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NCM cell prices fall to lowest levels in over three years","asian-ncm-cell-prices-fall-to-lowest-levels-in-over-three-years","article/asian-ncm-cell-prices-fall-to-lowest-levels-in-over-three-years",{"_uid":557,"date":558,"tags":559,"editor":569,"content":579,"excerpt":695,"featured":51,"reporter":696,"_editable":700,"component":701,"seo_title":553,"categories":702,"visibility":712,"author_company":49,"featured_image":713,"seo_description":695,"author_full_name":49,"author_job_title":49,"formattedDate":718,"formattedArticleDate":719},"931777f5-1d6d-4a69-ad62-8090544944b0","2024-06-25 00:00",[560,563,566],{"slug":561,"name":562},"china","China",{"slug":564,"name":565},"europe","Europe",{"slug":567,"name":568},"usa","USA",[570],{"slug":571,"name":572,"content":573},"didi-bostock","Didi Bostock",{"job_title":574,"image":575,"bio":577,"linkedin":578},"Editor - Energy Transition & Economics",{"filename":576},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":580,"content":581},"doc",[582,589,594,599,612,624,631,636,641,646,659,664,669,680,685,690],{"type":583,"attrs":584,"content":585},"paragraph",{"textAlign":49},[586],{"text":587,"type":588},"Asian nickel cobalt manganese (NCM) battery cell prices fell to their lowest level for the first time in over three years in May, retreating significantly from the peak seen in 2022.","text",{"type":583,"attrs":590,"content":591},{"textAlign":49},[592],{"text":593,"type":588},"A combination of lower critical battery raw material prices, supply glut, a sluggish demand and improving technology has kept a tight lid on NCM prices in the past year, driving them lower.  ",{"type":583,"attrs":595,"content":596},{"textAlign":49},[597],{"text":598,"type":588},"“Prices for NCM batteries relate to several factors, but principally the decline can be attributed to much lower cobalt pricing now compared with historical trends,” said Evan Hartley, senior analyst at Benchmark, adding that improving technology keeps pushing prices lower as well. ",{"type":583,"attrs":600,"content":601},{"textAlign":49},[602,604],{"text":603,"type":588},"The latest average price for Asian NCM 622 prismatic battery cells reached $89.8 per kilowatt hours (kWh) in May, the lowest since Jan 2021 and a decline of 46% from the peak of $166.4 per kWh in March 2022, according to the ",{"text":605,"type":588,"marks":606},"Benchmark Lithium ion Battery Cell Price Assessment.",[607],{"type":608,"attrs":609},"link",{"href":610,"uuid":49,"anchor":49,"target":49,"linktype":611},"https://www.benchmarkminerals.com/price-assessments/lithium-ion-batteries/chart/","url",{"type":583,"attrs":613,"content":614},{"textAlign":49},[615,617,622],{"text":616,"type":588},"For Asian NCM 811 prismatic cells, prices reached $84.9 per kWh last month and have declined 42.4% from the peak of $147.5 per kWh in March 2022, according to the ",{"text":618,"type":588,"marks":619},"Benchmark Lithium ion Battery Cell Price Assessment",[620],{"type":608,"attrs":621},{"href":610,"uuid":49,"anchor":49,"target":49,"linktype":611},{"text":623,"type":588},".",{"type":625,"attrs":626,"content":628},"heading",{"level":627,"textAlign":49},4,[629],{"text":630,"type":588},"NCM remains chemistry of choice in Western markets",{"type":583,"attrs":632,"content":633},{"textAlign":49},[634],{"text":635,"type":588},"NCM cells offer longer range, especially for cathodes with higher nickel intensities. While the more affordable lithium ion iron phosphate (LFP) cells have been popular in China, NCM cells have found favour in the European and the US markets.",{"type":583,"attrs":637,"content":638},{"textAlign":49},[639],{"text":640,"type":588},"“NCM technology remains preferred in North America and Europe, particularly high nickel, but recent NCM projects cancelled in favour of potential LFP facilities may be a sign of turning tides in these regions,” said Hartley.",{"type":583,"attrs":642,"content":643},{"textAlign":49},[644],{"text":645,"type":588},"LFP cells have grown fast in the past few years largely due to rapid adoption in China as the chemistry of choice. Benchmark however forecasts NCM chemistries to be dominant by the end of the decade, due to growth in Western electric vehicle markets. ",{"type":583,"attrs":647,"content":648},{"textAlign":49},[649,651,657],{"text":650,"type":588},"Global LFP cell demand has increased from 22% in 2020 to 45% last year, while NCM cell demand share has stayed at 43% during the same period, according to the ",{"text":652,"type":588,"marks":653},"Benchmark Lithium ion Battery Database",[654],{"type":608,"attrs":655},{"href":656,"uuid":49,"anchor":49,"target":49,"linktype":611},"https://www.benchmarkminerals.com/forecasts/lithium-ion-batteries/reports/",{"text":658,"type":588},". Though by the end of the decade, NCM cell demand is forecast to reach 48% while LFP cell demand share is expected to be 45%. ",{"type":625,"attrs":660,"content":661},{"level":627,"textAlign":49},[662],{"text":663,"type":588},"How much have raw material prices for NCM cells changed? ",{"type":583,"attrs":665,"content":666},{"textAlign":49},[667],{"text":668,"type":588},"Continued declines in cobalt and lithium prices this year have pushed down NCM cell prices lower. Prices for nickel, which are still significantly down from the levels at the start of 2023, have increased so far this year. ",{"type":583,"attrs":670,"content":671},{"textAlign":49},[672,674,678],{"text":673,"type":588},"Lithium, cobalt and nickel are extensively used in making NCM batteries, and are responsible for about 40% of costs for a typical NCM 622 cell, according to the ",{"text":618,"type":588,"marks":675},[676],{"type":608,"attrs":677},{"href":610,"uuid":49,"anchor":49,"target":49,"linktype":611},{"text":679,"type":588},". ",{"type":583,"attrs":681,"content":682},{"textAlign":49},[683],{"text":684,"type":588},"Source: Benchmark Lithium ion Battery Cell Price Assessment",{"type":583,"attrs":686,"content":687},{"textAlign":49},[688],{"text":689,"type":588},"Despite lower cell prices, demand from EV makers for NCM cathodes remains restrained.",{"type":583,"attrs":691,"content":692},{"textAlign":49},[693],{"text":694,"type":588},"“We have seen a little increase in the purchasing of NCM cathode material by cell producers looking to build inventory whilst the material is cheap, and some increased demand for high end EVs, but the shift towards LFP in China negates any drastic demand improvement based on price,” said Hartley.","Asian nickel cobalt manganese (NCM) battery cell prices fell to their lowest level for the first time in over three years in May, retreating significantly from the peak seen in 2022. A combination of lower critical battery raw material prices, supply glut, a sluggish demand and improving technology has kept a tight lid on NCM […]",[697],{"slug":571,"name":572,"content":698},{"job_title":574,"image":699,"bio":577,"linkedin":578},{"filename":576},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"931777f5-1d6d-4a69-ad62-8090544944b0\", \"id\": \"\"}-->","article",[703,706,709],{"slug":704,"name":705},"batteries","Batteries",{"slug":707,"name":708},"critical-minerals","Critical Minerals",{"slug":710,"name":711},"gigafactories","Battery & Gigafactory","private",{"id":49,"alt":714,"name":714,"focus":714,"title":714,"source":714,"filename":715,"copyright":714,"fieldtype":716,"meta_data":717,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/2f1ff980e0/bm-bmiprices1.png","asset",{"alt":714,"title":714,"source":714,"copyright":714},"Jun 25, 2024","25th June 2024",[],[],1792747636200]