Benchmark raises the bar with EV industry’s most detailed IOSCO audit for lithium ion battery raw material prices

Benchmark Mineral Intelligence is delighted to announce the successful completion of an independent Type 2 audit of its policies, processes and controls implemented to adhere to the IOSCO Principles for Price Reporting Agencies (PRA). The audit was conducted by PricewaterhouseCoopers LLP (“PwC”).

In an EV industry first, the PwC audit provides reasonable assurance – the highest level available for an audit – over our activities between 1 November 2021 to 30 September 2022.

This audited each key raw material price assessment of lithium, nickel, cobalt, flake graphite/uncoated spherical graphite, and how, throughout this time period, Benchmark adhered to its stated methodology and procedures, as required by the IOSCO Principles using its market-specific price assessment methodologies.

Benchmark’s unique approach to price assessments means each raw material has a tailored methodology.

The audit challenged whether Benchmark internally followed its own rigorous, IOSCO-related procedures and adhered to methodologies designed specifically for each key battery raw material market.

This successful audit focused on lithium, flake graphite / uncoated spherical graphite, cobalt, and nickel and demonstrates Benchmark’s mission to provide the most robust and reliable lithium ion battery supply chain price data for its subscribers.

A copy of the report can be requested here.

Simon Moores, CEO, Benchmark said:

“The PwC audit of our lithium, cobalt, nickel, flake graphite and uncoated spherical graphite prices is the industry’s most detailed and rigorous prices, doubling down on our number one position in the market.

“PwC is the market leader in IOSCO auditsand we are so very proud of our PRA division in reaching this milestone for both our business and the lithium ion battery and EV industry as a whole.

“Benchmark was founded on the principle of collecting and assessing market price data for the battery supply chain and doing so to a level that has never been done before.

“We pioneered the evolution of battery raw material price assessments from journalistic methods, to the Benchmark industry-first, data-first approach.

“Nine years on from our inception, we remain true to these principles and continue to raise the price reporting bar for the battery and EV supply chain that rely on our data to settle contracts.”

Caspar Rawles, Chief Data Officer, Benchmark said:

“Benchmark’s ethos is to provide the most accurate and reliable battery supply chain price data, and this most detailed form of external audit confirms that we remain true to our word to our subscribers.

“Benchmark’s price data is used to determine the value of billions of dollars worth of battery supply chain contracts and we do not take that responsibility lightly.

“Everything we do is focussed on our market specific price assessment methodologies, unique for the industry, and the overriding principle to publish accurate price data for those active in the lithium ion battery supply chain.”

Which Benchmark prices were included within the scope of the audit?

Lithium

• Lithium Carbonate, ≥99.0%, FOB South America, USD/tonne

• Lithium Carbonate, ≥99.0%, CIF North America, USD/tonne

• Lithium Carbonate, ≥99.0%, CIF Europe, USD/tonne

• Lithium Carbonate, ≥99.2%, CIF Asia, USD/tonne

• Lithium Carbonate, Battery Grade, ≥99.5%, EXW China, RMB/tonne

• Lithium Carbonate, Technical Grade, ≥99.0%, EXW China, RMB/tonne

• Lithium Hydroxide, ≥55.0%, FOB North America, USD/tonne

• Lithium Hydroxide, ≥56.5%, CIF Asia, USD/tonne

• Lithium Hydroxide, ≥55.0%, CIF Europe, USD/tonne

• Lithium Hydroxide, ≥56.5%, EXW China, RMB/tonne

• Spodumene Concentrate, 6%, FOB Australia

Graphite

Flake graphite – lithium ion battery anode feedstock:

• Flake Graphite, 90-93% C, -100 mesh, FOB China, USD/tonne

• Flake Graphite, 90-93% C, +100 mesh, FOB China, USD/tonne

• Flake Graphite, 94-95% C, -100 mesh, FOB China, USD/tonne

• Flake Graphite, 94-95% C, +100 mesh, FOB China, USD/tonne

• Flake Graphite, 94-95% C, +80 mesh, FOB China, USD/tonne

• Flake Graphite, 94-95% C, +50 mesh, FOB China, USD/tonne

• Flake Graphite, 94-95% C, -100 mesh DDP China, RMB/tonne

• Flake Graphite, 94-95% C, +100 mesh DDP China, RMB/tonne

Uncoated Spherical Graphite – The lithium ion battery anode precursor:

• Spherical Uncoated, 99.95% C, 10 microns, FOB China, USD/tonne

• Spherical Uncoated, 99.95% C, 15 microns, FOB China, USD/tonne

• Spherical Uncoated, 99.95% C, 20 microns, FOB China, USD/tonne

Cobalt

• Cobalt Sulphate, >20.5%, EXW China, RMB/tonne

• Cobalt Battery Metal, Min 99.8%, EXW Europe, USD/lb

• Cobalt Hydroxide, 100% Co Contained basis, CIF Asia, USD/tonne

Nickel

• Nickel Sulphate, >22.0%, EXW China, RMB/tonne

• Nickel Sulphate, >22.0% Ni, CIF Asia, USD/tonne

• MHP payable, CIF Asia, % payable to LME nickel

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