Lithium Carbonate has broken out of its stabilization, spiraling to ¥104,000/t ($14,729). Strong futures performance and inventory drawdowns are driving panic replenishment.
Hydroxide prices hiked to ¥86,750/t ($12,286). Converters are shifting production to LCE due to more favorable margins, causing a spot shortage for high-nickel cathode producers.
LFP and NCM are moving upward in tandem with LCE. LFP (Dynamical) reached ¥43,500/t ($6,161), as manufacturers pass through spiraling lithium and phosphorus costs.
The anode market remains steady at ¥53,500/t. However, high GPC costs and "bidding-down" pressure from cell plants are forcing smaller players to break-even levels.
Anode Materials
High-End Artificial
$7,577 USD/t
NCM Cathodes
5-Series (Single Crystal)
$20,549 USD/t
LFP Cathode
Dynamical Grade
$6,161 USD/t
Lithium Carbonate
Battery Grade
$14,729 USD/t
Lithium Hydroxide
Battery (Granular)
$12,286 USD/t
Electrolyte Salt
LiPF₆
$24,784 USD/t
Additives
VC / FEC
Stable
GPC Feedstock
Mid-Sulfur
$595 USD/t
Artificial Graphite remains the dominant power baseline.
Domestic mid-sulfur GPC market slightly slid but remains historically high. This exerts significant cost pressure on smaller enterprises that lack integrated graphitization.
Tier-1 battery cell plants are aggressively forcing fresh order prices down. Large integrated players are holding steady, but mid-tier producers are operating at break-even.
Policies are rapidly releasing terminal demand, stimulating overall orders for Lib anode materials. Concentration is increasing toward players with cost advantages.
Cathode Dynamics: LFP and NCM markets mounted strongly as producers pass through spiraling LCE costs. Inventory in the LFP sector is declining due to heavy contract commitments, while high-nickel NCM demand remains robust from the power market.
Strong cost-push upward across most chemistries.
Market Analysis: LCE spiraled this week as futures prices ramped up strongly. Lithium salt enterprises are actively shipping for immediate orders, while downstream players replenish on rigid demand despite resistance to high spot prices. Inventory is dropping rapidly.
Market breaking out of the $13k plateau.
LiOH hiked as converters shift to LCE production.
LiPF₆ showing a "wait-and-see" scenario.
Widening gaps between LCE and LiOH prices are disincentivizing converters from producing Hydroxide. Several plants have shifted to Carbonate, triggering a spot shortage in LiOH.
Domestic NEV and energy storage policies are leading to a rapid release of terminal demand. This pull-through is stimulating aggressive replenishment in the mid-stream.
November LFP exports reached 7,721 tons, a massive increase from the Q3 baseline. Global demand for iron-phosphate chemistry is now a primary price floor driver.
LCE inventory dropped obviously this week. Panic buying from mid-sized cathode plants is clashing with tight supply in Northwest China, pushing spot premiums higher.
Risk Warning: The current LiOH production pivot toward LCE poses a significant risk for NCM 811 manufacturers in Q1 2026. Spot availability of granular LiOH is expected to tighten further as LCE futures remain bullish.
D3CT Recommendation: Shift to long-term contract fulfillment for Lithium salts and avoid spot-market exposure during the current price spiral.
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