockets

LiPF₆ prices surged to ~130,000 RMB/t (up significantly), driven by rising LCE costs and tight spot supply. This is the single biggest mover of the week.

LCE & LiOH Rebound

Lithium Carbonate (LCE) prices bounced back to ~87,000 RMB/t, fueled by a sharp rally in futures markets. LiOH followed suit, supported by cost push.

Cathodes Track Costs Upward

NCM and LFP prices nudged higher, passing on the rising raw material costs. Demand remains robust from both power and ESS sectors, allowing the hike.

Anodes: The Stable Anchor

Graphite anodes remain flat (Artificial Mid ~26,500 RMB/t). Despite rising costs elsewhere, overcapacity keeps anode prices suppressed as buyers bid aggressively.

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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Market at a Glance

Weekly Price Direction Heatmap (USD/t)

Anode Materials

Mid-Grade Artificial

→ FLAT

~$3,740 USD/t

NCM Cathodes

5-Series

↑ RISING

~$19,971 USD/t (+1.7%)

LCO Cathode

4.45V Grade

→ FLAT

~$53,775 USD/t

LFP Cathode

Power Grade

↑ RISING

~$5,420 USD/t (+3.4%)

Lithium Carbonate

Battery Grade

↑ RISING

~$12,279 USD/t

Lithium Hydroxide

Battery (Granular)

↑ RISING

~$10,755 USD/t

Electrolyte Salt (LiPF₆)

Battery Grade

↑↑ SURGING

~$18,348 USD/t

Anode Feedstocks

GPC (Low-Sulfur)

→ FLAT

Mixed Movements

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Anode Market Analysis

Graphite Pricing (USD/t Avg)

Prices remain absolutely flat week-on-week. High-end artificial continues to command a premium, but mid-tier is stuck.

Market Commentary

Downstream demand is improving, but supplier power is low.

Sustained Stability

The anode market "changed little" this week. Despite rising costs in other segments, anode prices are flat due to fierce competition.

Cost Pressure Building

Some low-sulfur GPC (feedstock) prices rose, exerting margin pressure. Anode producers intend to raise prices, but realization is tough.

Buyer's Leverage

Major anode makers are at full load, but battery plants still hold strong bargaining power, successfully bidding down or freezing prices.

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) $5,420/t ↑
NCM 8-Series $22,611/t ↑
NCM 5-Series $19,971/t ↑
LCO (4.45V) $53,775/t →
LMO (Power) $5,293/t ↑

Discussion Point: NCM and LFP markets "mounted" this week. The rebound in LCE and firm LiOH prices forced cathode makers to raise offers. Demand remains robust enough to absorb these hikes, with downstream plants running at high utilization rates. LCO remains lackluster.

Cathode Price Comparison (USD/t)

Strong uptick in power cathodes (NCM/LFP) compared to previous weeks.

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Lithium Carbonate Market

Battery Grade (99.5%) $12,279/t ↑
Industrial Grade (99.2%) $11,997/t ↑

Discussion Point: LCE "bounced back" this week, breaking the recent downtrend. The rally was primarily driven by a sharp ramp-up in futures prices, which pulled spot prices higher. Large enterprises are holding firm on offers, and inventory levels are tightening due to long-term contract commitments.

LCE Price by Grade (USD/t Avg)

Both grades recovered ~2-3% from recent lows, tracking the futures market.

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Electrolyte & LiOH Markets

Lithium Hydroxide (USD/t Avg)

LiOH "inched up" to $10.7k, supported by rising spodumene and LCE costs. Producers are maintaining firm offers.

LiPF₆ Price Breakout (USD/t Avg)

The story of the week: LiPF₆ "rocketed" to over $18k/t. Spot supply is tight and electrolyte producers are buying aggressively.

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?

LiPF₆ Supply Squeeze

LiPF₆ prices skyrocketed due to a combination of rising raw material costs (LiF, LCE) and tight availability. Electrolyte producers running at full load drove demand up sharply.

Futures-Driven LCE Rally

The Lithium Carbonate spot market was reignited by a strong rally in futures. This sentiment shift encouraged holders to raise prices and restricted low-priced spot availability.

Robust Cathode Demand

Despite higher prices, demand for NCM and LFP remains strong. Large-scale battery cell production is absorbing the cost increases, indicating a healthy near-term order book.

Anode Market Stagnation

While the rest of the battery chain inflates, anodes remain stuck. High industry concentration and overcapacity mean producers cannot easily pass on their own rising feedstock costs.

Strategic Outlook

Procurement Focus: The window for low-cost LCE and LiPF₆ has closed for now. Immediate action is needed to secure electrolyte volumes before prices climb further. Expect continued upward pressure on NCM and LFP prices in the short term.

Risk & Manufacturing: Cost pass-through is now the dominant theme for cathodes and electrolytes. However, use the stagnant anode market to offset these rises—maintain aggressive bidding on graphite. Monitor LiPF₆ supply tightness closely as a potential bottleneck.

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 13, 2025). All prices are converted at USD 1 = CNY 7.0851. 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.