Battery-grade LCE plunged to ¥155,000/t ($22,419), down 11.4% WoW, reversing last week's post-holiday spike to ¥175,000/t. LiOH granular fell 8.5% to ¥150,500/t. Futures led the correction early-week then recovered. Cathode plants restocked at low prices; LCE inventory remains lean. Outlook: range-bound.
LiPF₆ fell sharply to ¥115,000/t ($16,634) as LCE futures softened and LiF prices declined. Large producers planning maintenance turnarounds. Downstream electrolyte firms procured on orders only. FEC also fell 5.9% to ¥64,000/t. Electrolyte formulation prices (ternary, LFP) remain stable as a result of product mix.
GPC average rose to ¥3,080/t (+4.5% WoW) as Sinopec, CNPC, CNOOC all raised prices. Coal tar pitch heading toward ¥5,300–5,600/t as distillation halts tighten supply. Needle coke firming. Anode selling prices flat — cost squeeze intensifying on already-thin margins.
Artificial anode held flat at ¥53,500/27,500/20,000 (H/M/L) supported by EV policy demand tailwinds. LFP power grade fell 5.3% to ¥55,400/t. NCM5 eased 2.2% to ¥181,400/t. LCO edged down just 0.3% to ¥395,000/t; stable cobalt market cushions decline. NEV production and sales both grew YoY in January 2026.
Anode High-End
Artificial Graphite
$7,738 USD/t
Anode Mid-Tier
Artificial Graphite
$3,978 USD/t
Anode Low-End
Artificial Graphite
$2,893 USD/t
LCE Bat-Grade
Battery Grade 99.5%
$22,419 USD/t
LCE Ind-Grade
Industrial 99.2%
$21,985 USD/t
LiOH Granular
Battery Grade
$21,768 USD/t
LiOH Micro-Powder
Battery Grade
$22,564 USD/t
LiPF₆
Average Market
$16,634 USD/t
Ternary Electrolyte
Formulation
$4,773 USD/t
LFP Electrolyte
Formulation
$4,628 USD/t
FEC Additive
Electrolyte Additive
$9,257 USD/t
VC Additive
Electrolyte Additive
$21,841 USD/t
NCM 5-Series
Single Crystal
$26,238 USD/t
NCM 613
Single Crystal
$26,527 USD/t
LFP Power Grade
Power Grade
$8,013 USD/t
LCO 4.2v
Consumer Grade
$57,133 USD/t
Artificial graphite prices flat — but feedstock costs surging.
Green petroleum coke (GPC) domestic average rose to ¥3,080/t as all three major Chinese refiners raised prices. Anode sell prices unchanged, creating hidden margin compression for producers without long-term contracts.
Modified coal tar pitch — key binder in synthetic graphite — surging as distillation output cuts tighten domestic supply. Combined with GPC, total feedstock cost pressure on anode producers intensifying rapidly.
January NEV production and sales both grew YoY, providing a demand floor for anode materials. However, without corresponding sell price increases, margin recovery will require either output cuts or upstream pass-through.
Cathode Dynamics:Broad-based correction after Week 8's spike. LFP down 5.3% to $8,013. NCM5 eases 2.2% to $26,238. LCO nearly flat at $57,133 — cobalt market stability cushioning decline. LiOH buyers re-enter at corrected ¥150,500/t levels.
Broad correction as lithium prices unwind from February spike.
Market Analysis: LCE corrects to ¥155,000/t ($22,419), down 11.4% WoW. Futures-driven February rally unwinds as downstream buyers who sat out the spike return. Cathode plants restocked at corrected prices. LCE inventory lean; market outlook range-bound near current levels.
Sharp correction from $25.2k peak to $22.4k.
LiOH corrects 8.5% WoW to $21,768/t (granular).
Plunges to $16,634/t (−9.4% WoW) — structural oversupply.
Battery-grade LCE fell to ¥155,000/t as the futures-driven rally unwinds. Downstream buyers who avoided buying at ¥175,000/t returned to the market at corrected levels. Physical fundamentals reassert; inventory remains lean.
LiPF₆ fell to ¥115,000/t — the lowest since Q4 2025 — as domestic capacity additions continue to weigh. Large producers announcing maintenance turnarounds. FEC follows down 5.9%. VC holds flat as specialty demand remains firm.
Sinopec, CNPC, and CNOOC all raised GPC prices to ¥3,080/t. Coal tar pitch heading toward ¥5,300–5,600/t as distillation halts tighten supply. Anode producers face silent margin squeeze with selling prices flat.
LCO edged down just 0.3% to ¥395,000/t ($57,133). Stable cobalt spot market cushions the lithium correction for cobalt-containing cathodes. Consumer electronics demand providing demand stability for LCO.
Risk Warning: Week 9 brings broad-based correction — but the real story is the anode feedstock cost surge. GPC +4.5% and coal tar pitch heading toward ¥5,300–5,600/t while anode sell prices stay flat. This silent margin squeeze will force either output cuts or pass-through price hikes in coming weeks.
D3CT Recommendation: Lock in LFP cathode procurement at corrected levels before LCE rebounds. Monitor whether LCE holds above ¥140,000/t — a breakdown below would signal further cathode relief. For anode supply chains, initiate conversations with GPC suppliers about Q2 contract pricing now before further escalation.
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