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minerals","what-the-sulphuric-acid-supply-crunch-means-for-critical-minerals","article/what-the-sulphuric-acid-supply-crunch-means-for-critical-minerals",{"_uid":547,"date":548,"tags":549,"editor":561,"content":571,"excerpt":816,"featured":51,"reporter":817,"component":818,"seo_title":543,"categories":819,"visibility":840,"data_vis_image":841,"featured_image":845,"seo_description":849,"formattedDate":850,"formattedArticleDate":851},"5bdd9893-c4e6-46f9-8ddb-fe23b8a740d0","2026-05-28 00:00",[550,553,555,558],{"slug":551,"name":552},"sulphuric-acid","sulphuric acid",{"slug":554,"name":554},"sulphur",{"slug":556,"name":557},"middle-east","Middle East",{"slug":559,"name":560},"data-visualisation","Data Visualisation",[562],{"slug":563,"name":564,"content":565},"matthew-bird","Matthew Bird",{"job_title":566,"image":567,"bio":569,"linkedin":570},"Senior Editor - Supply Chains & Data Visualisation",{"filename":568},"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":572,"content":573},"doc",[574,616,624,632,658,670,678,709,726,737,746,754,762,768,776,803],{"type":575,"attrs":576,"content":577},"paragraph",{"textAlign":49},[578,586,597,602,611],{"text":579,"type":580,"marks":581},"Conflict in the ","text",[582],{"type":583,"attrs":584},"textStyle",{"color":585},"#000000",{"text":557,"type":580,"marks":587},[588,595],{"type":589,"attrs":590},"link",{"href":591,"uuid":592,"anchor":49,"target":593,"linktype":594},"/article/middle-east-escalation-disrupts-energy-storage-deployment-and-chinese-overseas-expansion","16e5191e-fffd-47f2-953d-ca1adb9595a5","_self","story",{"type":583,"attrs":596},{"color":585},{"text":598,"type":580,"marks":599}," and the subsequent closure of the Strait of Hormuz led to sulphuric acid prices skyrocketing. The material is a key feedstock for the ",[600],{"type":583,"attrs":601},{"color":585},{"text":603,"type":580,"marks":604},"processing of many critical minerals",[605,609],{"type":589,"attrs":606},{"href":607,"uuid":608,"anchor":49,"target":593,"linktype":594},"/article/what-does-the-middle-east-conflict-mean-for-battery-supply-chains-","3ba99529-b0e2-4bd1-b7d2-2189b7845e75",{"type":583,"attrs":610},{"color":585},{"text":612,"type":580,"marks":613}," used in the energy transition. Benchmark’s analysis shows that for some minerals, sulphuric acid is no longer a background reagent, but a primary cost driver.",[614],{"type":583,"attrs":615},{"color":585},{"type":575,"attrs":617,"content":618},{"textAlign":49},[619],{"text":620,"type":580,"marks":621},"Prices provided by Acuity show that between the start of the war in Iran at the end of February and mid-April, sulphuric acid prices surged by more than double and sulphur prices rose by 50%, albeit with regional variations.",[622],{"type":583,"attrs":623},{"color":585},{"type":575,"attrs":625,"content":626},{"textAlign":49},[627],{"text":628,"type":580,"marks":629},"“Sulphuric acid is a vital feedstock for many critical minerals, and the disruption to the sulphur market from the ongoing Middle East conflict has had knock-on effects across key markets,” said Will Talbot, Benchmark’s research manager for raw materials. “Not only do high acid prices increase the cost base of lithium, nickel, copper, manganese, phosphoric acid and rare earth refiners, a lack of physical sulphur availability has already led some of these metal and chemical refiners to cut production.”",[630],{"type":583,"attrs":631},{"color":585},{"type":575,"attrs":633,"content":634},{"textAlign":49},[635,642,652],{"text":636,"type":580,"marks":637},"Benchmark’s in-house team of expert analysts have compiled a ",[638,640],{"type":583,"attrs":639},{"color":585},{"type":641},"italic",{"text":643,"type":580,"marks":644},"free-to-read Special Issue",[645,649,651],{"type":589,"attrs":646},{"href":647,"uuid":49,"anchor":49,"target":593,"linktype":648},"https://source.benchmarkminerals.com/publications/special-issues/the-sulphuric-acid-supply-squeeze-and-its-impact-on-critical-minerals-1","url",{"type":583,"attrs":650},{"color":585},{"type":641},{"text":653,"type":580,"marks":654}," exploring the impact of the sulphuric acid supply crunch on critical mineral supply chains.",[655,657],{"type":583,"attrs":656},{"color":585},{"type":641},{"type":659,"attrs":660,"content":662},"heading",{"level":661,"textAlign":49},2,[663],{"text":664,"type":580,"marks":665},"How much have costs increased?",[666,668],{"type":583,"attrs":667},{"color":585},{"type":669},"bold",{"type":575,"attrs":671,"content":672},{"textAlign":49},[673],{"text":674,"type":580,"marks":675},"Using Acuity’s price data along with Benchmark’s expert understanding of the cost of production for a large suite of critical minerals, the impact of rising sulphur and acid prices on the cost base has been assessed.",[676],{"type":583,"attrs":677},{"color":585},{"type":575,"attrs":679,"content":680},{"textAlign":49},[681,690,695,704],{"text":682,"type":580,"marks":683},"For lithium",[684,688],{"type":589,"attrs":685},{"href":686,"uuid":687,"anchor":49,"target":593,"linktype":594},"/article/why-are-lithium-prices-surging-in-china-again-","80c1a819-5c60-4407-ba5d-e6a023df02b5",{"type":583,"attrs":689},{"color":585},{"text":691,"type":580,"marks":692},", sulphuric acid previously accounted for 3% of the cost of producing lithium chemical from ",[693],{"type":583,"attrs":694},{"color":585},{"text":696,"type":580,"marks":697},"hard rock sources",[698,702],{"type":589,"attrs":699},{"href":700,"uuid":701,"anchor":49,"target":593,"linktype":594},"/article/greenbushes-downgrades-production-guidance-as-ore-grade-decline-accelerates","afd41dd3-acc7-4431-9c51-de8391eaa25b",{"type":583,"attrs":703},{"color":585},{"text":705,"type":580,"marks":706},". It is now 11% and has overtaken energy inputs to become the largest individual C1 cost component.",[707],{"type":583,"attrs":708},{"color":585},{"type":575,"attrs":710,"content":711},{"textAlign":49},[712,721],{"text":713,"type":580,"marks":714},"For nickel",[715,719],{"type":589,"attrs":716},{"href":717,"uuid":718,"anchor":49,"target":593,"linktype":594},"/article/production-quotas-control-nickel-price-nickel-q1-2026-price-review","9e149244-10b5-4bac-a43c-079b19971251",{"type":583,"attrs":720},{"color":585},{"text":722,"type":580,"marks":723}," (produced via HPAL) and purified phosphoric acid (PPA), sulphur and sulphuric acid were already major contributors to costs. Though at these elevated prices, sulphur now represents 42% of HPAL nickel costs and sulphuric acid 59% of PPA production.",[724],{"type":583,"attrs":725},{"color":585},{"type":727,"attrs":728},"blok",{"id":729,"body":730},"479f56f7-2adf-4e0d-ba98-1d4035c06adf",[731],{"id":732,"_uid":733,"type":734,"component":735,"fixed_height":736,"use_fixed_height":50,"fixed_height_mobile":736,"fixed_height_tablet":736},"29150441","i-981e3ff7-0bd9-4fac-b4e6-3b2ca929dc6c","visualisation","ContentFlourish","",{"type":659,"attrs":738,"content":739},{"level":661,"textAlign":49},[740],{"text":741,"type":580,"marks":742},"How much supply relies on sulphuric acid?",[743,745],{"type":583,"attrs":744},{"color":585},{"type":669},{"type":575,"attrs":747,"content":748},{"textAlign":49},[749],{"text":750,"type":580,"marks":751},"Benchmark analysis shows that over half of lithium, cobalt, rare earths, and purified phosphoric acid (PPA) production in 2026 is exposed to shocks in sulphur and sulphuric acid markets. For high-purity manganese sulphate monohydrate (HPMSM), used in manganese-containing batteries, 100% of supply is exposed.",[752],{"type":583,"attrs":753},{"color":585},{"type":575,"attrs":755,"content":756},{"textAlign":49},[757],{"text":758,"type":580,"marks":759},"The nickel market is less exposed, though the growing high-pressure acid leaching (HPAL) industry in Indonesia depends on sulphur imports from the Middle East to produce the required acid in situ.",[760],{"type":583,"attrs":761},{"color":585},{"type":727,"attrs":763},{"id":729,"body":764},[765],{"id":766,"_uid":767,"type":734,"component":735,"fixed_height":736,"use_fixed_height":50,"fixed_height_mobile":736,"fixed_height_tablet":736},"28872665","i-493ef9bc-39e5-40df-91a8-b103206d1123",{"type":575,"attrs":769,"content":770},{"textAlign":49},[771],{"text":772,"type":580,"marks":773},"“With the reopening of the Strait of Hormuz still an open question, and damage to Middle Eastern oil refineries set to extend disruption to sulphur supply even if the Strait is reopened, the outstanding risk is that more critical minerals players cut production or even shut down operations entirely,” Talbot said. “Critical minerals prices have already skyrocketed since the start of this year; more supply disruptions could push prices up even further.”",[774],{"type":583,"attrs":775},{"color":585},{"type":575,"attrs":777,"content":778},{"textAlign":49},[779,785,797],{"text":780,"type":580,"marks":781},"For more timely market analysis of key energy transition supply chains, ",[782,784],{"type":583,"attrs":783},{"color":585},{"type":641},{"text":786,"type":580,"marks":787},"create a free account",[788,791,794,795],{"type":589,"attrs":789},{"href":790,"uuid":49,"anchor":49,"target":49,"linktype":648},"https://account.benchmarkminerals.com/register",{"type":583,"attrs":792},{"color":793},"#1155CC",{"type":641},{"type":796},"underline",{"text":798,"type":580,"marks":799}," or fill out the form below to learn more about our Intelligence subscription:",[800,802],{"type":583,"attrs":801},{"color":585},{"type":641},{"type":727,"attrs":804},{"id":729,"body":805},[806],{"id":807,"_uid":808,"component":809,"wrap_in_box":50,"redirect_url":810,"success_file":812,"default_height":736,"success_message":736,"v2_hubspot_form":50,"success_sub_text":736,"hidden_field_values":815,"show_on_intelligence":50},"57a99950-73f5-48be-98a4-7324c28e5d0b ","i-e0dd1eab-50d2-4fc9-97a8-a6336fd9b8a6","ContentHubspotForm",{"id":736,"url":736,"linktype":594,"fieldtype":811,"cached_url":736},"multilink",{"id":49,"alt":49,"name":736,"focus":49,"title":49,"source":49,"filename":736,"copyright":49,"fieldtype":813,"meta_data":814},"asset",{},[],"Conflict in the Middle East and the subsequent closure of the Strait of Hormuz led to sulphuric acid prices skyrocketing. The material is a key feedstock for the processing of many critical minerals used in the energy transition. Benchmark’s analysis shows that for some minerals, sulphuric acid is no longer a background reagent, but a primary cost driver.\n\nPrices provided by Acuity show that between the start of the war in Iran at the end of February and mid-April, sulphuric acid prices surged by more than double and sulphur prices rose by 50%, albeit with regional variations.\n\n“Sulphuric acid is a vital feedstock for many critical minerals, and the disruption to the sulphur market from the ongoing Middle East conflict has had knock-on effects across key markets,” said Will Talbot, Benchmark’s research manager for raw materials. “Not only do high acid prices increase the cost base of lithium, nickel, copper, manganese, phosphoric acid and rare earth refiners, a lack of physical sulphur availability has already led some of these metal and chemical refiners to cut production.”",[],"article",[820,823,825,828,830,832,835,837],{"slug":821,"name":822},"critical-minerals","Critical Minerals",{"slug":824,"name":8},"lithium",{"slug":826,"name":827},"copper","Copper",{"slug":829,"name":115},"cobalt",{"slug":831,"name":150},"nickel",{"slug":833,"name":834},"phosphate","Phosphate",{"slug":836,"name":414},"rare-earths",{"slug":838,"name":839},"geopolitics","Geopolitics","public",{"id":842,"alt":736,"name":736,"focus":736,"title":736,"source":736,"filename":843,"copyright":736,"fieldtype":813,"meta_data":844,"is_external_url":50},181371539295885,"https://a.storyblok.com/f/287943243085208/1588x1204/27eaec8506/mineral-exposure-2x-6.png",{},{"id":846,"alt":736,"name":736,"focus":736,"title":736,"source":736,"filename":847,"copyright":736,"fieldtype":813,"meta_data":848,"is_external_url":50},181369963523366,"https://a.storyblok.com/f/287943243085208/4000x2250/645b78f209/adobestock_303152854.jpeg",{},"Conflict in the Middle East and the subsequent closure of the Strait of Hormuz led to sulphuric acid prices skyrocketing. The material is a key feedstock for the processing of many critical minerals used in the energy transition. Benchmark’s analysis show","May 28, 2026","28th May 2026",[],[],{"id":855,"uuid":856,"name":857,"slug":858,"full_slug":858,"content":859,"relatedArticles":863,"relatedVideos":864},120886048076734,"4b6fbcc0-7881-4fbb-92ee-06d1ed3f3cec","⚙️ Settings","settings",{"_uid":860,"component":858,"black_listed_email_domains":861,"_editable":862,"formattedDate":736,"formattedArticleDate":736},"8dcafbcc-28de-4388-a68e-6b41e24f31bb","direkt.se\nstreetwisereports.com\nalpha-sense.com\nafrica-energy.com\ntcs.com\nmm-markets.com\nsmr-premium.com\nsci99.com\nlondoncib.com\nyeb.com.br\nnewautomotive.org\nsina.com.cn\ngwstrategies.net\noliverwyman.com\ndazeinfo.com\ndataintelo.com\ninfyos.com\nevalueserve.com\ninsightwoo.com\ncrescendoanalytic.com\nipaglobal.com\nweare121.com\nzemek.com\nryancommodityinsights.com\nonyxsi.com\ncostmine.com\nnickhatchmining.com\naethoslabs.com\nmysteel.com\nbuzblox.com\nfutureproofconsulting.com.au\ncmgroup.net\noptelgroup.com\nberylls.com\nreputex.com\nnumber-three.net\nrobertdallison.com\nwsp.com\nafriforesight.com\npaydirt.com.au\nmetal.com\ninforma.com\nfelixstrategy.com\ncrisil.com\nantaike.com\nbatterymaterialsreview.com\nsrk.com\nglobaltrustgrp.com\nnapiermeridian.com\nprojectblue.com\nplutonic-rma.com\nrosaearth.io\ndrivesustainability.org\nminehub.com\nscsglobalservices.com\nLynxglobalintelligence.com\nsphera.com\nminespider.com\nc-resource.com\ntdi-sustainability.com\nkumi.consulting\nsc-insights.com\nkallanish.com\naboutenergy.co.uk\nenant.io\nopisnet.com\nacuitycommodities.com\nevinfocus.com\nsfa-oxford.com\ncrugroup.com\nwoodmac.com\nspglobal.com\nrolandberger.com\nrcsglobal.com\nnornik.ru\nlivista.energy\nihsmarkit.com\ncapitalightresearch.com\namegroup.com\ncapitalight.co\nsustainablelabs.io\ncommoditiesanalysis.co.uk\navicenne.com\nkearney.com\nnornickel.net\n5napier.com\nvoltility.net\ngf.com.cn\nhindenburgresearch.com\ndigbee.com\nadamasintel.com\nac-harvard.com\nsneresearch.com\ninventusbioenergy.com\nproactiveinvestors.com\nauroraer.com\nresourceworld.com\nbatteryline.com\norennia.com\nfastmarkets.com\nmsci.com\nbcg.com\nklinegroup.com\ndelta-ee.com\nskarnassociates.com\nricardo.com\ncleanhorizon.com\np3-group.com\naccenture.com\nporsche-consulting.com\numlaut.com\nadi-analytics.com\ncpmgroup.com\nilimarkets.com\nminviro.com\nmckinsey.com\ncicenergigune.com\ne4tech.com\nargusmedia.com\ndolbear.com\nerm.com\nlithium.org\nradiusq.com\ndigivla.com\njeri.co.jp\ntopology.com.tw\nsaurenergy.com\novaladvisory.com\ngsixenergy.com","\u003C!--#storyblok#{\"name\": \"settings\", \"space\": \"287943243085208\", \"uid\": \"8dcafbcc-28de-4388-a68e-6b41e24f31bb\", \"id\": \"120886048076734\"}-->",[],[],1783958057257]