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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":798,"relatedVideos":799},112470996375854,"434aa0b0-a7f0-4138-ae17-0272e77285f0","Four charts to understand the state of the cathode market","four-charts-to-understand-the-state-of-the-cathode-market","article/four-charts-to-understand-the-state-of-the-cathode-market",{"_uid":547,"date":548,"tags":549,"editor":553,"content":563,"excerpt":774,"featured":51,"reporter":775,"_editable":779,"component":780,"seo_title":543,"categories":781,"visibility":787,"author_company":49,"data_vis_image":788,"featured_image":793,"seo_description":774,"author_full_name":49,"author_job_title":49,"formattedDate":796,"formattedArticleDate":797},"4786ed6c-b8f2-45ed-b523-fc38f366169f","2023-08-01 00:00",[550],{"slug":551,"name":552},"data-visualisation","Data Visualisation",[554],{"slug":555,"name":556,"content":557},"matthew-bird","Matthew Bird",{"job_title":558,"image":559,"bio":561,"linkedin":562},"Senior Editor - Supply Chains & Data Visualisation",{"filename":560},"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":564,"content":565},"doc",[566,583,612,617,638,647,660,665,672,677,682,690,695,708,713,718,726,731,736,741,746,751,759,764,769],{"type":567,"attrs":568,"content":569},"paragraph",{"textAlign":49},[570,573,581],{"text":571,"type":572},"The cathode market is set to be balanced until 2027, after which it is forecast to enter a growing deficit, according to ","text",{"text":574,"type":572,"marks":575},"Benchmark’s Cathode Forecast",[576],{"type":577,"attrs":578},"link",{"href":579,"uuid":49,"anchor":49,"target":49,"linktype":580},"https://www.benchmarkminerals.com/forecasts/cathode","url",{"text":582,"type":572},". Despite this overall balance, a closer look reveals imbalances in some areas of the cathode market.",{"type":567,"attrs":584,"content":585},{"textAlign":49},[586,588,594,596,602,604,610],{"text":587,"type":572},"Firstly, ",{"text":589,"type":572,"marks":590},"only China",[591],{"type":577,"attrs":592},{"href":593,"uuid":49,"anchor":49,"target":49,"linktype":580},"https://source.benchmarkminerals.com/article/infographic-chinas-lithium-ion-battery-supply-chain-dominance",{"text":595,"type":572}," and the ",{"text":597,"type":572,"marks":598},"rest of Asia",[599],{"type":577,"attrs":600},{"href":601,"uuid":49,"anchor":49,"target":49,"linktype":580},"https://source.benchmarkminerals.com/article/indonesia-expands-presence-in-ev-supply-chain-with-chinese-cathode-and-anode-plants",{"text":603,"type":572}," have surplus cathode supply relative to their demand. ",{"text":605,"type":572,"marks":606},"Western markets are all in deficit",[607],{"type":577,"attrs":608},{"href":609,"uuid":49,"anchor":49,"target":49,"linktype":580},"https://source.benchmarkminerals.com/article/the-looming-us-and-europe-cathode-shortage",{"text":611,"type":572}," as their growth in demand outpaces growth in domestic supply.",{"type":567,"attrs":613,"content":614},{"textAlign":49},[615],{"text":616,"type":572},"Secondly, China has a large number of Tier 2 and Tier 3 cathode material producers which cannot sell into Western EV markets resulting in surplus production of cathode material in these tiers and a deficit of Tier 1 material.",{"type":567,"attrs":618,"content":619},{"textAlign":49},[620,622,628,630,636],{"text":621,"type":572},"Further, the market is only balanced in terms of overall cathode material tonnage. Growth in demand for some specific chemistries such as ",{"text":623,"type":572,"marks":624},"lithium iron phosphate",[625],{"type":577,"attrs":626},{"href":627,"uuid":49,"anchor":49,"target":49,"linktype":580},"https://source.benchmarkminerals.com/article/chinese-lfp-cathode-prices-rise-as-battery-demand-recovers",{"text":629,"type":572}," (LFP) and some forms of ",{"text":631,"type":572,"marks":632},"nickel cobalt manganese",[633],{"type":577,"attrs":634},{"href":635,"uuid":49,"anchor":49,"target":49,"linktype":580},"https://source.benchmarkminerals.com/article/ncm-811-cathode-production-in-deficit-from-next-year",{"text":637,"type":572}," (NCM) is outpacing supply growth.",{"type":567,"attrs":639,"content":640},{"textAlign":49},[641],{"type":642,"attrs":643},"image",{"id":49,"alt":644,"src":645,"title":49,"source":49,"copyright":49,"meta_data":646},"The overall cathode market is balanced in the short term","https://a.storyblok.com/f/287943243085208/02dfa2373e/bm-cathode-overall-balance.png",{},{"type":567,"attrs":648,"content":649},{"textAlign":49},[650,652,658],{"text":651,"type":572},"Analysis by Benchmark showed that at least ",{"text":653,"type":572,"marks":654},"$39.5 billion of investment",[655],{"type":577,"attrs":656},{"href":657,"uuid":49,"anchor":49,"target":49,"linktype":580},"https://source.benchmarkminerals.com/article/financing-the-battery-arms-race-the-514-billion-cost-of-bridging-the-global-ev-supply-chain-divide",{"text":659,"type":572}," is needed in cathode production to close the gap between today’s supply and 2030’s demand.",{"type":567,"attrs":661,"content":662},{"textAlign":49},[663],{"text":664,"type":572},"“The consequence of the imbalances is that we will see greater investment upstream, specifically for LFP which will allow for considerably lower EV prices,” Rob Burrell, an analyst at Benchmark, said.",{"type":666,"attrs":667,"content":669},"heading",{"level":668,"textAlign":49},4,[670],{"text":671,"type":572},"Tier and regional imbalances",{"type":567,"attrs":673,"content":674},{"textAlign":49},[675],{"text":676,"type":572},"Cathode production is so highly concentrated in Asia, that the region produces significantly more material than it needs. China, the largest producer of cathode material, is forecast to produce 57% more material than is needed to meet its domestic battery demand this year.",{"type":567,"attrs":678,"content":679},{"textAlign":49},[680],{"text":681,"type":572},"The rest of the world relies almost entirely on imports from Asia to support their domestic needs.",{"type":567,"attrs":683,"content":684},{"textAlign":49},[685],{"type":642,"attrs":686},{"id":49,"alt":687,"src":688,"title":49,"source":49,"copyright":49,"meta_data":689},"Asia is forecast to produce surplus cathode material relative to its domestic requirements","https://a.storyblok.com/f/287943243085208/46f4c767db/bm-cathode-regional-balance.png",{},{"type":567,"attrs":691,"content":692},{"textAlign":49},[693],{"text":694,"type":572},"Although the Inflation Reduction Act has stimulated investment into the US supply chain, the country will still depend heavily on supplies of cathode material from outside the country until this market matures.",{"type":567,"attrs":696,"content":697},{"textAlign":49},[698,700,706],{"text":699,"type":572},"As such, ",{"text":701,"type":572,"marks":702},"Western markets",[703],{"type":577,"attrs":704},{"href":705,"uuid":49,"anchor":49,"target":49,"linktype":580},"https://source.benchmarkminerals.com/article/chinas-xtc-and-orano-strike-e1-5-billion-deal-for-frances-first-cathode-production",{"text":707,"type":572}," still rely on Asian cathode material. But in China, a significant number of producers are Tier 2 or 3 and are not qualified to be used in cells destined for Western EV markets",{"type":567,"attrs":709,"content":710},{"textAlign":49},[711],{"text":712,"type":572},"To meet the requirements of non-Chinese companies, cell makers need to use cathode material from Tier 1 suppliers. Benchmark forecasts this tier will be in a deficit for the first time this year.",{"type":567,"attrs":714,"content":715},{"textAlign":49},[716],{"text":717,"type":572},"“OEMs will look to qualify Tier 2 material in order to cover the Tier 1 deficits,” Burrell said.",{"type":567,"attrs":719,"content":720},{"textAlign":49},[721],{"type":642,"attrs":722},{"id":49,"alt":723,"src":724,"title":49,"source":49,"copyright":49,"meta_data":725},"Tier 1 cathode material in deficit for the first time this year","https://a.storyblok.com/f/287943243085208/f1156a7ca6/bm-cathode-tier-balance-1.png",{},{"type":666,"attrs":727,"content":728},{"level":668,"textAlign":49},[729],{"text":730,"type":572},"LFP and NCM undersupply",{"type":567,"attrs":732,"content":733},{"textAlign":49},[734],{"text":735,"type":572},"This year, LFP is forecast to be in a deficit of 228,000 tonnes though this will reduce to 107,000 by 2026 as new capacity is brought online. However, demand is forecast to grow rapidly, significantly outpacing the forecast growth in supply in the latter half of the decade.",{"type":567,"attrs":737,"content":738},{"textAlign":49},[739],{"text":740,"type":572},"Burrell says that in the mid-term, China has the ability to bring online enough new capacity to close this gap. Benchmark’s Cathode Forecast shows that 99% of LFP cathode material will be produced in China this year, dropping slightly to 95% in 2030.",{"type":567,"attrs":742,"content":743},{"textAlign":49},[744],{"text":745,"type":572},"“The challenge would be for getting enough Tier 1 LFP capacity online for the EV market,” Burrell said, adding that the LFP deficit is particularly severe for North America as the region looks to move away from Chinese supply.",{"type":567,"attrs":747,"content":748},{"textAlign":49},[749],{"text":750,"type":572},"Demand for high-nickel cathode chemistries is expected to grow rapidly in the coming years as more high-end applications emerge. This growth will be especially strong in North America due to the high demand for EVs with longer ranges.",{"type":567,"attrs":752,"content":753},{"textAlign":49},[754],{"type":642,"attrs":755},{"id":49,"alt":756,"src":757,"title":49,"source":49,"copyright":49,"meta_data":758},"LFP and NCM 811 represent most of deficit in 2030","https://a.storyblok.com/f/287943243085208/bf981b3fed/bm-cathode-chemistry-balance.png",{},{"type":567,"attrs":760,"content":761},{"textAlign":49},[762],{"text":763,"type":572},"NCM 811 demand is on track to grow over six times between 2023 and 2030, with a deficit emerging from 2025.",{"type":567,"attrs":765,"content":766},{"textAlign":49},[767],{"text":768,"type":572},"To meet the growing demand for NCM 811, some applications may shift to other chemistries such as NCM 622 or 523, the latter of which is in a surplus.",{"type":567,"attrs":770,"content":771},{"textAlign":49},[772],{"text":773,"type":572},"“I think mid-nickel variants will be able to satisfy most needs in relation to performance, especially when they are not in the high-performance category,” Burrell said. “NCM 811 will still be required to achieve the highest ranges, however.”","The cathode market is set to be balanced until 2027, after which it is forecast to enter a growing deficit, according to Benchmark’s Cathode Forecast. Despite this overall balance, a closer look reveals imbalances in some areas of the cathode market. Firstly, only China and the rest of Asia have surplus cathode supply relative to […]",[776],{"slug":555,"name":556,"content":777},{"job_title":558,"image":778,"bio":561,"linkedin":562},{"filename":560},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4786ed6c-b8f2-45ed-b523-fc38f366169f\", \"id\": \"\"}-->","article",[782,785],{"slug":783,"name":784},"batteries","Batteries",{"slug":786,"name":298},"cathode","private",{"id":49,"alt":789,"name":789,"focus":789,"title":789,"source":789,"filename":790,"copyright":789,"fieldtype":791,"meta_data":792,"is_external_url":51},"","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1694087942/www-production/Cathode-tier-balance-redact/Cathode-tier-balance-redact.png?_i=AA","asset",{"alt":789,"title":789,"source":789,"copyright":789},{"id":49,"alt":789,"name":789,"focus":789,"title":789,"source":789,"filename":794,"copyright":789,"fieldtype":791,"meta_data":795,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c9b817b381/bm-operators-working-in-the-cathode-production-in-nysa-poland.jpg",{"alt":789,"title":789,"source":789,"copyright":789},"Aug 01, 2023","1st August 2023",[],[],1780932604546]