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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":573,"content":574},"doc",[575,603,621,629,639,649,671,679,686,694,702,710,718,726,748,769,775,783,791,799,821,829,835,857,865,873,881,915,923,931],{"type":576,"attrs":577,"content":578},"paragraph",{"textAlign":49},[579,587,598],{"text":580,"type":581,"marks":582},"Price movements in ","text",[583],{"type":584,"attrs":585},"textStyle",{"color":586},"#000000",{"text":588,"type":581,"marks":589},"battery raw material markets",[590,596],{"type":591,"attrs":592},"link",{"href":593,"uuid":49,"anchor":49,"target":594,"linktype":595},"https://intelligence.benchmarkminerals.com/publications/special-issues/2026-outlook-whitepaper-a-turning-point-for-critical-materials","_self","url",{"type":584,"attrs":597},{"color":586},{"text":599,"type":581,"marks":600}," since June last year look very familiar to those seen during the 2021/22 cycle.",[601],{"type":584,"attrs":602},{"color":586},{"type":576,"attrs":604,"content":605},{"textAlign":49},[606,616],{"text":607,"type":581,"marks":608},"Lithium, cobalt and nickel prices",[609,614],{"type":591,"attrs":610},{"href":611,"uuid":612,"anchor":49,"target":594,"linktype":613},"/publications/briefings/raw-material-prices/raw-materials-price-briefing-13-02-2026","9eb409ae-4e13-4855-b133-402fd9ab53b8","story",{"type":584,"attrs":615},{"color":586},{"text":617,"type":581,"marks":618}," are once again breaking higher after prolonged downturns, and the pace, sequencing and momentum closely resemble late 2021, just before the energy storage sector erupted into one of the strongest bull runs in its history.",[619],{"type":584,"attrs":620},{"color":586},{"type":576,"attrs":622,"content":623},{"textAlign":49},[624],{"text":625,"type":581,"marks":626},"Although the absolute prices are lower than during the 2021/22 rally, the patterns are similar.",[627],{"type":584,"attrs":628},{"color":586},{"type":630,"attrs":631},"blok",{"id":632,"body":633},"c9873c6f-e78e-4b72-a808-1a02df2fb3f5",[634],{"id":635,"_uid":636,"type":613,"component":637,"fixed_height":638,"use_fixed_height":50,"fixed_height_mobile":638,"fixed_height_tablet":638},"3590001","i-47962ce4-72dd-44c8-8463-615a096a7c09","ContentFlourish","",{"type":640,"attrs":641,"content":643},"heading",{"level":642,"textAlign":49},2,[644],{"text":645,"type":581,"marks":646},"Lithium: The Breakout Phase",[647],{"type":584,"attrs":648},{"color":586},{"type":576,"attrs":650,"content":651},{"textAlign":49},[652,657,666],{"text":653,"type":581,"marks":654},"In the last cycle, lithium carbonate (CIF Asia) prices surged 248% between June 2021 to January 2022, exploding from $11,500/tonne to $40,000/tonne before continuing to ",[655],{"type":584,"attrs":656},{"color":586},{"text":658,"type":581,"marks":659},"hit record highs",[660,664],{"type":591,"attrs":661},{"href":662,"uuid":663,"anchor":49,"target":594,"linktype":613},"/article/why-are-lithium-prices-in-china-soaring-this-week","5709f47a-e116-4be1-8db7-6794ce1a2288",{"type":584,"attrs":665},{"color":586},{"text":667,"type":581,"marks":668},".",[669],{"type":584,"attrs":670},{"color":586},{"type":576,"attrs":672,"content":673},{"textAlign":49},[674],{"text":675,"type":581,"marks":676},"This time, between June 2025 to January 2026, lithium has climbed 128%, rising from $8,000/tonne to $18,250/tonne.",[677],{"type":584,"attrs":678},{"color":586},{"type":630,"attrs":680},{"id":632,"body":681},[682],{"id":683,"_uid":684,"type":685,"component":637,"fixed_height":638,"use_fixed_height":50,"fixed_height_mobile":638,"fixed_height_tablet":638},"27692570","i-17980a32-2118-4c1d-92af-16da482c9837","visualisation",{"type":576,"attrs":687,"content":688},{"textAlign":49},[689],{"text":690,"type":581,"marks":691},"In both cases, the market reflected increasingly gloomy sentiment as the price range tightened before firming in Q4 ahead of a sharp January acceleration. The current move from $11,300/tonne at end-December 2025 to $19,000/tonne by mid-February – a near 70% surge in six weeks – echoes the early breakout dynamics of 2022, stoked by depleted supply chain inventory.",[692],{"type":584,"attrs":693},{"color":586},{"type":640,"attrs":695,"content":696},{"level":642,"textAlign":49},[697],{"text":698,"type":581,"marks":699},"Cobalt: Policy driven this time",[700],{"type":584,"attrs":701},{"color":586},{"type":576,"attrs":703,"content":704},{"textAlign":49},[705],{"text":706,"type":581,"marks":707},"Cobalt hydroxide prices are a more dramatic story this time around, though with a different rationale.",[708],{"type":584,"attrs":709},{"color":586},{"type":576,"attrs":711,"content":712},{"textAlign":49},[713],{"text":714,"type":581,"marks":715},"Between June 2021 and January 2022, prices rose 63%, climbing from $40,100/tonne to $65,208/tonne as battery demand accelerated and supply struggled to keep pace.",[716],{"type":584,"attrs":717},{"color":586},{"type":576,"attrs":719,"content":720},{"textAlign":49},[721],{"text":722,"type":581,"marks":723},"From June 2025 to January 2026, cobalt has jumped 126%, surging from roughly $25,350/tonne to more than $57,300/tonne, almost twice the percentage gain seen at the same stage of the previous cycle.",[724],{"type":584,"attrs":725},{"color":586},{"type":576,"attrs":727,"content":728},{"textAlign":49},[729,734,743],{"text":730,"type":581,"marks":731},"The sharp ",[732],{"type":584,"attrs":733},{"color":586},{"text":735,"type":581,"marks":736},"October 2025 increase",[737,741],{"type":591,"attrs":738},{"href":739,"uuid":740,"anchor":49,"target":594,"linktype":613},"/article/cobalt-prices-surge-after-chinas-golden-week-as-drc-export-quotas-fuel-supply-concerns","0484de60-3473-4f89-bb75-8a675cdbab0c",{"type":584,"attrs":742},{"color":586},{"text":744,"type":581,"marks":745},", nearly 50% in a matter of weeks, mirrors the Q4 acceleration that preceded cobalt’s 2022 highs.",[746],{"type":584,"attrs":747},{"color":586},{"type":576,"attrs":749,"content":750},{"textAlign":49},[751,756,765],{"text":752,"type":581,"marks":753},"However, the underlying driver this time is materially different. Whereas the 2021–2022 rally was fuelled largely by demand outstripping supply amidst rapid battery sector expansion, the current surge has been driven primarily by supply restriction following the DRC’s export ban and subsequent ",[754],{"type":584,"attrs":755},{"color":586},{"text":757,"type":581,"marks":758},"quota enforcement",[759,763],{"type":591,"attrs":760},{"href":761,"uuid":762,"anchor":49,"target":594,"linktype":613},"/article/drc-to-lift-cobalt-export-ban-and-impose-quotas-through-2027","f7770a3b-8ebe-489f-ac18-ccd3d682f730",{"type":584,"attrs":764},{"color":586},{"text":667,"type":581,"marks":766},[767],{"type":584,"attrs":768},{"color":586},{"type":630,"attrs":770},{"id":632,"body":771},[772],{"id":773,"_uid":774,"type":685,"component":637,"fixed_height":638,"use_fixed_height":50,"fixed_height_mobile":638,"fixed_height_tablet":638},"27693314","i-9c3da067-e8f7-4ec4-8ab3-7ec3c3b6cb49",{"type":640,"attrs":776,"content":777},{"level":642,"textAlign":49},[778],{"text":779,"type":581,"marks":780},"Nickel: Tighter market under the surface",[781],{"type":584,"attrs":782},{"color":586},{"type":576,"attrs":784,"content":785},{"textAlign":49},[786],{"text":787,"type":581,"marks":788},"Nickel MHP prices are also mirroring those of the 2021/22 cycle, with similar percentage gains.",[789],{"type":584,"attrs":790},{"color":586},{"type":576,"attrs":792,"content":793},{"textAlign":49},[794],{"text":795,"type":581,"marks":796},"In the run-up to the 2022 spike, nickel rose 26% from June 2021 to January 2022. In the current cycle, it has gained 28% from June 2025 to late January 2026, tightening steadily from roughly $12,750/tonne to above $16,000/tonne before easing slightly in February.",[797],{"type":584,"attrs":798},{"color":586},{"type":576,"attrs":800,"content":801},{"textAlign":49},[802,807,816],{"text":803,"type":581,"marks":804},"LME nickel prices have remained elevated through much of the current period, keeping MHP payables high and reinforcing floor support. At the same time, far stricter ",[805],{"type":584,"attrs":806},{"color":586},{"text":808,"type":581,"marks":809},"Indonesian RKAB mining quotas",[810,814],{"type":591,"attrs":811},{"href":812,"uuid":813,"anchor":49,"target":594,"linktype":613},"/article/indonesia-announces-significantly-lower-nickel-rkab-quotas","4f8ae390-bfc8-4b79-8cf8-766487872aaa",{"type":584,"attrs":815},{"color":586},{"text":817,"type":581,"marks":818}," have constrained domestic ore availability, tightening the upstream pipeline.",[819],{"type":584,"attrs":820},{"color":586},{"type":576,"attrs":822,"content":823},{"textAlign":49},[824],{"text":825,"type":581,"marks":826},"Even during a broader commodities pullback – when gold and silver briefly softened and nickel metal prices wobbled – structural support remained intact. Indonesian policy discipline, combined with increased demand from refiners reacting to DRC-related cobalt disruption, has kept concerns over MHP availability firmly in focus.",[827],{"type":584,"attrs":828},{"color":586},{"type":630,"attrs":830},{"id":632,"body":831},[832],{"id":833,"_uid":834,"type":685,"component":637,"fixed_height":638,"use_fixed_height":50,"fixed_height_mobile":638,"fixed_height_tablet":638},"27693728","i-047f1907-4d94-4b46-93d8-05dd44a59cfd",{"type":576,"attrs":836,"content":837},{"textAlign":49},[838,843,852],{"text":839,"type":581,"marks":840},"Nickel may not yet exhibit the explosive volatility of early 2022, driven by the ",[841],{"type":584,"attrs":842},{"color":586},{"text":844,"type":581,"marks":845},"LME’s short squeeze",[846,850],{"type":591,"attrs":847},{"href":848,"uuid":849,"anchor":49,"target":594,"linktype":613},"/article/faltering-trust-in-the-lme-leads-to-new-mhp-nickel-pricing-methods","89fadf3c-0f43-49f6-ae9b-818e6ce90844",{"type":584,"attrs":851},{"color":586},{"text":853,"type":581,"marks":854},", but beneath the surface, the market is considerably tighter than headline price moves alone would suggest.",[855],{"type":584,"attrs":856},{"color":586},{"type":640,"attrs":858,"content":859},{"level":642,"textAlign":49},[860],{"text":861,"type":581,"marks":862},"The rhyme is hard to ignore",[863],{"type":584,"attrs":864},{"color":586},{"type":576,"attrs":866,"content":867},{"textAlign":49},[868],{"text":869,"type":581,"marks":870},"Across all three commodities, the sequence is consistent: prolonged bear-market compression, mid-year base price formation, Q4 breakout, January momentum.",[871],{"type":584,"attrs":872},{"color":586},{"type":576,"attrs":874,"content":875},{"textAlign":49},[876],{"text":877,"type":581,"marks":878},"The numbers reinforce the June-January trend:",[879],{"type":584,"attrs":880},{"color":586},{"type":882,"content":883},"bullet_list",[884,895,905],{"type":885,"content":886},"list_item",[887],{"type":576,"attrs":888,"content":889},{"textAlign":49},[890],{"text":891,"type":581,"marks":892},"Lithium: +248% then vs +128% now",[893],{"type":584,"attrs":894},{"color":586},{"type":885,"content":896},[897],{"type":576,"attrs":898,"content":899},{"textAlign":49},[900],{"text":901,"type":581,"marks":902},"Cobalt: +63% then vs +126% now",[903],{"type":584,"attrs":904},{"color":586},{"type":885,"content":906},[907],{"type":576,"attrs":908,"content":909},{"textAlign":49},[910],{"text":911,"type":581,"marks":912},"Nickel: +26% then vs +28% now",[913],{"type":584,"attrs":914},{"color":586},{"type":576,"attrs":916,"content":917},{"textAlign":49},[918],{"text":919,"type":581,"marks":920},"In percentage terms, the early-stage moves are comparable, and in cobalt’s case, stronger.",[921],{"type":584,"attrs":922},{"color":586},{"type":576,"attrs":924,"content":925},{"textAlign":49},[926],{"text":927,"type":581,"marks":928},"In late 2021, few anticipated that lithium would exceed $70,000/t within a year. Yet the signal was there: once battery raw materials broke structurally higher after a prolonged downturn, moves became nonlinear.",[929],{"type":584,"attrs":930},{"color":586},{"type":576,"attrs":932,"content":933},{"textAlign":49},[934],{"text":935,"type":581,"marks":936},"Today’s rally may still be in its opening chapter. But if history rhymes, the market is once again standing at a familiar starting line.",[937],{"type":584,"attrs":938},{"color":586},"Price movements in battery raw material markets since June last year look very familiar to those seen during the 2021/22 cycle.\n\nLithium, cobalt and nickel prices are once again breaking higher after prolonged downturns, and the pace, sequencing and momentum closely resemble late 2021, just before the energy storage sector erupted into one of the strongest bull runs in its history.\n\nAlthough the absolute prices are lower than during the 2021/22 rally, the patterns are similar.",[941],{"slug":942,"name":943,"content":944},"daisy-jennings-gray","Daisy Jennings-Gray",{"job_title":945,"image":946,"bio":948,"linkedin":949,"markets_covered":950},"Head of Prices",{"filename":947},"https://a.storyblok.com/f/287943243085208/440x410/c313cfb287/daisy.webp","Daisy is Head of Prices at Benchmark Mineral Intelligence and is responsible for price assessment publication and methodology development across all raw materials and battery components, including lithium, nickel, cobalt, graphite, rare earth elements, black mass, anode and cathode. She has 5 years' experience in price reporting, having primarily covered lithium and graphite markets when she joined Benchmark as an analyst, as well as reporting on European wholesale natural gas markets at another PRA prior to this. Daisy graduated with a First Class Honours MSci in Geology from Imperial College London. ","https://www.linkedin.com/in/daisyjennings-gray/","Lithium, nickel, cobalt, natural graphite, synthetic graphite, anode, cathode, rare earths, black mass","article","Déjà vu in Battery Raw Materials",[954,957,959,961],{"slug":955,"name":956},"critical-minerals","Critical Minerals",{"slug":958,"name":8},"lithium",{"slug":960,"name":115},"cobalt",{"slug":962,"name":150},"nickel","private",{"id":965,"alt":638,"name":638,"focus":638,"title":638,"source":638,"filename":966,"copyright":638,"fieldtype":967,"meta_data":968,"is_external_url":50},146678278585853,"https://a.storyblok.com/f/287943243085208/2051x937/ec9041b74f/deja-vu-in-battery-mineral-prices.png","asset",{},{"id":970,"alt":638,"name":638,"focus":638,"title":638,"source":638,"filename":971,"copyright":638,"fieldtype":967,"meta_data":972,"is_external_url":50},129069118463559,"https://a.storyblok.com/f/287943243085208/e82c0c3b3c/bm-launch-collage-1-1.png",{},"Price movements in battery raw material markets since June last year look very familiar to those seen during the 2021/22 cycle.\n\nLithium, cobalt and nickel prices are once again breaking higher after prolonged downturns.","Feb 19, 2026","19th February 2026",[],[],1780500914886]