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",[623],{"type":605,"attrs":624},{"color":607},{"text":8,"type":602,"marks":626},[627,631],{"type":612,"attrs":628},{"href":629,"uuid":630,"anchor":49,"target":616,"linktype":617},"/videos/q1-2026-lithium-price-drivers","f2a03280-94b9-4549-981c-dfee20cbecf2",{"type":605,"attrs":632},{"color":607},{"text":634,"type":602,"marks":635}," in particular has surged, while other essential inputs like phosphorus and nickel have also grown as both lithium iron phosphate (LFP) and nickel cobalt manganese (NCM) battery production have ramped up. ",[636],{"type":605,"attrs":637},{"color":607},{"type":597,"attrs":639,"content":640},{"textAlign":49},[641,646,655],{"text":642,"type":602,"marks":643},"In 2025, lithium production reached four times its 2020 level, growing from 395kt mined to 1,500kt. As lithium is used in almost all modern battery chemistries, its growth far outpaced other battery materials. Reflective of the growth of ",[644],{"type":605,"attrs":645},{"color":607},{"text":647,"type":602,"marks":648},"LFP chemistry",[649,653],{"type":612,"attrs":650},{"href":651,"uuid":652,"anchor":49,"target":616,"linktype":617},"/article/north-america-sees-lfp-production-capacity-pipeline-grow-driven-by-the-bess-market","8c902f6d-616a-4844-93e9-31c499e486b5",{"type":605,"attrs":654},{"color":607},{"text":656,"type":602,"marks":657},", is the increase in the supply of purified phosphoric acid, which grew 41% from 2020–2025.",[658],{"type":605,"attrs":659},{"color":607},{"type":597,"attrs":661,"content":662},{"textAlign":49},[663,669,677,682,691,696,705],{"type":664,"attrs":665},"image",{"id":666,"alt":547,"src":667,"title":547,"source":547,"copyright":547,"meta_data":668},173179557914380,"https://a.storyblok.com/f/287943243085208/1200x1853/33ecbcf38b/updated-battery-material-infographic.jpg",{},{"text":150,"type":602,"marks":670},[671,675],{"type":612,"attrs":672},{"href":673,"uuid":674,"anchor":49,"target":616,"linktype":617},"/article/production-quotas-control-nickel-price-nickel-q1-2026-price-review","9e149244-10b5-4bac-a43c-079b19971251",{"type":605,"attrs":676},{"color":607},{"text":678,"type":602,"marks":679},", the key input for NCM, grew from 2,500kt to 3,600kt across the same period, while ",[680],{"type":605,"attrs":681},{"color":607},{"text":683,"type":602,"marks":684},"cobalt",[685,689],{"type":612,"attrs":686},{"href":687,"uuid":688,"anchor":49,"target":616,"linktype":617},"/article/supply-strains-keep-prices-steady-cobalt-q1-2026-price-review","0b16c504-8e01-449c-9efe-b239dc7e8242",{"type":605,"attrs":690},{"color":607},{"text":692,"type":602,"marks":693}," and high purity ",[694],{"type":605,"attrs":695},{"color":607},{"text":697,"type":602,"marks":698},"manganese sulphate monohydrate",[699,703],{"type":612,"attrs":700},{"href":701,"uuid":702,"anchor":49,"target":616,"linktype":617},"/article/is-byd-using-lmfp-for-blade-2-0-and-what-would-this-mean-for-manganese-","27a25c0a-b17f-46c1-a750-10f514e8bb13",{"type":605,"attrs":704},{"color":607},{"text":706,"type":602,"marks":707}," also both more than doubled.",[708],{"type":605,"attrs":709},{"color":607},{"type":711,"attrs":712,"content":714},"heading",{"level":713,"textAlign":49},2,[715],{"text":716,"type":602,"marks":717},"Battery chemistry shift driving material demand",[718],{"type":719},"bold",{"type":597,"attrs":721,"content":722},{"textAlign":49},[723,728,737],{"text":724,"type":602,"marks":725},"In 2020, LFP’s global market share sat at 19%, compared with a combined 80% market share for nickel-based chemistries. By 2025, that had become a 60% share for LFP and a 44% share for nickel. ",[726],{"type":605,"attrs":727},{"color":607},{"text":729,"type":602,"marks":730},"China’s rapid expansion",[731,735],{"type":612,"attrs":732},{"href":733,"uuid":734,"anchor":49,"target":616,"linktype":617},"/article/regional-spotlight-china","746036af-b9fc-4d0d-b721-56d0d1094635",{"type":605,"attrs":736},{"color":607},{"text":738,"type":602,"marks":739}," of battery production, combined with its focus on LFP, has underpinned this shift. By 2030, Benchmark forecasts LFP to extend its lead further to 71%. ",[740],{"type":605,"attrs":741},{"color":607},{"type":597,"attrs":743,"content":744},{"textAlign":49},[745],{"text":746,"type":602,"marks":747},"Benchmark Intelligence is your gateway to more content like this, including articles, briefings, videos and over 2,500 prices across the mine-to-grid supply chain. To learn more, fill out the form below and one of the team will be in touch. ",[748],{"type":749},"italic",{"type":751,"attrs":752},"blok",{"id":753,"body":754},"40c4f715-275e-47dd-adf7-31a4d68fca3a",[755],{"id":756,"_uid":757,"component":758,"wrap_in_box":50,"redirect_url":759,"success_file":761,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":763,"show_on_intelligence":50},"57a99950-73f5-48be-98a4-7324c28e5d0b","i-1a019f48-b4ff-4d1a-9406-4c5f1c675871","ContentHubspotForm",{"id":547,"url":547,"linktype":617,"fieldtype":760,"cached_url":547},"multilink",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":762},{},[],"Production of battery materials has rocketed since 2020. Lithium in particular has surged, while other essential inputs like phosphorus and nickel have also grown as both lithium iron phosphate (LFP) and nickel cobalt manganese (NCM) battery production have ramped up. \n\nIn 2025, lithium production reached four times its 2020 level, growing from 395kt mined to 1,500kt. As lithium is used in almost all modern battery chemistries, its growth far outpaced other battery materials. ",[766],{"slug":544,"name":543,"content":767},{"job_title":557,"image":768,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},"article","Battery material supply up since 2020 as chemistry demand shifts",[772,775,777,780,782,785,788,790,793],{"slug":773,"name":774},"batteries","Batteries",{"slug":776,"name":8},"lithium",{"slug":778,"name":779},"manganese","Manganese",{"slug":781,"name":150},"nickel",{"slug":783,"name":784},"critical-minerals","Critical Minerals",{"slug":786,"name":787},"phosphate","Phosphate",{"slug":789,"name":189},"natural-graphite",{"slug":791,"name":792},"graphite","Graphite",{"slug":794,"name":795},"synthetic-graphite","Synthetic Graphite","public",{"id":798,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":799,"copyright":547,"fieldtype":553,"meta_data":800,"is_external_url":50},171506350888355,"https://a.storyblok.com/f/287943243085208/1200x1912/b505f2c07e/vce_all-the-battery-material-we-mined_voro_03312026.jpg",{},{"id":802,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":803,"copyright":547,"fieldtype":553,"meta_data":804,"is_external_url":50},160889858638180,"https://a.storyblok.com/f/287943243085208/4752x3168/fd231baaf5/adobestock_85912969_lithium-piles.jpeg",{},"Production of battery materials has rocketed since 2020. Lithium in particular has surged, while other essential inputs like phosphorus and nickel have also grown.","Apr 30, 2026",{"id":808,"uuid":809,"name":810,"slug":811,"full_slug":812,"content":813},144258923248883,"4f8ae390-bfc8-4b79-8cf8-766487872aaa","Indonesia announces significantly lower nickel RKAB quotas","indonesia-announces-significantly-lower-nickel-rkab-quotas","article/indonesia-announces-significantly-lower-nickel-rkab-quotas",{"_uid":814,"date":815,"tags":816,"editor":824,"content":834,"excerpt":1027,"featured":51,"reporter":1028,"component":769,"seo_title":810,"categories":1042,"visibility":1045,"author_company":547,"data_vis_image":1046,"featured_image":1050,"seo_description":1054,"author_full_name":547,"author_job_title":547,"formattedDate":1055},"cea17936-0a07-4278-8e1b-b993a58b2e78","2026-02-12 00:00",[817,820,823],{"slug":818,"name":819},"nickel-prices","Nickel prices",{"slug":821,"name":822},"indonesia","Indonesia",{"slug":578,"name":579},[825],{"slug":826,"name":827,"content":828},"matthew-bird","Matthew Bird",{"job_title":829,"image":830,"bio":832,"linkedin":833},"Senior Editor - Supply Chains & Data Visualisation",{"filename":831},"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":594,"content":835},[836,872,894,914,923,931,948,954,962,970,978,986,994,1002,1019],{"type":597,"attrs":837,"content":838},{"textAlign":49},[839,844,853,858,867],{"text":840,"type":602,"marks":841},"The Indonesian Ministry of Energy and Mineral Resources (ESDM) has set a 2026 ",[842],{"type":605,"attrs":843},{"color":607},{"text":845,"type":602,"marks":846},"nickel ore mining",[847,851],{"type":612,"attrs":848},{"href":849,"uuid":850,"anchor":49,"target":616,"linktype":617},"/videos/inside-indonesias-nickel-industry","a1115357-65e7-4740-a6c3-9efe78785744",{"type":605,"attrs":852},{"color":607},{"text":854,"type":602,"marks":855}," quota (RKAB) of 260–270 million wmt. This is notably lower than the ",[856],{"type":605,"attrs":857},{"color":607},{"text":859,"type":602,"marks":860},"approved 2025 quota",[861,865],{"type":612,"attrs":862},{"href":863,"uuid":864,"anchor":49,"target":616,"linktype":617},"/article/nickel-market-faces-uncertainty-amid-indonesias-mining-quota-adjustments","bb9e81c3-0c59-4b99-a290-d4edde8df7e2",{"type":605,"attrs":866},{"color":607},{"text":868,"type":602,"marks":869}," of 379 million wmt, which was initially announced at just under 300 million wmt before additional permits were granted later in the year.",[870],{"type":605,"attrs":871},{"color":607},{"type":597,"attrs":873,"content":874},{"textAlign":49},[875,880,889],{"text":876,"type":602,"marks":877},"The reduced ",[878],{"type":605,"attrs":879},{"color":607},{"text":881,"type":602,"marks":882},"RKAB quota",[883,887],{"type":612,"attrs":884},{"href":885,"uuid":886,"anchor":49,"target":616,"linktype":617},"/article/how-will-indonesias-mining-quotas-affect-the-nickel-market","ef58b587-72eb-4a1d-87e5-3e85bdf64de4",{"type":605,"attrs":888},{"color":607},{"text":890,"type":602,"marks":891}," reflects government efforts to manage supply growth, support nickel prices, and conserve domestic resources. Expectations of lower quotas and their potential impact on Indonesian supply have been a key driver of the recent rally in nickel prices. LME nickel prices rose from just above $14,000/t in mid‑December to more than $17,000/t on 11 February 2026.",[892],{"type":605,"attrs":893},{"color":607},{"type":597,"attrs":895,"content":896},{"textAlign":49},[897,909],{"text":898,"type":602,"marks":899},"Benchmark’s Nickel Cost Curve",[900,904,907],{"type":612,"attrs":901},{"href":902,"uuid":49,"anchor":49,"target":49,"linktype":903},"https://data.benchmarkminerals.com/nickel/supply","url",{"type":605,"attrs":905},{"color":906},"#1155CC",{"type":908},"underline",{"text":910,"type":602,"marks":911}," shows that prices below $15,000/t render a substantial share of Indonesian output unprofitable, underscoring the sector’s reliance on higher price levels.",[912],{"type":605,"attrs":913},{"color":607},{"type":751,"attrs":915},{"id":916,"body":917},"ca9f2e32-84db-45af-b142-425084854b3c",[918],{"id":919,"_uid":920,"type":921,"component":922,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27618019","i-573b157c-1ce1-4d43-b16f-3d94d918c3c0","visualisation","ContentFlourish",{"type":711,"attrs":924,"content":925},{"level":713,"textAlign":49},[926],{"text":927,"type":602,"marks":928},"How does the RKAB quota compare to demand from Indonesian intermediary production?",[929],{"type":605,"attrs":930},{"color":607},{"type":597,"attrs":932,"content":933},{"textAlign":49},[934,943],{"text":935,"type":602,"marks":936},"Nickel refining facilities in Indonesia",[937,941],{"type":612,"attrs":938},{"href":939,"uuid":940,"anchor":49,"target":616,"linktype":617},"/article/indonesias-new-smelter-ban-targets-value-added-growth","6bd7aaab-55f0-4bf4-b404-905e228e4541",{"type":605,"attrs":942},{"color":607},{"text":944,"type":602,"marks":945}," are forecast to require 334 million wmt of ore in 2026 to produce 2.7Mt of nickel contained in intermediary products such as ferronickel and nickel pig iron (NPI) for the stainless steel sector, and mixed hydroxide precipitate (MHP) for battery supply chains.",[946],{"type":605,"attrs":947},{"color":607},{"type":751,"attrs":949},{"id":916,"body":950},[951],{"id":952,"_uid":953,"type":921,"component":922,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27618306","i-e6ec4256-628c-44ea-9725-ee4d89efc963",{"type":597,"attrs":955,"content":956},{"textAlign":49},[957],{"text":958,"type":602,"marks":959},"If the upper end of the initial RKAB quota is achieved (270 million wmt), this would leave a shortfall of 64 million wmt of ore to sustain the projected production level of nickel intermediates. The gap could be covered through ore imports from other countries, such as the Philippines, or through a subsequent upward revision to the RKAB quota, as occurred last year. Existing ore inventories could also be drawn down to offset the deficit.",[960],{"type":605,"attrs":961},{"color":607},{"type":597,"attrs":963,"content":964},{"textAlign":49},[965],{"text":966,"type":602,"marks":967},"If the shortfall is not met, the global nickel market could move closer to balance from the current forecast surplus of 262kt in 2026, due to reduced Indonesian supply. This would likely keep prices at elevated levels, which have persisted despite ongoing oversupply in the market.",[968],{"type":605,"attrs":969},{"color":607},{"type":711,"attrs":971,"content":972},{"level":713,"textAlign":49},[973],{"text":974,"type":602,"marks":975},"What does the RKAB quota mean at the mine site level?",[976],{"type":605,"attrs":977},{"color":607},{"type":597,"attrs":979,"content":980},{"textAlign":49},[981],{"text":982,"type":602,"marks":983},"RKAB quotas are issued on a site‑by‑site basis, meaning each facility will be affected differently. For example, Eramet has announced that PT Weda Bay Nickel (WBN), its joint venture with Tsingshan, has received an initial quota of 12 million wmt. This represents just 38% of the initial 2025 quota of 32 million wmt, which was later raised to 42 million wmt in July 2025. Eramet and its partners plan to apply for a revised, higher quota for the facility as soon as possible.",[984],{"type":605,"attrs":985},{"color":607},{"type":711,"attrs":987,"content":988},{"level":713,"textAlign":49},[989],{"text":990,"type":602,"marks":991},"How has the quota impacted MHP payables?",[992],{"type":605,"attrs":993},{"color":607},{"type":597,"attrs":995,"content":996},{"textAlign":49},[997],{"text":998,"type":602,"marks":999},"Although LME nickel prices are up compared to the end of last year, they have fallen slightly over the course of 2026. This has pulled MHP payables down to 88% as of 11 February 2026, the first time they have fallen below 90% since late November.",[1000],{"type":605,"attrs":1001},{"color":607},{"type":597,"attrs":1003,"content":1004},{"textAlign":49},[1005,1014],{"text":1006,"type":602,"marks":1007},"MHP remains tight",[1008,1012],{"type":612,"attrs":1009},{"href":1010,"uuid":1011,"anchor":49,"target":616,"linktype":617},"/article/nickel-intermediate-tightness-to-underpin-elevated-mhp-payables-into-q4","df46a979-2900-4413-b22f-156697f65198",{"type":605,"attrs":1013},{"color":607},{"text":1015,"type":602,"marks":1016}," overall due to strong demand as the cobalt market seeks an alternative to hydroxide from the DRC and due to the tighter Indonesian quotas. That said, the quotas are higher than the market had anticipated a month ago.",[1017],{"type":605,"attrs":1018},{"color":607},{"type":597,"attrs":1020,"content":1021},{"textAlign":49},[1022],{"text":1023,"type":602,"marks":1024},"“A lot of the price response has already been baked into existing high prices, so actually this has softened the reaction somewhat,” said Daisy Jennings-Gray, Benchmark’s Head of Prices.",[1025],{"type":605,"attrs":1026},{"color":607},"The Indonesian Ministry of Energy and Mineral Resources (ESDM) has set a 2026 nickel ore mining quota (RKAB) of 260–270 million wmt. This is notably lower than the approved 2025 quota of 379 million wmt, which was initially announced at just under 300 million wmt before additional permits were granted later in the year.\nThe reduced RKAB quota reflects government efforts to manage supply growth, support nickel prices, and conserve domestic resources. Expectations of lower quotas and their potential impact on Indonesian supply have been a key driver of the recent rally in nickel prices. LME nickel prices rose from just above $14,000/t in mid‑December to more than $17,000/t on 11 February 2026.",[1029,1032],{"slug":544,"name":543,"content":1030},{"job_title":557,"image":1031,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},{"slug":1033,"name":1034,"content":1035},"daisy-jennings-gray","Daisy Jennings-Gray",{"job_title":1036,"image":1037,"bio":1039,"linkedin":1040,"markets_covered":1041},"Head of Prices",{"filename":1038},"https://a.storyblok.com/f/287943243085208/440x410/c313cfb287/daisy.webp","Daisy is Head of Prices at Benchmark Mineral Intelligence and is responsible for price assessment publication and methodology development across all raw materials and battery components, including lithium, nickel, cobalt, graphite, rare earth elements, black mass, anode and cathode. She has 5 years' experience in price reporting, having primarily covered lithium and graphite markets when she joined Benchmark as an analyst, as well as reporting on European wholesale natural gas markets at another PRA prior to this. Daisy graduated with a First Class Honours MSci in Geology from Imperial College London. ","https://www.linkedin.com/in/daisyjennings-gray/","Lithium, nickel, cobalt, natural graphite, synthetic graphite, anode, cathode, rare earths, black mass",[1043,1044],{"slug":783,"name":784},{"slug":781,"name":150},"private",{"id":1047,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1048,"copyright":547,"fieldtype":553,"meta_data":1049,"is_external_url":50},144263157545260,"https://a.storyblok.com/f/287943243085208/1588x1382/c1d7f91977/indonesian-ore-demand-by-ore-type-and-rkab-quota-2x.png",{},{"id":1051,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1052,"copyright":547,"fieldtype":553,"meta_data":1053,"is_external_url":50},129070278742185,"https://a.storyblok.com/f/287943243085208/3c57fd2cb5/bm-nickel-ore-indonesia.jpg",{},"The Indonesian Ministry of Energy and Mineral Resources (ESDM) has set a 2026 nickel ore mining quota (RKAB) of 260–270 million wmt. This is notably lower than the approved 2025 quota of 379 million wmt.","Feb 12, 2026",1784908437502]