[{"data":1,"prerenderedAt":709},["ShallowReactive",2],{"story-article/upstream-volatility-continues-to-shape-cathode-pricing-cathode-q2-2026-price-review":3,"ticker-data":180},{"id":4,"uuid":5,"name":6,"slug":7,"full_slug":8,"content":9,"relatedArticles":178,"relatedVideos":179},200169029056077,"1a75565c-7888-4d4a-bbd1-6ea37715f1fe","Upstream volatility continues to shape cathode pricing: Cathode Q2 2026 Price Review","upstream-volatility-continues-to-shape-cathode-pricing-cathode-q2-2026-price-review","article/upstream-volatility-continues-to-shape-cathode-pricing-cathode-q2-2026-price-review",{"_uid":10,"date":11,"tags":12,"editor":19,"content":29,"excerpt":136,"featured":137,"reporter":138,"component":149,"seo_title":150,"categories":151,"visibility":167,"data_vis_image":168,"featured_image":171,"seo_description":175,"formattedDate":176,"formattedArticleDate":177},"2e1e6643-c150-48a5-be1c-ca732e744370","2026-07-20 00:00",[13,16],{"slug":14,"name":15},"lfp","LFP",{"slug":17,"name":18},"ncm","NCM",[20],{"slug":21,"name":22,"content":23},"benjamin-roche","Benjamin Roche",{"job_title":24,"image":25,"bio":27,"linkedin":28},"Editor – Energy Transition Supply Chains",{"filename":26},"https://a.storyblok.com/f/287943243085208/800x800/66d6674fb8/benjamin-roche.png","Benjamin is Benchmark's Editor for Energy Transition Supply Chains, covering both upstream products like critical minerals and downstream products including energy storage systems and electric vehicles. He has previous experience covering trade flows, tariffs and the effects of geopolitics on supply chains.","https://www.linkedin.com/in/benjaminrochecontent/",{"type":30,"content":31},"doc",[32,68,80,87,101,106,111,116,121,126,131],{"type":33,"attrs":34,"content":36},"paragraph",{"textAlign":35},null,[37,40,50,52,59,61,66],{"text":38,"type":39},"The cathode active material (CAM) market experienced notable price volatility throughout the Q2 assessment period. Prices increased during the early part of the quarter as ","text",{"text":41,"type":39,"marks":42},"lithium ",[43],{"type":44,"attrs":45},"link",{"href":46,"uuid":47,"anchor":35,"target":48,"linktype":49},"/article/why-are-lithium-prices-surging-in-china-again-","80c1a819-5c60-4407-ba5d-e6a023df02b5","_blank","story",{"text":51,"type":39},"and ",{"text":53,"type":39,"marks":54},"other feedstock costs",[55],{"type":44,"attrs":56},{"href":57,"uuid":58,"anchor":35,"target":48,"linktype":49},"/article/battery-raw-material-prices-on-the-rise-again-after-overbuying-wiped-out-2021-23-gains","51a005af-5de1-4b3c-a4df-cdaa5ba9792e",{"text":60,"type":39}," rose amid strong electric vehicle, export and ",{"text":62,"type":39,"marks":63},"energy storage demand",[64],{"type":44,"attrs":65},{"href":46,"uuid":47,"anchor":35,"target":48,"linktype":49},{"text":67,"type":39},". This was followed by softening prices in the later May assessment, declining further through July as lithium and precursor prices weakened.",{"type":69,"attrs":70},"blok",{"id":71,"body":72},"76e0210e-fc90-408a-871a-3da055a9c37b",[73],{"id":74,"_uid":75,"type":76,"component":77,"fixed_height":78,"use_fixed_height":79,"fixed_height_mobile":78,"fixed_height_tablet":78},"29737942","i-4d49da56-fa4c-40a4-aa70-b196448849e2","visualisation","ContentFlourish","",false,{"type":81,"attrs":82,"content":84},"heading",{"level":83,"textAlign":35},1,[85],{"text":86,"type":39},"LFP up early followed by lithium carbonate-driven decrease",{"type":33,"attrs":88,"content":89},{"textAlign":35},[90,92,99],{"text":91,"type":39},"LFP cathode prices rose by 11.8% from mid-April to mid-May. This was supported by higher lithium chemical, sulphur, phosphoric acid and iron phosphate costs, alongside firm EV and ESS demand. Pre-stocking ahead of the 30 June grid-connection deadline provided additional support to ",{"text":93,"type":39,"marks":94},"ESS orders",[95],{"type":44,"attrs":96},{"href":97,"uuid":98,"anchor":35,"target":48,"linktype":49},"/article/chinese-oem-energy-storage-offtakes-in-h1-2026-quadruple-compared-to-h1-2025","db816297-be5a-4df5-abc9-4cf304f3e2cd",{"text":100,"type":39},".",{"type":33,"attrs":102,"content":103},{"textAlign":35},[104],{"text":105,"type":39},"Prices subsequently declined, falling by just under 5% between the mid-May to mid-June assessment and the latest July monthly assessment. The decrease was driven primarily by weaker lithium carbonate prices, while the passing of the grid-connection deadline removed a short-term demand catalyst. High operating rates, new-line ramp-ups and the end of maintenance-related downtime also pointed to increased supply, although some producers began destocking as orders outpaced available capacity.",{"type":33,"attrs":107,"content":108},{"textAlign":35},[109],{"text":110,"type":39},"LCO prices, meanwhile, moved lower as lithium carbonate and cobalt feedstock costs declined. Weak consumer electronics demand and raw material volatility limited spot liquidity, with buyers favouring small-lot purchases and delaying larger procurement decisions.",{"type":81,"attrs":112,"content":113},{"level":83,"textAlign":35},[114],{"text":115,"type":39},"Nickel-based chemistries saw similar changes",{"type":33,"attrs":117,"content":118},{"textAlign":35},[119],{"text":120,"type":39},"Nickel-based CAM prices followed a similar pattern, albeit less sharply, with earlier gains giving way to broader declines as upstream markets eased. NCM811, for example, increased by 1.2% before falling by 0.9% during the same assessment periods.",{"type":33,"attrs":122,"content":123},{"textAlign":35},[124],{"text":125,"type":39},"Nickel-based CAM prices initially increased as higher nickel sulphate and post-holiday lithium carbonate and hydroxide prices raised production costs. Robust EV battery production schedules, new model launches in China and additional export orders provided further support. However, prices softened in the mid-May to mid-June assessment as lithium costs declined, while lower cobalt sulphate prices placed additional pressure on grades with higher cobalt content.",{"type":33,"attrs":127,"content":128},{"textAlign":35},[129],{"text":130,"type":39},"Throughout this period, NCM111 and NCA remained relatively stable, supported by firm nickel and manganese inputs and export-linked demand. Mid-nickel grades recorded more pronounced declines, with NCM 622 increasing by 4.0% from mid-May to mid-June then dropping by 3.4% in the following monthly assessment period. Nickel-based CAM prices declined even further in the latest July assessment as lithium carbonate and precursor costs continued to weaken. EXW China battery-grade lithium carbonate prices fell by 8.0% between 17 June and 15 July, causing NCM 622 to drop by a further 4.5%.",{"type":33,"attrs":132,"content":133},{"textAlign":35},[134],{"text":135,"type":39},"Throughout July, trading volumes remained muted despite lower prices, with buyers largely on the sidelines and battery cell manufacturers holding sufficient inventory. This left limited urgency to restock, while cautious procurement continued to restrict spot liquidity.","The cathode active material (CAM) market experienced notable price volatility throughout the Q2 assessment period. Prices increased during the early part of the quarter as lithium and other feedstock costs rose amid strong electric vehicle, export and energy storage demand. This was followed by softening prices in the later May assessment, declining further through July as lithium and precursor prices weakened.",true,[139],{"slug":140,"name":141,"content":142},"tony-alderson","Tony Alderson",{"job_title":143,"image":144,"bio":146,"linkedin":147,"markets_covered":148},"Research Manager - Anode",{"filename":145},"https://a.storyblok.com/f/287943243085208/800x800/f521ccb976/tony-alderson.jpeg","Tony is a Research Manager at Benchmark Mineral Intelligence, specialising in forward-looking models that encompass supply, demand, and pricing dynamics for anode materials. He has over 3 years experience in the battery supply chain, previously working as a Price & Data Analyst, for LiB raw materials. His background is in renewable and sustainable energy technologies, having completed an MSc at Northumbria University, Newcastle.","https://www.linkedin.com/in/tony-alderson-b370b7170/","Anode","article","Upstream volatility shaping pricing: Cathode Q2 2026 Price Review",[152,155,158,161,164],{"slug":153,"name":154},"cathode","Cathode",{"slug":156,"name":157},"lithium","Lithium",{"slug":159,"name":160},"nickel","Nickel",{"slug":162,"name":163},"raw-materials","Raw Materials",{"slug":165,"name":166},"critical-minerals","Critical Minerals","private",{"id":35,"alt":35,"name":78,"focus":35,"title":35,"source":35,"filename":78,"copyright":35,"fieldtype":169,"meta_data":170},"asset",{},{"id":172,"alt":78,"name":78,"focus":78,"title":78,"source":78,"filename":173,"copyright":78,"fieldtype":169,"meta_data":174,"is_external_url":79},129066100365346,"https://a.storyblok.com/f/287943243085208/42d94a4aff/bm-cathode-picture.jpg",{},"The cathode active material (CAM) market experienced notable price volatility throughout the Q2 assessment period. ","Jul 20, 2026","20th July 2026",[],[],[181,225,255,285,321,358,400,431,467,498,541,582,620,650,679],{"publishedDate":182,"updateFrequency":183,"updateFrequencyText":184,"label":157,"today":185,"last":186,"percentageChange":187,"yearToDate":188,"yearOnYear":189,"oneYearIndexTrend":190,"url":224,"subscription":35,"isProtected":79,"hasAccess":137},"2026-05-27","2wk","Updated every 2 weeks",411.01,408.51,0.61,75.85,175.57,[191,192,194,197,200,203,206,209,212,215,218,221],{"date":182,"value":185},{"date":193,"value":186},"2026-05-13",{"date":195,"value":196},"2026-04-29",372.51,{"date":198,"value":199},"2026-04-15",354.35,{"date":201,"value":202},"2026-04-01",346.55,{"date":204,"value":205},"2026-03-18",351.32,{"date":207,"value":208},"2026-03-04",346.6,{"date":210,"value":211},"2026-02-18",324,{"date":213,"value":214},"2026-02-04",337.67,{"date":216,"value":217},"2026-01-21",298.32,{"date":219,"value":220},"2026-01-07",233.73,{"date":222,"value":223},"2025-12-24",203.79,"/lithium/prices",{"publishedDate":182,"updateFrequency":183,"updateFrequencyText":184,"label":226,"today":227,"last":228,"percentageChange":229,"yearToDate":230,"yearOnYear":231,"oneYearIndexTrend":232,"url":224,"subscription":35,"isProtected":79,"hasAccess":137},"Lithium Carbonate",449.85,451.12,-0.28,77.12,181.56,[233,234,235,237,239,241,243,245,247,249,251,253],{"date":182,"value":227},{"date":193,"value":228},{"date":195,"value":236},404.38,{"date":198,"value":238},381.25,{"date":201,"value":240},371.52,{"date":204,"value":242},373.01,{"date":207,"value":244},366.63,{"date":210,"value":246},349.17,{"date":213,"value":248},356.81,{"date":216,"value":250},316.73,{"date":219,"value":252},253.98,{"date":222,"value":254},220.12,{"publishedDate":182,"updateFrequency":183,"updateFrequencyText":184,"label":256,"today":257,"last":258,"percentageChange":259,"yearToDate":260,"yearOnYear":261,"oneYearIndexTrend":262,"url":224,"subscription":35,"isProtected":79,"hasAccess":137},"Lithium Hydroxide",358.35,350.28,2.3,76.32,168.94,[263,264,265,267,269,271,273,275,277,279,281,283],{"date":182,"value":257},{"date":193,"value":258},{"date":195,"value":266},328.09,{"date":198,"value":268},316.95,{"date":201,"value":270},311.86,{"date":204,"value":272},321.41,{"date":207,"value":274},319.14,{"date":210,"value":276},295.42,{"date":213,"value":278},310,{"date":216,"value":280},270.4,{"date":219,"value":282},203.24,{"date":222,"value":284},177.17,{"publishedDate":195,"updateFrequency":286,"updateFrequencyText":287,"label":288,"today":289,"last":290,"percentageChange":291,"yearToDate":292,"yearOnYear":293,"oneYearIndexTrend":294,"url":320,"subscription":35,"isProtected":79,"hasAccess":137},"1wk","Updated every week","Cobalt",244.61,252.61,-3.17,3.99,97.72,[295,296,297,300,302,305,306,309,311,314,316,319],{"date":195,"value":289},{"date":201,"value":290},{"date":298,"value":299},"2026-03-25",252.45,{"date":204,"value":301},252.84,{"date":303,"value":304},"2026-03-11",253.48,{"date":207,"value":299},{"date":307,"value":308},"2026-02-25",256.64,{"date":210,"value":310},255.58,{"date":312,"value":313},"2026-02-11",253.31,{"date":213,"value":315},252.26,{"date":317,"value":318},"2026-01-28",241.15,{"date":216,"value":318},"/cobalt/prices",{"publishedDate":322,"updateFrequency":183,"updateFrequencyText":184,"label":160,"today":323,"last":324,"percentageChange":325,"yearToDate":326,"yearOnYear":327,"oneYearIndexTrend":328,"url":357,"subscription":35,"isProtected":79,"hasAccess":137},"2026-05-20",135.83,133.05,2.09,12.5,30.68,[329,330,332,335,338,340,342,344,346,348,351,354],{"date":322,"value":323},{"date":331,"value":324},"2026-05-06",{"date":333,"value":334},"2026-04-22",125.43,{"date":336,"value":337},"2026-04-08",124.51,{"date":298,"value":339},123.94,{"date":303,"value":341},123.51,{"date":307,"value":343},122.7,{"date":312,"value":345},123.79,{"date":317,"value":347},128.07,{"date":349,"value":350},"2026-01-14",120.74,{"date":352,"value":353},"2025-12-31",104.29,{"date":355,"value":356},"2025-12-17",103.44,"/nickel/prices",{"publishedDate":359,"updateFrequency":360,"updateFrequencyText":360,"label":361,"today":362,"last":363,"percentageChange":364,"yearToDate":365,"yearOnYear":366,"oneYearIndexTrend":367,"url":399,"subscription":35,"isProtected":79,"hasAccess":137},"2026-04-30","monthly","Natural Graphite",82.93,82.39,0.66,1.66,-0.87,[368,369,371,374,377,379,382,384,387,390,393,396],{"date":359,"value":362},{"date":370,"value":363},"2026-03-31",{"date":372,"value":373},"2026-02-27",81.92,{"date":375,"value":376},"2026-01-30",81.69,{"date":352,"value":378},81.58,{"date":380,"value":381},"2025-11-28",81.35,{"date":383,"value":381},"2025-10-31",{"date":385,"value":386},"2025-09-30",81.74,{"date":388,"value":389},"2025-08-29",81.56,{"date":391,"value":392},"2025-07-31",82.47,{"date":394,"value":395},"2025-06-30",83.13,{"date":397,"value":398},"2025-05-30",83.77,"/natural-graphite/prices",{"publishedDate":359,"updateFrequency":360,"updateFrequencyText":360,"label":401,"today":402,"last":403,"percentageChange":404,"yearToDate":405,"yearOnYear":406,"oneYearIndexTrend":407,"url":430,"subscription":35,"isProtected":79,"hasAccess":137},"Anode Coke",84.01,79.79,5.29,12.86,12.75,[408,409,410,412,414,416,418,420,422,424,426,428],{"date":359,"value":402},{"date":370,"value":403},{"date":372,"value":411},75.72,{"date":375,"value":413},74.61,{"date":352,"value":415},74.44,{"date":380,"value":417},76,{"date":383,"value":419},72.75,{"date":385,"value":421},71.92,{"date":388,"value":423},71.46,{"date":391,"value":425},70.35,{"date":394,"value":427},67.35,{"date":397,"value":429},65.78,"/synthetic-graphite/prices",{"publishedDate":432,"updateFrequency":360,"updateFrequencyText":360,"label":148,"today":433,"last":434,"percentageChange":435,"yearToDate":436,"yearOnYear":436,"oneYearIndexTrend":437,"url":466,"subscription":35,"isProtected":79,"hasAccess":137},"2025-11-17",77.79,77.96,-0.22,-1.93,[438,439,441,443,445,448,451,453,455,458,461,463],{"date":432,"value":433},{"date":440,"value":434},"2025-10-15",{"date":442,"value":434},"2025-09-15",{"date":444,"value":434},"2025-08-15",{"date":446,"value":447},"2025-07-15",77.93,{"date":449,"value":450},"2025-06-16",78.88,{"date":452,"value":450},"2025-05-15",{"date":454,"value":450},"2025-04-15",{"date":456,"value":457},"2025-03-17",79.89,{"date":459,"value":460},"2025-02-17",78.97,{"date":462,"value":460},"2025-01-15",{"date":464,"value":465},"2024-12-16",79.32,"/anode/prices",{"publishedDate":468,"updateFrequency":360,"updateFrequencyText":360,"label":154,"today":469,"last":470,"percentageChange":471,"yearToDate":471,"yearOnYear":472,"oneYearIndexTrend":473,"url":497,"subscription":35,"isProtected":79,"hasAccess":137},"2026-01-15",72.79,64.08,13.59,43.38,[474,475,477,479,481,483,485,487,488,490,492,495],{"date":468,"value":469},{"date":476,"value":470},"2025-12-15",{"date":432,"value":478},62.01,{"date":440,"value":480},53.51,{"date":442,"value":482},49.5,{"date":444,"value":484},47.28,{"date":446,"value":486},46.05,{"date":449,"value":486},{"date":452,"value":489},48.08,{"date":454,"value":491},48.92,{"date":493,"value":494},"2025-03-18",52.79,{"date":459,"value":496},50.86,"/cathode/prices",{"publishedDate":499,"updateFrequency":360,"updateFrequencyText":360,"label":500,"today":501,"last":502,"percentageChange":503,"yearToDate":504,"yearOnYear":505,"oneYearIndexTrend":506,"url":540,"subscription":35,"isProtected":79,"hasAccess":137},"2025-03-31","Lithium ion Batteries",74.53,71.3,4.53,-1.6,-20.88,[507,508,510,513,516,519,522,525,528,531,534,537],{"date":499,"value":501},{"date":509,"value":502},"2025-02-28",{"date":511,"value":512},"2025-01-31",71.45,{"date":514,"value":515},"2024-12-31",75.74,{"date":517,"value":518},"2024-11-29",76.98,{"date":520,"value":521},"2024-10-31",77.34,{"date":523,"value":524},"2024-09-30",77.43,{"date":526,"value":527},"2024-08-30",80.56,{"date":529,"value":530},"2024-07-31",82.99,{"date":532,"value":533},"2024-06-28",87.2,{"date":535,"value":536},"2024-05-31",90.7,{"date":538,"value":539},"2024-04-30",93.2,"/battery-gigafactory/prices",{"publishedDate":542,"updateFrequency":183,"updateFrequencyText":184,"label":543,"today":544,"last":545,"percentageChange":546,"yearToDate":547,"yearOnYear":548,"oneYearIndexTrend":549,"url":581,"subscription":35,"isProtected":79,"hasAccess":137},"2026-05-21","Black Mass",54.15,51.47,5.21,25.5,92.33,[550,551,553,556,559,562,565,568,571,574,576,578],{"date":542,"value":544},{"date":552,"value":545},"2026-05-07",{"date":554,"value":555},"2026-04-23",48.63,{"date":557,"value":558},"2026-04-09",48.6,{"date":560,"value":561},"2026-03-26",47.29,{"date":563,"value":564},"2026-03-12",46.18,{"date":566,"value":567},"2026-02-26",45.8,{"date":569,"value":570},"2026-02-12",47.34,{"date":572,"value":573},"2026-01-29",49.57,{"date":468,"value":575},43.15,{"date":352,"value":577},47.05,{"date":579,"value":580},"2025-12-18",41.51,"/recycling/black-mass-prices",{"publishedDate":583,"updateFrequency":360,"updateFrequencyText":360,"label":584,"today":585,"last":586,"percentageChange":587,"yearToDate":588,"yearOnYear":589,"oneYearIndexTrend":590,"url":619,"subscription":35,"isProtected":79,"hasAccess":137},"2026-03-19","Rare Earths",172.27,182.38,-5.54,20.73,54.49,[591,592,594,597,600,602,605,607,610,613,615,617],{"date":583,"value":585},{"date":593,"value":586},"2026-03-05",{"date":595,"value":596},"2026-02-19",179.86,{"date":598,"value":599},"2026-02-05",155.4,{"date":601,"value":599},"2026-01-22",{"date":603,"value":604},"2026-01-08",145.37,{"date":222,"value":606},142.69,{"date":608,"value":609},"2025-12-11",141.67,{"date":611,"value":612},"2025-11-27",136.29,{"date":383,"value":614},132.15,{"date":385,"value":616},139.82,{"date":388,"value":618},145.27,"/rare-earths/prices",{"publishedDate":385,"updateFrequency":360,"updateFrequencyText":360,"label":15,"today":621,"last":622,"percentageChange":623,"yearToDate":624,"yearOnYear":625,"oneYearIndexTrend":626,"url":540,"subscription":35,"isProtected":79,"hasAccess":137},111.93,124.92,-10.4,-2.67,-3.42,[627,628,629,631,633,635,638,640,642,644,646,648],{"date":385,"value":621},{"date":388,"value":622},{"date":391,"value":630},109.9,{"date":394,"value":632},100.47,{"date":397,"value":634},103.62,{"date":636,"value":637},"2025-04-30",109.47,{"date":499,"value":639},115.87,{"date":509,"value":641},117.3,{"date":511,"value":643},114.57,{"date":514,"value":645},115,{"date":517,"value":647},117.82,{"date":520,"value":649},111.9,{"publishedDate":385,"updateFrequency":360,"updateFrequencyText":360,"label":651,"today":652,"last":653,"percentageChange":654,"yearToDate":655,"yearOnYear":656,"oneYearIndexTrend":657,"url":540,"subscription":35,"isProtected":79,"hasAccess":137},"NCM High-Nickel",99.44,96.91,2.61,2.37,-3.84,[658,659,660,662,664,666,668,670,672,674,675,677],{"date":385,"value":652},{"date":388,"value":653},{"date":391,"value":661},97.09,{"date":394,"value":663},94.93,{"date":397,"value":665},97.13,{"date":636,"value":667},97.89,{"date":499,"value":669},101.4,{"date":509,"value":671},93.25,{"date":511,"value":673},98.94,{"date":514,"value":665},{"date":517,"value":676},98.69,{"date":520,"value":678},101.87,{"publishedDate":385,"updateFrequency":360,"updateFrequencyText":360,"label":680,"today":681,"last":682,"percentageChange":683,"yearToDate":684,"yearOnYear":685,"oneYearIndexTrend":686,"url":540,"subscription":35,"isProtected":79,"hasAccess":137},"NCM Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[687,688,689,691,693,695,697,699,701,703,705,707],{"date":385,"value":681},{"date":388,"value":682},{"date":391,"value":690},99.19,{"date":394,"value":692},96.02,{"date":397,"value":694},98.23,{"date":636,"value":696},99.24,{"date":499,"value":698},101.29,{"date":509,"value":700},87.61,{"date":511,"value":702},92.44,{"date":514,"value":704},90.96,{"date":517,"value":706},92.24,{"date":520,"value":708},95.09,1784633783892]