Battery Materials Market Intelligence
Market Snapshot: Week of November 20, 2025
LiPF₆ crisis intensifies to $23,287/t (+41.6% WoW) on sustained demand. LCE rallies sharply to $13,831/t (+22.5%) on futures surge. LFP climbs to $5,674/t (+4.7%) on raw material strength. LMO soars 13.0% to $5,504/t. Anode materials stable at $7,551/t despite rising input costs. Natural graphite steady ahead of Northeast production cuts.
Anode Market
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Stable at $7,551/t (high-end). Orders steady from battery plants. Major producers at full capacity. GPC and pitch costs edge up, pressuring margins.
Cathode Market
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LFP surges 4.7% to $5,674/t. LMO jumps 13.0% to $5,504/t. NCM 5-series at $20,224/t (+1.3%). NCM 8-series at $22,680/t (+0.3%). LCO stable at $53,772/t.
Lithium Market
↑↑↑
LCE rockets to $13,831/t (+22.5% WoW). LiOH rises to $11,361/t (+6.0%). Futures rally sharply but limited downstream acceptance. Correction risk elevated.
Electrolyte Chain
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LiPF₆ soars to $23,287/t (+41.6% WoW). VC and FEC stable after prior week surge. Supply critically tight. Further increases expected.
Anode Chain: Holding Firm Despite Rising Input Costs
Synthetic graphite holds steady at $7,551/t (high-end) as battery orders remain stable. Major producers maintain full-load production while smaller firms produce on sales. GPC shows small fluctuations with partial increases. Pitch costs edge up, pressuring producer margins. CPC mid-sulfur drops slightly to $430/t (-1.6%). Needle coke stable at $832/t. Natural spherical graphite steady at $1,341-1,553/t. Middle and small producers face heavy cost pressure as battery plants bid down prices. Short-term outlook: stable with margin compression.
Anode Material Prices (Avg. USD/t)
Key Feedstock Trends (USD/t)
Natural Graphite: Stable Ahead of Winter Production Cuts
Natural graphite markets remain quiet with steady pricing. Spherical graphite (big) holds at $1,341/t in Northeast China with Shandong premium at $1,553/t. Flake graphite 195 steady at $395-423/t. Northeast production preparing for winter shutdowns with many plants planning closure this month. Refractory plants slow procurement and anode makers reduce purchases ahead of seasonal lull. Current inventory rises slightly on slow shipment. Market expected stable-and-weak near term as traditional winter production cuts approach.
Spherical Graphite by Region (USD/t)
Flake Graphite Grades (USD/t)
Cathode Materials: Strong Upward Movement on Raw Material Rally
Cathodes move up further with LFP stepping up 4.7% to $5,674/t on rising lithium carbonate and iron phosphate costs. NCM 5-series edges up 1.3% to $20,224/t while 8-series rises 0.3% to $22,680/t. Precursor prices firm. LMO rockets 13.0% to $5,504/t (dynamical MnO₂ type) on soaring lithium carbonate. LCO changes little at $53,772/t on stable cobaltosic oxide. Mid-high nickel demand remains robust from power market. Consumer electronics recovers mildly. Near-term: continued upward pressure expected from lithium rally.
Cathode Materials Pricing (USD/t)
LCO vs LFP Trend
Lithium Markets: Sharp Rally on Futures Surge
Battery-grade lithium carbonate (99.5%) rocketed 22.5% to $13,831/t as futures ramped up sharply. Industrial-grade (99.2%) surges 19.7% to $13,337/t. However, downstream acceptance remains limited with purchases only for rigid demand. Northwest China capacity continues to release while large producers maintain high output. LiOH granular shoots up 6.0% to $11,361/t on high spodumene costs. LiOH micro-powder rises 6.0% to $12,067/t. Enterprises with own resources hold normal production. Market outlook: futures-driven rally faces correction risk as physical demand lags.
Lithium Carbonate & Hydroxide (USD/t)
LCE Historical Trend
Electrolyte Chain: LiPF₆ Crisis Reaches Critical RMB 165,000/t
LiPF₆ continued soaring to $23,287/t (+41.6% WoW, +$4,939/t) reaching critical RMB 165,000/t level. Supply remains critically tight as electrolyte enterprises hold good production driving bullish demand. LiF stable with industrial at $20,254/t, battery at $20,465/t. VC holds at $12,350/t after prior week's explosive 52% surge. FEC steady at $7,763/t after 25% jump last week. EC stable at $699/t. Market anticipates continued upward pressure on LiPF₆ with no near-term relief visible.
🚨 LiPF₆ Price (Avg. USD/t)
$23,287
Up 41.6% WoW (+$4,939) - CRITICAL CRISIS
FEC Price (Avg. USD/t)
$7,763
Stable after 25.1% surge last week
VC Price (Avg. USD/t)
$12,350
Stable after 52.2% rally last week
Electrolyte Components Weekly Change (%)
📰 Key Market Events This Week
Significant developments impacting the battery materials supply chain
LiPF₆ Crisis Reaches RMB 165,000/t
🚨 +41.6% WoW - Supply Emergency
LiPF₆ continued soaring to RMB 165,000/t ($23,287/t), up 41.6% WoW (+$4,939/t) as sustained demand from electrolyte producers overwhelms supply. Two-week surge of 41.7% signals market emergency with no near-term relief visible.
Impact: Battery costs up $1,200+ per EV since September. Electrolyte now 20-25% of cell cost vs historical 5-8%. Crisis expected through Q2 2026 with possible shortages.
Lithium Carbonate Rockets 22.5%
📈 Futures Rally - Physical Disconnect
LCE battery-grade surges to $13,831/t (+22.5% WoW) on sharp futures rally. However, report notes "limited acceptance" from downstream buyers who purchase only for rigid demand. Futures-physical disconnect signals correction risk.
Impact: Futures-driven rally faces correction risk. Strategic buyers may find opportunity if physical market rejects higher prices. Watch $12,000/t support level.
Cathodes Pass Through Cost Increases
💪 Strong Pricing Power
LFP surges 4.7% to $5,674/t and LMO jumps 13.0% to $5,504/t as cathode producers successfully pass through lithium carbonate rally. NCM rises modestly. LCO stable on cobalt strength. Indicates strong end-market demand.
Impact: Cathode producers demonstrate pricing power despite input cost surges. Confirms strong demand from battery manufacturers and end-market EV production remains robust.
Market Outlook
The battery materials market faces unprecedented dual pressure from the intensifying LiPF₆ crisis and the lithium carbonate rally. LiPF₆'s explosive 41.6% surge to $23,287/t marks a two-week rally of 41.7%, with supply critically tight and no near-term relief visible. The electrolyte crisis now adds $1,200+ to EV battery costs, accounting for 20-25% of cell costs versus historical 5-8%. Lithium carbonate's 22.5% surge to $13,831/t is futures-driven with "limited downstream acceptance," creating significant correction risk as physical buyers resist higher prices. Cathode producers successfully passing through cost increases (LFP +4.7%, LMO +13.0%) confirms strong end-market demand, but the disconnect between surging cathode/electrolyte costs and flat anode prices ($7,551/t) reveals margin pressure across the supply chain. The market faces a critical inflection point: if LCE corrects while LiPF₆ continues rising, battery manufacturers could face temporary relief on cathodes but ongoing electrolyte crisis threatens supply availability through Q2 2026.
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