[{"data":1,"prerenderedAt":725},["ShallowReactive",2],{"ticker-data":3,"story-article/is-lithium-the-new-rare-earths":550},[4,52,82,112,148,186,229,261,297,336,378,419,460,490,520],{"publishedDate":5,"updateFrequency":6,"updateFrequencyText":7,"label":8,"today":9,"last":10,"percentageChange":11,"yearToDate":12,"yearOnYear":13,"oneYearIndexTrend":14,"url":48,"subscription":49,"isProtected":50,"hasAccess":51},"2026-10-14","2wk","Updated every 2 weeks","Lithium",317.07,322.34,-1.64,35.66,90.62,[15,16,18,21,24,27,30,33,36,39,42,45],{"date":5,"value":9},{"date":17,"value":10},"2026-09-30",{"date":19,"value":20},"2026-09-16",354.99,{"date":22,"value":23},"2026-09-02",385.07,{"date":25,"value":26},"2026-08-19",372.67,{"date":28,"value":29},"2026-08-05",367.54,{"date":31,"value":32},"2026-07-22",388.26,{"date":34,"value":35},"2026-07-08",399.4,{"date":37,"value":38},"2026-06-24",410.62,{"date":40,"value":41},"2026-06-10",427.77,{"date":43,"value":44},"2026-05-27",449.85,{"date":46,"value":47},"2026-05-13",451.12,"/lithium/prices",null,false,true,{"publishedDate":5,"updateFrequency":6,"updateFrequencyText":7,"label":53,"today":54,"last":55,"percentageChange":56,"yearToDate":57,"yearOnYear":58,"oneYearIndexTrend":59,"url":48,"subscription":49,"isProtected":50,"hasAccess":51},"Lithium Carbonate",256.83,278.71,-7.85,1.12,46.89,[60,61,62,64,66,68,70,72,74,76,78,80],{"date":5,"value":54},{"date":17,"value":55},{"date":19,"value":63},300.39,{"date":22,"value":65},306.07,{"date":25,"value":67},297.22,{"date":28,"value":69},296.63,{"date":31,"value":71},309.38,{"date":34,"value":73},317.2,{"date":37,"value":75},330.54,{"date":40,"value":77},346.5,{"date":43,"value":79},358.35,{"date":46,"value":81},350.28,{"publishedDate":5,"updateFrequency":6,"updateFrequencyText":7,"label":83,"today":84,"last":85,"percentageChange":86,"yearToDate":87,"yearOnYear":88,"oneYearIndexTrend":89,"url":48,"subscription":49,"isProtected":50,"hasAccess":51},"Lithium Hydroxide",292.05,311.1,-6.12,43.7,92,[90,91,92,94,96,98,100,102,104,106,108,110],{"date":5,"value":84},{"date":17,"value":85},{"date":19,"value":93},339.85,{"date":22,"value":95},352.45,{"date":25,"value":97},341.12,{"date":28,"value":99},337.87,{"date":31,"value":101},354.36,{"date":34,"value":103},364.06,{"date":37,"value":105},376.67,{"date":40,"value":107},393.29,{"date":43,"value":109},411.01,{"date":46,"value":111},408.51,{"publishedDate":5,"updateFrequency":113,"updateFrequencyText":114,"label":115,"today":116,"last":117,"percentageChange":118,"yearToDate":119,"yearOnYear":120,"oneYearIndexTrend":121,"url":147,"subscription":49,"isProtected":50,"hasAccess":51},"1wk","Updated every week","Cobalt",171.41,173.83,-1.39,-27.13,-1.06,[122,123,125,126,129,131,133,136,138,141,142,145],{"date":5,"value":116},{"date":124,"value":117},"2026-10-07",{"date":17,"value":117},{"date":127,"value":128},"2026-09-23",175.44,{"date":19,"value":130},178.66,{"date":22,"value":132},189.92,{"date":134,"value":135},"2026-08-26",192.6,{"date":25,"value":137},199.83,{"date":139,"value":140},"2026-08-12",217.25,{"date":28,"value":140},{"date":143,"value":144},"2026-07-29",221.25,{"date":31,"value":146},224.44,"/cobalt/prices",{"publishedDate":149,"updateFrequency":6,"updateFrequencyText":7,"label":150,"today":151,"last":152,"percentageChange":153,"yearToDate":154,"yearOnYear":155,"oneYearIndexTrend":156,"url":185,"subscription":49,"isProtected":50,"hasAccess":51},"2026-10-21","Nickel",107.13,114.04,-6.06,-11.27,-0.65,[157,158,159,161,164,166,168,170,173,176,179,182],{"date":149,"value":151},{"date":124,"value":152},{"date":127,"value":160},116.1,{"date":162,"value":163},"2026-09-09",119.13,{"date":134,"value":165},119.61,{"date":139,"value":167},121.04,{"date":143,"value":169},121.19,{"date":171,"value":172},"2026-07-15",122.66,{"date":174,"value":175},"2026-07-01",125.61,{"date":177,"value":178},"2026-06-17",131.5,{"date":180,"value":181},"2026-06-03",134.65,{"date":183,"value":184},"2026-05-20",135.83,"/nickel/prices",{"publishedDate":17,"updateFrequency":187,"updateFrequencyText":188,"label":189,"today":190,"last":191,"percentageChange":192,"yearToDate":193,"yearOnYear":194,"oneYearIndexTrend":195,"url":228,"subscription":49,"isProtected":50,"hasAccess":51},"1mo","Updated every month","Natural Graphite",78.45,80.18,-2.16,-3.84,-4.03,[196,197,199,202,205,208,211,214,217,220,223,226],{"date":17,"value":190},{"date":198,"value":191},"2026-08-28",{"date":200,"value":201},"2026-07-31",80.66,{"date":203,"value":204},"2026-06-30",82.87,{"date":206,"value":207},"2026-05-29",82.99,{"date":209,"value":210},"2026-04-30",82.93,{"date":212,"value":213},"2026-03-31",82.39,{"date":215,"value":216},"2026-02-27",81.92,{"date":218,"value":219},"2026-01-30",81.69,{"date":221,"value":222},"2025-12-31",81.58,{"date":224,"value":225},"2025-11-28",81.35,{"date":227,"value":225},"2025-10-31","/natural-graphite/prices",{"publishedDate":17,"updateFrequency":187,"updateFrequencyText":188,"label":230,"today":231,"last":232,"percentageChange":233,"yearToDate":234,"yearOnYear":235,"oneYearIndexTrend":236,"url":260,"subscription":49,"isProtected":50,"hasAccess":51},"Anode Coke",86.15,81.86,5.24,15.73,19.78,[237,238,239,241,242,244,246,248,250,252,254,257],{"date":17,"value":231},{"date":200,"value":232},{"date":203,"value":240},80.54,{"date":206,"value":240},{"date":209,"value":243},84.01,{"date":212,"value":245},79.79,{"date":215,"value":247},75.72,{"date":218,"value":249},74.61,{"date":221,"value":251},74.44,{"date":227,"value":253},72.75,{"date":255,"value":256},"2025-09-30",71.92,{"date":258,"value":259},"2025-08-29",71.46,"/synthetic-graphite/prices",{"publishedDate":262,"updateFrequency":187,"updateFrequencyText":188,"label":263,"today":264,"last":265,"percentageChange":266,"yearToDate":267,"yearOnYear":268,"oneYearIndexTrend":269,"url":296,"subscription":49,"isProtected":50,"hasAccess":51},"2026-10-15","Anode",80.45,80.24,0.27,1.81,3.2,[270,271,273,275,276,278,281,284,287,289,291,293],{"date":262,"value":264},{"date":272,"value":265},"2026-09-15",{"date":274,"value":265},"2026-08-17",{"date":171,"value":265},{"date":277,"value":265},"2026-06-15",{"date":279,"value":280},"2026-05-15",79.16,{"date":282,"value":283},"2026-04-15",81.98,{"date":285,"value":286},"2026-03-16",79.03,{"date":288,"value":286},"2026-02-16",{"date":290,"value":286},"2026-01-15",{"date":292,"value":286},"2025-12-15",{"date":294,"value":295},"2025-11-17",77.79,"/anode/prices",{"publishedDate":298,"updateFrequency":187,"updateFrequencyText":188,"label":299,"today":300,"last":301,"percentageChange":302,"yearToDate":303,"yearOnYear":304,"oneYearIndexTrend":305,"url":335,"subscription":49,"isProtected":50,"hasAccess":51},"2026-08-01","Cathode",73.32,77.21,-5.04,14.41,55.07,[306,307,308,311,314,317,320,323,325,327,329,332],{"date":298,"value":300},{"date":174,"value":301},{"date":309,"value":310},"2026-06-01",80.32,{"date":312,"value":313},"2026-05-01",81.71,{"date":315,"value":316},"2026-04-01",77.27,{"date":318,"value":319},"2026-03-01",81.99,{"date":321,"value":322},"2026-02-01",80.5,{"date":290,"value":324},72.79,{"date":292,"value":326},64.08,{"date":294,"value":328},62.01,{"date":330,"value":331},"2025-10-15",53.51,{"date":333,"value":334},"2025-09-15",49.5,"/cathode/prices",{"publishedDate":337,"updateFrequency":187,"updateFrequencyText":188,"label":338,"today":339,"last":340,"percentageChange":341,"yearToDate":342,"yearOnYear":343,"oneYearIndexTrend":344,"url":377,"subscription":49,"isProtected":50,"hasAccess":51},"2025-03-31","Lithium ion Batteries",74.53,71.3,4.53,-1.6,-20.88,[345,346,348,351,354,357,360,363,366,368,371,374],{"date":337,"value":339},{"date":347,"value":340},"2025-02-28",{"date":349,"value":350},"2025-01-31",71.45,{"date":352,"value":353},"2024-12-31",75.74,{"date":355,"value":356},"2024-11-29",76.98,{"date":358,"value":359},"2024-10-31",77.34,{"date":361,"value":362},"2024-09-30",77.43,{"date":364,"value":365},"2024-08-30",80.56,{"date":367,"value":207},"2024-07-31",{"date":369,"value":370},"2024-06-28",87.2,{"date":372,"value":373},"2024-05-31",90.7,{"date":375,"value":376},"2024-04-30",93.2,"/battery-gigafactory/prices",{"publishedDate":379,"updateFrequency":6,"updateFrequencyText":7,"label":380,"today":381,"last":382,"percentageChange":383,"yearToDate":384,"yearOnYear":385,"oneYearIndexTrend":386,"url":418,"subscription":49,"isProtected":50,"hasAccess":51},"2026-10-08","Black Mass",37.11,38.95,-4.72,-14,18.31,[387,388,390,393,396,399,402,405,408,411,414,416],{"date":379,"value":381},{"date":389,"value":382},"2026-09-24",{"date":391,"value":392},"2026-09-10",42.03,{"date":394,"value":395},"2026-08-27",43.88,{"date":397,"value":398},"2026-08-13",42.33,{"date":400,"value":401},"2026-07-30",43.42,{"date":403,"value":404},"2026-07-16",46.74,{"date":406,"value":407},"2026-07-02",46.01,{"date":409,"value":410},"2026-06-18",49.57,{"date":412,"value":413},"2026-02-12",47.34,{"date":415,"value":410},"2026-01-29",{"date":290,"value":417},43.15,"/recycling/black-mass-prices",{"publishedDate":262,"updateFrequency":187,"updateFrequencyText":188,"label":420,"today":421,"last":422,"percentageChange":423,"yearToDate":424,"yearOnYear":425,"oneYearIndexTrend":426,"url":459,"subscription":49,"isProtected":50,"hasAccess":51},"Rare Earths",172.08,171.72,0.21,20.59,30.21,[427,428,430,433,436,439,442,445,448,451,454,457],{"date":262,"value":421},{"date":429,"value":422},"2026-10-01",{"date":431,"value":432},"2026-09-03",170.83,{"date":434,"value":435},"2026-08-20",169.63,{"date":437,"value":438},"2026-08-06",172.28,{"date":440,"value":441},"2026-07-23",173.94,{"date":443,"value":444},"2026-07-09",171.69,{"date":446,"value":447},"2026-06-25",168.55,{"date":449,"value":450},"2026-06-11",165,{"date":452,"value":453},"2026-05-28",163.89,{"date":455,"value":456},"2026-05-14",172.63,{"date":209,"value":458},175.6,"/rare-earths/prices",{"publishedDate":198,"updateFrequency":187,"updateFrequencyText":188,"label":461,"today":462,"last":463,"percentageChange":464,"yearToDate":465,"yearOnYear":466,"oneYearIndexTrend":467,"url":377,"subscription":49,"isProtected":50,"hasAccess":51},"NCM Mid-Nickel",152.7,162.48,-6.02,17.38,53.11,[468,469,470,472,474,476,478,480,482,484,486,488],{"date":198,"value":462},{"date":200,"value":463},{"date":203,"value":471},171.08,{"date":206,"value":473},173.65,{"date":209,"value":475},164.53,{"date":212,"value":477},157.28,{"date":215,"value":479},151.44,{"date":218,"value":481},144.5,{"date":221,"value":483},130.09,{"date":224,"value":485},124.6,{"date":227,"value":487},122.35,{"date":255,"value":489},103.5,{"publishedDate":198,"updateFrequency":187,"updateFrequencyText":188,"label":491,"today":492,"last":493,"percentageChange":494,"yearToDate":495,"yearOnYear":496,"oneYearIndexTrend":497,"url":377,"subscription":49,"isProtected":50,"hasAccess":51},"NCM High-Nickel",144.45,149.67,-3.49,26.69,49.06,[498,499,500,502,504,506,508,510,512,514,516,518],{"date":198,"value":492},{"date":200,"value":493},{"date":203,"value":501},157.37,{"date":206,"value":503},160,{"date":209,"value":505},149.53,{"date":212,"value":507},141.97,{"date":215,"value":509},136.99,{"date":218,"value":511},129.81,{"date":221,"value":513},114.02,{"date":224,"value":515},109.17,{"date":227,"value":517},109.02,{"date":255,"value":519},99.44,{"publishedDate":198,"updateFrequency":187,"updateFrequencyText":188,"label":521,"today":522,"last":523,"percentageChange":524,"yearToDate":525,"yearOnYear":526,"oneYearIndexTrend":527,"url":377,"subscription":49,"isProtected":50,"hasAccess":51},"LFP",229.17,218.34,4.96,49.35,83.44,[528,529,530,532,534,536,538,540,542,544,546,548],{"date":198,"value":522},{"date":200,"value":523},{"date":203,"value":531},239.1,{"date":206,"value":533},258.32,{"date":209,"value":535},239.37,{"date":212,"value":537},213.01,{"date":215,"value":539},204.49,{"date":218,"value":541},218.06,{"date":221,"value":543},153.45,{"date":224,"value":545},134.02,{"date":227,"value":547},118.22,{"date":255,"value":549},111.93,{"id":551,"uuid":552,"name":553,"slug":554,"full_slug":555,"content":556,"relatedArticles":723,"relatedVideos":724},112474948430689,"41e21575-dbd3-4c95-ac4d-2af65b7c7c85","Is lithium the new rare earths?","is-lithium-the-new-rare-earths","article/is-lithium-the-new-rare-earths",{"_uid":557,"date":558,"tags":559,"editor":560,"content":570,"excerpt":578,"featured":50,"reporter":700,"_editable":704,"component":705,"seo_title":553,"categories":706,"visibility":715,"author_company":49,"featured_image":716,"seo_description":578,"author_full_name":49,"author_job_title":49,"formattedDate":721,"formattedArticleDate":722},"36598047-65c0-46bc-a81b-344ca9ece537","2016-07-21 00:00",[],[561],{"slug":562,"name":563,"content":564},"didi-bostock","Didi Bostock",{"job_title":565,"image":566,"bio":568,"linkedin":569},"Editor - Energy Transition & Economics",{"filename":567},"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":571,"content":572},"doc",[573,580,585,590,595,600,605,610,615,620,625,630,635,640,645,650,655,660,665,670,675,680,685,690,695],{"type":574,"attrs":575,"content":576},"paragraph",{"textAlign":49},[577],{"text":578,"type":579},"It is a common question that we get asked at Benchmark Mineral Intelligence from investors, explorers and new participants alike.","text",{"type":574,"attrs":581,"content":582},{"textAlign":49},[583],{"text":584,"type":579},"Even though the two minerals share very few similarities besides being niche industries that border the mineralchemical boundary, it is a question that continues to persist because of increasing lithium prices – a surge that brings back painful memories for many rare earth investors. But the fundamentals of the two markets are very different.",{"type":574,"attrs":586,"content":587},{"textAlign":49},[588],{"text":589,"type":579},"Rare earths are the most extreme example of complex chemical processing, with each element requiring tailored methods for a huge number of end markets, many of which exhibit low or flat demand growth.",{"type":574,"attrs":591,"content":592},{"textAlign":49},[593],{"text":594,"type":579},"The price for some rare earth elements rocketed well beyond 1,000% in the space of 6 months, with little to no prior warning signs in the years preceding the episode of volatility.",{"type":574,"attrs":596,"content":597},{"textAlign":49},[598],{"text":599,"type":579},"In the case of lithium, market demand has grown 30% in the last 5 years and supply is now in shortage.",{"type":574,"attrs":601,"content":602},{"textAlign":49},[603],{"text":604,"type":579},"Since 2005, lithium’s use as the base raw material for lithium ion battery cathodes has seen annual growth in this market increase from 8% to 15% in 2015.",{"type":574,"attrs":606,"content":607},{"textAlign":49},[608],{"text":609,"type":579},"Meanwhile, lithium’s latest episode of price volatility is nowhere near the rare earths level and has been far more prolonged – upward pressures began as far back as October 2014.",{"type":574,"attrs":611,"content":612},{"textAlign":49},[613],{"text":614,"type":579},"The difference in the aggressiveness of these price increases are important to understand as they point to fundamentals of each market and offer insight into their future direction.",{"type":574,"attrs":616,"content":617},{"textAlign":49},[618],{"text":619,"type":579},"Rare earths had no prior warning to what were the most extreme price increases ever seen in niche minerals. It was driven purely by politics – China deliberately blocking the exports to the Japanese trading houses over a fishing boat dispute.",{"type":574,"attrs":621,"content":622},{"textAlign":49},[623],{"text":624,"type":579},"The industry suffered from its rigid structure with nearly all supply at the time coming from one mine in China – which intensified a sensitive situation.",{"type":574,"attrs":626,"content":627},{"textAlign":49},[628],{"text":629,"type":579},"Lithium on the other hand had a price warning in 2009 when they increased from 30-50% in the space of 12 months. This was the culmination of new, unforeseen demand pressure from China beginning in 2005 together with Sons of Gwalia (now Talison) going into receivership.",{"type":574,"attrs":631,"content":632},{"textAlign":49},[633],{"text":634,"type":579},"This was a precursor to the more aggressive volatility episode we are seeing today and can be seen as a tremor before the earthquake. In 2009, lithium’s major producers eventually reacted by bringing some new capacity on-stream but their outlook continued to be short term and reactive.",{"type":574,"attrs":636,"content":637},{"textAlign":49},[638],{"text":639,"type":579},"Meanwhile, our appetite for lithium in handheld mobile technology was reaching fever pitch and began to spill over into the auto arena and, most critically, pure electric vehicles (EVs), with the launch of Nissan’s LEAF, where the batteries are much, much bigger.",{"type":574,"attrs":641,"content":642},{"textAlign":49},[643],{"text":644,"type":579},"This new supply was soon absorbed.",{"type":574,"attrs":646,"content":647},{"textAlign":49},[648],{"text":649,"type":579},"The result is today’s much more aggressive price increases of three to four fold over a similar 12-month period as before.",{"type":574,"attrs":651,"content":652},{"textAlign":49},[653],{"text":654,"type":579},"The rare earths price run was a firework, a short fuse ending in an almighty price explosion with very little warning. It was a situation that was driven by politics and exacerbated by the fact that China then controlled 95% of supply from one source.",{"type":574,"attrs":656,"content":657},{"textAlign":49},[658],{"text":659,"type":579},"Lithium is more like a bonfire that has been increasing in size and intensity over the last decade.",{"type":574,"attrs":661,"content":662},{"textAlign":49},[663],{"text":664,"type":579},"Its supply base is far more balanced between Chile, Argentina and Australia and the price rises are being driven by fundamental battery demand within China. One only has to look at where the new industrial plants are being built.",{"type":574,"attrs":666,"content":667},{"textAlign":49},[668],{"text":669,"type":579},"In the 1980s and 1990s it was aluminium and steel plants, while in the 1990s and 2000s it was chemical plants such as titanium dioxide.",{"type":574,"attrs":671,"content":672},{"textAlign":49},[673],{"text":674,"type":579},"Today, the multi-billion dollar plants being constructed around the world are to produce lithium ion batteries.",{"type":574,"attrs":676,"content":677},{"textAlign":49},[678],{"text":679,"type":579},"Benchmark Mineral Intelligence is tracking at least 12 major new capacity expansions that, if all come on-stream by 2020 as planned, will see the industry more than double its output.",{"type":574,"attrs":681,"content":682},{"textAlign":49},[683],{"text":684,"type":579},"Of these projects, only one is the high profile Tesla Motors’ Gigafactory 1 in Nevada, while 9 reside in China, joint ventures between the Chinese, Japanese and Koreans – the experts in battery production. While the focus is on the newcomers, Elon Musk and Tesla, we estimated that nearly 70% of new lithium ion demand – and therefore new demand for lithium carbonate and hydroxide – will be coming from China.",{"type":574,"attrs":686,"content":687},{"textAlign":49},[688],{"text":689,"type":579},"Battery plants are going from megawatt to gigawatt capacities – this is not the 8-10% growth seen in the past, the shift is an order of magnitude bigger.",{"type":574,"attrs":691,"content":692},{"textAlign":49},[693],{"text":694,"type":579},"Lithium ion batteries have been around for nearly 30 years, but it is an industry that is now coming of age.",{"type":574,"attrs":696,"content":697},{"textAlign":49},[698],{"text":699,"type":579},"We should therefore not be surprised by the lithium spike of the past 12 months – the warnings were in the price curves.",[701],{"slug":562,"name":563,"content":702},{"job_title":565,"image":703,"bio":568,"linkedin":569},{"filename":567},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"36598047-65c0-46bc-a81b-344ca9ece537\", \"id\": \"\"}-->","article",[707,710,713],{"slug":708,"name":709},"batteries","Batteries",{"slug":711,"name":712},"critical-minerals","Critical Minerals",{"slug":714,"name":8},"lithium","private",{"id":49,"alt":717,"name":717,"focus":717,"title":717,"source":717,"filename":718,"copyright":717,"fieldtype":719,"meta_data":720,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/5cf31b55ac/bm-electronics.jpg","asset",{"alt":717,"title":717,"source":717,"copyright":717},"Jul 21, 2016","21st July 2016",[],[],1792769843910]