Electrolyte salts have solidified a high plateau at 178,000 RMB/t ($25,161). Driven by PCl5 constraints, this sets a new, higher cost floor for 2026.
Despite falling coke feedstocks, anode prices remain rigid at 53,500 RMB/t (High-End). Manufacturers are defending margins rather than passing savings downstream.
LFP (Power) ticked up to 41,200 RMB/t ($5,824). A massive 77% surge in exports is driving volume, while phosphorus costs push prices higher.
LMO prices dropped to 40,000 RMB/t ($5,654) due to weak e-bike demand. The gap between LFP and LMO pricing is narrowing.
Anode Materials
Mid-Grade Artificial
$3,887 USD/t
NCM Cathodes
5-Series (Single Crystal)
$20,270 USD/t
LCO Cathode
4.45V Grade
$53,855 USD/t
LFP Cathode
Power Grade
$5,824 USD/t
Lithium Carbonate
Battery Grade
$13,287 USD/t
Lithium Hydroxide
Battery (Granular)
$11,577 USD/t
Electrolyte Salt
LiPF₆
$25,161 USD/t
Anode Feedstocks
GPC & Pitch
Declining
Prices flat despite lower feedstock costs.
A significant disconnect has emerged. GPC feedstock costs dropped 1.44%, yet High-End Artificial Graphite held firm at RMB 53,500/t. Producers are not passing savings downstream.
Manufacturers are leveraging high capacity utilization and energy-intensive graphitization moats to rebuild margins eroded earlier in 2025.
The price gap between High-End Synthetic ($7.5k) and Natural ($7.0k) graphite has narrowed to just ~7%, prompting engineers to favor Synthetic for better cycle life.
Snapshot Analysis: LFP prices rose due to "skyrocketing" Phosphorus Pentachloride (PCl5) costs and a 77% surge in exports. NCM held steady on Cobalt support, while LMO weakened on poor e-bike demand.
LFP shows buoyancy against a flat NCM market.
Market Dynamics: LCE prices have settled into a "high-altitude equilibrium" around RMB 94k. While futures remain volatile, spot transactions are limited. LFP and NCM 811 currently show identical sensitivity to LCE shocks (~$0.12/kWh per ¥1,000 change).
Market fluctuating at high-end levels.
LiOH inched down as NCM demand plateaus.
LiPF₆ stabilized at a high of ~$25k/t.
LiPF₆ stabilized at a high RMB 178k/t. The driver is Phosphorus Pentachloride (PCl5), which "skyrocketed" to RMB 8,000/t, creating a bottleneck that extends beyond Lithium.
LFP exports surged 77% month-on-month in October (data confirmed Dec 11). This explodes the myth that LFP is purely domestic and confirms aggressive Western stockpiling.
Anode producers refused to drop prices despite lower coke costs. They are engaging in "margin defense" to recover losses from Q3, leveraging energy-intensive processing moats.
Anomalous inversion persists: LCE (Carbonate) is trading higher than Hydroxide. This disincentivizes converters from producing Hydroxide, risking a future shortage.
Procurement Strategy: Hedge Electrolyte: Secure Q1/Q2 2026 supply immediately to avoid phosphorus-driven inflation. Audit Additives: With VC prices showing massive variance (115k-220k), ensure low-grade additives aren't compromising cycle life.
OEM Action: Re-evaluate LFP: The "cheap" chemistry is facing inflation. Build sensitivity to non-lithium raw materials (Phosphorus) into cost models.
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