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review: uncertain demand hits battery mineral prices","3q-roundup-uncertain-demand-hits-battery-mineral-prices","article/3q-roundup-uncertain-demand-hits-battery-mineral-prices",{"_uid":557,"date":558,"tags":559,"editor":566,"content":576,"excerpt":846,"featured":50,"reporter":847,"_editable":851,"component":852,"seo_title":553,"categories":853,"visibility":869,"author_company":49,"featured_image":870,"seo_description":846,"author_full_name":49,"author_job_title":49,"formattedDate":874,"formattedArticleDate":875},"e8a4f22b-bfa9-4727-aed6-bf7528d9dd58","2023-10-11 00:00",[560,563],{"slug":561,"name":562},"china","China",{"slug":564,"name":565},"lithium-prices","Lithium prices",[567],{"slug":568,"name":569,"content":570},"matthew-bird","Matthew Bird",{"job_title":571,"image":572,"bio":574,"linkedin":575},"Senior Editor - Supply Chains & Data Visualisation",{"filename":573},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":577,"content":578},"doc",[579,596,601,606,611,616,623,636,641,650,655,660,665,678,683,696,703,708,713,718,730,743,748,753,758,763,768,773,778,783,790,795,808,813,818,831,836,841],{"type":580,"attrs":581,"content":582},"paragraph",{"textAlign":49},[583,586,594],{"text":584,"type":585},"Battery materials prices including lithium, graphite, cobalt and nickel extended their declines in the third quarter of this year, helping to push cell prices ","text",{"text":587,"type":585,"marks":588},"below the key threshold of $100 per kilowatt-hour",[589],{"type":590,"attrs":591},"link",{"href":592,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://source.benchmarkminerals.com/article/global-cell-prices-fall-below-100-kwh-for-first-time-in-two-years","url",{"text":595,"type":585}," average weighted price for the first time in two years.  ",{"type":580,"attrs":597,"content":598},{"textAlign":49},[599],{"text":600,"type":585},"While lithium led the pack in recording a sharp decline in prices in the three month period, other critical battery materials reported significant falls as well. Growing weakness in the Chinese economy in recent months has kept downstream demand uncertain even as new supply has remained robust, putting prices under pressure. ",{"type":580,"attrs":602,"content":603},{"textAlign":49},[604],{"text":605,"type":585},"Daniel Fletcher-Manuel, head of prices at Benchmark, said the third quarter is typically a slow period but it was “uniquely quiet from a spot demand perspective” this year due to particularly slow activity from nickel cobalt and manganese (NCM) cathode and cell makers.",{"type":580,"attrs":607,"content":608},{"textAlign":49},[609],{"text":610,"type":585},"“Faced with falling prices across all cathode raw materials, buyers opted for a ‘wait and see’ approach whilst volumes under contract satisfied most immediate requirements. This was especially the case in China where the midstream had access to comfortable inventories and underwhelming downstream demand dynamics,” said Fletcher-Manuel.",{"type":580,"attrs":612,"content":613},{"textAlign":49},[614],{"text":615,"type":585},"The fall in battery metals in the third quarter was also reflected in falling prices for cathode and anodes. Benchmark’s Cathode and Anode indices fell by 7% and 0.7% in the third quarter on a sequential basis and are down by 49.2% and 18% in the first nine months of the year. ",{"type":617,"attrs":618,"content":620},"heading",{"level":619,"textAlign":49},4,[621],{"text":622,"type":585},"Lithium prices continue to fall",{"type":580,"attrs":624,"content":625},{"textAlign":49},[626,628,634],{"text":627,"type":585},"While lithium’s rally that had started in late 2020 ended earlier this year, prices fell consistently throughout the third quarter to push Chinese battery-grade lithium carbonate prices ",{"text":629,"type":585,"marks":630},"below the key",[631],{"type":590,"attrs":632},{"href":633,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://source.benchmarkminerals.com/article/chinese-lithium-prices-fall-below-rmb-200000-a-tonne-putting-pressure-on-domestic-mines",{"text":635,"type":585}," RMB 200,000 ($28,810) per tonne mark. ",{"type":580,"attrs":637,"content":638},{"textAlign":49},[639],{"text":640,"type":585},"Benchmark senior analyst Daisy Jennings-Gray said that an uncertainty over downstream demand has driven down lithium prices as demand from cell makers was weaker than expected.",{"type":580,"attrs":642,"content":643},{"textAlign":49},[644],{"type":645,"attrs":646},"image",{"id":49,"alt":647,"src":648,"title":49,"source":49,"copyright":49,"meta_data":649},"","https://a.storyblok.com/f/287943243085208/ff731428cf/bm-lithium-q3-prices-1303309f0307.png",{},{"type":580,"attrs":651,"content":652},{"textAlign":49},[653],{"text":654,"type":585},"“This has been compounded by strong downstream inventories which battery makers have been working through, rather than procuring new raw materials. In addition, the third quarter is always a stronger time of the year for domestic supply from Chinese lithium brine producers,” said  Jennings-Gray.",{"type":580,"attrs":656,"content":657},{"textAlign":49},[658],{"text":659,"type":585},"Chinese spot prices for both battery-grade lithium carbonate and lithium hydroxide nearly halved in the third quarter to reach RMB 167,500 ($22,950) per tonne and RMB 162,500 ($22,275) per tonne respectively at the end of September, according to the Benchmark Lithium Price Assessment. ",{"type":617,"attrs":661,"content":662},{"level":619,"textAlign":49},[663],{"text":664,"type":585},"Cobalt prices hit new lows",{"type":580,"attrs":666,"content":667},{"textAlign":49},[668,670,676],{"text":669,"type":585},"Despite a brief rally in July, cobalt sulphate prices fell 7.5% to RMB 37,000 per tonne in the third quarter of 2023 while prices for cobalt metal declined 0.5% to $32,794 per tonne ($14.88 per pound) in the three months ended Sept. 30, according to ",{"text":671,"type":585,"marks":672},"Benchmark’s Cobalt Price Assessment",[673],{"type":590,"attrs":674},{"href":675,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://www.benchmarkminerals.com/price-assessments/cobalt/",{"text":677,"type":585},". ",{"type":580,"attrs":679,"content":680},{"textAlign":49},[681],{"text":682,"type":585},"Cobalt prices also reached new lows in the third quarter but there are signs pointing to small opportunities for prices to increase.",{"type":580,"attrs":684,"content":685},{"textAlign":49},[686,688,694],{"text":687,"type":585},"“The cobalt market is in a ",{"text":689,"type":585,"marks":690},"state of massive oversupply",[691],{"type":590,"attrs":692},{"href":693,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://source.benchmarkminerals.com/article/cmoc-could-overtake-glencore-with-cobalt-production-boost",{"text":695,"type":585},", with demand unable to improve at the same rate,” said Roman Aubry, analyst with Benchmark.",{"type":580,"attrs":697,"content":698},{"textAlign":49},[699],{"type":645,"attrs":700},{"id":49,"alt":647,"src":701,"title":49,"source":49,"copyright":49,"meta_data":702},"https://a.storyblok.com/f/287943243085208/3428cc6a94/bm-cobalt-q3-prices.png",{},{"type":580,"attrs":704,"content":705},{"textAlign":49},[706],{"text":707,"type":585},"“Inventories throughout the supply chain were full, with demand not able to move the needle, however, in the last few weeks of the quarter we have seen some opportunities for restocking, and consequently a small rise in prices,” said Aubry.",{"type":580,"attrs":709,"content":710},{"textAlign":49},[711],{"text":712,"type":585},"Despite this, the seasonal increases in downstream demand at the end of third quarter have not reached expected levels, making it harder for prices to rebound after a slowdown in spot activity over the summer.",{"type":617,"attrs":714,"content":715},{"level":619,"textAlign":49},[716],{"text":717,"type":585},"Nickel hit by weaker cathode demand",{"type":580,"attrs":719,"content":720},{"textAlign":49},[721,723,729],{"text":722,"type":585},"Chinese nickel sulphate prices plunged to their lowest levels since December 2020 to RMB 31,000 per tonne at the end of the third quarter, a decline of 6%, according to ",{"text":724,"type":585,"marks":725},"Benchmark’s Nickel Price Assessment",[726],{"type":590,"attrs":727},{"href":728,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://www.benchmarkminerals.com/price-assessments/nickel/",{"text":677,"type":585},{"type":580,"attrs":731,"content":732},{"textAlign":49},[733,735,741],{"text":734,"type":585},"The decline was primarily due to ",{"text":736,"type":585,"marks":737},"slower than expected demand recovery",[738],{"type":590,"attrs":739},{"href":740,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://source.benchmarkminerals.com/article/chinese-nickel-sulphate-prices-near-three-year-low-amid-weak-battery-demand",{"text":742,"type":585}," for nickel cobalt manganese (NCM) cathodes that are used in electric vehicle batteries. ",{"type":580,"attrs":744,"content":745},{"textAlign":49},[746],{"text":747,"type":585},"“NCM demand has been weak throughout the entirety of the third quarter resulting in very little activity in the CIF Asia sulphate spot market,” said Spencer Ingall, analyst with Benchmark, adding that the third quarter is usually slow due to seasonal trends.",{"type":580,"attrs":749,"content":750},{"textAlign":49},[751],{"text":752,"type":585},"Nickel fuels a bulk of the battery demand for the NCM cathode segment, where a period of quiet demand has sent prices lower.",{"type":580,"attrs":754,"content":755},{"textAlign":49},[756],{"text":757,"type":585},"“There have been many announcements of new HPAL facilities that produce MHP in both Indonesia and the Philippines even as existing facilities continue to ramp up. So, supply is increasing while demand remains largely the same, pushing prices down,” said Ingall.",{"type":580,"attrs":759,"content":760},{"textAlign":49},[761],{"text":762,"type":585},"Indonesia’s new nickel refining capacity is focused towards producing MHP, an intermediate nickel product that needs to be further processed into nickel sulphate for use in batteries. ",{"type":617,"attrs":764,"content":765},{"level":619,"textAlign":49},[766],{"text":767,"type":585},"Synthetic graphite under pressure",{"type":580,"attrs":769,"content":770},{"textAlign":49},[771],{"text":772,"type":585},"Prices for coke, the feedstock for synthetic graphite, continued to decline in the third quarter as supply remained robust with announcements of new coke capacity coming online continuing at pace in China. ",{"type":580,"attrs":774,"content":775},{"textAlign":49},[776],{"text":777,"type":585},"Meanwhile this robust supply was met with lacklustre demand from battery anode customers supplying the electric vehicle market and graphite electrode customers supplying steel foundries.",{"type":580,"attrs":779,"content":780},{"textAlign":49},[781],{"text":782,"type":585},"“These price declines developed despite coke producers at points successfully resisting price decreases, citing their squeezed margins. Some less cost efficient operations reduced utilisation rates in response to the challenging pricing environment,” said Adam Megginson, an analyst with Benchmark.",{"type":580,"attrs":784,"content":785},{"textAlign":49},[786],{"type":645,"attrs":787},{"id":49,"alt":647,"src":788,"title":49,"source":49,"copyright":49,"meta_data":789},"https://a.storyblok.com/f/287943243085208/b5fd522ac8/bm-synthetic-graphite-q3-prices.png",{},{"type":580,"attrs":791,"content":792},{"textAlign":49},[793],{"text":794,"type":585},"Battery anode producers continued to use an increasing proportion of non-needle coke, and higher sulphur coke as feedstock, with both trends weighing on needle coke and low sulphur coke prices respectively during the quarter.",{"type":580,"attrs":796,"content":797},{"textAlign":49},[798,800,806],{"text":799,"type":585},"Prices for Chinese pre-calcined pet needle coke declined 16% to RMB 5,150 per tonne in the third quarter and are down 43% year-to-date, according to ",{"text":801,"type":585,"marks":802},"Benchmark’s Synthetic Graphite Price Assessment",[803],{"type":590,"attrs":804},{"href":805,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://www.benchmarkminerals.com/price-assessments/synthetic-graphite/",{"text":807,"type":585},".",{"type":580,"attrs":809,"content":810},{"textAlign":49},[811],{"text":812,"type":585},"“Towards the end of the quarter, needle coke prices began to stabilise after some needle coke producers attempted to raise prices to bolster their profit margins. While these attempts were unsuccessful because needle coke customers refused to pay higher prices for material, they did slow the fall of previously tumbling prices,” Megginson said.",{"type":617,"attrs":814,"content":815},{"level":619,"textAlign":49},[816],{"text":817,"type":585},"Flake graphite prices ",{"type":580,"attrs":819,"content":820},{"textAlign":49},[821,823,829],{"text":822,"type":585},"Chinese -100 mesh 94-95% C flake graphite prices experienced a continued fall throughout the third quarter, declining 10.9% in three months ended September 30 to RMB 4,050 per tonne, according to ",{"text":824,"type":585,"marks":825},"Benchmark’s Flake Graphite Price Assessment",[826],{"type":590,"attrs":827},{"href":828,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://www.benchmarkminerals.com/price-assessments/natural-graphite/",{"text":830,"type":585},".  Prices are down 30% in the first nine months of the year.",{"type":580,"attrs":832,"content":833},{"textAlign":49},[834],{"text":835,"type":585},"“This downtick in prices is attributable to the peak seasonal production at Chinese graphite mines in Heilongjiang Province during the summer months, improving the domestic supply picture, compounded by relatively lacklustre downstream demand from the EV sector,” said Tony Alderson, analyst with Benchmark.",{"type":580,"attrs":837,"content":838},{"textAlign":49},[839],{"text":840,"type":585},"The analyst also linked the declining prices for flake graphite to the substantial drop in synthetic graphite prices this year. ",{"type":580,"attrs":842,"content":843},{"textAlign":49},[844],{"text":845,"type":585},"“In response to this market shift, anode makers have strategically leveraged their greater bargaining power to exert downward price pressure on flake graphite producers, aiming to stay competitive in the face of reduced synthetic graphite prices,” said Alderson.","Battery materials prices including lithium, graphite, cobalt and nickel extended their declines in the third quarter of this year, helping to push cell prices below the key threshold of $100 per kilowatt-hour average weighted price for the first time in two years. While lithium led the pack in recording a sharp decline in prices in the three […]",[848],{"slug":568,"name":569,"content":849},{"job_title":571,"image":850,"bio":574,"linkedin":575},{"filename":573},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e8a4f22b-bfa9-4727-aed6-bf7528d9dd58\", \"id\": \"\"}-->","article",[854,857,859,862,865,867],{"slug":855,"name":856},"batteries","Batteries",{"slug":858,"name":115},"cobalt",{"slug":860,"name":861},"critical-minerals","Critical Minerals",{"slug":863,"name":864},"graphite","Graphite",{"slug":866,"name":8},"lithium",{"slug":868,"name":150},"nickel","private",{"id":49,"alt":647,"name":647,"focus":647,"title":647,"source":647,"filename":871,"copyright":647,"fieldtype":872,"meta_data":873,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/ae20cac3ca/bm-lithium-ion-battery-adobe-stock-image.jpeg","asset",{"alt":647,"title":647,"source":647,"copyright":647},"Oct 11, 2023","11th October 2023",[],[],1792688579524]