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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":687,"relatedVideos":688},114839397296466,"edfa71df-9b07-482a-ade9-c82250a1cf38","Ganfeng Chairman’s speech adds fuel to lithium price rally in China","ganfeng-chairmans-speech-adds-fuel-to-lithium-price-rally-in-china","article/ganfeng-chairmans-speech-adds-fuel-to-lithium-price-rally-in-china",{"_uid":547,"date":548,"tags":549,"editor":556,"content":566,"excerpt":661,"featured":51,"reporter":662,"_editable":666,"component":667,"seo_title":543,"categories":668,"visibility":680,"author_company":49,"featured_image":681,"seo_description":661,"author_full_name":49,"author_job_title":49,"formattedDate":685,"formattedArticleDate":686},"83bd3856-0c30-4b43-afad-a60812b733e0","2025-11-17 00:00",[550,553],{"slug":551,"name":552},"china","China",{"slug":554,"name":555},"ganfeng","Ganfeng Lithium",[557],{"slug":558,"name":559,"content":560},"matthew-bird","Matthew Bird",{"job_title":561,"image":562,"bio":564,"linkedin":565},"Senior Editor - Supply Chains & Data Visualisation",{"filename":563},"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":567,"content":568},"doc",[569,576,581,586,598,605,610,615,620,628,633,638,643,648,653,658],{"type":570,"attrs":571,"content":572},"paragraph",{"textAlign":49},[573],{"text":574,"type":575},"Lithium chemical prices spiked in China on Monday following a bullish speech by the chairman of Ganfeng – the world’s third-largest lithium producer – in which it was suggested that lithium demand growth could reach 30% in 2026.","text",{"type":570,"attrs":577,"content":578},{"textAlign":49},[579],{"text":580,"type":575},"In a keynote speech on 16 November at the 10th International Summit on Power Battery Application in Shanghai, Li Liangbin shared Ganfeng’s view on supply–demand fundamentals and price trends into 2026. It was noted that should Chinese demand from energy storage system (ESS) end markets and heavy-duty trucks surprise to the upside, the lithium market could enter deficit as soon as next year.",{"type":570,"attrs":582,"content":583},{"textAlign":49},[584],{"text":585,"type":575},"Futures market quotations rose sharply following the speech, with Benchmark today recording a comparatively more moderate increase in its latest daily lithium carbonate (EXW China) price assessment. Spot activity remains thin, with some sellers withholding volumes to capitalise on upward price momentum.",{"type":587,"attrs":588},"blok",{"id":589,"body":590},"0ff9eece-7a69-4c6e-ac7b-c54db561a79f",[591],{"id":592,"_uid":593,"type":594,"_editable":595,"component":596,"fixed_height":597,"use_fixed_height":50,"fixed_height_mobile":597,"fixed_height_tablet":597},"26288714","i-bc69b397-0db1-4a9b-8bdc-0f8fcf7d91f0","visualisation","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-bc69b397-0db1-4a9b-8bdc-0f8fcf7d91f0\", \"id\": \"\"}-->","ContentFlourish","",{"type":599,"attrs":600,"content":602},"heading",{"level":601,"textAlign":49},4,[603],{"text":604,"type":575},"Is speculation underpinning the rally?",{"type":570,"attrs":606,"content":607},{"textAlign":49},[608],{"text":609,"type":575},"Bullish sentiment has so far been confined to financial markets following the speech, and it remains to be seen whether cathode active material (CAM) and cell producers are convinced that the recent ESS surge will be sustained over the medium term. In conversations with Benchmark, downstream purchasers have not yet echoed the bullish demand sentiment implied by the rise in futures quotations seen over the weekend.",{"type":570,"attrs":611,"content":612},{"textAlign":49},[613],{"text":614,"type":575},"Nevertheless, the speech caps a month of consistent price increases, driven by strengthening sentiment around China’s downstream demand outlook for next year.",{"type":570,"attrs":616,"content":617},{"textAlign":49},[618],{"text":619,"type":575},"Against a backdrop of falling inventories – Benchmark’s Lithium Monthly Inventory China tracker recorded a net drawdown in October twice as large as in September – buyers in China have been bidding higher prices for lithium carbonate and hydroxide to feed rising cathode production activity. Feedstock has been subject to a similar bidding war, with major producers reporting limited unassigned volumes available for the spot market before year end, while converters maintain high utilisation rates.",{"type":587,"attrs":621},{"id":622,"body":623},"60676a85-cb63-4179-9e42-ff42f12d6b72",[624],{"id":625,"_uid":626,"type":594,"_editable":627,"component":596,"fixed_height":597,"use_fixed_height":50,"fixed_height_mobile":597,"fixed_height_tablet":597},"26288301","i-7ba641fa-431b-4010-8ddc-a53266932c63","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-7ba641fa-431b-4010-8ddc-a53266932c63\", \"id\": \"\"}-->",{"type":570,"attrs":629,"content":630},{"textAlign":49},[631],{"text":632,"type":575},"Inventory levels are an important indicator of short-term price sentiment. If the current destocking trend persists beyond Q4 – which typically sees seasonal inventory drawdowns – it would reinforce the contango presently seen in Chinese lithium futures quotations.",{"type":570,"attrs":634,"content":635},{"textAlign":49},[636],{"text":637,"type":575},"Benchmark’s view is that the recent price consolidation reflects improving sentiment rather than a substantive change in market fundamentals, with oversupply expected to persist through 2026. Moreover, with CATL rumoured to bring its Jianxiawo lepidolite mine in Jiangxi province back online before year end, supply-side fundamentals continue to strengthen into next year. This is in addition to new lithium sulphate capacity ramping up in Zimbabwe.",{"type":599,"attrs":639,"content":640},{"level":601,"textAlign":49},[641],{"text":642,"type":575},"Royalty adjustments add to cost pressures",{"type":570,"attrs":644,"content":645},{"textAlign":49},[646],{"text":647,"type":575},"Lithium prices had already experienced upward pressure earlier in November following news that CATL’s Jianxiawo mine, along with seven other lepidolite projects in Jiangxi province, would be subject to historical royalty backpayments.",{"type":570,"attrs":649,"content":650},{"textAlign":49},[651],{"text":652,"type":575},"This covers the period during which the affected producers reported the extraction of lithium-bearing material as a byproduct. This categorisation resulted in a lower royalty rate of 2.5% of the value of lepidolite sold. Following the submission of resource reports in September 2025, these eight producers are now subject to the higher 9.5% rate and are also liable to repay the difference accrued over the underpayment period.",{"type":570,"attrs":654,"content":655},{"textAlign":49},[656],{"text":657,"type":575},"This adjustment moderately increases costs for these already high-cost producers, who sit at the upper end of the lithium cost curve.",{"type":570,"attrs":659,"content":660},{"textAlign":49},[],"Lithium chemical prices spiked in China on Monday following a bullish speech by the chairman of Ganfeng – the world’s third-largest lithium producer – in which it was suggested that lithium demand growth could reach 30% in 2026. In a keynote speech on 16 November at the 10th International Summit on Power Battery Application in […]",[663],{"slug":558,"name":559,"content":664},{"job_title":561,"image":665,"bio":564,"linkedin":565},{"filename":563},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"83bd3856-0c30-4b43-afad-a60812b733e0\", \"id\": \"\"}-->","article",[669,672,675,678],{"slug":670,"name":671},"batteries","Batteries",{"slug":673,"name":674},"critical-minerals","Critical Minerals",{"slug":676,"name":677},"ess","ESS",{"slug":679,"name":8},"lithium","private",{"id":49,"alt":597,"name":597,"focus":597,"title":597,"source":597,"filename":682,"copyright":597,"fieldtype":683,"meta_data":684,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/3a9d11f6cf/bm-ganfeng-lithium-tesla-supply-deal.jpg","asset",{"alt":597,"title":597,"source":597,"copyright":597},"Nov 17, 2025","17th November 2025",[],[],1784294231010]