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Visualisation",{"filename":571},"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":575,"content":576},"doc",[577,584,593,600,605,610,615,620,627,632,637,642],{"type":578,"attrs":579,"content":580},"paragraph",{"textAlign":49},[581],{"text":582,"type":583},"Lithium iron phosphate (LFP) retained its dominant position in the global cathode market on strong demand from China’s stationary storage sector and fast-growing electric vehicle (EV) market in 2024.","text",{"type":578,"attrs":585,"content":586},{"textAlign":49},[587],{"type":588,"attrs":589},"image",{"id":49,"alt":590,"src":591,"title":49,"source":49,"copyright":49,"meta_data":592},"","https://lh7-rt.googleusercontent.com/docsz/AD_4nXfjHsmO_As0Qw0ltALynVMcX1ncQKuZoKOIh3kd-_-FOkcMWPurMRyj2yNgneyC4QTRJ648gxDPPizSOQgM5XVRpTV-T9KcXH8jZ7HmogBDADYfZD-aRUspYTagQWOyS6xOey85jg?key=az8EGPiZZHIRyJZgHC8-87JY",{},{"type":594,"attrs":595,"content":597},"heading",{"level":596,"textAlign":49},4,[598],{"text":599,"type":583},"Mid-nickel’s resurgence",{"type":578,"attrs":601,"content":602},{"textAlign":49},[603],{"text":604,"type":583},"As leading Chinese high-nickel NCM producers opted to cut production on slowing demand in 2024, conversely the foremost producers of high-voltage, mid-nickel NCM rapidly increased output last year.",{"type":578,"attrs":606,"content":607},{"textAlign":49},[608],{"text":609,"type":583},"“High nickel NCM has conventionally been the battery type of choice for long-range EV makers, but is now being replaced due to growing safety concerns and performance gains from high-voltage mid-nickel cathodes,” said Harry Tinker, principal cathode analyst at Benchmark. ",{"type":578,"attrs":611,"content":612},{"textAlign":49},[613],{"text":614,"type":583},"Falling raw material prices, primarily for cobalt, have bolstered the competitiveness of mid-nickel variants to LFP, while also benefitting from higher safety standards compared to its high-nickel peers.",{"type":578,"attrs":616,"content":617},{"textAlign":49},[618],{"text":619,"type":583},"Benchmark estimates high-voltage, mid-nickel NCM cells to be up to 10% cheaper to produce than high-nickel NCM 811.",{"type":578,"attrs":621,"content":622},{"textAlign":49},[623],{"type":588,"attrs":624},{"id":49,"alt":590,"src":625,"title":49,"source":49,"copyright":49,"meta_data":626},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXfEFjZfNj-DQCEcPa3pQhD6QQMRLLxkPYUgTiXB14M-w3KRMyTt0KkBd8t4IMPUsCkzMk_9mOJpWW7Ux8r2mtZFSZycuw91ZOeptCk4v9OD3JYjjfIUZv_iIANS2tjk1c6O3g8Gbw?key=az8EGPiZZHIRyJZgHC8-87JY",{},{"type":594,"attrs":628,"content":629},{"level":596,"textAlign":49},[630],{"text":631,"type":583},"Oversupply puts squeeze on Western projects",{"type":578,"attrs":633,"content":634},{"textAlign":49},[635],{"text":636,"type":583},"The global cathode market faced significant challenges in 2024 from a pervailing structural oversupply. Overcapacity in China, combined with slower-than-expected EV sales in Western markets, created pressure throughout the lithium-ion battery supply chain. ",{"type":578,"attrs":638,"content":639},{"textAlign":49},[640],{"text":641,"type":583},"This led to sharp declines in raw material prices and heightened cost-pressures, particularly for Western automakers and battery manufacturers that struggled to compete with low-cost Chinese producers. This trend percolated through to the midstream of the battery value chain, squeezing many Western players out of the market in 2024.",{"type":578,"attrs":643,"content":644},{"textAlign":49},[645],{"text":646,"type":583},"Several cathode projects in Europe and Canada were suspended or halted last year, on a weakened outlook for regional gigafactory demand and downgraded forecasts for EV sales.","Lithium iron phosphate (LFP) retained its dominant position in the global cathode market on strong demand from China’s stationary storage sector and fast-growing electric vehicle (EV) market in 2024. Mid-nickel’s resurgence As leading Chinese high-nickel NCM producers opted to cut production on slowing demand in 2024, conversely the foremost producers of high-voltage, mid-nickel NCM rapidly […]",[649],{"slug":566,"name":567,"content":650},{"job_title":569,"image":651,"bio":572,"linkedin":573},{"filename":571},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4afcc07c-7572-4a4b-be0f-cf43b20261e3\", \"id\": \"\"}-->","article",[655,658,660],{"slug":656,"name":657},"batteries","Batteries",{"slug":659,"name":298},"cathode",{"slug":661,"name":662},"critical-minerals","Critical Minerals","private",{"id":49,"alt":590,"name":590,"focus":590,"title":590,"source":590,"filename":665,"copyright":590,"fieldtype":666,"meta_data":667,"is_external_url":51},"https://wp-admin.benchmarkminerals.com/app/uploads/Cathode-scaled.jpg","asset",{"alt":590,"title":590,"source":590,"copyright":590},"Jan 08, 2025","8th January 2025",[],[],1782119839747]