Adam Webb , Head of Battery Raw Materials , Benchmark Mineral Intelligence; David Dickson, CEO , Lake Resources; Alawi Swabury , CEO , Africa Battery Initiative (ABI); Daniel Li , Director of Public Relations , Tinci

Both lithium chemical and feedstock prices fell notably across Q3 2026, extending the lithium price correction that began in Q2. A volatile decline through July gave way to a notable August rally, before a sharp September reversal that erased the quarter's gains in a matter of days.

Benchmark’s Manganese Sulphate (32%) EXW China prices moved within a tight band through Q3 2026. This followed a Q1 surge driven by high sulphuric acid prices and the cancellation of export tax rebates on NCM precursors and cathode materials, and a small Q2 correction as off-season downstream operating rates slowed and idled capacity restarted. Manganese sulphate ended Q3 at RMB 7,116/tonne ($1,060/tonne), up 1.1% from the end of Q2. It hit a quarter low of RMB 7,043/tonne ($1,042/tonne) in mid-July and a high of RMB 7,178/tonne ($1,062/tonne) later in the month. Daisy Jennings-Gray, head of prices at Benchmark, said that “overall, seasonal restocking, tight supply and firm feedstock costs held prices steady in a quiet quarter, suggesting the next move is more likely to come from cost pass-through than from any shift in cathode chemistry demand.”

Andrew Miller, CEO, Benchmark