Battery Materials Market Intelligence
Market Snapshot: Week of December 18, 2025
Lithium carbonate spirals to $14,729/t (+10.8%). LFP mounts to $6,161/t (+5.8%). LiOH hikes up 6% to $12,286/t. LiPF6 stabilizes at $24,784/t (-1.5%). LiF extends rally with battery-grade at $25,138/t (+3.1%). NCM goes up with 5-series at $20,549/t (+1.4%). LMO floats up 10-12%. Anode market holds steady. Natural graphite consolidates weakly during slack season. Energy storage and NEV demand continues to drive market.
Anode Market
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Holds steady. High-end at $7,577/t. Mid-end at $3,895/t. GPC partially slid. Needle coke stable. Downstream bidding down. Cost pressure persists.
Cathode Market
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LFP mounts to $6,161/t (+5.8%). NCM goes up to $20,549/t. LCO stable at $53,958/t. LMO floats up 10-12%. Iron phosphate rises. Strong cost support.
Lithium Market
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LCE spirals to $14,729/t (+10.8%). LiOH hikes to $12,286/t (+6.1%). Futures ramp up strongly. Inventory drops. LiOH runs strongly on tight supply.
Electrolyte Chain
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LiPF6 stabilizes at $24,784/t (-1.5%). LiF extends rally +3%. EC stable at $949/t. Phosphorus pentachloride holds high. LiFSI steady at $12,038/t.
Anode Chain: Market Holds Steady Amid Cost Pressure
Domestic Lib anode materials market held steady this week. Raw material mid-sulfur GPC market slightly slid down but still stood high, exerting cost pressure on anode enterprises. Some middle and small-sized enterprises made meager profits or operated at break-even amid fierce competition caused by overcapacity. Downstream battery cell plants strongly forced fresh order prices down. Due to cost pressure and downstream bidding-down approach, short-term anode prices might change little. On supply side, supply stayed largely stable. On demand side, terminal demand was rapidly released owing to policies, stimulating overall demand for anode materials.
Anode Material Prices (Avg. USD/t)
Key Feedstock Trends (USD/t)
Natural Graphite: Market Consolidates Weakly at Low-End
Natural graphite market consolidated weakly at low-end price level with lackluster trading performance. Restrained by insufficient downstream orders from refractory and Lib anode materials markets, many natural graphite plants in Northeast China had shut down in advance. Natural flake graphite plants in Northeast China halted production while plants in Shandong maintained stable production. Natural spherical graphite supply dropped slightly. Downstream demand was soft. Natural graphite inventory at medium level. Plants had reserved enough spot cargoes for long-term contracts. Market anticipated to change little short term as downstream takes cargoes only on rigid demand.
Spherical Graphite by Region (USD/t)
Flake Graphite Grades (USD/t)
Cathode Materials: LFP Mounts, NCM Goes Up, LMO Floats Up
LFP market mounted with dynamical-type at $6,161/t (+5.8% WoW) and storage-type at $5,764/t (+7.0%). Raw material iron phosphate continued rising and LCE spiraled. LFP enterprises showed strong willingness to raise price fueled by strong demand, decreasing inventory and rising cost. NCM market went up with 5-series at $20,549/t (+1.4%) and 8-series at $22,915/t (+0.9%). LCO kept stable at $53,958/t (4.45v). LMO floated up with dynamical MnO2 type at $6,231/t (+10.2%) and Mn3O4 type at $5,948/t (+12.2%). Terminal enterprises took cargoes only on rigid demand with strong resistance to the price rise.
Cathode Materials Pricing (USD/t)
LCO vs LFP Trend
Lithium Markets: LCE Spirals, LiOH Hikes Up
Battery-grade lithium carbonate (99.5%) spiraled to $14,729/t (+10.8% WoW). Industrial-grade (99.2%) at $14,446/t (+11.1%). LCE futures price ramped up strongly. Lithium salt enterprises actively shipped cargoes for immediate orders. Downstream enterprises replenished mainly on rigid demand with limited acceptance to high-priced cargoes. LiOH hiked up with granular at $12,286/t (+6.1%) and micro-powder at $12,994/t (+5.8%). Some lithium salt enterprises inclined to produce LCE due to LiOH-LCE price gap. Raw material spodumene firmed at high-end providing cost support. LiOH inventory continued to decline. LiOH likely to run strongly next week.
Lithium Carbonate & Hydroxide (USD/t)
LCE Historical Trend
Electrolyte Chain: LiPF6 Stabilizes, LiF Extends Rally
LiPF6 registered stable-to-down scenario at $24,784/t (-1.5% WoW). Raw material AHF stayed steady, LCE spiraled, LiF ramped up further and phosphorus pentachloride stabilized temporarily. LiPF6 enterprises maintained early production with stable orders. LiF extended rally with industrial at $24,076/t (+1.7%) and battery at $25,138/t (+3.1%). VC stabilized at $24,784/t. FEC stable at $9,914/t. LiFSI holds at $12,038/t. EC stable at $949/t. Electrolyte enterprises maintained largely stable production.
LiPF6 Price (Avg. USD/t)
$24,784
Down 1.5% WoW (-$377) - Stabilizes
LiF Battery (Avg. USD/t)
$25,138
Up 3.1% WoW (+$755) - Extends rally
EC Price (Avg. USD/t)
$949
Stable WoW - Maintains level
Electrolyte Components Weekly Change (%)
Key Market Events This Week
Significant developments impacting the battery materials supply chain
LCE Spirals +10.8%
Battery-grade at $14,729/t
Lithium carbonate market spiraled this week. LCE futures price ramped up strongly. Lithium salt enterprises actively shipped cargoes for immediate orders. Downstream replenished mainly on rigid demand with limited acceptance to high-priced cargoes. New capacity in Northwest China constantly released. LCE inventory dropped obviously.
Impact: Strong LCE price increase provides robust cost support to cathode materials. LFP enterprises raised prices fueled by strong demand and rising costs. Market likely to oscillate within range short term.
LiOH Hikes Up +6%
Granular at $12,286/t
Lithium hydroxide market hiked up. Influenced by LiOH-LCE price gap, some lithium salt enterprises inclined to produce LCE. Combined with production curtailment of individual enterprises, LiOH spot supply was tight. Raw material spodumene firmed at high-end providing cost support. LiOH inventory continued to decline.
Impact: LiOH supply tightness supports NCM cathode costs. Some downstream enterprises forced to replenish at high price. LiOH likely to run strongly next week amid declining inventory.
LFP Mounts +5.8%
Dynamic-type at $6,161/t
LFP market mounted this week. Raw material iron phosphate continued rising and LCE spiraled. LFP enterprises showed strong willingness to raise price fueled by strong demand, decreasing inventory and rising cost. Some enterprises in Central China lifted production. Demand for LFP was healthy. LFP inventory declined slightly.
Impact: LFP price surge reflects strong cost pass-through from lithium. Majority of LFP enterprises keep high production. Market anticipated to edge up short term as iron phosphate may nudge up further.
Market Outlook
The lithium market continues to strengthen with LCE spiraling +10.8% to $14,729/t and LiOH hiking +6% to $12,286/t amid tight supply. This provides strong cost support to cathode materials - LFP mounts +5.8% to $6,161/t and NCM goes up +1.4%. LMO floats up significantly +10-12% despite sluggish terminal demand from small power and digital markets. The electrolyte chain shows mixed signals - LiPF6 stabilizes at $24,784/t (-1.5%) while LiF extends rally +3% on robust demand from full-load LiPF6 production. Anode market holds steady with prices near cost line as downstream battery plants continue bidding down. Natural graphite consolidates weakly during slack season with many Northeast China plants shut down. Energy storage and NEV demand driven by supportive policies continues to bolster overall battery materials market.
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