Lithium Carbonate prices surged ~22.5% WoW to $13,831/t. The rally is primarily futures-driven; physical downstream acceptance remains limited to rigid demand.
Electrolyte salts jumped ~41.6% to $23,287/t. Driven by full-capacity demand from electrolyte producers and rising raw material costs (LiF, PCl5).
NCM, LFP, and LMO markets all moved higher. Producers successfully raised offers to offset surging Lithium and LiOH input costs.
Graphite prices remained flat ($3,740/t Mid-Tier) despite rising GPC and pitch costs. Overcapacity prevents producers from passing on inflation.
Anode Materials
Mid-Grade Artificial
$3,740 USD/t
NCM Cathodes
5-Series (Single Crystal)
$20,224 USD/t (+1.3%)
LCO Cathode
4.45V Grade
$53,772 USD/t
LFP Cathode
Power Grade
$5,674 USD/t (+4.7%)
Lithium Carbonate
Battery Grade
$13,831 USD/t (+22.5%)
Lithium Hydroxide
Battery (Granular)
$11,361 USD/t (+6.0%)
Electrolyte Salt
LiPF₆
$23,287 USD/t (+41.6%)
Anode Feedstocks
GPC & Pitch
Cost Pressure
Prices flat week-on-week despite rising input costs.
Prices "kept settled" this week. Large enterprises are maintaining full-load production with orders secured through year-end, anchoring the market price.
Raw material costs are rising: GPC (Graphitized Petroleum Coke) saw small fluctuations, and Pitch edged up. This creates "heavy cost pressure" for middle/small producers.
Energy storage (ESS) demand is "constantly released," prompting active inquiries from battery cell plants, though buyers hold significant pricing power.
Snapshot Analysis: Cathode markets moved broadly higher in Week 47. LFP "stepped up" (+4.7%) on rising Iron Phosphate and LCE costs. NCM "moved up further" driven by firm LiOH. LMO prices surged ~13% on rocketing LCE costs, forcing producers to raise offers to guarantee profits.
High-nickel NCM and LCO maintain significant premiums.
Market Dynamics: The LCE market "rocketed" this week. Futures prices went up strongly, encouraging spot sellers to hike offers. However, actual downstream acceptance of high-priced cargoes is "limited," with purchases mostly confined to rigid demand.
Sharp rebound (~22%) from previous week's lows.
LiOH "shot up" (+6.0%) tracking LCE strength.
Critical Move: LiPF₆ surged +41% due to supply squeeze.
LCE "rocketed" (+22.5%) as futures surged, prompting holders to hike spot offers. However, downstream buyers show "limited acceptance," suggesting a disconnect between financial and physical markets.
LiPF₆ prices "continued soaring" (+41.6%) to over $23k/t. Electrolyte producers running at full load created a demand-pull shock that supply could not meet, exacerbated by rising raw material costs.
Cathode makers (LFP, NCM, LMO) successfully raised prices this week. Robust demand from power and energy storage sectors enabled producers to pass on the surging lithium costs.
Anode prices remained "settled" (flat) despite rising GPC and pitch costs. High industry concentration and overcapacity mean producers are absorbing the inflation, compressing margins further.
Procurement Strategy: The LCE rally appears futures-driven; caution is advised on long-term spot commitments at these peaks. However, LiPF₆ tightness is real and physical—securing electrolyte supply is the immediate priority.
Manufacturing & Risk: Anode remains a buyer's market; resist price hikes there. For Cathodes, accept short-term pass-throughs but monitor LCE futures for signs of correction to renegotiate.
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