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Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":741,"relatedVideos":742},112470772697233,"3c3ddf38-2fe2-4885-b4d8-ddf40a33b547","Chinese cathode margins squeezed as cell makers pressure prices","chinese-cathode-margins-squeezed-as-cell-makers-pressure-prices","article/chinese-cathode-margins-squeezed-as-cell-makers-pressure-prices",{"_uid":547,"date":548,"tags":549,"editor":563,"content":573,"excerpt":716,"featured":51,"reporter":717,"_editable":721,"component":722,"seo_title":543,"categories":723,"visibility":732,"author_company":49,"featured_image":733,"seo_description":716,"author_full_name":49,"author_job_title":49,"formattedDate":739,"formattedArticleDate":740},"a2e15d4b-b5d0-488b-9c14-20274c8cf010","2023-09-19 00:00",[550,553,556,558,560],{"slug":551,"name":552},"china","China",{"slug":554,"name":555},"dynanonic","Dynanonic",{"slug":557,"name":557},"midstream",{"slug":559,"name":559},"prices",{"slug":561,"name":562},"ronbay","Ronbay",[564],{"slug":565,"name":566,"content":567},"didi-bostock","Didi Bostock",{"job_title":568,"image":569,"bio":571,"linkedin":572},"Editor - Energy Transition & Economics",{"filename":570},"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":574,"content":575},"doc",[576,593,598,603,624,629,634,639,644,649,654,661,666,671,676,681,686,691,696,701,706,711],{"type":577,"attrs":578,"content":579},"paragraph",{"textAlign":49},[580,583,591],{"text":581,"type":582},"Chinese ","text",{"text":584,"type":582,"marks":585},"cathode",[586],{"type":587,"attrs":588},"link",{"href":589,"uuid":49,"anchor":49,"target":49,"linktype":590},"https://www.benchmarkminerals.com/price-assessments/cathode/portal/","url",{"text":592,"type":582}," margins are narrowing after months of pressure from cell makers on the prices of their products. ",{"type":577,"attrs":594,"content":595},{"textAlign":49},[596],{"text":597,"type":582},"Nickel cobalt aluminium (NCA) and nickel cobalt manganese (NCM) 811 cathode materials fell 39% and 41% between January and August 2023 while lithium iron phosphate (LFP) fell 52% on the Chinese markets, as assessed by Benchmark.",{"type":577,"attrs":599,"content":600},{"textAlign":49},[601],{"text":602,"type":582},"Shenzhen Dynanonic, the world’s largest cathode active materials producer, reported it made a net loss of RMB 1 billion ($137 million) in the first half of this year, from a net profit in the same period last year. Ningbo Ronbay, another top five global producer, reported first half net profit was down by 48% year-on-year.",{"type":577,"attrs":604,"content":605},{"textAlign":49},[606,608,614,616,622],{"text":607,"type":582},"The impetus for ",{"text":609,"type":582,"marks":610},"lower cathode prices",[611],{"type":587,"attrs":612},{"href":613,"uuid":49,"anchor":49,"target":49,"linktype":590},"https://source.benchmarkminerals.com/article/chinese-cathode-prices-fall-as-cell-makers-squeeze-producers",{"text":615,"type":582}," stems from the fact that cell makers often base offers to cathode makers based on spot prices for ",{"text":617,"type":582,"marks":618},"battery chemicals",[619],{"type":587,"attrs":620},{"href":621,"uuid":49,"anchor":49,"target":49,"linktype":590},"https://www.benchmarkminerals.com/price-assessments/lithium/portal/",{"text":623,"type":582},".",{"type":577,"attrs":625,"content":626},{"textAlign":49},[627],{"text":628,"type":582},"Since the end of quarter one, cell producers have pushed for cathode prices to fall in line with declines for battery chemicals. Lithium carbonate EXW China and nickel sulphate EXW China prices dropped by 62% and 11% respectively between January and September, as assessed by Benchmark. ",{"type":577,"attrs":630,"content":631},{"textAlign":49},[632],{"text":633,"type":582},"Cathode makers have acquiesced to discount demands, keen to retain and expand market share at the expense of their margins in a highly competitive segment where 137 producers currently either operate or plan capacity.",{"type":577,"attrs":635,"content":636},{"textAlign":49},[637],{"text":638,"type":582},"“Cell makers are working to lower cathode prices as much as possible, and the cathode maker is beholden to that,” said Benchmark analyst Cameron Perks.",{"type":577,"attrs":640,"content":641},{"textAlign":49},[642],{"text":643,"type":582},"Yet cathode makers cannot offset their revenue losses by buying less expensive chemical feedstocks as this would only prompt cell producers to drive cathode prices down further.",{"type":577,"attrs":645,"content":646},{"textAlign":49},[647],{"text":648,"type":582},"“The key drivers for cathode active material production costs are predominantly raw material prices. If lithium is high then production costs will be high. Same for other raw materials but lithium is key,” said Benchmark analyst Rob Burrell.",{"type":577,"attrs":650,"content":651},{"textAlign":49},[652],{"text":653,"type":582},"The margin squeeze is likely to push out smaller, recent cathode entrants, giving incumbent cathode producers the opportunity to buy up the production assets of failed companies, according to Benchmark analyst Evan Hartley. ",{"type":655,"attrs":656,"content":658},"heading",{"level":657,"textAlign":49},4,[659],{"text":660,"type":582},"Chemicals could slide further",{"type":577,"attrs":662,"content":663},{"textAlign":49},[664],{"text":665,"type":582},"The dual pressure on cathode makers from raw materials and cathode prices will likely persist for the time being. One indicator of this is that cathode makers have so far held back from restocking battery chemicals inputs over September.",{"type":577,"attrs":667,"content":668},{"textAlign":49},[669],{"text":670,"type":582},"Cathode makers’ caution around chemical restocking shows they believe lithium prices will keep falling, which will motivate continued downward pressure on cathode prices from cell makers. ",{"type":577,"attrs":672,"content":673},{"textAlign":49},[674],{"text":675,"type":582},"Cathode makers, who began the year expecting a bounceback, initially treated discounts to cell producers as a temporary measure to strengthen market share before the return of stronger EV demand, Hartley said. ",{"type":577,"attrs":677,"content":678},{"textAlign":49},[679],{"text":680,"type":582},"With the end of the third quarter showing no signs that EV demand will recover to last year’s levels and price-cutting measures having lasted much longer than hoped, the strategy is looking increasingly unsustainable for cathode producers. ",{"type":577,"attrs":682,"content":683},{"textAlign":49},[684],{"text":685,"type":582},"In a sign of mounting stresses on the midstream, it is becoming more common for cell makers to buy cathode raw materials on the spot market, on behalf of cathode producers, to ease their input costs and sustain production.",{"type":655,"attrs":687,"content":688},{"level":657,"textAlign":49},[689],{"text":690,"type":582},"Record capacity expansions",{"type":577,"attrs":692,"content":693},{"textAlign":49},[694],{"text":695,"type":582},"The conditions for the midstream margin squeeze was laid during the pandemic, when rapid capacity expansion occurred on the back of record demand for EVs between 2021 and 2022. ",{"type":577,"attrs":697,"content":698},{"textAlign":49},[699],{"text":700,"type":582},"Between August 2021 and August 2023, existing Chinese cathode capacity shot up 76%. Investments came from industry incumbents as well as new players from adjacent industries such as fertilisers and chemicals. These entrants already held the resources needed to produce LFP cathode materials, a cost-effective cathode input with high market share. ",{"type":577,"attrs":702,"content":703},{"textAlign":49},[704],{"text":705,"type":582},"This made for a crowded segment prone to competition and under-cutting, something that is giving cell makers immense negotiating power over cathode prices today.",{"type":577,"attrs":707,"content":708},{"textAlign":49},[709],{"text":710,"type":582},"A large portion of recent capacity additions are owned by tier 2 and 3 producers, many of whom are currently not qualified to supply foreign EV markets. This has created a segment dependent on continued high Chinese EV sales growth. ",{"type":577,"attrs":712,"content":713},{"textAlign":49},[714],{"text":715,"type":582},"Hartley emphasises that Chinese EV demand is still growing. However, current growth is no longer at levels that would justify the capacity commitments made over the past two years.","Chinese cathode margins are narrowing after months of pressure from cell makers on the prices of their products. Nickel cobalt aluminium (NCA) and nickel cobalt manganese (NCM) 811 cathode materials fell 39% and 41% between January and August 2023 while lithium iron phosphate (LFP) fell 52% on the Chinese markets, as assessed by Benchmark. Shenzhen […]",[718],{"slug":565,"name":566,"content":719},{"job_title":568,"image":720,"bio":571,"linkedin":572},{"filename":570},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a2e15d4b-b5d0-488b-9c14-20274c8cf010\", \"id\": \"\"}-->","article",[724,727,728,730],{"slug":725,"name":726},"batteries","Batteries",{"slug":584,"name":298},{"slug":729,"name":8},"lithium",{"slug":731,"name":150},"nickel","private",{"id":49,"alt":734,"name":735,"focus":735,"title":734,"source":735,"filename":736,"copyright":735,"fieldtype":737,"meta_data":738,"is_external_url":51},"Closeup of Electric car lithium battery pack and wiring connections internal between cells","","https://a.storyblok.com/f/287943243085208/2a434838b0/bm-shutterstock-2100990706.jpg","asset",{"alt":734,"title":734,"source":735,"copyright":735},"Sep 19, 2023","19th September 2023",[],[],1785165556926]