Battery-grade LCE firms at ¥143,000/t ($20,578), up 2.1% WoW. Downstream restocking supports prices.
LFP Power Grade rises to ¥50,500/t ($7,267), up 1.6% WoW as lithium costs flow through.
Electrolyte salt slides to ¥127,000/t ($18,275), down 2.3% WoW on overcapacity.
Mid-tier artificial anode holds at ¥27,500/t ($3,957). Producers capture margin from feedstock shifts.
Anode Materials
High-End Artificial
$7,699 USD/t
NCM Cathodes
5-Series (Single Crystal)
$25,384 USD/t
LFP Cathode
Power Grade
$7,267 USD/t
Lithium Carbonate
Battery Grade
$20,578 USD/t
LiOH
Battery Granular
$20,146 USD/t
LiPF₆
Average Market
$18,275 USD/t
LCO
4.35V Grade
$56,984 USD/t
LMO
Dynamical MnO₂
$8,490 USD/t
Artificial Graphite remains the dominant power baseline.
GPC and needle coke markets remain largely stable. Anode producers continue operating with measured inventory management.
Anode enterprises producing on strict "sales-based" model to avoid inventory bloat. Supply discipline keeping prices stable.
Transition to LWG furnaces (2,500-3,000 kWh/MT) from Acheson (4,000-4,800 kWh/MT) enables massive margin capture for advanced producers.
Cathode Dynamics:Cathode sector experiencing direct lithium cost pass-through. LFP rose 1.6% WoW. NCM 613 at $25,384 and NCM 5 at $25,384.
Direct lithium cost pass-through across chemistries.
Market Analysis: LCE extends gains to ¥143,000/t ($20,578), up 2.1% WoW. Restocking supports prices.
Breaking higher around the $20.6k level.
LiOH trading at $432/t discount to LCE.
Declining on overcapacity.
The LCE rally continues at a measured pace with downstream restocking providing sustained support.
LiPF₆ continues descent (-2.3% WoW) as new capacity outpaces demand growth.
The spread between LiOH and LCE has narrowed, suggesting more balanced supply-demand dynamics.
Graphite anode enterprises continue "sales-based" production model. Despite feedstock cost movements, prices stable as manufacturers prioritize margin.
Risk Warning: The divergence between rising lithium and falling electrolyte creates asymmetric risk. Cell manufacturers face margin compression as cathode costs rise while electrolyte savings partially offset.
D3CT Recommendation: Lock in electrolyte contracts at current favorable levels while hedging lithium exposure. The technical efficiency of your supply chain will determine who captures margin.
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