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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.","cafa3186-13f7-430c-b4d1-cdd477158216",{"id":551,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":552,"copyright":547,"fieldtype":553,"meta_data":554,"is_external_url":50},153426609039582,"https://a.storyblok.com/f/287943243085208/800x800/66d6674fb8/benjamin-roche.png","asset",{},"https://www.linkedin.com/in/benjaminrochecontent/","author","Editor – Energy Transition Supply Chains",[],[],[561,814,1126,1312,1454,1715,1880,2062,2178,2346,2552,2752,2896,3031,3160,3350,3528,3755,3910,4025,4131,4443,4587,4748,4944,5242,5424,5603,5781,6027,6243,6446,6642,6784,6884,7060,7268,7420,7536,7729,7850,7970,8108,8233,8390,8504,8686,9012,9279,9425,9594,9725,9917,10029,10221,10356,10497,10622,10743,10900,11062,11220,11380,11538,11648,11816],{"id":562,"uuid":563,"name":564,"slug":565,"full_slug":566,"content":567},195510238694141,"d54bbe81-a9b2-4236-a583-712f881cede6","NovAndino's 470,000 tonne Salar Futuro lithium ambition could be limited by regulation","novandino-s-salar-futuro-lithium-project-targets-470-000-tonnes-lce-but-regulatory-permissions-set-ceiling","article/novandino-s-salar-futuro-lithium-project-targets-470-000-tonnes-lce-but-regulatory-permissions-set-ceiling",{"_uid":568,"date":569,"tags":570,"editor":580,"content":584,"excerpt":783,"featured":51,"reporter":784,"component":794,"seo_title":795,"categories":796,"visibility":805,"data_vis_image":806,"featured_image":808,"seo_description":812,"formattedDate":813},"fa78125f-359d-4143-a4f3-3f82b0d826ad","2026-07-07 00:00",[571,574,577],{"slug":572,"name":573},"sqm","SQM",{"slug":575,"name":576},"codelco","Codelco",{"slug":578,"name":579},"chile","Chile",[581],{"slug":544,"name":543,"content":582},{"job_title":557,"image":583,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":586},"doc",[587,616,624,646,654,676,686,696,704,712,734,742,750,758],{"type":588,"attrs":589,"content":590},"paragraph",{"textAlign":49},[591,599,611],{"text":592,"type":593,"marks":594},"Chilean lithium project Salar Futuros’ recent filing reveals an annual capacity ambition of 470,000 tonnes LCE, but it is likely to face ","text",[595],{"type":596,"attrs":597},"textStyle",{"color":598},"#000000",{"text":600,"type":593,"marks":601},"regulatory challenges",[602,609],{"type":603,"attrs":604},"link",{"href":605,"uuid":606,"anchor":49,"target":607,"linktype":608},"/article/chile-s-regulatory-gridlock-giving-argentina-upper-hand-on-lithium-output-growth","6d4b46da-d155-4b62-9e59-97f9c80037ab","_blank","story",{"type":596,"attrs":610},{"color":598},{"text":612,"type":593,"marks":613}," in meeting this target. ",[614],{"type":596,"attrs":615},{"color":598},{"type":588,"attrs":617,"content":618},{"textAlign":49},[619],{"text":620,"type":593,"marks":621},"NovAndino, the SQM-Codelco joint venture formalised in December 2025, has submitted the environmental impact assessment (EIA) for its Salar Futuro project, a US$3 billion complete overhaul of their current operations in the Salar de Atacama designed to extend production through 2060.",[622],{"type":596,"attrs":623},{"color":598},{"type":588,"attrs":625,"content":626},{"textAlign":49},[627,632,641],{"text":628,"type":593,"marks":629},"The headline capacity is for up to 470,000 LCE tonnes per year, plus potassium salts and other derivatives. Benchmark reads this figure as regulatory optionality secured for the future, not a production target. Any move towards that capacity hinges on two uncertainties: future quota and lease decisions, and the successful deployment of ",[630],{"type":596,"attrs":631},{"color":598},{"text":633,"type":593,"marks":634},"direct lithium extraction (DLE)",[635,639],{"type":603,"attrs":636},{"href":637,"uuid":49,"anchor":49,"target":607,"linktype":638},"https://source.benchmarkminerals.com/publications/special-issues/direct-lithium-extraction-the-rise-and-potential-of-new-lithium-extraction-technology","url",{"type":596,"attrs":640},{"color":598},{"text":642,"type":593,"marks":643}," at a scale that has not yet been demonstrated. ",[644],{"type":596,"attrs":645},{"color":598},{"type":588,"attrs":647,"content":648},{"textAlign":49},[649],{"text":650,"type":593,"marks":651},"The figure is 70% above guidance for 2026 and well beyond the previously planned ramp-up to 300,000 tonnes by the end of this decade, as previously communicated when the project was framed primarily as an environmental modernisation rather than an expansion of capacity.",[652],{"type":596,"attrs":653},{"color":598},{"type":588,"attrs":655,"content":656},{"textAlign":49},[657,662,671],{"text":658,"type":593,"marks":659},"There is uncertainty around ",[660],{"type":596,"attrs":661},{"color":598},{"text":663,"type":593,"marks":664},"NovAndino’s ",[665,669],{"type":603,"attrs":666},{"href":667,"uuid":668,"anchor":49,"target":607,"linktype":608},"/article/sqm-atacama-lithium-operation-secured-to-2060-with-codelco-partnership-approval","aefaf74d-5567-4207-9bf5-3d4cd537682c",{"type":596,"attrs":670},{"color":598},{"text":672,"type":593,"marks":673},"ability to reach this capacity as the company has not yet publicly selected a DLE route after several years of tests and pilot plant work, including with French technology firm Adionics.",[674],{"type":596,"attrs":675},{"color":598},{"type":677,"attrs":678},"blok",{"id":679,"body":680},"d8788c67-9645-4674-b482-f460136c92b0",[681],{"id":682,"_uid":683,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29612980","i-81f3fa27-2951-4852-a32b-21f164f35ce5","visualisation","ContentFlourish",{"type":687,"attrs":688,"content":690},"heading",{"level":689,"textAlign":49},2,[691],{"text":692,"type":593,"marks":693},"Headline figure represents maximum capacity, not authorised production",[694],{"type":596,"attrs":695},{"color":598},{"type":588,"attrs":697,"content":698},{"textAlign":49},[699],{"text":700,"type":593,"marks":701},"The 470,000 tonnes does not represent authorised production or sales, but is instead the maximum single-year production allowed by Corfo, the Chilean regulator. ",[702],{"type":596,"attrs":703},{"color":598},{"type":588,"attrs":705,"content":706},{"textAlign":49},[707],{"text":708,"type":593,"marks":709},"The regulator has authorised the extraction of 2.5 million tonnes of lithium metal equivalent between the period of 2031–2060, expandable to 3.02 million tonnes subject to environmental permits. These levels support sales of up to around 330,000 LCE tonnes per year during that period of time, which is the planned capacity of the brine processing system. .",[710],{"type":596,"attrs":711},{"color":598},{"type":588,"attrs":713,"content":714},{"textAlign":49},[715,720,729],{"text":716,"type":593,"marks":717},"“If NovAndino produced 470k in one year, they would dry up their allotted long-term quota faster,” said ",[718],{"type":596,"attrs":719},{"color":598},{"text":721,"type":593,"marks":722},"Federico Gay, Benchmark’s principal lithium analyst",[723,727],{"type":603,"attrs":724},{"href":725,"uuid":726,"anchor":49,"target":607,"linktype":608},"/videos/what-is-the-outlook-for-lithium-in-latin-america","2e803866-775f-4d3e-b1b3-3a73823ba02d",{"type":596,"attrs":728},{"color":598},{"text":730,"type":593,"marks":731},". “NovAndino is permitting capacity ahead of quota, securing regulatory optionality now, and leaving quotas and lease terms to be renegotiated later.”",[732],{"type":596,"attrs":733},{"color":598},{"type":687,"attrs":735,"content":736},{"level":689,"textAlign":49},[737],{"text":738,"type":593,"marks":739},"What is NovAndino’s forecast production?",[740],{"type":596,"attrs":741},{"color":598},{"type":588,"attrs":743,"content":744},{"textAlign":49},[745],{"text":746,"type":593,"marks":747},"Benchmark’s Q2 Lithium Forecast shows the phased pathway for this operation, given that Salar de Atacama’s operation is expected to rise to 300,000 tonnes by the end of the decade.",[748],{"type":596,"attrs":749},{"color":598},{"type":588,"attrs":751,"content":752},{"textAlign":49},[753],{"text":754,"type":593,"marks":755},"After this, the NovAndino has planned a multi-year transition from today's evaporation model to an integrated flowsheet combining the existing ponds with membrane separation and direct lithium extraction (DLE). While the evaporation process takes water out of the system, which is permanently lost, DLE can be designed as a closed system that reinjects the treated water back to the salar, resulting in a reduction of water table drawdown while also increasing recovery rates.",[756],{"type":596,"attrs":757},{"color":598},{"type":588,"attrs":759,"content":760},{"textAlign":49},[761,768,777],{"text":762,"type":593,"marks":763},"Insights in this story are drawn from Benchmark's Lithium Service, including its Q2 Lithium Forecast. You can ",[764,766],{"type":596,"attrs":765},{"color":598},{"type":767},"italic",{"text":769,"type":593,"marks":770},"learn more about the service here",[771,774,776],{"type":603,"attrs":772},{"href":773,"uuid":49,"anchor":49,"target":607,"linktype":638},"https://www.benchmarkminerals.com/lithium",{"type":596,"attrs":775},{"color":598},{"type":767},{"text":778,"type":593,"marks":779},".",[780,782],{"type":596,"attrs":781},{"color":598},{"type":767},"Chilean lithium project Salar Futuros’ recent filing reveals an annual capacity ambition of 470,000 tonnes LCE, but it is likely to face regulatory challenges in meeting this target. \n\nNovAndino, the SQM-Codelco joint venture formalised in December 2025, has submitted the environmental impact assessment (EIA) for its Salar Futuro project, a US$3 billion complete overhaul of their current operations in the Salar de Atacama designed to extend production through 2060.",[785],{"slug":786,"name":787,"content":788},"federico-gay","Federico Gay",{"job_title":789,"image":790,"bio":792,"linkedin":793,"markets_covered":8},"Principal Analyst - Lithium",{"filename":791},"https://a.storyblok.com/f/287943243085208/512x512/599762cb57/federico-gay.jpeg","Federico is an economic geologist specializing in lithium at Benchmark Mineral Intelligence. His expertise bridges technical and financial domains, with a background that spans deposit assessment, resource estimation, cost modelling, pricing trends, and ESG analysis. Federico’s career includes hands-on mining experience in Chile across lithium and copper deposits, as well as market-facing roles at the London Stock Exchange, focusing on lithium, precious metals and copper. His work supports strategic insights into the global energy transition and critical mineral supply chains. He holds a MSc in Economic Geology from Universidad Catolica del Norte, Chile.","https://www.linkedin.com/in/federico-gaston-gay-1aa629160/","article","Salar Futuro lithium project target faces regulatory hurdles",[797,799,802],{"slug":798,"name":8},"lithium",{"slug":800,"name":801},"critical-minerals","Critical Minerals",{"slug":803,"name":804},"raw-materials","Raw Materials","private",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":807},{},{"id":809,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":810,"copyright":547,"fieldtype":553,"meta_data":811,"is_external_url":50},129072824071681,"https://a.storyblok.com/f/287943243085208/b61da709ae/bm-sqm-reducira-en-50-la-extraccion-de-salmuera-del-salar-de-atacama-y-en-40-su-consumo-hidrico-en-t.jpg",{},"Chilean lithium project Salar Futuros’ recent filing reveals an annual capacity ambition of 470,000 LCE tonne, but it is likely to face regulatory challenges in meeting this target.","Jul 07, 2026",{"id":815,"uuid":816,"name":817,"slug":818,"full_slug":819,"content":820},194131353880583,"23058151-3c90-4933-a151-d618baff03e1","Cobalt, copper and controls: DRC Regional Spotlight","cobalt-copper-and-controls-drc-regional-spotlight","article/cobalt-copper-and-controls-drc-regional-spotlight",{"_uid":821,"date":822,"tags":823,"editor":839,"content":849,"excerpt":1089,"featured":51,"reporter":1090,"component":794,"seo_title":817,"categories":1104,"visibility":805,"data_vis_image":1116,"featured_image":1120,"seo_description":1124,"formattedDate":1125},"95da1746-1488-4cb8-b981-442b69f157c0","2026-07-03 00:00",[824,827,830,833,836],{"slug":825,"name":826},"drc","DRC",{"slug":828,"name":829},"cmoc","CMOC",{"slug":831,"name":832},"data-visualisation","Data Visualisation",{"slug":834,"name":835},"cobalt-prices","Cobalt prices",{"slug":837,"name":838},"africa","Africa",[840],{"slug":841,"name":842,"content":843},"matthew-bird","Matthew Bird",{"job_title":844,"image":845,"bio":847,"linkedin":848},"Senior Editor - Supply Chains & Data Visualisation",{"filename":846},"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":585,"content":850},[851,864,878,885,904,912,935,940,945,950,963,977,982,989,995,1001,1007,1013,1018,1024,1038,1044,1049,1054,1059,1076],{"type":588,"attrs":852,"content":853},{"textAlign":49},[854,856,862],{"text":855,"type":593},"The Democratic Republic of Congo (DRC) is the world’s leading supplier of mined cobalt, supplying three quarters of 2025 cobalt, and is the second largest supplier of mined copper, supplying 15% in 2025. Its transformation into a major supplier of both minerals follows ",{"text":857,"type":593,"marks":858},"significant investment from China",[859],{"type":603,"attrs":860},{"href":861,"uuid":49,"anchor":49,"target":49,"linktype":638},"https://intelligence.benchmarkminerals.com/article/copper-supply-expansion-since-2010-offers-reassurance-on-market-tightness-concerns",{"text":863,"type":593}," over the last 15 years.",{"type":588,"attrs":865,"content":866},{"textAlign":49},[867,869,876],{"text":868,"type":593},"The DRC is also home to one of the world’s largest hard rock lithium deposits, the Manono site in the country’s Tanganyika Province. Manono North, ",{"text":870,"type":593,"marks":871},"owned by Zijin",[872],{"type":603,"attrs":873},{"href":874,"uuid":875,"anchor":49,"target":607,"linktype":608},"/article/chinese-lithium-miners-zijin-and-zangge-consolidate-in-1-87-billion-deal","3e8942f4-b569-4ec0-a869-a00eae697a36",{"text":877,"type":593},", began operating earlier in 2026 and has an eventual planned capacity of 120ktpa. A separate, AVZ-owned and CATL-backed Manono project is due to come online in 2032, with a planned capacity of 90ktpa.",{"type":677,"attrs":879},{"id":880,"body":881},"45abb075-b456-4f95-8947-2ebd5e9ecea1",[882],{"id":883,"_uid":884,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29534786","i-f1238a6b-cb51-4bc8-aae1-5fe52216608e",{"type":588,"attrs":886,"content":887},{"textAlign":49},[888,892,900],{"text":889,"type":593,"marks":890},"As Africa's role in the global battery supply chain continues to accelerate, ",[891],{"type":767},{"text":893,"type":593,"marks":894},"Benchmark's Giga Africa 2026",[895,899],{"type":603,"attrs":896},{"href":897,"uuid":49,"anchor":49,"target":898,"linktype":638},"https://www.benchmarkminerals.com/events/giga-africa","_self",{"type":767},{"text":901,"type":593,"marks":902}," event brings together government, industry and finance to forge lasting partnerships, unlock defining deals and gain in-depth market insights.",[903],{"type":767},{"type":687,"attrs":905,"content":906},{"level":689,"textAlign":49},[907],{"text":908,"type":593,"marks":909},"Policy",[910],{"type":911},"bold",{"type":588,"attrs":913,"content":914},{"textAlign":49},[915,917,924,926,933],{"text":916,"type":593},"Supplies of cobalt from the DRC have been strained since the government’s imposition of cobalt export restrictions, beginning with a ",{"text":918,"type":593,"marks":919},"ban in February 2025",[920],{"type":603,"attrs":921},{"href":922,"uuid":923,"anchor":49,"target":607,"linktype":608},"/article/how-have-cobalt-prices-reacted-to-the-drcs-recent-export-ban","4bad6e55-e538-4354-9895-617ca4895205",{"text":925,"type":593},". That ban caused a significant spike in cobalt prices by March 2025, before they rose further on the announcement that the government would be ending the ban and instead ",{"text":927,"type":593,"marks":928},"imposing export quotas",[929],{"type":603,"attrs":930},{"href":931,"uuid":932,"anchor":49,"target":607,"linktype":608},"/article/drc-to-lift-cobalt-export-ban-and-impose-quotas-through-2027","f7770a3b-8ebe-489f-ac18-ccd3d682f730",{"text":934,"type":593}," from 16 October 2025. In 2026, the annual export quota is set at 96,600t. It was reported to Benchmark at a recent industry event that producers hit the Q4 2025 quota, and appear likely to have done the same in Q1 2026.",{"type":588,"attrs":936,"content":937},{"textAlign":49},[938],{"text":939,"type":593},"The ban and quota have both been aimed at boosting low cobalt prices. The effect on prices has been stark: before the ban, cobalt sulphate (EXW China) was priced at $3,588 per tonne; as of 17 June 2026, the price is 265% higher at $13,098 per tonne.",{"type":588,"attrs":941,"content":942},{"textAlign":49},[943],{"text":944,"type":593},"The DRC has almost no cobalt refining capacity, with most exported to China for processing. In 2025, China imported 98% of the DRC’s cobalt hydroxide, and 72% of the DRC’s mined supply came from majority-Chinese-owned projects.",{"type":588,"attrs":946,"content":947},{"textAlign":49},[948],{"text":949,"type":593},"In April 2026, the government approved a draft decree that would establish a strategic reserve of critical minerals. It aims to prevent downward price pressures on cobalt threatened by releases from growing global stockpiles, which have been built since its export restrictions have been in place.",{"type":588,"attrs":951,"content":952},{"textAlign":49},[953,955,961],{"text":954,"type":593},"More broadly, ",{"text":956,"type":593,"marks":957},"the African Copperbelt",[958],{"type":603,"attrs":959},{"href":960,"uuid":49,"anchor":49,"target":607,"linktype":638},"https://intelligence.benchmarkminerals.com/publications/special-issues/powering-the-transition-africas-critical-mineral-moment",{"text":962,"type":593},", of which the DRC is a part, remains a focal point of US–China competition. The US is expanding its presence in the DRC through infrastructure, diplomacy, and asset-level engagement, while China remains dominant in ownership.",{"type":588,"attrs":964,"content":965},{"textAlign":49},[966,968,975],{"text":967,"type":593},"The US’ strategy has evolved beyond logistics, combining the Sakania–Lobito Corridor upgrade and up to $1bn in rail financing from the US International Development Finance Corporation (DFC). It is part of a broader ",{"text":969,"type":593,"marks":970},"minerals-for-security approach",[971],{"type":603,"attrs":972},{"href":973,"uuid":974,"anchor":49,"target":607,"linktype":608},"/article/us-considers-minerals-for-security-deal-with-the-drc","37f56d4f-9c55-4995-acef-842dd648536a",{"text":976,"type":593}," that has included the Washington Accords peace agreement with Rwanda, a US-DRC Strategic Partnership, and targeted investments and offtake agreements to secure copper and cobalt supply.",{"type":588,"attrs":978,"content":979},{"textAlign":49},[980],{"text":981,"type":593},"Yet despite US efforts, including support for non-Chinese ownership in assets such as Chemaf, China continues to reinforce its position through trade and infrastructure. It has supported a ~$1.4bn upgrade of the TAZARA rail corridor, which runs through Tanzania but comes into competition with the Sakania-Lobito Corridor.",{"type":687,"attrs":983,"content":984},{"level":689,"textAlign":49},[985],{"text":986,"type":593,"marks":987},"In numbers",[988],{"type":911},{"type":677,"attrs":990},{"id":880,"body":991},[992],{"id":993,"_uid":994,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29460996","i-92617fd8-513a-4b7f-9a0a-9df1be9a5955",{"type":677,"attrs":996},{"id":880,"body":997},[998],{"id":999,"_uid":1000,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29306694","i-f728a04a-0dde-4782-a7b6-49af29f71198",{"type":677,"attrs":1002},{"id":880,"body":1003},[1004],{"id":1005,"_uid":1006,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29307757","i-47ec6093-f4ac-40e3-b3e9-63e3eb025e3c",{"type":677,"attrs":1008},{"id":880,"body":1009},[1010],{"id":1011,"_uid":1012,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29310965","i-988a6e3a-c628-47e4-8b4f-63a78f597ff1",{"type":687,"attrs":1014,"content":1015},{"level":689,"textAlign":49},[1016],{"text":1017,"type":593},"In focus: CMOC Group",{"type":677,"attrs":1019},{"id":880,"body":1020},[1021],{"id":1022,"_uid":1023,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29310269","i-4c112cf5-166b-4df0-ae5a-940d8fc0adc6",{"type":588,"attrs":1025,"content":1026},{"textAlign":49},[1027,1029,1036],{"text":1028,"type":593},"Chinese firm ",{"text":1030,"type":593,"marks":1031},"CMOC Group",[1032],{"type":603,"attrs":1033},{"href":1034,"uuid":1035,"anchor":49,"target":607,"linktype":608},"/article/cmoc-guidance-gives-little-hope-for-cobalt-prices-in-2025","388e4b54-2cb2-4e3d-a8cd-579571321bdf",{"text":1037,"type":593}," is the majority owner of over half of all cobalt mining projects in the DRC, which accounts for 40% of all mined supply globally. While it is a producer of a range of minerals, its revenue from its cobalt and copper operations has grown 292% between 2018 and 2025 to $8.5 billion. By comparison, its phosphorus business, largely focused on Brazil, was larger by revenue in 2018, but was smaller than cobalt and copper at $566 million by 2025.",{"type":677,"attrs":1039},{"id":880,"body":1040},[1041],{"id":1042,"_uid":1043,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29486792","i-c2713403-a734-410a-a4b6-154ccce06d80",{"type":588,"attrs":1045,"content":1046},{"textAlign":49},[1047],{"text":1048,"type":593},"Increasing global cobalt and copper prices have driven significant share price growth for CMOC. That trend has been helped by the sustained strength of its cobalt output despite the DRC’s export ban and quota, hitting a record 117,666 tonnes from its majority-owned operations in the country in 2025, over half of all DRC unweighted supply.",{"type":588,"attrs":1050,"content":1051},{"textAlign":49},[1052],{"text":1053,"type":593},"The DRC’s government began an investigation into the company’s Tenke Fungurume cobalt and copper mine earlier this year following a report from the Environmental Investigation Agency (EIA), which alleged its processing plant was increasing air sulphur dioxide (SO2) levels to levels dangerous to those living nearby. The mine has also seen a brief dip in production owing to a strike this year.",{"type":588,"attrs":1055,"content":1056},{"textAlign":49},[1057],{"text":1058,"type":593},"CMOC has continued expansion in the DRC, confirming late in 2025 that it had secured board approval to expand its Kisanfu copper mine in the country, a project it expects to be complete by 2027 at a cost of $1.08 billion. The expansion is anticipated to increase its current 150kt average annual production by an additional 100kt.",{"type":588,"attrs":1060,"content":1061},{"textAlign":49},[1062,1066,1072],{"text":1063,"type":593,"marks":1064},"To find out more about ",[1065],{"type":767},{"text":1067,"type":593,"marks":1068},"Giga Africa 2026",[1069,1071],{"type":603,"attrs":1070},{"href":897,"uuid":49,"anchor":49,"target":607,"linktype":638},{"type":767},{"text":1073,"type":593,"marks":1074},", fill out the form below:",[1075],{"type":767},{"type":677,"attrs":1077},{"id":1078,"body":1079},"4e78fc85-3f23-48db-8058-d3fb914485f7",[1080],{"id":1081,"_uid":1082,"component":1083,"wrap_in_box":50,"redirect_url":1084,"success_file":1086,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":1088,"show_on_intelligence":50},"57a99950-73f5-48be-98a4-7324c28e5d0b","i-62818ef8-7616-49fd-ae04-1a2e06b6b83a","ContentHubspotForm",{"id":547,"url":547,"linktype":608,"fieldtype":1085,"cached_url":547},"multilink",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":1087},{},[],"The Democratic Republic of Congo (DRC) is the world’s leading supplier of mined cobalt, supplying three quarters of 2025 cobalt, and is the second largest supplier of mined copper, supplying 15% in 2025. Its transformation into a major supplier of both minerals follows significant investment from China over the last 15 years.\n\nThe DRC is also home to one of the world’s largest hard rock lithium deposits, the Manono site in the country’s Tanganyika Province. It recently started operating. Manono North, owned by Zijin, is currently operating and has an eventual planned capacity of 120ktpa. A separate, AVZ-owned and CATL-backed Manono project is due to come online in 2032, with a planned capacity of 90ktpa.",[1091,1094],{"slug":544,"name":543,"content":1092},{"job_title":557,"image":1093,"bio":548,"linkedin":555},{"filename":552},{"slug":1095,"name":1096,"content":1097},"bryan-bille","Bryan Bille",{"job_title":1098,"image":1099,"bio":1101,"linkedin":1102,"markets_covered":1103},"Lead Analyst - Government Policy",{"filename":1100},"https://a.storyblok.com/f/287943243085208/512x512/1491bc3cc9/bryan-bille.jpeg","Bryan has more than 8 years of policy and geopolitical experience covering numerous areas, such as international trade, industrial policy, critical minerals, battery and EV supply chains and the broader energy transition. Bryan currently oversees Benchmark Mineral Intelligence’s policy and geopolitical coverage and leads Benchmark’s strategic outreach to policymakers. Before joining Benchmark, Bryan obtained a degree in corporate law from the University of Antwerp and an international political economy degree from King’s College London. He also held various positions within the Belgian diplomatic corps and politics, where he was involved in multiple policy issues and international negotiations at the EU level. ","https://www.linkedin.com/in/bryanbille/","Critical Mineral, Battery and EV Supply ",[1105,1107,1110,1111,1112,1113],{"slug":1106,"name":115},"cobalt",{"slug":1108,"name":1109},"copper","Copper",{"slug":800,"name":801},{"slug":803,"name":804},{"slug":798,"name":8},{"slug":1114,"name":1115},"geopolitics","Geopolitics",{"id":1117,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1118,"copyright":547,"fieldtype":553,"meta_data":1119,"is_external_url":50},194132824048139,"https://a.storyblok.com/f/287943243085208/635x753/78f6deb816/screenshot-2026-07-03-142811.png",{},{"id":1121,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1122,"copyright":547,"fieldtype":553,"meta_data":1123,"is_external_url":50},129067203844707,"https://a.storyblok.com/f/287943243085208/cc962f2397/bm-drc-flag.jpg",{},"The Democratic Republic of Congo (DRC) is the world’s leading supplier of mined cobalt, supplying three quarters of 2025 cobalt, and is the second largest supplier of mined copper, supplying 15% in 2025.","Jul 03, 2026",{"id":1127,"uuid":1128,"name":1129,"slug":1130,"full_slug":1131,"content":1132},193821017282741,"76ed6fc8-a433-44d2-93da-7c3107e88241","Copper group Antofagasta agrees spot index-linked sales of copper concentrates","copper-group-antofagasta-agrees-spot-index-linked-sales-of-copper-concentrates","article/copper-group-antofagasta-agrees-spot-index-linked-sales-of-copper-concentrates",{"_uid":1133,"date":1134,"tags":1135,"editor":1146,"content":1150,"excerpt":1288,"featured":51,"reporter":1289,"component":794,"seo_title":1299,"categories":1300,"visibility":805,"data_vis_image":1304,"featured_image":1306,"seo_description":1310,"formattedDate":1311},"d65d45f8-5079-424c-8eaa-63630188523b","2026-07-02 00:00",[1136,1139,1142,1143],{"slug":1137,"name":1138},"antofagasta","Antofagasta",{"slug":1140,"name":1141},"sulphuric-acid","sulphuric acid",{"slug":578,"name":579},{"slug":1144,"name":1145},"copper-prices","copper prices",[1147],{"slug":544,"name":543,"content":1148},{"job_title":557,"image":1149,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":1151},[1152,1175,1189,1196,1201,1206,1213,1218,1223,1230,1241,1246,1251,1258,1263,1268,1273,1278,1283],{"type":588,"attrs":1153,"content":1154},{"textAlign":49},[1155,1157,1164,1166,1173],{"text":1156,"type":593},"Chilean ",{"text":1158,"type":593,"marks":1159},"copper mining",[1160],{"type":603,"attrs":1161},{"href":1162,"uuid":1163,"anchor":49,"target":607,"linktype":608},"/article/copper-supply-expansion-since-2010-offers-reassurance-on-market-tightness-concerns","bf91f239-bb5e-4896-b276-5510df623bb6",{"text":1165,"type":593}," group Antofagasta has, according to reports, settled a spot index-linked sale of copper concentrates. This is unusual, as Antofagasta ordinarily sell at set levels rather than floating, spot-linked sales. The company is the de facto negotiator of copper concentrate benchmark ",{"text":1167,"type":593,"marks":1168},"treatment charges/refining charges",[1169],{"type":603,"attrs":1170},{"href":1171,"uuid":1172,"anchor":49,"target":607,"linktype":608},"/article/copper-sellers-explore-tolling-contracts-amid-record-low-tcs","b1812932-00f2-4d7b-b981-b2e774058ff0",{"text":1174,"type":593}," (TCs/RCs), so this update may have significant implications.",{"type":588,"attrs":1176,"content":1177},{"textAlign":49},[1178,1180,1187],{"text":1179,"type":593},"A decline in importance of the benchmark system would increase focus on spot TCs at a time when the ",{"text":1181,"type":593,"marks":1182},"spot market is increasingly tight",[1183],{"type":603,"attrs":1184},{"href":1185,"uuid":1186,"anchor":49,"target":607,"linktype":608},"/article/five-copper-market-takeaways-from-cesco-week-2026","aac562d8-8005-4973-a83a-ee2fed8470cc",{"text":1188,"type":593}," and the spread between long-term and spot TCs is growing.",{"type":677,"attrs":1190},{"id":1191,"body":1192},"519d63af-7914-4eea-a091-9f5d34bfafee",[1193],{"id":1194,"_uid":1195,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29573319","i-cc5445d4-b7c5-44c4-98b3-2b701d496b3a",{"type":588,"attrs":1197,"content":1198},{"textAlign":49},[1199],{"text":1200,"type":593},"TC/RCs collapsed in recent years due to a tight concentrate market caused as smelter capacity, particularly in China, has expanded rapidly. Beyond this, high byproduct prices for acid, silver and gold have helped smelter maintain profitability at lower TC/RCs.",{"type":588,"attrs":1202,"content":1203},{"textAlign":49},[1204],{"text":1205,"type":593},"If all sales move to spot, says Benchmark copper analyst Albert Mackenzie, we may see spot TCs increase. “Stable, long-term TCs well above the spot market have meant aggregate TCs too are well above the spot market,” he explained. “Without higher long-term levels, the spot market would not have had the capacity to go as low as it has done.”",{"type":687,"attrs":1207,"content":1208},{"level":689,"textAlign":49},[1209],{"text":1210,"type":593,"marks":1211},"Sign of a potentially significant shift",[1212],{"type":911},{"type":588,"attrs":1214,"content":1215},{"textAlign":49},[1216],{"text":1217,"type":593},"Reports so far indicate the deal won’t follow the spot market exactly and will have a floor. There may therefore be some benefit to smelters if they accept spot-linked TCs, especially if they believe acid prices currently sitting at record levels are not sustainable, and that, if they do fall lower, TCs will not then be sustainable.",{"type":588,"attrs":1219,"content":1220},{"textAlign":49},[1221],{"text":1222,"type":593},"It isn’t the first time that a miner has agreed spot-linked sales with smelters. BHP has reportedly sold significant amounts of concentrate against spot. However, if Antofagasta was to lead a move to such a system, it would mark a notable shift.",{"type":687,"attrs":1224,"content":1225},{"level":689,"textAlign":49},[1226],{"text":1227,"type":593,"marks":1228},"What is the benchmark?",[1229],{"type":911},{"type":588,"attrs":1231,"content":1232},{"textAlign":49},[1233,1235,1239],{"text":1234,"type":593},"The copper concentrate TC/RC benchmark is the ",{"text":1236,"type":593,"marks":1237},"de facto",[1238],{"type":767},{"text":1240,"type":593}," level at which copper concentrate TC/RCs are agreed, both annually and mid-year. Rather than renegotiate contracts every year, smelters and miners will often roll contracts that are linked to the ‘benchmark’. This should ease negotiations, as each year a major smelter and miner agree a contract first and everyone follows suit.",{"type":588,"attrs":1242,"content":1243},{"textAlign":49},[1244],{"text":1245,"type":593},"Historically this was agreed by Japanese smelters though more recently Chinese smelters are the lead negotiators on the smelter side. Freeport and Antofagasta have traditionally been the leaders on the mining side. Due to Freeport’s recent increase in smelter capacity in Indonesia, they no longer negotiate benchmark units. Once Antofagasta agreed benchmark TCs with a Chinese smelter the market broadly followed. However, in the last two years the low TCs have caused negotiations to be hard fought and meant that Chinese and ex-China smelters have had different annual levels.",{"type":588,"attrs":1247,"content":1248},{"textAlign":49},[1249],{"text":1250,"type":593},"The benchmark provided industry participants with a broadly known “fair level”, meaning all smelters and miners have achieved roughly similar TCs/RCs. Smelters historically relied heavily on the TCs/RCs; having the certainty of pre-negotiated TCs allowed them to plan finances and borrowing. In most years, the benchmark and spot level have been comparatively close, some years favouring miners and other years favouring smelters.",{"type":687,"attrs":1252,"content":1253},{"level":689,"textAlign":49},[1254],{"text":1255,"type":593,"marks":1256},"Is this the end of the benchmark?",[1257],{"type":911},{"type":588,"attrs":1259,"content":1260},{"textAlign":49},[1261],{"text":1262,"type":593},"Firstly, this is the mid-year discussions and its yet to be seen whether this will be the stance Antofagasta take more broadly. It is also not yet clear whether all of Antofagasta’s current mid-year discussions are based around spot-linked pricesor whether some other ground has been conceded to the smelter to agree to spot linked TCs. Some coverage has indicated that there is a “floor” on the spot linked TCs meaning there is a limit to how low they can go.",{"type":588,"attrs":1264,"content":1265},{"textAlign":49},[1266],{"text":1267,"type":593},"Also as the benchmark discussions are de facto rather than official it isn’t yet clear whether these discussions are for ‘benchmark’ contracts or potentially new contracts altogether.",{"type":588,"attrs":1269,"content":1270},{"textAlign":49},[1271],{"text":1272,"type":593},"More generally Chinese smelters have been more accepting of spot-linked TCs than their European, Korean and Japanese counterparts. Some form of benchmark system may continue to exist outside of China.",{"type":588,"attrs":1274,"content":1275},{"textAlign":49},[1276],{"text":1277,"type":593},"The market may also revert back to benchmark TCs, when the market stabilises or find another lead negotiator if Antofagasta don’t seem likely to lead discussions going forward.",{"type":588,"attrs":1279,"content":1280},{"textAlign":49},[1281],{"text":1282,"type":593},"“What will happen now? I don’t know,” one European smelter told Benchmark, adding that they needed more information before drawing conclusions.",{"type":588,"attrs":1284,"content":1285},{"textAlign":49},[1286],{"text":1287,"type":593},"The benchmark is only the “benchmark” because people agree to follow it so though this news Is seismic its yet to be seen whether the market will be altered altogether.","Chilean copper mining group Antofagasta has, according to reports, settled a spot index-linked sale of copper concentrates. This is unusual, as Antofagasta ordinarily sell at set levels rather than floating, spot-linked sales. The company is the de facto negotiator of copper concentrate benchmark treatment charges/refining charges (TCs/RCs), so this update may have significant implications.\n\nA decline in importance of the benchmark system would increase focus on spot TCs at a time when the spot market is increasingly tight and the spread between long-term and spot TCs is growing.",[1290],{"slug":1291,"name":1292,"content":1293},"albert-mackenzie","Albert Mackenzie",{"job_title":1294,"image":1295,"bio":1297,"linkedin":1298,"markets_covered":1109},"Copper Analyst & Market Reporter",{"filename":1296},"https://a.storyblok.com/f/287943243085208/717x799/ffff7198e8/albert.jpeg","Albert is Benchmark's copper reporter, covering both supply and demand on the short term and adding narratives to the data and price movements. Albert writes the copper briefing and a lot of Benchmark's near term copper coverage.","https://www.linkedin.com/in/albert-mackenzie-b34681149/","Antofagasta agrees spot index-linked sales of copper concentrates",[1301,1302,1303],{"slug":1108,"name":1109},{"slug":800,"name":801},{"slug":803,"name":804},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":1305},{},{"id":1307,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1308,"copyright":547,"fieldtype":553,"meta_data":1309,"is_external_url":50},193823138871930,"https://a.storyblok.com/f/287943243085208/1000x644/067cf64537/copper-pic.jpg",{},"Chilean copper mining group Antofagasta has, according to reports, settled a spot index-linked sale of copper concentrates. This is unusual, as Antofagasta ordinarily sell at set levels rather than floating, spot-linked sales.","Jul 02, 2026",{"id":1313,"uuid":1314,"name":1315,"slug":1316,"full_slug":1317,"content":1318},192670811467535,"68543360-8f50-44f7-bf25-7196240f3445","Polestar to be banned from US market under Connected Vehicle Rule","polestar-to-be-banned-from-us-market-under-connected-vehicle-rule","article/polestar-to-be-banned-from-us-market-under-connected-vehicle-rule",{"_uid":1319,"date":1320,"tags":1321,"editor":1335,"content":1339,"excerpt":1427,"featured":51,"reporter":1428,"component":794,"seo_title":1315,"categories":1439,"visibility":805,"data_vis_image":1444,"featured_image":1448,"seo_description":1452,"formattedDate":1453},"e2a8a7c7-a693-44d9-a9e4-fe51ac44d0ac","2026-06-29 00:00",[1322,1325,1328,1331,1334],{"slug":1323,"name":1324},"geely","Geely",{"slug":1326,"name":1327},"polestar","Polestar",{"slug":1329,"name":1330},"volvo","Volvo",{"slug":1332,"name":1333},"usa","USA",{"slug":831,"name":832},[1336],{"slug":544,"name":543,"content":1337},{"job_title":557,"image":1338,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":1340},[1341,1355,1387,1392,1399,1406,1411,1416,1421],{"type":588,"attrs":1342,"content":1343},{"textAlign":49},[1344,1346,1353],{"text":1345,"type":593},"Electric vehicle (EV) manufacturer Polestar is to exit the ",{"text":1347,"type":593,"marks":1348},"US market",[1349],{"type":603,"attrs":1350},{"href":1351,"uuid":1352,"anchor":49,"target":607,"linktype":608},"/article/regional-spotlight-united-states","7a2ab405-0e9f-4cae-9566-0cda20e22de2",{"text":1354,"type":593}," after the US Department of Commerce said it would not grant the majority-Chinese-owned, Sweden-based company authorisation to sell its vehicles in the country. Only 6% of its retail sales came from the US in Q1 2026, the company has said.",{"type":588,"attrs":1356,"content":1357},{"textAlign":49},[1358,1360,1367,1369,1376,1378,1385],{"text":1359,"type":593},"The company is ",{"text":1361,"type":593,"marks":1362},"majority-owned by Geely",[1363],{"type":603,"attrs":1364},{"href":1365,"uuid":1366,"anchor":49,"target":607,"linktype":608},"/article/canada-and-china-strike-deal-to-allow-chinese-made-evs-into-canada","ecfaceba-f3ed-44bb-8177-b73107d3ebc6",{"text":1368,"type":593},", and had previously indicated that the Connected Vehicle Rule, proposed under the ",{"text":1370,"type":593,"marks":1371},"Biden administration",[1372],{"type":603,"attrs":1373},{"href":1374,"uuid":1375,"anchor":49,"target":607,"linktype":608},"/article/one-year-on-the-ira-has-changed-the-battery-landscape-in-the-us","210d690e-52c3-4574-ba74-911486f55c1b",{"text":1377,"type":593}," to ",{"text":1379,"type":593,"marks":1380},"restrict import of vehicles using Chinese software and hardware",[1381],{"type":603,"attrs":1382},{"href":1383,"uuid":1384,"anchor":49,"target":607,"linktype":608},"/article/what-policy-levers-does-the-us-use-to-limit-chinese-ev-competition","92047bd3-db23-4ef1-a69c-bdccdd756b9e",{"text":1386,"type":593},", would largely prevent it from selling in the US. Since being passed, the rule has been upheld by the Trump administration, and the fresh decision to withhold authorisation reflects sustained US efforts across party lines to limit sales of Chinese EVs in the market.",{"type":588,"attrs":1388,"content":1389},{"textAlign":49},[1390],{"text":1391,"type":593},"Volvo Cars, also majority-owned by Geely, was granted a specific authorisation under the rules by the Department of Commerce earlier this year. The company had announced additional investments into its sites in South Carolina and, while the reason for the authorisation has not been made public, Volvo may have been able to leverage its greater European production and development infrastructure than Polestar to eradicate ineligible components from its vehicles.",{"type":677,"attrs":1393},{"id":1394,"body":1395},"e23d584a-0749-4b9c-a896-b253c1879a31",[1396],{"id":1397,"_uid":1398,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29511726","i-c3155539-cde1-426a-b16e-8c67f1be7ab3",{"type":687,"attrs":1400,"content":1401},{"level":689,"textAlign":49},[1402],{"text":1403,"type":593,"marks":1404},"An indication of US approach to Chinese OEMs",[1405],{"type":911},{"type":588,"attrs":1407,"content":1408},{"textAlign":49},[1409],{"text":1410,"type":593},"Will Roberts, automotive research lead at Benchmark, said that the Connected Vehicle Rule has “loomed for some time now as highly restrictive for a select few OEMs who both operate in the US and have links to China”.",{"type":588,"attrs":1412,"content":1413},{"textAlign":49},[1414],{"text":1415,"type":593},"“It also supports the ongoing expectation that any major incursion into the US domestic car market from Chinese manufacturers would likely be met with similar-strength measures to halt it,” he added. “Polestar’s loss of US market access may not be a major setback in terms of the company’s global sales, but serves as an indicator of the seriousness of this policy.”",{"type":588,"attrs":1417,"content":1418},{"textAlign":49},[1419],{"text":1420,"type":593},"It is notable that the Polestar 3 is covered by the ban despite the vehicle being manufactured within the US, in South Carolina. Polestar has said that it will continue to sell remaining inventory of both it and the Polestar 4. The company has also indicated that it is renewing its focus on the European market, which it says already accounts for almost 80% of its retail sales.",{"type":677,"attrs":1422},{"id":1394,"body":1423},[1424],{"id":1425,"_uid":1426,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29508427","i-8b9223e3-13e9-46e0-8585-4f1b555e9a31","Electric vehicle (EV) manufacturer Polestar is to exit the US market after the US Department of Commerce said it would not grant the majority-Chinese-owned, Sweden-based company authorisation to sell its vehicles in the country. Only 6% of its retail sales came from the US in Q1 2026, the company has said.\n\nThe company is majority-owned by Geely, and had previously indicated that the Connected Vehicle Rule, proposed under the Biden administration to restrict import of vehicles using Chinese software and hardware, would largely prevent it from selling in the US. Since being passed, the rule has been upheld by the Trump administration, and the fresh decision to withhold authorisation reflects sustained US efforts across party lines to limit sales of Chinese EVs in the market.",[1429],{"slug":1430,"name":1431,"content":1432},"will-roberts","Will Roberts",{"job_title":1433,"image":1434,"bio":1436,"linkedin":1437,"markets_covered":1438},"Automotive Research Lead",{"filename":1435},"https://a.storyblok.com/f/287943243085208/852x854/474a3cfca2/will-r.png","Will is part of the EV & Battery research team. As Automotive Research Lead, he manages all aspects of the team's view on global vehicle markets. Will leads forecasting for both the total vehicle market globally as well as electrified vehicles and works extensively on electric vehicle and battery market analysis, with a particular focus on the effects of legislation in the North American & European markets and, auto OEM strategy in the transition to EV. In addition, Will is also leading research in EV motors, vehicle platforms and systems. Will graduated from the University of Exeter, with a BSc in Physics and MSc in Mechanical Engineering.","https://www.linkedin.com/in/willroberts227/","EV and Battery",[1440,1443],{"slug":1441,"name":1442},"ev","EV",{"slug":1114,"name":1115},{"id":1445,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1446,"copyright":547,"fieldtype":553,"meta_data":1447,"is_external_url":50},192676235125713,"https://a.storyblok.com/f/287943243085208/710x502/f10e7341a6/screenshot-2026-06-29-114121.png",{},{"id":1449,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1450,"copyright":547,"fieldtype":553,"meta_data":1451,"is_external_url":50},192675984479179,"https://a.storyblok.com/f/287943243085208/1500x1125/00902f49a6/small-polestar-pic.jpg",{},"Electric vehicle (EV) manufacturer Polestar is to exit the US market after the US Department of Commerce said it would not grant the majority-Chinese-owned, Sweden-based company authorisation to sell its vehicles in the country.","Jun 29, 2026",{"id":1455,"uuid":1456,"name":1457,"slug":1458,"full_slug":1459,"content":1460},191664684801214,"801f21b7-8c35-4070-9386-f9627c432c32","China’s 15th Five-Year Plan for New Energy System Development: Key Takeaways","china-s-15th-five-year-plan-for-new-energy-system-development-key-takeaways","article/china-s-15th-five-year-plan-for-new-energy-system-development-key-takeaways",{"_uid":1461,"date":1462,"tags":1463,"editor":1483,"content":1487,"excerpt":1679,"featured":51,"reporter":1680,"component":794,"seo_title":1691,"categories":1692,"visibility":805,"data_vis_image":1705,"featured_image":1709,"seo_description":1713,"formattedDate":1714},"6d96afd5-094b-46d2-a7ba-6e0d45bb5772","2026-06-26 00:00",[1464,1467,1470,1473,1476,1479,1482],{"slug":1465,"name":1466},"china","China",{"slug":1468,"name":1469},"solar-pv","Solar PV",{"slug":1471,"name":1472},"wind","Wind",{"slug":1474,"name":1475},"oil","Oil",{"slug":1477,"name":1478},"grid","Grid",{"slug":1480,"name":1481},"charging","Charging",{"slug":831,"name":832},[1484],{"slug":544,"name":543,"content":1485},{"job_title":557,"image":1486,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":1488},[1489,1503,1517,1522,1527,1532,1546,1560,1581,1588,1603,1608,1613,1618,1630,1636,1641,1649,1654,1660,1665],{"type":588,"attrs":1490,"content":1491},{"textAlign":49},[1492,1494,1501],{"text":1493,"type":593},"China’s government has released its latest Five-Year Plan for ",{"text":1495,"type":593,"marks":1496},"New Energy",[1497],{"type":603,"attrs":1498},{"href":1499,"uuid":1500,"anchor":49,"target":607,"linktype":608},"/publications/briefings/energy-indicators/energy-indicators-monthly-june-2026","6b32afd6-809c-4c2f-a538-4683c895cc79",{"text":1502,"type":593}," System Development, setting out a range of new 2030 targets for its energy markets, including storage, generation and consumption.",{"type":588,"attrs":1504,"content":1505},{"textAlign":49},[1506,1508,1515],{"text":1507,"type":593},"“The plan sets conservative and in-line new energy targets, serving more as a policy floor rather than a strict ceiling,” said Calvin Xu, a BESS analyst at Benchmark. “Supported by strong industry momentum, ",{"text":1509,"type":593,"marks":1510},"actual installations and deployments",[1511],{"type":603,"attrs":1512},{"href":1513,"uuid":1514,"anchor":49,"target":607,"linktype":608},"/article/us-ev-demand-shift-and-bess-growth-who-deployed-the-most-batteries-in-2025-","efc32e74-520d-4632-b92b-53006fecdeef",{"text":1516,"type":593}," have consistently outperformed official goals during the previous five-year plan.”",{"type":588,"attrs":1518,"content":1519},{"textAlign":49},[1520],{"text":1521,"type":593},"The plan is largely focused on “reinforcing market certainty” by providing “clear long-term development direction across renewables, energy storage, grid integration and power market reform,” Xu explained. Upcoming provincial targets and implementation rules are expected to provide more granular detail.",{"type":588,"attrs":1523,"content":1524},{"textAlign":49},[1525],{"text":1526,"type":593},"The National Energy Administration's Director-General Wang Hongzhi said during a press conference that total related investment over the plan's duration is expected to exceed RMB 20 trillion (US$2.9 trillion).",{"type":687,"attrs":1528,"content":1529},{"level":689,"textAlign":49},[1530],{"text":1531,"type":593},"BESS and EV energy storage",{"type":588,"attrs":1533,"content":1534},{"textAlign":49},[1535,1537,1544],{"text":1536,"type":593},"The new plan targets 300GW in cumulative new-type ",{"text":1538,"type":593,"marks":1539},"energy storage",[1540],{"type":603,"attrs":1541},{"href":1542,"uuid":1543,"anchor":49,"target":607,"linktype":608},"/article/chinese-oem-energy-storage-offtakes-in-h1-2026-quadruple-compared-to-h1-2025","db816297-be5a-4df5-abc9-4cf304f3e2cd",{"text":1545,"type":593}," installed by 2030. However, China’s record under the previous five-year plan suggests it is likely to significantly overshoot this number.",{"type":588,"attrs":1547,"content":1548},{"textAlign":49},[1549,1551,1558],{"text":1550,"type":593},"The 14th Five-Year Plan's 30GW new-type energy storage target was surpassed by 427%, hitting 158GW in 2025. A ",{"text":1552,"type":593,"marks":1553},"shorter-term 180GW target",[1554],{"type":603,"attrs":1555},{"href":1556,"uuid":1557,"anchor":49,"target":607,"linktype":608},"/article/china-sets-180gw-target-for-bess-by-2027","5b7453ab-7ce0-47ec-ba4e-8e22fcd3a8dd",{"text":1559,"type":593}," for 2027, set in a September 2025 policy document, is already forecast by Benchmark to be exceeded by 99%, with cumulative installations expected to reach 358GW in 2027.",{"type":588,"attrs":1561,"content":1562},{"textAlign":49},[1563,1570,1572,1579],{"text":1564,"type":593,"marks":1565},"Benchmark’s BESS Forecast",[1566],{"type":603,"attrs":1567},{"href":1568,"uuid":1569,"anchor":49,"target":607,"linktype":608},"/article/benchmark-battery-energy-stationary-storage-database-surpasses-10000-projects","3e888653-ccc0-48d2-89aa-6b0b4e35e911",{"text":1571,"type":593}," shows that ",{"text":1573,"type":593,"marks":1574},"cumulative installed capacity",[1575],{"type":603,"attrs":1576},{"href":1577,"uuid":1578,"anchor":49,"target":607,"linktype":608},"/article/china-bess-installations-in-december-surpass-us-2025-total","e2705a82-dc4e-449f-9777-6a15bc082b5e",{"text":1580,"type":593}," is projected to reach 704GW by 2030 – 135% above the stated policy target, underscoring how far market momentum has already outpaced official ambition.",{"type":677,"attrs":1582},{"id":1583,"body":1584},"ae5a0913-2f69-48e0-b765-3fc72aeab89a",[1585],{"id":1586,"_uid":1587,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29507747","i-c92e358a-0b09-4b34-8880-895cebd36082",{"type":588,"attrs":1589,"content":1590},{"textAlign":49},[1591,1596,1598],{"text":1592,"type":593,"marks":1593},"The need for diverse energy storage technologies, including for long-duration systems, is ",[1594],{"type":596,"attrs":1595},{"color":547},{"text":1597,"type":593},"emphasised ",{"text":1599,"type":593,"marks":1600},"in the plan. Applications are to be expanded across generation-side co-operation, grid stability support, microgrids, and virtual power plants.",[1601],{"type":596,"attrs":1602},{"color":547},{"type":687,"attrs":1604,"content":1605},{"level":689,"textAlign":49},[1606],{"text":1607,"type":593},"Coal and oil to peak",{"type":588,"attrs":1609,"content":1610},{"textAlign":49},[1611],{"text":1612,"type":593},"Non-fossil fuel energy is to reach a quarter of all energy consumption and 50% of power generation by 2030, according to the plan .The government is targeting 900GW of distributed renewable connections to the grid, with the share of total generation from new energy, which excludes conventional hydropower and nuclear, reaching 30%.",{"type":588,"attrs":1614,"content":1615},{"textAlign":49},[1616],{"text":1617,"type":593},"Total energy production capacity is targeted at 5.8 billion tonnes of standard coal equivalent. Coal and oil consumption are to peak by 2030, with non-fossil energy’s share of total consumption rising to 25%.",{"type":588,"attrs":1619,"content":1620},{"textAlign":49},[1621,1623,1628],{"text":1622,"type":593},"Non-fossil fuel energy installed capacity is expected to pass 3,500GW, a near-50% increase from the end of the previous five-year plan, with wind and solar ",{"text":1624,"type":593,"marks":1625}," ",[1626],{"type":596,"attrs":1627},{"color":547},{"text":1629,"type":593},"becoming the dominant generation source. Non-fossil energy sources are to account for 50% of total electricity output.",{"type":677,"attrs":1631},{"id":1583,"body":1632},[1633],{"id":1634,"_uid":1635,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29509372","i-2702e26f-2a20-4c53-b218-bee9ccae2f34",{"type":687,"attrs":1637,"content":1638},{"level":689,"textAlign":49},[1639],{"text":1640,"type":593},"EV charging and energy storage",{"type":588,"attrs":1642,"content":1643},{"textAlign":49},[1644],{"text":1645,"type":593,"marks":1646},"The plan also aims to further integrate electric vehicles (EVs) into the grid for electricity storage, making “full use of electric vehicle energy storage resources”.",[1647],{"type":596,"attrs":1648},{"color":547},{"type":588,"attrs":1650,"content":1651},{"textAlign":49},[1652],{"text":1653,"type":593},"The national target sets the total volume of charging facilities to reach 40 million units by 2030. Beyond hardware expansion, the policy prioritizes high-power charging deployment and vehicle-grid integration (VGI), t targeting a total aggregated adjustable charging capacity of vehicle – grid interaction of 50GW by 2030. The sector will shift its focus from pure capacity growth to coordinated development with power grids, and integrated PV-storage-charging stations will become a mainstream solution to mitigate grid pressure and boost local renewable energy consumption.",{"type":677,"attrs":1655},{"id":1583,"body":1656},[1657],{"id":1658,"_uid":1659,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29510081","i-06e54c8f-09f9-46e0-8c9f-a2b7db087a27",{"type":687,"attrs":1661,"content":1662},{"level":689,"textAlign":49},[1663],{"text":1664,"type":593},"Power market reform",{"type":588,"attrs":1666,"content":1667},{"textAlign":49},[1668,1670,1677],{"text":1669,"type":593}," A market reform agenda also featured in the plan aims to unify China’s ",{"text":1671,"type":593,"marks":1672},"national electricity market",[1673],{"type":603,"attrs":1674},{"href":1675,"uuid":1676,"anchor":49,"target":607,"linktype":608},"/article/china-introduces-national-capacity-pricing-for-gridside-ess-","cf6f633d-0990-45e9-b405-0feefc7463f1",{"text":1678,"type":593}," by the end of 2030. It includes measures to integrate spot, medium-and-long-term, ancillary services, and capacity markets, and to link inter-province and intra-province trading. There are also plans to more fully integrate virtual power plants, storage, and demand-side resources into the market.","China’s government has released its latest Five-Year Plan for New Energy System Development, setting out a range of new 2030 targets for its energy markets, including storage, generation and consumption.\n\n“The plan sets conservative and in-line new energy targets, serving more as a policy floor rather than a strict ceiling,” said Calvin Xu, a BESS analyst at Benchmark. “Supported by strong industry momentum, actual installations and deployments have consistently outperformed official goals during the previous five-year plan.”\n\nThe plan is largely focused on “reinforcing market certainty” by providing “clear long-term development direction across renewables, energy storage, grid integration and power market reform,” Xu explained. Upcoming provincial targets and implementation rules are expected to provide more granular detail.",[1681],{"slug":1682,"name":1683,"content":1684},"calvin-xu","Calvin Xu",{"job_title":1685,"image":1686,"bio":1688,"linkedin":1689,"markets_covered":1690},"Analyst - BESS",{"filename":1687},"https://a.storyblok.com/f/287943243085208/512x512/096bdfc0f7/calvin-xu.png","Calvin is a BESS Analyst focusing on China market. He works on daily research of China's BESS projects, legislation and policy analysis. He also works on the monthly and quarterly reports focusing on China market and the OEMs updates. Now he is assisting on the data centre database. Calvin holds a MSc of e-Business Management at University of Warwick. ","https://www.linkedin.com/in/zhengxu0416/","BESS","China’s 15th Five-Year Plan for New Energy Systems: Key Takeaways",[1693,1696,1697,1699,1702],{"slug":1694,"name":1695},"ess","ESS",{"slug":1441,"name":1442},{"slug":1698,"name":1495},"new-energy",{"slug":1700,"name":1701},"batteries","Batteries",{"slug":1703,"name":1704},"battery-technology","Battery Technology",{"id":1706,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1707,"copyright":547,"fieldtype":553,"meta_data":1708,"is_external_url":50},191671505559864,"https://a.storyblok.com/f/287943243085208/1588x1378/0e06c5e580/china-s-government-is-targeting-a-52-increase-in-combined-wind-solar-by-2030-vs-2025-2x.png",{},{"id":1710,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1711,"copyright":547,"fieldtype":553,"meta_data":1712,"is_external_url":50},129072942429772,"https://a.storyblok.com/f/287943243085208/063b75224a/bm-sustainable-transport-in-china.jpg",{},"China’s government has released its latest Five-Year Plan for New Energy System Development, setting out a range of new 2030 targets for its energy markets, including storage, generation and consumption.","Jun 26, 2026",{"id":1716,"uuid":1163,"name":1717,"slug":1718,"full_slug":1719,"content":1720},190965795717546,"Copper supply expansion since 2010 offers reassurance on market tightness concerns","copper-supply-expansion-since-2010-offers-reassurance-on-market-tightness-concerns","article/copper-supply-expansion-since-2010-offers-reassurance-on-market-tightness-concerns",{"_uid":1721,"date":1722,"tags":1723,"editor":1732,"content":1736,"excerpt":1860,"featured":51,"reporter":1861,"component":794,"seo_title":1865,"categories":1866,"visibility":805,"data_vis_image":1870,"featured_image":1874,"seo_description":1878,"formattedDate":1879},"dcdddceb-f924-470e-8207-8ae1da2b52d4","2026-06-24 00:00",[1724,1725,1728,1729,1730,1731],{"slug":825,"name":826},{"slug":1726,"name":1727},"peru","Peru",{"slug":578,"name":579},{"slug":1465,"name":1466},{"slug":831,"name":832},{"slug":837,"name":838},[1733],{"slug":544,"name":543,"content":1734},{"job_title":557,"image":1735,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":1737},[1738,1752,1764,1778,1785,1792,1797,1802,1807,1814,1819,1824,1831,1838,1843,1849,1854],{"type":588,"attrs":1739,"content":1740},{"textAlign":49},[1741,1743,1750],{"text":1742,"type":593},"The ",{"text":1744,"type":593,"marks":1745},"copper market",[1746],{"type":603,"attrs":1747},{"href":1748,"uuid":1749,"anchor":49,"target":607,"linktype":608},"/videos/copper-panel-the-conduit-of-the-transition","347f1231-c4d7-44fd-8122-738db44d841b",{"text":1751,"type":593}," is often feared to be at risk of a structural shortage leading to near term market tightness. However, these concerns have often proved to be overblown as historically the supply gaps have been filled.",{"type":588,"attrs":1753,"content":1754},{"textAlign":49},[1755,1757,1762],{"text":1756,"type":593},"The slow speed at which ",{"text":1758,"type":593,"marks":1759},"new mine supply",[1760],{"type":603,"attrs":1761},{"href":1185,"uuid":1186,"anchor":49,"target":607,"linktype":608},{"text":1763,"type":593}," can come online and the expectation for rapidly growing demand from global electrification and accelerating AI adoption reinforces the narrative, and perhaps the price signal, that copper supply is scarce. However, this view may be too focused on how Western mines and Western companies invest in the copper space. Indeed, over the last 15 years, Chinese companies have demonstrated their ability to deploy capital and ramp up mines around the world faster than the conventional 10–20 years considered standard by countries in the West.",{"type":588,"attrs":1765,"content":1766},{"textAlign":49},[1767,1769,1776],{"text":1768,"type":593},"The question facing the market now is whether historical precedent will prove the current concerns of ",{"text":1770,"type":593,"marks":1771},"market balance",[1772],{"type":603,"attrs":1773},{"href":1774,"uuid":1775,"anchor":49,"target":607,"linktype":608},"/article/in-charts-how-copper-demand-shows-us-increasing-import-dependence","94082a94-6cc8-4cc6-892d-d43b5d65687a",{"text":1777,"type":593}," to be overblown. In this article, Benchmark explores the forces that have shaped copper supply over the last 15 years.",{"type":677,"attrs":1779},{"id":1780,"body":1781},"2c4e437d-b0ba-4463-8e26-72dec4d562ac",[1782],{"id":1783,"_uid":1784,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29471233","i-3908228c-6ae7-4fda-b61a-a8a7a8c7e8f2",{"type":687,"attrs":1786,"content":1787},{"level":689,"textAlign":49},[1788],{"text":1789,"type":593,"marks":1790},"China-driven expansion from DRC",[1791],{"type":911},{"type":588,"attrs":1793,"content":1794},{"textAlign":49},[1795],{"text":1796,"type":593},"The often-cited 10–20-year timeline to build a new mine applies largely to Western nations and companies, while Chinese investment in regions like the DRC often expands production more quickly. And while much copper production in the DRC has come from major projects like Kamoa Kakula, plenty is also from smaller solvent extraction and electrowinning (SX-EW) projects, which can get off the ground relatively quickly. SX-EW is a process through which copper is leached with acid rather than the more common concentrating and smelting.",{"type":588,"attrs":1798,"content":1799},{"textAlign":49},[1800],{"text":1801,"type":593},"The last 15 years have seen the DRC add almost 3 million tonnes of copper to the market. Despite positive geology for copper in the region, the nation was previously viewed as too unstable for investment. However, its ample resources – and the willingness of Chinese companies in particular to invest – have enabled the large boost in supply.",{"type":588,"attrs":1803,"content":1804},{"textAlign":49},[1805],{"text":1806,"type":593},"Supply growth since 2020 has been even more focused in the DRC, with DRC production accounting for ~3 times more growth in mined copper supply since 2020 than the net of the rest of the market. The supply growth from DRC may not be easily replicated elsewhere, however, in the next 10-15 years. It is unlikely China will dial back investment into copper, including the DRC, in the coming years, providing sustained support for supply growth.",{"type":687,"attrs":1808,"content":1809},{"level":689,"textAlign":49},[1810],{"text":1811,"type":593,"marks":1812},"Chinese investment over longer timescales",[1813],{"type":911},{"type":588,"attrs":1815,"content":1816},{"textAlign":49},[1817],{"text":1818,"type":593},"Chinese investment, both domestically and overseas, has accounted for 68% of net growth in mined copper supply since 2015. While Western companies tend to face tighter constraints, both from ESG requirements and from return thresholds on new investment, market participants have told Benchmark that Chinese investment is typically less focused on short-term financial returns and more willing to prioritise longer-term strategic value. The Chinese government has also identified copper as a strategically important commodity and has supported investment.",{"type":588,"attrs":1820,"content":1821},{"textAlign":49},[1822],{"text":1823,"type":593},"Beyond the DRC, Peru’s growth has also been strong and backed by Chinese capital. Peru’s copper production has grown by over 1.5Mt in the last 15 years, and the nation produces double what it did in 2010. A handful of major projects, namely Las Bambas, Quelleveco, and Toromocho, has led this growth. Both Las Bambas and Toromocho are majority-Chinese-owned assets. Quelleveco is majority-owned by Anglo American with no Chinese ownership.",{"type":677,"attrs":1825},{"id":1826,"body":1827},"231ada03-d704-406b-a8dc-8fa1dcb4cf0b",[1828],{"id":1829,"_uid":1830,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29470972","i-02250f7f-d46e-44bc-a14f-8183ba970e9b",{"type":687,"attrs":1832,"content":1833},{"level":689,"textAlign":49},[1834],{"text":1835,"type":593,"marks":1836},"Project size gives DRC ramp-up boost",[1837],{"type":911},{"type":588,"attrs":1839,"content":1840},{"textAlign":49},[1841],{"text":1842,"type":593},"DRC and Peru’s differing average project sizes have allowed for different paces of growth. In the DRC, 59% of 2025’s production was from mines that produce less than 200kt per year, while in Peru, just 27% of production came from mines of that size. The smaller DRC mines can in theory ramp up more quickly than larger projects.",{"type":677,"attrs":1844},{"id":1780,"body":1845},[1846],{"id":1847,"_uid":1848,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29485352","i-374a142c-ad6c-457d-bb0c-7431e689461f",{"type":588,"attrs":1850,"content":1851},{"textAlign":49},[1852],{"text":1853,"type":593},"Since 2010, Chile has grown more slowly, with most supply growth coming from the next largest producing countries. In 2010, Chile produced slightly more copper than the next five biggest producers put together; now, the combination of production from the second to sixth biggest producers account for roughly double Chilean production.",{"type":677,"attrs":1855},{"id":1780,"body":1856},[1857],{"id":1858,"_uid":1859,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29485610","i-291c76d5-a591-47fc-a240-57fc7ba6412c","The copper market is often feared to be at risk of a structural shortage leading to near term market tightness. However, these concerns have often proved to be overblown as historically the supply gaps have been filled.\n\nThe slow speed at which new mine supply can come online and the expectation for rapidly growing demand from global electrification and accelerating AI adoption reinforces the narrative, and perhaps the price signal, that copper supply is scarce. However, this view may be too focused on how Western mines and Western companies invest in the copper space. Indeed, over the last 15 years, Chinese companies have demonstrated their ability to deploy capital and ramp up mines around the world faster than the conventional 10–20 years considered standard by countries in the West.",[1862],{"slug":1291,"name":1292,"content":1863},{"job_title":1294,"image":1864,"bio":1297,"linkedin":1298,"markets_covered":1109},{"filename":1296},"Copper supply since 2010 reassures on market tightness concerns",[1867,1868,1869],{"slug":1108,"name":1109},{"slug":800,"name":801},{"slug":803,"name":804},{"id":1871,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1872,"copyright":547,"fieldtype":553,"meta_data":1873,"is_external_url":50},190977897725410,"https://a.storyblok.com/f/287943243085208/1588x1324/555f1e861d/chilean-copper-supply-has-remained-steady-as-other-supply-has-grown-2x.png",{},{"id":1875,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1876,"copyright":547,"fieldtype":553,"meta_data":1877,"is_external_url":50},129067882986463,"https://a.storyblok.com/f/287943243085208/6743d1355b/bm-glencore-katanga-copper-operation-drc.jpg",{},"The copper market is often feared to be at risk of a structural shortage leading to near term market tightness. However, these concerns have often proved to be overblown as historically the supply gaps have been filled.","Jun 24, 2026",{"id":1881,"uuid":1882,"name":1883,"slug":1884,"full_slug":1885,"content":1886},190616091795513,"4b45f94b-6c0c-435a-95d2-21f947ed2682","China's battery exports reach $40bn in first five months of 2026 as new markets emerge","china-s-battery-exports-reach-40bn-in-first-five-months-of-2026-as-new-markets-emerge","article/china-s-battery-exports-reach-40bn-in-first-five-months-of-2026-as-new-markets-emerge",{"_uid":1887,"date":1888,"tags":1889,"editor":1901,"content":1905,"excerpt":2034,"featured":51,"reporter":2035,"component":794,"seo_title":2046,"categories":2047,"visibility":805,"data_vis_image":2054,"featured_image":2056,"seo_description":2060,"formattedDate":2061},"fb56a6e7-c146-4ced-8cd4-5eb8786fcd62","2026-06-23 00:00",[1890,1891,1892,1895,1898],{"slug":1465,"name":1466},{"slug":1332,"name":1333},{"slug":1893,"name":1894},"australia","Australia",{"slug":1896,"name":1897},"hungary","Hungary",{"slug":1899,"name":1900},"germany","Germany",[1902],{"slug":544,"name":543,"content":1903},{"job_title":557,"image":1904,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":1906},[1907,1927,1949,1957,1966,1986,1994,2001,2009,2018,2026],{"type":588,"attrs":1908,"content":1909},{"textAlign":49},[1910,1915,1922],{"text":1911,"type":593,"marks":1912},"China's ",[1913],{"type":596,"attrs":1914},{"color":547},{"text":1916,"type":593,"marks":1917},"lithium ion battery ",[1918,1920],{"type":603,"attrs":1919},{"href":1513,"uuid":1514,"anchor":49,"target":607,"linktype":608},{"type":596,"attrs":1921},{"color":547},{"text":1923,"type":593,"marks":1924},"exports reached US$8 billion in May 2026, up 37% year-on-year (YOY), bringing the year to May total to $40 billion. That marks a 45% increase on the same period in 2025. According to China Automotive Battery Innovation Alliance (CABIA) data, exports reached 29GWh in May, taking the Jan–May total to 145GWh.",[1925],{"type":596,"attrs":1926},{"color":547},{"type":588,"attrs":1928,"content":1929},{"textAlign":49},[1930,1935,1944],{"text":1931,"type":593,"marks":1932},"The year to May figures reflect a front-loaded quarter. March exports hit a record $9.7 billion, likely driven in part by exporters pulling forward shipments ahead of the 1 April cut to the battery export rebate. Levels ",[1933],{"type":596,"attrs":1934},{"color":547},{"text":1936,"type":593,"marks":1937},"normalised in April ",[1938,1942],{"type":603,"attrs":1939},{"href":1940,"uuid":1941,"anchor":49,"target":607,"linktype":608},"/article/chinese-battery-exports-in-april-remain-strong-despite-changes-to-tax-rebate","3521483c-762d-492a-a0c0-7f5e8e33f44a",{"type":596,"attrs":1943},{"color":547},{"text":1945,"type":593,"marks":1946},"and May, but remain well ahead of the same months in 2025.",[1947],{"type":596,"attrs":1948},{"color":547},{"type":588,"attrs":1950,"content":1951},{"textAlign":49},[1952],{"text":1953,"type":593,"marks":1954},"The number of countries importing more than $100 million diversified in May, rising to 18 from 13 in May 2025, while those recording more than $10 million climbed from 47 to 62. The share taken by the top five importers of Chinese batteries dropped from 49% to 45% compared with the same period in 2025, continuing a gradual broadening of the market.",[1955],{"type":596,"attrs":1956},{"color":547},{"type":687,"attrs":1958,"content":1959},{"level":689,"textAlign":49},[1960],{"text":1961,"type":593,"marks":1962},"Broader acceleration in consumption",[1963,1965],{"type":596,"attrs":1964},{"color":547},{"type":911},{"type":588,"attrs":1967,"content":1968},{"textAlign":49},[1969,1974,1981],{"text":1970,"type":593,"marks":1971},"The most significant development for 2026 is the acceleration in markets where imports represent genuine domestic demand due to a lack of EV production facilities. Australia, at $2 billion year to May, up 151% compared to the same period in 2025, is the largest of such markets. Its imports are driven by utility-scale and commercial ",[1972],{"type":596,"attrs":1973},{"color":547},{"text":1975,"type":593,"marks":1976},"battery energy stationary storage (BESS) deployments",[1977,1979],{"type":603,"attrs":1978},{"href":1568,"uuid":1569,"anchor":49,"target":607,"linktype":608},{"type":596,"attrs":1980},{"color":547},{"text":1982,"type":593,"marks":1983},". It has no material re-export manufacturing base, unlike the other largest importers of China-made cells such as Germany.",[1984],{"type":596,"attrs":1985},{"color":547},{"type":588,"attrs":1987,"content":1988},{"textAlign":49},[1989],{"text":1990,"type":593,"marks":1991},"Chile ($485 million year to May) and Nigeria ($362 million year to May) have both shown strong demand for Chinese battery imports, the vast majority of which can be attributed to the BESS market. Nigeria recorded a monthly high of $97 million in May, the first time it has approached $100 million in a single month, reflecting commercial and industrial BESS demand driven by grid unreliability and growing utility-scale developer activity. Nigeria also has a growing electric two and three-wheeler market, with some players manufacturing domestically and therefore using Chinese batteries, the volume will be relatively small however.",[1992],{"type":596,"attrs":1993},{"color":547},{"type":677,"attrs":1995},{"id":1996,"body":1997},"922cb447-18b1-4f2d-b52d-e7980837dac4",[1998],{"id":1999,"_uid":2000,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29472967","i-86539281-f776-465a-b2d0-48a232b62af8",{"type":588,"attrs":2002,"content":2003},{"textAlign":49},[2004],{"text":2005,"type":593,"marks":2006},"Pakistan ($259 million) and the Philippines ($232 million) are both showing consistent upward trajectories. At smaller scale, Jordan, Kenya, Yemen, and Colombia are each generating steady monthly flows consistent with active BESS market development rather than one-off project deliveries. Uganda, though small in absolute terms ($25 million, +317%), has shown the most consistent growth rate of any frontier market in the dataset.",[2007],{"type":596,"attrs":2008},{"color":547},{"type":687,"attrs":2010,"content":2011},{"level":689,"textAlign":49},[2012],{"text":2013,"type":593,"marks":2014},"Manufacturing hubs dominate the top line",[2015,2017],{"type":596,"attrs":2016},{"color":547},{"type":911},{"type":588,"attrs":2019,"content":2020},{"textAlign":49},[2021],{"text":2022,"type":593,"marks":2023},"The largest importers by value are predominantly manufacturing hubs, countries where Chinese cells are assembled into electric vehicles (EVs) exported to third markets. Among these, the most significant growth in imports of Chinese batteries were for Germany, which led at $5.8 billion year to May, and whose volumes feed the manufacturing lines of BMW, Volkswagen, and Mercedes. Also notable among the top ten is Hungary, whose growth in Chinese imports reflects BYD's Szeged plant and BMW's new Debrecen facility in the country.",[2024],{"type":596,"attrs":2025},{"color":547},{"type":588,"attrs":2027,"content":2028},{"textAlign":49},[2029],{"text":2030,"type":593,"marks":2031},"The US was down 26% year to May 2026 compared to 2025 at $3.6 billion, as tariff barriers continue to suppress volumes, though it was the second-largest market by value.",[2032],{"type":596,"attrs":2033},{"color":547},"China's lithium ion battery exports reached US$8 billion in May 2026, up 37% year-on-year (YOY), bringing the year to May total to $40 billion. That marks a 45% increase on the same period in 2025. According to China Automotive Battery Innovation Alliance (CABIA) data, exports reached 29GWh in May, taking the Jan–May total to 145GWh.\n\nThe year to May figures reflect a front-loaded quarter. March exports hit a record $9.7 billion, likely driven in part by exporters pulling forward shipments ahead of the 1 April cut to the battery export rebate. Levels normalised in April and May, but remain well ahead of the same months in 2025.",[2036],{"slug":2037,"name":2038,"content":2039},"iola-hughes","Iola Hughes",{"job_title":2040,"image":2041,"bio":2043,"linkedin":2044,"markets_covered":2045},"Head of Research",{"filename":2042},"https://a.storyblok.com/f/287943243085208/852x854/03382be015/iola-h.png","Iola was Head of Research at Rho Motion prior to the acquisition, and now leads the downstream research for the Benchmark. She has six years of experience in the battery space and works across electric vehicle, battery, and energy storage markets. Previous experience includes a research position with a Servomex working on paramagnetic sensors and spectroscopy gas analysis. Iola graduated with a First-Class Honours Master’s Degree in Geophysics from University College London","https://www.linkedin.com/in/iolahughes/","Battery, BESS, EV and Battery","China's Jan-May battery exports reach $40bn as new markets emerge",[2048,2049,2052,2053],{"slug":1700,"name":1701},{"slug":2050,"name":2051},"gigafactories","Battery & Gigafactory",{"slug":1441,"name":1442},{"slug":1694,"name":1695},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":2055},{},{"id":2057,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":2058,"copyright":547,"fieldtype":553,"meta_data":2059,"is_external_url":50},129067562556204,"https://a.storyblok.com/f/287943243085208/8d36ef7062/bm-exports.jpg",{},"China's lithium ion battery exports reached US$8 billion in May 2026, up 37% year-on-year (YOY), bringing the year to May total to $40 billion. That marks a 45% increase on the same period in 2025.","Jun 23, 2026",{"id":2063,"uuid":2064,"name":2065,"slug":2066,"full_slug":2067,"content":2068},190162293343134,"b4ea9872-3db7-49a5-81f9-a0fdb95757cc","FERC's large load order puts battery flexibility at the centre of US grid policy","ferc-s-large-load-order-puts-battery-flexibility-at-the-centre-of-us-grid-policy","article/ferc-s-large-load-order-puts-battery-flexibility-at-the-centre-of-us-grid-policy",{"_uid":2069,"date":2070,"tags":2071,"editor":2077,"content":2081,"excerpt":2160,"featured":51,"reporter":2161,"component":794,"seo_title":2165,"categories":2166,"visibility":805,"data_vis_image":2168,"featured_image":2172,"seo_description":2176,"formattedDate":2177},"3cdc09a5-8091-4dd5-91a8-403e7412fc87","2026-06-22 00:00",[2072,2075,2076],{"slug":2073,"name":2074},"data-centres","Data centres",{"slug":1332,"name":1333},{"slug":831,"name":832},[2078],{"slug":544,"name":543,"content":2079},{"job_title":557,"image":2080,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":2082},[2083,2097,2104,2116,2126,2133,2138,2143,2150,2155],{"type":588,"attrs":2084,"content":2085},{"textAlign":49},[2086,2088,2095],{"text":2087,"type":593},"The US’ Federal Energy Regulatory Commission (FERC) issued one of its most consequential grid actions in years on 18 June, directing all six US regional grid operators to justify or reform their tariffs for connecting large load (>20MW) energy users, such as ",{"text":2089,"type":593,"marks":2090},"AI data centres",[2091],{"type":603,"attrs":2092},{"href":2093,"uuid":2094,"anchor":49,"target":607,"linktype":608},"/article/nextera-acquires-dominion-energy-as-us-data-centre-demand-drives-energy-storage-growth","213c7915-b6a1-48e4-9d82-9a263f102c25",{"text":2096,"type":593},", crypto mining and advanced manufacturing facilities. The order aims to accelerate the ability for large loads to connect to the grid while ensuring reliable and affordable electricity for US consumers.",{"type":677,"attrs":2098},{"id":2099,"body":2100},"05f7a154-5aae-422c-88a5-eb6005d24428",[2101],{"id":2102,"_uid":2103,"type":608,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"3710733","i-e6ae6d27-3232-4537-a8c9-66e36e46ecee",{"type":588,"attrs":2105,"content":2106},{"textAlign":49},[2107,2109,2114],{"text":2108,"type":593},"For ",{"text":2110,"type":593,"marks":2111},"battery energy stationary storage (BESS)",[2112],{"type":603,"attrs":2113},{"href":1513,"uuid":1514,"anchor":49,"target":607,"linktype":608},{"text":2115,"type":593},", three of the five categories of reform set out by the FERC carry direct commercial relevance: accommodating co-location and behind-the-meter generation, providing new transmission services for flexible large loads, and developing processes to study generating facilities serving electrically proximate large loads. A data centre paired with BESS, able to shift or curtail consumption in response to grid conditions, becomes a fundamentally different asset than one drawing fixed baseload power.",{"type":588,"attrs":2117,"content":2118},{"textAlign":49},[2119,2124],{"text":2120,"type":593,"marks":2121},"Benchmark's BESS database",[2122],{"type":603,"attrs":2123},{"href":1568,"uuid":1569,"anchor":49,"target":607,"linktype":608},{"text":2125,"type":593}," is currently tracking just under 60GWh of announced BESS projects alongside data centres in the US, though 30GWh of that total is associated with Form Energy's long-duration iron-air technology. Benchmark's Q2 2026 BESS forecast projects global BESS demand from data centres to increase by more than 160% by 2030, with the US accounting for nearly half of that growth.",{"type":687,"attrs":2127,"content":2128},{"level":689,"textAlign":49},[2129],{"text":2130,"type":593,"marks":2131},"New assessment frameworks well-suited for BESS",[2132],{"type":911},{"type":588,"attrs":2134,"content":2135},{"textAlign":49},[2136],{"text":2137,"type":593},"The Southwest Power Pool (SPP) regional transmission organisation offers the clearest preview of where the broader market is heading. FERC accepted the SPP's High Impact Large Load Generation Assessment (HILLGA) framework in January 2026, establishing a 90-day interconnection pathway that studies co-located generation and large load in parallel rather than sequentially, and followed that in early June with approval of Conditional High Impact Large Load Service (CHILLS), offering non-firm transmission service to large loads willing to accept curtailment during grid stress.",{"type":588,"attrs":2139,"content":2140},{"textAlign":49},[2141],{"text":2142,"type":593},"Together these form a co-location toolkit that pairs speed with flexibility obligations. While neither framework is technology-prescriptive, the curtailment obligations underpinning CHILLS are well-suited to loads with paired battery storage, which can respond to grid stress signals faster and more precisely than most alternative on-site generation options.",{"type":687,"attrs":2144,"content":2145},{"level":689,"textAlign":49},[2146],{"text":2147,"type":593,"marks":2148},"Order aims to limit costs to ratepayers",[2149],{"type":911},{"type":588,"attrs":2151,"content":2152},{"textAlign":49},[2153],{"text":2154,"type":593},"Opposition to data centre development is intensifying across the US, with affordability and grid strain among the most cited public concerns. The FERC order's explicit focus on preventing cost-shifting to existing ratepayers, requiring large loads to fund their own network upgrades directly, addressing the argument driving much of that backlash. Co-located BESS strengthens the case further: a data centre that brings its own dispatchable capacity reduces rather than adds to system stress.",{"type":588,"attrs":2156,"content":2157},{"textAlign":49},[2158],{"text":2159,"type":593},"FERC's orders give each of the six RTOs 60 days to respond. The pace and design of flexible transmission services will differ by market, and that regional variation will shape where co-located storage investment concentrates first.","The US’ Federal Energy Regulatory Commission (FERC) issued one of its most consequential grid actions in years on 18 June, directing all six US regional grid operators to justify or reform their tariffs for connecting large load (>20MW) energy users, such as AI data centres, crypto mining and advanced manufacturing facilities. The order aims to accelerate the ability for large loads to connect to the grid while ensuring reliable and affordable electricity for US consumers.",[2162],{"slug":2037,"name":2038,"content":2163},{"job_title":2040,"image":2164,"bio":2043,"linkedin":2044,"markets_covered":2045},{"filename":2042},"FERC large load order US grid policy boosts battery flexibility",[2167],{"slug":1694,"name":1695},{"id":2169,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":2170,"copyright":547,"fieldtype":553,"meta_data":2171,"is_external_url":50},190176550125994,"https://a.storyblok.com/f/287943243085208/923x611/12040ae3bd/screenshot-2026-06-22-101009.png",{},{"id":2173,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":2174,"copyright":547,"fieldtype":553,"meta_data":2175,"is_external_url":50},129067331742369,"https://a.storyblok.com/f/287943243085208/c3f6f9d2ee/bm-energy-storage-systems.jpg",{},"The US’ Federal Energy Regulatory Commission (FERC) issued one of its most consequential grid actions in years on 18 June, directing all six US regional grid operators to justify or reform their tariffs for connecting large load (>20MW) energy users.","Jun 22, 2026",{"id":2179,"uuid":2180,"name":2181,"slug":2182,"full_slug":2183,"content":2184},189185261658272,"dc2efce4-9ae2-4449-81a6-8b1ac6c79d80","EU looking to close loophole for Chinese PHEVs","eu-looking-to-close-loophole-for-chinese-phevs","article/eu-looking-to-close-loophole-for-chinese-phevs",{"_uid":2185,"date":2186,"tags":2187,"editor":2204,"content":2208,"excerpt":2323,"featured":51,"reporter":2324,"component":794,"seo_title":2181,"categories":2334,"visibility":805,"data_vis_image":2336,"featured_image":2340,"seo_description":2344,"formattedDate":2345},"f52b894c-afc4-4298-8f33-2f67e84a4e8c","2026-06-19 00:00",[2188,2191,2194,2197,2200,2203],{"slug":2189,"name":2190},"europe","Europe",{"slug":2192,"name":2193},"byd","BYD",{"slug":2195,"name":2196},"saic","SAIC",{"slug":2198,"name":2199},"european-commission","European Commission",{"slug":2201,"name":2202},"european-union","European Union",{"slug":831,"name":832},[2205],{"slug":544,"name":543,"content":2206},{"job_title":557,"image":2207,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":2209},[2210,2232,2254,2261,2269,2291,2299,2307,2315],{"type":588,"attrs":2211,"content":2212},{"textAlign":49},[2213,2218,2227],{"text":2214,"type":593,"marks":2215},"The European Commission is looking to impose additional countervailing duties on PHEVs made in China, with an anti-subsidy investigation reportedly underway. ",[2216],{"type":596,"attrs":2217},{"color":547},{"text":2219,"type":593,"marks":2220},"Chinese BEVs ",[2221,2225],{"type":603,"attrs":2222},{"href":2223,"uuid":2224,"anchor":49,"target":607,"linktype":608},"/article/eu-to-introduce-minimum-pricing-for-chinese-bev-imports","372ec2e6-f86b-4d48-8d39-a9247443767d",{"type":596,"attrs":2226},{"color":547},{"text":2228,"type":593,"marks":2229},"have been subject to countervailing duties since late 2024, set at differing levels by firm up to 35.3%, prompting several Chinese vehicle manufacturers to turn to PHEVs for sales growth in the region.",[2230],{"type":596,"attrs":2231},{"color":547},{"type":588,"attrs":2233,"content":2234},{"textAlign":49},[2235,2240,2249],{"text":2236,"type":593,"marks":2237},"In 2025, sales of PHEVs made in China increased more than four-fold compared to 2024 ",[2238],{"type":596,"attrs":2239},{"color":547},{"text":2241,"type":593,"marks":2242},"in the EU",[2243,2247],{"type":603,"attrs":2244},{"href":2245,"uuid":2246,"anchor":49,"target":607,"linktype":608},"/article/vw-group-begins-mass-production-of-its-small-segment-evs","01540e08-c2a5-4cbe-9fa1-e68b6c83bab9",{"type":596,"attrs":2248},{"color":547},{"text":2250,"type":593,"marks":2251}," and sales have risen significantly again in 2026, with a threefold increase in the opening four months of the year compared to same period in 2025.",[2252],{"type":596,"attrs":2253},{"color":547},{"type":677,"attrs":2255},{"id":2256,"body":2257},"01f5677f-d2fd-4c91-b95d-5cf70a5bf581",[2258],{"id":2259,"_uid":2260,"type":608,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"3710696","i-2150f19d-fee1-4ddb-ac12-7ad8cbdd9b6a",{"type":687,"attrs":2262,"content":2263},{"level":689,"textAlign":49},[2264],{"text":2265,"type":593,"marks":2266},"Who has driven the increase?",[2267],{"type":596,"attrs":2268},{"color":547},{"type":588,"attrs":2270,"content":2271},{"textAlign":49},[2272,2277,2286],{"text":2273,"type":593,"marks":2274},"BYD, Changan and SAIC have driven the ",[2275],{"type":596,"attrs":2276},{"color":547},{"text":2278,"type":593,"marks":2279},"rise in Chinese PHEV sales in the EU",[2280,2284],{"type":603,"attrs":2281},{"href":2282,"uuid":2283,"anchor":49,"target":607,"linktype":608},"/article/china-made-evs-boost-in-europe-in-march-amid-higher-fuel-prices","399b5622-66a9-43cc-b288-ca777d47a6cc",{"type":596,"attrs":2285},{"color":547},{"text":2287,"type":593,"marks":2288},", with the three manufacturers responsible for 90% of Chinese PHEV sales in the region so far in 2026. While SAIC exported PHEVs to the region before the additional tariffs on Chinese BEVs, it has significantly increased its PHEV sales in the EU since given its BEVs are subject to the highest tariff level. Neither BYD nor Changan sold PHEVs in the EU before the possibility of its BEVs becoming subject to additional duties emerged.",[2289],{"type":596,"attrs":2290},{"color":547},{"type":687,"attrs":2292,"content":2293},{"level":689,"textAlign":49},[2294],{"text":2295,"type":593,"marks":2296},"How will this impact the EU’s EV market?",[2297],{"type":596,"attrs":2298},{"color":547},{"type":588,"attrs":2300,"content":2301},{"textAlign":49},[2302],{"text":2303,"type":593,"marks":2304},"Chinese vehicle manufacturers have been largely undeterred by the imposition of additional tariffs on their BEVs. Many see Europe as a strategic expansion area, enabling them to command a higher premium on each vehicle sold in the region compared to China. While the tariffs reduced the profitability of expanding into Europe, the markup on many of the vehicles particularly for manufacturers subject to the lower tariff levels, made continuing to expand and sell BEVs in Europe worthwhile. Chinese vehicle manufactures have continued to increase their BEV sales in the EU despite the tariffs.",[2305],{"type":596,"attrs":2306},{"color":547},{"type":588,"attrs":2308,"content":2309},{"textAlign":49},[2310],{"text":2311,"type":593,"marks":2312},"The additional tariffs on Chinese BEVs encouraged several vehicle manufacturers to establish production capacity in the EU. GAC Aion and Xpeng both started manufacturing their vehicles in Austria, SAIC announced plans to establish a European production base, and BYD will begin series production at its new site in Hungary before the end of the year, although this was announced before the additional tariffs were introduced.",[2313],{"type":596,"attrs":2314},{"color":547},{"type":588,"attrs":2316,"content":2317},{"textAlign":49},[2318],{"text":2319,"type":593,"marks":2320},"As has been the case since additional tariffs on Chinese BEVs were introduced, the sale of Chinese PHEVs will likely continue to grow but vehicle manufacturers will also likely seek to establish local PHEV production capacity. This capacity could be established more quickly than when the BEV tariffs were introduced as vehicle manufacturers potentially pivot some capacity that had been planned for BEV production towards PHEVs. It will likely result in greater production capacity in Europe for Chinese vehicle manufacturers, either through partnerships with European manufacturers or standalone facilities as manufacturers who were using PHEV sales to improve the economics of selling EVs in Europe are encouraged to manufacture vehicles locally.",[2321],{"type":596,"attrs":2322},{"color":547},"The European Commission is looking to impose additional countervailing duties on PHEVs made in China, with an anti-subsidy investigation reportedly underway. Chinese BEVs have been subject to countervailing duties since late 2024 at differing levels by firm, prompting several Chinese vehicle manufacturers to turn to PHEVs for sales growth in the region.\n\nIn 2025, sales of PHEVs made in China increased more than four-fold compared to 2024 in the EU and sales have risen significantly again in 2026, with a threefold increase in the opening four months of the year compared to same period in 2025.",[2325],{"slug":2326,"name":2327,"content":2328},"george-whitcombe","George Whitcombe",{"job_title":2329,"image":2330,"bio":2332,"linkedin":2333,"markets_covered":1438},"Analyst - EV",{"filename":2331},"https://a.storyblok.com/f/287943243085208/500x500/e5fa44ebf8/george-whitecombe.jpeg","George is an EV Analyst at Rho Motion, working in the EV & Battery research team. He works extensively on global EV sales and production analysis, considering the economic and legislative factors that influence both. He also focuses on the strategy of automotive OEMs in the transition to EVs and feeds that into the team’s view on global vehicle markets. George graduated from the University of Exeter with a First Class Honours degree in Politics, Philosophy and Economics.","https://www.linkedin.com/in/george-whitcombe-2320111b6/",[2335],{"slug":1441,"name":1442},{"id":2337,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":2338,"copyright":547,"fieldtype":553,"meta_data":2339,"is_external_url":50},189187640634468,"https://a.storyblok.com/f/287943243085208/1171x806/f614134f67/screenshot-2026-06-19-150617.png",{},{"id":2341,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":2342,"copyright":547,"fieldtype":553,"meta_data":2343,"is_external_url":50},129065924216771,"https://a.storyblok.com/f/287943243085208/2bc3e3c83d/bm-byd-taxis-credit-nikada.jpg",{},"The European Commission is looking to impose additional countervailing duties on PHEVs made in China, with an anti-subsidy investigation reportedly underway.","Jun 19, 2026",{"id":2347,"uuid":2246,"name":2348,"slug":2349,"full_slug":2350,"content":2351},188398478773931,"VW Group begins mass production of its small segment EVs","vw-group-begins-mass-production-of-its-small-segment-evs","article/vw-group-begins-mass-production-of-its-small-segment-evs",{"_uid":2352,"date":2353,"tags":2354,"editor":2362,"content":2366,"excerpt":2537,"featured":51,"reporter":2538,"component":794,"seo_title":2348,"categories":2542,"visibility":805,"data_vis_image":2544,"featured_image":2546,"seo_description":2550,"formattedDate":2551},"d749f5a9-64fe-407c-a3b3-0488796043ad","2026-06-18 00:00",[2355,2356,2359],{"slug":2189,"name":2190},{"slug":2357,"name":2358},"spain","Spain",{"slug":2360,"name":2361},"volkswagen","Volkswagen",[2363],{"slug":544,"name":543,"content":2364},{"job_title":557,"image":2365,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":2367},[2368,2390,2412,2419,2428,2464,2472,2480,2489,2497,2529],{"type":588,"attrs":2369,"content":2370},{"textAlign":49},[2371,2376,2385],{"text":2372,"type":593,"marks":2373},"VW Group has started series production of its ‘Electric Urban Car Family’ series with the Volkswagen ID.Polo and Cupra Ravel ",[2374],{"type":596,"attrs":2375},{"color":547},{"text":2377,"type":593,"marks":2378},"in Martorell, Spain",[2379,2383],{"type":603,"attrs":2380},{"href":2381,"uuid":2382,"anchor":49,"target":607,"linktype":608},"/article/industrial-accelerator-act-adds-made-in-eu-requirements-for-automakers","f241906f-ea0d-4bcf-84e5-4ca9c212a23f",{"type":596,"attrs":2384},{"color":547},{"text":2386,"type":593,"marks":2387},". Assembly of the Skoda Epiq started just days later at the automaker’s facility near Pamplona, Spain, the same site that will also produce the Volkswagen ID.Cross from later this year.",[2388],{"type":596,"attrs":2389},{"color":547},{"type":588,"attrs":2391,"content":2392},{"textAlign":49},[2393,2398,2407],{"text":2394,"type":593,"marks":2395},"While other ",[2396],{"type":596,"attrs":2397},{"color":547},{"text":2399,"type":593,"marks":2400},"European vehicle manufacturers",[2401,2405],{"type":603,"attrs":2402},{"href":2403,"uuid":2404,"anchor":49,"target":607,"linktype":608},"/article/almost-half-of-evs-sold-in-europe-in-2026-contain-europe-made-cells","9e32de15-a444-40d6-be33-b749b248d932",{"type":596,"attrs":2406},{"color":547},{"text":2408,"type":593,"marks":2409}," have launched several small segment EVs, such as the Renault 5 and Citroen eC3, over the past two years, this is the first time the lineup of the region’s largest automotive group has offered vehicles in this segment since the all-electric Volkswagen UP! was discontinued in 2023.",[2410],{"type":596,"attrs":2411},{"color":547},{"type":677,"attrs":2413},{"id":2414,"body":2415},"f06e7a51-ff0a-4a7f-9ea4-5855480da6a7",[2416],{"id":2417,"_uid":2418,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29404783","i-31462ec9-7467-4cd0-b2c9-c56b168253e9",{"type":687,"attrs":2420,"content":2421},{"level":689,"textAlign":49},[2422],{"text":2423,"type":593,"marks":2424},"Increase in European-produced small segment models",[2425,2427],{"type":596,"attrs":2426},{"color":547},{"type":911},{"type":588,"attrs":2429,"content":2430},{"textAlign":49},[2431,2436,2445,2450,2459],{"text":2432,"type":593,"marks":2433},"Several ",[2434],{"type":596,"attrs":2435},{"color":547},{"text":2437,"type":593,"marks":2438},"automakers",[2439,2443],{"type":603,"attrs":2440},{"href":2441,"uuid":2442,"anchor":49,"target":607,"linktype":608},"/article/life-in-the-fastlane-stellantis-investor-day-2026","f128bb5d-bb4f-4ac4-9c56-ded8ce39e790",{"type":596,"attrs":2444},{"color":547},{"text":2446,"type":593,"marks":2447},", both European and ",[2448],{"type":596,"attrs":2449},{"color":547},{"text":2451,"type":593,"marks":2452},"beyond",[2453,2457],{"type":603,"attrs":2454},{"href":2455,"uuid":2456,"anchor":49,"target":607,"linktype":608},"/article/byd-joins-queue-of-chinese-oems-eyeing-underutilised-european-vehicle-plants","a540f8b0-5845-4627-87de-51a7252fba2c",{"type":596,"attrs":2458},{"color":547},{"text":2460,"type":593,"marks":2461},", have launched small segment all-electric vehicles in the region over the past 18 months. Early electrification in Europe largely focused on larger segment vehicles, in part because of the greater margins typically earned from these vehicles, helping offset the additional costs of new EV production. This left the smaller, more affordable and most popular vehicle segments in Europe largely unpenetrated. However, this generation of small EVs have been built on EV-specific platforms, which enables vehicle manufacturers to now deliver profitable EVs in the small segment.",[2462],{"type":596,"attrs":2463},{"color":547},{"type":588,"attrs":2465,"content":2466},{"textAlign":49},[2467],{"text":2468,"type":593,"marks":2469},"Automotive manufacturers are expanding model lineups in Europe to include smaller, more affordable EVs to tap into a largely unreached customer base. This is particularly important in the context of the region’s emissions targets, which encourage vehicle manufacturers to increase the share of EVs within their sales mix to avoid hefty fines.",[2470],{"type":596,"attrs":2471},{"color":547},{"type":588,"attrs":2473,"content":2474},{"textAlign":49},[2475],{"text":2476,"type":593,"marks":2477},"A weakening of the targets in 2025 not only enabled the targets to be met over a three-year period, but also made small EVs 30% more effective for meeting these targets. Many manufacturers were already developing small EVs for the region, but this change increased their importance in meeting the region’s emissions targets.",[2478],{"type":596,"attrs":2479},{"color":547},{"type":687,"attrs":2481,"content":2482},{"level":689,"textAlign":49},[2483],{"text":2484,"type":593,"marks":2485},"Full market impact yet to come",[2486,2488],{"type":596,"attrs":2487},{"color":547},{"type":911},{"type":588,"attrs":2490,"content":2491},{"textAlign":49},[2492],{"text":2493,"type":593,"marks":2494},"Many of these EVs have become among the most popular EVs in Europe; for instance, the Renault 5 was the third best-selling EV in the EU & EFTA & UK region in the opening four months of the year. However, their most significant impact is still yet to come. Several of these models will eventually be available with both a nickel-based battery pack option and an LFP option, but many of the first released models are only available with the nickel option.",[2495],{"type":596,"attrs":2496},{"color":547},{"type":588,"attrs":2498,"content":2499},{"textAlign":49},[2500,2505,2507,2512,2518,2523,2524],{"text":2501,"type":593,"marks":2502},"The Renault 5 has so far only been available with a nickel battery, resulting in a significant price premium compared to its traditional, internal combustion engine (ICE) counterparts. Its base price of ",[2503],{"type":596,"attrs":2504},{"color":547},{"text":2506,"type":593},"€",{"text":2508,"type":593,"marks":2509},"28,000 (USD $32,400) is 41%",[2510],{"type":596,"attrs":2511},{"color":547},{"text":2513,"type":593,"marks":2514}," ",[2515,2517],{"type":596,"attrs":2516},{"color":547},{"type":911},{"text":2519,"type":593,"marks":2520},"more expensive than the Renault Clio. The ID.Polo will only initially be available with a nickel battery pack, and its base price of ",[2521],{"type":596,"attrs":2522},{"color":547},{"text":2506,"type":593},{"text":2525,"type":593,"marks":2526},"33,795 ($39,100) is 69% more expensive than the ICE Polo. Once the LFP variant is launched, Volkswagen expects that premium to reduce to 24%. Despite this premium, early signals suggest that Volkswagen have sold a significant proportion of the planned production run for 2025 already.",[2527],{"type":596,"attrs":2528},{"color":547},{"type":588,"attrs":2530,"content":2531},{"textAlign":49},[2532],{"text":2533,"type":593,"marks":2534},"However, without movement towards price parity, these small EVs will not be available to a large portion of their intended audience and so their real impact on Europe’s EV market will not be realised until the arrival of their LFP variants.",[2535],{"type":596,"attrs":2536},{"color":547},"VW Group has started series production of its ‘Electric Urban Car Family’ series with the Volkswagen ID.Polo and Cupra Ravel in Martorell, Spain. Assembly of the Skoda Epiq started just days later at the automaker’s facility near Pamplona, Spain, the same site that will also produce the Volkswagen ID.Cross from later this year.\n\nWhile other European vehicle manufacturers have launched several small segment EVs, such as the Renault 5 and Citroen eC3, over the past two years, this is the first time the lineup of the region’s largest automotive group has offered vehicles in this segment since the all-electric Volkswagen UP! was discontinued in 2023.",[2539],{"slug":2326,"name":2327,"content":2540},{"job_title":2329,"image":2541,"bio":2332,"linkedin":2333,"markets_covered":1438},{"filename":2331},[2543],{"slug":1441,"name":1442},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":2545},{},{"id":2547,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":2548,"copyright":547,"fieldtype":553,"meta_data":2549,"is_external_url":50},129067466943219,"https://a.storyblok.com/f/287943243085208/bf619b8374/bm-europe.jpg",{},"VW Group has started series production of its ‘Electric Urban Car Family’ series with the Volkswagen ID.Polo and Cupra Ravel in Martorell, Spain.","Jun 18, 2026",{"id":2553,"uuid":1543,"name":2554,"slug":2555,"full_slug":2556,"content":2557},188466349768965,"Chinese OEM energy storage offtakes in H1 2026 quadruple compared to H1 2025","chinese-oem-energy-storage-offtakes-in-h1-2026-quadruple-compared-to-h1-2025","article/chinese-oem-energy-storage-offtakes-in-h1-2026-quadruple-compared-to-h1-2025",{"_uid":2558,"date":2559,"tags":2560,"editor":2574,"content":2578,"excerpt":2735,"featured":51,"reporter":2736,"component":794,"seo_title":2740,"categories":2741,"visibility":805,"data_vis_image":2744,"featured_image":2746,"seo_description":2750,"formattedDate":2751},"89b25332-78eb-4e21-ade3-4f818fc147b8","2026-06-17 00:00",[2561,2564,2567,2570,2573],{"slug":2562,"name":2563},"sodium-ion-2","Sodium ion",{"slug":2565,"name":2566},"catl","CATL",{"slug":2568,"name":2569},"hyperstrong","HyperStrong",{"slug":2571,"name":2572},"hithium","HiTHIUM",{"slug":1465,"name":1466},[2575],{"slug":544,"name":543,"content":2576},{"job_title":557,"image":2577,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":2579},[2580,2614,2631,2638,2647,2683,2691,2699,2708,2730],{"type":588,"attrs":2581,"content":2582},{"textAlign":49},[2583,2588,2595,2600,2609],{"text":2584,"type":593,"marks":2585},"Global ",[2586],{"type":596,"attrs":2587},{"color":547},{"text":2589,"type":593,"marks":2590},"battery energy stationary storage",[2591,2593],{"type":603,"attrs":2592},{"href":1568,"uuid":1569,"anchor":49,"target":607,"linktype":608},{"type":596,"attrs":2594},{"color":547},{"text":2596,"type":593,"marks":2597}," (BESS) offtake agreements from ",[2598],{"type":596,"attrs":2599},{"color":547},{"text":2601,"type":593,"marks":2602},"Chinese OEMs",[2603,2607],{"type":603,"attrs":2604},{"href":2605,"uuid":2606,"anchor":49,"target":607,"linktype":608},"/article/regional-spotlight-china","746036af-b9fc-4d0d-b721-56d0d1094635",{"type":596,"attrs":2608},{"color":547},{"text":2610,"type":593,"marks":2611}," in H1 2026 were over four times their H1 2025 level in GWh terms, Benchmark analysis shows, reaching 659GWh so far in 2026.",[2612],{"type":596,"attrs":2613},{"color":547},{"type":588,"attrs":2615,"content":2616},{"textAlign":49},[2617,2626],{"text":2618,"type":593,"marks":2619},"Large offtake agreements",[2620,2624],{"type":603,"attrs":2621},{"href":2622,"uuid":2623,"anchor":49,"target":607,"linktype":608},"/article/lges-signs-4-3-billion-bess-cell-supply-deal-with-tesla","c9e36cab-5f2c-4a05-9341-1aad24c0277d",{"type":596,"attrs":2625},{"color":547},{"text":2627,"type":593,"marks":2628}," of ≥10GWh capacity represented the largest proportion, with 474GWh capacity signed in H1 2026 through 25 agreements, up from 102GWh in H1 2025 from five agreements.",[2629],{"type":596,"attrs":2630},{"color":547},{"type":677,"attrs":2632},{"id":2633,"body":2634},"de7a690f-a5ad-406a-8d2f-1be2ac69143e",[2635],{"id":2636,"_uid":2637,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29392061","i-43aa9bcc-ba11-43b0-a94d-a66a263d00d1",{"type":687,"attrs":2639,"content":2640},{"level":689,"textAlign":49},[2641],{"text":2642,"type":593,"marks":2643},"Growing cell sizes meeting higher demand",[2644,2646],{"type":596,"attrs":2645},{"color":547},{"type":911},{"type":588,"attrs":2648,"content":2649},{"textAlign":49},[2650,2655,2664,2669,2678],{"text":2651,"type":593,"marks":2652},"Battery manufacturers ",[2653],{"type":596,"attrs":2654},{"color":547},{"text":2656,"type":593,"marks":2657},"looking to meet growing BESS capacity demand",[2658,2662],{"type":603,"attrs":2659},{"href":2660,"uuid":2661,"anchor":49,"target":607,"linktype":608},"/article/battery-manufacturers-ramp-up-cell-size-to-meet-growing-bess-capacity-demands","8a3561ee-39d5-443e-abf1-4148319e3650",{"type":596,"attrs":2663},{"color":547},{"text":2665,"type":593,"marks":2666}," are pushing towards larger capacity cells, which in some cases are optimised for longer duration solutions. These include ",[2667],{"type":596,"attrs":2668},{"color":547},{"text":2670,"type":593,"marks":2671},"CATL’s 587Ah cell",[2672,2676],{"type":603,"attrs":2673},{"href":2674,"uuid":2675,"anchor":49,"target":607,"linktype":608},"/article/the-top-energy-storage-cell-suppliers-and-system-integrators-in-2025","dd7b0985-5771-4a9e-b68e-7060e85efa48",{"type":596,"attrs":2677},{"color":547},{"text":2679,"type":593,"marks":2680},", which reached GWh-scale shipments in June 2025, as well as HiTHIUM's ∞Cell 587Ah, which entered mass production in August, with the accompanying ∞Power 6.25MWh two-hour system completing its first unit rollout. This was a trend noted by Benchmark analyst Calvin Xu at the recent solar and new energy-focused SNEC conference in Shanghai (3–5 June), where long-duration cells were a focus of the event.",[2681],{"type":596,"attrs":2682},{"color":547},{"type":588,"attrs":2684,"content":2685},{"textAlign":49},[2686],{"text":2687,"type":593,"marks":2688},"A second wave of manufacturers, including REPT Battero, CALB, Ganfeng Lithium, Gotion High-Tech, Sunwoda, Great Power, Pengcheng Infinity, CORNEX, and Rongjie Energy, have all committed to mass production of large-capacity cells in H2 2026. Multiple companies also previewed 600Ah+ and 700Ah+ products at SNEC, notably including a 1,300Ah cell from HiTHIUM.",[2689],{"type":596,"attrs":2690},{"color":547},{"type":588,"attrs":2692,"content":2693},{"textAlign":49},[2694],{"text":2695,"type":593,"marks":2696},"“We have seen that BESS projects in some provinces, like Ningxia or Xinjiang, are shifting towards four hour-plus duration this year. The larger capacity cells and systems are designed to meet this longer-duration storage demand,” Xu said.",[2697],{"type":596,"attrs":2698},{"color":547},{"type":687,"attrs":2700,"content":2701},{"level":689,"textAlign":49},[2702],{"text":2703,"type":593,"marks":2704},"Sodium ion role growing",[2705,2707],{"type":596,"attrs":2706},{"color":547},{"type":911},{"type":588,"attrs":2709,"content":2710},{"textAlign":49},[2711,2716,2725],{"text":2712,"type":593,"marks":2713},"Among the notable offtake agreements struck in the first half of 2026 was ",[2714],{"type":596,"attrs":2715},{"color":547},{"text":2717,"type":593,"marks":2718},"a 60GWh deal for CATL to supply sodium-ion battery storage systems to HyperStrong",[2719,2723],{"type":603,"attrs":2720},{"href":2721,"uuid":2722,"anchor":49,"target":607,"linktype":608},"/article/hyperstrong-and-catl-sign-three-year-60gwh-sodium-ion-bess-battery-supply-agreement","559ec0b3-b734-4f91-9dcf-4c2548f38fe3",{"type":596,"attrs":2724},{"color":547},{"text":2726,"type":593,"marks":2727},". The most displayed format was a 160–180Ah cell with the same dimensions as the standard 314Ah lithium form factor, allowing them to be more easily deployed into current systems. CATL also showed 300Ah+ cells for LDES, and REPT Battero debuted its Wending 320Ah sodium ion cell for storage applications. During the show, CATL confirmed GWh-scale batch delivery of sodium ion storage systems for 2026.",[2728],{"type":596,"attrs":2729},{"color":547},{"type":588,"attrs":2731,"content":2732},{"textAlign":49},[2733],{"text":2734,"type":593},"Outside of China, sodium ion interest has also been increasing, with GM and Peak Energy recently partnering to produce sodium ion cells in Michigan from 2028. Currently the vast majority of sodium ion cathode and anode supply is concentrated in China, a challenge GM and Peak will need to overcome to produce 45X eligible cells.","Global battery energy stationary storage (BESS) offtake agreements from Chinese OEMs in H1 2026 were over four times their H1 2025 level in GWh terms, Benchmark analysis shows, reaching 659GWh so far in 2026.\n\nLarge offtake agreements of ≥10GWh capacity represented the largest proportion, with 474GWh capacity signed in H1 2026 through 25 agreements, up from 102GWh in H1 2025 from five agreements.",[2737],{"slug":1682,"name":1683,"content":2738},{"job_title":1685,"image":2739,"bio":1688,"linkedin":1689,"markets_covered":1690},{"filename":1687},"Chinese OEM energy storage offtakes in H1 2026 quadruple H1 2025",[2742,2743],{"slug":1694,"name":1695},{"slug":1700,"name":1701},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":2745},{},{"id":2747,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":2748,"copyright":547,"fieldtype":553,"meta_data":2749,"is_external_url":50},188475360393561,"https://a.storyblok.com/f/287943243085208/1430x954/8d2cfc585b/hithium-snec-booth.jpg",{},"Global battery energy stationary storage (BESS) offtake agreements from Chinese OEMs in H1 2026 were over four times their H1 2025 level in GWh terms, Benchmark analysis shows, reaching 659GWh so far in 2026.","Jun 17, 2026",{"id":2753,"uuid":2754,"name":2755,"slug":2756,"full_slug":2757,"content":2758},187792199182049,"35903f16-a3da-404d-9efe-773a2738307a","Investment into silicon anode firms exceeds $1 billion outside China since 2024","investment-into-silicon-anode-firms-exceeds-1-billion-outside-china-since-2024","article/investment-into-silicon-anode-firms-exceeds-1-billion-outside-china-since-2024",{"_uid":2759,"date":2760,"tags":2761,"editor":2773,"content":2777,"excerpt":2868,"featured":51,"reporter":2869,"component":794,"seo_title":2879,"categories":2880,"visibility":805,"data_vis_image":2886,"featured_image":2890,"seo_description":2894,"formattedDate":2895},"a4f52180-d8f1-4dd3-acc7-378eb1f1a732","2026-06-15 00:00",[2762,2765,2766,2769,2772],{"slug":2763,"name":2764},"group14","Group14",{"slug":2565,"name":2566},{"slug":2767,"name":2768},"sila","Sila",{"slug":2770,"name":2771},"oned","OneD",{"slug":831,"name":832},[2774],{"slug":544,"name":543,"content":2775},{"job_title":557,"image":2776,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":2778},[2779,2793,2806,2813,2820,2834,2839,2844,2851,2856,2863],{"type":588,"attrs":2780,"content":2781},{"textAlign":49},[2782,2784,2791],{"text":2783,"type":593},"Companies developing ",{"text":2785,"type":593,"marks":2786},"silicon-based anode technology",[2787],{"type":603,"attrs":2788},{"href":2789,"uuid":2790,"anchor":49,"target":607,"linktype":608},"/article/growing-silicon-based-anode-market-share-to-2035-to-reflect-nickel-based-cell-growth","eb1c4eb8-2493-4dd3-a449-e2dcff7d1b71",{"text":2792,"type":593}," have drawn more than USD $1.29 billion in ex-China investment since Benchmark began tracking new investments into the industry in 2024.",{"type":588,"attrs":2794,"content":2795},{"textAlign":49},[2796,2798,2804],{"text":2797,"type":593},"Benchmark’s ",{"text":2799,"type":593,"marks":2800},"Energy Transition Capital Briefing",[2801],{"type":603,"attrs":2802},{"href":2803,"uuid":49,"anchor":49,"target":49,"linktype":638},"https://intelligence.benchmarkminerals.com/publications/briefings",{"text":2805,"type":593}," database records 17 funding rounds from January 2024 to February 2026, ranging from seed funding rounds to large-scale equity funding rounds. It follows major earlier investments into silicon anode players, including $80m in UK-headquartered Nexeon in 2022.",{"type":677,"attrs":2807},{"id":2808,"body":2809},"3c00a56d-6753-4003-8a6b-e1425de3e163",[2810],{"id":2811,"_uid":2812,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29338780","i-9f2f625e-c464-4154-81d9-7c5a67f9486e",{"type":687,"attrs":2814,"content":2815},{"level":689,"textAlign":49},[2816],{"text":2817,"type":593,"marks":2818},"Ex-China investment centred on the US",[2819],{"type":911},{"type":588,"attrs":2821,"content":2822},{"textAlign":49},[2823,2825,2832],{"text":2824,"type":593},"The largest investment was made into Group14 Technologies, a US-based silicon battery material developer, which raised $463 million in August 2025 to ",{"text":2826,"type":593,"marks":2827},"accelerate development of its planned silicon anode material (AAM) pipeline",[2828],{"type":603,"attrs":2829},{"href":2830,"uuid":2831,"anchor":49,"target":607,"linktype":608},"/article/group14-secures-463m-in-funding-to-scale-up-its-manufacturing-capabilities","bfd2200f-36ea-4f15-b5f8-a0343506eb38",{"text":2833,"type":593},". Group14 announced in March 2026 it had started production at the BAM-3 silicon anode manufacturing plant. That site began as a joint venture between Group14 and South Korean technology giant SK, which sold its 75% stake to Group14 as part of the August deal.",{"type":588,"attrs":2835,"content":2836},{"textAlign":49},[2837],{"text":2838,"type":593},"Sila, based in the same location as Group14 in the US, Washington’s Moses Lake, began full-scale production at its plant there in 2025. The development of the 2–5GWh plant, which it plans to expand to 250GWh, was supported by a $100 million grant from the US government. This was a show of confidence for a technology where there have been financial challenges for some, including fellow US firm OneD Battery Sciences, which suspended operations at its Washington site last year.",{"type":588,"attrs":2840,"content":2841},{"textAlign":49},[2842],{"text":2843,"type":593},"The largest non-US-based developer tracked was LeydenJar, based in the Netherlands, which has received a total of $24.5 million in investment over the last two years.",{"type":687,"attrs":2845,"content":2846},{"level":689,"textAlign":49},[2847],{"text":2848,"type":593,"marks":2849},"Scaling beyond China a challenge",[2850],{"type":911},{"type":588,"attrs":2852,"content":2853},{"textAlign":49},[2854],{"text":2855,"type":593},"There are fewer public details on deals in China, though among the announcements since 2024 has been the acquisition by CATL of a stake in Shanghai Carbon Yuan, a silicon anode developer. Huasheng Lithium Battery has also invested RMB 39,999,999 (USD $5.2 million) into silicon anode firm Jiangsu Pustar Environmental Protection Technology, acquiring a 14.7% stake, while another Chinese developer, Lianchuang Lithium Energy, completed a 225 million RMB (USD $31.5 million) funding round in 2024.",{"type":677,"attrs":2857},{"id":2858,"body":2859},"a7b627e7-5934-4011-8041-f7741a82899f",[2860],{"id":2861,"_uid":2862,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29381080","i-ec0181a5-7df8-469f-8a34-cebca41e207d",{"type":588,"attrs":2864,"content":2865},{"textAlign":49},[2866],{"text":2867,"type":593},"Tony Alderson, research manager at Benchmark, notes that, despite the levels of investment, there have been a range of hurdles to the expansion of silicon-based anode supply. Most projects outside China remain in early-stage development, and Benchmark expects ex-China demand to overtake supply from 2028.","Companies developing silicon-based anode technology have drawn more than USD $1.29 billion in ex-China investment since Benchmark began tracking new investments into the industry in 2024.\n\nBenchmark’s Energy Transition Capital Briefing database records 17 funding rounds from January 2024 to February 2026, ranging from seed funding rounds to large-scale equity funding rounds. It follows major earlier investments into silicon anode players, including $80m in UK-headquartered Nexeon in 2022.",[2870],{"slug":2871,"name":2872,"content":2873},"tony-alderson","Tony Alderson",{"job_title":2874,"image":2875,"bio":2877,"linkedin":2878,"markets_covered":261},"Research Manager - Anode",{"filename":2876},"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/","Ex China silicon anode investment exceeds $1 billion since 2024",[2881,2883],{"slug":2882,"name":261},"anode",{"slug":2884,"name":2885},"silicon-anode","Silicon Anode",{"id":2887,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":2888,"copyright":547,"fieldtype":553,"meta_data":2889,"is_external_url":50},187800972807140,"https://a.storyblok.com/f/287943243085208/595x709/285246e537/screenshot-2026-06-15-170350.png",{},{"id":2891,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":2892,"copyright":547,"fieldtype":553,"meta_data":2893,"is_external_url":50},187799512660852,"https://a.storyblok.com/f/287943243085208/1920x1225/38e47e9e5f/group14.jpg",{},"Companies developing silicon-based anode technology have drawn more than USD $1.29 billion in ex-China investment since Benchmark began tracking new investments into the industry in 2024.","Jun 15, 2026",{"id":2897,"uuid":2898,"name":2899,"slug":2900,"full_slug":2901,"content":2902},185276973381866,"357656ac-3e88-43a3-8d98-7728ecf9daf3","Mozambique enforces 15% state stake in mining and introduces export ban","mozambique-enforces-15-state-stake-in-mining-and-introduces-export-ban","article/mozambique-enforces-15-state-stake-in-mining-and-introduces-export-ban",{"_uid":2903,"date":2904,"tags":2905,"editor":2911,"content":2915,"excerpt":3013,"featured":51,"reporter":3014,"component":794,"seo_title":3018,"categories":3019,"visibility":805,"data_vis_image":3023,"featured_image":3025,"seo_description":3029,"formattedDate":3030},"24af9490-8068-4957-b6a6-21965eb94c2d","2026-06-08 00:00",[2906,2909,2910],{"slug":2907,"name":2908},"mozambique","Mozambique",{"slug":837,"name":838},{"slug":2882,"name":261},[2912],{"slug":544,"name":543,"content":2913},{"job_title":557,"image":2914,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":2916},[2917,2931,2936,2943,2948,2953,2975,2985,2992,2999],{"type":588,"attrs":2918,"content":2919},{"textAlign":49},[2920,2922,2929],{"text":2921,"type":593},"Mozambique has enacted sweeping mining reforms that will fundamentally alter the terms on which mining ventures are ",{"text":2923,"type":593,"marks":2924},"developed in the country",[2925],{"type":603,"attrs":2926},{"href":2927,"uuid":2928,"anchor":49,"target":607,"linktype":608},"/article/three-african-countries-to-account-for-47-of-new-flake-graphite-production-in-2025","07437bb7-48ea-4c16-8144-d5a9189d3128",{"text":2930,"type":593},", which Benchmark expects to supply 9% of natural graphite globally in 2026.",{"type":588,"attrs":2932,"content":2933},{"textAlign":49},[2934],{"text":2935,"type":593},"President Daniel Chapo signed the new mining law on 3 June, following parliamentary approval in May. The legislation mandates a minimum 15% free-carried and non-dilutable state equity stake, held through the National Mining Company (ENM), across all mining projects, with that share able to increase further.",{"type":687,"attrs":2937,"content":2938},{"level":689,"textAlign":49},[2939],{"text":2940,"type":593,"marks":2941},"No clarity yet on existing operations",[2942],{"type":911},{"type":588,"attrs":2944,"content":2945},{"textAlign":49},[2946],{"text":2947,"type":593},"The law also bans the export of unprocessed minerals, mandates in-country value addition, and requires 10% of mining revenues to be channelled to local communities.",{"type":588,"attrs":2949,"content":2950},{"textAlign":49},[2951],{"text":2952,"type":593},"The extent to which the reforms will apply to existing operations remains an open question, with no further clarity since the law was signed.",{"type":588,"attrs":2954,"content":2955},{"textAlign":49},[2956,2958,2965,2967,2974],{"text":2957,"type":593},"Mozambique is forecast to be the world's second-largest natural graphite producer in 2026, with over two thirds of its supply coming from ",{"text":2959,"type":593,"marks":2960},"Syrah Resources' Balama operation",[2961],{"type":603,"attrs":2962},{"href":2963,"uuid":2964,"anchor":49,"target":607,"linktype":608},"/article/benchmark-gis-analysis-reveals-activity-patterns-at-syrah-resources-balama-graphite-mine-in-mozambique","a950c6f7-b595-4006-ab81-947f98449494",{"text":2966,"type":593},". Retroactive application of the new law could risk notable litigation against a government with limited liquidity, but until clarified, ",{"text":2968,"type":593,"marks":2969},"uncertainty hangs over the sector",[2970],{"type":603,"attrs":2971},{"href":2972,"uuid":2973,"anchor":49,"target":607,"linktype":608},"/article/syrah-resources-declares-force-majeure-at-balama","ec3b712d-e57d-4951-abfa-557ec900143a",{"text":778,"type":593},{"type":588,"attrs":2976,"content":2977},{"textAlign":49},[2978,2983],{"text":2979,"type":593,"marks":2980},"What is more likely is the impact on future mining developments. ",[2981],{"type":596,"attrs":2982},{"color":547},{"text":2984,"type":593},"Nearly 230ktpa additional capacity of graphite concentrate sits in the country's project pipeline, helping to grow the country’s supply almost fivefold over the next decade.",{"type":677,"attrs":2986},{"id":2987,"body":2988},"b4e25bb3-116a-4b49-8bc2-db3ae887725f",[2989],{"id":2990,"_uid":2991,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29293337","i-a9bfc350-661f-4156-b9b5-4c241a051b98",{"type":687,"attrs":2993,"content":2994},{"level":689,"textAlign":49},[2995],{"text":2996,"type":593,"marks":2997},"Law sustains a value-capture trend",[2998],{"type":911},{"type":588,"attrs":3000,"content":3001},{"textAlign":49},[3002,3004,3011],{"text":3003,"type":593},"The approach has regional precedent. The DRC has long mandated state participation through Gécamines; Tanzania introduced mandatory state stakes in 2017; Zimbabwe banned ",{"text":3005,"type":593,"marks":3006},"raw lithium exports",[3007],{"type":603,"attrs":3008},{"href":3009,"uuid":3010,"anchor":49,"target":607,"linktype":608},"/article/zimbabwe-to-lift-lithium-concentrate-export-ban-with-stringent-conditions","3a50839c-53d8-42db-ba04-0293c9018f48",{"text":3012,"type":593}," in 2022 to force in-country beneficiation. African governments are increasingly seeking to capture more value from their resources, and Mozambique's reforms represent the most comprehensive expression of that trend yet.","Mozambique has enacted sweeping mining reforms that will fundamentally alter the terms on which mining ventures are developed in the country.\n\nPresident Daniel Chapo signed the new mining law on 3 June, following parliamentary approval in May. The legislation mandates a minimum 15% free-carried and non-dilutable state equity stake, held through the National Mining Company (ENM), across all mining projects, with that share able to increase further.",[3015],{"slug":2871,"name":2872,"content":3016},{"job_title":2874,"image":3017,"bio":2877,"linkedin":2878,"markets_covered":261},{"filename":2876},"Mozambique enforces state mining stake, introduces export ban",[3020,3022],{"slug":3021,"name":189},"natural-graphite",{"slug":800,"name":801},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":3024},{},{"id":3026,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":3027,"copyright":547,"fieldtype":553,"meta_data":3028,"is_external_url":50},129065443206836,"https://a.storyblok.com/f/287943243085208/da778696ad/bm-beira-port-mozambique.jpg",{},"Mozambique has enacted sweeping mining reforms that will fundamentally alter the terms on which mining ventures are developed in the country.\nPresident Daniel Chapo signed the new mining law on 3 June, following parliamentary approval in May.","Jun 08, 2026",{"id":3032,"uuid":3033,"name":3034,"slug":3035,"full_slug":3036,"content":3037},183171680546453,"b82f9e82-264c-4364-907f-b0e8181b2433","US solar firm Nextpower enters energy storage market through acquisition of BESS maker Prevalon","us-solar-firm-nextpower-enters-energy-storage-market-through-acquisition-of-bess-maker-prevalon","article/us-solar-firm-nextpower-enters-energy-storage-market-through-acquisition-of-bess-maker-prevalon",{"_uid":3038,"date":3039,"tags":3040,"editor":3047,"content":3051,"excerpt":3136,"featured":51,"reporter":3137,"component":794,"seo_title":3147,"categories":3148,"visibility":805,"data_vis_image":3150,"featured_image":3154,"seo_description":3158,"formattedDate":3159},"5d720beb-e377-453f-abc4-1f2f003d5e01","2026-06-02 00:00",[3041,3042,3043,3046],{"slug":1468,"name":1469},{"slug":2073,"name":2074},{"slug":3044,"name":3045},"nextpower","Nextpower",{"slug":831,"name":832},[3048],{"slug":544,"name":543,"content":3049},{"job_title":557,"image":3050,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":3052},[3053,3064,3069,3076,3104,3111,3118,3130],{"type":588,"attrs":3054,"content":3055},{"textAlign":49},[3056,3058,3062],{"text":3057,"type":593},"Prevalon Energy, a US-headquartered ",{"text":2589,"type":593,"marks":3059},[3060],{"type":603,"attrs":3061},{"href":2674,"uuid":2675,"anchor":49,"target":607,"linktype":608},{"text":3063,"type":593}," (BESS) manufacturer, has been acquired by solar and energy project software integration company Nextpower for US$365 million. Nextpower offers energy management systems as well as hardware for solar energy projects, and with this acquisition is looking to gain market share in the solar-plus-storage co-location market.",{"type":588,"attrs":3065,"content":3066},{"textAlign":49},[3067],{"text":3068,"type":593},"Prevalon was formed in 2024 as part of a joint venture between Mitsubishi Power and EES, although Mitsubishi has been in the energy storage market since the early 2010s. It currently has 6.4GWh of energy storage deployed, predominantly in the US, Chile, the UK and Japan.",{"type":687,"attrs":3070,"content":3071},{"level":689,"textAlign":49},[3072],{"text":3073,"type":593,"marks":3074},"Refocusing on data centre demand",[3075],{"type":911},{"type":588,"attrs":3077,"content":3078},{"textAlign":49},[3079,3081,3088,3090,3096,3098,3103],{"text":3080,"type":593},"Nextpower aims to capitalise on the growth in ",{"text":3082,"type":593,"marks":3083},"AI data centre (AIDC)-related power demand growth",[3084],{"type":603,"attrs":3085},{"href":3086,"uuid":3087,"anchor":49,"target":607,"linktype":608},"/videos/behind-the-ai-boom-how-data-centre-demand-is-reshaping-bess-lithium-lfp-and-copper-markets","1573e0e7-8137-439e-b583-f703c3136f5e",{"text":3089,"type":593}," through Prevalon’s data-centre specific products, designed around the management of the unique power load demands of the segment. The acquisition expands Nextpower’s role to that of a more fully integrated solar and storage system and software provider, and comes after it acquired Zigor Corporation's US power conversion business and its US subsidiary, Apex Power, as noted in ",{"text":3091,"type":593,"marks":3092},"Benchmark's Energy Transition Capital Briefing",[3093],{"type":603,"attrs":3094},{"href":3095,"uuid":49,"anchor":49,"target":607,"linktype":638},"https://intelligence.benchmarkminerals.com/publications/briefings/energy-transition-capitals/energy-transition-capital-may-2026",{"text":3097,"type":593},". It also follows the announcement of solar and storage developer NextEra Energy Resources’ ",{"text":3099,"type":593,"marks":3100},"acquisition of energy firm Dominion Energy",[3101],{"type":603,"attrs":3102},{"href":2093,"uuid":2094,"anchor":49,"target":607,"linktype":608},{"text":778,"type":593},{"type":677,"attrs":3105},{"id":3106,"body":3107},"255cd999-b187-4bf7-b5b9-4fbf0e73c6e8",[3108],{"id":3109,"_uid":3110,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29218338","i-84f694ae-05e2-4496-afa2-86d972765542",{"type":687,"attrs":3112,"content":3113},{"level":689,"textAlign":49},[3114],{"text":3115,"type":593,"marks":3116},"Equity offers additional window into energy storage market",[3117],{"type":911},{"type":588,"attrs":3119,"content":3120},{"textAlign":49},[3121,3123,3128],{"text":3122,"type":593},"With the acquisition of Prevalon, Nextpower's stock will now reflect not only renewable power growth but also energy storage and AIDC market demand in the US, which is experiencing the largest BESS demand ",{"text":3124,"type":593,"marks":3125},"growth outside of China",[3126],{"type":603,"attrs":3127},{"href":1513,"uuid":1514,"anchor":49,"target":607,"linktype":608},{"text":3129,"type":593},". Most BESS integrators are private or direct subsidiaries, but this merger provides a clear valuation on a domestic US-headquartered BESS integrator. The transaction is expected to close in 2027, with Nextpower having already improved its financial outlook for that year from $3.8 billion to $4.1 billion to $4.0 billion to $4.4 billion.",{"type":677,"attrs":3131},{"id":3106,"body":3132},[3133],{"id":3134,"_uid":3135,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29218726","i-c82aeeed-d55a-4350-89af-bf201318e58a","Prevalon Energy, a US-headquartered battery energy stationary storage (BESS) manufacturer, has been acquired by solar and energy project software integration company Nextpower for US$365 million. Nextpower offers energy management systems as well as hardware for solar energy projects, and with this acquisition is looking to gain market share in the solar-plus-storage co-location market.\n\nPrevalon was formed in 2024 as part of a joint venture between Mitsubishi Power and EES, although Mitsubishi has been in the energy storage market since the early 2010s. It currently has 6.4GWh of energy storage deployed, predominantly in the US, Chile, the UK and Japan.",[3138],{"slug":3139,"name":3140,"content":3141},"pete-tillotson","Pete Tillotson",{"job_title":3142,"image":3143,"bio":3145,"linkedin":3146,"markets_covered":1690},"Senior Analyst - BESS",{"filename":3144},"https://a.storyblok.com/f/287943243085208/800x800/bfcfbe219a/pete-tilloston.jpeg","Pete is a Senior Analyst on the downstream team covering the ex-China BESS markets. He works closely on the BESS monthly analysis and reporting as well as the BESS Quarterly Outlook. Pete holds an MSc from Imperial College London in Environmental Technology and a BA in Politics from the University of Exeter.","https://www.linkedin.com/in/pete-tillotson-b09495158/","Nextpower acquires Prevalon to tap into US BESS demand",[3149],{"slug":1694,"name":1695},{"id":3151,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":3152,"copyright":547,"fieldtype":553,"meta_data":3153,"is_external_url":50},183183657395440,"https://a.storyblok.com/f/287943243085208/716x686/95d6586594/screenshot-2026-06-02-155533.png",{},{"id":3155,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":3156,"copyright":547,"fieldtype":553,"meta_data":3157,"is_external_url":50},183184240477552,"https://a.storyblok.com/f/287943243085208/1000x558/bfe76c50e0/prevalon.jpg",{},"Prevalon Energy, a US-headquartered battery energy stationary storage (BESS) manufacturer, has been acquired by solar and energy project software integration company Nextpower for US$365 million.","Jun 02, 2026",{"id":3161,"uuid":2404,"name":3162,"slug":3163,"full_slug":3164,"content":3165},182780815763563,"Almost half of EVs sold in Europe in 2026 contain Europe-made cells","almost-half-of-evs-sold-in-europe-in-2026-contain-europe-made-cells","article/almost-half-of-evs-sold-in-europe-in-2026-contain-europe-made-cells",{"_uid":3166,"date":3167,"tags":3168,"editor":3177,"content":3181,"excerpt":3333,"featured":51,"reporter":3334,"component":794,"seo_title":3338,"categories":3339,"visibility":805,"data_vis_image":3342,"featured_image":3344,"seo_description":3348,"formattedDate":3349},"a89b8e99-0519-48bd-820d-4be61e858c6d","2026-06-01 00:00",[3169,3170,3171,3174],{"slug":2189,"name":2190},{"slug":2565,"name":2566},{"slug":3172,"name":3173},"lg-energy-solution","LG Energy Solution",{"slug":3175,"name":3176},"samsung-sdi","Samsung SDI",[3178],{"slug":544,"name":543,"content":3179},{"job_title":557,"image":3180,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":3182},[3183,3217,3237,3244,3253,3261,3269,3278,3298,3305,3313,3323],{"type":588,"attrs":3184,"content":3185},{"textAlign":49},[3186,3191,3198,3203,3212],{"text":3187,"type":593,"marks":3188},"Battery cells ",[3189],{"type":596,"attrs":3190},{"color":547},{"text":3192,"type":593,"marks":3193},"made in Europe",[3194,3196],{"type":603,"attrs":3195},{"href":2441,"uuid":2442,"anchor":49,"target":607,"linktype":608},{"type":596,"attrs":3197},{"color":547},{"text":3199,"type":593,"marks":3200}," met 48% of the battery demand from new passenger car and light duty EVs (PC & LDV EVs) sold in EU & EFTA & UK in the opening four months of 2026. Cells made in China accounted for 47% of ",[3201],{"type":596,"attrs":3202},{"color":547},{"text":3204,"type":593,"marks":3205},"battery demand",[3206,3210],{"type":603,"attrs":3207},{"href":3208,"uuid":3209,"anchor":49,"target":607,"linktype":608},"/article/global-ev-sales-reached-1-60-million-units-in-april-2026","7b51be3e-c55e-4a7f-b883-41de91b7447e",{"type":596,"attrs":3211},{"color":547},{"text":3213,"type":593,"marks":3214}," from new PC & LDV EVs sold in the region, while 5% came from other countries in Asia.",[3215],{"type":596,"attrs":3216},{"color":547},{"type":588,"attrs":3218,"content":3219},{"textAlign":49},[3220,3224,3232],{"text":2797,"type":593,"marks":3221},[3222],{"type":596,"attrs":3223},{"color":547},{"text":3225,"type":593,"marks":3226},"EV & Battery Database",[3227,3230],{"type":603,"attrs":3228},{"href":3229,"uuid":49,"anchor":49,"target":49,"linktype":638},"https://downloads.benchmarkminerals.com/",{"type":596,"attrs":3231},{"color":547},{"text":3233,"type":593,"marks":3234}," contains a new column outlining the cell production location for each EV model. This update provides increased granularity on the trade flows for battery cells, tracking where they are produced, assembled within an EV, and where that EV is sold.",[3235],{"type":596,"attrs":3236},{"color":547},{"type":677,"attrs":3238},{"id":3239,"body":3240},"7ac7b950-6c86-4f5c-9654-42f7a358a5b8",[3241],{"id":3242,"_uid":3243,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29202164","i-baf6e2f0-6338-44f6-9570-496bc1f19da8",{"type":687,"attrs":3245,"content":3246},{"level":689,"textAlign":49},[3247],{"text":3248,"type":593,"marks":3249},"European-made battery cells' market share has stabilised since 2021",[3250,3252],{"type":596,"attrs":3251},{"color":547},{"type":911},{"type":588,"attrs":3254,"content":3255},{"textAlign":49},[3256],{"text":3257,"type":593,"marks":3258},"The market share of European-made battery cells grew from 21% in 2018 to 49% in 2021, a share which has remained stable through to 2026. European cell production has been driven by South Korean battery producers, which have moved production for the European market to the continent to shorten their supply chains in recent years, lowering the market share for cells made in South Korea.",[3259],{"type":596,"attrs":3260},{"color":547},{"type":588,"attrs":3262,"content":3263},{"textAlign":49},[3264],{"text":3265,"type":593,"marks":3266},"European-made battery supply for EVs grew 136% in 2025 compared to 2021. This has been facilitated by the scaling up of production at Samsung SDI’s facility in Hungary and LG Energy Solution’s site in Poland, as well as the start of production at CATL’s Germany facility.",[3267],{"type":596,"attrs":3268},{"color":547},{"type":687,"attrs":3270,"content":3271},{"level":689,"textAlign":49},[3272],{"text":3273,"type":593,"marks":3274},"European-made battery cells set to grow",[3275,3277],{"type":596,"attrs":3276},{"color":547},{"type":911},{"type":588,"attrs":3279,"content":3280},{"textAlign":49},[3281,3286,3293],{"text":3282,"type":593,"marks":3283},"European-made battery cells are expected to increase their market share in new EVs sold in EU & EFTA & UK over the coming years, largely due to Chinese cell producers building facilities in the region. European cell capacity ",[3284],{"type":596,"attrs":3285},{"color":547},{"text":3287,"type":593,"marks":3288},"from Chinese-owned gigafactories",[3289,3291],{"type":603,"attrs":3290},{"href":2455,"uuid":2456,"anchor":49,"target":607,"linktype":608},{"type":596,"attrs":3292},{"color":547},{"text":3294,"type":593,"marks":3295}," is expected to reach 40% of all European capacity by 2030 for EV applications. CATL and EVE Energy are both expected to start cell production at their respective new facilities in Hungary this year. Before 2028, several new facilities for LFP production will begin operation in the region, with CATL, CALB and Gotion all expected to produce LFP locally.",[3296],{"type":596,"attrs":3297},{"color":547},{"type":677,"attrs":3299},{"id":3300,"body":3301},"4ea24360-2be9-4104-9dfa-36ca50634a14",[3302],{"id":3303,"_uid":3304,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29217220","i-717e9e44-bbcb-4d3e-b7a4-08517e1deb8d",{"type":588,"attrs":3306,"content":3307},{"textAlign":49},[3308],{"text":3309,"type":593,"marks":3310},"Some European cell manufacturers are in the process of scaling up production in the region, as ACC and Verkor are in France. In conjunction with the opening of new facilities, such as Agratas’ upcoming site in the UK, this will help to grow the market share of locally made batteries in new EVs sold in EU & EFTA & UK.",[3311],{"type":596,"attrs":3312},{"color":547},{"type":588,"attrs":3314,"content":3315},{"textAlign":49},[3316],{"text":3317,"type":593,"marks":3318},"This insight draws from Benchmark's EV & Battery Service, consisting of detailed forecasts and supply chain data. By bringing clarity to a complex and opaque market, this subscription facilitates smarter investment decisions, strategy planning and execution, and successful commercial outcomes. To learn more, submit your details below and our team will be in touch:",[3319,3322],{"type":596,"attrs":3320},{"color":3321},"black",{"type":767},{"type":677,"attrs":3324},{"id":3325,"body":3326},"809a5855-f2b7-43c0-a987-49b44e594cfc",[3327],{"id":1081,"_uid":3328,"component":1083,"wrap_in_box":50,"redirect_url":3329,"success_file":3330,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":3332,"show_on_intelligence":50},"i-5f146e3a-35ca-48fa-a3f4-d984c699bf41",{"id":547,"url":547,"linktype":608,"fieldtype":1085,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":3331},{},[],"Battery cells made in Europe met 48% of the battery demand from new passenger car and light duty EVs (PC & LDV EVs) sold in EU & EFTA & UK in the opening four months of 2026. Cells made in China accounted for 47% of battery demand from new PC & LDV EVs sold in the region, while 5% came from other countries in Asia.\n\nBenchmark’s EV & Battery Database contains a new column outlining the cell production location for each EV model. This update provides increased granularity on the trade flows for battery cells, tracking where they are produced, assembled within an EV, and where that EV is sold.",[3335],{"slug":2326,"name":2327,"content":3336},{"job_title":2329,"image":3337,"bio":2332,"linkedin":2333,"markets_covered":1438},{"filename":2331},"Almost half of Europe-sold EVs contain Europe-made cells in 2026",[3340,3341],{"slug":1441,"name":1442},{"slug":2050,"name":2051},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":3343},{},{"id":3345,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":3346,"copyright":547,"fieldtype":553,"meta_data":3347,"is_external_url":50},171875337538485,"https://a.storyblok.com/f/287943243085208/7887x5259/deb154d93f/byd_atto3_evo__073.jpg",{},"Battery cells made in Europe met 48% of the battery demand from new passenger car and light duty EVs (PC & LDV EVs) sold in EU & EFTA & UK in the opening four months of 2026.","Jun 01, 2026",{"id":3351,"uuid":3352,"name":3353,"slug":3354,"full_slug":3355,"content":3356},181694843723933,"51a005af-5de1-4b3c-a4df-cdaa5ba9792e","Battery raw material prices on the rise again after overbuying wiped out 2021–23 gains","battery-raw-material-prices-on-the-rise-again-after-overbuying-wiped-out-2021-23-gains","article/battery-raw-material-prices-on-the-rise-again-after-overbuying-wiped-out-2021-23-gains",{"_uid":3357,"date":3358,"tags":3359,"editor":3364,"content":3368,"excerpt":3490,"featured":51,"reporter":3491,"component":794,"seo_title":3502,"categories":3503,"visibility":3519,"data_vis_image":3520,"featured_image":3522,"seo_description":3526,"formattedDate":3527},"14a62998-06e3-4fa8-bcd0-b8df7e738bd3","2026-05-29 00:00",[3360,3361],{"slug":831,"name":832},{"slug":3362,"name":3363},"visual-capitalist","Visual Capitalist",[3365],{"slug":544,"name":543,"content":3366},{"job_title":557,"image":3367,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":3369},[3370,3383,3388,3393,3402,3409,3423,3454,3461,3480,3485],{"type":588,"attrs":3371,"content":3372},{"textAlign":49},[3373,3375,3382],{"text":3374,"type":593},"Beginning in 2021, battery raw materials saw huge price gains affecting lithium, nickel, cobalt and natural graphite. By 2024, these increases had been reversed – though ",{"text":3376,"type":593,"marks":3377},"prices are again on the rise",[3378],{"type":603,"attrs":3379},{"href":3380,"uuid":3381,"anchor":49,"target":607,"linktype":608},"/article/why-are-lithium-prices-surging-in-china-again-","80c1a819-5c60-4407-ba5d-e6a023df02b5",{"text":778,"type":593},{"type":588,"attrs":3384,"content":3385},{"textAlign":49},[3386],{"text":3387,"type":593},"Benchmark principal price analyst Adam Megginson explains that “battery raw material prices soared across the 2021–2023 period as demand for battery cells from the electric vehicle (EV) market met inelastic raw material supply”. ",{"type":588,"attrs":3389,"content":3390},{"textAlign":49},[3391],{"text":3392,"type":593},"This, he adds, triggered “frenzied overbuying and an outsized supply response, combined with moderating EV sales growth”, in turn leading to “a slump in prices across the board, erasing all raw material gains in just 12 months”. ",{"type":588,"attrs":3394,"content":3395},{"textAlign":49},[3396],{"type":3397,"attrs":3398},"image",{"id":3399,"alt":547,"src":3400,"title":547,"source":547,"copyright":547,"meta_data":3401},181694881907700,"https://a.storyblok.com/f/287943243085208/1200x1807/5bae1c6ff8/the-rise-and-fall-of-battery-material-prices-since-2019_voro_04222026-2.jpg",{},{"type":687,"attrs":3403,"content":3404},{"level":689,"textAlign":49},[3405],{"text":3406,"type":593,"marks":3407},"Demand dip as China EV purchases dropped",[3408],{"type":911},{"type":588,"attrs":3410,"content":3411},{"textAlign":49},[3412,3414,3421],{"text":3413,"type":593},"Benchmark’s lithium carbonate prices hit a peak of $81,375 per tonne in China by December 2022, before battery manufacturers responded by slowing production rates and delaying purchases. Combined with economic headwinds in China affecting EV purchases, this resulted in a ",{"text":3415,"type":593,"marks":3416},"price downturn",[3417],{"type":603,"attrs":3418},{"href":3419,"uuid":3420,"anchor":49,"target":607,"linktype":608},"/article/lithium-price-decline-casts-shadow-over-long-term-supply-prospects-2023-in-review","2a16c44d-52e7-4d54-a4bc-a86c28a5f180",{"text":3422,"type":593}," before the turn of 2024.",{"type":588,"attrs":3424,"content":3425},{"textAlign":49},[3426,3428,3434,3436,3443,3445,3452],{"text":3427,"type":593},"Weak downstream demand for ",{"text":1106,"type":593,"marks":3429},[3430],{"type":603,"attrs":3431},{"href":3432,"uuid":3433,"anchor":49,"target":607,"linktype":608},"/article/china-plans-to-stockpile-cobalt-after-price-rout","c13e0cb3-c5e9-4fec-a7f7-0535df46313c",{"text":3435,"type":593},"- and ",{"text":3437,"type":593,"marks":3438},"nickel",[3439],{"type":603,"attrs":3440},{"href":3441,"uuid":3442,"anchor":49,"target":607,"linktype":608},"/article/chinese-nickel-sulphate-prices-near-three-year-low-amid-weak-battery-demand","bb52ce5e-634b-4139-b03e-4ccc0637a7c5",{"text":3444,"type":593},"-containing batteries led to falling prices for those minerals by 2023. Technological improvements facilitating the blending of part or most needle coke with lower-cost coke inputs also ",{"text":3446,"type":593,"marks":3447},"drove down the premium",[3448],{"type":603,"attrs":3449},{"href":3450,"uuid":3451,"anchor":49,"target":607,"linktype":608},"/article/synthetic-graphite-anode-prices-decline-35-in-a-year-as-natural-graphite-price-premium-narrows","7dabbe31-78cf-4321-9d5f-155f145b49ab",{"text":3453,"type":593}," between high-energy synthetic graphite anode and the natural graphite alternative, though both dropped in price from 2022–24. Low-energy synthetic graphite demand growth was particularly pronounced as prices fell, with many OEMs switching to synthetic for energy storage applications when the cost of synthetic dropped below natural, as overcapacity in China allowed synthetic to maintain its competitive pricing.",{"type":687,"attrs":3455,"content":3456},{"level":689,"textAlign":49},[3457],{"text":3458,"type":593,"marks":3459},"Sulphur supply squeeze in 2026 increasing costs",[3460],{"type":911},{"type":588,"attrs":3462,"content":3463},{"textAlign":49},[3464,3466,3471,3473],{"text":3465,"type":593},"In 2026, however, prices are rebounding, as some markets have seen major disruptions. Those include the war in the Middle East, which is squeezing supply of ",{"text":1141,"type":593,"marks":3467},[3468],{"type":603,"attrs":3469},{"href":3470,"uuid":49,"anchor":49,"target":607,"linktype":638},"https://intelligence.benchmarkminerals.com/publications/special-issues/the-sulphuric-acid-supply-squeeze-and-its-impact-on-critical-minerals-1",{"text":3472,"type":593},", resulting in increased production costs across the battery supply chain. According to Benchmark analysis, as much as 59% of lithium supply is exposed to sulphur and sulphuric acid supply crunches, while ",{"text":3474,"type":593,"marks":3475},"a range of other battery materials are also likely to be affected.",[3476],{"type":603,"attrs":3477},{"href":3478,"uuid":3479,"anchor":49,"target":607,"linktype":608},"/article/what-the-sulphuric-acid-supply-crunch-means-for-critical-minerals","89fa6c30-d2f8-47dd-ab8c-c9a7c2cb86f5",{"type":588,"attrs":3481,"content":3482},{"textAlign":49},[3483],{"text":3484,"type":593},"Megginson also notes that energy storage has become “a new epicentre of demand growth”. In Q1 2026, installations of utility-scale storage in Europe doubled compared with the same period in 2025. In March 2026 alone, more was installed across the continent than in the entire year of 2023.",{"type":588,"attrs":3486,"content":3487},{"textAlign":49},[3488],{"text":3489,"type":593},"“Supply, however, is responding more slowly this time around compared with the 2021–23 period,” Megginson says. \"The result is the current upward trend in prices.”","Beginning in 2021, battery raw materials saw huge price gains affecting lithium, nickel, cobalt and natural graphite. By 2024, these increases had been reversed – though prices are again on the rise.\n\nBenchmark principal price analyst Adam Megginson explains that “battery raw material prices soared across the 2021–2023 period as demand for battery cells from the electric vehicle (EV) market met inelastic raw material supply”. \n\nThis, he adds, triggered “frenzied overbuying and an outsized supply response, combined with moderating EV sales growth”, in turn leading to “a slump in prices across the board, erasing all raw material gains in just 12 months”. ",[3492],{"slug":3493,"name":3494,"content":3495},"daisy-jennings-gray","Daisy Jennings-Gray",{"job_title":3496,"image":3497,"bio":3499,"linkedin":3500,"markets_covered":3501},"Head of Prices",{"filename":3498},"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","Battery material prices rising after overbuying cut 2021–23 gains",[3504,3505,3507,3508,3509,3512,3513,3514,3517,3518],{"slug":1700,"name":1701},{"slug":3506,"name":298},"cathode",{"slug":1106,"name":115},{"slug":800,"name":801},{"slug":3510,"name":3511},"graphite","Graphite",{"slug":798,"name":8},{"slug":3021,"name":189},{"slug":3515,"name":3516},"synthetic-graphite","Synthetic Graphite",{"slug":1694,"name":1695},{"slug":1441,"name":1442},"public",{"id":3399,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":3400,"copyright":547,"fieldtype":553,"meta_data":3521,"is_external_url":50},{},{"id":3523,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":3524,"copyright":547,"fieldtype":553,"meta_data":3525,"is_external_url":50},129069946716152,"https://a.storyblok.com/f/287943243085208/d2f4114a44/bm-mineral-resources.jpg",{},"Beginning in 2021, battery raw materials saw huge price gains affecting lithium, nickel, cobalt and natural graphite. By 2024, these increases had been reversed – though prices are again on the rise.","May 29, 2026",{"id":3529,"uuid":1352,"name":3530,"slug":3531,"full_slug":3532,"content":3533},179241508563904,"BESS up, EVs down: US Regional Spotlight","regional-spotlight-united-states","article/regional-spotlight-united-states",{"_uid":3534,"date":3535,"tags":3536,"editor":3551,"content":3555,"excerpt":3726,"featured":51,"reporter":3727,"component":794,"seo_title":3530,"categories":3734,"visibility":805,"data_vis_image":3747,"featured_image":3749,"seo_description":3753,"formattedDate":3754},"842a3cd3-63d6-4173-8ac7-3c05001e69d0","2026-05-26 00:00",[3537,3538,3540,3542,3545,3548],{"slug":1332,"name":1333},{"slug":3539,"name":1690},"bess",{"slug":3541,"name":908},"policy",{"slug":3543,"name":3544},"ford","Ford",{"slug":3546,"name":3547},"nextera-energy","NextEra Energy",{"slug":3549,"name":3550},"regional-spotlight","Regional Spotlight",[3552],{"slug":841,"name":842,"content":3553},{"job_title":844,"image":3554,"bio":847,"linkedin":848},{"filename":846},{"type":585,"content":3556},[3557,3571,3576,3581,3594,3599,3617,3624,3629,3636,3641,3648,3654,3660,3666,3671,3676,3681,3686,3692,3697,3702,3707,3712],{"type":588,"attrs":3558,"content":3559},{"textAlign":49},[3560,3562,3569],{"text":3561,"type":593},"The US has taken a different course to many other major economies on the energy transition in general, and electric vehicles (EVs) in particular, since the return of Donald Trump as president in January 2025. In April 2026, ",{"text":3563,"type":593,"marks":3564},"EV sales were down",[3565],{"type":603,"attrs":3566},{"href":3567,"uuid":3568,"anchor":49,"target":607,"linktype":608},"/publications/briefings/all-ev-sales/april-2026-major-market-ev-sales","c50df223-e0c3-4243-8410-b01c0a0e1b89",{"text":3570,"type":593}," 33% year-to-date year-on-year – a mirror image of another major Western economy, Germany, which was up 33% over the same period. What is different about the US?",{"type":588,"attrs":3572,"content":3573},{"textAlign":49},[3574],{"text":3575,"type":593},"The 2025 expiration of federal tax credits, such as the 30D clean vehicle and 25E used EV credits, as well as other changes to the structure of the EV market introduced under the One Big Beautiful Bill Act (OBBBA), have resulted in major changes to demand. These changes mean internal combustion engine (ICE) car sales are expected to significantly outpace battery EVs (BEVs) through to 2030 in the US market, while there have already been a number of electrification-related write-offs and profit hits among US OEMs, including Ford with $19.5bn, General Motors with $7.9 billion, and Stellantis with $26bn.",{"type":588,"attrs":3577,"content":3578},{"textAlign":49},[3579],{"text":3580,"type":593},"Battery energy stationary storage (BESS) demand has not been affected in the same way by the OBBBA. The 45X manufacturing credit, introduced under the Biden administration’s Inflation Reduction Act (IRA), continues to support production of BESS cells despite some changes.",{"type":588,"attrs":3582,"content":3583},{"textAlign":49},[3584,3586,3592],{"text":3585,"type":593},"As well as these shifts, there is expected to be a significant increase in energy and energy storage demand from the growth of AI and the commensurate expansion in data centres across the US. According to ",{"text":3587,"type":593,"marks":3588},"Benchmark’s Q2 2026 BESS Forecast",[3589],{"type":603,"attrs":3590},{"href":3591,"uuid":49,"anchor":49,"target":607,"linktype":638},"https://data.benchmarkminerals.com/bess/data-reports",{"text":3593,"type":593},", global data centre BESS demand is expected to increase by over 160% through to 2030, with nearly half of this expected to come from the US as a result of its dominance in the data centre space.",{"type":588,"attrs":3595,"content":3596},{"textAlign":49},[3597],{"text":3598,"type":593},"Upstream, the US faces a similar challenge to many other nations in the West: the dominance of China. Both the Trump administration and the Biden administration preceding it have made policy announcements as they bid to secure access to critical minerals, including lithium, cobalt, rare earths and others.",{"type":588,"attrs":3600,"content":3601},{"textAlign":49},[3602,3606,3613],{"text":3603,"type":593,"marks":3604},"Join government officials, financiers, and industry participants at our premier supply chain conference, ",[3605],{"type":767},{"text":3607,"type":593,"marks":3608},"Giga US 26",[3609,3612],{"type":603,"attrs":3610},{"href":3611,"uuid":49,"anchor":49,"target":607,"linktype":638},"https://www.benchmarkminerals.com/events/giga-usa",{"type":767},{"text":3614,"type":593,"marks":3615},", in Washington DC on 9–10th June to get more insights on Trump's policy agenda and the US’ next steps on energy security.",[3616],{"type":767},{"type":677,"attrs":3618},{"id":3619,"body":3620},"616767c7-219c-4354-b512-2a9bc6422070",[3621],{"id":3622,"_uid":3623,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29059039","i-425f35ea-a769-4828-8082-c2ff19231ca6",{"type":687,"attrs":3625,"content":3626},{"level":689,"textAlign":49},[3627],{"text":3628,"type":593},"Key policies",{"type":677,"attrs":3630},{"id":3631,"body":3632},"52d27f2b-42e7-4527-b5df-693507734ed9",[3633],{"id":3634,"_uid":3635,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29073627","i-90d3cebd-e112-4ff6-a2da-9b4848d66ac4",{"type":687,"attrs":3637,"content":3638},{"level":689,"textAlign":49},[3639],{"text":3640,"type":593},"US in numbers",{"type":677,"attrs":3642},{"id":3643,"body":3644},"4227142a-8d51-4289-a431-11a6771f8202",[3645],{"id":3646,"_uid":3647,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28992264","i-37d2e424-136f-40cb-b736-32ec74109ca6",{"type":677,"attrs":3649},{"id":3643,"body":3650},[3651],{"id":3652,"_uid":3653,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29058740","i-ba3bc790-14a9-44d3-aed3-ad31a878c02d",{"type":677,"attrs":3655},{"id":3631,"body":3656},[3657],{"id":3658,"_uid":3659,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29074500","i-1b05f7d2-36b5-4f77-a9a6-d4cd8cbd9d57",{"type":677,"attrs":3661},{"id":3631,"body":3662},[3663],{"id":3664,"_uid":3665,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28991795","i-ee060959-8747-4033-a3b3-6904d0d41106",{"type":687,"attrs":3667,"content":3668},{"level":689,"textAlign":49},[3669],{"text":3670,"type":593},"In focus: BESS, Ford and NextEra",{"type":588,"attrs":3672,"content":3673},{"textAlign":49},[3674],{"text":3675,"type":593},"On 11 May, the US’ second-largest automaker, Ford, launched its new subsidiary, Ford Energy. Its expansion into energy storage highlights the redirection of several US-based manufacturers’ focus onto BESS.",{"type":588,"attrs":3677,"content":3678},{"textAlign":49},[3679],{"text":3680,"type":593},"Ford Energy’s DC Block BESS cell will be LFP-based and will be used in the planned deployment of 20GWh in capacity annually by the firm, according to Ford CEO Jim Farley. Deliveries are expected to begin in 2027. The firm also announced on 18 May that it had signed a deal to deliver as much as 20GWh in energy storage to French utilities multinational EDF, starting in 2028.",{"type":588,"attrs":3682,"content":3683},{"textAlign":49},[3684],{"text":3685,"type":593},"The shift reflects a broader growth in demand for energy storage in the US, where the AI data centre (AIDC) segment is growing rapidly. Among the most significant players in this space is NextEra Energy Resources (NEER), one of the US’ largest solar and storage developers and integrators.",{"type":677,"attrs":3687},{"id":3631,"body":3688},[3689],{"id":3690,"_uid":3691,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29038954","i-41018da0-5330-46c1-8c14-5e0ae88f0968",{"type":588,"attrs":3693,"content":3694},{"textAlign":49},[3695],{"text":3696,"type":593},"NEER is vertically integrated, in that it develops, owns and operates storage assets while co-locating them with renewable generation and structuring long-term power purchase agreements with end users. This end-to-end capability allows it to deliver fully packaged energy solutions at a larger scale, making it a preferred partner for major US tech companies, including Meta and Google.",{"type":588,"attrs":3698,"content":3699},{"textAlign":49},[3700],{"text":3701,"type":593},"The company has a reported 43GW BESS development pipeline through 2032, with over 10GW currently operational. Recently, NEER agreed a deal to acquire Dominion Energy, a firm supplying electricity to northwestern US states including Virginia, where data centre expansion is particularly rapid.",{"type":588,"attrs":3703,"content":3704},{"textAlign":49},[3705],{"text":3706,"type":593},"The expansion of the AIDC segment is expected to drive a sustained growth in BESS demand, and therefore in an increase in raw materials demand.",{"type":588,"attrs":3708,"content":3709},{"textAlign":49},[3710],{"text":3711,"type":593},"Previous Regional Spotlights:",{"type":3713,"content":3714},"bullet_list",[3715],{"type":3716,"content":3717},"list_item",[3718],{"type":588,"attrs":3719,"content":3720},{"textAlign":49},[3721],{"text":3722,"type":593,"marks":3723},"Supply chain dominance: China Regional Spotlight",[3724],{"type":603,"attrs":3725},{"href":2605,"uuid":2606,"anchor":49,"target":607,"linktype":608},"The US has taken a different course to many other major economies on the energy transition in general, and electric vehicles (EVs) in particular, since the return of Donald Trump as president in January 2025. In April 2026, EV sales were down 33% year-to-date year-on-year – a mirror image of another major Western economy, Germany, which was up 33% over the same period. What is different about the US?",[3728,3731],{"slug":544,"name":543,"content":3729},{"job_title":557,"image":3730,"bio":548,"linkedin":555},{"filename":552},{"slug":1095,"name":1096,"content":3732},{"job_title":1098,"image":3733,"bio":1101,"linkedin":1102,"markets_covered":1103},{"filename":1100},[3735,3736,3737,3738,3739,3740,3741,3742,3743,3744,3745],{"slug":2882,"name":261},{"slug":1700,"name":1701},{"slug":3506,"name":298},{"slug":800,"name":801},{"slug":1694,"name":1695},{"slug":1441,"name":1442},{"slug":1114,"name":1115},{"slug":2050,"name":2051},{"slug":798,"name":8},{"slug":3021,"name":189},{"slug":3746,"name":414},"rare-earths",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":3748},{},{"id":3750,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":3751,"copyright":547,"fieldtype":553,"meta_data":3752,"is_external_url":50},129073473668985,"https://a.storyblok.com/f/287943243085208/5f43c94a9b/bm-us-flag-auto.jpg",{},"The US has taken a different course to many other major economies on the energy transition in general, and electric vehicles (EVs) in particular, since the return of Donald Trump as president in January 2025.","May 26, 2026",{"id":3756,"uuid":3757,"name":3758,"slug":3759,"full_slug":3760,"content":3761},179294289152409,"4dc43d73-e0bb-4fb6-a6f7-e54fb33429a3","Cobalt market anchored by hidden inventories despite supply risks","cobalt-market-anchored-by-hidden-inventories-despite-supply-risks","article/cobalt-market-anchored-by-hidden-inventories-despite-supply-risks",{"_uid":3762,"date":3763,"tags":3764,"editor":3771,"content":3775,"excerpt":3887,"featured":51,"reporter":3888,"component":794,"seo_title":3758,"categories":3899,"visibility":805,"data_vis_image":3902,"featured_image":3904,"seo_description":3908,"formattedDate":3909},"50771562-d5f4-44fe-b19a-4cc71fa03633","2026-05-22 00:00",[3765,3766,3767,3768],{"slug":834,"name":835},{"slug":1465,"name":1466},{"slug":837,"name":838},{"slug":3769,"name":3770},"madagascar","Madagascar",[3772],{"slug":544,"name":543,"content":3773},{"job_title":557,"image":3774,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":3776},[3777,3789,3803,3810,3817,3822,3827,3834,3839,3844,3851,3856,3861,3868,3873],{"type":588,"attrs":3778,"content":3779},{"textAlign":49},[3780,3782,3787],{"text":3781,"type":593},"Cobalt prices remain broadly stable, with higher-than-expected inventory levels ",{"text":3783,"type":593,"marks":3784},"in China",[3785],{"type":603,"attrs":3786},{"href":2605,"uuid":2606,"anchor":49,"target":607,"linktype":608},{"text":3788,"type":593}," continuing to offset emerging supply-side disruptions and rising upstream costs.",{"type":588,"attrs":3790,"content":3791},{"textAlign":49},[3792,3794,3801],{"text":3793,"type":593},"Market participants speaking to Benchmark said that ",{"text":3795,"type":593,"marks":3796},"cobalt demand remains soft",[3797],{"type":603,"attrs":3798},{"href":3799,"uuid":3800,"anchor":49,"target":607,"linktype":608},"/article/supply-strains-keep-prices-steady-cobalt-q1-2026-price-review","0b16c504-8e01-449c-9efe-b239dc7e8242",{"text":3802,"type":593},", particularly across the consumer electronics sector, with no clear signs of recovery. Some producers have responded by curtailing output, contributing to limited spot market activity and cautious purchasing behaviour across the supply chain.",{"type":677,"attrs":3804},{"id":3805,"body":3806},"af301b3f-fb94-4089-9d37-56f009c62f80",[3807],{"id":3808,"_uid":3809,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29089953","i-e8268d9b-5888-4b39-a554-22425ba4d89e",{"type":687,"attrs":3811,"content":3812},{"level":689,"textAlign":49},[3813],{"text":3814,"type":593,"marks":3815},"China stockpiles anchoring market",[3816],{"type":911},{"type":588,"attrs":3818,"content":3819},{"textAlign":49},[3820],{"text":3821,"type":593},"A key theme across the market is the growing recognition that cobalt inventories in China have been significantly underestimated. Market consensus now places metal stocks at around 10kt, with additional material held across intermediate forms.",{"type":588,"attrs":3823,"content":3824},{"textAlign":49},[3825],{"text":3826,"type":593},"These elevated inventories have acted as a buffer against supply disruptions, preventing prices from reacting more strongly to tightening conditions upstream. As a result, the market appears more balanced than previously expected, with stock overhang dampening volatility and capping near-term price upside.",{"type":687,"attrs":3828,"content":3829},{"level":689,"textAlign":49},[3830],{"text":3831,"type":593,"marks":3832},"Supply disruptions fail to translate into price gains",[3833],{"type":911},{"type":588,"attrs":3835,"content":3836},{"textAlign":49},[3837],{"text":3838,"type":593},"On the supply side, logistical constraints and policy-driven export controls have limited the immediate availability of raw materials. While most export quotas from the DRC have now been approved and shipments are progressing, material remains in transit, delaying its arrival into China.",{"type":588,"attrs":3840,"content":3841},{"textAlign":49},[3842],{"text":3843,"type":593},"At the same time, Indonesian supply faces growing pressure due to constrained sulphur availability, with some HPAL operations at risk of curtailment. Elsewhere, refined supply remains exposed to disruption, with Sherritt’s Cuban operations facing uncertainty linked to recent disruption to Venezuelan oil supplies, while production at Ambatovy in Madagascar remains halted following cyclone-related damage. Despite these risks, elevated inventory levels continue to absorb the impact, limiting any upward price response.",{"type":687,"attrs":3845,"content":3846},{"level":689,"textAlign":49},[3847],{"text":3848,"type":593,"marks":3849},"Rising costs add pressure to the supply chain",[3850],{"type":911},{"type":588,"attrs":3852,"content":3853},{"textAlign":49},[3854],{"text":3855,"type":593},"Upstream cost pressures are building, with sulphuric acid and diesel prices rising sharply, particularly in the DRC. In Indonesia, limited sulphur availability is emerging as a key constraint, with some operations facing the risk of curtailment.",{"type":588,"attrs":3857,"content":3858},{"textAlign":49},[3859],{"text":3860,"type":593},"While these factors point to tighter supply conditions later in the year, their immediate impact remains muted in the presence of ample inventories.",{"type":687,"attrs":3862,"content":3863},{"level":689,"textAlign":49},[3864],{"text":3865,"type":593,"marks":3866},"Market outlook hinges on inventory drawdown",[3867],{"type":911},{"type":588,"attrs":3869,"content":3870},{"textAlign":49},[3871],{"text":3872,"type":593},"Looking ahead, the trajectory of cobalt prices will depend largely on how quickly these stockpiles are absorbed. As additional material arrives into China in the coming months, market participants will closely monitor whether producers choose to release units into the market or continue to build inventories.",{"type":588,"attrs":3874,"content":3875},{"textAlign":49},[3876,3878,3885],{"text":3877,"type":593},"For now, sentiment remains cautious, with participants broadly aligned in expecting limited downside but no immediate catalyst for a sustained rally. Instead, attention is shifting towards the second half of 2026, when tightening ",{"text":3879,"type":593,"marks":3880},"supply ",[3881],{"type":603,"attrs":3882},{"href":3883,"uuid":3884,"anchor":49,"target":607,"linktype":608},"/article/us-first-planned-cobalt-refinery-signs-850-million-offtake","ce2f9608-3c05-40e7-9719-0cae383680d8",{"text":3886,"type":593},"and potential inventory drawdowns could begin to reshape market dynamics.","Cobalt prices remain broadly stable, with higher-than-expected inventory levels in China continuing to offset emerging supply-side disruptions and rising upstream costs.\n\nMarket participants speaking to Benchmark said that cobalt demand remains soft, particularly across the consumer electronics sector, with no clear signs of recovery. Some producers have responded by curtailing output, contributing to limited spot market activity and cautious purchasing behaviour across the supply chain.",[3889],{"slug":3890,"name":3891,"content":3892},"george-ingall","George Ingall",{"job_title":3893,"image":3894,"bio":3896,"linkedin":3897,"markets_covered":3898},"Price Analyst - Rare Earths & Battery Minerals",{"filename":3895},"https://a.storyblok.com/f/287943243085208/2943x3679/899ad64a5e/george-ingall.jpg","George specialises in rare earths and battery minerals, with expertise in tracking market movements, pricing trends, and supply-demand dynamics across critical raw materials. Experienced in delivering clear market insights and analysis that support commercial strategy, investment decisions, and industry understanding in fast-evolving global commodities markets.","https://www.linkedin.com/in/georgeingall/","Rare Earths, Cobalt, Natural Graphite, Synthetic Graphite, Anode",[3900,3901],{"slug":1106,"name":115},{"slug":800,"name":801},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":3903},{},{"id":3905,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":3906,"copyright":547,"fieldtype":553,"meta_data":3907,"is_external_url":50},129066603174195,"https://a.storyblok.com/f/287943243085208/df62720a42/bm-cobalt-27-warehouse-e1527863094748.png",{},"Cobalt prices remain broadly stable, with higher-than-expected inventory levels in China continuing to offset emerging supply-side disruptions and rising upstream costs.","May 22, 2026",{"id":3911,"uuid":2094,"name":3912,"slug":3913,"full_slug":3914,"content":3915},178880472166960,"NextEra acquires Dominion Energy as US data centre demand drives energy storage growth","nextera-acquires-dominion-energy-as-us-data-centre-demand-drives-energy-storage-growth","article/nextera-acquires-dominion-energy-as-us-data-centre-demand-drives-energy-storage-growth",{"_uid":3916,"date":3917,"tags":3918,"editor":3928,"content":3932,"excerpt":4007,"featured":51,"reporter":4008,"component":794,"seo_title":4012,"categories":4013,"visibility":805,"data_vis_image":4015,"featured_image":4019,"seo_description":4023,"formattedDate":4024},"b46171fc-a5ee-4263-a80a-897675c7459e","2026-05-21 00:00",[3919,3920,3921,3922,3923,3926,3927],{"slug":1468,"name":1469},{"slug":3539,"name":1690},{"slug":1332,"name":1333},{"slug":3546,"name":3547},{"slug":3924,"name":3925},"dominion-energy","Dominion Energy",{"slug":831,"name":832},{"slug":2073,"name":2074},[3929],{"slug":544,"name":543,"content":3930},{"job_title":557,"image":3931,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":3933},[3934,3946,3966,3973,3978,3983,3990,3997,4002],{"type":588,"attrs":3935,"content":3936},{"textAlign":49},[3937,3939,3944],{"text":3938,"type":593},"Northern Virginia is undergoing one of the biggest current infrastructure buildouts in the US as part of its ",{"text":3940,"type":593,"marks":3941},"data centre market expansion",[3942],{"type":603,"attrs":3943},{"href":3086,"uuid":3087,"anchor":49,"target":607,"linktype":608},{"text":3945,"type":593},". Dominion Energy, an energy company and electricity supplier to several northeastern states headquartered in Virginia, grew its contracted data centre capacity to 51GW, up 2.5GW since Q4 2025 and three times the capacity contracted as of July 2023.",{"type":588,"attrs":3947,"content":3948},{"textAlign":49},[3949,3951,3958,3960,3964],{"text":3950,"type":593},"NextEra Energy Resources (NEER), one of the US’ largest solar and storage developers, announced on Monday 18 May that it would be acquiring Dominion Energy for USD $67 billion. The deal marks the creation of the largest regulated utility business in the world as NEER looks to capitalise on the ",{"text":3952,"type":593,"marks":3953},"demand growth",[3954],{"type":603,"attrs":3955},{"href":3956,"uuid":3957,"anchor":49,"target":607,"linktype":608},"/article/how-will-data-centres-impact-battery-demand","1f783034-b9c3-4346-b325-577419c8d493",{"text":3959,"type":593}," for ",{"text":2110,"type":593,"marks":3961},[3962],{"type":603,"attrs":3963},{"href":2674,"uuid":2675,"anchor":49,"target":607,"linktype":608},{"text":3965,"type":593}," and solar projects in Virginia.",{"type":687,"attrs":3967,"content":3968},{"level":689,"textAlign":49},[3969],{"text":3970,"type":593,"marks":3971},"Gap in Virginia’s market for solar plus storage markets",[3972],{"type":911},{"type":588,"attrs":3974,"content":3975},{"textAlign":49},[3976],{"text":3977,"type":593},"With a wide portfolio of energy generation assets, including 12GW+ of storage development as tracked by Benchmark, NEER has extensive expertise to further Virginia’s energy transition. NEER has experience developing and installing large-capacity generation and flexible service assets with nearly half (5.5GW) of its ESS portfolio being solar-paired BESS.",{"type":588,"attrs":3979,"content":3980},{"textAlign":49},[3981],{"text":3982,"type":593},"Conversely, storage has not been a core part of Dominion Energy’s strategy. As of January 2026, the company had 683MW of storage capacity in operation and development, compared with over 11GW of renewable generation deployments throughout the state of Virginia. Given the acquisition, this portfolio split could become more diversified in line with NEER’s expertise in co-located solar + storage projects.",{"type":677,"attrs":3984},{"id":3985,"body":3986},"7a3fc735-da14-46da-8932-0260366a9ed3",[3987],{"id":3988,"_uid":3989,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29056461","i-82b97883-fc77-4efd-a2fa-3fdede715ebb",{"type":687,"attrs":3991,"content":3992},{"level":689,"textAlign":49},[3993],{"text":3994,"type":593,"marks":3995},"Legislative impetus for BESS rollout",[3996],{"type":911},{"type":588,"attrs":3998,"content":3999},{"textAlign":49},[4000],{"text":4001,"type":593},"Virginia has recently made a legislative push to mandate Dominion Energy and Appalachian Power to deploy over 20GW of energy storage across short- and long-term durations. In light of Virginia’s growing AI data centre (AIDC)-related energy demand and its public policy direction, NEER’s acquisition appears to be a bid to gain market share in the growing energy storage market in Virginia.",{"type":588,"attrs":4003,"content":4004},{"textAlign":49},[4005],{"text":4006,"type":593},"The exact type of projects to come out of the partnership are yet to be seen, though it is possible that, as well as grid-side BESS, there may be deployments made in partnership with AIDC companies and hyperscalers to deploy batteries behind-the-meter (BTM) on-site at these new data centre facilities.","Northern Virginia is undergoing one of the biggest current infrastructure buildouts in the US as part of its data centre market expansion. Dominion Energy, an energy company and electricity supplier to several northeastern states headquartered in Virginia, grew its contracted data centre capacity to 51GW, up 2.5GW since Q4 2025 and three times the capacity contracted as of July 2023.",[4009],{"slug":3139,"name":3140,"content":4010},{"job_title":3142,"image":4011,"bio":3145,"linkedin":3146,"markets_covered":1690},{"filename":3144},"NextEra acquires Dominion as data centre demand drives ESS growth",[4014],{"slug":1694,"name":1695},{"id":4016,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":4017,"copyright":547,"fieldtype":553,"meta_data":4018,"is_external_url":50},178884628426376,"https://a.storyblok.com/f/287943243085208/794x676/0b21703d77/screenshot-2026-05-21-122316.png",{},{"id":4020,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":4021,"copyright":547,"fieldtype":553,"meta_data":4022,"is_external_url":50},178881175293394,"https://a.storyblok.com/f/287943243085208/3063x2042/7a96951fd6/manatee-energy-storage-center-in-parrish-florida-photo-by-doug-murray-for-fpl-rainbow.JPG",{},"NextEra Energy Resources' $67 billion acquisition of Dominion is a bid to capitalise on the data centre-driven demand growth for battery energy stationary storage (BESS) and solar projects in the US.","May 21, 2026",{"id":4026,"uuid":1941,"name":4027,"slug":4028,"full_slug":4029,"content":4030},178867466693557,"Chinese battery exports in April remain strong despite changes to tax rebate","chinese-battery-exports-in-april-remain-strong-despite-changes-to-tax-rebate","article/chinese-battery-exports-in-april-remain-strong-despite-changes-to-tax-rebate",{"_uid":4031,"date":3917,"tags":4032,"editor":4036,"content":4040,"excerpt":4113,"featured":51,"reporter":4114,"component":794,"seo_title":4118,"categories":4119,"visibility":805,"data_vis_image":4122,"featured_image":4126,"seo_description":4130,"formattedDate":4024},"b80b305f-0742-4a96-a045-bb7d81af5193",[4033,4034,4035],{"slug":1465,"name":1466},{"slug":1332,"name":1333},{"slug":831,"name":832},[4037],{"slug":544,"name":543,"content":4038},{"job_title":557,"image":4039,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":4041},[4042,4056,4068,4075,4082,4087,4093,4107],{"type":588,"attrs":4043,"content":4044},{"textAlign":49},[4045,4047,4054],{"text":4046,"type":593},"China’s battery exports remained strong in April, despite expectations of a dip following ",{"text":4048,"type":593,"marks":4049},"frontloading in March",[4050],{"type":603,"attrs":4051},{"href":4052,"uuid":4053,"anchor":49,"target":607,"linktype":608},"/article/chinese-battery-exports-reach-record-high-in-march-as-export-rebate-change-comes-into-force","9e844f68-d321-410c-a193-6417dd87aebd",{"text":4055,"type":593},". That uptick came in anticipation of the reduction in the battery export rebate, which fell from 9% to 6% from 1 April. Yet despite an 18% fall from March in April, lithium-ion battery exports grew 30% in dollar terms year-on-year in April, to US$8 billion, and 42% year-on-year in GWh terms to 31.7GWh.",{"type":588,"attrs":4057,"content":4058},{"textAlign":49},[4059,4061,4066],{"text":4060,"type":593},"Exports were likely buoyed by the conflict in Iran and its impact on energy prices, with interest in ",{"text":4062,"type":593,"marks":4063},"battery energy stationary storage (BESS) applications spiking",[4064],{"type":603,"attrs":4065},{"href":2674,"uuid":2675,"anchor":49,"target":607,"linktype":608},{"text":4067,"type":593}," in many markets. While utility-scale BESS can take several years to plan for and deploy, the residential and commercial and industrial market can react quicker to deploy batteries. According to the China Automotive Battery Innovation Alliance (CABIA), BESS exports increased 45% y-o-y in April.",{"type":677,"attrs":4069},{"id":4070,"body":4071},"e4749868-46f8-4f59-b812-ccf9c34751f0",[4072],{"id":4073,"_uid":4074,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29069243","i-da394da8-3ca1-4c47-ada3-d5fbe2b29f7a",{"type":687,"attrs":4076,"content":4077},{"level":689,"textAlign":49},[4078],{"text":4079,"type":593,"marks":4080},"Markets broadening for Chinese battery exports",[4081],{"type":911},{"type":588,"attrs":4083,"content":4084},{"textAlign":49},[4085],{"text":4086,"type":593},"Batteries are being exported to a wider array of countries in recent years. Historically linked to countries with EV production facilities and early markets for BESS adoption, the growth of new BESS markets, as well as the increased presence of Chinese finished systems in both the utility and behind-the-meter (BTM) market, is resulting in significant diversification. Until 2025, over half of battery exports were to just five countries. However, as of the first four months of 2026, this proportion has fallen to 42%.",{"type":677,"attrs":4088},{"id":4070,"body":4089},[4090],{"id":4091,"_uid":4092,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29069069","i-9e463903-2128-4d2a-98f5-649045f5728f",{"type":588,"attrs":4094,"content":4095},{"textAlign":49},[4096,4098,4105],{"text":4097,"type":593},"While strong growth has been seen across nearly all regions in 2026 to date, Oceania has seen particularly strong growth of close to 200% on the back of Australia’s booming residential and utility-scale BESS market. The US is the ",{"text":4099,"type":593,"marks":4100},"only region with imports down",[4101],{"type":603,"attrs":4102},{"href":4103,"uuid":4104,"anchor":49,"target":607,"linktype":608},"/article/us-battery-imports-fall-to-five-year-low-after-section-301-tariffs-raised-to-25-","3a93dd71-07f9-4d99-82c4-f907a3d0771b",{"text":4106,"type":593}," year-to-date, a result of ongoing trade barriers including tariffs and other protectionist measures.",{"type":677,"attrs":4108},{"id":4070,"body":4109},[4110],{"id":4111,"_uid":4112,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29069440","i-9ba68c93-37f4-4581-9b5a-49aacaf2f5c3","China’s battery exports remained strong in April, despite expectations of a dip following frontloading in March. That uptick came in anticipation of the reduction in the battery export rebate, which fell from 9% to 6% from 1 April. Yet despite an 18% fall from March in April, lithium-ion battery exports grew 30% in dollar terms year-on-year in April, to US$8 billion, and 42% year-on-year in GWh terms to 31.7GWh.",[4115],{"slug":2037,"name":2038,"content":4116},{"job_title":2040,"image":4117,"bio":2043,"linkedin":2044,"markets_covered":2045},{"filename":2042},"Chinese battery exports in April strong despite tax rebate change",[4120,4121],{"slug":1700,"name":1701},{"slug":2050,"name":2051},{"id":4123,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":4124,"copyright":547,"fieldtype":553,"meta_data":4125,"is_external_url":50},178870237211217,"https://a.storyblok.com/f/287943243085208/735x692/ff5512bd01/screenshot-2026-05-21-112443.png",{},{"id":4127,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":4128,"copyright":547,"fieldtype":553,"meta_data":4129,"is_external_url":50},129070825513410,"https://a.storyblok.com/f/287943243085208/1edc84deec/bm-qingdao-port-china-scaled-1.jpg",{},"China’s battery exports remained strong in April, despite expectations of a dip following frontloading in March. That uptick came in anticipation of the reduction in the battery export rebate, which fell from 9% to 6% from 1 April.",{"id":4132,"uuid":4133,"name":4134,"slug":4135,"full_slug":4136,"content":4137},178481698653196,"03f0f24b-0a8e-4114-bc7f-28fcad4b081f","Why are lithium prices expected to decline in 2027?","why-are-lithium-prices-expected-to-decline-in-2027-","article/why-are-lithium-prices-expected-to-decline-in-2027-",{"_uid":4138,"date":4139,"tags":4140,"editor":4155,"content":4159,"excerpt":4419,"featured":51,"reporter":4420,"component":794,"seo_title":4134,"categories":4430,"visibility":805,"data_vis_image":4433,"featured_image":4437,"seo_description":4441,"formattedDate":4442},"d1db3e25-2650-421b-b4f8-7dd2073d8675","2026-05-20 00:00",[4141,4144,4147,4148,4151,4154],{"slug":4142,"name":4143},"jiangxi","Jiangxi",{"slug":4145,"name":4146},"zimbabwe","Zimbabwe",{"slug":2565,"name":2566},{"slug":4149,"name":4150},"sigma-lithium-resources","Sigma Lithium Resources",{"slug":4152,"name":4153},"lithium-prices","Lithium prices",{"slug":831,"name":832},[4156],{"slug":544,"name":543,"content":4157},{"job_title":557,"image":4158,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":4160},[4161,4181,4201,4208,4217,4225,4234,4288,4297,4305,4311,4319,4328,4357,4366,4394,4403,4411],{"type":588,"attrs":4162,"content":4163},{"textAlign":49},[4164,4169,4176],{"text":4165,"type":593,"marks":4166},"A ",[4167],{"type":596,"attrs":4168},{"color":598},{"text":4170,"type":593,"marks":4171},"May rally",[4172,4174],{"type":603,"attrs":4173},{"href":3380,"uuid":3381,"anchor":49,"target":607,"linktype":608},{"type":596,"attrs":4175},{"color":598},{"text":4177,"type":593,"marks":4178}," has seen lithium hit $24,000/t on Benchmark’s CIF Asia assessment, and RMB193,000/t EXW China – just below the psychologically important RMB 200,000/t level. The April 2026 forward curve has market participants pricing further upside into mid-year before easing modestly into 2027.",[4179],{"type":596,"attrs":4180},{"color":598},{"type":588,"attrs":4182,"content":4183},{"textAlign":49},[4184,4189,4196],{"text":4185,"type":593,"marks":4186},"Benchmark's view, however, is for a more material decline. The latest market balance shows a deficit equivalent to roughly 3% of the market in 2026, followed by a return to modest surplus from 2027 onwards. With spot prices already above Benchmark's $22/kg incentive level, the question is how quickly the ",[4187],{"type":596,"attrs":4188},{"color":598},{"text":4190,"type":593,"marks":4191},"supply response",[4192,4194],{"type":603,"attrs":4193},{"href":605,"uuid":606,"anchor":49,"target":607,"linktype":608},{"type":596,"attrs":4195},{"color":598},{"text":4197,"type":593,"marks":4198}," converts into delivered tonnes.",[4199],{"type":596,"attrs":4200},{"color":598},{"type":677,"attrs":4202},{"id":4203,"body":4204},"2edabfdc-675d-4fb5-8d7c-fee8ff799fa3",[4205],{"id":4206,"_uid":4207,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29037359","i-bed0d904-e0a2-45f5-b5c2-f5fe098022b9",{"type":687,"attrs":4209,"content":4210},{"level":689,"textAlign":49},[4211],{"text":4212,"type":593,"marks":4213},"Jianxiawo is the single largest driver of 2026 tightness",[4214,4216],{"type":596,"attrs":4215},{"color":598},{"type":911},{"type":588,"attrs":4218,"content":4219},{"textAlign":49},[4220],{"text":4221,"type":593,"marks":4222},"CATL's Jianxiawo operation has a nameplate capacity of 150kt LCE at full ramp by 2028, making it one of the largest single lithium assets globally. Benchmark currently models around 100kt LCE of supply from the operation in 2027 as the ramp progresses. The mine remains under Environmental Impact Assessment review with no firm restart date, and Benchmark's bearish Jiangxi outlook remains tied to politically sensitive tailings management rather than the sub-0.4% grade rumours that have circulated. The timing of resumption is the single largest swing factor in the price outlook over the next 24 months. ",[4223],{"type":596,"attrs":4224},{"color":598},{"type":687,"attrs":4226,"content":4227},{"level":689,"textAlign":49},[4228],{"text":4229,"type":593,"marks":4230},"The other 2026 supply disruptions are temporary",[4231,4233],{"type":596,"attrs":4232},{"color":598},{"type":911},{"type":588,"attrs":4235,"content":4236},{"textAlign":49},[4237,4247,4252,4260,4268,4273,4283],{"text":4238,"type":593,"marks":4239},"Zimbabwe's export suspension",[4240,4242,4245],{"type":603,"attrs":4241},{"href":3009,"uuid":3010,"anchor":49,"target":607,"linktype":608},{"type":596,"attrs":4243},{"color":4244},"#1155CC",{"type":4246},"underline",{"text":4248,"type":593,"marks":4249}," has become a quota regime with implementation delays. Mali and Nigeria face security and port challenges.",[4250],{"type":596,"attrs":4251},{"color":598},{"text":2513,"type":593,"marks":4253},[4254,4258],{"type":603,"attrs":4255},{"href":4256,"uuid":4257,"anchor":49,"target":607,"linktype":608},"/article/greenbushes-downgrades-production-guidance-as-ore-grade-decline-accelerates","afd41dd3-acc7-4431-9c51-de8391eaa25b",{"type":596,"attrs":4259},{"color":598},{"text":4261,"type":593,"marks":4262},"Greenbushes",[4263,4265,4267],{"type":603,"attrs":4264},{"href":4256,"uuid":4257,"anchor":49,"target":607,"linktype":608},{"type":596,"attrs":4266},{"color":4244},{"type":4246},{"text":4269,"type":593,"marks":4270}," delivered a poor Q1 on lower-grade ore and a CGP3 ramp delay. Sigma's ramp at Grota do Cirilo continues to fall short of nameplate. Chinese hard-rock supply faces temporary explosives constraints. ",[4271],{"type":596,"attrs":4272},{"color":598},{"text":4274,"type":593,"marks":4275},"Sulphuric acid",[4276,4280,4282],{"type":603,"attrs":4277},{"href":4278,"uuid":4279,"anchor":49,"target":607,"linktype":608},"/article/china-to-potentially-ban-sulphuric-acid-exports-as-iran-war-pressures-supply","80b2b4fa-1a1a-4ed8-8906-268000529283",{"type":596,"attrs":4281},{"color":4244},{"type":4246},{"text":4284,"type":593,"marks":4285}," prices are squeezing converter margins on Strait of Hormuz pressure. Benchmark forecasts most resolving through 2027.",[4286],{"type":596,"attrs":4287},{"color":598},{"type":687,"attrs":4289,"content":4290},{"level":689,"textAlign":49},[4291],{"text":4292,"type":593,"marks":4293},"Conversion capacity is severely underutilised",[4294,4296],{"type":596,"attrs":4295},{"color":598},{"type":911},{"type":588,"attrs":4298,"content":4299},{"textAlign":49},[4300],{"text":4301,"type":593,"marks":4302},"Global chemicals conversion is running well below nameplate capacity and is the primary bottleneck for the industry.",[4303],{"type":596,"attrs":4304},{"color":598},{"type":677,"attrs":4306},{"id":4203,"body":4307},[4308],{"id":4309,"_uid":4310,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29038239","i-4bc97429-d1cf-4491-8853-9d19a539d023",{"type":588,"attrs":4312,"content":4313},{"textAlign":49},[4314],{"text":4315,"type":593,"marks":4316},"Supply response is forecast to come mostly in the form of hard rock, as it offers faster restart timelines, lower capital intensity, and infrastructure that survives care-and-maintenance.  Bald Hill has formally announced a restart. Ngungaju is progressing. Develop Global's direct shipping ore (DSO) project is expected to add tonnage in the near term. ",[4317],{"type":596,"attrs":4318},{"color":598},{"type":687,"attrs":4320,"content":4321},{"level":689,"textAlign":49},[4322],{"text":4323,"type":593,"marks":4324},"Frontier supply continues to surprise",[4325,4327],{"type":596,"attrs":4326},{"color":598},{"type":911},{"type":588,"attrs":4329,"content":4330},{"textAlign":49},[4331,4336,4344,4352],{"text":4332,"type":593,"marks":4333},"Huayou's takeover of Ewoyaa in Ghana signals continued Chinese comfort operating in Africa. Kalangba in Sierra Leone will begin in 2027. Zijin’s Manono deposit will begin ramping up this year.",[4334],{"type":596,"attrs":4335},{"color":598},{"text":2513,"type":593,"marks":4337},[4338,4342],{"type":603,"attrs":4339},{"href":4340,"uuid":4341,"anchor":49,"target":607,"linktype":608},"/article/northern-russian-lithium-mine-set-for-first-production-later-this-year","6a29bd6b-372b-4526-b3e8-76f102522617",{"type":596,"attrs":4343},{"color":598},{"text":4345,"type":593,"marks":4346},"A northern Russian mine is set for first production later this year",[4347,4349,4351],{"type":603,"attrs":4348},{"href":4340,"uuid":4341,"anchor":49,"target":607,"linktype":608},{"type":596,"attrs":4350},{"color":4244},{"type":4246},{"text":4353,"type":593,"marks":4354},". Mongolia is developing, with early signals from Myanmar, Mozambique, and elsewhere. This is additive supply that was not under discussion just 12 months ago.",[4355],{"type":596,"attrs":4356},{"color":598},{"type":687,"attrs":4358,"content":4359},{"level":689,"textAlign":49},[4360],{"text":4361,"type":593,"marks":4362},"China EV sales cooling",[4363,4365],{"type":596,"attrs":4364},{"color":598},{"type":911},{"type":588,"attrs":4367,"content":4368},{"textAlign":49},[4369,4374,4381,4389],{"text":4370,"type":593,"marks":4371},"Chinese domestic EV sales are down 17% YTD after the introduction of the new purchase tax and trade-in scaleback, offset by strong export performance (European share rose from 20% to 24% Jan–March) and continued battery energy stationary storage (BESS) strength. China's battery production hit 178 GWh in March, with LFP up 28% MoM. But headline strength is amplified by the",[4372],{"type":596,"attrs":4373},{"color":598},{"text":2513,"type":593,"marks":4375},[4376,4379],{"type":603,"attrs":4377},{"href":4378,"uuid":49,"anchor":49,"target":49,"linktype":638},"https://source.benchmarkminerals.com/article/how-will-chinas-vat-rebate-changes-affect-the-battery-market",{"type":596,"attrs":4380},{"color":598},{"text":4382,"type":593,"marks":4383},"VAT rebate",[4384,4386,4388],{"type":603,"attrs":4385},{"href":4378,"uuid":49,"anchor":49,"target":49,"linktype":638},{"type":596,"attrs":4387},{"color":4244},{"type":4246},{"text":4390,"type":593,"marks":4391}," front-running ahead of the April 2026 step-down, and market participants have reported to Benchmark whispers of downstream inventory build. Underlying end-demand growth is softer than headline cell production implies.",[4392],{"type":596,"attrs":4393},{"color":598},{"type":687,"attrs":4395,"content":4396},{"level":689,"textAlign":49},[4397],{"text":4398,"type":593,"marks":4399},"What this means",[4400,4402],{"type":596,"attrs":4401},{"color":598},{"type":911},{"type":588,"attrs":4404,"content":4405},{"textAlign":49},[4406],{"text":4407,"type":593,"marks":4408},"Benchmark expects chemicals prices to ease from current levels as the supply response delivers, dipping below the incentive price before returning toward it. In line with the typical commodity cycle, prices are likely to overshoot the incentive price again on the way back up as demand growth catches the next round of supply discipline.",[4409],{"type":596,"attrs":4410},{"color":598},{"type":588,"attrs":4412,"content":4413},{"textAlign":49},[4414],{"text":4415,"type":593,"marks":4416},"The risk sits primarily with Jianxiawo; if this mine does not come back online by end 2026 or early 2027, Benchmark anticipates a delayed price correction.",[4417],{"type":596,"attrs":4418},{"color":598},"A May rally has seen lithium hit $24,000/t on Benchmark’s CIF Asia assessment, and RMB193,000/t EXW China – just below the psychologically important RMB 200,000/t level. The April 2026 forward curve has market participants pricing further upside into mid-year before easing modestly into 2027.",[4421],{"slug":4422,"name":4423,"content":4424},"cameron-perks","Cameron Perks",{"job_title":4425,"image":4426,"bio":4428,"linkedin":4429,"markets_covered":8},"Product Director - Lithium",{"filename":4427},"https://a.storyblok.com/f/287943243085208/512x512/5504398139/cam-perks.png","Dr Cameron Perks is a leading global lithium expert and currently serves as Product Director for Lithium at Benchmark Mineral Intelligence. With over a decade of experience in opaque mineral markets, he has led market strategy, pricing analysis, and bespoke consulting for clients ranging from junior explorers to OEMs and institutional investors. He was previously a consultant at TZMI, a geologist with the Geological Survey of NSW, and holds a PhD in Environmental Engineering.","https://www.linkedin.com/in/cameronperks/",[4431,4432],{"slug":800,"name":801},{"slug":798,"name":8},{"id":4434,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":4435,"copyright":547,"fieldtype":553,"meta_data":4436,"is_external_url":50},178497099235201,"https://a.storyblok.com/f/287943243085208/721x639/e533a6880b/lithium-price-and-market-balance-to-2030.png",{},{"id":4438,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":4439,"copyright":547,"fieldtype":553,"meta_data":4440,"is_external_url":50},129064918005171,"https://a.storyblok.com/f/287943243085208/bba06393d7/bm-amg-spodumene-e1548706905420.jpg",{},"A May rally has seen lithium hit $24,000/t on Benchmark’s CIF Asia assessment, and RMB193,000/t EXW China – just below the psychologically important RMB 200,000/t level.","May 20, 2026",{"id":4444,"uuid":4445,"name":4446,"slug":4447,"full_slug":4448,"content":4449},176788419249767,"55a3414b-105d-4318-b317-115f7b007ef2","Québec establishing itself as a lithium hub","quebec-establishing-itself-as-a-lithium-hub","article/quebec-establishing-itself-as-a-lithium-hub",{"_uid":4450,"date":4451,"tags":4452,"editor":4459,"content":4463,"excerpt":4571,"featured":51,"reporter":4572,"component":794,"seo_title":4446,"categories":4576,"visibility":805,"data_vis_image":4579,"featured_image":4581,"seo_description":4585,"formattedDate":4586},"9b5847c6-9417-41f8-a115-ca9309e13c61","2026-05-18 00:00",[4453,4456],{"slug":4454,"name":4455},"north-america","North America",{"slug":4457,"name":4458},"canada","Canada",[4460],{"slug":544,"name":543,"content":4461},{"job_title":557,"image":4462,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":4464},[4465,4501,4506,4511,4518,4527,4535,4543,4563],{"type":588,"attrs":4466,"content":4467},{"textAlign":49},[4468,4473,4482,4487,4496],{"text":4469,"type":593,"marks":4470},"Québec is ",[4471],{"type":596,"attrs":4472},{"color":598},{"text":4474,"type":593,"marks":4475},"cementing its place",[4476,4480],{"type":603,"attrs":4477},{"href":4478,"uuid":4479,"anchor":49,"target":607,"linktype":608},"/article/volkswagen-and-powerco-invest-in-patriot-battery-metals-to-secure-canadian-lithium","2362b95b-9cde-4b2c-b75d-99304929b625",{"type":596,"attrs":4481},{"color":598},{"text":4483,"type":593,"marks":4484}," as one of ",[4485],{"type":596,"attrs":4486},{"color":598},{"text":4488,"type":593,"marks":4489},"North America’s",[4490,4494],{"type":603,"attrs":4491},{"href":4492,"uuid":4493,"anchor":49,"target":607,"linktype":608},"/article/how-much-would-60-days-of-us-battery-minerals-cost-in-2026-","feaae01d-533b-45b9-8ad8-39aab491e0f0",{"type":596,"attrs":4495},{"color":598},{"text":4497,"type":593,"marks":4498}," key lithium hubs. With competitive power prices from low-carbon hydroelectricity, robust mining infrastructure, Atlantic trade route access and strong government support, the province is developing a fast-growing pipeline of mining and chemical processing projects.",[4499],{"type":596,"attrs":4500},{"color":598},{"type":588,"attrs":4502,"content":4503},{"textAlign":49},[4504],{"text":4505,"type":593},"Lithium is viewed as a strategic for the country, with Canada recently announcing an investment of up to C$145m (US$106m) to support the expansion of North America’s largest lithium operation, North American Lithium (NAL), operated by Australian mining firm Elevra Lithium.",{"type":588,"attrs":4507,"content":4508},{"textAlign":49},[4509],{"text":4510,"type":593},"By 2030, Canada's production is expected to grow by 79% as other projects come online in the country, though NAL is set to remain the largest. Quebec-based projects are expected to account for 85% of the country's production in 2030.",{"type":677,"attrs":4512},{"id":4513,"body":4514},"17feed98-9f3e-403c-9dda-db8bfaf1064f",[4515],{"id":4516,"_uid":4517,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28989348","i-94b762bc-fba3-466d-9f15-62275c8abadb",{"type":687,"attrs":4519,"content":4520},{"level":689,"textAlign":49},[4521],{"text":4522,"type":593,"marks":4523},"Output set to increase at NAL",[4524,4526],{"type":596,"attrs":4525},{"color":598},{"type":911},{"type":588,"attrs":4528,"content":4529},{"textAlign":49},[4530],{"text":4531,"type":593,"marks":4532},"The funding forms part of a broader capital raise designed to increase production capacity and reduce costs. The updated scoping study, released this week, considers output will increase to 338ktpa of SC5.4%, considerably higher than the previous report. Average post-expansion C1 costs are expected to be US$628/t and AISC of US$683/t, which would put the project in the mid-third quartile of Benchmark’s C1 Cost Curve in 2030.  ",[4533],{"type":596,"attrs":4534},{"color":598},{"type":588,"attrs":4536,"content":4537},{"textAlign":49},[4538],{"text":4539,"type":593,"marks":4540},"The company will also have a cash injection of around US$71m from the sale of its interest in the Ewoyaa lithium project in Ghana to Zhejiang Huayou Cobalt, announced earlier this week. The company also signaled the push towards FID of the Moblan project, also in Quebec, in which it has a majority stake, the rest being of Investissement Québec. ",[4541],{"type":596,"attrs":4542},{"color":598},{"type":588,"attrs":4544,"content":4545},{"textAlign":49},[4546,4551,4558],{"text":4547,"type":593,"marks":4548},"Québec’s ",[4549],{"type":596,"attrs":4550},{"color":598},{"text":4552,"type":593,"marks":4553},"lithium landscape",[4554,4556],{"type":603,"attrs":4555},{"href":3380,"uuid":3381,"anchor":49,"target":607,"linktype":608},{"type":596,"attrs":4557},{"color":598},{"text":4559,"type":593,"marks":4560}," extends beyond Elevra. Rio Tinto, through Nemaska Lithium, controls the Whabouchi mine and the Becancour lithium hydroxide plant, which, even after some delays announced in Rio Tinto’s annual report, is expected to start producing from 2028. In addition, PMET Resources is advancing the Shaakichiuwaanaan project towards a final investment decision, while an updated feasibility and PEA on the CV5 and CV13 pegmatites targeted for completion in Q4 26. Recent DMS pilot work provided successful results, providing material for offtake discussions, while a new testwork programme with Koch aims to produce caesium chemical products. ",[4561],{"type":596,"attrs":4562},{"color":598},{"type":588,"attrs":4564,"content":4565},{"textAlign":49},[4566],{"text":4567,"type":593,"marks":4568},"The region’s lithium project pipeline also includes Critical Element’s Rose project, Winsome’s Adina and Rio Tinto’s Galaxy project, amongst others. ",[4569],{"type":596,"attrs":4570},{"color":598},"Québec is cementing a place as one of North America’s key lithium hubs. With competitive power prices from low-carbon hydroelectricity, robust mining infrastructure, Atlantic trade route access and strong government support, the province is developing a fast-growing pipeline of mining and chemical processing projects.\n\nNorth America’s largest operation, North American Lithium (NAL) is based in the region, and was responsible for around three quarters of the continent’s output last year. The site is operated by Elevra Lithium, formed from a merger of Sayona Mining and Piedmont Lithium in September 2025. Elevra recently received a major vote of confidence from the Canada Growth Fund in the form of a C$145m (USD$106m) convertible note commitment to support the expansion of NAL. This is expected to begin before the end of the decade. ",[4573],{"slug":786,"name":787,"content":4574},{"job_title":789,"image":4575,"bio":792,"linkedin":793,"markets_covered":8},{"filename":791},[4577,4578],{"slug":798,"name":8},{"slug":800,"name":801},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":4580},{},{"id":4582,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":4583,"copyright":547,"fieldtype":553,"meta_data":4584,"is_external_url":50},176802668261248,"https://a.storyblok.com/f/287943243085208/2560x1440/32145fbd02/elevra-night-lithium.jpg",{},"Québec is cementing a place as one of North America’s key lithium hubs, with competitive power prices from low-carbon hydroelectricity, robust mining infrastructure, Atlantic trade route access and strong government support.","May 18, 2026",{"id":4588,"uuid":2456,"name":4589,"slug":4590,"full_slug":4591,"content":4592},176745783557371,"BYD joins queue of Chinese OEMs eyeing underutilised European vehicle plants","byd-joins-queue-of-chinese-oems-eyeing-underutilised-european-vehicle-plants","article/byd-joins-queue-of-chinese-oems-eyeing-underutilised-european-vehicle-plants",{"_uid":4593,"date":4594,"tags":4595,"editor":4598,"content":4602,"excerpt":4732,"featured":51,"reporter":4733,"component":794,"seo_title":4737,"categories":4738,"visibility":805,"data_vis_image":4740,"featured_image":4742,"seo_description":4746,"formattedDate":4747},"3e469736-523a-4fd6-b1e7-c05146158963","2026-05-15 00:00",[4596,4597],{"slug":2192,"name":2193},{"slug":2189,"name":2190},[4599],{"slug":544,"name":543,"content":4600},{"job_title":557,"image":4601,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":4603},[4604,4609,4631,4658,4674,4681,4688,4693,4698,4705,4710,4715,4722,4727],{"type":588,"attrs":4605,"content":4606},{"textAlign":49},[4607],{"text":4608,"type":593},"BYD is negotiating with European vehicle manufacturers including Stellantis to utilise their underutilised production facilities in Europe, including in Italy. It follows an agreement between Stellantis and Leapmotor, struck earlier in May, for the latter to utilise Stellantis factories.",{"type":588,"attrs":4610,"content":4611},{"textAlign":49},[4612,4614,4621,4623,4630],{"text":4613,"type":593},"BYD’s ",{"text":4615,"type":593,"marks":4616},"sales of passenger car & light duty EVs",[4617],{"type":603,"attrs":4618},{"href":4619,"uuid":4620,"anchor":49,"target":607,"linktype":608},"/article/in-charts-the-rise-of-byd","d138a8e7-adba-49a7-b52d-30b972975714",{"text":4622,"type":593}," (PC & LDV EVs) more than doubled in Europe in the first three months of 2026 compared to the same period in 2025. This growth has been supported by the ramp-up of plug-in hybrid EV (PHEV) deliveries as well as ",{"text":4624,"type":593,"marks":4625},"new model launches",[4626],{"type":603,"attrs":4627},{"href":4628,"uuid":4629,"anchor":49,"target":607,"linktype":608},"/article/the-fast-charging-competition-between-catl-and-byd","a1118b56-c6a4-429b-8aff-ec5895a872cb",{"text":778,"type":593},{"type":588,"attrs":4632,"content":4633},{"textAlign":49},[4634,4639,4641,4648,4650,4657],{"text":4635,"type":593,"marks":4636},"Expansion overseas",[4637],{"type":603,"attrs":4638},{"href":2282,"uuid":2283,"anchor":49,"target":607,"linktype":608},{"text":4640,"type":593}," has increasingly become a central pillar of many Chinese vehicle manufacturers’ strategies in the past 18 months, as it provides them with an opportunity to earn a greater premium on each vehicle sold than they would in ",{"text":4642,"type":593,"marks":4643},"the domestic market",[4644],{"type":603,"attrs":4645},{"href":4646,"uuid":4647,"anchor":49,"target":607,"linktype":608},"/article/weakened-fiscal-support-impacts-china-s-ev-market","bb986c7d-3f1c-4405-8646-4bfd1affc910",{"text":4649,"type":593},". By 2030, BYD wants half of its EV sales to come from ",{"text":4651,"type":593,"marks":4652},"markets outside China",[4653],{"type":603,"attrs":4654},{"href":4655,"uuid":4656,"anchor":49,"target":607,"linktype":608},"/article/influx-of-chinese-made-evs-into-mexico-and-brazil-ahead-of-tariff-changes","15a7fc41-9adc-44bf-aa24-0534e0e1639a",{"text":778,"type":593},{"type":588,"attrs":4659,"content":4660},{"textAlign":49},[4661,4663,4668,4670],{"text":4662,"type":593},"In October 2024, however, the EU followed an ",{"text":4664,"type":593,"marks":4665},"international protectionist trend",[4666],{"type":603,"attrs":4667},{"href":4103,"uuid":4104,"anchor":49,"target":607,"linktype":608},{"text":4669,"type":593}," in introducing tariffs on Chinese-made battery EVs (BEVs). Several OEMs have sought to establish European production capacity to circumvent the measures.",{"text":1624,"type":593,"marks":4671},[4672],{"type":596,"attrs":4673},{"color":547},{"type":677,"attrs":4675},{"id":4676,"body":4677},"c98fbb33-9aa9-4c9a-bdc9-ede4512b4e43",[4678],{"id":4679,"_uid":4680,"type":608,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"3679505","i-c9abc241-bf22-4f14-9e4f-6aeeda902a54",{"type":687,"attrs":4682,"content":4683},{"level":689,"textAlign":49},[4684],{"text":4685,"type":593,"marks":4686},"European automakers face severe utilisation issues",[4687],{"type":911},{"type":588,"attrs":4689,"content":4690},{"textAlign":49},[4691],{"text":4692,"type":593},"VW Group is looking to cut its global production capacity by one million as it seeks to cut costs. In December 2024, it announced it would cut European production capacity, while Stellantis is also facing utilisation issues across its European facilities, and plans to close its Poissy, France facility by the end of 2026.",{"type":588,"attrs":4694,"content":4695},{"textAlign":49},[4696],{"text":4697,"type":593},"Low utilisation rates at European production facilities are being driven by a lower total vehicle market than before the COVID-19 pandemic, high interest rates suppressing consumer demand and a slower-than-expected transition to EVs.",{"type":687,"attrs":4699,"content":4700},{"level":689,"textAlign":49},[4701],{"text":4702,"type":593,"marks":4703},"Partnerships a ‘clever solution’",[4704],{"type":911},{"type":588,"attrs":4706,"content":4707},{"textAlign":49},[4708],{"text":4709,"type":593},"Dongfeng and Chery are both said to be interested in using the second production line at Nissan’s facility in Sunderland, with Nissan looking to consolidate its production at the site onto one line in the second half of 2026.",{"type":588,"attrs":4711,"content":4712},{"textAlign":49},[4713],{"text":4714,"type":593},"Stellantis’ partnership with Leapmotor will see the B10 enter production in Spain in October this year, with its T03 model in production in Poland since 2024. Xiaopeng, meanwhile, has said it is discussing European production possibilities with the VW Group, with VW’s CEO saying that enabling Chinese brands to produce in its facilities would be a “clever solution” to its capacity problems.",{"type":687,"attrs":4716,"content":4717},{"level":689,"textAlign":49},[4718],{"text":4719,"type":593,"marks":4720},"Chinese manufacturers’ European capacity set to grow",[4721],{"type":911},{"type":588,"attrs":4723,"content":4724},{"textAlign":49},[4725],{"text":4726,"type":593},"While Chinese brands have slowly been taking EV market share in Europe, their increased Europe-based production capacity in 2026 will shorten supply chains and reduce tariff exposure. The resultant enhanced competitiveness will test European markets that have remained resilient to Chinese competition owing to subsidies, incentives and national ties to European manufacturers.",{"type":588,"attrs":4728,"content":4729},{"textAlign":49},[4730],{"text":4731,"type":593},"BYD is set to begin series production at its new facility in Hungary before the end of June, with its Turkish site also expected to begin production before the end of the year. Xiaopeng and GAC Aion have both recently started production in Austria.","BYD is negotiating with European vehicle manufacturers including Stellantis to utilise their underutilised production facilities in Europe, including in Italy. It follows an agreement between Stellantis and Leapmotor, struck earlier in May, for the latter to utilise Stellantis factories.\n\nBYD’s sales of passenger car & light duty EVs (PC & LDV EVs) more than doubled in Europe in the first three months of 2026 compared to the same period in 2025. This growth has been supported by the ramp-up of PHEV deliveries as well as new model launches.",[4734],{"slug":2326,"name":2327,"content":4735},{"job_title":2329,"image":4736,"bio":2332,"linkedin":2333,"markets_covered":1438},{"filename":2331},"BYD eyes underutilised European automotive manufacturing capacity",[4739],{"slug":1441,"name":1442},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":4741},{},{"id":4743,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":4744,"copyright":547,"fieldtype":553,"meta_data":4745,"is_external_url":50},129065906276278,"https://a.storyblok.com/f/287943243085208/69428aff9b/bm-byd-car-factory-2.jpg",{},"BYD is negotiating with European vehicle manufacturers including Stellantis to utilise their underutilised production facilities in Europe, including in Italy. It follows an agreement between Stellantis and Leapmotor, struck earlier in May.","May 15, 2026",{"id":4749,"uuid":4750,"name":4751,"slug":4752,"full_slug":4753,"content":4754},176725282455162,"ed7c7eb1-1019-47c3-a66d-a91a41dacb06","Explained: Opposing factors from Iran leave copper price elevated despite pressures","explained-how-opposing-pressures-from-iran-war-are-keeping-copper-price-steady","article/explained-how-opposing-pressures-from-iran-war-are-keeping-copper-price-steady",{"_uid":4755,"date":4594,"tags":4756,"editor":4767,"content":4771,"excerpt":4928,"featured":51,"reporter":4929,"component":794,"seo_title":4933,"categories":4934,"visibility":3519,"data_vis_image":4937,"featured_image":4939,"seo_description":4943,"formattedDate":4747},"74927e2a-ca29-4041-a828-f3849b4f6d7f",[4757,4760,4763,4765,4766],{"slug":4758,"name":4759},"saudi-arabia","Saudi Arabia",{"slug":4761,"name":4762},"uae","UAE",{"slug":4764,"name":4764},"sulphur",{"slug":1140,"name":1141},{"slug":1144,"name":1145},[4768],{"slug":544,"name":543,"content":4769},{"job_title":557,"image":4770,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":4772},[4773,4787,4799,4806,4811,4816,4823,4828,4833,4838,4843,4850,4855,4862,4874,4879,4884,4889,4894,4918],{"type":588,"attrs":4774,"content":4775},{"textAlign":49},[4776,4778,4785],{"text":4777,"type":593},"Copper has remained relatively flat since the start of ",{"text":4779,"type":593,"marks":4780},"the conflict in Iran",[4781],{"type":603,"attrs":4782},{"href":4783,"uuid":4784,"anchor":49,"target":607,"linktype":608},"/publications/briefings/geo-economic-and-policy-briefings/geo-economic-and-policy-briefing-edition-4-2026","97907a30-c27d-4376-9431-f5ea8a5826ff",{"text":4786,"type":593},", though it has shown some volatility day-to-day. Its apparent steadiness is a result of pressures both upward and downward on its price.",{"type":588,"attrs":4788,"content":4789},{"textAlign":49},[4790,4792,4797],{"text":4791,"type":593},"Higher interest rates and inflation as a result of the war could add to mining and smelting costs, pushing prices higher. In the short term, however, and with ",{"text":4793,"type":593,"marks":4794},"prices generally very high ",[4795],{"type":603,"attrs":4796},{"href":1185,"uuid":1186,"anchor":49,"target":607,"linktype":608},{"text":4798,"type":593},"at present, increased borrowing costs could slow demand and exert downward pressure.",{"type":677,"attrs":4800},{"id":4801,"body":4802},"c4b5c88e-77d1-47bb-b2f1-8bc2f8534f56",[4803],{"id":4804,"_uid":4805,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28986315","i-8f1c5668-01dd-4a05-b3f7-4600f4ce7bbd",{"type":588,"attrs":4807,"content":4808},{"textAlign":49},[4809],{"text":4810,"type":593},"The highly uncertain global macroeconomic outlook will likely lead to less volatile prices as the implications for copper come into view, says Benchmark analyst Albert Mackenzie.",{"type":588,"attrs":4812,"content":4813},{"textAlign":49},[4814],{"text":4815,"type":593},"“The impacts of the conflict are many and both bullish and bearish for copper prices, explaining the seeming resilience of the copper price, but also why it even occasionally reacts positively to news that on the surface may not seem it,” he adds.",{"type":687,"attrs":4817,"content":4818},{"level":689,"textAlign":49},[4819],{"text":4820,"type":593,"marks":4821},"Gulf consumption likely to fall",[4822],{"type":911},{"type":588,"attrs":4824,"content":4825},{"textAlign":49},[4826],{"text":4827,"type":593},"Benchmark expects copper demand to be affected more than supply in the region and globally, though this will be offset somewhat in the longer term by likely increased investment in energy self-sufficiency.",{"type":588,"attrs":4829,"content":4830},{"textAlign":49},[4831],{"text":4832,"type":593},"In 2025, Iran produced 361kt of mined copper and 327kt of refined copper, with consumption of 193kt. News reports indicate two Iranian smelters that produced a combined 280kt of refined copper in 2025 have closed, but production in the region more broadly is relatively insignificant.",{"type":588,"attrs":4834,"content":4835},{"textAlign":49},[4836],{"text":4837,"type":593},"Saudi Arabia and the UAE are not producers. They are, however, relatively large consumers of copper, consuming 191kt and 396kt in 2025 respectively, with much of this moving through the Strait of Hormuz. Demand in Iran is also likely to be challenged by the effects of the war on its economy. Beyond the Middle East itself, higher energy prices could cut consumption across economies in the immediate term, including of copper-containing products.",{"type":588,"attrs":4839,"content":4840},{"textAlign":49},[4841],{"text":4842,"type":593},"There will, in the longer term, be some price support from the strengthened case for investment in locally available energy sources and grids. This bolsters base-case bullishness on electrical infrastructure growth as a demand driver, which currently accounts for just over 30% of global demand, expected to grow at 3.6% CAGR across between 2025 and 2030.",{"type":687,"attrs":4844,"content":4845},{"level":689,"textAlign":49},[4846],{"text":4847,"type":593,"marks":4848},"Energy trading crowding-out",[4849],{"type":911},{"type":588,"attrs":4851,"content":4852},{"textAlign":49},[4853],{"text":4854,"type":593},"Among participants, the increased profitability of energy trading means some players have had to liquidate other positions to free up capital for energy trading, pressuring other commodities, potentially including copper. However, sources have noted copper trading remains a more interesting prospect than some metals, and it therefore may have retained interest better than other commodities.",{"type":687,"attrs":4856,"content":4857},{"level":689,"textAlign":49},[4858],{"text":4859,"type":593,"marks":4860},"Sulphuric acid tightness will increase SX-EW costs",[4861],{"type":911},{"type":588,"attrs":4863,"content":4864},{"textAlign":49},[4865,4867,4872],{"text":4866,"type":593},"The closure of the Strait of Hormuz has heavily strained the global supply of ",{"text":4868,"type":593,"marks":4869},"sulphur and sulphuric acid",[4870],{"type":603,"attrs":4871},{"href":4278,"uuid":4279,"anchor":49,"target":607,"linktype":608},{"text":4873,"type":593},", of which Gulf states are major producers. This will increase the cost of SX-EW production.",{"type":588,"attrs":4875,"content":4876},{"textAlign":49},[4877],{"text":4878,"type":593},"Depending on the scale of the disruption, Benchmark is currently forecasting a resultant 70-200kt disruption to Chilean SX-EW production, while the DRC, which uses less acid in production per tonne of copper produced but is the world’s largest SX-EW producer, could also be affected. Any offsetting impacts of sulphuric acid made available from SX-EW are expected to be felt later in 2026 or in 2027. ",{"type":588,"attrs":4880,"content":4881},{"textAlign":49},[4882],{"text":4883,"type":593},"Some sources have suggested mines may reduce production, though this has yet to materialise. ",{"type":588,"attrs":4885,"content":4886},{"textAlign":49},[4887],{"text":4888,"type":593},"Benchmark expects sulphuric acid tightness to positively impact smelter profitability. Global refined supply will likely remain unmoved by this, however, as smelter utilisation rates are as high as possible, given the concentrate deficit. ",{"type":588,"attrs":4890,"content":4891},{"textAlign":49},[4892],{"text":4893,"type":593},"While smelters benefit from higher acid prices, they are already processing all available concentrates, meaning there will be no significant change to the refined copper balance. Fuel availability could be a concern for the copper industry, though not an immediate one, according to sources. Logistics cost increases could also increase production costs, though not significantly.",{"type":588,"attrs":4895,"content":4896},{"textAlign":49},[4897,4901,4908,4912],{"text":4898,"type":593,"marks":4899},"This articles draws on data and analysis from ",[4900],{"type":767},{"text":4902,"type":593,"marks":4903},"Benchmark's Copper Service",[4904,4907],{"type":603,"attrs":4905},{"href":4906,"uuid":49,"anchor":49,"target":607,"linktype":638},"https://www.benchmarkminerals.com/copper",{"type":767},{"text":4909,"type":593,"marks":4910},". To find out more, fill in the form below and one of the team will be in touch",[4911],{"type":767},{"text":4913,"type":593,"marks":4914},":",[4915,4917],{"type":596,"attrs":4916},{"color":3321},{"type":767},{"type":677,"attrs":4919},{"id":4920,"body":4921},"217ad5f2-df22-4bfa-9acc-e7edd4dc94ef",[4922],{"id":1081,"_uid":4923,"component":1083,"wrap_in_box":50,"redirect_url":4924,"success_file":4925,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":4927,"show_on_intelligence":50},"i-312cdfff-b6aa-4d66-b77f-7b9b324721cd",{"id":547,"url":547,"linktype":608,"fieldtype":1085,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":4926},{},[],"Copper has remained relatively flat since the start of the conflict in Iran, though it has shown some volatility day-to-day. Its apparent steadiness is a result of pressures both upward and downward on its price.\n\nHigher interest rates and inflation as a result of the war could add to mining and smelting costs, pushing prices higher. In the short term, however, and with prices generally very high at present, increased borrowing costs could slow demand and exert downward pressure.",[4930],{"slug":1291,"name":1292,"content":4931},{"job_title":1294,"image":4932,"bio":1297,"linkedin":1298,"markets_covered":1109},{"filename":1296},"Opposing factors from Iran leave copper elevated amid pressures",[4935,4936],{"slug":1108,"name":1109},{"slug":800,"name":801},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":4938},{},{"id":4940,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":4941,"copyright":547,"fieldtype":553,"meta_data":4942,"is_external_url":50},129065017062891,"https://a.storyblok.com/f/287943243085208/f7fcce11ba/bm-anglo-american-copper-south-africa.jpg",{},"Copper has remained relatively flat since the start of the conflict in Iran, though it has shown some volatility day-to-day. Its apparent steadiness is a result of pressures both upward and downward on its price.",{"id":4945,"uuid":3381,"name":4946,"slug":4947,"full_slug":4948,"content":4949},176045228636176,"Why are lithium prices surging in China again?","why-are-lithium-prices-surging-in-china-again-","article/why-are-lithium-prices-surging-in-china-again-",{"_uid":4950,"date":4951,"tags":4952,"editor":4961,"content":4965,"excerpt":5210,"featured":51,"reporter":5211,"component":794,"seo_title":4946,"categories":5231,"visibility":805,"data_vis_image":5234,"featured_image":5236,"seo_description":5240,"formattedDate":5241},"7968222c-9631-452c-919e-7a81d082de60","2026-05-13 00:00",[4953,4954,4955,4958,4959,4960],{"slug":4152,"name":4153},{"slug":1465,"name":1466},{"slug":4956,"name":4957},"mali","Mali",{"slug":837,"name":838},{"slug":4145,"name":4146},{"slug":2565,"name":2566},[4962],{"slug":544,"name":543,"content":4963},{"job_title":557,"image":4964,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":4966},[4967,4989,4997,5006,5024,5032,5039,5048,5069,5077,5085,5094,5115,5124,5132,5141,5149,5167,5176,5193,5202],{"type":588,"attrs":4968,"content":4969},{"textAlign":49},[4970,4975,4984],{"text":4971,"type":593,"marks":4972},"Lithium prices are rising significantly in China due to ",[4973],{"type":596,"attrs":4974},{"color":598},{"text":4976,"type":593,"marks":4977},"feedstock constraints",[4978,4982],{"type":603,"attrs":4979},{"href":4980,"uuid":4981,"anchor":49,"target":607,"linktype":608},"/article/lithium-feedstock-concerns-over-nigeria-port-security-challenges","ac84d8a2-c5ff-4605-b178-01e220567c7e",{"type":596,"attrs":4983},{"color":598},{"text":4985,"type":593,"marks":4986}," and increased input costs, against a backdrop of robust demand.",[4987],{"type":596,"attrs":4988},{"color":598},{"type":588,"attrs":4990,"content":4991},{"textAlign":49},[4992],{"text":4993,"type":593,"marks":4994},"According to Benchmark’s 13 May price assessment, battery grade lithium carbonate in China rose 23.3% month-on-month, while spodumene concentrate prices are up 29.9% over the same period.",[4995],{"type":596,"attrs":4996},{"color":598},{"type":687,"attrs":4998,"content":4999},{"level":689,"textAlign":49},[5000],{"text":5001,"type":593,"marks":5002},"Lithium chemical inventories are still depleted",[5003,5005],{"type":596,"attrs":5004},{"color":598},{"type":911},{"type":588,"attrs":5007,"content":5008},{"textAlign":49},[5009,5019],{"text":5010,"type":593,"marks":5011},"Inventory levels in China briefly built during April 2026",[5012,5016,5018],{"type":603,"attrs":5013},{"href":5014,"uuid":5015,"anchor":49,"target":607,"linktype":608},"/publications/analysis/monthly-lithium-inventory-china-april-2026","c160d123-802d-40c9-953d-aa269a9f5fff",{"type":596,"attrs":5017},{"color":4244},{"type":4246},{"text":5020,"type":593,"marks":5021},", after an eight-month period of destocking. However, early indications collected by Benchmark in May point to inventories returning to a drawdown position in China.",[5022],{"type":596,"attrs":5023},{"color":598},{"type":588,"attrs":5025,"content":5026},{"textAlign":49},[5027],{"text":5028,"type":593,"marks":5029},"Adam Megginson, lithium price analyst at Benchmark, said that “there remains a two-month gap before additional supply from PLS’s restarted Ngungaju operation combines with additional volume reaching the spot market from Zimbabwe to ease the supply situation. During this period, prices are likely to remain bullish and volatile, as the only factor rebalancing supply and demand.”",[5030],{"type":596,"attrs":5031},{"color":598},{"type":677,"attrs":5033},{"id":5034,"body":5035},"fcecc2fd-714b-4c37-a9b5-f4f910f89819",[5036],{"id":5037,"_uid":5038,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28941403","i-2873ee32-44fb-48e7-862e-a131e41ac113",{"type":687,"attrs":5040,"content":5041},{"level":689,"textAlign":49},[5042],{"text":5043,"type":593,"marks":5044},"Supply-side constraints in Africa",[5045,5047],{"type":596,"attrs":5046},{"color":598},{"type":911},{"type":588,"attrs":5049,"content":5050},{"textAlign":49},[5051,5056,5064],{"text":5052,"type":593,"marks":5053},"On the supply side, an export suspension in ",[5054],{"type":596,"attrs":5055},{"color":598},{"text":5057,"type":593,"marks":5058},"Zimbabwe has become a quota regime",[5059,5061,5063],{"type":603,"attrs":5060},{"href":3009,"uuid":3010,"anchor":49,"target":607,"linktype":608},{"type":596,"attrs":5062},{"color":4244},{"type":4246},{"text":5065,"type":593,"marks":5066},". The Zimbabwean government is also stepping up its efforts to assay material to more accurately determine grade and by-product contents and maximise export levies. Practical implementation issues are expected to slow exports over the short term. There thus remains a notable wait before these volumes ease current spodumene supply tightness.",[5067],{"type":596,"attrs":5068},{"color":598},{"type":588,"attrs":5070,"content":5071},{"textAlign":49},[5072],{"text":5073,"type":593,"marks":5074},"With export quotas granted on a biannual basis, the possibility of renewed suspensions near the end of the year, when sulphate capacity pledges will meet the reality of project development timelines, offers further price support.",[5075],{"type":596,"attrs":5076},{"color":598},{"type":588,"attrs":5078,"content":5079},{"textAlign":49},[5080],{"text":5081,"type":593,"marks":5082},"In Mali, renewed insurgent attacks raises the risk of supply disruption. While recent logistics attacks have not so far disrupted spodumene production or shipments out of Bougouni and Goulamina, the risk of curtailment remains. ",[5083],{"type":596,"attrs":5084},{"color":598},{"type":687,"attrs":5086,"content":5087},{"level":689,"textAlign":49},[5088],{"text":5089,"type":593,"marks":5090},"Greenbushes production misses the mark ",[5091,5093],{"type":596,"attrs":5092},{"color":598},{"type":911},{"type":588,"attrs":5095,"content":5096},{"textAlign":49},[5097,5102,5110],{"text":5098,"type":593,"marks":5099},"In Australia, output at the world’s largest hard-rock mine, Greenbushes, was poor through Q1 2026. ",[5100],{"type":596,"attrs":5101},{"color":598},{"text":5103,"type":593,"marks":5104},"Low-quality ore,",[5105,5107,5109],{"type":603,"attrs":5106},{"href":4256,"uuid":4257,"anchor":49,"target":607,"linktype":608},{"type":596,"attrs":5108},{"color":4244},{"type":4246},{"text":5111,"type":593,"marks":5112}," targeted as a result of mining operations failures and poor resource reconciliation, negatively affected recoveries while the ramp-up of its newest plant, CGP3, was briefly delayed. While company commentary expressed confidence in CGP3’s performance moving forward, ore quality and plant performance could hamper the operation for the remainder of 2026. ",[5113],{"type":596,"attrs":5114},{"color":598},{"type":687,"attrs":5116,"content":5117},{"level":689,"textAlign":49},[5118],{"text":5119,"type":593,"marks":5120},"Hard rock supply faces explosives hurdle in China",[5121,5123],{"type":596,"attrs":5122},{"color":598},{"type":911},{"type":588,"attrs":5125,"content":5126},{"textAlign":49},[5127],{"text":5128,"type":593,"marks":5129},"Chinese supply may also face headwind from explosives availability – the government announced temporary control on purchasing and auditing of buyers following a fatal incident at a fireworks factory in Hunan province which killed 37 and injured dozens. Benchmark expects the control to last between one and two weeks. ",[5130],{"type":596,"attrs":5131},{"color":598},{"type":687,"attrs":5133,"content":5134},{"level":689,"textAlign":49},[5135],{"text":5136,"type":593,"marks":5137},"Jianxiawo rumours continue to swirl",[5138,5140],{"type":596,"attrs":5139},{"color":598},{"type":911},{"type":588,"attrs":5142,"content":5143},{"textAlign":49},[5144],{"text":5145,"type":593,"marks":5146},"Rumours have continued to circulate regarding the restart of CATL's large Jianxiawo mine in Jiangxi Province. While the April appointment of Zijin founder Chen Jinghe to CATL’s newly founded mining arm raised restart hopes, sentiment among some market participants deteriorated since then. ",[5147],{"type":596,"attrs":5148},{"color":598},{"type":588,"attrs":5150,"content":5151},{"textAlign":49},[5152,5157,5162],{"text":5153,"type":593,"marks":5154},"Citing a 10-month-old regulation restricting the mining of ores with grades below 0.4%, some circles have even floated the possibility of permanent closure.",[5155],{"type":596,"attrs":5156},{"color":598},{"text":2513,"type":593,"marks":5158},[5159,5161],{"type":596,"attrs":5160},{"color":598},{"type":911},{"text":5163,"type":593,"marks":5164},"Given several licence awards to operations targeting sub-0.4% ore since then, Jianxiawo among them, this would be a spurious basis for further delay. Benchmark’s bearish Jiangxi outlook remains tied to the politically sensitive nature of the operation’s tailings management. ",[5165],{"type":596,"attrs":5166},{"color":598},{"type":687,"attrs":5168,"content":5169},{"level":689,"textAlign":49},[5170],{"text":5171,"type":593,"marks":5172},"Input costs pile additional pressure on converters",[5173,5175],{"type":596,"attrs":5174},{"color":598},{"type":911},{"type":588,"attrs":5177,"content":5178},{"textAlign":49},[5179,5188],{"text":5180,"type":593,"marks":5181},"Prices for sulphuric acid",[5182,5185,5187],{"type":603,"attrs":5183},{"href":5184,"uuid":49,"anchor":49,"target":49,"linktype":638},"https://intelligence.benchmarkminerals.com/article/china-to-potentially-ban-sulphuric-acid-exports-as-iran-war-pressures-supply",{"type":596,"attrs":5186},{"color":4244},{"type":4246},{"text":5189,"type":593,"marks":5190}," – a key reagent in conversion flowsheets – continue to rally amid constrained supply out of the Strait of Hormuz. This is causing reduced utilisation rates at Chinese converters as supply scarcity squeezes converter margins.",[5191],{"type":596,"attrs":5192},{"color":598},{"type":687,"attrs":5194,"content":5195},{"level":689,"textAlign":49},[5196],{"text":5197,"type":593,"marks":5198},"Demand from cathode producers remains robust",[5199,5201],{"type":596,"attrs":5200},{"color":598},{"type":911},{"type":588,"attrs":5203,"content":5204},{"textAlign":49},[5205],{"text":5206,"type":593,"marks":5207},"Downstream demand expectations of cell production have remained robust. Although unit vehicle sales in China are growing at a slower rate than earlier in the year, increasing vehicle pack sizes and robust commercial vehicle and truck electrified sales are making up the shortfall. This is in addition to a robust energy storage outlook.",[5208],{"type":596,"attrs":5209},{"color":598},"Lithium prices are rising significantly in China due to feedstock constraints and increased input costs, against a backdrop of robust demand.\n\nAccording to Benchmark’s 13 May price assessment, battery grade lithium carbonate in China rose 23.3% month-on-month, while spodumene concentrate prices are up 29.9% over the same period.",[5212,5222],{"slug":5213,"name":5214,"content":5215},"adam-megginson","Adam Megginson",{"job_title":5216,"image":5217,"bio":5219,"linkedin":5220,"markets_covered":5221},"Principal Analyst",{"filename":5218},"https://a.storyblok.com/f/287943243085208/512x512/f25205e28d/adam-megginson.jpeg","Adam is a Principal Analyst at Benchmark Mineral Intelligence and is responsible for the lithium, graphite, synthetic graphite and anode price assessments. Adam is in constant communication with buyers, sellers, traders and distributors to collect first-hand price data and insights which are published in Benchmark's price assessments. He has presented battery supply chain analysis to executives and senators in the UK, US, France, Morocco, Germany and Japan. Before joining Benchmark, Adam worked at an energy transition impact investment company. There he focussed on distributing LPG smartmeters for cooking in Kenya and Tanzania. Adam graduated with a First Class Honours BSc in International Management from Warwick Business School..","https://www.linkedin.com/in/adam-megginson/","Lithium,natural graphite, synthetic graphite, anode",{"slug":5223,"name":5224,"content":5225},"luc-braun","Luc Braun",{"job_title":5226,"image":5227,"bio":5229,"linkedin":5230,"markets_covered":8},"Analyst - Lithium",{"filename":5228},"https://a.storyblok.com/f/287943243085208/512x512/6f1a6949aa/luc-braun.jpeg","Luc is an analyst at Benchmark Mineral Intelligence focused on lithium supply, costs, and supply chains. Luc has a background in market analysis and research from previous roles where he covered nickel, deep seabed mining, and telecommunications. Luc holds an MPhys in Theoretical Physics from the University of Leeds.","https://www.linkedin.com/in/lucbraun/",[5232,5233],{"slug":798,"name":8},{"slug":800,"name":801},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":5235},{},{"id":5237,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":5238,"copyright":547,"fieldtype":553,"meta_data":5239,"is_external_url":50},129069437345516,"https://a.storyblok.com/f/287943243085208/d0a32e42e2/bm-lithium-mine.jpg",{},"Lithium prices are rising significantly in China due to feedstock constraints and increased input costs, against a backdrop of robust demand.","May 13, 2026",{"id":5243,"uuid":606,"name":5244,"slug":5245,"full_slug":5246,"content":5247},175389753799930,"Chile’s regulatory gridlock giving Argentina upper hand on lithium output growth","chile-s-regulatory-gridlock-giving-argentina-upper-hand-on-lithium-output-growth","article/chile-s-regulatory-gridlock-giving-argentina-upper-hand-on-lithium-output-growth",{"_uid":5248,"date":5249,"tags":5250,"editor":5255,"content":5259,"excerpt":5407,"featured":51,"reporter":5408,"component":794,"seo_title":5412,"categories":5413,"visibility":805,"data_vis_image":5416,"featured_image":5418,"seo_description":5422,"formattedDate":5423},"f125ca8a-0c70-45b0-b804-b793a312a870","2026-05-11 00:00",[5251,5252],{"slug":578,"name":579},{"slug":5253,"name":5254},"argentina","Argentina",[5256],{"slug":544,"name":543,"content":5257},{"job_title":557,"image":5258,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":5260},[5261,5282,5304,5313,5321,5329,5337,5359,5366,5375,5397],{"type":588,"attrs":5262,"content":5263},{"textAlign":49},[5264,5269,5278],{"text":5265,"type":593,"marks":5266},"Stagnation in Chile’s lithium output growth stands in contrast to rapidly-growing Argentina, as regulatory hold-ups limit development of new projects in ",[5267],{"type":596,"attrs":5268},{"color":598},{"text":5270,"type":593,"marks":5271},"the world's third-largest-producing nation",[5272,5276],{"type":603,"attrs":5273},{"href":5274,"uuid":5275,"anchor":49,"target":607,"linktype":608},"/videos/critical-minerals-outlook-in-the-lithium-triangle-after-bolivian-and-chilean-elections","35f411e1-30fc-4f49-9614-8e7dcad1aa8a",{"type":596,"attrs":5277},{"color":598},{"text":778,"type":593,"marks":5279},[5280],{"type":596,"attrs":5281},{"color":598},{"type":588,"attrs":5283,"content":5284},{"textAlign":49},[5285,5290,5299],{"text":5286,"type":593,"marks":5287},"Two years after the official launch of the ",[5288],{"type":596,"attrs":5289},{"color":598},{"text":5291,"type":593,"marks":5292},"National Lithium Strategy",[5293,5297],{"type":603,"attrs":5294},{"href":5295,"uuid":5296,"anchor":49,"target":607,"linktype":608},"/article/chile-accelerates-state-led-lithium-strategy-with-new-salt-flat-projects","2394c027-5ccc-4fd6-b3c5-579e3719e337",{"type":596,"attrs":5298},{"color":598},{"text":5300,"type":593,"marks":5301}," in Chile, Lithium remains a strategic national resource, meaning private operators cannot extract it using standard mining concessions. They instead require a Special Lithium Operation Contract (CEOL), a public-private contractual vehicle that grants exclusive rights to explore and exploit lithium resources on a list of pre-determined salars.",[5302],{"type":596,"attrs":5303},{"color":598},{"type":687,"attrs":5305,"content":5306},{"level":689,"textAlign":49},[5307],{"text":5308,"type":593,"marks":5309},"Regulatory gridlock blocking Chile output growth",[5310,5312],{"type":596,"attrs":5311},{"color":598},{"type":911},{"type":588,"attrs":5314,"content":5315},{"textAlign":49},[5316],{"text":5317,"type":593,"marks":5318},"Chile remains the third-largest producer in the world, behind Australia and China but well ahead of Zimbabwe, producing almost 280kt LCE in 2025. But Chile’s output comes from just two operations in the Salar de Atacama, with no new projects under development due to the regulatory gridlock as the country’s share of global production is being eroded.",[5319],{"type":596,"attrs":5320},{"color":598},{"type":588,"attrs":5322,"content":5323},{"textAlign":49},[5324],{"text":5325,"type":593,"marks":5326},"A few CEOL milestones have been announced already, including the final approval of the SQM-Codelco JV, which led to the creation of NovAndino Litio. Salares Altoandinos, as a JV between ENAMI and Rio Tinto, became the first ratified CEOL early this year, followed by CEOLs for the Codelco-Rio Tinto JV at Maricunga and CleanTech Lithium’s Laguna Verde. ",[5327],{"type":596,"attrs":5328},{"color":598},{"type":588,"attrs":5330,"content":5331},{"textAlign":49},[5332],{"text":5333,"type":593,"marks":5334},"Recently, however, the comptroller declined all CEOLs being considered in the Quillagua salar, directly impacting Llamara Group and Quillahua Minerals’ projects, claiming inconsistencies in how the initial permit was granted. ",[5335],{"type":596,"attrs":5336},{"color":598},{"type":588,"attrs":5338,"content":5339},{"textAlign":49},[5340,5345,5354],{"text":5341,"type":593,"marks":5342},"Companies have raised concerns about unclear award criteria and the possibility that larger players might be receiving preferential treatment. The result is growing uncertainty across several projects at a time when global lithium investors are looking for faster and more predictable development pathways. Since ",[5343],{"type":596,"attrs":5344},{"color":598},{"text":5346,"type":593,"marks":5347},"President Kast assumed office in March",[5348,5352],{"type":603,"attrs":5349},{"href":5350,"uuid":5351,"anchor":49,"target":607,"linktype":608},"/article/what-do-chiles-recent-election-results-mean-for-the-lithium-and-copper-industries","059bf793-a827-4de7-adcf-b09e43ed3ff6",{"type":596,"attrs":5353},{"color":598},{"text":5355,"type":593,"marks":5356},", gridlock seems to have also affected projects at several other salars. ",[5357],{"type":596,"attrs":5358},{"color":598},{"type":677,"attrs":5360},{"id":5361,"body":5362},"f4dcbcdc-a568-440e-b7c7-0b5a8adb3e82",[5363],{"id":5364,"_uid":5365,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28921754","i-64e66c0c-12cc-411f-aada-8eefa5f3a469",{"type":687,"attrs":5367,"content":5368},{"level":689,"textAlign":49},[5369],{"text":5370,"type":593,"marks":5371},"Argentina captures the growth narrative",[5372,5374],{"type":596,"attrs":5373},{"color":598},{"type":911},{"type":588,"attrs":5376,"content":5377},{"textAlign":49},[5378,5383,5392],{"text":5379,"type":593,"marks":5380},"Chile’s bureaucratic gridlock stands in stark contrast to Argentina, which is aggressively advancing its lithium and copper projects, backed by ",[5381],{"type":596,"attrs":5382},{"color":598},{"text":5384,"type":593,"marks":5385},"the regimen for large investments (RIGI)",[5386,5390],{"type":603,"attrs":5387},{"href":5388,"uuid":5389,"anchor":49,"target":607,"linktype":608},"/article/argentinas-copper-developments-accelerate-under-new-incentive-regime","d7ac7e45-8f3d-40ef-9c3e-a2238ab07b30",{"type":596,"attrs":5391},{"color":598},{"text":5393,"type":593,"marks":5394},", providing a streamlined regulatory framework and several tax benefits. ",[5395],{"type":596,"attrs":5396},{"color":598},{"type":588,"attrs":5398,"content":5399},{"textAlign":49},[5400,5405],{"text":5401,"type":593,"marks":5402},"The regime, which was originally set to expire this year, has been extended to July 2027. ",[5403],{"type":596,"attrs":5404},{"color":598},{"text":5406,"type":593},"Several companies are currently developing projects or in the final steps to qualify again for RIGI benefits, while the country’s output has been experiencing double-digit year-on-year growth since 2022. The country's 2026 output is expected grow 25% compared to 2025, compared to the 3% contraction forecast for Chile.","Stagnation in Chile’s lithium output growth stands in contrast to rapidly-growing Argentina, as regulatory hold-ups limit development of new projects in the world’s third-largest-producing nation.\n\nTwo years after the official launch of the National Lithium Strategy in Chile, Lithium remains a strategic national resource, meaning private operators cannot extract it using standard mining concessions. They instead require a Special Lithium Operation Contract (CEOL), a public-private contractual vehicle that grants exclusive rights to explore and exploit lithium resources on a list of pre-determined salars.",[5409],{"slug":786,"name":787,"content":5410},{"job_title":789,"image":5411,"bio":792,"linkedin":793,"markets_covered":8},{"filename":791},"Chile's lithium output regulatory gridlock as Argentina grows",[5414,5415],{"slug":798,"name":8},{"slug":800,"name":801},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":5417},{},{"id":5419,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":5420,"copyright":547,"fieldtype":553,"meta_data":5421,"is_external_url":50},129066284734595,"https://a.storyblok.com/f/287943243085208/5cfa1bac74/bm-chile-flags-1-e1581088482197.jpg",{},"Stagnation in Chile’s lithium output growth stands in contrast to rapidly-growing Argentina, as regulatory hold-ups limit development of new projects in the world’s second-largest producing nation.","May 11, 2026",{"id":5425,"uuid":5426,"name":5427,"slug":5428,"full_slug":5429,"content":5430},175363419281597,"88c7d185-0a45-44eb-a6dd-840c4db98918","Seaborne Asia NCM black mass payables reach all-time highs","seaborne-asia-ncm-black-mass-payables-reach-all-time-highs","article/seaborne-asia-ncm-black-mass-payables-reach-all-time-highs",{"_uid":5431,"date":5249,"tags":5432,"editor":5440,"content":5444,"excerpt":5576,"featured":51,"reporter":5577,"component":794,"seo_title":5427,"categories":5588,"visibility":805,"data_vis_image":5596,"featured_image":5598,"seo_description":5602,"formattedDate":5423},"33d09760-1406-471a-85d0-bd5daa5f331f",[5433,5436,5437],{"slug":5434,"name":5435},"ncm","NCM",{"slug":1465,"name":1466},{"slug":5438,"name":5439},"asia","Asia",[5441],{"slug":544,"name":543,"content":5442},{"job_title":557,"image":5443,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":5445},[5446,5482,5489,5498,5506,5528,5536,5545,5560,5568],{"type":588,"attrs":5447,"content":5448},{"textAlign":49},[5449,5454,5463,5468,5477],{"text":5450,"type":593,"marks":5451},"This week, NCM feedstock black mass payables across ex-China Asia, North America and Europe reached all-time highs, continuing a trend that has been ",[5452],{"type":596,"attrs":5453},{"color":598},{"text":5455,"type":593,"marks":5456},"developing since the beginning of 2026",[5457,5461],{"type":603,"attrs":5458},{"href":5459,"uuid":5460,"anchor":49,"target":607,"linktype":608},"/article/runaway-rally-before-stabilisation-black-mass-q1-2026-price-review","0d1ae7af-e809-460f-839a-18e8dd2132d1",{"type":596,"attrs":5462},{"color":598},{"text":5464,"type":593,"marks":5465},", especially for high-grade batches sourced from production scrap, boosted by several bullish factors. Other ",[5466],{"type":596,"attrs":5467},{"color":598},{"text":5469,"type":593,"marks":5470},"black mass",[5471,5475],{"type":603,"attrs":5472},{"href":5473,"uuid":5474,"anchor":49,"target":607,"linktype":608},"/article/dry-vs-wet-shredding-which-is-best-for-black-mass-quality-","7870068a-8393-4e3b-8c1b-9bb08d5f59ed",{"type":596,"attrs":5476},{"color":598},{"text":5478,"type":593,"marks":5479}," grades have also been recorded at very high levels, with lithium cobalt oxide (LCO) black mass payables now dipping following a recent cooling of cobalt sentiment.",[5480],{"type":596,"attrs":5481},{"color":598},{"type":677,"attrs":5483},{"id":5484,"body":5485},"cfc97dbe-fcbb-421f-b73a-2934b2bf84f9",[5486],{"id":5487,"_uid":5488,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28918724","i-2f83f837-445b-430f-915f-484a30d906db",{"type":687,"attrs":5490,"content":5491},{"level":689,"textAlign":49},[5492],{"text":5493,"type":593,"marks":5494},"What is driving up NCM black mass payables?",[5495,5497],{"type":596,"attrs":5496},{"color":598},{"type":911},{"type":588,"attrs":5499,"content":5500},{"textAlign":49},[5501],{"text":5502,"type":593,"marks":5503},"Battery metal prices have been especially volatile during 2026, causing payables to rise in response. Lithium carbonate (battery grade) and nickel sulphate underwent rallies early this year, surging by 61.0% and 25.2% respectively on an EXW China basis. ",[5504],{"type":596,"attrs":5505},{"color":598},{"type":588,"attrs":5507,"content":5508},{"textAlign":49},[5509,5514,5523],{"text":5510,"type":593,"marks":5511},"Last August, China opened its borders to ",[5512],{"type":596,"attrs":5513},{"color":598},{"text":5515,"type":593,"marks":5516},"black mass imports",[5517,5521],{"type":603,"attrs":5518},{"href":5519,"uuid":5520,"anchor":49,"target":607,"linktype":608},"/article/china-reduces-import-tariffs-for-recycled-black-mass","b30cf2f8-8f83-40e9-8d1f-5775ac7c0b60",{"type":596,"attrs":5522},{"color":598},{"text":5524,"type":593,"marks":5525},". After an initial period of low import activity and small volumes as Chinese recyclers’ overseas procurement teams adjusted to the new rules, such procurement has now ramped up. Buyers in China, which has the greatest recycling capacity and more capacity than it needs, have the largest purchasing power in the global black mass market, meaning payables overseas have risen in response.",[5526],{"type":596,"attrs":5527},{"color":598},{"type":588,"attrs":5529,"content":5530},{"textAlign":49},[5531],{"text":5532,"type":593,"marks":5533},"Benchmark has heard from industry contacts that utilisation rates at hydrometallurgical plants are very low across Asia, with some plants in China seeing utilisation as low as 20–30%. As a result, some Asian consumers are buying feedstock out of necessity for keeping the lights on, causing them to pay above the prevailing market price.",[5534],{"type":596,"attrs":5535},{"color":598},{"type":687,"attrs":5537,"content":5538},{"level":689,"textAlign":49},[5539],{"text":5540,"type":593,"marks":5541},"How can payables exceed 100%?",[5542,5544],{"type":596,"attrs":5543},{"color":598},{"type":911},{"type":588,"attrs":5546,"content":5547},{"textAlign":49},[5548,5553,5555],{"text":5549,"type":593,"marks":5550},"Despite initially seeming illogical, there are several reasons why black mass payables can rise over 100% on a Ni/Co basis. ",[5551],{"type":596,"attrs":5552},{"color":598},{"text":5554,"type":593},"The pricing system outside of China considers payables only for nickel and cobalt, meaning the value of lithium is incorporated into the Co/Ni payable",{"text":5556,"type":593,"marks":5557},". As a result, when lithium prices are increasing, this can drag the payables up higher than they otherwise would be.",[5558],{"type":596,"attrs":5559},{"color":598},{"type":588,"attrs":5561,"content":5562},{"textAlign":49},[5563],{"text":5564,"type":593,"marks":5565},"Another is that payables are usually implemented on a ‘M-1’ basis meaning the reference metal prices are from the previous month. Because of this, if prices increase sharply the following month, payables will also rise sharply as they are applied to a lower reference.",[5566],{"type":596,"attrs":5567},{"color":598},{"type":588,"attrs":5569,"content":5570},{"textAlign":49},[5571],{"text":5572,"type":593,"marks":5573},"Some other reasons explaining how these payables can reach these heights are that some recyclers may have very low utilisation rates so they procure black mass at elevated levels in desperation. Another reason might be traders holding bullish expectations for black mass or metal prices in the future so they bid above the prevailing market price.",[5574],{"type":596,"attrs":5575},{"color":598},"This week, NCM feedstock black mass payables across ex-China Asia, North America and Europe reached all-time highs, continuing a trend that has been developing since the beginning of 2026, especially for high-grade batches sourced from production scrap, boosted by several bullish factors. Other black mass grades have also been recorded at very high levels, with lithium cobalt oxide (LCO) black mass payables now dipping following a recent cooling of cobalt sentiment.",[5578],{"slug":5579,"name":5580,"content":5581},"frederick-bloomfield","Frederick Bloomfield",{"job_title":5582,"image":5583,"bio":5585,"linkedin":5586,"markets_covered":5587},"Senior Analyst",{"filename":5584},"https://a.storyblok.com/f/287943243085208/512x512/f55b7d4d79/freddie-bloomfield.jpeg","Frederick is a Senior Analyst at Benchmark Mineral Intelligence researching battery materials. His main areas of focus are lithium and battery recycling markets in Europe, North America and Asia. Before joining Benchmark, Frederick received his Master's degree in Green Chemistry at Imperial College London. With a particular interest in black mass trading, Frederick regularly speaks with players across the global battery recycling market, where he has gained extensive knowledge of trade flows, prices and policy on top of information on the wider recycling value chain, such as gate fees, tolling fees and the price of battery scrap and other recycled intermediates.","https://www.linkedin.com/in/frederick-bloomfield/","Black mass, lithium, nickel",[5589,5591,5594,5595],{"slug":5590,"name":373},"black-mass",{"slug":5592,"name":5593},"recycling","Recycling",{"slug":3437,"name":150},{"slug":1106,"name":115},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":5597},{},{"id":5599,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":5600,"copyright":547,"fieldtype":553,"meta_data":5601,"is_external_url":50},106712663201583,"https://a.storyblok.com/f/287943243085208/x/92015bc417/q3-2025-black-mass-price-review-china-lifts-black-mass-import-restrictions.avif",{},"This week, NCM feedstock black mass payables across ex-China Asia, North America and Europe reached all-time highs. Benchmark assessed black mass from production scrap at 135–140%, 125–130% and 115–125% across ex-China Asia, North America and Europe.",{"id":5604,"uuid":5605,"name":5606,"slug":5607,"full_slug":5608,"content":5609},174335513319245,"4ce229f9-70bb-46a8-a232-d96d8218f5b3","New Canada EV subsidies will support at least 500,000 new sales","canada-s-new-ev-subsidy-scheme-will-support-at-least-500-000-new-ev-sales","article/canada-s-new-ev-subsidy-scheme-will-support-at-least-500-000-new-ev-sales",{"_uid":5610,"date":5611,"tags":5612,"editor":5619,"content":5623,"excerpt":5763,"featured":51,"reporter":5764,"component":794,"seo_title":5606,"categories":5768,"visibility":3519,"data_vis_image":5771,"featured_image":5775,"seo_description":5779,"formattedDate":5780},"a18ae962-b74b-4fdf-aae2-55d7080eb09b","2026-05-08 00:00",[5613,5614,5617,5618],{"slug":4457,"name":4458},{"slug":5615,"name":5616},"ev-demand","EV demand",{"slug":4454,"name":4455},{"slug":831,"name":832},[5620],{"slug":544,"name":543,"content":5621},{"job_title":557,"image":5622,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":5624},[5625,5645,5665,5672,5681,5689,5697,5705,5711,5720,5728,5736,5744,5753],{"type":588,"attrs":5626,"content":5627},{"textAlign":49},[5628,5633,5640],{"text":5629,"type":593,"marks":5630},"With the abrupt end of Canada’s initial electric vehicle (EV) subsidy scheme, the iZEV program, in January 2025, as well as the deterioration of its trading relationship ",[5631],{"type":596,"attrs":5632},{"color":547},{"text":5634,"type":593,"marks":5635},"with the US",[5636,5638],{"type":603,"attrs":5637},{"href":4655,"uuid":4656,"anchor":49,"target":607,"linktype":608},{"type":596,"attrs":5639},{"color":547},{"text":5641,"type":593,"marks":5642}," throughout that year, EV sales in the country declined 38% compared to 2024. In the opening months of 2026, however, Canada has sought to reinvigorate its EV market.",[5643],{"type":596,"attrs":5644},{"color":547},{"type":588,"attrs":5646,"content":5647},{"textAlign":49},[5648,5653,5660],{"text":5649,"type":593,"marks":5650},"First, it has struck an agreement with China to allow up to 49,000 ",[5651],{"type":596,"attrs":5652},{"color":547},{"text":5654,"type":593,"marks":5655},"Chinese-made EVs",[5656,5658],{"type":603,"attrs":5657},{"href":2282,"uuid":2283,"anchor":49,"target":607,"linktype":608},{"type":596,"attrs":5659},{"color":547},{"text":5661,"type":593,"marks":5662}," into the country at a tariff rate below 100% for the first time since 1 October 2024. More recently, it has launched its new EV subsidy scheme, the ‘Electric Vehicle Affordability Program’.",[5663],{"type":596,"attrs":5664},{"color":547},{"type":677,"attrs":5666},{"id":5667,"body":5668},"eb3db808-a16e-49ff-aa7d-0d9747d017bf",[5669],{"id":5670,"_uid":5671,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28887606","i-3580fe7e-c9ab-468b-8ba8-5bc6cb55744d",{"type":687,"attrs":5673,"content":5674},{"level":689,"textAlign":49},[5675],{"text":5676,"type":593,"marks":5677},"How much support is available?",[5678,5680],{"type":596,"attrs":5679},{"color":547},{"type":911},{"type":588,"attrs":5682,"content":5683},{"textAlign":49},[5684],{"text":5685,"type":593,"marks":5686},"The five-year scheme has a total budget of CAD2.275 billion (USD $1.67 billion) and supports the purchase or lease of new EVs. BEVs and FCEVs are eligible for up to CAD5,000 (USD $3,660) in support, while PHEVs can receive up to CAD2,500 (USD $1,830). Eligible vehicles must be made in either Canada or a country with which it has a free trade agreement. Imported EVs must have a final transaction price of CAD50,000 (USD $36,620) or below, while locally made EVs have no price threshold.",[5687],{"type":596,"attrs":5688},{"color":547},{"type":588,"attrs":5690,"content":5691},{"textAlign":49},[5692],{"text":5693,"type":593,"marks":5694},"To receive the maximum level of financial support, the EV must be either purchased or leased over a four-year period. Vehicles leased over a one-, two- or three-year period receive a pro rata subsidy. Considering 2026 EV sales and the subsequent BEV market share of the theoretically eligible EVs, Benchmark analysis finds the subsidy scheme will support the sale of at least 515,000 EVs over its five-year duration, assuming all vehicles receive the maximum available subsidy.",[5695],{"type":596,"attrs":5696},{"color":547},{"type":588,"attrs":5698,"content":5699},{"textAlign":49},[5700],{"text":5701,"type":593,"marks":5702},"Benchmark analysis suggests Canada’s BEV market share will grow over the subsidy’s duration, though Benchmark still expects the scheme to fund a minimum of 500,000 new EV purchases. The total number of new EVs supported by the scheme is likely to be higher, as not all vehicles will receive the maximum amount and the subsidy value will decline over the scheme’s duration.",[5703],{"type":596,"attrs":5704},{"color":547},{"type":677,"attrs":5706},{"id":5667,"body":5707},[5708],{"id":5709,"_uid":5710,"type":608,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"3672708","i-1557e3c4-571b-402c-a52d-f713fb3e0f00",{"type":687,"attrs":5712,"content":5713},{"level":689,"textAlign":49},[5714],{"text":5715,"type":593,"marks":5716},"How limiting are the scheme’s eligibility criteria?",[5717,5719],{"type":596,"attrs":5718},{"color":547},{"type":911},{"type":588,"attrs":5721,"content":5722},{"textAlign":49},[5723],{"text":5724,"type":593,"marks":5725},"Owing to the array of free trade agreements of which Canada is a part, the vehicle production location criteria is unrestrictive. Canada holds agreements with several key EV-producing nations and regions. These include the US, Mexico, the EU, Japan and South Korea.",[5726],{"type":596,"attrs":5727},{"color":547},{"type":588,"attrs":5729,"content":5730},{"textAlign":49},[5731],{"text":5732,"type":593,"marks":5733},"The transaction price limit is more restrictive and constrains consumers to the base model of many of the eligible vehicles. For instance, the Chevrolet Equinox, Canada’s second best-selling BEV in Q1 2026, has a starting MSRP of CAD49,643 (USD $36,380), while Canada’s best-selling EV in Q1, the Toyota C-HR, has a starting transaction price of CAD48,015 (USD $35,180). However, this is not the case for all eligible models, with several current and upcoming models, such as the new Chevrolet Bolt and Fiat 500e, having starting prices further below the CAD50,000 (USD $36,620) upper limit.",[5734],{"type":596,"attrs":5735},{"color":547},{"type":588,"attrs":5737,"content":5738},{"textAlign":49},[5739],{"text":5740,"type":593,"marks":5741},"In Q1 2026, 54% of EVs sold in Canada were eligible and could have theoretically qualified, providing they were sold below the scheme’s price limit. The scheme has the potential to cover a significant proportion of Canada’s new EV sales, despite the restrictive nature of the transaction price limit, providing the market with support following the turbulence it experienced in 2025.",[5742],{"type":596,"attrs":5743},{"color":547},{"type":588,"attrs":5745,"content":5746},{"textAlign":49},[5747],{"text":5748,"type":593,"marks":5749},"This article draws on insights from Benchmark's EV & Battery Service. To find out more, fill in the form below and one of the team will be in touch:",[5750,5752],{"type":596,"attrs":5751},{"color":547},{"type":767},{"type":677,"attrs":5754},{"id":5755,"body":5756},"4ea20c8f-f7bc-48a1-82f1-18ac606e2709",[5757],{"id":1081,"_uid":5758,"component":1083,"wrap_in_box":50,"redirect_url":5759,"success_file":5760,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":5762,"show_on_intelligence":50},"i-fc59df4e-c6c5-4ba4-8992-4c4ae82c975b",{"id":547,"url":547,"linktype":608,"fieldtype":1085,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":5761},{},[],"With the abrupt end of Canada’s initial electric vehicle (EV) subsidy scheme, the iZEV program, in January 2025, as well as the deterioration of its trading relationship with the US throughout that year, EV sales in the country declined 38% compared to 2024. In the opening months of 2026, however, Canada has sought to reinvigorate its EV market.\n\nFirst, it has struck an agreement with China to allow up to 49,000 Chinese-made EVs into the country at a tariff rate below 100% for the first time since 1 October 2024. More recently, it has launched its new EV subsidy scheme, the ‘Electric Vehicle Affordability Program’.",[5765],{"slug":2326,"name":2327,"content":5766},{"job_title":2329,"image":5767,"bio":2332,"linkedin":2333,"markets_covered":1438},{"filename":2331},[5769,5770],{"slug":1441,"name":1442},{"slug":1700,"name":1701},{"id":5772,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":5773,"copyright":547,"fieldtype":553,"meta_data":5774,"is_external_url":50},175353181066309,"https://a.storyblok.com/f/287943243085208/1588x1422/b3dad6601a/ev-canada-scheme-2x.png",{},{"id":5776,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":5777,"copyright":547,"fieldtype":553,"meta_data":5778,"is_external_url":50},129065979762658,"https://a.storyblok.com/f/287943243085208/b5a3cca6a2/bm-canada-map.jpg",{},"With the abrupt end of Canada’s initial electric vehicle (EV) subsidy scheme and trade tensions with the US in 2025, EV sales in the country declined 38% compared to 2024.","May 08, 2026",{"id":5782,"uuid":5783,"name":5784,"slug":5785,"full_slug":5786,"content":5787},173989430077819,"9c3cbcc0-e2ca-46d2-82ec-005f623e38dd","Morrow files for bankruptcy as European-owned cell capacity continues to fall","morrow-files-for-bankruptcy-as-european-owned-cell-capacity-continues-to-fall","article/morrow-files-for-bankruptcy-as-european-owned-cell-capacity-continues-to-fall",{"_uid":5788,"date":5789,"tags":5790,"editor":5798,"content":5802,"excerpt":6003,"featured":51,"reporter":6004,"component":794,"seo_title":6015,"categories":6016,"visibility":3519,"data_vis_image":6019,"featured_image":6021,"seo_description":6025,"formattedDate":6026},"ba02b089-9ef0-4968-a932-3413a19dec3c","2026-05-07 00:00",[5791,5794,5795],{"slug":5792,"name":5793},"morrow-batteries","Morrow Batteries",{"slug":2189,"name":2190},{"slug":5796,"name":5797},"norway","Norway",[5799],{"slug":544,"name":543,"content":5800},{"job_title":557,"image":5801,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":5803},[5804,5824,5857,5864,5873,5881,5916,5925,5933,5941,5949,5970,5993],{"type":588,"attrs":5805,"content":5806},{"textAlign":49},[5807,5812,5819],{"text":5808,"type":593,"marks":5809},"Norwegian Tier 3 cell manufacturer Morrow has announced that it is filing for bankruptcy, halting its homegrown ",[5810],{"type":596,"attrs":5811},{"color":598},{"text":5813,"type":593,"marks":5814},"cell production",[5815,5817],{"type":603,"attrs":5816},{"href":2674,"uuid":2675,"anchor":49,"target":607,"linktype":608},{"type":596,"attrs":5818},{"color":598},{"text":5820,"type":593,"marks":5821}," plans. The company operates a 6GWh facility in Arendal, Norway, which was expected to ramp up to 42GWh.",[5822],{"type":596,"attrs":5823},{"color":598},{"type":588,"attrs":5825,"content":5826},{"textAlign":49},[5827,5832,5839,5844,5852],{"text":5828,"type":593,"marks":5829},"The plant produces lithium iron phosphate (LFP) cells for both ",[5830],{"type":596,"attrs":5831},{"color":598},{"text":5833,"type":593,"marks":5834},"electric vehicle ",[5835,5837],{"type":603,"attrs":5836},{"href":2282,"uuid":2283,"anchor":49,"target":607,"linktype":608},{"type":596,"attrs":5838},{"color":598},{"text":5840,"type":593,"marks":5841},"(EV) and ",[5842],{"type":596,"attrs":5843},{"color":598},{"text":2110,"type":593,"marks":5845},[5846,5850],{"type":603,"attrs":5847},{"href":5848,"uuid":5849,"anchor":49,"target":607,"linktype":608},"/article/europe-has-record-quarter-for-energy-storage","acf89f40-3be3-4aef-8011-2f0d5bce1a88",{"type":596,"attrs":5851},{"color":598},{"text":5853,"type":593,"marks":5854}," customers, with plans for lithium nickel manganese oxide (LMNO) capacity in the future. Earlier this year, Morrow signed an LFP supply agreement with Proventia, covering commercial and off‑highway applications, that was scheduled to run until 2031.",[5855],{"type":596,"attrs":5856},{"color":598},{"type":677,"attrs":5858},{"id":5859,"body":5860},"4558c88e-3fac-49a2-b313-88688b62494f",[5861],{"id":5862,"_uid":5863,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28871779","i-d74bb2e7-ef5d-4f36-b1ac-3ffeacc3b498",{"type":687,"attrs":5865,"content":5866},{"level":689,"textAlign":49},[5867],{"text":5868,"type":593,"marks":5869},"Costs compounded by competition",[5870,5872],{"type":596,"attrs":5871},{"color":598},{"type":911},{"type":588,"attrs":5874,"content":5875},{"textAlign":49},[5876],{"text":5877,"type":593,"marks":5878},"Morrow stated that the decision to file for bankruptcy stems from high capex requirements to scale up the Arendal facility combined with ongoing opex costs. The company faced rising construction and equipment costs, as well as longer-than-expected qualification timelines with customers. These challenges have been compounded by intensifying competition in Europe from Asian incumbents such as CATL and LGES, who have leveraged their cell manufacturing experience at their operational cell plants in Europe. ",[5879],{"type":596,"attrs":5880},{"color":598},{"type":588,"attrs":5882,"content":5883},{"textAlign":49},[5884,5889,5897,5902,5911],{"text":5885,"type":593,"marks":5886},"Since January 2025, the European cell pipeline has declined by 29%, from 1,180GWh to 841GWh in May 2026, according to ",[5887],{"type":596,"attrs":5888},{"color":598},{"text":5890,"type":593,"marks":5891},"the Benchmark Battery & Gigafactory Service",[5892,5895],{"type":603,"attrs":5893},{"href":5894,"uuid":49,"anchor":49,"target":607,"linktype":638},"https://www.benchmarkminerals.com/battery-gigafactory",{"type":596,"attrs":5896},{"color":598},{"text":5898,"type":593,"marks":5899},". This largely reflects project delays and cancellations by European producers, including the ",[5900],{"type":596,"attrs":5901},{"color":598},{"text":5903,"type":593,"marks":5904},"collapse of Northvolt",[5905,5909],{"type":603,"attrs":5906},{"href":5907,"uuid":5908,"anchor":49,"target":607,"linktype":608},"/videos/what-does-northvolts-bankruptcy-mean-for-european-battery-production","cde118a0-a617-4c13-8f93-57e200fc1e6e",{"type":596,"attrs":5910},{"color":598},{"text":5912,"type":593,"marks":5913}," in early 2025 and the cancellation earlier this year of Stellantis-backed ACC’s planned facility in Kaiserslautern, Germany. European producers saw their market share fall from 422GWh at the start of 2025 to 237GWh by May 2026, a decrease of 44%.",[5914],{"type":596,"attrs":5915},{"color":598},{"type":687,"attrs":5917,"content":5918},{"level":689,"textAlign":49},[5919],{"text":5920,"type":593,"marks":5921},"Dialling down capacity targets",[5922,5924],{"type":596,"attrs":5923},{"color":598},{"type":911},{"type":588,"attrs":5926,"content":5927},{"textAlign":49},[5928],{"text":5929,"type":593,"marks":5930},"Morrow’s bankruptcy underscores the structural difficulties new entrants face in securing funding and achieving the scale, yield, and cost structure needed to compete. In response, established European manufacturers are setting more conservative capacity targets, phasing investments around confirmed offtake, and forming strategic partnerships and joint ventures with established producers to share risk and access proven technology. ",[5931],{"type":596,"attrs":5932},{"color":598},{"type":588,"attrs":5934,"content":5935},{"textAlign":49},[5936],{"text":5937,"type":593,"marks":5938},"Morrow was one such producer to adopt this strategy by operating a low capacity plant and licensing technology from China in a bid to avoid the struggles experienced by Northvolt.",[5939],{"type":596,"attrs":5940},{"color":598},{"type":588,"attrs":5942,"content":5943},{"textAlign":49},[5944],{"text":5945,"type":593,"marks":5946},"At the same time, European players face midstream bottlenecks, with limited regional CAM and AAM capacity, while Asian competitors benefit from integrated, mature global supply chains that reinforce their cost and reliability advantages in the European market.",[5947],{"type":596,"attrs":5948},{"color":598},{"type":588,"attrs":5950,"content":5951},{"textAlign":49},[5952,5957,5966],{"text":5953,"type":593,"marks":5954},"The announcement comes after Freudenberg announced last month that it would dissolve its battery arm, Freudenberg e-Power Systems (FEPS), after it said that the battery market in the US, where FEPS was based, had developed more slowly than expected. UK battery supplier and BESS developer GivEnergy also entered administration last month. Benchmark tracks insolvencies and bankruptcies as part of its monthly Energy Transition Capital Briefing, ",[5955],{"type":596,"attrs":5956},{"color":598},{"text":5958,"type":593,"marks":5959},"which you can access here",[5960,5963,5965],{"type":603,"attrs":5961},{"href":5962,"uuid":49,"anchor":49,"target":49,"linktype":638},"https://intelligence.benchmarkminerals.com/publications/briefings/energy-transition-capitals/energy-transition-capital-april-2026",{"type":596,"attrs":5964},{"color":4244},{"type":4246},{"text":778,"type":593,"marks":5967},[5968],{"type":596,"attrs":5969},{"color":598},{"type":588,"attrs":5971,"content":5972},{"textAlign":49},[5973,5979,5987],{"text":5974,"type":593,"marks":5975},"The insights in this article were drawn from ",[5976,5978],{"type":596,"attrs":5977},{"color":598},{"type":767},{"text":5980,"type":593,"marks":5981},"Benchmark’s Battery & Gigafactory Service",[5982,5984,5986],{"type":603,"attrs":5983},{"href":5894,"uuid":49,"anchor":49,"target":607,"linktype":638},{"type":596,"attrs":5985},{"color":598},{"type":767},{"text":5988,"type":593,"marks":5989},". To learn more about this, please fill in the form below and one of the team will be in touch:",[5990,5992],{"type":596,"attrs":5991},{"color":598},{"type":767},{"type":677,"attrs":5994},{"id":5995,"body":5996},"8ce0fbce-95bb-49e7-96c4-ebe32e7d0072",[5997],{"id":1081,"_uid":5998,"component":1083,"wrap_in_box":50,"redirect_url":5999,"success_file":6000,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":6002,"show_on_intelligence":50},"i-7e2f1a53-285f-484c-b03f-da4bb26438a5",{"id":547,"url":547,"linktype":608,"fieldtype":1085,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":6001},{},[],"Norwegian Tier 3 cell manufacturer Morrow has announced that it is filing for bankruptcy, halting its homegrown cell production plans. The company operates a 6GWh facility in Arendal, Norway, which was expected to ramp up to 42GWh.\n\nThe plant produces lithium iron phosphate (LFP) cells for both electric vehicle (EV) and battery energy stationary storage (BESS) customers, with plans for lithium nickel manganese oxide (LMNO) capacity in the future. Earlier this year, Morrow signed an LFP supply agreement with Proventia, covering commercial and off‑highway applications, that was scheduled to run until 2031.",[6005],{"slug":6006,"name":6007,"content":6008},"anya-sidhu","Anya Sidhu",{"job_title":6009,"image":6010,"bio":6012,"linkedin":6013,"markets_covered":6014},"Analyst - Batteries ",{"filename":6011},"https://a.storyblok.com/f/287943243085208/719x719/148f688814/anya-sidhu.jpeg","Anya is an analyst working in the Battery and Gigafactory team, covering capacity, supply and demand for lithium and sodium ion batteries. She has also begun working on the Portables report, building out our global view of unit sales and demand for each segment. Anya holds a BSc in Chemistry from the University of Leicester.","https://www.linkedin.com/in/anya-sidhu-622b60268/","Battery and Gigafactory ","Morrow files for bankruptcy as European-owned cell capacity falls",[6017,6018],{"slug":1700,"name":1701},{"slug":2050,"name":2051},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":6020},{},{"id":6022,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":6023,"copyright":547,"fieldtype":553,"meta_data":6024,"is_external_url":50},174002686024332,"https://a.storyblok.com/f/287943243085208/1600x1199/3eef781f75/morrow.jpg",{},"Norwegian Tier 3 cell manufacturer Morrow has announced that it is filing for bankruptcy, halting its homegrown cell production plans. The company operates a 6GWh facility in Arendal, Norway, which was expected to ramp up to 42GWh.","May 07, 2026",{"id":6028,"uuid":4629,"name":6029,"slug":6030,"full_slug":6031,"content":6032},173596051486739,"The fast charging competition between CATL and BYD","the-fast-charging-competition-between-catl-and-byd","article/the-fast-charging-competition-between-catl-and-byd",{"_uid":6033,"date":6034,"tags":6035,"editor":6039,"content":6043,"excerpt":6216,"featured":51,"reporter":6217,"component":794,"seo_title":6029,"categories":6231,"visibility":805,"data_vis_image":6235,"featured_image":6237,"seo_description":6241,"formattedDate":6242},"aaa9e898-0841-4914-a956-c98bb72d298b","2026-05-06 00:00",[6036,6037,6038],{"slug":2192,"name":2193},{"slug":2565,"name":2566},{"slug":1480,"name":1481},[6040],{"slug":544,"name":543,"content":6041},{"job_title":557,"image":6042,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":6044},[6045,6068,6085,6094,6102,6109,6117,6125,6133,6141,6150,6172,6194,6202,6210],{"type":588,"attrs":6046,"content":6047},{"textAlign":49},[6048,6054,6063],{"text":6049,"type":593,"marks":6050},"Both CATL and BYD have made announcements renewing their commitment to ",[6051],{"type":596,"attrs":6052},{"color":6053},"windowtext",{"text":6055,"type":593,"marks":6056},"fast charging",[6057,6061],{"type":603,"attrs":6058},{"href":6059,"uuid":6060,"anchor":49,"target":607,"linktype":608},"/article/infographic-comparing-ev-charging-networks-worldwide","d4873e1a-a71e-4dea-8f82-e099ff0f8879",{"type":596,"attrs":6062},{"color":6053},{"text":6064,"type":593,"marks":6065}," this year, pushing faster, ultra-high charging speeds up to 15C even as existing technologies have approached the refuelling time of internal combustion engine (ICE) vehicles.",[6066],{"type":596,"attrs":6067},{"color":6053},{"type":588,"attrs":6069,"content":6070},{"textAlign":49},[6071,6080],{"text":6072,"type":593,"marks":6073},"Competition between the two firms",[6074,6078],{"type":603,"attrs":6075},{"href":6076,"uuid":6077,"anchor":49,"target":607,"linktype":608},"/article/is-byd-using-lmfp-for-blade-2-0-and-what-would-this-mean-for-manganese-","27a25c0a-b17f-46c1-a750-10f514e8bb13",{"type":596,"attrs":6079},{"color":6053},{"text":6081,"type":593,"marks":6082}," on charging speed, highlighted again at CATL’s 2026 Tech Day event last month, comes as progress on energy density has slowed for lithium iron phosphate (LFP) batteries.",[6083],{"type":596,"attrs":6084},{"color":6053},{"type":687,"attrs":6086,"content":6087},{"level":689,"textAlign":49},[6088],{"text":6089,"type":593,"marks":6090},"Fast charging replacing density as key battleground",[6091,6093],{"type":596,"attrs":6092},{"color":6053},{"type":911},{"type":588,"attrs":6095,"content":6096},{"textAlign":49},[6097],{"text":6098,"type":593,"marks":6099},"Following the launch of BYD’s Blade II earlier this year, CATL introduced Shenxing III, widely seen as a competitive response. Both batteries use LFP-based chemistries and have ultra-fast charging capabilities.",[6100],{"type":596,"attrs":6101},{"color":6053},{"type":677,"attrs":6103},{"id":6104,"body":6105},"cc8dbb00-070d-4901-9ec2-2c039e4ab4ed",[6106],{"id":6107,"_uid":6108,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28835236","i-a5247011-f038-4de4-a9c8-caba4bc4536f",{"type":588,"attrs":6110,"content":6111},{"textAlign":49},[6112],{"text":6113,"type":593,"marks":6114},"Benchmark battery technology analyst Xin Chen noted that CATL has not framed Shenxing III as representing a step-change in energy density, where LFP is likely approaching a practical ceiling.",[6115],{"type":596,"attrs":6116},{"color":6053},{"type":588,"attrs":6118,"content":6119},{"textAlign":49},[6120],{"text":6121,"type":593,"marks":6122},"CATL's previous, fifth-generation LFP cells achieved an energy density of 205Wh/kg, which is very close to the theoretical limit of LFP.",[6123],{"type":596,"attrs":6124},{"color":6053},{"type":588,"attrs":6126,"content":6127},{"textAlign":49},[6128],{"text":6129,"type":593,"marks":6130},"“Making further gains is increasingly difficult without a change in chemistry or system design,” Xin added. “As a result, the development focus is likely shifting toward alternative directions, with fast charging, low-temperature performance, and lifecycle durability emerging as the new competitive frontiers.”",[6131],{"type":596,"attrs":6132},{"color":6053},{"type":588,"attrs":6134,"content":6135},{"textAlign":49},[6136],{"text":6137,"type":593,"marks":6138},"In this context, CATL has positioned Shenxing III with a significantly higher peak charging capability (up to 15C) compared with BYD (8C). Yet 8C charging is already approaching the refuelling time of an ICE vehicle, and there is a well-recognised trade-off between ultra-fast charging and cycle life degradation.",[6139],{"type":596,"attrs":6140},{"color":6053},{"type":687,"attrs":6142,"content":6143},{"level":689,"textAlign":49},[6144],{"text":6145,"type":593,"marks":6146},"Addressing cell degradation",[6147,6149],{"type":596,"attrs":6148},{"color":6053},{"type":911},{"type":588,"attrs":6151,"content":6152},{"textAlign":49},[6153,6158,6167],{"text":6154,"type":593,"marks":6155},"Fast charging is associated with both ",[6156],{"type":596,"attrs":6157},{"color":6053},{"text":6159,"type":593,"marks":6160},"accelerated degradation",[6161,6165],{"type":603,"attrs":6162},{"href":6163,"uuid":6164,"anchor":49,"target":607,"linktype":608},"/article/fast-charging-increasingly-driving-ev-battery-degradation","46750879-a447-41c0-be37-caf7180c42b5",{"type":596,"attrs":6166},{"color":6053},{"text":6168,"type":593,"marks":6169}," via lithium plating and elevated battery temperatures during charging. The two firms are both looking to reduce heat generation and improve heat dissipation, though they are each taking different technical approaches.",[6170],{"type":596,"attrs":6171},{"color":6053},{"type":588,"attrs":6173,"content":6174},{"textAlign":49},[6175,6180,6189],{"text":6176,"type":593,"marks":6177},"CATL’s Shenxing III reduces internal resistance to around 0.25 mΩ, reportedly among the lowest in the industry. ",[6178],{"type":596,"attrs":6179},{"color":6053},{"text":6181,"type":593,"marks":6182},"BYD’s Blade II",[6183,6187],{"type":603,"attrs":6184},{"href":6185,"uuid":6186,"anchor":49,"target":607,"linktype":608},"/article/byd-launches-much-anticipated-blade-2-battery","bbd6953f-b16b-4e77-967f-8242cfad5d74",{"type":596,"attrs":6188},{"color":6053},{"text":6190,"type":593,"marks":6191},", meanwhile, improves electrochemical efficiency through electrolyte optimisation and enhanced solid-electrolyte interphase (SEI) formation, which also helps reduce internal resistance by improving ion transport.",[6192],{"type":596,"attrs":6193},{"color":6053},{"type":588,"attrs":6195,"content":6196},{"textAlign":49},[6197],{"text":6198,"type":593,"marks":6199},"On heat dissipation, both companies are upgrading thermal management systems. CATL uses a shoulder-region cooling design that enhances heat extraction at the tab area, where localised heating is most severe. BYD leverages the intrinsic thermal advantage of its blade cell architecture, which provides a larger heat dissipation surface. This is further enhanced in its Blade II battery through double-sided direct liquid cooling.",[6200],{"type":596,"attrs":6201},{"color":6053},{"type":588,"attrs":6203,"content":6204},{"textAlign":49},[6205],{"text":6206,"type":593,"marks":6207},"Beyond cell and system-level optimisation, CATL also adopts a distinct approach to fast charging infrastructure compared with BYD. BYD’s flash-charging stations are designed with a relatively simple architecture, enabling easier installation and deployment. In contrast, CATL has introduced the ‘Choco-Swap’ battery charging station, which offers both ultra-fast charging and battery swapping. These stations function not only as charging hubs, but also as distributed energy storage and grid-balancing node.",[6208],{"type":596,"attrs":6209},{"color":6053},{"type":677,"attrs":6211},{"id":6104,"body":6212},[6213],{"id":6214,"_uid":6215,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28836073","i-50ddbc7a-4fe0-40bd-876d-a8e1cc8be484","Both CATL and BYD have made announcements renewing their commitment to fast charging this year, pushing faster, ultra-high charging speeds up to 15C even as existing technologies have approached the refuelling time of internal combustion engine (ICE) vehicles.\n\nCompetition between the two firms on charging speed, highlighted again at CATL’s 2026 Tech Day event last month, comes as progress on energy density has slowed for lithium iron phosphate (LFP) batteries.",[6218,6228],{"slug":6219,"name":6220,"content":6221},"xin-chen","Xin Chen",{"job_title":6222,"image":6223,"bio":6225,"linkedin":6226,"markets_covered":6227},"Analyst - Battery Technology",{"filename":6224},"https://a.storyblok.com/f/287943243085208/512x512/bd01e707af/xin-chen.jpeg","Xin holds a PhD in Chemistry from the University of St Andrews and has over five years of research experience in developing cathode materials for sodium-ion and potassium-ion batteries. Currently, as a new battery technology analyst, Xin contributes to the New Technology Report and manages a comprehensive database tracking emerging battery technologies. My work also supports BESS, EV, and silicon-based anode products, providing detailed technology highlights for reports such as the BESS Outlook, EV & Battery Forecast, and other industry publications.","https://www.linkedin.com/in/xin-chen-battery/","New Technology, BESS, EV, Silicon Anode",{"slug":2037,"name":2038,"content":6229},{"job_title":2040,"image":6230,"bio":2043,"linkedin":2044,"markets_covered":2045},{"filename":2042},[6232,6233,6234],{"slug":1700,"name":1701},{"slug":1703,"name":1704},{"slug":1441,"name":1442},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":6236},{},{"id":6238,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":6239,"copyright":547,"fieldtype":553,"meta_data":6240,"is_external_url":50},129064587089142,"https://a.storyblok.com/f/287943243085208/005d0156fa/bm-a-new-ford-mustang-mach-e-gt-x-electric-vehicle-parking-at-electrify-america-ev-charging-station.jpg",{},"Both CATL and BYD have made announcements renewing their commitment to fast charging this year, pushing faster, ultra-high charging speeds up to 15C even as existing technologies near the refuelling time of internal combustion engine (ICE) vehicles.","May 06, 2026",{"id":6244,"uuid":6245,"name":6246,"slug":6247,"full_slug":6248,"content":6249},168657305474231,"ec71002e-6142-4424-b241-3d0e7b26f637","Infographic: Battery material production expansion since 2020 driven by shifting chemistry","infographic-battery-material-production-expansion-since-2020-driven-by-shifting-chemistry","article/infographic-battery-material-production-expansion-since-2020-driven-by-shifting-chemistry",{"_uid":6250,"date":6251,"tags":6252,"editor":6258,"content":6262,"excerpt":6409,"featured":51,"reporter":6410,"component":794,"seo_title":6421,"categories":6422,"visibility":3519,"data_vis_image":6436,"featured_image":6440,"seo_description":6444,"formattedDate":6445},"9940116c-502e-49e8-885c-6dc97bf65761","2026-04-30 00:00",[6253,6254,6256,6257],{"slug":5434,"name":5435},{"slug":6255,"name":451},"lfp",{"slug":831,"name":832},{"slug":3362,"name":3363},[6259],{"slug":544,"name":543,"content":6260},{"job_title":557,"image":6261,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":6263},[6264,6299,6321,6365,6372,6392,6399],{"type":588,"attrs":6265,"content":6266},{"textAlign":49},[6267,6272,6281,6286,6294],{"text":6268,"type":593,"marks":6269},"Production of ",[6270],{"type":596,"attrs":6271},{"color":598},{"text":6273,"type":593,"marks":6274},"battery materials",[6275,6279],{"type":603,"attrs":6276},{"href":6277,"uuid":6278,"anchor":49,"target":898,"linktype":608},"/videos/the-benchmark-picture-from-mine-to-grid","77fc5377-f9da-416d-88d6-f414a0e971b4",{"type":596,"attrs":6280},{"color":598},{"text":6282,"type":593,"marks":6283}," has rocketed since 2020. ",[6284],{"type":596,"attrs":6285},{"color":598},{"text":8,"type":593,"marks":6287},[6288,6292],{"type":603,"attrs":6289},{"href":6290,"uuid":6291,"anchor":49,"target":898,"linktype":608},"/videos/q1-2026-lithium-price-drivers","f2a03280-94b9-4549-981c-dfee20cbecf2",{"type":596,"attrs":6293},{"color":598},{"text":6295,"type":593,"marks":6296}," 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. ",[6297],{"type":596,"attrs":6298},{"color":598},{"type":588,"attrs":6300,"content":6301},{"textAlign":49},[6302,6307,6316],{"text":6303,"type":593,"marks":6304},"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 ",[6305],{"type":596,"attrs":6306},{"color":598},{"text":6308,"type":593,"marks":6309},"LFP chemistry",[6310,6314],{"type":603,"attrs":6311},{"href":6312,"uuid":6313,"anchor":49,"target":898,"linktype":608},"/article/north-america-sees-lfp-production-capacity-pipeline-grow-driven-by-the-bess-market","8c902f6d-616a-4844-93e9-31c499e486b5",{"type":596,"attrs":6315},{"color":598},{"text":6317,"type":593,"marks":6318},", is the increase in the supply of purified phosphoric acid, which grew 41% from 2020–2025.",[6319],{"type":596,"attrs":6320},{"color":598},{"type":588,"attrs":6322,"content":6323},{"textAlign":49},[6324,6329,6337,6342,6348,6353,6360],{"type":3397,"attrs":6325},{"id":6326,"alt":547,"src":6327,"title":547,"source":547,"copyright":547,"meta_data":6328},173179557914380,"https://a.storyblok.com/f/287943243085208/1200x1853/33ecbcf38b/updated-battery-material-infographic.jpg",{},{"text":150,"type":593,"marks":6330},[6331,6335],{"type":603,"attrs":6332},{"href":6333,"uuid":6334,"anchor":49,"target":898,"linktype":608},"/article/production-quotas-control-nickel-price-nickel-q1-2026-price-review","9e149244-10b5-4bac-a43c-079b19971251",{"type":596,"attrs":6336},{"color":598},{"text":6338,"type":593,"marks":6339},", the key input for NCM, grew from 2,500kt to 3,600kt across the same period, while ",[6340],{"type":596,"attrs":6341},{"color":598},{"text":1106,"type":593,"marks":6343},[6344,6346],{"type":603,"attrs":6345},{"href":3799,"uuid":3800,"anchor":49,"target":898,"linktype":608},{"type":596,"attrs":6347},{"color":598},{"text":6349,"type":593,"marks":6350}," and high purity ",[6351],{"type":596,"attrs":6352},{"color":598},{"text":6354,"type":593,"marks":6355},"manganese sulphate monohydrate",[6356,6358],{"type":603,"attrs":6357},{"href":6076,"uuid":6077,"anchor":49,"target":898,"linktype":608},{"type":596,"attrs":6359},{"color":598},{"text":6361,"type":593,"marks":6362}," also both more than doubled.",[6363],{"type":596,"attrs":6364},{"color":598},{"type":687,"attrs":6366,"content":6367},{"level":689,"textAlign":49},[6368],{"text":6369,"type":593,"marks":6370},"Battery chemistry shift driving material demand",[6371],{"type":911},{"type":588,"attrs":6373,"content":6374},{"textAlign":49},[6375,6380,6387],{"text":6376,"type":593,"marks":6377},"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. ",[6378],{"type":596,"attrs":6379},{"color":598},{"text":6381,"type":593,"marks":6382},"China’s rapid expansion",[6383,6385],{"type":603,"attrs":6384},{"href":2605,"uuid":2606,"anchor":49,"target":898,"linktype":608},{"type":596,"attrs":6386},{"color":598},{"text":6388,"type":593,"marks":6389}," 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%. ",[6390],{"type":596,"attrs":6391},{"color":598},{"type":588,"attrs":6393,"content":6394},{"textAlign":49},[6395],{"text":6396,"type":593,"marks":6397},"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. ",[6398],{"type":767},{"type":677,"attrs":6400},{"id":6401,"body":6402},"40c4f715-275e-47dd-adf7-31a4d68fca3a",[6403],{"id":1081,"_uid":6404,"component":1083,"wrap_in_box":50,"redirect_url":6405,"success_file":6406,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":6408,"show_on_intelligence":50},"i-1a019f48-b4ff-4d1a-9406-4c5f1c675871",{"id":547,"url":547,"linktype":608,"fieldtype":1085,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":6407},{},[],"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. ",[6411],{"slug":6412,"name":6413,"content":6414},"adam-webb","Adam Webb",{"job_title":6415,"image":6416,"bio":6418,"linkedin":6419,"markets_covered":6420},"Head of Battery Raw Materials",{"filename":6417},"https://a.storyblok.com/f/287943243085208/512x512/585d81efad/adam-webb.jpeg","Adam is Head of Battery Raw Materials at Benchmark Mineral Intelligence and is responsible for market analysis and forecasting across all raw materials, including lithium, nickel, cobalt, graphite and rare earth elements. He has over a decade of experience as an analyst in the metals and mining space covering battery metals, precious metals, base metals and bulk commodities. Earlier in his career Adam worked as a geologist in the mining industry in Western Australia. He has an MSc in Geochemistry from the University of Leeds and a BSc in Earth Science from the University of Wales Aberystwyth. ","https://www.linkedin.com/in/adamswebb/","Battery Raw Materials","Battery material supply up since 2020 as chemistry demand shifts",[6423,6424,6425,6428,6429,6430,6433,6434,6435],{"slug":1700,"name":1701},{"slug":798,"name":8},{"slug":6426,"name":6427},"manganese","Manganese",{"slug":3437,"name":150},{"slug":800,"name":801},{"slug":6431,"name":6432},"phosphate","Phosphate",{"slug":3021,"name":189},{"slug":3510,"name":3511},{"slug":3515,"name":3516},{"id":6437,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":6438,"copyright":547,"fieldtype":553,"meta_data":6439,"is_external_url":50},171506350888355,"https://a.storyblok.com/f/287943243085208/1200x1912/b505f2c07e/vce_all-the-battery-material-we-mined_voro_03312026.jpg",{},{"id":6441,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":6442,"copyright":547,"fieldtype":553,"meta_data":6443,"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":6447,"uuid":4341,"name":6448,"slug":6449,"full_slug":6450,"content":6451},170755002256597,"Northern Russian lithium mine set for first production later this year","northern-russian-lithium-mine-set-for-first-production-later-this-year","article/northern-russian-lithium-mine-set-for-first-production-later-this-year",{"_uid":6452,"date":6453,"tags":6454,"editor":6458,"content":6462,"excerpt":6625,"featured":51,"reporter":6626,"component":794,"seo_title":6630,"categories":6631,"visibility":805,"data_vis_image":6634,"featured_image":6636,"seo_description":6640,"formattedDate":6641},"a77550aa-315d-43f8-8ef8-4de2b5626e8b","2026-04-29 00:00",[6455],{"slug":6456,"name":6457},"russia","Russia",[6459],{"slug":544,"name":543,"content":6460},{"job_title":557,"image":6461,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":6463},[6464,6469,6474,6481,6491,6519,6555,6563,6569,6577,6586,6594,6602,6610,6615,6620],{"type":588,"attrs":6465,"content":6466},{"textAlign":49},[6467],{"text":6468,"type":593},"CMP and Halmek's Arctic Lithium joint venture has accelerated the development of the Polmostundrovskoye deposit in Murmansk Oblast, Northern Russia over recent months. Exploration and on-site activities began through the 2024 season and continued late into 2025, even continuing through parts of the snowy season. ",{"type":588,"attrs":6470,"content":6471},{"textAlign":49},[6472],{"text":6473,"type":593},"Although the production profile remains unconfirmed, sources with knowledge of the project and Benchmark’s own satellite analysis have confirmed these activities. Public reporting suggests a preliminary run of around one million tonnes of ore for 2027 to be the first development stage. Benchmark forecasts mined production from Polmostundrovskoye at around 5kt LCE in 2026, with output onset towards the end of the calendar year.  ",{"type":677,"attrs":6475},{"id":6476,"body":6477},"327d8bf1-cfab-48df-966c-3ace131c4d78",[6478],{"id":6479,"_uid":6480,"type":608,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"3656920","i-bbf4a521-9a8f-4ed5-9ffb-984867750d23",{"type":687,"attrs":6482,"content":6484},{"level":689,"textAlign":6483},"left",[6485],{"text":6486,"type":593,"marks":6487},"Converter activity also suggestive of Polmostundrovskoye progress ",[6488,6490],{"type":596,"attrs":6489},{"color":547},{"type":911},{"type":588,"attrs":6492,"content":6493},{"textAlign":6483},[6494,6499,6501,6506,6514],{"text":6495,"type":593,"marks":6496},"CMP and ",[6497],{"type":596,"attrs":6498},{"color":547},{"text":6500,"type":593},"Halmek ",{"text":6502,"type":593,"marks":6503},"are also jointly constructing a spodumene-to-",[6504],{"type":596,"attrs":6505},{"color":547},{"text":6507,"type":593,"marks":6508},"lithium hydroxide",[6509,6512],{"type":603,"attrs":6510},{"href":6511,"uuid":49,"anchor":49,"target":898,"linktype":638},"https://intelligence.benchmarkminerals.com/publications/special-issues/the-hydroxide-premium-myth-why-lioh-no-longer-commands-a-structural-premium-over-li2co3",{"type":596,"attrs":6513},{"color":547},{"text":6515,"type":593,"marks":6516}," converter near Tula. While the Tula converter commenced construction already in 2024, progress through 2025 was largely muted.  ",[6517],{"type":596,"attrs":6518},{"color":547},{"type":588,"attrs":6520,"content":6521},{"textAlign":6483},[6522,6527,6536,6541,6550],{"text":6523,"type":593,"marks":6524},"Recent construction activity there suggests feedstock from the Polmos Tundra might soon be available, and timelines for a late 2026 commissioning are plausible. With a capacity of 20kt/pa LHM, the converter uses an alkaline leach flowsheet, developed in cooperation with ",[6525],{"type":596,"attrs":6526},{"color":547},{"text":6528,"type":593,"marks":6529},"Finland’s Terrafame",[6530,6534],{"type":603,"attrs":6531},{"href":6532,"uuid":6533,"anchor":49,"target":898,"linktype":608},"/videos/cost-competitiveness-in-europe-s-battery-materials-sector-interview-with-terrafame-s-antti-koulumies","9aabb9f2-4a54-4dd6-969b-9d079151d8e5",{"type":596,"attrs":6535},{"color":547},{"text":6537,"type":593,"marks":6538}," before ",[6539],{"type":596,"attrs":6540},{"color":547},{"text":6542,"type":593,"marks":6543},"Russia’s 2022 invasion of Ukraine",[6544,6548],{"type":603,"attrs":6545},{"href":6546,"uuid":6547,"anchor":49,"target":898,"linktype":608},"/article/what-does-the-russian-ev-market-look-like-after-three-years-of-sanctions","b601a86b-8fc3-4a34-92ea-c15b4335847a",{"type":596,"attrs":6549},{"color":547},{"text":6551,"type":593,"marks":6552},".  ",[6553],{"type":596,"attrs":6554},{"color":547},{"type":588,"attrs":6556,"content":6557},{"textAlign":6483},[6558],{"text":6559,"type":593,"marks":6560},"Russian lithium chemical demand is around 10kt LCE per annum. Most of this demand is for lithium hydroxide used in various industrial applications.",[6561],{"type":596,"attrs":6562},{"color":547},{"type":677,"attrs":6564},{"id":6476,"body":6565},[6566],{"id":6567,"_uid":6568,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28733402","i-f51e1cfc-7dc7-47ec-97cc-3ffb58e9f263",{"type":588,"attrs":6570,"content":6571},{"textAlign":6483},[6572],{"text":6573,"type":593,"marks":6574},"The CMP/Halmek converter could displace some of these imports, however, beyond industrial applications, it is unclear where production from new supply sources might find offtake; currently, Russia hosts only one cell production site, based in its Kaliningrad exclave and operated by Rosatom. For cathode material, however, beyond small experimental volumes from a Rosatom facility, Russia is dependent on foreign material. ",[6575],{"type":596,"attrs":6576},{"color":547},{"type":687,"attrs":6578,"content":6579},{"level":689,"textAlign":6483},[6580],{"text":6581,"type":593,"marks":6582},"Rosatom also pursuing a Polmos Tundra project ",[6583,6585],{"type":596,"attrs":6584},{"color":547},{"type":911},{"type":588,"attrs":6587,"content":6588},{"textAlign":6483},[6589],{"text":6590,"type":593,"marks":6591},"Rosatom, together with Norilsk Nickel (Nornickel), is pushing to develop its own project on the Polmos Tundra, Kolmozerskoye, though developments will likely proceed on a longer time scale.  ",[6592],{"type":596,"attrs":6593},{"color":547},{"type":588,"attrs":6595,"content":6596},{"textAlign":6483},[6597],{"text":6598,"type":593,"marks":6599},"While exploration by joint venture vehicle Polar Lithium has been completed, there are concerns around the project’s remoteness, and the project poses an RBL 40 billion (USD$500 million) infrastructure and site access capital requirement, which is muddying near-term prospects. Rosatom operates a number of facilities in and Novosibirsk which could form part of its future conversion plans, though so far, no details have been released on the location, cost, or technology of the proposed facility, though a capacity of 30–40kt LHM is targeted. ",[6600],{"type":596,"attrs":6601},{"color":547},{"type":588,"attrs":6603,"content":6604},{"textAlign":6483},[6605],{"text":6606,"type":593,"marks":6607},"In Russia’s Tuva Republic, in a remote region near the Mongolian border, Rostec’s Elbrusmetal-Lithium subsidiary has also accelerated development of its Tastyg spodumene deposit. It had announced it would invest $250m into the project, with production set to commence by 2028. ",[6608],{"type":596,"attrs":6609},{"color":547},{"type":588,"attrs":6611,"content":6612},{"textAlign":6483},[6613],{"text":6614,"type":593},"By September 2024, exploration of the Soviet-era site had commenced and then continued through to the onset of winter 2025. In parallel, road works to provide more robust logistics had also enabled start on the construction of concentrator nearby. This work has continued through Winter. Benchmark estimates only minor volumes from Tastyg in 2026, and around 8000 tonnes LCE in 2027.  ",{"type":588,"attrs":6616,"content":6617},{"textAlign":49},[6618],{"text":6619,"type":593},"Given Rostec’s involvement, it is likely that production would serve domestic supply chains and sectors of national interest. A lack of conversion capacity in the country, however, could make full autarky difficult. Some reporting indicates that concentrates could be shipped to Rosatom’s Novosibirsk plant, though the status of Rosatom’s conversion capacity there is unclear. Whether Rosatom could absorb concentrates from both Kolmozersokye and Tasyg in the longer term is unclear. ",{"type":588,"attrs":6621,"content":6622},{"textAlign":49},[6623],{"text":6624,"type":593},"Historically, on account of its extreme remoteness, the Tastyg deposit had been considered uneconomical. At current spodumene prices, Tastyg’s estimated 40-60Mt ore grading 1.47% Li2O could provide an attractive source of lithium supply for the Russian state. ","CMP and Halmek's Arctic Lithium joint venture has accelerated the development of the Polmostundrovskoye deposit in Murmansk Oblast, Northern Russia over recent months. Exploration and on-site activities began through the 2024 season and continued late into 2025, even continuing through parts of the snowy season. \n\nAlthough the production profile remains unconfirmed, sources with knowledge of the project, and Benchmark’s own satellite analysis have confirmed these activities. Public reporting suggests a preliminary run of around one million tonnes of ore for 2027 to be the first development stage. Benchmark forecasts mined production from Polmostundrovskoye at around 5kt LCE in 2026, with output onset towards the end of the calendar year.  ",[6627],{"slug":5223,"name":5224,"content":6628},{"job_title":5226,"image":6629,"bio":5229,"linkedin":5230,"markets_covered":8},{"filename":5228},"Northern Russian lithium mine set for first production this year",[6632,6633],{"slug":800,"name":801},{"slug":798,"name":8},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":6635},{},{"id":6637,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":6638,"copyright":547,"fieldtype":553,"meta_data":6639,"is_external_url":50},170758215673226,"https://a.storyblok.com/f/287943243085208/1280x854/efde793dce/polmostundrovskoye.jpg",{},"CMP and Halmek's Arctic Lithium joint venture has accelerated the development of the Polmostundrovskoye deposit. Exploration and on-site activities began through the 2024 season and continued late into 2025.","Apr 29, 2026",{"id":6643,"uuid":6644,"name":6645,"slug":6646,"full_slug":6647,"content":6648},168647683375712,"f9334156-063f-4bb3-92fe-ca8439f38a5c","Hyundai-LGES Georgia plant manages regulatory costs ahead of delayed opening","hyundai-lges-georgia-plant-manages-regulatory-costs-ahead-of-delayed-opening","article/hyundai-lges-georgia-plant-manages-regulatory-costs-ahead-of-delayed-opening",{"_uid":6649,"date":6650,"tags":6651,"editor":6657,"content":6661,"excerpt":6760,"featured":51,"reporter":6761,"component":794,"seo_title":6772,"categories":6773,"visibility":805,"data_vis_image":6776,"featured_image":6778,"seo_description":6782,"formattedDate":6783},"7c71e038-9e5a-4663-8f1a-4d4e551dc99f","2026-04-22 00:00",[6652,6653,6656],{"slug":5434,"name":5435},{"slug":6654,"name":6655},"lges","LGES",{"slug":1441,"name":1442},[6658],{"slug":544,"name":543,"content":6659},{"job_title":557,"image":6660,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":6662},[6663,6696,6704,6713,6721,6729,6737,6744,6752],{"type":588,"attrs":6664,"content":6665},{"textAlign":49},[6666,6671,6677,6682,6691],{"text":6667,"type":593,"marks":6668},"Hyundai and ",[6669],{"type":596,"attrs":6670},{"color":598},{"text":6655,"type":593,"marks":6672},[6673,6675],{"type":603,"attrs":6674},{"href":2622,"uuid":2623,"anchor":49,"target":607,"linktype":608},{"type":596,"attrs":6676},{"color":598},{"text":6678,"type":593,"marks":6679},"’ joint gigafactory in Georgia is speculated to start production in H1 2026. Announced in May 2023, the 30GWh facility in Georgia, US is central to localising ",[6680],{"type":596,"attrs":6681},{"color":598},{"text":6683,"type":593,"marks":6684},"electric vehicle supply chains",[6685,6689],{"type":603,"attrs":6686},{"href":6687,"uuid":6688,"anchor":49,"target":607,"linktype":608},"/article/global-ev-sales-reached-1-75-million-units-in-march-2026","659252f9-9755-4aa0-be80-9c0d7bf3b18c",{"type":596,"attrs":6690},{"color":598},{"text":6692,"type":593,"marks":6693},". ",[6694],{"type":596,"attrs":6695},{"color":598},{"type":588,"attrs":6697,"content":6698},{"textAlign":49},[6699],{"text":6700,"type":593,"marks":6701},"Plans for a 2026 start of production were threatened in September 2025, when more than 300 workers were detained by Immigration and Customs Enforcement (ICE) while investigating the immigration status of site staff. This created a labour shortfall at a critical phase of construction. The workers were held but released soon after, and many have since reacquired visas and returned, allowing progress to resume. The construction has since been resumed with minor delays to the original timeline.",[6702],{"type":596,"attrs":6703},{"color":598},{"type":687,"attrs":6705,"content":6706},{"level":689,"textAlign":49},[6707],{"text":6708,"type":593,"marks":6709},"Missed tax credit risk",[6710,6712],{"type":596,"attrs":6711},{"color":598},{"type":911},{"type":588,"attrs":6714,"content":6715},{"textAlign":49},[6716],{"text":6717,"type":593,"marks":6718},"Before the raid in September, the financial stakes were raised when LGES announced that the capital required for the project had risen from USD$5.54 million to $7.59 million due to higher construction costs. In February, stakeholders suggested a two to three-month delay; more recent updates indicate the project is now aiming to begin operations as early as next month.",[6719],{"type":596,"attrs":6720},{"color":598},{"type":588,"attrs":6722,"content":6723},{"textAlign":49},[6724],{"text":6725,"type":593,"marks":6726},"However, even a short disruption carries meaningful costs. The plant is set to produce high-nickel NCM pouch cells, and at this scale, a one-month delay can equate to ~USD$90 million in lost revenue and about $37 million in missed Inflation Reduction Act (IRA) Section 45X production tax credits. ",[6727],{"type":596,"attrs":6728},{"color":598},{"type":588,"attrs":6730,"content":6731},{"textAlign":49},[6732],{"text":6733,"type":593,"marks":6734},"The episode highlights how dependent project economics is on federal incentives. Since 2024, LGES would likely have been operating at a loss without IRA tax credits. Instead, the subsidies have supported positive operating margins, offsetting high capital costs and pricing pressure as the company scales US production.",[6735],{"type":596,"attrs":6736},{"color":598},{"type":677,"attrs":6738},{"id":6739,"body":6740},"9cf6ef6b-6202-4fc7-8018-6b0b941d79b1",[6741],{"id":6742,"_uid":6743,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28633551","i-3af3b5b8-581f-45ea-8580-b540c235dde9",{"type":588,"attrs":6745,"content":6746},{"textAlign":49},[6747],{"text":6748,"type":593,"marks":6749},"More broadly, the IRA has catalysed rapid investment across the domestic battery supply chain. The wave of growth has resulted in significant NCM EV-focused overcapacity in the region, however, and many producers, including LGES, are converting unused factory space for LFP BESS production. Yet stricter material sourcing requirements risk limiting tax credit availability for this, as the LFP supply chain remains firmly Chinese-owned.",[6750],{"type":596,"attrs":6751},{"color":598},{"type":588,"attrs":6753,"content":6754},{"textAlign":49},[6755],{"text":6756,"type":593,"marks":6757},"For Hyundai and LGES, the Georgia plant remains a strategic anchor despite wider concerns over demand for NCM EV cells. Its recent disruption, though temporary, underscores a wider reality that the success of the US cell market is likely to hinge on subsidies, construction speed, and evolving geopolitics.",[6758],{"type":596,"attrs":6759},{"color":598},"Hyundai and LGES’ joint gigafactory in Georgia is speculated to start production in H1 2026. Announced in May 2023, the 30GWh facility in Georgia, US is central to localising electric vehicle supply chains. \n\nPlans for a 2026 start of production were threatened in September 2025, when more than 300 workers were detained by Immigration and Customs Enforcement (ICE) while investigating the immigration status of site staff. This created a labour shortfall at a critical phase of construction. The workers were held but released soon after, and many have since reacquired visas and returned, allowing progress to resume. The construction has since been resumed with minor delays to the original timeline.",[6762],{"slug":6763,"name":6764,"content":6765},"shivangee-chauhan","Shivangee Chauhan",{"job_title":6766,"image":6767,"bio":6769,"linkedin":6770,"markets_covered":6771},"Senior Analyst - Battery Cost",{"filename":6768},"https://a.storyblok.com/f/287943243085208/400x400/721040cfe1/shivangee-chauhan.jpeg","Shivangee is a Senior Analyst on the midstream team covering costs and pricing across legacy and emerging battery technologies. She works closely on the Cell Price Assessments and the Battery & Gigafactory Forecast. Shivangee graduated from Imperial College London with an MSc in Finance and is currently pursuing the CFA charter.","https://www.linkedin.com/in/shivangee-chauhan-495638190/","Battery and Gigafactory and New Technology ","Hyundai-LGES Georgia plant manages costs ahead of delayed opening",[6774,6775],{"slug":1700,"name":1701},{"slug":1441,"name":1442},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":6777},{},{"id":6779,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":6780,"copyright":547,"fieldtype":553,"meta_data":6781,"is_external_url":50},129068243967149,"https://a.storyblok.com/f/287943243085208/abafc19b9b/bm-hyundai-kona-electric-july2018-24-exterior-2.jpg",{},"Hyundai and LGES’ joint gigafactory in Georgia is speculated to start production in H1 2026. Announced in May 2023, the 30GWh facility in Georgia, US is central to localising electric vehicle supply chains.","Apr 22, 2026",{"id":6785,"uuid":4053,"name":6786,"slug":6787,"full_slug":6788,"content":6789},168578148049563,"Chinese battery exports reach record high in March as export rebate change comes into force","chinese-battery-exports-reach-record-high-in-march-as-export-rebate-change-comes-into-force","article/chinese-battery-exports-reach-record-high-in-march-as-export-rebate-change-comes-into-force",{"_uid":6790,"date":6650,"tags":6791,"editor":6795,"content":6799,"excerpt":6871,"featured":51,"reporter":6872,"component":794,"seo_title":6876,"categories":6877,"visibility":805,"data_vis_image":6879,"featured_image":6881,"seo_description":6883,"formattedDate":6783},"47afca02-341a-4cf4-81c3-e34d00aa96e0",[6792,6793,6794],{"slug":1465,"name":1466},{"slug":1893,"name":1894},{"slug":1332,"name":1333},[6796],{"slug":544,"name":543,"content":6797},{"job_title":557,"image":6798,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":6800},[6801,6813,6818,6823,6830,6838,6843,6848,6853,6863],{"type":588,"attrs":6802,"content":6803},{"textAlign":49},[6804,6806,6811],{"text":6805,"type":593},"China’s ",{"text":6807,"type":593,"marks":6808},"battery exports",[6809],{"type":603,"attrs":6810},{"href":1513,"uuid":1514,"anchor":49,"target":607,"linktype":608},{"text":6812,"type":593}," grew 48% year-on-year in Q1, according to newly released trade data, while they hit a record high in March. It was a notably strong quarter at a time where seasonality typically translates to weaker numbers.",{"type":588,"attrs":6814,"content":6815},{"textAlign":49},[6816],{"text":6817,"type":593},"According to General Administration of Customs of the People's Republic of China (GACC) data, USD value exports of goods under HS code 8507.60 increased by 55% in Q1 2026, hitting USD$23.95 billion.",{"type":588,"attrs":6819,"content":6820},{"textAlign":49},[6821],{"text":6822,"type":593},"Battery export data from the China Automotive Battery Innovation Alliance (CABIA), meanwhile, showed a 48% y-o-y increase to 84GWh. This is the second strongest quarter to date following Q4 2025, where 93GWh was installed. March 2026 was particularly strong, setting a new record for a single month of 36GWh.",{"type":677,"attrs":6824},{"id":6825,"body":6826},"7833ad4a-223e-47c8-a506-b66ce4228f9d",[6827],{"id":6828,"_uid":6829,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28644058","i-7a32fe59-233a-41a0-ac45-af30b6bfc7e7",{"type":687,"attrs":6831,"content":6833},{"level":6832,"textAlign":49},1,[6834],{"text":6835,"type":593,"marks":6836},"Regulatory changes having an effect",[6837],{"type":911},{"type":588,"attrs":6839,"content":6840},{"textAlign":49},[6841],{"text":6842,"type":593},"From April 1, the export rebate on batteries has been cut from 9 to 6%, and this will be further cut to 0% by the end of the year. The March surge is likely a pull-forward of sales to get ahead of this tax change.",{"type":588,"attrs":6844,"content":6845},{"textAlign":49},[6846],{"text":6847,"type":593},"However, several new export markets saw strong growth in the first quarter. Notably, Oman saw a significant jump, with USD value of exports to the country increasing 5,000% in the first quarter. Most of this was in March, when exports hit $293 million. Assuming a modest AC system BESS price of $120/kWh, this would be over 2GWh of batteries.",{"type":588,"attrs":6849,"content":6850},{"textAlign":49},[6851],{"text":6852,"type":593},"Exports to Australia also increased by 241% in the first quarter, with March a record month for Chinese exports to the country, hitting $586 million. Australia is in the midst of a BESS boom, with over 8GWh of utility scale storage entering operation in Q1, while a residential market surge continued on from 2025.",{"type":588,"attrs":6854,"content":6855},{"textAlign":49},[6856,6861],{"text":6857,"type":593,"marks":6858},"The US is the key outlier",[6859],{"type":603,"attrs":6860},{"href":4103,"uuid":4104,"anchor":49,"target":607,"linktype":608},{"text":6862,"type":593},", with the export values decreasing 35% y-o-y on the back of ongoing trade tensions and significant pre-buying that took place at the end of 2025. More broadly, 23 countries saw exports of over $100 million in March 2026, compared to just 12 countries in March 2025.",{"type":588,"attrs":6864,"content":6865},{"textAlign":49},[6866],{"type":3397,"attrs":6867},{"id":6868,"alt":547,"src":6869,"title":547,"source":547,"copyright":547,"meta_data":6870},168640901441416,"https://a.storyblok.com/f/287943243085208/1588x1444/3b44db3832/china-march-battery-exports-usd-2x-3.png",{},"China’s battery exports grew 48% year-on-year in Q1, according to newly released trade data, while they hit a record high in March. It was a notably strong quarter at a time where seasonality typically translates to weaker numbers.\n\nAccording to General Administration of Customs of the People's Republic of China (GACC) data, USD value exports of HS8507.60 increased by 55% in Q1 2026, hitting USD$23.95 billion.",[6873],{"slug":2037,"name":2038,"content":6874},{"job_title":2040,"image":6875,"bio":2043,"linkedin":2044,"markets_covered":2045},{"filename":2042},"Chinese battery exports reach record high in March",[6878],{"slug":1700,"name":1701},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":6880},{},{"id":4127,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":4128,"copyright":547,"fieldtype":553,"meta_data":6882,"is_external_url":50},{},"China’s battery exports grew 48% year-on-year in Q1, according to newly released trade data, while they hit a record high in March. It was a notably strong quarter at a time where seasonality typically translates to weaker numbers.",{"id":6885,"uuid":5474,"name":6886,"slug":6887,"full_slug":6888,"content":6889},167951418152229,"Dry vs wet shredding: Which is best for black mass quality?","dry-vs-wet-shredding-which-is-best-for-black-mass-quality-","article/dry-vs-wet-shredding-which-is-best-for-black-mass-quality-",{"_uid":6890,"date":6650,"tags":6891,"editor":6896,"content":6900,"excerpt":7042,"featured":51,"reporter":7043,"component":794,"seo_title":6886,"categories":7053,"visibility":3519,"data_vis_image":7055,"featured_image":7057,"seo_description":7059,"formattedDate":6783},"f8afd896-d6f1-4ec5-90e3-de40d2bff283",[6892,6893],{"slug":5590,"name":373},{"slug":6894,"name":6895},"battery-recycling-technology","Battery recycling technology",[6897],{"slug":544,"name":543,"content":6898},{"job_title":557,"image":6899,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":6901},[6902,6921,6943,6957,6965,6973,6981,6989,6996,7004,7012,7020,7026,7034],{"type":588,"attrs":6903,"content":6904},{"textAlign":49},[6905,6910,6916],{"text":6906,"type":593,"marks":6907},"The recycling of battery scrap typically begins with a mechanical pretreatment step to produce ",[6908],{"type":596,"attrs":6909},{"color":598},{"text":5469,"type":593,"marks":6911},[6912,6914],{"type":603,"attrs":6913},{"href":5519,"uuid":5520,"anchor":49,"target":607,"linktype":608},{"type":596,"attrs":6915},{"color":598},{"text":6917,"type":593,"marks":6918}," – the material which contains valuable critical minerals such as lithium, nickel and cobalt.",[6919],{"type":596,"attrs":6920},{"color":598},{"type":588,"attrs":6922,"content":6923},{"textAlign":49},[6924,6929,6938],{"text":6925,"type":593,"marks":6926},"The first stage of ",[6927],{"type":596,"attrs":6928},{"color":598},{"text":6930,"type":593,"marks":6931},"this process",[6932,6936],{"type":603,"attrs":6933},{"href":6934,"uuid":6935,"anchor":49,"target":607,"linktype":608},"/article/trafigura-signs-1-1-billion-offtake-agreement-with-nth-cycle-for-recycled-lithium-nickel","6d4e9c3d-6c06-4df8-9ad8-36642e31348a",{"type":596,"attrs":6937},{"color":598},{"text":6939,"type":593,"marks":6940}," generally requires batteries be discharged, dismantled and fed directly into a shredding system. Then the shredded material is sieved, separated and classified to isolate key fractions such as aluminium, copper, plastics and the black mass.",[6941],{"type":596,"attrs":6942},{"color":598},{"type":588,"attrs":6944,"content":6945},{"textAlign":49},[6946,6951],{"text":6947,"type":593,"marks":6948},"The quality and purity of the black mass strongly influence the efficiency and economics of subsequent hydrometallurgical or pyrometallurgical refining. ",[6949],{"type":596,"attrs":6950},{"color":598},{"text":6952,"type":593,"marks":6953},"There is a balance to be struck between recovering the highest quality black mass, which translates into high payables for the producer, and limiting expenditure during pre-treatment that would detract from high quality black mass recovery.",[6954],{"type":596,"attrs":6955},{"color":6956},"#18181B",{"type":588,"attrs":6958,"content":6959},{"textAlign":49},[6960],{"text":6961,"type":593,"marks":6962},"Battery recyclers use a variety of techniques to complete this first step, and these can be broadly categorised into dry shredding and wet shredding.",[6963],{"type":596,"attrs":6964},{"color":598},{"type":687,"attrs":6966,"content":6967},{"level":689,"textAlign":49},[6968],{"text":6969,"type":593,"marks":6970},"What are dry and wet shredding?",[6971],{"type":596,"attrs":6972},{"color":598},{"type":588,"attrs":6974,"content":6975},{"textAlign":49},[6976],{"text":6977,"type":593,"marks":6978},"In dry shredding systems, batteries are mechanically reduced in an inert or controlled atmosphere to minimise fire risk. The process is comparatively simple in configuration and can be more energy efficient, as it avoids the need for liquid handling and wastewater treatment. However, strict environmental and safety controls are required to manage dust, off‑gases and the risk of thermal events. The quality of the resulting black mass can be high, but careful system design is essential to prevent cross‑contamination between material streams.",[6979],{"type":596,"attrs":6980},{"color":598},{"type":588,"attrs":6982,"content":6983},{"textAlign":49},[6984],{"text":6985,"type":593,"marks":6986},"Wet shredding, by contrast, involves submerging batteries in a liquid medium during size reduction. The medium is often water or a brine solution. This approach can enhance process safety by suppressing ignition risks and reducing airborne particulate emissions. It also stabilises reactive components during shredding. However, wet systems introduce additional complexity, including liquid-solid separation, wastewater treatment and drying steps before further processing. These factors can increase capital expenditure and operational costs, and may affect the physical characteristics of the recovered black mass.",[6987],{"type":596,"attrs":6988},{"color":598},{"type":677,"attrs":6990},{"id":6991,"body":6992},"4fca668a-de3d-49f6-b011-025df0116b78",[6993],{"id":6994,"_uid":6995,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28645182","i-0937c69d-6632-4b5f-a678-13f4fd29fa54",{"type":687,"attrs":6997,"content":6998},{"level":689,"textAlign":49},[6999],{"text":7000,"type":593,"marks":7001},"Which method is used in each region?",[7002],{"type":596,"attrs":7003},{"color":598},{"type":588,"attrs":7005,"content":7006},{"textAlign":49},[7007],{"text":7008,"type":593,"marks":7009},"As of Q1 2026, Benchmark’s Battery Recycling Service tracks just under 400 facilities that are recorded as having shredding capability. Of these, approximately one third have publicly disclosed their operating conditions. Among the plants that have provided this information, dry shredding capacity is used four times as much as wet shredding is, with six companies operating both dry and wet lines.",[7010],{"type":596,"attrs":7011},{"color":6956},{"type":588,"attrs":7013,"content":7014},{"textAlign":49},[7015],{"text":7016,"type":593,"marks":7017},"For recyclers equipped to process material under both dry and wet conditions, the choice of method is typically determined by the nature of the incoming feedstock. Production scrap, which generally requires minimal dismantling and is often cleaner and less contaminated than end‑of‑life material, is particularly well suited to dry shredding. This is especially true in cases where the material has not been wetted by electrolyte, allowing operators to process it efficiently without the added complexity of liquid handling systems.",[7018],{"type":596,"attrs":7019},{"color":6956},{"type":677,"attrs":7021},{"id":6991,"body":7022},[7023],{"id":7024,"_uid":7025,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28540575","i-f285ccb7-2edc-468b-b0af-928226ba69cd",{"type":588,"attrs":7027,"content":7028},{"textAlign":49},[7029],{"text":7030,"type":593,"marks":7031},"Across much of Asia, recyclers tend to favour inert dry shredding. By operating in a controlled, oxygen‑free atmosphere, these processes maintain a high level of safety without introducing water into the system. Avoiding water simplifies plant design, eliminates the need for wastewater treatment, and typically results in a cleaner, more consistent black mass. ",[7032],{"type":596,"attrs":7033},{"color":6956},{"type":588,"attrs":7035,"content":7036},{"textAlign":49},[7037],{"text":7038,"type":593,"marks":7039},"This ‘higher‑quality’ intermediate material supports efficient hydrometallurgical refining and fits well within large‑scale, vertically integrated recycling platforms. In many cases, the preference reflects a combination of process efficiency, favourable economics and tight downstream integration.",[7040],{"type":596,"attrs":7041},{"color":6956},"The recycling of battery scrap typically begins with a mechanical pretreatment step to produce black mass – the material which contains valuable critical minerals such as lithium, nickel and cobalt.\n\nThe first stage of this process generally requires batteries be discharged, dismantled and fed directly into a shredding system. Then the shredded material is sieved, separated and classified to isolate key fractions such as aluminium, copper, plastics and the black mass.",[7044],{"slug":7045,"name":7046,"content":7047},"beatrice-browning","Beatrice Browning",{"job_title":7048,"image":7049,"bio":7051,"linkedin":7052,"markets_covered":5593},"Battery Recycling Technology Lead",{"filename":7050},"https://a.storyblok.com/f/287943243085208/3035x3794/a96e9c1415/beatrice-browning-2024-2.jpg","Beatrice is the Battery Recycling Technology Lead at Benchmark Mineral Intelligence, who has been working in the lithium ion battery recycling space for 6 years. She has been involved with Benchmark's recycling forecast since March 2022, tracking regional advancements in battery recycling infrastructure, technologies, and policy frameworks to build up a global understanding of the lithium-ion battery recycling market. She completed her PhD in battery recycling in March 2024, which has given her an in-depth technical understanding of lithium-ion battery recycling techniques.","https://www.linkedin.com/in/dr-beatrice-browning-20940b78/",[7054],{"slug":5592,"name":5593},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":7056},{},{"id":5599,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":5600,"copyright":547,"fieldtype":553,"meta_data":7058,"is_external_url":50},{},"The recycling of battery scrap typically begins with a mechanical pretreatment step to produce black mass – the material which contains valuable critical minerals such as lithium, nickel and cobalt.",{"id":7061,"uuid":1186,"name":7062,"slug":7063,"full_slug":7064,"content":7065},168290592067569,"Five copper market takeaways from CESCO Week 2026","five-copper-market-takeaways-from-cesco-week-2026","article/five-copper-market-takeaways-from-cesco-week-2026",{"_uid":7066,"date":7067,"tags":7068,"editor":7079,"content":7083,"excerpt":7253,"featured":51,"reporter":7254,"component":794,"seo_title":7062,"categories":7258,"visibility":3519,"data_vis_image":7260,"featured_image":7262,"seo_description":7266,"formattedDate":7267},"8415eb6f-87c6-4419-a7ac-7f4f8a67bd04","2026-04-21 00:00",[7069,7072,7075,7078],{"slug":7070,"name":7071},"cesco","CESCO",{"slug":7073,"name":7074},"lme","LME",{"slug":7076,"name":7077},"cme","CME",{"slug":1140,"name":1141},[7080],{"slug":544,"name":543,"content":7081},{"job_title":557,"image":7082,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":7084},[7085,7099,7104,7111,7116,7128,7133,7140,7147,7152,7157,7162,7169,7174,7179,7184,7191,7196,7201,7206,7213,7218,7223,7228,7243],{"type":588,"attrs":7086,"content":7087},{"textAlign":49},[7088,7090,7097],{"text":7089,"type":593},"Last week, market participants from across the world met in Santiago to discuss ",{"text":7091,"type":593,"marks":7092},"the copper market",[7093],{"type":603,"attrs":7094},{"href":7095,"uuid":7096,"anchor":49,"target":607,"linktype":608},"/videos/why-is-copper-so-important-","b6687505-5e70-4cd8-b366-594ead6e70bb",{"text":7098,"type":593},", though at times the conference was more focused on acid than the red metal.",{"type":588,"attrs":7100,"content":7101},{"textAlign":49},[7102],{"text":7103,"type":593},"Participants were meeting as prices near all-time highs, exchange stocks remain swollen, and TCs continue to fall. There was certainly no shortage of things to discuss in Chile.",{"type":687,"attrs":7105,"content":7106},{"level":6832,"textAlign":49},[7107],{"text":7108,"type":593,"marks":7109},"Sulphuric acid takes the focus",[7110],{"type":911},{"type":588,"attrs":7112,"content":7113},{"textAlign":49},[7114],{"text":7115,"type":593},"Much of CESCO this year was as focused on sulphuric acid as on copper. The conflict in the Gulf has drastically increased acid prices; in China, prices have roughly doubled since the start of the conflict.",{"type":588,"attrs":7117,"content":7118},{"textAlign":49},[7119,7121,7126],{"text":7120,"type":593},"China is reportedly set to ",{"text":7122,"type":593,"marks":7123},"ban exports of sulphuric acid exports",[7124],{"type":603,"attrs":7125},{"href":5184,"uuid":49,"anchor":49,"target":49,"linktype":638},{"text":7127,"type":593}," as a result. This, along with reduced flow out of the Gulf, may affect SX-EW production, which relies on acid. However, the extent of any potential disruption is less clear.",{"type":588,"attrs":7129,"content":7130},{"textAlign":49},[7131],{"text":7132,"type":593},"On the other side, higher acid prices will help smelters and could pull TC/RCs down even further. However, only smelters in China are likely to be able to exploit the higher prices. This is because ex-China smelters tend to lock in prices on a longer-term basis.",{"type":677,"attrs":7134},{"id":7135,"body":7136},"81ab6195-5185-43b2-a749-2d1ac506d23f",[7137],{"id":7138,"_uid":7139,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28628770","i-bba8fbf7-1f89-421e-be9b-78e4f706fe7e",{"type":687,"attrs":7141,"content":7142},{"level":6832,"textAlign":49},[7143],{"text":7144,"type":593,"marks":7145},"Low TC/RCs and changing smelter economics",[7146],{"type":911},{"type":588,"attrs":7148,"content":7149},{"textAlign":49},[7150],{"text":7151,"type":593},"Copper concentrate TC/RCs are hitting ever lower lows in recent weeks. A well-attended BHP tender reportedly closed for smelter purchasing at USD $-78/t. This is down from $-58/t only a few months ago.",{"type":588,"attrs":7153,"content":7154},{"textAlign":49},[7155],{"text":7156,"type":593},"Trades reportedly closed this week at below $-110/t for smelter purchasing, though this deal had relatively unique precious metal content and payables. Either way, the trend for smelter purchasing is downward. Multiple sources noted that due to high acid prices TC/RCs could fall even further.",{"type":588,"attrs":7158,"content":7159},{"textAlign":49},[7160],{"text":7161,"type":593},"It’s hard to predict where the bottom of the market will be, but the higher acid goes, the more support smelters will receive.",{"type":687,"attrs":7163,"content":7164},{"level":6832,"textAlign":49},[7165],{"text":7166,"type":593,"marks":7167},"A broken TC benchmark system",[7168],{"type":911},{"type":588,"attrs":7170,"content":7171},{"textAlign":49},[7172],{"text":7173,"type":593},"Despite the conclusion of benchmark copper concentrate TC/RC discussions between Chinese smelters and Antofagasta at $0/t, Japanese, Korean, and European smelters have been reluctant to accept flat TCs, with $0/t well below levels that smelters had previously accepted. Despite by-products and premiums going a long way to supporting smelters, some remain reluctant to accept lower TCs.",{"type":588,"attrs":7175,"content":7176},{"textAlign":49},[7177],{"text":7178,"type":593},"However, during CESCO Week, Benchmark Mineral Intelligence heard reports of multiple smelters outside of Europe accepting $0/t TCs in some instances. However, other annual contracts were reportedly agreed in the $10s/t and $20s/t. Most of these deals have, however, included some side terms or compromises, including financing, acid buy backs, copper buy backs, and altered precious payables.",{"type":588,"attrs":7180,"content":7181},{"textAlign":49},[7182],{"text":7183,"type":593},"Ultimately, this is a continuation of the trend from last year that saw a bifurcated benchmark system. All sources noted that discussions had been harder this year, and many noted that ex-China smelters are increasingly not following the benchmark system.",{"type":687,"attrs":7185,"content":7186},{"level":6832,"textAlign":49},[7187],{"text":7188,"type":593,"marks":7189},"High prices divorced from fundamentals",[7190],{"type":911},{"type":588,"attrs":7192,"content":7193},{"textAlign":49},[7194],{"text":7195,"type":593},"Copper's high prices in 2026 were a significant talking point at CESCO. Supply and demand fundamentals do not seem to fully account for these high prices – last year, the copper supply surplus was the largest in over a decade, at 616kt. Visible exchange stocks are also high and have been floating around multi-decade highs in recent weeks.",{"type":588,"attrs":7197,"content":7198},{"textAlign":49},[7199],{"text":7200,"type":593},"“The copper price is completely unhinged from the fundamentals,” said one trader source, noting the current market surplus. A number of reasons why prices are so high were put forward at CESCO Week.",{"type":588,"attrs":7202,"content":7203},{"textAlign":49},[7204],{"text":7205,"type":593},"Stock build-up in the US, high-profile mine disruptions, capital overspill from financial markets, AI interest, and expectations of long-term shortages were all highlighted as potential causes of the high prices.",{"type":687,"attrs":7207,"content":7208},{"level":6832,"textAlign":49},[7209],{"text":7210,"type":593,"marks":7211},"Arbitrage uptick",[7212],{"type":911},{"type":588,"attrs":7214,"content":7215},{"textAlign":49},[7216],{"text":7217,"type":593},"Since early April there has been some uptick in the longer-term arbitrage, with the arbitrage now at $467/t by December. This is wider than it had been until recently and is getting closer to a level where participants may start positioning new material to the US.",{"type":588,"attrs":7219,"content":7220},{"textAlign":49},[7221],{"text":7222,"type":593},"Some market sources told us there was increased interest in buying copper to send to the US, though this had so far only translated into enquiries.",{"type":588,"attrs":7224,"content":7225},{"textAlign":49},[7226],{"text":7227,"type":593},"The increased arbitrage has happened as the LME forward curve has flattened significantly; however, the CME remains in a strong contango. The increased arbitrage may also indicate increased expectations that the US may impose tariffs on copper cathode, coming as it did after a vague statement from the US on copper tariffs.",{"type":588,"attrs":7229,"content":7230},{"textAlign":49},[7231,7234,7239],{"text":4898,"type":593,"marks":7232},[7233],{"type":767},{"text":4902,"type":593,"marks":7235},[7236,7238],{"type":603,"attrs":7237},{"href":4906,"uuid":49,"anchor":49,"target":607,"linktype":638},{"type":767},{"text":7240,"type":593,"marks":7241},". To find out more, fill in the form below and one of the team will be in touch:",[7242],{"type":767},{"type":677,"attrs":7244},{"id":7245,"body":7246},"26c2da5b-eb11-46cd-8b56-5c5f96b6b8ff",[7247],{"id":1081,"_uid":7248,"component":1083,"wrap_in_box":50,"redirect_url":7249,"success_file":7250,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":7252,"show_on_intelligence":50},"i-4e15aa8f-d67e-43d1-9fb5-a62d55b5a164",{"id":547,"url":547,"linktype":608,"fieldtype":1085,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":7251},{},[],"Last week, market participants from across the world met in Santiago to discuss the copper market, though at times the conference was more focused on acid than the red metal.\n\nParticipants were meeting as prices near all-time highs, exchange stocks remain swollen, and TCs continue to fall. There was certainly no shortage of things to discuss in Chile.",[7255],{"slug":1291,"name":1292,"content":7256},{"job_title":1294,"image":7257,"bio":1297,"linkedin":1298,"markets_covered":1109},{"filename":1296},[7259],{"slug":1108,"name":1109},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":7261},{},{"id":7263,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":7264,"copyright":547,"fieldtype":553,"meta_data":7265,"is_external_url":50},129067883023330,"https://a.storyblok.com/f/287943243085208/5222d00d80/bm-glencore-copper-anodes-at-lomas-bayas-chile.jpg",{},"Last week, market participants from across the world met in Santiago to discuss the copper market, though at times the conference was more focused on acid than the red metal.","Apr 21, 2026",{"id":7269,"uuid":7270,"name":7271,"slug":7272,"full_slug":7273,"content":7274},168232254044398,"033fd4f7-dd04-42d6-9b9e-d31d2ed1321c","USA Rare Earth acquires Serra Verde","usa-rare-earth-acquires-serra-verde","article/usa-rare-earth-acquires-serra-verde",{"_uid":7275,"date":7067,"tags":7276,"editor":7286,"content":7290,"excerpt":7399,"featured":51,"reporter":7400,"component":794,"seo_title":7271,"categories":7410,"visibility":805,"data_vis_image":7412,"featured_image":7414,"seo_description":7419,"formattedDate":7267},"f57534d8-aa6a-41ec-b46b-4f047c649b4d",[7277,7280,7283],{"slug":7278,"name":7279},"usa-rare-earth","USA Rare Earth",{"slug":7281,"name":7282},"lynas","Lynas",{"slug":7284,"name":7285},"us","US",[7287],{"slug":544,"name":543,"content":7288},{"job_title":557,"image":7289,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":7291},[7292,7312,7334,7341,7346,7351,7358,7367,7374,7379,7384,7389,7394],{"type":588,"attrs":7293,"content":7294},{"textAlign":49},[7295,7297,7301,7303,7310],{"text":7296,"type":593},"The acquisition of Brazil’s Serra Verde by USA Rare Earth, announced on 20 April, represents a significant – though not immediately transformative ",{"text":7298,"type":593,"marks":7299},"–",[7300],{"type":911},{"text":7302,"type":593}," development in the ",{"text":7304,"type":593,"marks":7305},"heavy rare earth",[7306],{"type":603,"attrs":7307},{"href":7308,"uuid":7309,"anchor":49,"target":607,"linktype":608},"/article/ex-china-rare-earths-premium-to-grow-especially-for-heavies","15dc312f-8254-4eb3-a856-11af57feb532",{"text":7311,"type":593}," (HREE) supply chain.",{"type":588,"attrs":7313,"content":7314},{"textAlign":49},[7315,7317,7324,7326,7332],{"text":7316,"type":593},"The deal, alongside USA Rare Earth’s earlier acquisition of Less Common Metals (LCM), highlights a broader push to ",{"text":7318,"type":593,"marks":7319},"establish an integrated, ex-China rare earth ecosystem",[7320],{"type":603,"attrs":7321},{"href":7322,"uuid":7323,"anchor":49,"target":607,"linktype":608},"/article/rare-earths-price-rally-highlights-china-s-influence-on-market","43bb65ef-102c-4f79-9f64-a8f6740ded80",{"text":7325,"type":593},". Serra Verde will also receive a price floor for four rare earths as part of a 15-year supply deal with the US government, the third such price floor in the industry after announcements by MP Materials and ",{"text":7282,"type":593,"marks":7327},[7328],{"type":603,"attrs":7329},{"href":7330,"uuid":7331,"anchor":49,"target":898,"linktype":608},"/article/lynas-rare-earths-signs-us-96m-rare-earth-offtake-and-price-floor-commitment-with-dow","f74b2983-4b5a-494e-8eae-ce776123a85e",{"text":7333,"type":593},", and USA Rare Earth will invest $2.8 billion into the operation.",{"type":687,"attrs":7335,"content":7336},{"level":6832,"textAlign":49},[7337],{"text":7338,"type":593,"marks":7339},"Serra Verde offers substantial ex-China HREE supply potential",[7340],{"type":911},{"type":588,"attrs":7342,"content":7343},{"textAlign":49},[7344],{"text":7345,"type":593},"Serra Verde, an ionic clay operation in Brazil, is expected to reach Phase 1 capacity by the end of 2027, producing approximately 6,400 tonnes of total rare earth oxides annually in MREC form.",{"type":588,"attrs":7347,"content":7348},{"textAlign":49},[7349],{"text":7350,"type":593},"The asset, known as Pela Ema in Brazil, has been ramping up slowly since coming online in 2024, and was shipping concentrate to China. After the acquisition, it will ship concentrate to USA Rare Earth’s refinery facility in Texas. Due to its HREE-rich profile, it could account for a substantial share of non-China HREE supply, where production remains limited.",{"type":677,"attrs":7352},{"id":7353,"body":7354},"cfb1495c-2501-4181-a74e-5de9d2f5fdb4",[7355],{"id":7356,"_uid":7357,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28083380","i-0d626696-a62a-49d9-94f6-558d4e6fa729",{"type":588,"attrs":7359,"content":7360},{"textAlign":49},[7361,7363],{"text":7362,"type":593},"Serra Verde is expected to produce 275 tonnes of Dy oxide and 35 tonnes of Tb oxide in full production. For context, US demand for Dy oxide (REPM use) is 335 tonnes in 2035 and Tb oxide (REPM ) use is 87 tonnes. However, cost competitiveness remains a challenge. According to Benchmark’s cost analysis, ionic clay operations have five to seven times the opex of Chinese ionic clay mines, with added burden of capital return. ",{"text":1624,"type":593,"marks":7364},[7365],{"type":596,"attrs":7366},{"color":547},{"type":687,"attrs":7368,"content":7369},{"level":6832,"textAlign":49},[7370],{"text":7371,"type":593,"marks":7372},"Vertical integration more significant than immediate impact",[7373],{"type":911},{"type":588,"attrs":7375,"content":7376},{"textAlign":49},[7377],{"text":7378,"type":593},"The near-term market impact is likely to be constrained. The primary bottleneck in rare earth supply chains is not mining, but downstream processing, particularly the separation of heavy rare earth oxides. Western capacity in this area is still developing, and timelines for scaling remain uncertain.",{"type":588,"attrs":7380,"content":7381},{"textAlign":49},[7382],{"text":7383,"type":593},"The strategic significance of the transaction lies in vertical integration. By combining Serra Verde’s upstream production with separation capabilities, LCM’s metallisation expertise, and planned magnet manufacturing, USA Rare Earth is positioning itself to deliver a fully integrated supply chain. Long-term offtake agreements, supported by US government-linked entities, further enhance supply security while potentially reducing exposure to Chinese spot markets.",{"type":588,"attrs":7385,"content":7386},{"textAlign":49},[7387],{"text":7388,"type":593},"This follows the same model as most US assets, which are aiming for vertically integrated supply chains. We have seen multiple US companies announcing mergers, acquisitions and secured offtakes since the export controls in April 2025.",{"type":588,"attrs":7390,"content":7391},{"textAlign":49},[7392],{"text":7393,"type":593},"This wave of activity is not just about expanding capacity, but is driven by the need for geographic diversification, supply chain security, and access to advanced technologies such as recycling and heavy rare earth processing.",{"type":588,"attrs":7395,"content":7396},{"textAlign":49},[7397],{"text":7398,"type":593},"The deal represents a meaningful step toward diversifying supply away from China. Its impact will likely emerge over the next several years, contingent on successful ramp-up and expansion of processing capacity across Western markets.","The acquisition of Brazil’s Serra Verde by USA Rare Earth represents a significant, though not immediately transformative, development in the heavy rare earth (HREE) supply chain.\n\nAnnounced on 20 April, the deal - alongside USA Rare Earth’s earlier acquisition of Less Common Metals (LCM) - highlights a broader push to establish an integrated, ex-China rare earth ecosystem. Serra Verde will also receive a price floor for four rare earths as part of a 15-year supply deal with the US government, the third such price floor in the industry after announcements by MP Materials and Lynas.",[7401],{"slug":7402,"name":7403,"content":7404},"neha-mukherjee","Neha Mukherjee",{"job_title":7405,"image":7406,"bio":7408,"linkedin":7409,"markets_covered":414},"Senior Analyst - Rare Earths",{"filename":7407},"https://a.storyblok.com/f/287943243085208/512x512/687eb77e03/neha-mukherjee.jpeg","Neha is a Research Manager at Benchmark Mineral Intelligence, where she leads the market analysis of rare earth elements, covering supply, demand, cost, pricing, and ESG factors. She has two years of experience in the critical minerals sector and has executed consulting projects focused on market due diligence. Her background includes roles in energy market consulting and management consulting. Neha holds a Master’s degree in Sustainable Energy from the University of Glasgow and a B.Tech in Electrical Engineering from India.","https://www.linkedin.com/in/neha-mukherjee-5825b0135/",[7411],{"slug":3746,"name":414},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":7413},{},{"id":7415,"alt":547,"name":547,"focus":547,"title":7416,"source":547,"filename":7417,"copyright":547,"fieldtype":553,"meta_data":7418,"is_external_url":50},107048192154178,"Rare earth oxides produced by MP Materials at the Mountain Pass Rare Earth Mine & Processing Facility in California. Photo credit: Heather Jacquart via MP Materials","https://a.storyblok.com/f/287943243085208/x/1c7c16e0d6/infographic-the-last-30-years-of-rare-earths-mining.avif",{"alt":547,"title":7416,"source":547,"copyright":547},"The acquisition of Brazil’s Serra Verde by USA Rare Earth represents a significant, though not immediately transformative, development in the heavy rare earth (HREE) supply chain.",{"id":7421,"uuid":7422,"name":7423,"slug":7424,"full_slug":7425,"content":7426},167902268839189,"1c2cc548-2275-47bb-a337-77c61fbdf56a","Range extended electric vehicles to play an increasing role in Europe and the US after significant China growth","range-extended-electric-vehicles-reevs-to-play-an-increasing-role-in-europe-and-the-usa-after-significant-china-growth","article/range-extended-electric-vehicles-reevs-to-play-an-increasing-role-in-europe-and-the-usa-after-significant-china-growth",{"_uid":7427,"date":7428,"tags":7429,"editor":7436,"content":7440,"excerpt":7520,"featured":51,"reporter":7521,"component":794,"seo_title":7525,"categories":7526,"visibility":805,"data_vis_image":7528,"featured_image":7530,"seo_description":7534,"formattedDate":7535},"b5d8c731-3183-423b-b023-a24c5c44bb30","2026-04-20 00:00",[7430,7433,7434,7435],{"slug":7431,"name":7432},"reev","REEV",{"slug":1465,"name":1466},{"slug":1332,"name":1333},{"slug":2189,"name":2190},[7437],{"slug":544,"name":543,"content":7438},{"job_title":557,"image":7439,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":7441},[7442,7450,7458,7465,7470,7475,7480,7485,7490,7495,7500,7505,7510,7515],{"type":588,"attrs":7443,"content":7444},{"textAlign":49},[7445],{"text":7446,"type":593,"marks":7447},"The share of range extended electric vehicles (REEV) share in China’s EV market sales has risen from nothing in 2019 to over 12% in the first two months of 2026.",[7448],{"type":596,"attrs":7449},{"color":547},{"type":588,"attrs":7451,"content":7452},{"textAlign":49},[7453],{"text":7454,"type":593,"marks":7455},"This growth has been supported by investment into model development, resulting in over 40 models now being available in China. In Europe and the USA, the powertrain remains a largely unexplored technology, with just six models ever being released by a non-Chinese brand and an EV market share of less than 0.5% in both markets.",[7456],{"type":596,"attrs":7457},{"color":547},{"type":677,"attrs":7459},{"id":7460,"body":7461},"2734780b-f495-4809-ae02-2d8ebadab2d2",[7462],{"id":7463,"_uid":7464,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28577100","i-105a3b35-1e65-49c1-a039-777521961f78",{"type":588,"attrs":7466,"content":7467},{"textAlign":49},[7468],{"text":7469,"type":593},"However, the tide for REEVs in both Europe and the US is beginning to turn, each for different reasons. European development will aid local vehicle manufacturers in meeting their EU tailpipe emission reduction targets, given the recent softening of those targets. ",{"type":588,"attrs":7471,"content":7472},{"textAlign":49},[7473],{"text":7474,"type":593},"In the US, meanwhile, the powertrain will enable consumers to have a choice within electrified model line-ups without the same range of constraints as an all-electric alternative. This makes it well-suited to a US market that has witnessed several major BEV investment pull-backs by OEMs in recent years.",{"type":588,"attrs":7476,"content":7477},{"textAlign":49},[7478],{"text":7479,"type":593},"Much like PHEVs, REEVs have both an internal combustion engine (ICE) and battery pack. Unlike PHEVs, where the ICE can directly power the vehicle’s wheels, a REEV’s ICE acts as a generator for the battery and cannot power the vehicle directly. Instead, only the battery is able to power the vehicle’s drive. With REEVs designed to function as a BEV, the battery packs are typically larger than a PHEV equivalent, while its combined range is significantly larger than a BEV given its ability to recharge the battery on the go. ",{"type":687,"attrs":7481,"content":7482},{"level":6832,"textAlign":49},[7483],{"text":7484,"type":593},"High regulatory attractiveness for REEVs in Europe",{"type":588,"attrs":7486,"content":7487},{"textAlign":49},[7488],{"text":7489,"type":593},"The EU’s tailpipe emission standards allow carmakers to comply with a 90% CO2 reduction target, with the remaining 10% compensated through various approved mechanisms, enabling the production of PHEVs, REEVs, HEVs and ICE vehicles to continue. An increase in BEV production is required to meet the target regardless. That increase must be more significant to offset meaningful ICE/HEV sales, whereas PHEVs and REEVs offer greater compliance flexibility when balanced alongside BEVs.",{"type":588,"attrs":7491,"content":7492},{"textAlign":49},[7493],{"text":7494,"type":593},"PHEVs saw their CO2 values increase in 2025, with further adjustments scheduled for 2027 after real-world emissions testing revealed PHEVs emit significantly more CO2 than previously tested in laboratory conditions. REEVs are a potential mitigation strategy considering the reduced regulatory attractiveness of PHEVs for vehicle manufacturers in Europe as they typically feature larger battery packs and deliver lower certified CO2 values. In March 2026, Renault Group became the first carmaker to commit to mass segment REEVs in Europe with its new modular EV platform, RG EV medium2.0. ",{"type":687,"attrs":7496,"content":7497},{"level":6832,"textAlign":49},[7498],{"text":7499,"type":593},"REEVs will provide US consumers with greater flexibility",{"type":588,"attrs":7501,"content":7502},{"textAlign":49},[7503],{"text":7504,"type":593},"In light of the abolition of federal tax credits supporting EV adoption in September 2025 and the reduction of CAFE standards’ fines to zero, North American vehicle manufacturers have significantly readjusted their electrification strategies. Much of this has involved financial write-offs as they cancel future EV models and reduce EV production. However, some of this strategy shift has involved a pivot towards REEVs. The all-electric Ford F-150 is being replaced by a REEV option, Ram opted to launch a REEV pickup truck as it cancelled the development of an all-electric version, and VW Group’s Scout will prioritise the launch of its REEV models over the all-electric versions. ",{"type":588,"attrs":7506,"content":7507},{"textAlign":49},[7508],{"text":7509,"type":593},"BEV development in the US has so far focused on large SUVs and pickup trucks. However, striking the balance between range and vehicle price, given the use of expensive and large high-nickel battery packs, has been a challenge. Amid weaker incentives for both consumers and vehicle manufacturers to electrify, the launch of REEVs in the US market provides greater flexibility to consumers. It provides them with an electrified option that better suits their range requirements. ",{"type":687,"attrs":7511,"content":7512},{"level":6832,"textAlign":49},[7513],{"text":7514,"type":593},"The economics of REEVs remain uncertain",{"type":588,"attrs":7516,"content":7517},{"textAlign":49},[7518],{"text":7519,"type":593},"With BEV pricing in both Europe and the US a barrier to adoption, ensuring REEVs are competitively priced relative to their ICE vehicle counterparts will be important in ensuring significant adoption. A challenge made harder by the need to fit both an ICE and reasonably large battery pack within the vehicle. In China, models available as both a BEV and REEV are typically priced very similarly. The launch of REEVs may not provide the move towards affordably that the EV markets in both Europe and the US require, but they will provide consumers with flexibility and they will ease the reliance on BEV adoption to meet the EU’s emission standards.","The share of range extended electric vehicles (REEV) share in China’s EV market sales has risen from nothing in 2019 to over 12% in the first two months of 2026. \n\nThis growth has been supported by investment into model development, resulting in over 40 models now being available in China. In Europe and the US, the powertrain remains a largely unexplored technology, with just six models ever being released by a non-Chinese brand and an EV market share of less than 0.5% in both markets.\n",[7522],{"slug":2326,"name":2327,"content":7523},{"job_title":2329,"image":7524,"bio":2332,"linkedin":2333,"markets_covered":1438},{"filename":2331},"REEV growth likely in West following significant China inroads",[7527],{"slug":1441,"name":1442},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":7529},{},{"id":7531,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":7532,"copyright":547,"fieldtype":553,"meta_data":7533,"is_external_url":50},107126668678844,"https://a.storyblok.com/f/287943243085208/x/d7717f37eb/chinas-miit-introduces-tougher-rules-for-evs-from-2026.avif",{},"The share of range extended electric vehicles (REEV) share in China’s EV market sales has risen from nothing in 2019 to over 12% in the first two months of 2026. This growth has been supported by investment into model development.","Apr 20, 2026",{"id":7537,"uuid":7538,"name":7539,"slug":7540,"full_slug":7541,"content":7542},167894517201948,"1f78b595-3af5-4611-8ff9-18074125b2fc","China’s MIIT Measures for Comprehensive Utilisation of NEV Batteries take effect","china-s-miit-measures-for-comprehensive-utilisation-of-nev-batteries-take-effect","article/china-s-miit-measures-for-comprehensive-utilisation-of-nev-batteries-take-effect",{"_uid":7543,"date":7428,"tags":7544,"editor":7547,"content":7551,"excerpt":7714,"featured":51,"reporter":7715,"component":794,"seo_title":7719,"categories":7720,"visibility":805,"data_vis_image":7722,"featured_image":7724,"seo_description":7728,"formattedDate":7535},"90da3586-7a26-4a33-9349-141222cb6e95",[7545,7546],{"slug":6894,"name":6895},{"slug":5590,"name":373},[7548],{"slug":544,"name":543,"content":7549},{"job_title":557,"image":7550,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":7552},[7553,7589,7611,7620,7628,7636,7650,7658,7666,7674,7683,7691,7699,7707],{"type":588,"attrs":7554,"content":7555},{"textAlign":49},[7556,7561,7570,7575,7584],{"text":7557,"type":593,"marks":7558},"At the beginning of this year, ",[7559],{"type":596,"attrs":7560},{"color":598},{"text":7562,"type":593,"marks":7563},"China’s Ministry of Industry and Information Technology (MIIT)",[7564,7568],{"type":603,"attrs":7565},{"href":7566,"uuid":7567,"anchor":49,"target":607,"linktype":608},"/article/chinas-miit-introduces-tougher-rules-for-evs-from-2026","9c5bd8e3-4a58-4552-b06c-515b5a0173ff",{"type":596,"attrs":7569},{"color":598},{"text":7571,"type":593,"marks":7572}," issued the final Measures for the Comprehensive Utilisation of NEV Batteries, which took effect on 1 April 2026, meaning ",[7573],{"type":596,"attrs":7574},{"color":598},{"text":7576,"type":593,"marks":7577},"the industry",[7578,7582],{"type":603,"attrs":7579},{"href":7580,"uuid":7581,"anchor":49,"target":607,"linktype":608},"/article/infographic-how-much-of-the-recycling-industry-does-china-control","14754ee8-aa22-4e65-992f-76c84b6c2348",{"type":596,"attrs":7583},{"color":598},{"text":7585,"type":593,"marks":7586}," is now entering its first full compliance phase. ",[7587],{"type":596,"attrs":7588},{"color":598},{"type":588,"attrs":7590,"content":7591},{"textAlign":49},[7592,7597,7606],{"text":7593,"type":593,"marks":7594},"This update clarifies the definition of ",[7595],{"type":596,"attrs":7596},{"color":598},{"text":7598,"type":593,"marks":7599},"end-of-life (EOL) EV batteries",[7600,7604],{"type":603,"attrs":7601},{"href":7602,"uuid":7603,"anchor":49,"target":607,"linktype":608},"/article/how-is-the-second-life-battery-market-playing-out","39419043-3004-4633-9568-7869e2d0cb37",{"type":596,"attrs":7605},{"color":598},{"text":7607,"type":593,"marks":7608},", battery coding requirements, recycling responsibilities across the battery lifecycle, and information reporting obligations.",[7609],{"type":596,"attrs":7610},{"color":598},{"type":687,"attrs":7612,"content":7613},{"level":6832,"textAlign":49},[7614],{"text":7615,"type":593,"marks":7616},"Battery manufacturers or OEMs responsible for EOL EV battery management",[7617,7619],{"type":596,"attrs":7618},{"color":598},{"type":911},{"type":588,"attrs":7621,"content":7622},{"textAlign":49},[7623],{"text":7624,"type":593,"marks":7625},"Battery manufacturers producing or importing batteries are responsible for recycling, except where batteries are supplied to OEMs, in which case the OEM is responsible for those embedded in EVs sold in China, with compliance achievable either in-house or via third-party recycling partnerships. ",[7626],{"type":596,"attrs":7627},{"color":598},{"type":588,"attrs":7629,"content":7630},{"textAlign":49},[7631],{"text":7632,"type":593,"marks":7633},"Between battery manufacturers and OEMs, the final Measures also clarify responsibilities for establishing collection points, notifying customers, and the transfer of obligations in cases of operational disruption or business closure.",[7634],{"type":596,"attrs":7635},{"color":598},{"type":687,"attrs":7637,"content":7638},{"level":6832,"textAlign":49},[7639,7644],{"type":3397,"attrs":7640},{"id":7641,"alt":547,"src":7642,"title":547,"source":547,"copyright":547,"meta_data":7643},167894709534700,"https://a.storyblok.com/f/287943243085208/807x497/a8f48100fc/recycling-flow-chart.png",{},{"text":7645,"type":593,"marks":7646},"Battery code and information update requirements",[7647,7649],{"type":596,"attrs":7648},{"color":598},{"type":911},{"type":588,"attrs":7651,"content":7652},{"textAlign":49},[7653],{"text":7654,"type":593,"marks":7655},"As part of this legislative update, all batteries produced in or imported into China must carry a unique code, with manufacturers and OEMs required to follow specified priorities on design, deployment and information disclosure, while national authorities will establish an EV battery digital ID system covering details such as battery type, composition and recycling, although further specifics have not yet been released. ",[7656],{"type":596,"attrs":7657},{"color":598},{"type":588,"attrs":7659,"content":7660},{"textAlign":49},[7661],{"text":7662,"type":593,"marks":7663},"Battery manufacturers are expected to generate a battery code for each battery cell based on the battery code policy (GB/T 34014), and ensure labels are applied to the cell, module, and battery pack. Meanwhile, battery manufacturers need to provide battery code and dismantling technology information to OEMs or EOL EV recycling companies. For OEMs, the disclosure of technical information related to vehicle repair is required.",[7664],{"type":596,"attrs":7665},{"color":598},{"type":588,"attrs":7667,"content":7668},{"textAlign":49},[7669],{"text":7670,"type":593,"marks":7671},"The Measures also define clear responsibilities for updating battery-related information across all stakeholders throughout the battery lifecycle, from production and sales to battery swapping, repair, and EOL battery collection and recycling. Each party is required to report battery flow data within specified timeframes to ensure end-to-end traceability of batteries.",[7672],{"type":596,"attrs":7673},{"color":598},{"type":687,"attrs":7675,"content":7676},{"level":6832,"textAlign":49},[7677],{"text":7678,"type":593,"marks":7679},"Impact on the Chinese recycling market",[7680,7682],{"type":596,"attrs":7681},{"color":598},{"type":911},{"type":588,"attrs":7684,"content":7685},{"textAlign":49},[7686],{"text":7687,"type":593,"marks":7688},"Mandatory battery coding and lifecycle-wide reporting requirements for all stakeholders aim to achieve full traceability of batteries throughout their life cycle. This will help prevent batteries from entering illegal recycling channels and effectively curb the activities of unlicensed recyclers.",[7689],{"type":596,"attrs":7690},{"color":6956},{"type":588,"attrs":7692,"content":7693},{"textAlign":49},[7694],{"text":7695,"type":593,"marks":7696},"Compliant recyclers are expected to gain increased access to end-of-life batteries through closer collaboration with battery manufacturers and OEMs. Stringent enforcement is likely to gradually phase out illegal players, enabling legal operators to secure greater feedstock and improve operational efficiency. ",[7697],{"type":596,"attrs":7698},{"color":6956},{"type":588,"attrs":7700,"content":7701},{"textAlign":49},[7702],{"text":7703,"type":593,"marks":7704},"Recycling players with advanced technologies, better environmental performance, and scalable capacity are therefore likely to gain a competitive advantage, while smaller and less efficient operators may face intensified pressure and consolidation within the sector.",[7705],{"type":596,"attrs":7706},{"color":6956},{"type":677,"attrs":7708},{"id":7709,"body":7710},"1996dc2e-a289-454a-9f03-8019f068cf0c",[7711],{"id":7712,"_uid":7713,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28606392","i-4e4d6a12-55bf-46d1-9193-26fa8f4ff841","At the beginning of this year, China’s Ministry of Industry and Information Technology (MIIT) issued the final Measures for the Comprehensive Utilisation of NEV Batteries, which took effect on 1 April 2026, meaning the industry is now entering its first full compliance phase. \n\nThis update clarifies the definition of end-of-life (EOL) EV batteries, battery coding requirements, recycling responsibilities across the battery lifecycle, and information reporting obligations.",[7716],{"slug":7045,"name":7046,"content":7717},{"job_title":7048,"image":7718,"bio":7051,"linkedin":7052,"markets_covered":5593},{"filename":7050},"New Chinese NEV battery recycling rules enter force",[7721],{"slug":5592,"name":5593},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":7723},{},{"id":7725,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":7726,"copyright":547,"fieldtype":553,"meta_data":7727,"is_external_url":50},129073589921733,"https://a.storyblok.com/f/287943243085208/bc6bfb8df0/bm-vw-battery-recycling.jpg",{},"At the beginning of this year, China’s Ministry of Industry and Information Technology (MIIT) issued the final Measures for the Comprehensive Utilisation of NEV Batteries, which took effect on 1 April 2026.",{"id":7730,"uuid":5460,"name":7731,"slug":7732,"full_slug":7733,"content":7734},166886595052314,"Runaway rally before stabilisation: Black Mass Q1 2026 Price Review","runaway-rally-before-stabilisation-black-mass-q1-2026-price-review","article/runaway-rally-before-stabilisation-black-mass-q1-2026-price-review",{"_uid":7735,"date":7736,"tags":7737,"editor":7742,"content":7746,"excerpt":7837,"featured":51,"reporter":7838,"component":794,"seo_title":7842,"categories":7843,"visibility":805,"data_vis_image":7845,"featured_image":7847,"seo_description":7837,"formattedDate":7849},"939a8535-6f45-4b80-9da6-0c45e27f4408","2026-04-17 00:00",[7738,7741],{"slug":7739,"name":7740},"black-mass-prices","Black mass prices",{"slug":6894,"name":6895},[7743],{"slug":544,"name":543,"content":7744},{"job_title":557,"image":7745,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":7747},[7748,7763,7771,7778,7805,7813,7821,7829],{"type":588,"attrs":7749,"content":7750},{"textAlign":49},[7751,7758],{"text":7752,"type":593,"marks":7753},"Black mass",[7754,7756],{"type":603,"attrs":7755},{"href":5519,"uuid":5520,"anchor":49,"target":607,"linktype":608},{"type":596,"attrs":7757},{"color":6956},{"text":7759,"type":593,"marks":7760}," payables underwent a dynamic Q1 as trading levels for the recycled intermediate responded to bullish virgin battery metal prices, quietness through the CNY period in February, and a continued trend towards regional divergence.",[7761],{"type":596,"attrs":7762},{"color":6956},{"type":588,"attrs":7764,"content":7765},{"textAlign":49},[7766],{"text":7767,"type":593,"marks":7768},"Benchmark recorded the largest price movements in the seaborne Asia market, as CIF Asia NCM black mass rose by 10 percentage points between the end of December and end of the quarter. Benchmark’s EXW China LFP black mass also underwent significant gains, increasing by 28.4% across the same period. European and North American payables underwent shifts of a similar magnitude despite responding to virgin market movements in a delayed fashion towards the end of February.",[7769],{"type":596,"attrs":7770},{"color":6956},{"type":677,"attrs":7772},{"id":7773,"body":7774},"3bac62d9-2c50-42fb-8219-0eadeaa82dd7",[7775],{"id":7776,"_uid":7777,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28575920","i-6da67715-6e23-4c85-8398-4abfb98f8795",{"type":588,"attrs":7779,"content":7780},{"textAlign":49},[7781,7786,7791,7800],{"text":7782,"type":593,"marks":7783},"Black mass payables surged towards the end of January",[7784],{"type":596,"attrs":7785},{"color":598},{"text":7787,"type":593,"marks":7788},", driven by bullishness in the battery metal markets in the domestic China market. ",[7789],{"type":596,"attrs":7790},{"color":6956},{"text":7792,"type":593,"marks":7793},"Lithium’s price rally ",[7794,7798],{"type":603,"attrs":7795},{"href":7796,"uuid":7797,"anchor":49,"target":607,"linktype":608},"/article/volatile-yet-robust-lithium-q1-2026-price-review","fd98e9b3-113b-4179-b249-104c9389ba9f",{"type":596,"attrs":7799},{"color":6956},{"text":7801,"type":593,"marks":7802},"being the most influential, with battery grade lithium carbonate rising by 45.6% throughout the quarter. Favourable quotation periods, bullish speculative traders and new Asian capacity coming online buoyed payables further.",[7803],{"type":596,"attrs":7804},{"color":6956},{"type":588,"attrs":7806,"content":7807},{"textAlign":49},[7808],{"text":7809,"type":593,"marks":7810},"In February, domestic Chinese black mass payables softened amid easing virgin battery metal prices and falling liquidity ahead of CNY. Outside China, however, particularly in seaborne Asia and Europe, prices continued to catch up, reflecting China-led pricing and a delayed response to earlier moves in virgin markets.",[7811],{"type":596,"attrs":7812},{"color":6956},{"type":588,"attrs":7814,"content":7815},{"textAlign":49},[7816],{"text":7817,"type":593,"marks":7818},"As Chinese refiners sought more feedstock for their underutilised hydrometallurgical plants, seaborne Asia responded the most vigorously, causing many players outside of China to be priced out of auctions as payables reached 140% and 91% for production scrap and EOL feedstock black mass, respectively.",[7819],{"type":596,"attrs":7820},{"color":6956},{"type":588,"attrs":7822,"content":7823},{"textAlign":49},[7824],{"text":7825,"type":593,"marks":7826},"March brought a more regionalised picture. Chinese payables were broadly stable as the market resumed gradually after CNY and virgin market plateaued, with hydrometallurgical plants adopting ad hoc procurement strategies. In the ex-China markets, prices continued to rise in response to earlier virgin price movements, before correcting lower later in the month as margins came under pressure.",[7827],{"type":596,"attrs":7828},{"color":6956},{"type":588,"attrs":7830,"content":7831},{"textAlign":49},[7832],{"text":7833,"type":593,"marks":7834},"By quarter-end, black mass was still trading well above the levels seen at the start of the year, but the market had shifted from a runaway rally to a more stable and regionally fragmented pricing environment.",[7835],{"type":596,"attrs":7836},{"color":6956},"Black mass payables underwent a dynamic Q1 as trading levels for the recycled intermediate responded to bullish virgin battery metal prices, quietness through the CNY period in February, and a continued trend towards regional divergence.",[7839],{"slug":7045,"name":7046,"content":7840},{"job_title":7048,"image":7841,"bio":7051,"linkedin":7052,"markets_covered":5593},{"filename":7050},"Runaway rally then stabilisation: Black Mass Q1 2026 Price Review",[7844],{"slug":5590,"name":373},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":7846},{},{"id":5599,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":5600,"copyright":547,"fieldtype":553,"meta_data":7848,"is_external_url":50},{},"Apr 17, 2026",{"id":7851,"uuid":5849,"name":7852,"slug":7853,"full_slug":7854,"content":7855},166819471361874,"Europe has record quarter for energy storage","europe-has-record-quarter-for-energy-storage","article/europe-has-record-quarter-for-energy-storage",{"_uid":7856,"date":7736,"tags":7857,"editor":7864,"content":7868,"excerpt":7958,"featured":51,"reporter":7959,"component":794,"seo_title":7852,"categories":7963,"visibility":805,"data_vis_image":7965,"featured_image":7967,"seo_description":7969,"formattedDate":7849},"f9b41397-084b-4620-9185-4e027cf8c216",[7858,7859,7862,7863],{"slug":2189,"name":2190},{"slug":7860,"name":7861},"uk","UK",{"slug":1899,"name":1900},{"slug":3539,"name":1690},[7865],{"slug":544,"name":543,"content":7866},{"job_title":557,"image":7867,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":7869},[7870,7891,7896,7916,7923,7928,7933,7938,7943,7948,7953],{"type":588,"attrs":7871,"content":7872},{"textAlign":49},[7873,7875,7882,7884,7889],{"text":7874,"type":593},"New ",{"text":7876,"type":593,"marks":7877},"installations of utility-scale storage",[7878],{"type":603,"attrs":7879},{"href":7880,"uuid":7881,"anchor":49,"target":607,"linktype":608},"/article/global-bess-installments-increase-29-y-o-y","97c1dbbb-810f-4732-bbc5-3300ed5257d0",{"text":7883,"type":593}," in Europe more than doubled in the first quarter of 2026 compared to ",{"text":7885,"type":593,"marks":7886},"Q1 2025",[7887],{"type":603,"attrs":7888},{"href":1513,"uuid":1514,"anchor":49,"target":607,"linktype":608},{"text":7890,"type":593},". Over 6.5GWh was installed in the first three months of the year, with over half of that coming online in March. Notably, March saw more capacity installed than the full year of 2023.",{"type":588,"attrs":7892,"content":7893},{"textAlign":49},[7894],{"text":7895,"type":593},"In 2023, Benchmark tracked 90 utility-scale projects entering operation, compared to 75 in the first quarter of 2026.",{"type":588,"attrs":7897,"content":7898},{"textAlign":49},[7899,7901,7907,7909,7914],{"text":7900,"type":593},"The average size of European projects has increased significantly in recent years, helping boost the ",{"text":3204,"type":593,"marks":7902},[7903],{"type":603,"attrs":7904},{"href":7905,"uuid":7906,"anchor":49,"target":607,"linktype":608},"/article/us-bess-cell-demand-outstripping-north-american-production-until-2028-despite-tariffs","e10ddd56-09be-471c-ab8b-7f1503670661",{"text":7908,"type":593}," figure. In Q1 2026 the average size was 91MWh, compared to just over 40MWh in 2023. Notably, however, average project size in Europe remains significantly ",{"text":7910,"type":593,"marks":7911},"smaller than elsewhere",[7912],{"type":603,"attrs":7913},{"href":2622,"uuid":2623,"anchor":49,"target":607,"linktype":608},{"text":7915,"type":593},", with the global average size coming in at 201MWh in the first quarter.",{"type":677,"attrs":7917},{"id":7918,"body":7919},"6f0f8036-4c03-4fff-9fda-f5f11378de56",[7920],{"id":7921,"_uid":7922,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28556401","i-6aeaf655-c4fb-41b4-afc5-644748c06612",{"type":687,"attrs":7924,"content":7925},{"level":6832,"textAlign":49},[7926],{"text":7927,"type":593},"UK installed Europe’s first giga-scale project",{"type":588,"attrs":7929,"content":7930},{"textAlign":49},[7931],{"text":7932,"type":593},"At a country level, the UK led new operational capacity, with over 2.2GWh installed across nine projects. The largest of these was Alcemi Coalburn 1 BESS in South Lanarkshire, Scotland, a 1,000MWh/500MW project that is Europe’s first giga-scale project to enter operation. ",{"type":588,"attrs":7934,"content":7935},{"textAlign":49},[7936],{"text":7937,"type":593},"Giga-scale projects have been becoming more common globally, with 46 such projects entering operation in 2025, compared to 10 in 2024. Two further giga-scale projects are planned in Europe for 2026, with a further 38 planned for completion by the end of 2028. ",{"type":687,"attrs":7939,"content":7940},{"level":6832,"textAlign":49},[7941],{"text":7942,"type":593},"Bulgaria becoming key European market",{"type":588,"attrs":7944,"content":7945},{"textAlign":49},[7946],{"text":7947,"type":593},"Bulgaria and Germany also saw over 1GWh installed in the first quarter, with 1.6GWh and 1.0GWh installed respectively. Bulgaria has emerged as a key market for energy storage in Europe in recent years on the back of its active tender schemes, supportive regulation and EU-supported funding which has resulted in a breakthrough year for grid-scale deployment in the country. ",{"type":588,"attrs":7949,"content":7950},{"textAlign":49},[7951],{"text":7952,"type":593},"In Germany, the residential market has flattened in recent years, though a strengthening grid market has more than compensated for this. The latter has largely been fuelled by strong merchant opportunities and wide price-spread opportunities, though long permitting processes and significant grid connection queues pose barriers to large-scale rapid deployment. ",{"type":588,"attrs":7954,"content":7955},{"textAlign":49},[7956],{"text":7957,"type":593},"In 2025, Europe installed 11.5GWh of utility-scale storage, while the current pipeline for 2026 sits at close to 70GWh, though much of this will be delayed into 2027.","New installations of utility-scale storage in Europe more than doubled in the first quarter of 2026 compared to Q1 2025. Over 6.5GWh was installed in the first three months of the year, with over half of that coming online in March. Notably, March saw more capacity installed than the full year of 2023. \n\nIn 2023 Benchmark tracked 90 utility-scale projects entering operation, compared to 75 in the first quarter of 2026. ",[7960],{"slug":2037,"name":2038,"content":7961},{"job_title":2040,"image":7962,"bio":2043,"linkedin":2044,"markets_covered":2045},{"filename":2042},[7964],{"slug":1694,"name":1695},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":7966},{},{"id":2547,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":2548,"copyright":547,"fieldtype":553,"meta_data":7968,"is_external_url":50},{},"New installations of utility-scale storage in Europe more than doubled in the first quarter of 2026 compared to Q1 2025. Over 6.5GWh was installed in the first three months of the year, with over half of that coming online in March.",{"id":7971,"uuid":2790,"name":7972,"slug":7973,"full_slug":7974,"content":7975},166176741934683,"Growing silicon-based anode market share to 2035 to reflect nickel-based cell growth ","growing-silicon-based-anode-market-share-to-2035-to-reflect-nickel-based-cell-growth","article/growing-silicon-based-anode-market-share-to-2035-to-reflect-nickel-based-cell-growth",{"_uid":7976,"date":7977,"tags":7978,"editor":7981,"content":7985,"excerpt":8075,"featured":51,"reporter":8076,"component":794,"seo_title":8095,"categories":8096,"visibility":3519,"data_vis_image":8100,"featured_image":8102,"seo_description":8106,"formattedDate":8107},"77029775-b47f-4975-8dde-99cd43a44a12","2026-04-15 00:00",[7979,7980],{"slug":831,"name":832},{"slug":3362,"name":3363},[7982],{"slug":544,"name":543,"content":7983},{"job_title":557,"image":7984,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":7986},[7987,8004,8011,8016,8021,8026,8038,8043,8048,8065],{"type":588,"attrs":7988,"content":7989},{"textAlign":49},[7990,7992,7998,8000],{"text":7991,"type":593},"The share of anode supply that includes silicon is expected to grow to over four times its 2022 level by 2035, according to the ",{"text":7993,"type":593,"marks":7994},"Benchmark Anode Service",[7995],{"type":603,"attrs":7996},{"href":7997,"uuid":49,"anchor":49,"target":49,"linktype":638},"https://www.benchmarkminerals.com/anode",{"text":7999,"type":593},". By then, anode active materials containing silicon are forecast to account for 20% of AAM supply on a GWh basis. ",{"text":1624,"type":593,"marks":8001},[8002],{"type":596,"attrs":8003},{"color":547},{"type":687,"attrs":8005,"content":8006},{"level":6832,"textAlign":49},[8007],{"text":8008,"type":593,"marks":8009},"What are silicon-based anodes?",[8010],{"type":911},{"type":588,"attrs":8012,"content":8013},{"textAlign":49},[8014],{"text":8015,"type":593},"Traditional anodes are made from graphite, which is limited by the requirement for six carbon atoms per lithium ion. Silicon, by contrast, can store over four lithium ions per atom allowing for higher energy density as well as potentially faster charging times.",{"type":588,"attrs":8017,"content":8018},{"textAlign":49},[8019],{"text":8020,"type":593},"However, as silicon expands up to 300% upon lithiation, this can damage the anode structure. As such, anode producers can blend small quantities of silicon into graphite to give some of the performance gains. These so-called graphite-silicon anodes contain up to 10% silicon by weight and are forecast to account for 12.5% of anode supply on a GWh basis by 2035. Several automakers already use anode materials with small quantities of silicon blended in.",{"type":588,"attrs":8022,"content":8023},{"textAlign":49},[8024],{"text":8025,"type":593},"To surpass 10%wt requires greater chemical design. These are silicon-engineered materials and the most advanced can reach 100% silicon content. Such engineered materials are forecast to account for 2.9% of anode supply by 2035, and will require significant technological and processing challenges to be overcome before reaching widespread commercialisation.",{"type":687,"attrs":8027,"content":8028},{"level":6832,"textAlign":49},[8029,8034],{"type":3397,"attrs":8030},{"id":8031,"alt":547,"src":8032,"title":547,"source":547,"copyright":547,"meta_data":8033},166177270172756,"https://a.storyblok.com/f/287943243085208/1200x2059/3099152efb/silicon-anode.jpg",{},{"text":8035,"type":593,"marks":8036},"LFP dominance limits demand potential",[8037],{"type":911},{"type":588,"attrs":8039,"content":8040},{"textAlign":49},[8041],{"text":8042,"type":593},"Silicon-graphite blended active anode material (AAM) is expected to remain in market surplus through to 2038, however, as it is paired with high-nickel cathodes. Given the dominance of lithium iron phosphate (LFP) chemistry in the world’s largest EV battery market, China, this limits potential demand growth. Benchmark anticipates demand will grow faster from 2030 as ex-China, nickel-focused cell production accelerates.",{"type":588,"attrs":8044,"content":8045},{"textAlign":49},[8046],{"text":8047,"type":593},"Supply of silicon-graphite blended AAM is dominated by China, which is expected to continue leading supply in the years to 2030 as it ramps up production at existing assets.",{"type":588,"attrs":8049,"content":8050},{"textAlign":49},[8051,8055,8061],{"text":8052,"type":593,"marks":8053},"To learn more about ",[8054],{"type":767},{"text":8056,"type":593,"marks":8057},"Benchmark’s Graphite & Anode Service",[8058,8060],{"type":603,"attrs":8059},{"href":7997,"uuid":49,"anchor":49,"target":49,"linktype":638},{"type":767},{"text":8062,"type":593,"marks":8063},", submit your details below and our team will be in touch:",[8064],{"type":767},{"type":677,"attrs":8066},{"id":8067,"body":8068},"9622222b-a32d-4819-870c-dbba45b03dec",[8069],{"id":1081,"_uid":8070,"component":1083,"wrap_in_box":50,"redirect_url":8071,"success_file":8072,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":8074,"show_on_intelligence":50},"i-5e21bcd3-7a93-4480-8b58-219e641fd933",{"id":547,"url":547,"linktype":608,"fieldtype":1085,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":8073},{},[],"The share of anode supply that includes silicon is expected to grow to over four times its 2022 level by 2035, according to the Benchmark Anode Service. By then, anode active materials containing silicon are forecast to account for 20% of AAM supply on a GWh basis.\n\nTraditional anodes are made from graphite, which is limited by the requirement for six carbon atoms per lithium ion. Silicon, by contrast, can store over four lithium ions per atom allowing for higher energy density as well as potentially faster charging times.",[8077,8086],{"slug":8078,"name":8079,"content":8080},"shruti-kashyap","Shruti Kashyap",{"job_title":8081,"image":8082,"bio":8084,"linkedin":8085,"markets_covered":3511},"Product Director - Graphite and Battery Chemicals",{"filename":8083},"https://a.storyblok.com/f/287943243085208/852x854/ac0cb6825d/shruti-k.png","Shruti is the Product Director for graphite and battery chemicals at Benchmark Mineral Intelligence and has around two decades of experience in commodity analysis. Shruti previously worked at CRU as head of nitrogen analysis and has also worked with leading metals and mining companies, such as Peabody Energy and Anglo American, where she was responsible for analysis of coal and iron ore. Shruti has also worked with Ernst and Young where she was involved in strategy, valuations and due diligence analysis of mining and chemical companies. She has a Masters degree in Economics from Delhi University, India.\n","https://www.linkedin.com/in/shruti-kashyap/",{"slug":8087,"name":8088,"content":8089},"yuan-gu","Yuan Gu",{"job_title":8090,"image":8091,"bio":8093,"linkedin":8094,"markets_covered":3511},"Senior Analyst - Graphite",{"filename":8092},"https://a.storyblok.com/f/287943243085208/3253x4066/726919227e/yuan-2024.jpg","Yuan is a Senior Analyst at Benchmark Mineral Intelligence, focusing on research and analysis of the graphite market. Yuan has over three years of experience in the mining and metals industry, specialising in cost modelling, supply, demand and price forecasting. Yuan holds a BSc in Economics from London School of Economics and Political Science and MSc in Energy, Trade and Finance from the Baynes Business School. She previously worked in the financial industry before shifting focus to base metals and lithium-ion battery supply chains.","https://www.linkedin.com/in/yuangu313/","Silicon-based anode supply to grow alongside nickel cells to 2035",[8097,8098,8099],{"slug":2882,"name":261},{"slug":2884,"name":2885},{"slug":1703,"name":1704},{"id":8031,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":8032,"copyright":547,"fieldtype":553,"meta_data":8101,"is_external_url":50},{},{"id":8103,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":8104,"copyright":547,"fieldtype":553,"meta_data":8105,"is_external_url":50},129065288906336,"https://a.storyblok.com/f/287943243085208/1715ca01b7/bm-battery-anode-picture-2.jpg",{},"The share of anode supply that includes silicon is expected to grow to over four times its 2022 level by 2035, according to the Benchmark Anode Service.","Apr 15, 2026",{"id":8109,"uuid":4981,"name":8110,"slug":8111,"full_slug":8112,"content":8113},166142087915311,"Lithium feedstock concerns over Nigeria port, security challenges","lithium-feedstock-concerns-over-nigeria-port-security-challenges","article/lithium-feedstock-concerns-over-nigeria-port-security-challenges",{"_uid":8114,"date":7977,"tags":8115,"editor":8122,"content":8126,"excerpt":8216,"featured":51,"reporter":8217,"component":794,"seo_title":8110,"categories":8221,"visibility":3519,"data_vis_image":8224,"featured_image":8228,"seo_description":8232,"formattedDate":8107},"945020a5-3975-43dd-9795-51f750e30878",[8116,8117,8120,8121],{"slug":837,"name":838},{"slug":8118,"name":8119},"spodumene","Spodumene",{"slug":4145,"name":4146},{"slug":831,"name":832},[8123],{"slug":544,"name":543,"content":8124},{"job_title":557,"image":8125,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":8127},[8128,8142,8149,8159,8166,8171,8178,8183,8188],{"type":588,"attrs":8129,"content":8130},{"textAlign":49},[8131,8133,8140],{"text":8132,"type":593},"Port congestion at Lagos, licence fee increases, and a deteriorating security environment in northwest Nigeria are constraining ",{"text":8134,"type":593,"marks":8135},"spodumene concentrate exports",[8136],{"type":603,"attrs":8137},{"href":8138,"uuid":8139,"anchor":49,"target":607,"linktype":608},"/article/africas-growing-role-in-global-battery-supply-chains-key-takeaways-from-giga-africa-2025","3441c7f3-d37b-41c9-96b8-d1c412e9fddd",{"text":8141,"type":593}," to China.",{"type":687,"attrs":8143,"content":8144},{"level":6832,"textAlign":49},[8145],{"text":8146,"type":593,"marks":8147},"Port capacity strained",[8148],{"type":911},{"type":588,"attrs":8150,"content":8151},{"textAlign":49},[8152,8157],{"text":8153,"type":593,"marks":8154},"Q1 2026",[8155],{"type":603,"attrs":8156},{"href":7796,"uuid":7797,"anchor":49,"target":607,"linktype":608},{"text":8158,"type":593}," shipments are tracking well below Nigeria’s mining and concentrating capacity, with market participants pointing to a structural trade imbalance at Lagos as the primary bottleneck. Terminal operators there have periodically suspended the reception of returned empty containers, citing saturated yard space.",{"type":677,"attrs":8160},{"id":8161,"body":8162},"900cede5-e568-4108-bb48-748353d23625",[8163],{"id":8164,"_uid":8165,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28533845","i-814d2a89-f17d-435e-baf0-1fa41f22cf95",{"type":588,"attrs":8167,"content":8168},{"textAlign":49},[8169],{"text":8170,"type":593},"Nigeria's 2026 Fiscal Policy Measures, signed on 1st April, cut import duties across 127 tariff lines, which has increased inbound container volumes and worsened already strained port capacity. ",{"type":687,"attrs":8172,"content":8173},{"level":6832,"textAlign":49},[8174],{"text":8175,"type":593,"marks":8176},"Security concerns around lithium sites",[8177],{"type":911},{"type":588,"attrs":8179,"content":8180},{"textAlign":49},[8181],{"text":8182,"type":593},"Additionally, significant fee hikes for exploration and mining licences reduced small-scale legal mining in 2025, while the Canmax-supported Three Crown Mines in Kebbi was closed over illegal mining allegations.",{"type":588,"attrs":8184,"content":8185},{"textAlign":49},[8186],{"text":8187,"type":593},"In the north of the country, the security environment has deteriorated, and the Islamic State-linked Lakurawa group has carried out attacks, particularly around Lake Kainji, where several lithium projects are located. Benchmark's base case remains that these projects will proceed, but the concentration of future capacity near active conflict zones warrants monitoring.",{"type":588,"attrs":8189,"content":8190},{"textAlign":49},[8191,8193,8198,8200,8207,8209,8214],{"text":8192,"type":593},"Nigerian export constraints add to an already ",{"text":8194,"type":593,"marks":8195},"tightening global feedstock picture",[8196],{"type":603,"attrs":8197},{"href":960,"uuid":49,"anchor":49,"target":607,"linktype":638},{"text":8199,"type":593},". Benchmark's 2026 ",{"text":8201,"type":593,"marks":8202},"feedstock balance",[8203],{"type":603,"attrs":8204},{"href":8205,"uuid":8206,"anchor":49,"target":607,"linktype":608},"/article/africa-sees-largest-lithium-supply-growth-of-any-region-in-2025","d23cb2d3-7543-4bd4-b9a8-4bd5592bad0a",{"text":8208,"type":593}," estimates a concentrate deficit of approximately 107 kt LCE, with ",{"text":8210,"type":593,"marks":8211},"Zimbabwe's ongoing export suspension",[8212],{"type":603,"attrs":8213},{"href":3009,"uuid":3010,"anchor":49,"target":607,"linktype":608},{"text":8215,"type":593}," and Jiangxi's regulatory tightening also reducing supply responsiveness. At a 3.25% grade assumption, Nigerian exports currently annualise to around 85 kt LCE, approximately 17 kt below Benchmark's forecast of 103 kt.","Port congestion at Lagos, licence fee increases, and a deteriorating security environment in northwest Nigeria are constraining spodumene concentrate exports to China.\n\nQ1 2026 shipments are tracking well below Nigeria’s mining and concentrating capacity, with market participants pointing to a structural trade imbalance at Lagos as the primary bottleneck. Terminal operators there have periodically suspended the reception of returned empty containers, citing saturated yard space.",[8218],{"slug":4422,"name":4423,"content":8219},{"job_title":4425,"image":8220,"bio":4428,"linkedin":4429,"markets_covered":8},{"filename":4427},[8222,8223],{"slug":798,"name":8},{"slug":800,"name":801},{"id":8225,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":8226,"copyright":547,"fieldtype":553,"meta_data":8227,"is_external_url":50},166146071444969,"https://a.storyblok.com/f/287943243085208/793x693/4320c42778/hard-rock-lithium-2026.png",{},{"id":8229,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":8230,"copyright":547,"fieldtype":553,"meta_data":8231,"is_external_url":50},166145142222100,"https://a.storyblok.com/f/287943243085208/5341x3561/6b2c6211f5/nigeria.jpg",{},"Port congestion at Lagos, licence fee increases, and a deteriorating security environment in northwest Nigeria are constraining spodumene concentrate exports to China.",{"id":8234,"uuid":6164,"name":8235,"slug":8236,"full_slug":8237,"content":8238},165851663191601,"Fast charging increasingly driving EV battery degradation","fast-charging-increasingly-driving-ev-battery-degradation","article/fast-charging-increasingly-driving-ev-battery-degradation",{"_uid":8239,"date":8240,"tags":8241,"editor":8243,"content":8247,"excerpt":8368,"featured":51,"reporter":8369,"component":794,"seo_title":8235,"categories":8380,"visibility":805,"data_vis_image":8383,"featured_image":8385,"seo_description":8253,"formattedDate":8389},"675cef6e-bff6-4e3b-92d5-8a1ab6081c32","2026-04-14 00:00",[8242],{"slug":1480,"name":1481},[8244],{"slug":544,"name":543,"content":8245},{"job_title":557,"image":8246,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":8248},[8249,8254,8275,8282,8289,8301,8306,8311,8329,8336,8341,8346,8353,8358,8363],{"type":588,"attrs":8250,"content":8251},{"textAlign":49},[8252],{"text":8253,"type":593},"Fast charging for electric vehicles (EVs) is increasingly driving battery degradation, as consumer anxiety and infrastructural constraints are refocusing charging station installations for speed.",{"type":588,"attrs":8255,"content":8256},{"textAlign":49},[8257,8259,8265,8267,8273],{"text":8258,"type":593},"By 2039, ",{"text":8260,"type":593,"marks":8261},"Benchmark’s EV Charging Service",[8262],{"type":603,"attrs":8263},{"href":8264,"uuid":49,"anchor":49,"target":49,"linktype":638},"https://www.benchmarkminerals.com/ev-charging",{"text":8266,"type":593}," expects the majority of new global charging station installations to be fast charge (>22kW AC or DC). Charging speed has increasingly become a point of competition between OEMs, as demonstrated by ",{"text":8268,"type":593,"marks":8269},"BYD’s recent Blade 2 announcement",[8270],{"type":603,"attrs":8271},{"href":8272,"uuid":49,"anchor":49,"target":49,"linktype":638},"https://intelligence.benchmarkminerals.com/article/byd-launches-much-anticipated-blade-2-battery",{"text":8274,"type":593},", which advertised a five-minute charging speed from 10% to 70% and nine minutes from 10% to 97%.",{"type":677,"attrs":8276},{"id":8277,"body":8278},"71f2db39-a685-4d66-a1d8-7cc39e5ea3c6",[8279],{"id":8280,"_uid":8281,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28493582","i-11041785-ba0e-41c0-b9df-03a57abf37b0",{"type":687,"attrs":8283,"content":8284},{"level":6832,"textAlign":49},[8285],{"text":8286,"type":593,"marks":8287},"Range anxiety and urban pressures pushing fast charging",[8288],{"type":911},{"type":588,"attrs":8290,"content":8291},{"textAlign":49},[8292,8294,8299],{"text":8293,"type":593},"Advertised peak charging speeds are often sustainable only for a brief window, however, because the electrochemistry of lithium ",{"text":8295,"type":593,"marks":8296},"-",[8297],{"type":8298},"strike",{"text":8300,"type":593},"ion batteries resists sustained stress. OEMs have developed battery management systems that taper charge rates aggressively as cells approach higher state-of-charge (SOC) levels to mitigate the resultant degradation risk, as consumers seek fast-charging capability to mitigate range anxiety.",{"type":588,"attrs":8302,"content":8303},{"textAlign":49},[8304],{"text":8305,"type":593},"The growing emphasis on fast charging is in part a response to a lack of access to home charging among urban drivers, as well as convenience in use cases such as commuting. Home charging is usually AC, which is slower but better preserves battery cycle life, while DC, which is faster, poses an increased thermal load. With fast charging becoming a more frequent habit rather than a contingency plan, battery cycle life is expected to decline.",{"type":588,"attrs":8307,"content":8308},{"textAlign":49},[8309],{"text":8310,"type":593},"Benchmark senior battery analyst Varnika Agarwal says that battery cycle life can be expected to decline by 15-20% as a result of fast charging, though the actual decline will depend on a number of factors, including cathode chemistry, fast charging pattern, driving pattern, thermal management and region deployed.",{"type":588,"attrs":8312,"content":8313},{"textAlign":49},[8314,8316,8321,8323,8327],{"text":8315,"type":593},"The degradation cost has particularly acute implications for fleet operators. While faster charging improves vehicle availability and short",{"text":8317,"type":593,"marks":8318},"‑",[8319],{"type":596,"attrs":8320},{"color":547},{"text":8322,"type":593},"term revenue generation, repeated exposure to ultra",{"text":8317,"type":593,"marks":8324},[8325],{"type":596,"attrs":8326},{"color":547},{"text":8328,"type":593},"fast charging accelerates internal resistance growth and capacity fade, while replacement cycles can shorten and residual values decline.",{"type":687,"attrs":8330,"content":8331},{"level":6832,"textAlign":49},[8332],{"text":8333,"type":593,"marks":8334},"Recycling implications",[8335],{"type":911},{"type":588,"attrs":8337,"content":8338},{"textAlign":49},[8339],{"text":8340,"type":593},"As well as higher rates of battery degradation, there are implications for recycling and second-life applications.",{"type":588,"attrs":8342,"content":8343},{"textAlign":49},[8344],{"text":8345,"type":593},"Recycling feedstock availability is likely to increase as degradation accelerates, while the repurposing of EV batteries for battery energy stationary storage (BESS) applications is likely to be complicated by the less predictable residual performance of batteries that have been subject to higher-stress charging.",{"type":687,"attrs":8347,"content":8348},{"level":6832,"textAlign":49},[8349],{"text":8350,"type":593,"marks":8351},"Regional variation",[8352],{"type":911},{"type":588,"attrs":8354,"content":8355},{"textAlign":49},[8356],{"text":8357,"type":593},"There is already notable regional variation in the relative distribution of slow charging compared with fast. Central and Eastern European nations are developing networks with more fast-charging or DC stations compared to the more mixed picture in Western Europe, as they make the most of late-mover advantage and lower-priced DC hardware. Half of China’s public chargers, meanwhile, are fast-charging (>22kW) – a consequence of the high proportion of drivers based in dense urban environments.",{"type":588,"attrs":8359,"content":8360},{"textAlign":49},[8361],{"text":8362,"type":593},"Forecasting warranty exposure, depreciation curves, secondary market dynamics and material recovery pathways all require the constant monitoring of AC and DC charging infrastructure rollout.",{"type":588,"attrs":8364,"content":8365},{"textAlign":49},[8366],{"text":8367,"type":593},"Agarwal adds that, while fast charging offers convenience and a solution to range anxiety, it should not be seen as a default if looking to preserve cycle life.","Fast charging for electric vehicles (EVs) is increasingly driving battery degradation, as consumer anxiety and infrastructural constraints are refocusing charging station installations for speed.\n\nBy 2039, Benchmark’s EV Charging Service expects the majority of new global charging station installations to be fast charge (>22kW AC or DC). Charging speed has increasingly become a point of competition between OEMs, as demonstrated by BYD’s recent Blade 2 announcement, which advertised a five-minute charging speed from 10% to 70% and nine minutes from 10% to 97%.",[8370],{"slug":8371,"name":8372,"content":8373},"varnika-agarwal","Varnika Agarwal",{"job_title":8374,"image":8375,"bio":8377,"linkedin":8378,"markets_covered":8379},"Battery Research Analyst",{"filename":8376},"https://a.storyblok.com/f/287943243085208/852x854/7f6c4846ba/varnika-a.png","Varnika is a Battery Research Analyst at Benchmark Mineral Intelligence where her primary focus is on the technical side of electric vehicle, energy stationary storage and battery market analysis. She was transferred from Rho Motion, which was acquired by Benchmark Mineral. During 2 years at Rho Motion, Varnika has worked on a variety of products across the time and has played an active role in the analysis of different type of battery recycling technologies.She holds PhD in solid-state batteries at University of Oxford, which has helped to hone her research and technical skills.","https://www.linkedin.com/in/varnika-agarwal1/","Battery Tech, EV, BESS, Portables",[8381,8382],{"slug":1703,"name":1704},{"slug":1441,"name":1442},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":8384},{},{"id":8386,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":8387,"copyright":547,"fieldtype":553,"meta_data":8388,"is_external_url":50},129068854590900,"https://a.storyblok.com/f/287943243085208/e85b20ebb4/bm-jag-i-pace-21my-exterior-charging-portofino-blue-020620-001-1.jpg",{},"Apr 14, 2026",{"id":8391,"uuid":4279,"name":8392,"slug":8393,"full_slug":8394,"content":8395},165794251767672,"China to potentially ban sulphuric acid exports as Iran war pressures supply","china-to-potentially-ban-sulphuric-acid-exports-as-iran-war-pressures-supply","article/china-to-potentially-ban-sulphuric-acid-exports-as-iran-war-pressures-supply",{"_uid":8396,"date":8240,"tags":8397,"editor":8409,"content":8413,"excerpt":8419,"featured":51,"reporter":8488,"component":794,"seo_title":8492,"categories":8493,"visibility":805,"data_vis_image":8496,"featured_image":8500,"seo_description":8419,"formattedDate":8389},"b1babe83-4d6d-4095-8827-6253daef8e31",[8398,8400,8401,8403,8406,8407,8408],{"slug":8399,"name":8399},"lithium-sulphur",{"slug":1144,"name":1145},{"slug":8402,"name":8402},"mining",{"slug":8404,"name":8405},"republic-of-indonesia","Republic of Indonesia",{"slug":1465,"name":1466},{"slug":578,"name":579},{"slug":831,"name":832},[8410],{"slug":544,"name":543,"content":8411},{"job_title":557,"image":8412,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":8414},[8415,8420,8425,8432,8439,8444,8450,8455,8460,8465,8472,8477,8482],{"type":588,"attrs":8416,"content":8417},{"textAlign":49},[8418],{"text":8419,"type":593},"China may be looking to impose an export ban on sulphuric acid from May, a move that could put additional pressure on copper and mixed hydroxide precipitate (MHP) producers.",{"type":588,"attrs":8421,"content":8422},{"textAlign":49},[8423],{"text":8424,"type":593},"According to several reports, China is set to announce the measure as a response to the near-halt on sulphur supplies from the Middle East since the beginning of the conflict. The region accounts for around a third of global supply of elemental sulphur, which is used by MHP producers, some of whom also import acid.",{"type":677,"attrs":8426},{"id":8427,"body":8428},"51b6a671-817d-4b81-bc44-278adde1ad30",[8429],{"id":8430,"_uid":8431,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28498003","i-374f6533-1100-4b1e-8a49-e925208e6617",{"type":687,"attrs":8433,"content":8434},{"level":689,"textAlign":49},[8435],{"text":8436,"type":593,"marks":8437},"Copper prices bolstered by acid supply strain",[8438],{"type":911},{"type":588,"attrs":8440,"content":8441},{"textAlign":49},[8442],{"text":8443,"type":593},"Chile’s copper operations are likely to be particularly affected. Since 2022, it has been by far the largest importer of Chinese sulphuric acid, which it uses in a fifth of its copper mining operations. As nearly half of China’s sulphuric acid exports currently go to Chile, a ban on this export is expected to tighten leach capacity and thus solvent extraction–electrowinning (SX-EW) production in the region, adding another layer of uncertainty to supply.",{"type":677,"attrs":8445},{"id":8427,"body":8446},[8447],{"id":8448,"_uid":8449,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28500964","i-b9fce56e-07d2-4664-9325-f007db142f58",{"type":588,"attrs":8451,"content":8452},{"textAlign":49},[8453],{"text":8454,"type":593},"Albert Mackenzie, a copper analyst at Benchmark, says that Chile and the Democratic Republic of Congo (DRC) rely particularly heavily on acid imports for mining, and that reduced access to them “may go some way to explain why copper prices have remained high despite the broad macroeconomic concerns”.",{"type":588,"attrs":8456,"content":8457},{"textAlign":49},[8458],{"text":8459,"type":593},"“High acid prices continue to support smelters who produce a lot of acid as a byproduct of their processes,” he adds, noting that “spot treatment charges (TCs) hit yet another record low of USD$78/t on 10 April.”",{"type":588,"attrs":8461,"content":8462},{"textAlign":49},[8463],{"text":8464,"type":593},"Some sources have indicated that the US could also be set to impose a ban on export of sulphuric acid, Mackenzie notes, which could further constrain supply to miners.",{"type":687,"attrs":8466,"content":8467},{"level":689,"textAlign":49},[8468],{"text":8469,"type":593,"marks":8470},"Additional pressure for Indonesian HPALs",[8471],{"type":911},{"type":588,"attrs":8473,"content":8474},{"textAlign":49},[8475],{"text":8476,"type":593},"Indonesia’s nickel operations are also likely to be affected by the ban. The Indonesian Nickel Miners Association (APNI) recently stated that sulphuric acid inventories at HPAL facilities in Indonesia were sufficient for 45-60 days of MHP production, enough until the second half of May. While HPAL operations mostly import sulphur from which they then produce their own acid, others import sulphuric acid itself. However, this option is complicated by the need for an import license for sulphuric acid.",{"type":588,"attrs":8478,"content":8479},{"textAlign":49},[8480],{"text":8481,"type":593},"Indonesia primarily imports elemental sulphur from countries in the Middle East, which has been complicated by escalating conflict in the region. However, 62% of sulphuric acid imports into Indonesia came from China in 2025.",{"type":677,"attrs":8483},{"id":8427,"body":8484},[8485],{"id":8486,"_uid":8487,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28514812","i-b68a2014-75df-469f-b496-29b1d489a7cc",[8489],{"slug":1291,"name":1292,"content":8490},{"job_title":1294,"image":8491,"bio":1297,"linkedin":1298,"markets_covered":1109},{"filename":1296},"China to potentially ban sulphuric acid exports amid Iran war",[8494,8495],{"slug":3437,"name":150},{"slug":1108,"name":1109},{"id":8497,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":8498,"copyright":547,"fieldtype":553,"meta_data":8499,"is_external_url":50},165795851988487,"https://a.storyblok.com/f/287943243085208/876x585/2f45d7e857/screenshot-2026-04-14-124446.png",{},{"id":8501,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":8502,"copyright":547,"fieldtype":553,"meta_data":8503,"is_external_url":50},129066369579184,"https://a.storyblok.com/f/287943243085208/39e88178e2/bm-china-flag.jpg",{},{"id":8505,"uuid":8506,"name":8507,"slug":8508,"full_slug":8509,"content":8510},164039404981666,"eef0e3d1-4daa-49f5-9b09-e9909c2253b6","Growing Chinese EV pack sizes help battery demand to grow despite falling EV sales","growing-chinese-ev-pack-sizes-help-battery-demand-to-grow-despite-falling-ev-sales","article/growing-chinese-ev-pack-sizes-help-battery-demand-to-grow-despite-falling-ev-sales",{"_uid":8511,"date":8512,"tags":8513,"editor":8520,"content":8524,"excerpt":8667,"featured":51,"reporter":8668,"component":794,"seo_title":8672,"categories":8673,"visibility":805,"data_vis_image":8676,"featured_image":8680,"seo_description":8684,"formattedDate":8685},"a61f649a-df7e-4081-bd9a-0ef44a04c35f","2026-04-09 00:00",[8514,8515,8516,8517],{"slug":1465,"name":1466},{"slug":831,"name":832},{"slug":2189,"name":2190},{"slug":8518,"name":8519},"ev-sales","EV Sales",[8521],{"slug":544,"name":543,"content":8522},{"job_title":557,"image":8523,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":8525},[8526,8548,8556,8563,8572,8580,8588,8594,8614,8622,8631,8639,8647],{"type":588,"attrs":8527,"content":8528},{"textAlign":49},[8529,8534,8543],{"text":8530,"type":593,"marks":8531},"Total battery demand from EVs grew 4% in the January and February 2026 compared to the same two-month period last year, despite ",[8532],{"type":596,"attrs":8533},{"color":547},{"text":8535,"type":593,"marks":8536},"sales of EVs",[8537,8541],{"type":603,"attrs":8538},{"href":8539,"uuid":8540,"anchor":49,"target":898,"linktype":608},"/article/global-ev-sales-reached-1-1-million-units-in-february-2026","c67ac4c5-ec20-418f-8ffb-364460a1918c",{"type":596,"attrs":8542},{"color":547},{"text":8544,"type":593,"marks":8545}," themselves falling by 8%. ",[8546],{"type":596,"attrs":8547},{"color":547},{"type":588,"attrs":8549,"content":8550},{"textAlign":6483},[8551],{"text":8552,"type":593,"marks":8553},"The contraction in EV sales has been offset by a growing average battery pack size, resulting in a rise in battery demand for EV applications. Pack sizes have been growing in passenger cars and light duty electric vehicles (PC and LDV EVs). This trend has been supplemented by growing sales of electric buses and trucks, which have pack sizes several times larger than those for PC and LDVs.",[8554],{"type":596,"attrs":8555},{"color":547},{"type":677,"attrs":8557},{"id":8558,"body":8559},"97c02a50-cc05-42ff-9b5a-8aa56d53528a",[8560],{"id":8561,"_uid":8562,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28410359","i-233859b3-64f6-4df8-aafa-a4c440c60e5c",{"type":687,"attrs":8564,"content":8565},{"level":689,"textAlign":6483},[8566],{"text":8567,"type":593,"marks":8568},"Growing PC and LDV EV pack sizes ",[8569,8571],{"type":596,"attrs":8570},{"color":547},{"type":911},{"type":588,"attrs":8573,"content":8574},{"textAlign":6483},[8575],{"text":8576,"type":593,"marks":8577},"The average battery pack size in PC and LDV EVs has risen 10% YTD globally in the first two months of the year. In part, this is due to an increasing share of battery electric vehicles (BEV) rather than plug-in hybrids (PHEV). ",[8578],{"type":596,"attrs":8579},{"color":547},{"type":588,"attrs":8581,"content":8582},{"textAlign":6483},[8583],{"text":8584,"type":593,"marks":8585},"Within the BEV segment, the average pack size has grown 7% to 67kWh. This trend is most pronounced in China, where the average BEV pack size has grown 19% to 63kWh.",[8586],{"type":596,"attrs":8587},{"color":547},{"type":677,"attrs":8589},{"id":8558,"body":8590},[8591],{"id":8592,"_uid":8593,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28410861","i-e358bb2c-abd4-4754-99a3-18a514d4e993",{"type":588,"attrs":8595,"content":8596},{"textAlign":6483},[8597,8602,8609],{"text":8598,"type":593,"marks":8599},"BEV pack size growth in China has been encouraged by ",[8600],{"type":596,"attrs":8601},{"color":547},{"text":8603,"type":593,"marks":8604},"changes to the country's trade-in scheme",[8605,8607],{"type":603,"attrs":8606},{"href":4646,"uuid":4647,"anchor":49,"target":898,"linktype":608},{"type":596,"attrs":8608},{"color":547},{"text":8610,"type":593,"marks":8611},". Previously, the scheme provided a flat subsidy of RMB20,000 (USD2,900) irrespective of price, resulting in significant discounts – over 60% for some smaller vehicles.  ",[8612],{"type":596,"attrs":8613},{"color":547},{"type":588,"attrs":8615,"content":8616},{"textAlign":6483},[8617],{"text":8618,"type":593,"marks":8619},"However, as of January 2026, the scheme now provides a subsidy worth just 12% of the EV’s list price, up to a maximum subsidy of RMB20,000 (USD2,900). The reduction in the trade-in scheme’s generosity has resulted in smaller EVs losing market share as consumers are no longer able to get the proportionally large discounts on these vehicles that they could previously. ",[8620],{"type":596,"attrs":8621},{"color":547},{"type":687,"attrs":8623,"content":8624},{"level":689,"textAlign":6483},[8625],{"text":8626,"type":593,"marks":8627},"Why does Europe’s average pack size not follow the global trend? ",[8628,8630],{"type":596,"attrs":8629},{"color":547},{"type":911},{"type":588,"attrs":8632,"content":8633},{"textAlign":6483},[8634],{"text":8635,"type":593,"marks":8636},"Europe’s average PC and LDV EV pack size has fallen 3% in the first two months of the year compared to the same period in 2025, with BEVs average pack size falling 2%. Europe’s PC and LDV EV sales mix is moving in the opposite direction to China’s, with smaller segment vehicles slowly gaining market share.  ",[8637],{"type":596,"attrs":8638},{"color":547},{"type":588,"attrs":8640,"content":8641},{"textAlign":6483},[8642],{"text":8643,"type":593,"marks":8644},"This is supported by an increasing number of EV schemes in the region focusing on affordability and EV adoption among lower income households. Italy, Sweden and France have all introduced EV subsidy schemes of this nature in the past six months. The growth of smaller EVs in Europe has also been supported by vehicle manufacturers releasing several smaller EVs in Europe over the past 18 months, including the Ford Puma Gen-E, Kia EV3 and Kia EV4. ",[8645],{"type":596,"attrs":8646},{"color":547},{"type":588,"attrs":8648,"content":8649},{"textAlign":6483},[8650,8655,8662],{"text":8651,"type":593,"marks":8652},"Further support to smaller battery sizes in Europe could come from the EU’s new M1E classification for small EVs under 4.2m which contribute 1.3 credits towards carbon reduction targets. This classification also has less onerous “Made in EU” requirements under the European Commission ",[8653],{"type":596,"attrs":8654},{"color":547},{"text":8656,"type":593,"marks":8657},"proposed Industrial Accelerator Act",[8658,8660],{"type":603,"attrs":8659},{"href":2381,"uuid":2382,"anchor":49,"target":898,"linktype":608},{"type":596,"attrs":8661},{"color":547},{"text":8663,"type":593,"marks":8664}," than for larger EVs. ",[8665],{"type":596,"attrs":8666},{"color":547},"Total battery demand from EVs grew 4% in the January and February 2026 compared to the same two-month period last year, despite sales of EVs themselves falling by 8%. \n\nThe contraction in EV sales has been offset by a growing average battery pack size, resulting in a rise in battery demand for EV applications. Pack sizes have been growing in passenger cars and light duty electric vehicles (PC and LDV EVs). This trend has been supplemented by growing sales of electric buses and trucks, which have pack sizes several times larger than those for PC and LDVs.",[8669],{"slug":2326,"name":2327,"content":8670},{"job_title":2329,"image":8671,"bio":2332,"linkedin":2333,"markets_covered":1438},{"filename":2331},"Growing Chinese EV pack sizes help battery demand to grow",[8674,8675],{"slug":1700,"name":1701},{"slug":1441,"name":1442},{"id":8677,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":8678,"copyright":547,"fieldtype":553,"meta_data":8679,"is_external_url":50},164041116054315,"https://a.storyblok.com/f/287943243085208/1588x1386/d22a377d46/pc-ldv-ev-average-pack-size-by-region-three-month-rolling-average-2x.png",{},{"id":8681,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":8682,"copyright":547,"fieldtype":553,"meta_data":8683,"is_external_url":50},129064779732327,"https://a.storyblok.com/f/287943243085208/b79626dceb/bm-aerial-view-directly-above-an-electric-vehicle-charging-station-with-parking-spaces-and-road-mark.jpg",{},"Total battery demand from EVs grew 4% in the January and February 2026 compared to the same two-month period last year, despite sales of EVs themselves falling by 8%. ","Apr 09, 2026",{"id":8687,"uuid":2606,"name":3722,"slug":8688,"full_slug":8689,"content":8690},163720278676758,"regional-spotlight-china","article/regional-spotlight-china",{"_uid":8691,"date":8692,"tags":8693,"editor":8699,"content":8703,"excerpt":8980,"featured":51,"reporter":8981,"component":794,"seo_title":3722,"categories":8988,"visibility":805,"data_vis_image":9004,"featured_image":9008,"seo_description":9010,"formattedDate":9011},"30d39872-4c5a-4ece-9cff-c104527f47f4","2026-04-08 00:00",[8694,8695,8696,8697,8698],{"slug":1465,"name":1466},{"slug":2565,"name":2566},{"slug":2192,"name":2193},{"slug":831,"name":832},{"slug":3549,"name":3550},[8700],{"slug":841,"name":842,"content":8701},{"job_title":844,"image":8702,"bio":847,"linkedin":848},{"filename":846},{"type":585,"content":8704},[8705,8723,8728,8740,8745,8752,8756,8764,8769,8783,8788,8802,8816,8821,8838,8848,8853,8858,8865,8870,8875,8887,8892,8897,8902,8908,8914,8920,8925,8930,8935,8941,8955,8960,8973],{"type":588,"attrs":8706,"content":8707},{"textAlign":49},[8708,8710,8715,8717,8721],{"text":8709,"type":593},"It is difficult to overstate China’s role in the battery supply chain. It is the world’s largest producer of batteries, whether for ",{"text":8711,"type":593,"marks":8712},"electric vehicles",[8713],{"type":603,"attrs":8714},{"href":8539,"uuid":8540,"anchor":49,"target":607,"linktype":608},{"text":8716,"type":593}," (EVs) or ",{"text":2589,"type":593,"marks":8718},[8719],{"type":603,"attrs":8720},{"href":7880,"uuid":7881,"anchor":49,"target":607,"linktype":608},{"text":8722,"type":593}," (BESS). It is the world’s largest single miner of lithium and natural graphite – it is also, in both cases, the largest supplier of refined product – and the largest provider of needle coke and synthetic graphite. In rare earths, it controls over 90% of global refining capacity.",{"type":588,"attrs":8724,"content":8725},{"textAlign":49},[8726],{"text":8727,"type":593},"It is China’s outsized role in these supply chains that makes it so vital to have on-the-ground intelligence from the country. Benchmark’s China-based analysts take part in regular site visits, conferences and research trips to develop the direct insight that informs its services and Benchmark Intelligence.",{"type":588,"attrs":8729,"content":8730},{"textAlign":49},[8731,8733,8738],{"text":8732,"type":593},"In the short term, its largest companies, including most of ",{"text":8734,"type":593,"marks":8735},"the world’s major battery suppliers like CATL and BYD",[8736],{"type":603,"attrs":8737},{"href":1513,"uuid":1514,"anchor":49,"target":607,"linktype":608},{"text":8739,"type":593},", are seeing boosts to their stock as oil and gas price rises driven by geopolitical instability focus minds on energy security.",{"type":588,"attrs":8741,"content":8742},{"textAlign":49},[8743],{"text":8744,"type":593},"In the long term, China’s stranglehold on so many dimensions of the energy transition has sparked efforts by the US, EU and others to diversify production elsewhere. Even where it does not have domestic capacity, as in the case of cobalt mining, Chinese firms often have ownership of significant slices of the supply chain. China has recently exerted its considerable leverage in a range of sectors by imposing export controls, including on rare earths and cathode manufacturing tech, as it did in response to US tariffs in 2025.",{"type":677,"attrs":8746},{"id":8747,"body":8748},"035e99ff-885f-4d32-85f6-0246d48a7400",[8749],{"id":8750,"_uid":8751,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28334681","i-cf264017-8566-448b-ab03-009d0cc6f825",{"type":687,"attrs":8753,"content":8754},{"level":689,"textAlign":49},[8755],{"text":3628,"type":593},{"type":687,"attrs":8757,"content":8759},{"level":8758,"textAlign":49},3,[8760],{"text":8761,"type":593,"marks":8762},"Export controls",[8763],{"type":911},{"type":588,"attrs":8765,"content":8766},{"textAlign":49},[8767],{"text":8768,"type":593},"China’s range of export controls, expanded in 2025 as its latest trade war with the US unfolded, have allowed it to squeeze supply chains of rare earths.",{"type":588,"attrs":8770,"content":8771},{"textAlign":49},[8772,8774,8781],{"text":8773,"type":593},"After the announcement in April 2025 of US President Donald Trump’s ‘reciprocal’ tariff regime, China implemented new export controls on medium and heavy rare earths. Then, in October, it announced an expansion of controls that were ",{"text":8775,"type":593,"marks":8776},"later suspended following discussions with the US",[8777],{"type":603,"attrs":8778},{"href":8779,"uuid":8780,"anchor":49,"target":607,"linktype":608},"/article/china-delays-rare-earth-export-controls-after-us-china-trade-talks","2ae4712d-a83a-477f-a268-79712ec75def",{"text":8782,"type":593},". That suspension is currently set to expire on 10 November 2026.",{"type":588,"attrs":8784,"content":8785},{"textAlign":49},[8786],{"text":8787,"type":593},"A range of rare earths remains on the export controls list. These include scandium, samarium, gadolinium, lutetium, yttrium, dysprosium, and terbium, which have defence applications. While monthly numbers can be volatile, there was a 22.5% fall in year-on-year exports of rare earths to the US in January and February.",{"type":588,"attrs":8789,"content":8790},{"textAlign":49},[8791,8793,8800],{"text":8792,"type":593},"Exports to Japan of dysprosium and terbium oxide, meanwhile, have fallen to zero as China has implemented tougher controls on the export to Japan of ",{"text":8794,"type":593,"marks":8795},"seven rare earths and any products that contain them",[8796],{"type":603,"attrs":8797},{"href":8798,"uuid":8799,"anchor":49,"target":607,"linktype":608},"/article/what-are-the-implications-of-chinas-latest-rare-earth-export-restrictions-on-japan","9ddd3f7e-bf73-4e2a-a28b-7311cc5fcf20",{"text":8801,"type":593},". As noted in Benchmark’s Rare Earth Service, Japan has no domestic production of these rare earths of its own, giving China considerable leverage over its supply.",{"type":588,"attrs":8803,"content":8804},{"textAlign":49},[8805,8807,8814],{"text":8806,"type":593},"It isn’t only raw materials that are affected. In 2025, China also placed ",{"text":8808,"type":593,"marks":8809},"export controls on technology",[8810],{"type":603,"attrs":8811},{"href":8812,"uuid":8813,"anchor":49,"target":607,"linktype":608},"/article/china-implements-export-restrictions-on-cathode-and-lithium-production-technologies","2900e59e-d077-47e8-ae89-dd1ab6bf7b3a",{"text":8815,"type":593}," used in the production of advanced forms of LFP and LMFP cathode, as well as in direct lithium extraction (DLE). Significantly, it was not the export of the cathode itself that was hit with restrictions, but the technology itself – frontier technology used in the development of the most advanced, fourth-generation cathode materials.",{"type":588,"attrs":8817,"content":8818},{"textAlign":49},[8819],{"text":8820,"type":593},"This has been seen as a dual strategy by China’s government both to stimulate exports of cathode, where the economy has overcapacity, and to protect Chinese advanced technology and intellectual property. Self-reliance in advanced tech is among the core priorities of China’s next five-year plan.",{"type":687,"attrs":8822,"content":8823},{"level":8758,"textAlign":49},[8824,8828,8834],{"text":8825,"type":593,"marks":8826},"The 15",[8827],{"type":911},{"text":8829,"type":593,"marks":8830},"th",[8831,8832],{"type":911},{"type":8833},"superscript",{"text":8835,"type":593,"marks":8836}," Five-Year Plan",[8837],{"type":911},{"type":588,"attrs":8839,"content":8840},{"textAlign":49},[8841,8843,8846],{"text":8842,"type":593},"The Chinese government’s 15",{"text":8829,"type":593,"marks":8844},[8845],{"type":8833},{"text":8847,"type":593}," Five-Year Plan was approved by the National People’s Congress during the March 2026 Two Sessions, following the release in September 2025 of the ‘Technology Roadmap for New-Type Energy Storage (2025–2035)’. That document outlined targets that have remained mostly unchanged in the full ‘Outline of the 15th Five-Year Plan’, published following the CCP’s ‘two sessions’ annual meeting.",{"type":588,"attrs":8849,"content":8850},{"textAlign":49},[8851],{"text":8852,"type":593},"The roadmap sets out the country’s planned pace of installation in energy storage, with a total installed new-type energy storage capacity of 180GW targeted by 2027 and 240GW by 2035. This number includes battery energy storage systems (BESS). Under the previous plan, an energy storage installation target of 30GW was far exceeded in practice, with installed capacity for the 2021-25 period passing 150GW.",{"type":588,"attrs":8854,"content":8855},{"textAlign":49},[8856],{"text":8857,"type":593},"Calvin Xu, a BESS analyst at Benchmark, says “the target of 240GW is not too ambitious based on the performance through to 2025, when the actual BESS installation capacity reached five times the original target”.",{"type":687,"attrs":8859,"content":8860},{"level":8758,"textAlign":49},[8861],{"text":8862,"type":593,"marks":8863},"EV policy changes",[8864],{"type":911},{"type":588,"attrs":8866,"content":8867},{"textAlign":49},[8868],{"text":8869,"type":593},"In 2025, the Chinese government announced a range of new measures aimed at driving the electric vehicle (EV) market towards greater efficiency and avoiding a race to the bottom on prices. These ‘anti-involution’ changes include an end to full exemptions from purchase tax for new energy vehicles (NEVs), with the introduction of a new 5% levy.",{"type":588,"attrs":8871,"content":8872},{"textAlign":49},[8873],{"text":8874,"type":593},"While this is still below the 10% levied on internal combustion engine (ICE) vehicles, it remains a significant change – particularly when paired with another recent change to state support for EV consumption, the alteration of China’s EV trade-in subsidy. This no longer guarantees a flat subsidy of RMB 20,000 (US$2,900), but rather a 12% subsidy on the value of a vehicle up to a cap of RMB 20,000.",{"type":588,"attrs":8876,"content":8877},{"textAlign":49},[8878,8880,8885],{"text":8879,"type":593},"In practice, ",{"text":8881,"type":593,"marks":8882},"as recently noted by Benchmark",[8883],{"type":603,"attrs":8884},{"href":4646,"uuid":4647,"anchor":49,"target":607,"linktype":608},{"text":8886,"type":593},", this means that low- and medium-priced vehicles in China can cost as much as twice what they did before the changes. It remains to be seen whether these measures, which aim to avoid extreme price competition and increase OEMs’ focus on quality, will have implications for EV makers’ export markets.",{"type":588,"attrs":8888,"content":8889},{"textAlign":49},[8890],{"text":8891,"type":593},"Within China, the full package of changes means we expect growth of 8.7% across all vehicle classes in 2026. Beyond it, a number of Chinese automakers have set explicit 2026 overseas sales targets, and exports are expected to be a key point of competition in the sector this year, though an increasing number are establishing ex-China production sites.",{"type":687,"attrs":8893,"content":8894},{"level":689,"textAlign":49},[8895],{"text":8896,"type":593},"China in numbers",{"type":588,"attrs":8898,"content":8899},{"textAlign":49},[8900],{"text":8901,"type":593},"China’s upstream dominance rests on refining capacity, where it dominates across the lithium, cobalt, nickel, rare earths and graphite supply chains. While its share is expected to decline in most of these cases by 2035, the country is expected to maintain its leading position in each.",{"type":677,"attrs":8903},{"id":8747,"body":8904},[8905],{"id":8906,"_uid":8907,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28403015","i-d52798d1-c6fe-4608-8a81-f3519fcb5ec1",{"type":677,"attrs":8909},{"id":8747,"body":8910},[8911],{"id":8912,"_uid":8913,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28193340","i-49d41db1-d9eb-4a95-9554-bcb0f5221da4",{"type":677,"attrs":8915},{"id":8747,"body":8916},[8917],{"id":8918,"_uid":8919,"type":608,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"3640495","i-5e07ea72-e7ba-4321-ae8b-f9fcc9191052",{"type":687,"attrs":8921,"content":8922},{"level":689,"textAlign":49},[8923],{"text":8924,"type":593},"In focus: CATL",{"type":588,"attrs":8926,"content":8927},{"textAlign":49},[8928],{"text":8929,"type":593},"Shares in China’s largest battery maker, CATL, hit a new high in March, closing at RMB 413 on the Shenzhen Stock Exchange on 20 March as the war in Iran drove strong expectations of an increase in battery demand. This builds on a strong share price performance that has followed impressive revenue figures for 2025.",{"type":588,"attrs":8931,"content":8932},{"textAlign":49},[8933],{"text":8934,"type":593},"The company, which was founded in 2011, has established itself as the world’s largest EV and energy storage battery supplier in the world in just 15 years. It had 39.2% market share in 2025, and supplied more EV and BESS cells than any other company. Of all BESS cells supplied globally last year, one in five came from the company’s plant in the county of Liyang in the Jiangsu province of China. Of all EV cells, 35% were produced by the company.",{"type":677,"attrs":8936},{"id":8747,"body":8937},[8938],{"id":8939,"_uid":8940,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28351772","i-93a942ae-4a9d-406b-a281-971532adfe42",{"type":588,"attrs":8942,"content":8943},{"textAlign":49},[8944,8946,8953],{"text":8945,"type":593},"In the middle of 2025, ",{"text":8947,"type":593,"marks":8948},"we asked whether CATL revenue growth would return",[8949],{"type":603,"attrs":8950},{"href":8951,"uuid":8952,"anchor":49,"target":607,"linktype":608},"/article/charting-the-evolution-of-catls-revenue-streams","62db0e85-b8ad-4ea7-80c5-d285c4b019c0",{"text":8954,"type":593}," after it had stalled in 2024. Revenue dropped in that year as the company adjusted prices to reflect lower prices of raw materials, though sales continued their growth. We noted that CATL’s increased vertical integration was helping it to improve product margins and, in the event, revenue surged 17% in 2025 to RMB 423.7bn, driving a boost to the company’s profits of 42% as they swelled to RMB 72.2bn.",{"type":588,"attrs":8956,"content":8957},{"textAlign":49},[8958],{"text":8959,"type":593},"A considerable part of that increased revenue came from the company’s expansion of its energy storage business, which grew from RMB 57.3bn to RMB 62.4bn last year. While it represented a smaller proportion of the company’s revenue, this was only because of the pace of expansion of its EV cell business.",{"type":588,"attrs":8961,"content":8962},{"textAlign":49},[8963,8967],{"text":8964,"type":593,"marks":8965},"Benchmark’s China Briefing provides a monthly bulletin on changes in the country from across the battery supply chain, as well as downstream. ",[8966],{"type":767},{"text":8968,"type":593,"marks":8969},"This mine-to-grid update can be accessed here.",[8970,8972],{"type":603,"attrs":8971},{"href":2803,"uuid":49,"anchor":49,"target":49,"linktype":638},{"type":767},{"type":588,"attrs":8974,"content":8975},{"textAlign":49},[8976],{"text":8977,"type":593,"marks":8978},"Benchmark will also be in Shanghai, China for this year’s edition of Benchmark Week, with more details to follow soon.",[8979],{"type":767},"It is difficult to overstate China’s role in the battery supply chain. It is the world’s largest producer of batteries, whether for electric vehicles (EVs) or battery energy stationary storage (BESS). It is the world’s largest single miner of lithium and natural graphite – it is also, in both cases, the largest supplier of refined product – and the largest provider of needle coke and synthetic graphite. In rare earths, it controls over 90% of global refining capacity.",[8982,8985],{"slug":544,"name":543,"content":8983},{"job_title":557,"image":8984,"bio":548,"linkedin":555},{"filename":552},{"slug":841,"name":842,"content":8986},{"job_title":844,"image":8987,"bio":847,"linkedin":848},{"filename":846},[8989,8990,8991,8992,8993,8994,8995,8996,8997,8998,8999,9000,9001,9002,9003],{"slug":1700,"name":1701},{"slug":2882,"name":261},{"slug":1703,"name":1704},{"slug":1108,"name":1109},{"slug":800,"name":801},{"slug":1694,"name":1695},{"slug":1441,"name":1442},{"slug":1114,"name":1115},{"slug":2050,"name":2051},{"slug":3510,"name":3511},{"slug":798,"name":8},{"slug":3021,"name":189},{"slug":3437,"name":150},{"slug":3746,"name":414},{"slug":3515,"name":3516},{"id":9005,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":9006,"copyright":547,"fieldtype":553,"meta_data":9007,"is_external_url":50},163722642447005,"https://a.storyblok.com/f/287943243085208/713x754/a5a57bf82f/china-map.png",{},{"id":8501,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":8502,"copyright":547,"fieldtype":553,"meta_data":9009,"is_external_url":50},{},"It is difficult to overstate China’s role in the battery supply chain. It is the world’s largest producer of batteries, whether for electric vehicles (EVs) or battery energy stationary storage (BESS).","Apr 08, 2026",{"id":9013,"uuid":3010,"name":9014,"slug":9015,"full_slug":9016,"content":9017},163681851563381,"Zimbabwe to lift lithium concentrate export ban with stringent conditions","zimbabwe-to-lift-lithium-concentrate-export-ban-with-stringent-conditions","article/zimbabwe-to-lift-lithium-concentrate-export-ban-with-stringent-conditions",{"_uid":9018,"date":8692,"tags":9019,"editor":9025,"content":9029,"excerpt":9251,"featured":51,"reporter":9252,"component":794,"seo_title":9268,"categories":9269,"visibility":805,"data_vis_image":9272,"featured_image":9274,"seo_description":9278,"formattedDate":9011},"b9a756c4-c5cf-4200-a544-31bb0c986047",[9020,9021,9022],{"slug":4145,"name":4146},{"slug":837,"name":838},{"slug":9023,"name":9024},"export-restrictions","Export restrictions",[9026],{"slug":544,"name":543,"content":9027},{"job_title":557,"image":9028,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":9030},[9031,9053,9061,9069,9076,9085,9093,9101,9123,9131,9139,9147,9155,9163,9172,9201,9237,9243],{"type":588,"attrs":9032,"content":9033},{"textAlign":49},[9034,9039,9048],{"text":9035,"type":593,"marks":9036},"On 2nd April, Zimbabwe's Minister of Mines and Mining Development outlined the prerequisite conditions for lifting the country's ",[9037],{"type":596,"attrs":9038},{"color":598},{"text":9040,"type":593,"marks":9041},"ban on lithium concentrate exports",[9042,9046],{"type":603,"attrs":9043},{"href":9044,"uuid":9045,"anchor":49,"target":898,"linktype":608},"/article/zimbabwe-suspends-lithium-concentrate-exports","604f5243-5659-4cc3-bbe4-a982e1bb429e",{"type":596,"attrs":9047},{"color":598},{"text":9049,"type":593,"marks":9050},", signalling a potential thaw in the export suspension imposed in February 2026. The move reflects the government's intent to unlock value from the sector while enforcing strict domestic beneficiation requirements and operational standards.",[9051],{"type":596,"attrs":9052},{"color":598},{"type":588,"attrs":9054,"content":9055},{"textAlign":49},[9056],{"text":9057,"type":593,"marks":9058},"The conditions, detailed in a letter to the Chamber of Mines, represent a high bar for operators and reveal significant friction points between Zimbabwe's policy ambitions and the economics facing miners and converters.",[9059],{"type":596,"attrs":9060},{"color":598},{"type":588,"attrs":9062,"content":9063},{"textAlign":49},[9064],{"text":9065,"type":593,"marks":9066},"Additionally, the letter notes that future investments in the lithium sector will have conditions applied on a case-by-case basis.",[9067],{"type":596,"attrs":9068},{"color":598},{"type":677,"attrs":9070},{"id":9071,"body":9072},"861211f7-2b3e-4f20-b4e3-a42eee8b191e",[9073],{"id":9074,"_uid":9075,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28420451","i-48361e33-ccf5-4216-9662-2ad7de27ce0d",{"type":687,"attrs":9077,"content":9078},{"level":689,"textAlign":49},[9079],{"text":9080,"type":593,"marks":9081},"The sulphate bottleneck",[9082,9084],{"type":596,"attrs":9083},{"color":598},{"type":911},{"type":588,"attrs":9086,"content":9087},{"textAlign":49},[9088],{"text":9089,"type":593,"marks":9090},"The most consequential condition is the January 2027 deadline for sulphate plant establishment. This sits at the heart of Zimbabwe's value-chain capture strategy, yet creates substantial operational and financial friction.",[9091],{"type":596,"attrs":9092},{"color":598},{"type":588,"attrs":9094,"content":9095},{"textAlign":49},[9096],{"text":9097,"type":593,"marks":9098},"Three plants with combined capacity of approximately 185kt lithium sulphate (equivalent to ~107 kt LCE) are currently under construction or in planning across the country. Huayou's Arcadia plant began limited production in December 2025; Bikita and Kamativi projects remain in earlier stages. Meeting a January 2027 commissioning deadline will be difficult, if not impossible. Through 2027 and 2028, sulphate production is expected to consume around 20% of mined supply. ",[9099],{"type":596,"attrs":9100},{"color":598},{"type":588,"attrs":9102,"content":9103},{"textAlign":49},[9104,9109,9118],{"text":9105,"type":593,"marks":9106},"Given the planned ",[9107],{"type":596,"attrs":9108},{"color":598},{"text":9110,"type":593,"marks":9111},"spodumene concentrate export ban taking effect in 2027",[9112,9116],{"type":603,"attrs":9113},{"href":9114,"uuid":9115,"anchor":49,"target":898,"linktype":608},"/article/zimbabwe-to-ban-lithium-concentrate-exports-from-2027","2cb67dd2-7bf1-4398-bff8-512fa146020d",{"type":596,"attrs":9117},{"color":598},{"text":9119,"type":593,"marks":9120},", further negotiations between the government and miners participants will be necessary to strike a balance between government objectives and practical implementability. ",[9121],{"type":596,"attrs":9122},{"color":598},{"type":588,"attrs":9124,"content":9125},{"textAlign":49},[9126],{"text":9127,"type":593,"marks":9128},"\"Although negotiations are progressing relatively smoothly so far, We expect some tension between the government and companies to persist,\" said Zoey Zuo, a senior lithium analyst at Benchmark. \"Therefore, even if some consensus is reached in the short term, risk of future disruption is not eliminated entirely.\"",[9129],{"type":596,"attrs":9130},{"color":598},{"type":588,"attrs":9132,"content":9133},{"textAlign":49},[9134],{"text":9135,"type":593,"marks":9136},"Friction points remain somewhat fundamental – miners do not see favourable economics in establishing sulphate plants, at least not for their higher grade spodumene concentrates. Reagent logistics and power costs and reliability are the main limiting factors.",[9137],{"type":596,"attrs":9138},{"color":598},{"type":588,"attrs":9140,"content":9141},{"textAlign":49},[9142],{"text":9143,"type":593,"marks":9144},"Plans to forgo beneficiation of lower-grade petalite ore and to convert it directly into lithium sulphate could, on the other hand, positively impact margins. However, this option is not viewed as favourable by the Zimbabwean government on account of lowered tax revenues on a relatively lower grade sulphate product compared to concentrate-derived material.",[9145],{"type":596,"attrs":9146},{"color":598},{"type":588,"attrs":9148,"content":9149},{"textAlign":49},[9150],{"text":9151,"type":593,"marks":9152},"Uncertainty also remains around the specifics of the quota system, whether this would be a longer-term arrangement such as seen in Indonesia’s RKAB ore quota system, or whether export quotas might be a measure linked to miners’ progress on sulphate capacity. ",[9153],{"type":596,"attrs":9154},{"color":598},{"type":588,"attrs":9156,"content":9157},{"textAlign":49},[9158],{"text":9159,"type":593,"marks":9160},"Clarity on what the export ban would mean for small-scale miners and new major green- and brownfield expansions is also lacking. To what extent, and on what terms, would new producers be required or allowed to engage existing sulphate plants to convert concentrates is also unclear. Such a system could create complex dynamics; converters face squeezed economics; miners encounter rising processing costs; idle petalite capacity cannot easily be monetised if sulphate plants cannot absorb it; greenfield developers, already managing reduced margins on quota-constrained volumes, face further pressure.",[9161],{"type":596,"attrs":9162},{"color":598},{"type":687,"attrs":9164,"content":9165},{"level":689,"textAlign":49},[9166],{"text":9167,"type":593,"marks":9168},"Global context and market impact",[9169,9171],{"type":596,"attrs":9170},{"color":598},{"type":911},{"type":588,"attrs":9173,"content":9174},{"textAlign":49},[9175,9184,9189,9196],{"text":9176,"type":593,"marks":9177},"Zimbabwe accounts",[9178,9182],{"type":603,"attrs":9179},{"href":9180,"uuid":9181,"anchor":49,"target":898,"linktype":608},"/article/zimbabwe-africas-lithium-heartland","55306705-148d-46f7-ab80-27437cd2ac45",{"type":596,"attrs":9183},{"color":598},{"text":9185,"type":593,"marks":9186}," for a significant portion of emerging ",[9187],{"type":596,"attrs":9188},{"color":598},{"text":9190,"type":593,"marks":9191},"African lithium supply",[9192,9194],{"type":603,"attrs":9193},{"href":8205,"uuid":8206,"anchor":49,"target":898,"linktype":608},{"type":596,"attrs":9195},{"color":598},{"text":9197,"type":593,"marks":9198},". The conditional lifting of lithium export restrictions, sit within broader efforts on the continent to capture downstream value.",[9199],{"type":596,"attrs":9200},{"color":598},{"type":588,"attrs":9202,"content":9203},{"textAlign":49},[9204,9209,9218,9223,9232],{"text":9205,"type":593,"marks":9206},"Aggressive signalling, supply disruptions, and delays could have asymmetric impacts on ",[9207],{"type":596,"attrs":9208},{"color":598},{"text":9210,"type":593,"marks":9211},"spot-pricing",[9212,9216],{"type":603,"attrs":9213},{"href":9214,"uuid":9215,"anchor":49,"target":898,"linktype":608},"/article/deja-vu-in-battery-raw-materials-is-the-2021-playbook-repeating-","d935e80b-5abf-484c-a751-e698ccaf6e18",{"type":596,"attrs":9217},{"color":598},{"text":9219,"type":593,"marks":9220}," and short-term decision-making in a market in a market burned by ",[9221],{"type":596,"attrs":9222},{"color":598},{"text":9224,"type":593,"marks":9225},"erroneous expectations of Jiangxi disruption timelines",[9226,9230],{"type":603,"attrs":9227},{"href":9228,"uuid":9229,"anchor":49,"target":898,"linktype":608},"/article/restart-of-catls-jianxiawo-lithium-mine-may-be-delayed-tightening-balance","e310a60b-1914-4b56-b78d-8646c714f378",{"type":596,"attrs":9231},{"color":598},{"text":9233,"type":593,"marks":9234}," in 2025, the tight lithium market balance, and long lead times for Zimbabwean material.",[9235],{"type":596,"attrs":9236},{"color":598},{"type":677,"attrs":9238},{"id":9071,"body":9239},[9240],{"id":9241,"_uid":9242,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28420017","i-3944c19f-0b39-4fbe-a013-cdb3f4487a59",{"type":588,"attrs":9244,"content":9245},{"textAlign":49},[9246],{"text":9247,"type":593,"marks":9248},"The conditions framework also signals Zimbabwe's willingness to use export controls as leverage for industrial development, a precedent with implications for investor confidence and capital allocation into Zimbabwe and other countries eyeing local value-add policies.",[9249],{"type":596,"attrs":9250},{"color":598},"On 2nd April, Zimbabwe's Minister of Mines and Mining Development outlined the prerequisite conditions for lifting the country's ban on lithium concentrate exports, signalling a potential thaw in the export suspension imposed in February 2026. The move reflects the government's intent to unlock value from the sector while enforcing strict domestic beneficiation requirements and operational standards.\n\nThe conditions, detailed in a letter to the Chamber of Mines, represent a high bar for operators and reveal significant friction points between Zimbabwe's policy ambitions and the economics facing miners and converters.",[9253,9256,9265],{"slug":4422,"name":4423,"content":9254},{"job_title":4425,"image":9255,"bio":4428,"linkedin":4429,"markets_covered":8},{"filename":4427},{"slug":9257,"name":9258,"content":9259},"zoey-zuo","Zoey Zuo",{"job_title":9260,"image":9261,"bio":9263,"linkedin":9264,"markets_covered":8},"Senior Analyst - Lithium ",{"filename":9262},"https://a.storyblok.com/f/287943243085208/852x854/1135fe200d/zoe-z.png","Zoey is a Senior Analyst at Benchmark Mineral Intelligence in China, leading its China lithium research. She has extensive experience in lithium mine projects, contributing to Benchmark’s lithium cost, supply-demand and price forecast models. Previously, has participated in investment and financing projects for lithium mining ventures. She led lithium market analysis collaborate with Chinese universities on joint lithium research projects  when she's in Lithium Research Institute.","https://www.linkedin.com/in/zoey-zuo-615637151/",{"slug":5223,"name":5224,"content":9266},{"job_title":5226,"image":9267,"bio":5229,"linkedin":5230,"markets_covered":8},{"filename":5228},"Zimbabwe to lift lithium concentrate export ban with conditions",[9270,9271],{"slug":798,"name":8},{"slug":800,"name":801},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":9273},{},{"id":9275,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":9276,"copyright":547,"fieldtype":553,"meta_data":9277,"is_external_url":50},129065092576793,"https://a.storyblok.com/f/287943243085208/554e369eb1/bm-arcadia-mine-zimbabwe.jpg",{},"On 2nd April, Zimbabwe's Minister of Mines and Mining Development outlined the prerequisite conditions for lifting the country's ban on lithium concentrate exports, signalling a potential thaw in the export suspension imposed in February 2026.",{"id":9280,"uuid":9281,"name":9282,"slug":9283,"full_slug":9284,"content":9285},161157205557529,"290bf135-4b0a-4979-8b3f-1d8640be918e","Canadian government signs graphite deal with NMG as North America looks to shore up ex-China supply","canadian-government-signs-graphite-deal-with-nmg-as-north-america-looks-to-shore-up-ex-china-supply","article/canadian-government-signs-graphite-deal-with-nmg-as-north-america-looks-to-shore-up-ex-china-supply",{"_uid":9286,"date":9287,"tags":9288,"editor":9298,"content":9302,"excerpt":9408,"featured":51,"reporter":9409,"component":794,"seo_title":9413,"categories":9414,"visibility":805,"data_vis_image":9418,"featured_image":9420,"seo_description":9408,"formattedDate":9424},"9232d0eb-d87b-4a81-bd8a-1d955a834993","2026-04-01 00:00",[9289,9292,9295],{"slug":9290,"name":9291},"syrah-resources","Syrah Resources",{"slug":9293,"name":9294},"nouveau-monde-graphite","Nouveau Monde Graphite",{"slug":9296,"name":9297},"flake-graphite","flake graphite",[9299],{"slug":544,"name":543,"content":9300},{"job_title":557,"image":9301,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":9303},[9304,9317,9339,9346,9353,9358,9363,9370,9375,9380,9391,9397],{"type":588,"attrs":9305,"content":9306},{"textAlign":49},[9307,9309,9315],{"text":9308,"type":593},"The Canadian government has signed an updated commercial agreement with ",{"text":9294,"type":593,"marks":9310},[9311],{"type":603,"attrs":9312},{"href":9313,"uuid":9314,"anchor":49,"target":607,"linktype":608},"/article/oems-are-ready-to-pay-the-price-needed-to-finance-projects-qa-with-nouveau-monde-ceo-eric-desaulniers","5f570124-7f3b-4f3a-8f8d-a804a7d0ddb8",{"text":9316,"type":593}," (NMG) for supply, storage and resale of its natural graphite concentrate from the company’s Matawinie Mine.",{"type":588,"attrs":9318,"content":9319},{"textAlign":49},[9320,9322,9328,9330,9337],{"text":9321,"type":593},"Together with the news that the US government is taking a ~20% stake in graphite producer ",{"text":9291,"type":593,"marks":9323},[9324],{"type":603,"attrs":9325},{"href":9326,"uuid":9327,"anchor":49,"target":607,"linktype":608},"/videos/syrah-resources-keynote-presentation","3202e6a7-cc22-4b89-8d26-d7c596d91acc",{"text":9329,"type":593},", it highlights ",{"text":9331,"type":593,"marks":9332},"North American governments’ growing involvement ",[9333],{"type":603,"attrs":9334},{"href":9335,"uuid":9336,"anchor":49,"target":607,"linktype":608},"/article/north-americas-anode-push-accelerates-with-nouveau-monde-gm-deal","c2c4a5f4-d0c9-424f-87c7-dfe1623057b1",{"text":9338,"type":593},"in a sector that remains heavily dominated by China in both supply and refining.",{"type":677,"attrs":9340},{"id":9341,"body":9342},"b891e4f4-98de-4288-8dad-bb802293ca27",[9343],{"id":9344,"_uid":9345,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28311807","i-fddc432a-ffbd-4796-b347-2e5d9c23920e",{"type":687,"attrs":9347,"content":9348},{"level":689,"textAlign":49},[9349],{"text":9350,"type":593,"marks":9351},"New NMG agreement doubles previously planned volume",[9352],{"type":911},{"type":588,"attrs":9354,"content":9355},{"textAlign":49},[9356],{"text":9357,"type":593},"The new take-or-pay deal commits the Canadian government to purchase 30,000 tonnes of flake graphite concentrate over seven years from NMG, double the 15,000 tonnes agreed under a previous version of the agreement signed in Q4 2025. NMG will be able to resell product covered by the agreement, sharing half of the upside with the Canadian government. The deal is binding, subject to customary conditions precedent, including governmental appropriations and NMG’s positive final investment decision (FID).",{"type":588,"attrs":9359,"content":9360},{"textAlign":49},[9361],{"text":9362,"type":593},"Canada’s government committed to support the development of the Matawine Mine with US$335m in financing from its Major Projects Office, which was created under the country’s Building Canada Act in 2025, contingent on securing a FID. The project sits alongside the Bécancour Battery Materials Plant, together forming what the government calls “a complete, domestic value chain for battery-grade graphite in Quebec”.",{"type":687,"attrs":9364,"content":9365},{"level":689,"textAlign":49},[9366],{"text":9367,"type":593,"marks":9368},"US also seeking to boost graphite supply",[9369],{"type":911},{"type":588,"attrs":9371,"content":9372},{"textAlign":49},[9373],{"text":9374,"type":593},"The US and Canada are both making efforts to increase access to ex-China graphite supply. On 26 March, the US government’s International Development Finance Corporation (DFC) announced it will be swapping a loan to Australian graphite producer Syrah Resources to a 20% stake.",{"type":588,"attrs":9376,"content":9377},{"textAlign":49},[9378],{"text":9379,"type":593},"DFC CEO Ben Black emphasised at the announcement of DFC’s Syrah stake that “economic security is national security”.",{"type":588,"attrs":9381,"content":9382},{"textAlign":49},[9383,9385,9389],{"text":9384,"type":593},"Benchmark’s Graphite & Anode Service shows that China supplied 73% of the world’s mined natural graphite supply in 2025, ",{"text":1624,"type":593,"marks":9386},[9387],{"type":596,"attrs":9388},{"color":547},{"text":9390,"type":593},"whilst North American domestic supply accounted for just 0.6% – well short of its own domestic demand.",{"type":677,"attrs":9392},{"id":9341,"body":9393},[9394],{"id":9395,"_uid":9396,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28312328","i-2691d8d8-1552-4f8b-a76c-f852fac4b2f9",{"type":588,"attrs":9398,"content":9399},{"textAlign":49},[9400,9402,9407],{"text":9401,"type":593},"The stake means the DFC will be the second-largest shareholder in Syrah. Its Balama site in Mozambique is among the world’s largest flake graphite mining facilities, and is expected to supply more than any other by 2030, according to ",{"text":8056,"type":593,"marks":9403},[9404],{"type":603,"attrs":9405},{"href":9406,"uuid":49,"anchor":49,"target":49,"linktype":638},"https://www.benchmarkminerals.com/natural-graphite",{"text":778,"type":593},"The Canadian government has signed an updated commercial agreement with Nouveau Monde Graphite (NMG) for supply, storage and resale of its natural graphite concentrate from the company’s Matawinie Mine.",[9410],{"slug":2871,"name":2872,"content":9411},{"job_title":2874,"image":9412,"bio":2877,"linkedin":2878,"markets_covered":261},{"filename":2876},"Canadian government signs graphite deal with NMG",[9415,9416,9417],{"slug":3510,"name":3511},{"slug":3021,"name":189},{"slug":800,"name":801},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":9419},{},{"id":9421,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":9422,"copyright":547,"fieldtype":553,"meta_data":9423,"is_external_url":50},129070413258975,"https://a.storyblok.com/f/287943243085208/2cdc671404/bm-north-american-lithium.jpg",{},"Apr 01, 2026",{"id":9426,"uuid":1514,"name":9427,"slug":9428,"full_slug":9429,"content":9430},158753706739779,"US EV demand shift and BESS growth: Who deployed the most batteries in 2025?","us-ev-demand-shift-and-bess-growth-who-deployed-the-most-batteries-in-2025-","article/us-ev-demand-shift-and-bess-growth-who-deployed-the-most-batteries-in-2025-",{"_uid":9431,"date":9432,"tags":9433,"editor":9451,"content":9455,"excerpt":9574,"featured":51,"reporter":9575,"component":794,"seo_title":9579,"categories":9580,"visibility":3519,"data_vis_image":9584,"featured_image":9588,"seo_description":9592,"formattedDate":9593},"5db5a306-a2b4-483a-b227-2e57a475db22","2026-03-25 00:00",[9434,9435,9438,9439,9440,9441,9444,9445,9448],{"slug":831,"name":832},{"slug":9436,"name":9437},"battery-production","Battery Production",{"slug":2565,"name":2566},{"slug":2192,"name":2193},{"slug":6654,"name":6655},{"slug":9442,"name":9443},"calb","CALB",{"slug":1465,"name":1466},{"slug":9446,"name":9447},"south-korea","South Korea",{"slug":9449,"name":9450},"eve-energy","EVE Energy",[9452],{"slug":544,"name":543,"content":9453},{"job_title":557,"image":9454,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":9456},[9457,9479,9491,9498,9509,9526,9533,9540,9557,9562],{"type":588,"attrs":9458,"content":9459},{"textAlign":49},[9460,9462,9469,9471,9478],{"text":9461,"type":593},"Overall ",{"text":9463,"type":593,"marks":9464},"lithium ion battery demand",[9465],{"type":603,"attrs":9466},{"href":9467,"uuid":9468,"anchor":49,"target":607,"linktype":608},"/article/global-lithium-ion-battery-demand-rose-29-in-2025","96304af2-dffa-4477-9134-47853491eec9",{"text":9470,"type":593}," increased by 30% year-on-year to over 1.6TWh in 2025, compared to 1.3TWh in 2024, and the largest four manufacturers meeting that demand remained at the top of ",{"text":9472,"type":593,"marks":9473},"the rankings",[9474],{"type":603,"attrs":9475},{"href":9476,"uuid":9477,"anchor":49,"target":607,"linktype":608},"/article/the-top-five-battery-producers-past-present-and-future","5a87817c-f839-49ea-9a92-ccb5a2952b63",{"text":778,"type":593},{"type":588,"attrs":9480,"content":9481},{"textAlign":49},[9482,9484,9489],{"text":9483,"type":593},"There have been shifts among the next-largest players, however, as ",{"text":9485,"type":593,"marks":9486},"increased battery energy stationary storage (BESS) demand",[9487],{"type":603,"attrs":9488},{"href":7905,"uuid":7906,"anchor":49,"target":607,"linktype":608},{"text":9490,"type":593}," and a dip in US electric vehicle (EV) sales growth have affected some South Korean firms in particular.",{"type":687,"attrs":9492,"content":9493},{"level":689,"textAlign":49},[9494],{"text":9495,"type":593,"marks":9496},"Growing BESS demand boosts Chinese firms",[9497],{"type":911},{"type":588,"attrs":9499,"content":9500},{"textAlign":49},[9501,9507],{"text":2566,"type":593,"marks":9502},[9503],{"type":603,"attrs":9504},{"href":9505,"uuid":9506,"anchor":49,"target":607,"linktype":608},"/article/catl-posts-record-results-as-efficiency-and-capacity-expansion-drive-profit-growth","508da94f-bb3a-4c2e-a103-9a22048151f3",{"text":9508,"type":593},", BYD, LG Energy Solution and China Aviation Lithium Battery (CALB) have stayed in the top four, fulfilling over 60% of EV and BESS demand. EVE Energy, much of whose supply went to BESS applications, climbed from eighth to fourth place. Growth in EV demand for Samsung SDI and Panasonic, who came in at fifth and sixth respectively in 2024, did not stop them from dropping to eighth and ninth in 2025.",{"type":588,"attrs":9510,"content":9511},{"textAlign":49},[9512,9514,9519,9521,9524],{"text":9513,"type":593},"Significantly, this is the first year when a top ten cell supplier made that list solely through ",{"text":9515,"type":593,"marks":9516},"BESS production",[9517],{"type":603,"attrs":9518},{"href":2660,"uuid":2661,"anchor":49,"target":607,"linktype":608},{"text":9520,"type":593},", with Hithium climbing to tenth place without supplying EV cells. This is a trend Benchmark expects to continue as Hithium and smaller BESS player Cornex, which came in at 16",{"text":8829,"type":593,"marks":9522},[9523],{"type":8833},{"text":9525,"type":593},", carry out their expansion plans in the coming years. CATL, meanwhile, remained the largest BESS supplier despite slower growth in 2025 compared to 2024.",{"type":677,"attrs":9527},{"id":9528,"body":9529},"69ba5742-9b87-430b-ae6e-1f6a8015f115",[9530],{"id":9531,"_uid":9532,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28208825","i-cb27e670-437f-4be3-aa52-e02c162d87ea",{"type":687,"attrs":9534,"content":9535},{"level":689,"textAlign":49},[9536],{"text":9537,"type":593,"marks":9538},"South Korean players take US EV hit",[9539],{"type":911},{"type":588,"attrs":9541,"content":9542},{"textAlign":49},[9543,9550,9552,9555],{"text":9544,"type":593,"marks":9545},"Chinese companies like EVE and Gotion",[9546],{"type":603,"attrs":9547},{"href":9548,"uuid":9549,"anchor":49,"target":607,"linktype":608},"/article/chinese-presence-in-tier-1-increases-further-with-calb-eve-svolt-and-gotion","14469f1d-ea5f-4dc8-9961-37e30cde238d",{"text":9551,"type":593}," have climbed the ranks as South Korean players like Samsung SDI – which did nevertheless produce 10GWh more than in 2024 – and EV battery maker SK On have fallen. SK On registered the largest drop, from seventh to 12",{"text":8829,"type":593,"marks":9553},[9554],{"type":8833},{"text":9556,"type":593}," place, as it reduced production.",{"type":588,"attrs":9558,"content":9559},{"textAlign":49},[9560],{"text":9561,"type":593},"The US, a major export market for South Korean firms, saw slower EV demand growth as the One Big Beautiful Bill Act (OBBBA) reduced government support for the sector and new tariffs on imports were implemented.",{"type":588,"attrs":9563,"content":9564},{"textAlign":49},[9565,9567,9572],{"text":9566,"type":593},"South Korean players are expected to grow in 2026 as they ",{"text":9568,"type":593,"marks":9569},"increase their production of lithium iron phosphate (LFP) cells",[9570],{"type":603,"attrs":9571},{"href":2622,"uuid":2623,"anchor":49,"target":607,"linktype":608},{"text":9573,"type":593}," after focusing until now on nickel cobalt manganese (NCM) chemistries, which are less utilised in BESS installations.","Overall lithium ion battery demand increased by 30% year-on-year to over 1.6TWh in 2025, compared to 1.3TWh in 2024, and the largest four manufacturers meeting that demand remained at the top of the rankings.\n\nThere have been shifts among the next-largest players, however, as increased battery energy stationary storage (BESS) demand and a dip in US electric vehicle (EV) sales growth have affected some South Korean firms in particular.",[9576],{"slug":2037,"name":2038,"content":9577},{"job_title":2040,"image":9578,"bio":2043,"linkedin":2044,"markets_covered":2045},{"filename":2042},"Who deployed the most batteries in 2025?",[9581,9582,9583],{"slug":1700,"name":1701},{"slug":1694,"name":1695},{"slug":1441,"name":1442},{"id":9585,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":9586,"copyright":547,"fieldtype":553,"meta_data":9587,"is_external_url":50},158754527084287,"https://a.storyblok.com/f/287943243085208/719x786/9430174592/battery-supplier-leaderboard-2025.png",{},{"id":9589,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":9590,"copyright":547,"fieldtype":553,"meta_data":9591,"is_external_url":50},129069422055138,"https://a.storyblok.com/f/287943243085208/c31afce037/bm-lithium-ion-waste-batteries.jpg",{},"Overall lithium ion battery demand increased by 30% year-on-year to over 1.6TWh in 2025, compared to 1.3TWh in 2024, and the largest four manufacturers meeting that demand remained at the top of the rankings.","Mar 25, 2026",{"id":9595,"uuid":2623,"name":9596,"slug":9597,"full_slug":9598,"content":9599},158396287413295,"LGES signs $4.3 billion BESS cell supply deal with Tesla","lges-signs-4-3-billion-bess-cell-supply-deal-with-tesla","article/lges-signs-4-3-billion-bess-cell-supply-deal-with-tesla",{"_uid":9600,"date":9601,"tags":9602,"editor":9614,"content":9618,"excerpt":9710,"featured":51,"reporter":9711,"component":794,"seo_title":9596,"categories":9715,"visibility":805,"data_vis_image":9718,"featured_image":9720,"seo_description":9710,"formattedDate":9724},"d6448cee-d13f-41fb-ada8-986ba802389d","2026-03-24 00:00",[9603,9604,9607,9608,9609,9612,9613],{"slug":3539,"name":1690},{"slug":9605,"name":9606},"tesla","Tesla",{"slug":6654,"name":6655},{"slug":6255,"name":451},{"slug":9610,"name":9611},"ira","IRA",{"slug":1332,"name":1333},{"slug":4454,"name":4455},[9615],{"slug":544,"name":543,"content":9616},{"job_title":557,"image":9617,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":9619},[9620,9632,9637,9644,9649,9671,9676,9683,9688,9695,9700,9705],{"type":588,"attrs":9621,"content":9622},{"textAlign":49},[9623,9625,9631],{"text":9624,"type":593},"The US Department of the Interior (DOI) announced last week that South Korean battery manufacturer LG Energy Solution (LGES) has secured a US$4.3 billion battery electric stationary storage (BESS) cell supply agreement with ",{"text":9606,"type":593,"marks":9626},[9627],{"type":603,"attrs":9628},{"href":9629,"uuid":9630,"anchor":49,"target":607,"linktype":608},"/article/tesla-to-discontinue-the-model-s-and-x-as-it-pivots-towards-humanoid-robots","d988206d-9e4d-43bd-8969-21ef3bdb3281",{"text":778,"type":593},{"type":588,"attrs":9633,"content":9634},{"textAlign":49},[9635],{"text":9636,"type":593},"The deal will see LFP prismatic cells manufactured at a facility in Lansing, Michigan, that will begin production from 2027. The cells will be deployed in Tesla’s Megapack 3 system which is to be produced at the company’s Houston megafactory. The deal was first rumoured in the summer of 2025 but has now officially been closed.",{"type":687,"attrs":9638,"content":9639},{"level":689,"textAlign":49},[9640],{"text":9641,"type":593,"marks":9642},"US BESS projects seek to diversify from China",[9643],{"type":911},{"type":588,"attrs":9645,"content":9646},{"textAlign":49},[9647],{"text":9648,"type":593},"Tesla’s cell procurement strategy in the BESS space has so far relied on Chinese expertise. The company’s long-standing partnership with CATL was the bedrock of the Megapack strategy, which has now been diversified to include BYD and EVE Energy.",{"type":588,"attrs":9650,"content":9651},{"textAlign":49},[9652,9654,9661,9663,9670],{"text":9653,"type":593},"There have recently been a range of ",{"text":9655,"type":593,"marks":9656},"legislative changes",[9657],{"type":603,"attrs":9658},{"href":9659,"uuid":9660,"anchor":49,"target":607,"linktype":608},"/article/what-does-the-big-beautiful-bill-mean-for-the-ev-battery-and-critical-minerals","5b7eeeea-766b-4cef-b765-020a7ec8841f",{"text":9662,"type":593}," to the Inflation Reduction Act (IRA) through the One Big Beautiful Bill Act (OBBA) regarding Foreign Entities of Concern (FEOC) compliance and Material Assistance Cost Ratios. As a result, US-based battery producers and system integrators have had to re-align their supply chains to qualify for ",{"text":9664,"type":593,"marks":9665},"48E and 45X tax credits",[9666],{"type":603,"attrs":9667},{"href":9668,"uuid":9669,"anchor":49,"target":607,"linktype":608},"/article/record-ev-sales-in-the-us-as-tax-credit-disappears","759287a8-220f-43f8-a847-3b9d88a135d1",{"text":778,"type":593},{"type":588,"attrs":9672,"content":9673},{"textAlign":49},[9674],{"text":9675,"type":593},"Consequently, those cell manufacturers who have announced US-domestic LFP production capabilities are in high demand as projects look to remain compliant.",{"type":687,"attrs":9677,"content":9678},{"level":689,"textAlign":49},[9679],{"text":9680,"type":593,"marks":9681},"Domestic US cell supply is growing",[9682],{"type":911},{"type":588,"attrs":9684,"content":9685},{"textAlign":49},[9686],{"text":9687,"type":593},"Tesla announced in May 2025 that it was nearing completion of a 10GWh BESS cell production facility at its Nevada site. Utilising CATL-supplied equipment, this facility is currently behind schedule with a reduced production capacity set to come online in 2026.",{"type":677,"attrs":9689},{"id":9690,"body":9691},"6f6c19d6-1ac5-492b-ac52-188fc823fb6a",[9692],{"id":9693,"_uid":9694,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28206172","i-2f9b9ee4-30eb-4728-ab4e-e6bf9711983f",{"type":588,"attrs":9696,"content":9697},{"textAlign":49},[9698],{"text":9699,"type":593},"With the swathe of newly announced LFP capacity coming online in the US, including EV players converting lines to BESS-specific LFP cell production, more readily available domestic cell supply is becoming available at scale. Such players include LGES, Samsung, and even completely new entrants to the energy storage market such as Ford, which has announced 20GWh of BESS cell capacity to come online by 2027.",{"type":588,"attrs":9701,"content":9702},{"textAlign":49},[9703],{"text":9704,"type":593},"The Houston megafactory is planned to begin production in 2026, with the latest Megapack 3 and the MegaBlock to be produced at the facility. The company’s current nameplate BESS system production capacity sits at around 80GWh per year across Lathrop and Shanghai facilities. This will be expanded to 130GWh in nameplate capacity with the completion of the Houston facility adding up to 50GWh, although initial production in 2026 will be considerably less with a ramping period.",{"type":588,"attrs":9706,"content":9707},{"textAlign":49},[9708],{"text":9709,"type":593},"In its latest investor report, Tesla reported 14.2GWh of deployed energy storage capacity in Q4, bringing the yearly total to 46.7GWh, a year-on-year increase of just under 50%.","The US Department of the Interior (DOI) announced last week that South Korean battery manufacturer LG Energy Solution (LGES) has secured a US$4.3 billion battery electric stationary storage (BESS) cell supply agreement with Tesla.",[9712],{"slug":3139,"name":3140,"content":9713},{"job_title":3142,"image":9714,"bio":3145,"linkedin":3146,"markets_covered":1690},{"filename":3144},[9716,9717],{"slug":1694,"name":1695},{"slug":2050,"name":2051},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":9719},{},{"id":9721,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":9722,"copyright":547,"fieldtype":553,"meta_data":9723,"is_external_url":50},129073103685289,"https://a.storyblok.com/f/287943243085208/2993b6fc5b/bm-tesla-gigafactory-4-dji-0336.jpg",{},"Mar 24, 2026",{"id":9726,"uuid":1775,"name":9727,"slug":9728,"full_slug":9729,"content":9730},156970287714973,"In charts: How copper demand shows US' increasing import dependence","in-charts-how-copper-demand-shows-us-increasing-import-dependence","article/in-charts-how-copper-demand-shows-us-increasing-import-dependence",{"_uid":9731,"date":9732,"tags":9733,"editor":9741,"content":9745,"excerpt":9900,"featured":51,"reporter":9901,"component":794,"seo_title":9905,"categories":9906,"visibility":3519,"data_vis_image":9909,"featured_image":9913,"seo_description":9915,"formattedDate":9916},"9a5a18ea-dacc-42a4-ba66-7360004d2536","2026-03-20 00:00",[9734,9737,9740],{"slug":9735,"name":9736},"tariffs","Tariffs",{"slug":9738,"name":9739},"imports","Imports",{"slug":831,"name":832},[9742],{"slug":544,"name":543,"content":9743},{"job_title":557,"image":9744,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":9746},[9747,9761,9775,9782,9793,9807,9814,9819,9825,9830,9836,9841,9847,9853,9858,9863,9868,9875,9889,9898],{"type":588,"attrs":9748,"content":9749},{"textAlign":49},[9750,9752,9759],{"text":9751,"type":593},"Benchmark analysis of copper demand data highlights the ",{"text":9753,"type":593,"marks":9754},"increasing reliance in the West ",[9755],{"type":603,"attrs":9756},{"href":9757,"uuid":9758,"anchor":49,"target":607,"linktype":608},"/article/record-us-copper-imports-in-2025-far-in-excess-of-consumption","0a808810-9bb1-448e-833d-f20c64c3255b",{"text":9760,"type":593},"– and particularly in the US – on imported goods. It also draws attention to the proportion of Chinese copper consumption that is due to the export of manufactured goods.",{"type":588,"attrs":9762,"content":9763},{"textAlign":49},[9764,9766,9773],{"text":9765,"type":593},"This comes despite the US' continued efforts to decrease its import dependence. Although the country ",{"text":9767,"type":593,"marks":9768},"used Section 232 investigations",[9769],{"type":603,"attrs":9770},{"href":9771,"uuid":9772,"anchor":49,"target":607,"linktype":608},"/article/in-charts-coppers-shifting-trade-flows","59607a8c-5b31-469f-b9bc-aeac11f2b378",{"text":9774,"type":593}," to tackle copper imports, a significant amount of copper enters the country through end use products such as cars and washing machines, suggesting the US's issue isn't just copper production, but the later stages of the value of the supply chain.",{"type":687,"attrs":9776,"content":9777},{"level":689,"textAlign":49},[9778],{"text":9779,"type":593,"marks":9780},"Semis and end-use demand difference demonstrates import dependence",[9781],{"type":911},{"type":588,"attrs":9783,"content":9784},{"textAlign":49},[9785,9787,9792],{"text":9786,"type":593},"Disparities between total semis demand (that is, the copper demand from the domestic production of copper semis) and end-use demand (copper consumed via the purchase and installation of downstream goods in the country) show that China’s growth in copper demand has come in part due to its growing exports of both semi-products and end-use goods like cars and washing machines. The growing difference between the US’ demand for copper and its end-use consumption, meanwhile, implies that it is ",{"text":9788,"type":593,"marks":9789},"increasingly reliant on imports of such goods",[9790],{"type":603,"attrs":9791},{"href":9771,"uuid":9772,"anchor":49,"target":607,"linktype":608},{"text":778,"type":593},{"type":588,"attrs":9794,"content":9795},{"textAlign":49},[9796,9798,9805],{"text":9797,"type":593},"Despite US end-use demand for copper growing by over a million tonnes in the last 15 years, all of that growth in demand has been met by the import of both semi-products and end use goods. Copper contained in ",{"text":9799,"type":593,"marks":9800},"imports into the US",[9801],{"type":603,"attrs":9802},{"href":9803,"uuid":9804,"anchor":49,"target":607,"linktype":608},"/article/us-import-data-shows-changing-growing-copper-flows-into-the-us","c283ed43-47f6-471d-9a61-46834a3952a2",{"text":9806,"type":593}," now accounts for over 50% of end-use copper demand.",{"type":677,"attrs":9808},{"id":9809,"body":9810},"a2e50069-38fe-43f1-a326-438978dcbcfd",[9811],{"id":9812,"_uid":9813,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28122091","i-a1207285-4086-4c43-ba47-a638d74f7294",{"type":588,"attrs":9815,"content":9816},{"textAlign":49},[9817],{"text":9818,"type":593},"US demand statistics highlight the growing importance of consumer goods in end-use copper demand in the US. End-use copper demand is increasing faster than total demand because many goods like aircons and fridges are imported into the US.",{"type":677,"attrs":9820},{"id":9809,"body":9821},[9822],{"id":9823,"_uid":9824,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28152573","i-9b4296d2-81a0-4ca8-852a-268f465a36bc",{"type":588,"attrs":9826,"content":9827},{"textAlign":49},[9828],{"text":9829,"type":593},"The EU provides a significant contrast. The bloc manufactures a significant amount more of its own end-use copper demand at 88%, though this has fallen from 96% in 2010. It remains far less reliant on imports than the US.",{"type":677,"attrs":9831},{"id":9809,"body":9832},[9833],{"id":9834,"_uid":9835,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28123318","i-fa84381f-b62d-4fbc-9944-b1b9873cf7a4",{"type":588,"attrs":9837,"content":9838},{"textAlign":49},[9839],{"text":9840,"type":593},"China, meanwhile, shows the inverted trend, with end-use copper demand growing more slowly than total demand, indicating an increase in the export of semi-products and copper containing goods.",{"type":677,"attrs":9842},{"id":9809,"body":9843},[9844],{"id":9845,"_uid":9846,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28122876","i-08c7c5e2-4896-4e30-b488-b43e71f723a6",{"type":677,"attrs":9848},{"id":9809,"body":9849},[9850],{"id":9851,"_uid":9852,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28123929","i-c32f80b3-1d82-4cbb-b0b7-5801a26f0a20",{"type":588,"attrs":9854,"content":9855},{"textAlign":49},[9856],{"text":9857,"type":593},"Some of this change is attributable to the import and export of semi-products, with the US increasingly importing copper semi-products like wire rod, and China increasingly exporting those same goods.",{"type":588,"attrs":9859,"content":9860},{"textAlign":49},[9861],{"text":9862,"type":593},"In the last 15 years, China has moved from being a net importer of copper semi-product to the tune of 468kt to a net exporter at 420kt. In the same period, the US’ net imports of semi-products have increased from 60kt in 2010 to 228kt in 2025.",{"type":588,"attrs":9864,"content":9865},{"textAlign":49},[9866],{"text":9867,"type":593},"The section 232 investigation initiated last year resulted in a 50% tariff on copper semis imports. This is aimed at reversing the trend of increasing in US semis imports, and the second half of 2025 did show an immediate decrease.",{"type":677,"attrs":9869},{"id":9870,"body":9871},"c5db5bd7-cbef-4f1a-bf4c-140bfaced140",[9872],{"id":9873,"_uid":9874,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28124131","i-60d99eb0-0b43-4572-a2d4-459d05e812e4",{"type":588,"attrs":9876,"content":9877},{"textAlign":49},[9878,9881,9886],{"text":4898,"type":593,"marks":9879},[9880],{"type":767},{"text":4902,"type":593,"marks":9882},[9883,9885],{"type":603,"attrs":9884},{"href":4906,"uuid":49,"anchor":49,"target":607,"linktype":638},{"type":767},{"text":7240,"type":593,"marks":9887},[9888],{"type":767},{"type":677,"attrs":9890},{"id":9809,"body":9891},[9892],{"id":1081,"_uid":9893,"component":1083,"wrap_in_box":50,"redirect_url":9894,"success_file":9895,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":9897,"show_on_intelligence":50},"i-b8d3b9d7-c8fb-4722-8a39-09d960e1cf6d",{"id":547,"url":547,"linktype":608,"fieldtype":1085,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":9896},{},[],{"type":588,"attrs":9899},{"textAlign":49},"Benchmark analysis of copper demand data highlights the increasing reliance in the West – and particularly in the US – on imported goods. It also draws attention to the proportion of Chinese copper consumption that is due to the export of manufactured goods.",[9902],{"slug":1291,"name":1292,"content":9903},{"job_title":1294,"image":9904,"bio":1297,"linkedin":1298,"markets_covered":1109},{"filename":1296},"In charts: How copper demand shows US' growing import dependence",[9907,9908],{"slug":1108,"name":1109},{"slug":1114,"name":1115},{"id":9910,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":9911,"copyright":547,"fieldtype":553,"meta_data":9912,"is_external_url":50},156975137618392,"https://a.storyblok.com/f/287943243085208/901x772/47b8010668/us-copper-end-use.png",{},{"id":4940,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":4941,"copyright":547,"fieldtype":553,"meta_data":9914,"is_external_url":50},{},"Benchmark analysis of copper demand data highlights the increasing reliance in the West – and particularly in the US – on imported goods.","Mar 20, 2026",{"id":9918,"uuid":6935,"name":9919,"slug":9920,"full_slug":9921,"content":9922},156672070107659,"Trafigura signs $1.1 billion offtake agreement with Nth Cycle for recycled lithium, nickel","trafigura-signs-1-1-billion-offtake-agreement-with-nth-cycle-for-recycled-lithium-nickel","article/trafigura-signs-1-1-billion-offtake-agreement-with-nth-cycle-for-recycled-lithium-nickel",{"_uid":9923,"date":9924,"tags":9925,"editor":9936,"content":9940,"excerpt":10005,"featured":51,"reporter":10006,"component":794,"seo_title":10017,"categories":10018,"visibility":805,"data_vis_image":10023,"featured_image":10025,"seo_description":10027,"formattedDate":10028},"470e2ad3-7260-45be-ac1d-5b606d1c9720","2026-03-19 00:00",[9926,9929,9930,9933],{"slug":9927,"name":9928},"trafigura","Trafigura",{"slug":5590,"name":373},{"slug":9931,"name":9932},"ascend-elements","Ascend Elements",{"slug":9934,"name":9935},"nth-cycle","Nth Cycle",[9937],{"slug":544,"name":543,"content":9938},{"job_title":557,"image":9939,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":9941},[9942,9962,9967,9981,9988,9993,9998],{"type":588,"attrs":9943,"content":9944},{"textAlign":49},[9945,9947,9951,9953,9960],{"text":9946,"type":593},"Critical metals refining company Nth Cycle has signed a $1.1 billion, 10-year agreement with Trafigura to provide 2,000 tonnes of contained nickel in MHP and 1,500 tonnes of lithium carbonate refined from 12,000 tonnes of ",{"text":5469,"type":593,"marks":9948},[9949],{"type":603,"attrs":9950},{"href":5519,"uuid":5520,"anchor":49,"target":607,"linktype":608},{"text":9952,"type":593},". It is the largest multi-metal commercial agreement between a ",{"text":9954,"type":593,"marks":9955},"recycled feedstock",[9956],{"type":603,"attrs":9957},{"href":9958,"uuid":9959,"anchor":49,"target":607,"linktype":608},"/videos/what-are-the-recent-global-trends-for-the-recycling-industry","143d86b7-e6fc-4330-91a9-1219ccb41f56",{"text":9961,"type":593}," supplier and refiner of its kind.",{"type":588,"attrs":9963,"content":9964},{"textAlign":49},[9965],{"text":9966,"type":593},"Nth Cycle is one of the only refiners in US with black mass refining capability for the production of lithium carbonate and MHP. Its Farfield, Ohio recycling plant has an operational capacity of over 3,000 tonnes per year of black mass, with plans to expand capacity in South Carolina and the Netherlands by installing its systems in existing refining facilities.",{"type":588,"attrs":9968,"content":9969},{"textAlign":49},[9970,9972,9979],{"text":9971,"type":593},"Trafigura is actively seeking products ",{"text":9973,"type":593,"marks":9974},"produced from recycling",[9975],{"type":603,"attrs":9976},{"href":9977,"uuid":9978,"anchor":49,"target":607,"linktype":608},"/videos/panel-discussion-recycling-solutions-to-build-a-circular-battery-economy","4462e2b0-a611-42e6-ba62-678786337156",{"text":9980,"type":593},". In November 2025, it signed an offtake agreement with another US-based battery recycler, Ascend Elements, for 15,000 tonnes of lithium carbonate between 2027 and 2031, representing around a third of Ascend Elements’ production during the agreement period.",{"type":687,"attrs":9982,"content":9983},{"level":689,"textAlign":49},[9984],{"text":9985,"type":593,"marks":9986},"What does it mean for critical minerals supply chains?",[9987],{"type":911},{"type":588,"attrs":9989,"content":9990},{"textAlign":49},[9991],{"text":9992,"type":593},"The agreement highlights growing efforts to build domestic supply chains for critical battery materials in the US and Europe as governments and industry seek to reduce dependence on overseas refining capacity. By securing a long-term buyer for metals recovered from recycled battery materials, the deal provides commercial validation for Nth Cycle’s modular refining technology and supports the scaling of recycling-based metal supply.",{"type":588,"attrs":9994,"content":9995},{"textAlign":49},[9996],{"text":9997,"type":593},"The announcement also comes amid increasing policy support for domestic critical minerals processing. The US Department of Energy recently announced plans to allocate $500 million in new funding aimed at strengthening the battery materials supply chain, including recycling and refining technologies. The funding is part of broader government efforts to support domestic production of key minerals used in electric vehicles and energy storage systems.",{"type":677,"attrs":9999},{"id":10000,"body":10001},"cad811ee-a8e4-4bdd-b510-6e9abdd41458",[10002],{"id":10003,"_uid":10004,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28119144","i-847989e3-0656-4113-999e-feddf234555c","Critical metals refining company Nth Cycle has signed a $1.1 billion, 10-year agreement with Trafigura to provide 2,000 tonnes of contained nickel in MHP and 1,500 tonnes of lithium carbonate refined from 12,000 tonnes of black mass. It is the largest multi-metal commercial agreement between a recycled feedstock supplier and refiner of its kind.",[10007],{"slug":10008,"name":10009,"content":10010},"jessie-xu","Jessie Xu",{"job_title":10011,"image":10012,"bio":10014,"linkedin":10015,"markets_covered":10016},"Senior Analyst - Recycling",{"filename":10013},"https://a.storyblok.com/f/287943243085208/400x400/b507d64652/jessie-xu.jpeg","Jessie is a Senior Analyst on the downstream team covering the global battery recycling market. She also leads research on the Chinese battery recycling market. She works closely on the Battey Recycling Capacity Database and Battery Recycling Forecast. Jessie graduated from the University College London with a MSc degree in Geoscience.","https://www.linkedin.com/in/jessiexu687/","Battery recycling ","Trafigura, Nth Cycle sign $1.1 billion deal for recycled metals",[10019,10020,10021,10022],{"slug":5592,"name":5593},{"slug":3437,"name":150},{"slug":798,"name":8},{"slug":800,"name":801},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":10024},{},{"id":5599,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":5600,"copyright":547,"fieldtype":553,"meta_data":10026,"is_external_url":50},{},"Critical metals refining company Nth Cycle has signed a $1.1 billion, 10-year agreement with Trafigura to provide 2,000 tonnes of contained nickel in MHP and 1,500 tonnes of lithium carbonate refined from 12,000 tonnes of black mass.","Mar 19, 2026",{"id":10030,"uuid":10031,"name":10032,"slug":10033,"full_slug":10034,"content":10035},156649063080753,"95eb9705-67fe-4e27-b52b-40c29490777d","Rio Tinto secures financing package for Rincon project in Argentina","rio-tinto-secures-financing-package-for-rincon-project-in-argentina","article/rio-tinto-secures-financing-package-for-rincon-project-in-argentina",{"_uid":10036,"date":9924,"tags":10037,"editor":10046,"content":10050,"excerpt":10203,"featured":51,"reporter":10204,"component":794,"seo_title":10208,"categories":10209,"visibility":805,"data_vis_image":10212,"featured_image":10216,"seo_description":10220,"formattedDate":10028},"fde08852-dddf-4b9d-ba38-283ee2048d8f",[10038,10039,10042,10045],{"slug":5253,"name":5254},{"slug":10040,"name":10041},"rio-tinto","Rio Tinto",{"slug":10043,"name":10044},"south-america","South America",{"slug":831,"name":832},[10047],{"slug":544,"name":543,"content":10048},{"job_title":557,"image":10049,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":10051},[10052,10074,10082,10089,10098,10129,10148,10161,10183],{"type":588,"attrs":10053,"content":10054},{"textAlign":49},[10055,10060,10069],{"text":10056,"type":593,"marks":10057},"Rio Tinto has cleared a significant hurdle for its Rincon lithium project in ",[10058],{"type":596,"attrs":10059},{"color":598},{"text":10061,"type":593,"marks":10062},"Salta, Argentina ",[10063,10067],{"type":603,"attrs":10064},{"href":10065,"uuid":10066,"anchor":49,"target":607,"linktype":608},"/article/view-from-the-ground-in-argentina-a-defining-moment-for-dle","d6542838-0f53-455f-9d44-f7f7018e4d8c",{"type":596,"attrs":10068},{"color":598},{"text":10070,"type":593,"marks":10071},"by securing a US$1.175 billion financing package from a consortium of international lenders. The funding supports the US$2.5 billion development, which is aiming for a capacity of 60,000 tonnes of battery-grade lithium carbonate equivalent (LCE) per year. At nameplate, Rincon would be one of the largest lithium operations in South America, sitting behind Nova Andino Lithium (formerly SQM) and Albemarle’s operations in Chile’s Salar de Atacama. ",[10072],{"type":596,"attrs":10073},{"color":598},{"type":588,"attrs":10075,"content":10076},{"textAlign":49},[10077],{"text":10078,"type":593,"marks":10079},"The financing announcement follows Rio Tinto’s first export of 200t of battery-grade LCE from the Rincon starter plant. That plant, which entered operation last year, is expected to ramp up to 3,000t LCE per year and effectively serves as a commercial-scale demonstration of the project’s flowsheet and product quality.",[10080],{"type":596,"attrs":10081},{"color":598},{"type":677,"attrs":10083},{"id":10084,"body":10085},"51fd383a-c8ac-4f39-8d55-26c99b99e0f0",[10086],{"id":10087,"_uid":10088,"type":608,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"3620837","i-80c30348-8ba9-4134-a225-3be1a74e2a76",{"type":687,"attrs":10090,"content":10091},{"level":689,"textAlign":49},[10092],{"text":10093,"type":593,"marks":10094},"Announcement bolsters Rio Tinto’s brine position",[10095,10097],{"type":596,"attrs":10096},{"color":598},{"type":911},{"type":588,"attrs":10099,"content":10100},{"textAlign":49},[10101,10106,10111,10120,10125],{"text":10102,"type":593,"marks":10103},"From early 2025, Rio Tinto has increased its involvement in the lithium market. ",[10104],{"type":596,"attrs":10105},{"color":598},{"text":10107,"type":593,"marks":10108},"Management has used the recent downcycle in lithium prices to consolidate its exposure to the battery materials space, first through ",[10109],{"type":596,"attrs":10110},{"color":6956},{"text":10112,"type":593,"marks":10113},"the acquisition of Arcadium Lithium",[10114,10118],{"type":603,"attrs":10115},{"href":10116,"uuid":10117,"anchor":49,"target":607,"linktype":608},"/article/rio-tinto-commits-to-buy-arcadium-lithium-for-6-7-billion","a48744cb-c3ff-40c9-8afc-ac6fc9845a7d",{"type":596,"attrs":10119},{"color":6956},{"text":10121,"type":593,"marks":10122}," and now by accelerating development across selected projects in its portfolio.",[10123],{"type":596,"attrs":10124},{"color":6956},{"text":1624,"type":593,"marks":10126},[10127],{"type":596,"attrs":10128},{"color":598},{"type":588,"attrs":10130,"content":10131},{"textAlign":49},[10132,10137,10143],{"text":10133,"type":593,"marks":10134},"Rio Tinto has recently announced that it would slow down construction at its Nemaska Lithium processing facility, in Quebec, Canada in light of rising costs and a strategic review on spodumene supply. By contrast, the company is doubling down on the “Lithium Triangle”,  prioritising Rincon as well as its projects in Chile. The scale and longevity of the South American salars, in addition to a strategic timeline to secure Incentive Scheme for Large Investments (RIGI) tax and foreign exchange benefits in Argentina, and Special Lithium Operating Contract ",[10135],{"type":596,"attrs":10136},{"color":598},{"text":10138,"type":593,"marks":10139},"(",[10140],{"type":596,"attrs":10141},{"color":10142},"#001D35",{"text":10144,"type":593,"marks":10145},"CEOL) approval in Chile, increase their appeal relative to Canadian hard-rock development, which faces hurdles including tariff uncertainty.",[10146],{"type":596,"attrs":10147},{"color":598},{"type":687,"attrs":10149,"content":10150},{"level":689,"textAlign":49},[10151,10157],{"text":10152,"type":593,"marks":10153},"Increases Argentina’s role in lithium supply chain",[10154,10156],{"type":596,"attrs":10155},{"color":598},{"type":911},{"text":1624,"type":593,"marks":10158},[10159],{"type":596,"attrs":10160},{"color":598},{"type":588,"attrs":10162,"content":10163},{"textAlign":49},[10164,10169,10178],{"text":10165,"type":593,"marks":10166},"The agreement cements Argentina’s position as one of the ",[10167],{"type":596,"attrs":10168},{"color":598},{"text":10170,"type":593,"marks":10171},"global leaders in lithium production",[10172,10176],{"type":603,"attrs":10173},{"href":10174,"uuid":10175,"anchor":49,"target":607,"linktype":608},"/videos/the-state-of-argentinas-lithium-sector","0737790d-922f-4390-83b0-1abc19819937",{"type":596,"attrs":10177},{"color":598},{"text":10179,"type":593,"marks":10180},", increasing its capacity considerably.",[10181],{"type":596,"attrs":10182},{"color":598},{"type":588,"attrs":10184,"content":10185},{"textAlign":49},[10186,10191,10198],{"text":10187,"type":593,"marks":10188},"Politically, it represents ",[10189],{"type":596,"attrs":10190},{"color":598},{"text":10192,"type":593,"marks":10193},"a milestone for Milei's RIGI law",[10194,10196],{"type":603,"attrs":10195},{"href":5388,"uuid":5389,"anchor":49,"target":607,"linktype":608},{"type":596,"attrs":10197},{"color":598},{"text":10199,"type":593,"marks":10200},", which has helped secure billions in mining investment to develop copper and lithium projects. The presence of Rio Tinto also raises confidence around future mining projects.",[10201],{"type":596,"attrs":10202},{"color":598},"Rio Tinto has cleared a significant hurdle for its Rincon lithium project in Salta, Argentina by securing a US$1.175 billion financing package from a consortium of international lenders. The funding supports the US$2.5 billion development, which is aiming for a capacity of 60,000 tonnes of battery-grade lithium carbonate equivalent (LCE) per year.",[10205],{"slug":786,"name":787,"content":10206},{"job_title":789,"image":10207,"bio":792,"linkedin":793,"markets_covered":8},{"filename":791},"Rio Tinto secures financing for Rincon project in Argentina",[10210,10211],{"slug":798,"name":8},{"slug":800,"name":801},{"id":10213,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":10214,"copyright":547,"fieldtype":553,"meta_data":10215,"is_external_url":50},156676598805365,"https://a.storyblok.com/f/287943243085208/891x845/8aa54d0078/rio-tinto-map.png",{},{"id":10217,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":10218,"copyright":547,"fieldtype":553,"meta_data":10219,"is_external_url":50},129070995649049,"https://a.storyblok.com/f/287943243085208/b6de7372ec/bm-rincon.jpeg",{},"Rio Tinto has cleared a significant hurdle for its Rincon lithium project in Salta, Argentina by securing a US$1.175 billion financing package from a consortium of international lenders.",{"id":10222,"uuid":4104,"name":10223,"slug":10224,"full_slug":10225,"content":10226},155971691903915,"US battery imports fall to five-year low after Section 301 tariffs raised to 25%","us-battery-imports-fall-to-five-year-low-after-section-301-tariffs-raised-to-25-","article/us-battery-imports-fall-to-five-year-low-after-section-301-tariffs-raised-to-25-",{"_uid":10227,"date":10228,"tags":10229,"editor":10238,"content":10242,"excerpt":10335,"featured":51,"reporter":10336,"component":794,"seo_title":10340,"categories":10341,"visibility":805,"data_vis_image":10346,"featured_image":10350,"seo_description":10354,"formattedDate":10355},"34848775-9960-4854-b79b-ad7ea509f78d","2026-03-17 00:00",[10230,10231,10232,10233,10234,10235,10236,10237],{"slug":6255,"name":451},{"slug":5434,"name":5435},{"slug":3539,"name":1690},{"slug":9735,"name":9736},{"slug":4454,"name":4455},{"slug":1332,"name":1333},{"slug":1465,"name":1466},{"slug":831,"name":832},[10239],{"slug":544,"name":543,"content":10240},{"job_title":557,"image":10241,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":10243},[10244,10256,10269,10282,10289,10296,10301,10307,10312,10319,10324,10330],{"type":588,"attrs":10245,"content":10246},{"textAlign":49},[10247,10249,10254],{"text":10248,"type":593},"Total US lithium ion battery demand is expected to reach 182GWh in 2026, with 37% of this coming from the battery energy stationary storage (BESS) market. Yet the US ",{"text":10250,"type":593,"marks":10251},"remains heavily dependent on Chinese battery imports",[10252],{"type":603,"attrs":10253},{"href":7905,"uuid":7906,"anchor":49,"target":607,"linktype":608},{"text":10255,"type":593}," for its energy storage needs as a result of China’s continued grip on supply of lithium iron phosphate (LFP) cells, even as new tariffs push Chinese battery imports to their lowest level since 2021.",{"type":588,"attrs":10257,"content":10258},{"textAlign":49},[10259,10261,10268],{"text":10260,"type":593},"It marks a major difference from cell supply in US electric vehicle (EV) production, where there is greater use of nickel cobalt manganese (NCM) batteries for which there are ",{"text":10262,"type":593,"marks":10263},"stronger North American supply chains",[10264],{"type":603,"attrs":10265},{"href":10266,"uuid":10267,"anchor":49,"target":607,"linktype":608},"/article/who-were-the-top-cell-suppliers-in-the-bess-market-in-h1-2025","856c6f80-c683-4faf-95f5-f1b762deeac3",{"text":778,"type":593},{"type":588,"attrs":10270,"content":10271},{"textAlign":49},[10272,10274,10280],{"text":10273,"type":593},"Higher US Section 301 ",{"text":9735,"type":593,"marks":10275},[10276],{"type":603,"attrs":10277},{"href":10278,"uuid":10279,"anchor":49,"target":607,"linktype":608},"/article/china-and-us-agree-to-cut-tariffs-offering-the-us-battery-industry-some-respite","95297446-8816-4a48-b4e3-abba49776a09",{"text":10281,"type":593}," on Chinese imports – raised to 25% from 7.5%, bringing the total tariff rate in January to 48.4% before a subsequent drop to 38.4% – on LFP cells are aimed at driving growth in US LFP supply. There has been a drop of over half in US battery imports from China in January after frontloading in December 2025, with the value falling to a five-year low of $475 million. But it will take longer for North American LFP supply to grow in response, with a 25GWh jump to 54GWh expected in 2027.",{"type":677,"attrs":10283},{"id":10284,"body":10285},"5c646f8c-1019-472e-97a4-56a4bcf15621",[10286],{"id":10287,"_uid":10288,"type":608,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"3618468","i-874f20a3-a328-434f-8722-46d50d7391ae",{"type":687,"attrs":10290,"content":10291},{"level":689,"textAlign":49},[10292],{"text":10293,"type":593,"marks":10294},"North American LFP supply well below BESS-driven demand",[10295],{"type":911},{"type":588,"attrs":10297,"content":10298},{"textAlign":49},[10299],{"text":10300,"type":593},"The scale of the shift required is visible in the value of imports from China in 2025, which remained above US$500 million for most of the year. Chinese LFP cells dominate BESS installations as a result of safety, cost and life cycle considerations, and the US will continue to rely on battery imports for the BESS market in 2026, with available domestic supply set to be less than a third of demand requirements.",{"type":677,"attrs":10302},{"id":10284,"body":10303},[10304],{"id":10305,"_uid":10306,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28097748","i-8594192f-fe2e-45f4-a34b-932026e51dd9",{"type":588,"attrs":10308,"content":10309},{"textAlign":49},[10310],{"text":10311,"type":593},"US lithium ion battery imports were dominated in 2025 by imports for non-EV-related applications. Over 90% of the batteries used in BESS installations in 2026 in the US are expected to utilise LFP cells, according to Benchmark’s BESS Service. China accounts for over 97% of the global supply of LFP battery cells in 2026.",{"type":687,"attrs":10313,"content":10314},{"level":689,"textAlign":49},[10315],{"text":10316,"type":593,"marks":10317},"NCM more heavily used in EV production",[10318],{"type":911},{"type":588,"attrs":10320,"content":10321},{"textAlign":49},[10322],{"text":10323,"type":593},"US manufacturers have diversified away from Chinese supply more successfully in EVs, where NCM and NCA cells are used far more than LFP. Higher tariffs earlier on batteries used in EVs as well as the 30D tax credit, which has now been stopped, have incentivised a quicker move away from Chinese cells.",{"type":677,"attrs":10325},{"id":10284,"body":10326},[10327],{"id":10328,"_uid":10329,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28096160","i-95a32dc9-bba4-4f22-b83a-50d837d3fa8a",{"type":588,"attrs":10331,"content":10332},{"textAlign":49},[10333],{"text":10334,"type":593},"Both North American LFP demand and BESS cell supply are expected to grow through to 2030. LFP demand is expected to reach 108GWh as BESS cell supply rises to 100GWh.","Total US lithium ion battery demand is expected to reach 182GWh in 2026, with 37% of this coming from the battery energy stationary storage (BESS) market. Yet the US remains heavily dependent on Chinese battery imports for its energy storage needs as a result of China’s continued grip on supply of lithium iron phosphate (LFP) cells, even as new tariffs push Chinese battery imports to their lowest level since 2021.",[10337],{"slug":2037,"name":2038,"content":10338},{"job_title":2040,"image":10339,"bio":2043,"linkedin":2044,"markets_covered":2045},{"filename":2042},"US battery imports hit five-year low after China tariffs rose",[10342,10343,10344,10345],{"slug":1700,"name":1701},{"slug":1441,"name":1442},{"slug":1694,"name":1695},{"slug":2050,"name":2051},{"id":10347,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":10348,"copyright":547,"fieldtype":553,"meta_data":10349,"is_external_url":50},156199089890574,"https://a.storyblok.com/f/287943243085208/1003x707/d4c6eefe8a/lfp-us-reliance.png",{},{"id":10351,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":10352,"copyright":547,"fieldtype":553,"meta_data":10353,"is_external_url":50},129065425266346,"https://a.storyblok.com/f/287943243085208/3340a3ef59/bm-batteryfuture.jpg",{},"Total US lithium ion battery demand is expected to reach 182GWh in 2026, with 37% of this coming from the battery energy stationary storage (BESS) market.","Mar 17, 2026",{"id":10357,"uuid":7331,"name":10358,"slug":10359,"full_slug":10360,"content":10361},155603467939905,"Lynas Rare Earths signs US$96m rare earth offtake and price floor commitment with DoW","lynas-rare-earths-signs-us-96m-rare-earth-offtake-and-price-floor-commitment-with-dow","article/lynas-rare-earths-signs-us-96m-rare-earth-offtake-and-price-floor-commitment-with-dow",{"_uid":10362,"date":10363,"tags":10364,"editor":10370,"content":10374,"excerpt":10479,"featured":51,"reporter":10480,"component":794,"seo_title":10484,"categories":10485,"visibility":805,"data_vis_image":10489,"featured_image":10491,"seo_description":10495,"formattedDate":10496},"14115946-d1f4-43ad-8499-e9250dc924f3","2026-03-16 00:00",[10365,10366,10369],{"slug":7281,"name":7282},{"slug":10367,"name":10368},"defence","Defence",{"slug":1332,"name":1333},[10371],{"slug":544,"name":543,"content":10372},{"job_title":557,"image":10373,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":10375},[10376,10384,10419,10427,10436,10457,10463,10471],{"type":588,"attrs":10377,"content":10378},{"textAlign":49},[10379],{"text":10380,"type":593,"marks":10381},"Lynas Rare Earths has signed a binding Letter of Intent between its wholly owned subsidiary Lynas USA and the US Department of War (DoW) to finalise a rare earth oxide supply agreement. Under the arrangement, the DoW will allocate about $96 million to purchase light and heavy rare earth oxide products from Lynas over a four-year period.",[10382],{"type":596,"attrs":10383},{"color":547},{"type":588,"attrs":10385,"content":10386},{"textAlign":49},[10387,10392,10401,10406,10414],{"text":10388,"type":593,"marks":10389},"The agreement includes definitive offtake for light and heavy rare earth oxides and a $110/kg floor price for neodymium-praseodymium (PrNd) oxide, ",[10390],{"type":596,"attrs":10391},{"color":547},{"text":10393,"type":593,"marks":10394},"mirroring the floor in Lynas’ recent deal with Japan Australia Rare Earths",[10395,10399],{"type":603,"attrs":10396},{"href":10397,"uuid":10398,"anchor":49,"target":607,"linktype":608},"/article/lynas-and-jare-sign-offtake-and-price-floor-commitment-up-to-2038","cdeaaca9-3844-44fb-bfe2-2517ccd954c9",{"type":596,"attrs":10400},{"color":547},{"text":10402,"type":593,"marks":10403}," (JARE), and DoW’s 2025 price floor deal with MP Materials. As of ",[10404],{"type":596,"attrs":10405},{"color":547},{"text":10407,"type":593,"marks":10408},"Benchmark’s 5 March 2026 price assessment",[10409,10412],{"type":603,"attrs":10410},{"href":10411,"uuid":49,"anchor":49,"target":607,"linktype":638},"https://downloads.benchmarkminerals.com/?file=d2e15595-ee35-4a53-97cd-a8f6e87fd696&source=sharelink",{"type":596,"attrs":10413},{"color":547},{"text":10415,"type":593,"marks":10416},", PrNd oxide (CIF North America) is currently priced at $137.5/kg.",[10417],{"type":596,"attrs":10418},{"color":547},{"type":588,"attrs":10420,"content":10421},{"textAlign":49},[10422],{"text":10423,"type":593,"marks":10424},"This new offtake replaces the original DoW–Lynas arrangement, which has been modified because of significant uncertainty over the completion of the planned heavy rare earth processing facility at Seadrift, Texas due to licensing issues. Lynas has now committed to building a water treatment plant at the site, with radioactive elements managed in Malaysia before intermediate material is shipped to the US facility.",[10425],{"type":596,"attrs":10426},{"color":547},{"type":687,"attrs":10428,"content":10429},{"level":689,"textAlign":49},[10430],{"text":10431,"type":593,"marks":10432},"US supply dependent on China",[10433,10435],{"type":596,"attrs":10434},{"color":547},{"type":911},{"type":588,"attrs":10437,"content":10438},{"textAlign":49},[10439,10444,10452],{"text":10440,"type":593,"marks":10441},"The deal comes as the US faces a tightening heavy rare earth balance. The US currently has no domestic production of dysprosium (Dy) or terbium (Tb) and relies entirely on imports from China. Benchmark estimates put ",[10442],{"type":596,"attrs":10443},{"color":547},{"text":10445,"type":593,"marks":10446},"US defence demand",[10447,10450],{"type":603,"attrs":10448},{"href":10449,"uuid":49,"anchor":49,"target":607,"linktype":638},"https://data.benchmarkminerals.com/rare-earths/demand",{"type":596,"attrs":10451},{"color":547},{"text":10453,"type":593,"marks":10454}," in 2026 at about 60t Dy and 15t Tb, rising to a high case of 100t Dy and 20t Tb. South China Morning Post reporting in March 2026 suggested the US may hold only about two months of Dy and Tb stock.",[10455],{"type":596,"attrs":10456},{"color":547},{"type":677,"attrs":10458},{"id":10459,"body":10460},"4d236483-6348-4f5d-bb51-0ecb0cfc4073",[10461],{"id":7356,"_uid":10462,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"i-8381dcfe-a33f-4f3b-8adb-14ea54db2c87",{"type":588,"attrs":10464,"content":10465},{"textAlign":49},[10466],{"text":10467,"type":593,"marks":10468},"From 1 January 2027, the National Defense Authorization Act will prohibit the US Department of Defense from procuring systems containing rare earth elements refined in China, Russia, Iran, or North Korea. This looming deadline is driving accelerated efforts to expand domestic separation capacity, increase stockpiling, and secure allied supply chains. About $1.37bn has been spent across 2025 and 2026 to date, alongside price floor commitments and supply agreements, including the $110/kg NdPr floor extended to MP Materials and Lynas.",[10469],{"type":596,"attrs":10470},{"color":547},{"type":588,"attrs":10472,"content":10473},{"textAlign":49},[10474],{"text":10475,"type":593,"marks":10476},"Despite a growing pipeline of US projects and a push to build vertically integrated supply chains outside China, heavy rare earth production at scale is not expected domestically before the end of 2027.",[10477],{"type":596,"attrs":10478},{"color":547},"Lynas Rare Earths has signed a binding Letter of Intent between its wholly owned subsidiary Lynas USA and the US Department of War (DoW) to finalise a rare earth oxide supply agreement. Under the arrangement, the DoW will allocate about $96miliion to purchase light and heavy rare earth oxide products from Lynas over a four-year period.",[10481],{"slug":7402,"name":7403,"content":10482},{"job_title":7405,"image":10483,"bio":7408,"linkedin":7409,"markets_covered":414},{"filename":7407},"Lynas Rare Earths signs US$96m rare earth deal with DoW",[10486,10487,10488],{"slug":3746,"name":414},{"slug":800,"name":801},{"slug":1114,"name":1115},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":10490},{},{"id":10492,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":10493,"copyright":547,"fieldtype":553,"meta_data":10494,"is_external_url":50},129070878933470,"https://a.storyblok.com/f/287943243085208/bb1abcf83f/bm-rare-earths-ndpr.jpg",{},"Lynas Rare Earths has signed a binding Letter of Intent between its wholly owned subsidiary Lynas USA and the US Department of War (DoW) to finalise a rare earth oxide supply agreement.","Mar 16, 2026",{"id":10498,"uuid":10499,"name":10500,"slug":10501,"full_slug":10502,"content":10503},154491594783715,"b1231e13-5385-4df6-90bd-05f08d4627bd","US ITC votes against antidumping duty and countervailing duty on Chinese active anode material","us-itc-votes-against-antidumping-duty-and-countervailing-duty-on-chinese-active-anode-material","article/us-itc-votes-against-antidumping-duty-and-countervailing-duty-on-chinese-active-anode-material",{"_uid":10504,"date":10505,"tags":10506,"editor":10509,"content":10513,"excerpt":10519,"featured":51,"reporter":10597,"component":794,"seo_title":10610,"categories":10611,"visibility":805,"data_vis_image":10615,"featured_image":10617,"seo_description":10519,"formattedDate":10621},"f432bc60-c2e8-4338-a621-e7e3d4cbb8e0","2026-03-13 00:00",[10507,10508],{"slug":1332,"name":1333},{"slug":1465,"name":1466},[10510],{"slug":544,"name":543,"content":10511},{"job_title":557,"image":10512,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":10514},[10515,10520,10534,10541,10555,10560,10567,10572,10579,10586,10591],{"type":588,"attrs":10516,"content":10517},{"textAlign":49},[10518],{"text":10519,"type":593},"The US International Trade Commission (ITC) has rejected antidumping (AD) and countervailing duties (CD) on imports of Chinese-made active anode material (AAM).",{"type":588,"attrs":10521,"content":10522},{"textAlign":49},[10523,10525,10532],{"text":10524,"type":593},"Continuation of the duties requires approval from both the ITC and the Department of Commerce (DOC). While the latter ",{"text":10526,"type":593,"marks":10527},"offered final affirmative determinations",[10528],{"type":603,"attrs":10529},{"href":10530,"uuid":10531,"anchor":49,"target":607,"linktype":608},"/article/us-to-increase-tariffs-on-chinese-anode-producers-to-205-","ee4cc049-cf29-4401-bf04-2a1cd938de91",{"text":10533,"type":593}," on both AD and CD in February, which resulted in their initial imposition, their unexpected rejection in a 2-1 decision by the ITC means the duties will be removed.",{"type":687,"attrs":10535,"content":10536},{"level":689,"textAlign":49},[10537],{"text":10538,"type":593,"marks":10539},"Total tariff rate falls to a fraction of previous level",[10540],{"type":911},{"type":588,"attrs":10542,"content":10543},{"textAlign":49},[10544,10546,10553],{"text":10545,"type":593},"The combined duty rate of AD and CD on Chinese AAM ",{"text":10547,"type":593,"marks":10548},"was levelled at",[10549],{"type":603,"attrs":10550},{"href":10551,"uuid":10552,"anchor":49,"target":607,"linktype":608},"/article/chinese-aam-imports-into-the-us-face-160-tariff-following-antidumping-investigation-ruling","e291a952-d0e9-450d-a0a3-ba06479d1043",{"text":10554,"type":593}," 160.3%, bringing the total tariff on Chinese AAM to 195.3% when considering Section 301 and Section 122 duties. With the removal of the AD and CD duties, the total rate falls to 35%.",{"type":588,"attrs":10556,"content":10557},{"textAlign":49},[10558],{"text":10559,"type":593},"Tariffs peaked at 205% at the start of February when the new duties were introduced, before a 10% reduction brought them to 195% when the administration’s IEEPA tariffs were struck down by the Supreme Court.",{"type":687,"attrs":10561,"content":10562},{"level":689,"textAlign":49},[10563],{"text":10564,"type":593,"marks":10565},"Chinese AAM now cheaper for US buyers",[10566],{"type":911},{"type":588,"attrs":10568,"content":10569},{"textAlign":49},[10570],{"text":10571,"type":593},"With the AD/CD in place, US AAM was more competitively priced for US buyers than imported Chinese product. With their removal, Chinese imports are once again cheaper than US alternatives. Over 2025, imports of Chinese AAM into the US fell driven by the tariffs, consequently with lower tariff rates we expect an upturn in Chinese imports.",{"type":677,"attrs":10573},{"id":10574,"body":10575},"c7db82d4-e916-4bc4-b4b6-71020a92b180",[10576],{"id":10577,"_uid":10578,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28041344","i-cb99271c-c271-4287-8a9c-62c662ed3e67",{"type":687,"attrs":10580,"content":10581},{"level":689,"textAlign":49},[10582],{"text":10583,"type":593,"marks":10584},"What does it mean for the US anode industry?",[10585],{"type":911},{"type":588,"attrs":10587,"content":10588},{"textAlign":49},[10589],{"text":10590,"type":593},"While there are US-based anode producers coming online, there is now a lack of financial incentive for consumers to purchase US-made product. This makes the development of the US’s domestic anode industry more challenging and puts at risk projects yet to come online. US anode production capacity for synthetic and natural AAM is set to expand with the likes of Kellyton, Graphite One and Videlia Phase and Novonix Riverside all expected to come online in coming years. However, uncertainty now arises as consumers may look to purchase cheaper Chinese material, this applies especially to smaller producers with higher costs.",{"type":677,"attrs":10592},{"id":10574,"body":10593},[10594],{"id":10595,"_uid":10596,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28042193","i-6a07a3a9-1a9b-4939-b1af-a874ff8aec2a",[10598,10601],{"slug":8078,"name":8079,"content":10599},{"job_title":8081,"image":10600,"bio":8084,"linkedin":8085,"markets_covered":3511},{"filename":8083},{"slug":10602,"name":10603,"content":10604},"didi-bostock","Didi Bostock",{"job_title":10605,"image":10606,"bio":10608,"linkedin":10609},"Editor - Energy Transition & Economics",{"filename":10607},"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/","US ITC rejects antidumping, countervailing duties on Chinese AAM",[10612,10613,10614],{"slug":2882,"name":261},{"slug":1114,"name":1115},{"slug":3510,"name":3511},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":10616},{},{"id":10618,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":10619,"copyright":547,"fieldtype":553,"meta_data":10620,"is_external_url":50},141355809944402,"https://a.storyblok.com/f/287943243085208/2560x1707/d8fe6cefca/graphitepowder.jpg",{},"Mar 13, 2026",{"id":10623,"uuid":10398,"name":10624,"slug":10625,"full_slug":10626,"content":10627},153812663098080,"Lynas and JARE sign offtake and price floor commitment up to 2038","lynas-and-jare-sign-offtake-and-price-floor-commitment-up-to-2038","article/lynas-and-jare-sign-offtake-and-price-floor-commitment-up-to-2038",{"_uid":10628,"date":10629,"tags":10630,"editor":10636,"content":10640,"excerpt":10728,"featured":51,"reporter":10729,"component":794,"seo_title":10624,"categories":10733,"visibility":805,"data_vis_image":10736,"featured_image":10738,"seo_description":10728,"formattedDate":10742},"316b2f53-7e2d-400c-a541-f683f966eec2","2026-03-11 00:00",[10631,10634,10635],{"slug":10632,"name":10633},"japan","Japan",{"slug":1893,"name":1894},{"slug":7281,"name":7282},[10637],{"slug":544,"name":543,"content":10638},{"job_title":557,"image":10639,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":10641},[10642,10661,10668,10673,10678,10685,10699,10706,10711,10716,10723],{"type":588,"attrs":10643,"content":10644},{"textAlign":49},[10645,10647,10652,10654,10659],{"text":10646,"type":593},"Lynas Rare Earths and Japan Australia Rare Earths (JARE) have extended their long-term partnership to 2038, reinforcing a key ",{"text":10648,"type":593,"marks":10649},"non-Chinese supply route",[10650],{"type":603,"attrs":10651},{"href":7322,"uuid":7323,"anchor":49,"target":607,"linktype":608},{"text":10653,"type":593}," underpinning Japan’s strategy to ",{"text":10655,"type":593,"marks":10656},"diversify rare earth supply",[10657],{"type":603,"attrs":10658},{"href":8798,"uuid":8799,"anchor":49,"target":607,"linktype":608},{"text":10660,"type":593}," away from China.",{"type":687,"attrs":10662,"content":10663},{"level":689,"textAlign":49},[10664],{"text":10665,"type":593,"marks":10666},"Price floor and upside-sharing",[10667],{"type":911},{"type":588,"attrs":10669,"content":10670},{"textAlign":49},[10671],{"text":10672,"type":593},"The revised agreement introduces a $110/kg price floor for neodymium-praseodymium oxide (NdPr) and offtake of 5,000tpa of NdPr. An upside-sharing mechanism applies when NdPr prices exceed $150/kg: 30% of the realised price above that level, capped at $10m per year, will be payable to JARE. The framework allows up to 7,200tpa of NdPr to be supplied to JARE through 2038, subject to no opportunity loss to Lynas.",{"type":588,"attrs":10674,"content":10675},{"textAlign":49},[10676],{"text":10677,"type":593},"On heavy rare earths, JARE has committed to purchase 50% of Lynas’ total HRE oxide production. In total, 75% of Lynas’ HRE oxides will be made available to Japan. Lynas is the first company outside China to produce separated dysprosium and terbium, albeit in very low volumes, and expects to add samarium by March 2026 and further products by year-end. Dy-Tb oxide output from Kuantan, derived from Mount Weld ore, is expected to reach 81t by the end of 2026 should the Mount Weld expansion ramp up as planned.",{"type":687,"attrs":10679,"content":10680},{"level":689,"textAlign":49},[10681],{"text":10682,"type":593,"marks":10683},"Downside protection",[10684],{"type":911},{"type":588,"attrs":10686,"content":10687},{"textAlign":49},[10688,10690,10697],{"text":10689,"type":593},"The same $110/kg floor was agreed last year in a ",{"text":10691,"type":593,"marks":10692},"supply deal between MP Materials and the US Department of War",[10693],{"type":603,"attrs":10694},{"href":10695,"uuid":10696,"anchor":49,"target":607,"linktype":608},"/publications/analysis/pentagon-invests-in-mp-materials-in-bid-to-break-chinas-rare-earths-dominance-benchmark-rare-earths","52352c78-ba51-45cd-a3d3-e2a0f6377f26",{"text":10698,"type":593}," (DoW), meaning the only two major operating rare earth projects outside China have now accepted the price floor. According to Benchmark cost estimates, the $110/kg floor sits below the incentive price required for almost 80% of the ex-China supply pipeline. The structure may provide Lynas with downside protection while preserving exposure to price upside.",{"type":687,"attrs":10700,"content":10701},{"level":689,"textAlign":49},[10702],{"text":10703,"type":593,"marks":10704},"Japan’s reliance on Chinese rare earth oxides remains",[10705],{"type":911},{"type":588,"attrs":10707,"content":10708},{"textAlign":49},[10709],{"text":10710,"type":593},"JARE is a special purpose vehicle established by JOGMEC and Sojitz Corporation, reflecting Japan’s continued use of state-backed finance and long-term offtake to secure critical mineral supply chains. Lynas is currently Japan’s largest rare earth supplier outside China.",{"type":588,"attrs":10712,"content":10713},{"textAlign":49},[10714],{"text":10715,"type":593},"Between 2024 and 2026, 85% of Japan’s rare earth oxide imports came from China, with the second-largest share coming from Malaysia at ~7%. Japan also sources ~3% of its total magnetic materials and metals imports from Malaysia, underscoring Lynas Malaysia’s strategic role.",{"type":677,"attrs":10717},{"id":10718,"body":10719},"5ad4b3ae-ec4f-4e01-81c6-273b943bf171",[10720],{"id":10721,"_uid":10722,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28006147","i-51b01921-781b-422e-8db4-992570d060b9",{"type":588,"attrs":10724,"content":10725},{"textAlign":49},[10726],{"text":10727,"type":593},"Lynas currently receives mixed rare earth carbonate from Mount Weld in Australia, with cracking and leaching in Kalgoorlie, before intermediate material is shipped to the Lynas Malaysia plant near Kuantan for separation. Kuantan’s NdPr oxide output was ~2,500t in 2025. Lynas plans to increase HRE output by sourcing feedstock from ionic clay deposits in Malaysia, supported by a non-binding Memorandum of Understanding signed with Menteri Besar Inc on 30 May 2025.","Lynas Rare Earths and Japan Australia Rare Earths (JARE) have extended their long-term partnership to 2038, reinforcing a key non-Chinese supply route underpinning Japan’s strategy to diversify rare earth supply away from China.",[10730],{"slug":7402,"name":7403,"content":10731},{"job_title":7405,"image":10732,"bio":7408,"linkedin":7409,"markets_covered":414},{"filename":7407},[10734,10735],{"slug":3746,"name":414},{"slug":800,"name":801},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":10737},{},{"id":10739,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":10740,"copyright":547,"fieldtype":553,"meta_data":10741,"is_external_url":50},129070878945760,"https://a.storyblok.com/f/287943243085208/96d8a6ecdb/bm-rare-earths-mine.jpg",{},"Mar 11, 2026",{"id":10744,"uuid":10745,"name":10746,"slug":10747,"full_slug":10748,"content":10749},153727228684728,"3ba99529-b0e2-4bd1-b7d2-2189b7845e75","What does the Middle East conflict mean for battery supply chains?","what-does-the-middle-east-conflict-mean-for-battery-supply-chains-","article/what-does-the-middle-east-conflict-mean-for-battery-supply-chains-",{"_uid":10750,"date":10629,"tags":10751,"editor":10761,"content":10765,"excerpt":10873,"featured":51,"reporter":10874,"component":794,"seo_title":10885,"categories":10886,"visibility":805,"data_vis_image":10893,"featured_image":10895,"seo_description":10899,"formattedDate":10742},"72081277-7877-46de-b4b1-bec1f07a845d",[10752,10753,10754,10757,10760],{"slug":8399,"name":8399},{"slug":3539,"name":1690},{"slug":10755,"name":10756},"indonesia","Indonesia",{"slug":10758,"name":10759},"middle-east","Middle East",{"slug":4758,"name":4759},[10762],{"slug":544,"name":543,"content":10763},{"job_title":557,"image":10764,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":10766},[10767,10789,10796,10801,10815,10822,10827,10834,10839,10852,10858,10863,10868],{"type":588,"attrs":10768,"content":10769},{"textAlign":49},[10770,10772,10779,10781,10788],{"text":10771,"type":593},"The conflict in the Middle East could have broad implications for the ",{"text":10773,"type":593,"marks":10774},"battery supply chain",[10775],{"type":603,"attrs":10776},{"href":10777,"uuid":10778,"anchor":49,"target":898,"linktype":608},"/article/benchmark-intelligence-making-sense-of-the-energy-transitions-most-complex-supply-chains","be51d7fb-c724-4d05-929f-8eb7f653636e",{"text":10780,"type":593},", with global sulphur availability reduced while demand in China, the largest market for electric vehicles (EVs), could be dampened by inflationary pressures. There may be a boost for energy storage as nations again look to ",{"text":10782,"type":593,"marks":10783},"reduce reliance on oil and gas",[10784],{"type":603,"attrs":10785},{"href":10786,"uuid":10787,"anchor":49,"target":898,"linktype":608},"/article/sovereign-wealth-funds-support-the-middle-easts-pivot-to-clean-energy-supply-chains","dd5cc0ca-55e4-45c5-9b45-45e858a59fc0",{"text":778,"type":593},{"type":687,"attrs":10790,"content":10791},{"level":689,"textAlign":49},[10792],{"text":10793,"type":593,"marks":10794},"Sulphur supply squeeze on MHP production",[10795],{"type":911},{"type":588,"attrs":10797,"content":10798},{"textAlign":49},[10799],{"text":10800,"type":593},"Supply of mixed nickel-cobalt hydroxide precipitate (MHP) could come under strain from the conflict, as production requires sulphur feedstock that is mostly sourced from Middle Eastern nations.",{"type":588,"attrs":10802,"content":10803},{"textAlign":49},[10804,10806,10813],{"text":10805,"type":593},"Saudi Arabia was the largest exporter of sulphur to Indonesia in 2025, the world’s largest MHP producer, offering 34.7% of the supply.",{"text":2513,"type":593,"marks":10807},[10808,10811],{"type":603,"attrs":10809},{"href":10810,"uuid":49,"anchor":49,"target":49,"linktype":638},"#_msocom_2",{"type":596,"attrs":10812},{"color":547},{"text":10814,"type":593},"The UAE, Qatar, Kuwait and Bahrain also supplied large volumes of the commodity.",{"type":677,"attrs":10816},{"id":10817,"body":10818},"62dde9aa-5de5-44e4-8d17-03cc721fcc7c",[10819],{"id":10820,"_uid":10821,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27986480","i-10d01147-3f06-4ae9-b749-41c95f4c2aa1",{"type":588,"attrs":10823,"content":10824},{"textAlign":49},[10825],{"text":10826,"type":593},"Unlike oil and gas, sulphur cannot be moved through a pipeline and must be shipped as dry bulk freight. With MHP prices already elevated in 2026 compared with 2025, shipping constraints in the Strait of Hormuz could exert further upward pressure by restricting supply once existing inventory is exhausted. It could also drive MHP producers to reconsider import of sulphuric acid as an alternative.",{"type":687,"attrs":10828,"content":10829},{"level":689,"textAlign":49},[10830],{"text":10831,"type":593,"marks":10832},"Chinese EV demand concerns, BESS boost possible",[10833],{"type":911},{"type":588,"attrs":10835,"content":10836},{"textAlign":49},[10837],{"text":10838,"type":593},"Consumer demand in China could take a hit from the broader effect on the country’s economy of reduced oil imports from the Middle East. Saudi Arabia was its second-largest oil supplier in 2025 after Russia, accounting for almost 14%, while the UAE provided 6.45% and Oman 6.13%. Sustained pressure on these supplies could drive inflation, which may in turn suppress new EV demand within China as consumers’ spending power is reduced.",{"type":588,"attrs":10840,"content":10841},{"textAlign":49},[10842,10844,10851],{"text":10843,"type":593},"There could be a boost for battery energy storage system (BESS) demand. Price spikes tighten the accessibility of fossil fuel-based energy, increasing the appeal of BESS as an alternative that reduces reliance on oil and gas imports. We are expecting shorter-term disruption to ",{"text":10845,"type":593,"marks":10846},"projects in development in the region",[10847],{"type":603,"attrs":10848},{"href":10849,"uuid":10850,"anchor":49,"target":898,"linktype":608},"/article/middle-east-escalation-disrupts-energy-storage-deployment-and-chinese-overseas-expansion","16e5191e-fffd-47f2-953d-ca1adb9595a5",{"text":778,"type":593},{"type":687,"attrs":10853,"content":10854},{"level":689,"textAlign":49},[10855],{"text":3511,"type":593,"marks":10856},[10857],{"type":911},{"type":588,"attrs":10859,"content":10860},{"textAlign":49},[10861],{"text":10862,"type":593},"Landed natural graphite prices are likely to see some upward pressure in the coming months as a result of rising shipping costs. Shipping is a major component of delivered prices for the material, which - compared to other battery raw materials - is of relatively low value versus its weight.",{"type":588,"attrs":10864,"content":10865},{"textAlign":49},[10866],{"text":10867,"type":593},"The impact on synthetic graphite prices could be more severe, as petroleum coke is one of the foremost feedstocks in its production. As oil output falters, availability of this byproduct will tighten. Oil refineries may opt to focus on the higher value and more profitable outputs from their processes while oil prices rally.",{"type":588,"attrs":10869,"content":10870},{"textAlign":49},[10871],{"text":10872,"type":593},"Broadly, the conflict is likely to raise input costs and disrupt raw material flows as well as retail EV demand.","The conflict in the Middle East could have broad implications for the battery supply chain, with global sulphur availability reduced while demand in China, the largest market for electric vehicles (EVs), could be dampened by inflationary pressures. There may be a boost for energy storage as nations again look to reduce reliance on oil and gas.",[10875],{"slug":10876,"name":10877,"content":10878},"will-talbot","Will Talbot",{"job_title":10879,"image":10880,"bio":10882,"linkedin":10883,"markets_covered":10884},"Research Manager",{"filename":10881},"https://a.storyblok.com/f/287943243085208/850x854/375bb3815a/will-t.png","Will Talbot is a Research Manager at Benchmark Mineral Intelligence, where he manages research and analysis within Benchmark’s Raw Materials Forecasting market area, with a particular focus on the cobalt and nickel markets. Will has a background in research and consulting across commodities and has specialised in the lithium-ion battery and electric vehicle markets for the past six years. He holds an MEng in Chemical Engineering from the University of Bath.","https://www.linkedin.com/in/will-talbot/","Cobalt, Nickel","What does Middle East conflict mean for battery supply chains?",[10887,10888,10889,10890,10891,10892],{"slug":1694,"name":1695},{"slug":1441,"name":1442},{"slug":1114,"name":1115},{"slug":3437,"name":150},{"slug":1106,"name":115},{"slug":3510,"name":3511},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":10894},{},{"id":10896,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":10897,"copyright":547,"fieldtype":553,"meta_data":10898,"is_external_url":50},129071188877946,"https://a.storyblok.com/f/287943243085208/be75bca5df/bm-saudi-arabia-1.jpg",{},"The conflict in the Middle East could have broad implications for the battery supply chain, with global sulphur availability reduced while demand in China, the largest market for electric vehicles (EVs), could be dampened by inflationary pressures.",{"id":10901,"uuid":10850,"name":10902,"slug":10903,"full_slug":10904,"content":10905},153434458264009,"Middle East escalation disrupts energy storage deployment and Chinese overseas expansion","middle-east-escalation-disrupts-energy-storage-deployment-and-chinese-overseas-expansion","article/middle-east-escalation-disrupts-energy-storage-deployment-and-chinese-overseas-expansion",{"_uid":10906,"date":10907,"tags":10908,"editor":10914,"content":10918,"excerpt":11046,"featured":51,"reporter":11047,"component":794,"seo_title":11051,"categories":11052,"visibility":805,"data_vis_image":11055,"featured_image":11057,"seo_description":11046,"formattedDate":11061},"da894629-a52a-4750-ae1c-ae1681042caf","2026-03-10 00:00",[10909,10912,10913],{"slug":10910,"name":10911},"bess-systems","BESS Systems",{"slug":10758,"name":10759},{"slug":3539,"name":1690},[10915],{"slug":544,"name":543,"content":10916},{"job_title":557,"image":10917,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":10919},[10920,10954,10962,10970,10978,10986,11007,11015,11022,11030,11038],{"type":588,"attrs":10921,"content":10922},{"textAlign":49},[10923,10928,10937,10942,10949],{"text":10924,"type":593,"marks":10925},"The ongoing military conflict in the Middle East presents risks to the implementation and maintenance of ",[10926],{"type":596,"attrs":10927},{"color":547},{"text":10929,"type":593,"marks":10930},"energy storage projects across the region",[10931,10935],{"type":603,"attrs":10932},{"href":10933,"uuid":10934,"anchor":49,"target":607,"linktype":608},"/article/how-the-middle-east-is-fast-becoming-a-key-player-in-the-bess-industry","ed167b13-1dda-4a8c-8054-734c47d92672",{"type":596,"attrs":10936},{"color":547},{"text":10938,"type":593,"marks":10939},", including the ",[10940],{"type":596,"attrs":10941},{"color":547},{"text":10943,"type":593,"marks":10944},"largest projects",[10945,10947],{"type":603,"attrs":10946},{"href":10786,"uuid":10787,"anchor":49,"target":607,"linktype":608},{"type":596,"attrs":10948},{"color":547},{"text":10950,"type":593,"marks":10951},", many of which involve Chinese contractors and suppliers.",[10952],{"type":596,"attrs":10953},{"color":547},{"type":687,"attrs":10955,"content":10956},{"level":689,"textAlign":49},[10957],{"text":10958,"type":593,"marks":10959},"Almost a fifth of Chinese OEM offtake is planned for the Middle East",[10960],{"type":596,"attrs":10961},{"color":547},{"type":588,"attrs":10963,"content":10964},{"textAlign":49},[10965],{"text":10966,"type":593,"marks":10967},"Benchmark’s battery energy storage system (BESS) offtake tracker database, which tracks publicly announced offtake agreements and does not cover all existing players, has recorded 265GWh of publicly announced ex-China offtake orders from Chinese OEMs from January 2025 to March 2025. Among these, the Middle East accounts for 46.8GWh, 17.7% of the total, making it the third-largest growth market after the EU & EFTA & UK and North America.",[10968],{"type":596,"attrs":10969},{"color":547},{"type":588,"attrs":10971,"content":10972},{"textAlign":49},[10973],{"text":10974,"type":593,"marks":10975},"Direct shipping to and from the Middle East via the Strait of Hormuz faces security risks, and increased freight costs and insurance premiums, forcing delays to the construction and delivery schedules of some energy storage projects currently under development. Airspace closures and port attacks have further prolonged delivery timelines, while after-sales services and project payment cycles have also become increasingly uncertain.",[10976],{"type":596,"attrs":10977},{"color":547},{"type":687,"attrs":10979,"content":10980},{"level":689,"textAlign":49},[10981],{"text":10982,"type":593,"marks":10983},"What proportion of planned projects involves Chinese players?",[10984],{"type":596,"attrs":10985},{"color":547},{"type":588,"attrs":10987,"content":10988},{"textAlign":49},[10989,10994,11002],{"text":10990,"type":593,"marks":10991},"According to ",[10992],{"type":596,"attrs":10993},{"color":547},{"text":10995,"type":593,"marks":10996},"Benchmark’s BESS Service",[10997,11000],{"type":603,"attrs":10998},{"href":10999,"uuid":49,"anchor":49,"target":607,"linktype":638},"https://www.benchmarkminerals.com/battery-energy-stationary-storage",{"type":596,"attrs":11001},{"color":547},{"text":11003,"type":593,"marks":11004},", energy storage projects in the Middle East potentially affected by the conflict amount to a total of around 55GWh. Of this, 45.4GWh of the projects involve Chinese companies as an EPC contractor or BESS system suppliers.",[11005],{"type":596,"attrs":11006},{"color":547},{"type":588,"attrs":11008,"content":11009},{"textAlign":49},[11010],{"text":11011,"type":593,"marks":11012},"The total includes a range of large-scale projects that are underway. In the UAE, a Masdar 19GWh EWEC BESS project and MBR’s 8.4GWh solar BESS project could be affected. A 12.5GWh BYD project and four Saudi Power Procurement Company (SPCC) BESS projects, totaling 8GWh, could also be affected in Saudi Arabia.",[11013],{"type":596,"attrs":11014},{"color":547},{"type":677,"attrs":11016},{"id":11017,"body":11018},"df82c0e9-8221-409f-8167-bf71fc9e1948",[11019],{"id":11020,"_uid":11021,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27965330","i-ac158ae4-f21e-47de-a758-0a3759c50b95",{"type":588,"attrs":11023,"content":11024},{"textAlign":49},[11025],{"text":11026,"type":593,"marks":11027},"The current situation has led to the emergency evacuation of on-site personnel from Chinese EPC contractors, leaving projects suspended and equipment idle. Installed systems face potential damage from prolonged exposure to harsh environmental conditions without maintenance, while energy storage system suppliers are confronted with inventory backlogs due to completed products being unable to ship as scheduled.",[11028],{"type":596,"attrs":11029},{"color":547},{"type":588,"attrs":11031,"content":11032},{"textAlign":49},[11033],{"text":11034,"type":593,"marks":11035},"Calvin Xu, a BESS analyst at Benchmark, said:",[11036],{"type":596,"attrs":11037},{"color":547},{"type":588,"attrs":11039,"content":11040},{"textAlign":49},[11041],{"text":11042,"type":593,"marks":11043},"“It is foreseeable that the current instability in the Middle East may persist for several months or longer, further extending project timelines. Chinese companies are therefore likely to reassess the stability of the Middle Eastern market and explore alternative regional opportunities.”",[11044],{"type":596,"attrs":11045},{"color":547},"The ongoing military conflict in the Middle East presents risks to the implementation and maintenance of energy storage projects across the region, including the largest projects, many of which involve Chinese contractors and suppliers.",[11048],{"slug":1682,"name":1683,"content":11049},{"job_title":1685,"image":11050,"bio":1688,"linkedin":1689,"markets_covered":1690},{"filename":1687},"Middle East escalation disrupts ESS deployment, Chinese expansion",[11053,11054],{"slug":1694,"name":1695},{"slug":1700,"name":1701},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":11056},{},{"id":11058,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":11059,"copyright":547,"fieldtype":553,"meta_data":11060,"is_external_url":50},129069552762665,"https://a.storyblok.com/f/287943243085208/9a3e78127e/bm-livent-bessemer-city.png",{},"Mar 10, 2026",{"id":11063,"uuid":6186,"name":11064,"slug":11065,"full_slug":11066,"content":11067},153102306023366,"BYD launches much-anticipated Blade 2 battery","byd-launches-much-anticipated-blade-2-battery","article/byd-launches-much-anticipated-blade-2-battery",{"_uid":11068,"date":11069,"tags":11070,"editor":11077,"content":11081,"excerpt":11199,"featured":51,"reporter":11200,"component":794,"seo_title":11064,"categories":11210,"visibility":805,"data_vis_image":11213,"featured_image":11215,"seo_description":11199,"formattedDate":11219},"d163f41a-0e09-4e98-ade2-61abd9f02248","2026-03-09 00:00",[11071,11072,11073,11076],{"slug":2192,"name":2193},{"slug":2565,"name":2566},{"slug":11074,"name":11075},"lithium-ion-batteries","lithium ion batteries",{"slug":1480,"name":1481},[11078],{"slug":544,"name":543,"content":11079},{"job_title":557,"image":11080,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":11082},[11083,11098,11105,11116,11123,11131,11138,11152,11159,11164,11170,11184,11189,11194],{"type":588,"attrs":11084,"content":11085},{"textAlign":49},[11086,11087,11092,11093],{"text":1742,"type":593},{"text":11088,"type":593,"marks":11089},"new generation of BYD’s Blade battery",[11090],{"type":603,"attrs":11091},{"href":4619,"uuid":4620,"anchor":49,"target":898,"linktype":608},{"text":2513,"type":593},{"text":11094,"type":593,"marks":11095},"has come later than expected with the improvement in energy density falling short compared to some rival technologies for its short-blade version. The design targets faster charging as a differentiator to win over consumers.",[11096],{"type":596,"attrs":11097},{"color":547},{"type":687,"attrs":11099,"content":11100},{"level":689,"textAlign":49},[11101],{"text":11102,"type":593,"marks":11103},"Blade 2 specifications fall short of CATL",[11104],{"type":911},{"type":588,"attrs":11106,"content":11107},{"textAlign":49},[11108,11110,11114],{"text":11109,"type":593},"BYD’s Blade 2 battery was originally expected to be released in August 2024 with an energy density of 190Wh/kg. It has now been launched in March 2026, delivering around a 5% improvement in energy density at the system level in its short-blade version, which comes in at ~164Wh/kg. The long-blade version, which is optimised for high energy density, surpasses this at ~210Wh/kg. This is",{"text":1624,"type":593,"marks":11111},[11112],{"type":596,"attrs":11113},{"color":547},{"text":11115,"type":593},"higher than CATL’s ~205Wh/kg Shenxing Plus but the longer version is expected to target the premium segment.",{"type":687,"attrs":11117,"content":11118},{"level":689,"textAlign":49},[11119],{"text":11120,"type":593,"marks":11121},"How are BYD sales faring?",[11122],{"type":911},{"type":588,"attrs":11124,"content":11125},{"textAlign":49},[11126],{"text":11127,"type":593,"marks":11128},"This release comes at a time when BYD has been offering price discounts and sales growth has declined. February marked the seventh consecutive month that BYD’s wholesale (domestic + export) figures declined. Domestically, rivals like Geely were closing in on BYD’s BEV sales dominance.",[11129],{"type":596,"attrs":11130},{"color":547},{"type":677,"attrs":11132},{"id":11133,"body":11134},"b6f1b4de-f51a-4211-b668-e74664946293",[11135],{"id":11136,"_uid":11137,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27960550","i-d6c5dea4-09b2-48cb-b90d-79d876b4e7f8",{"type":588,"attrs":11139,"content":11140},{"textAlign":49},[11141,11143,11150],{"text":11142,"type":593},"Rather than prioritising ",{"text":11144,"type":593,"marks":11145},"aggressive R&D",[11146],{"type":603,"attrs":11147},{"href":11148,"uuid":11149,"anchor":49,"target":898,"linktype":608},"/article/how-does-battery-companies-rd-expenditure-vary","ec2b9cb2-69a7-4c78-a0a7-e9df59d41b2b",{"text":11151,"type":593}," to push energy density boundaries, BYD may now be shifting its focus towards lowering manufacturing costs and preserving margins. While the design of CATL’s Shenxing Plus improves performance, it also tends to increase manufacturing complexity and cost and may introduce additional safety challenges at the cell level.",{"type":687,"attrs":11153,"content":11154},{"level":689,"textAlign":49},[11155],{"text":11156,"type":593,"marks":11157},"Refocusing on fast charging",[11158],{"type":911},{"type":588,"attrs":11160,"content":11161},{"textAlign":49},[11162],{"text":11163,"type":593},"One major development compared to Blade 1 is the new 8C fast charging rate in the short-blade version. BYD is reportedly utilising an LMFP cathode paired with a small amount of silicon in the anode. At 8C, BYD expects to offer 5-minute charging from 10% to 70% and 9 minutes from 10% to 97%. Cycle life has also improved from ~4,000 to over 4,500 cycles. The long-blade version of the battery has an 3C fast charging rate.",{"type":677,"attrs":11165},{"id":11133,"body":11166},[11167],{"id":11168,"_uid":11169,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27959585","i-853e11f5-cc8d-4967-93ec-9b5544a9b7b9",{"type":588,"attrs":11171,"content":11172},{"textAlign":49},[11173,11175,11182],{"text":11174,"type":593},"This improvement could offset the lower-than-expected energy density in the short-blade version. BYD already aims to deploy 20,000 ",{"text":11176,"type":593,"marks":11177},"“flash” charging stations by the end of 2026",[11178],{"type":603,"attrs":11179},{"href":11180,"uuid":11181,"anchor":49,"target":898,"linktype":608},"/article/catl-announces-battery-capable-of-1-3-mw-charging-how-fast-will-chargers-get","fa8ae311-e854-4049-92d4-326e1c68b21a",{"text":11183,"type":593},", where maximum power is a massive 1.5MW, to draw consumers. To date, they have finished 4,239, though many are existing upgraded stations rather than greenfield. The rate also positions it as a rival to NIO’s battery swapping model.",{"type":588,"attrs":11185,"content":11186},{"textAlign":49},[11187],{"text":11188,"type":593},"Benchmark automotive research lead Will Roberts notes:",{"type":588,"attrs":11190,"content":11191},{"textAlign":49},[11192],{"text":11193,"type":593},"“While 20,000 flash charging stations is significant, it represents a small fraction of China’s over 2 million DC fast charging points nationwide.",{"type":588,"attrs":11195,"content":11196},{"textAlign":49},[11197],{"text":11198,"type":593},"“Looking forwards, BYD has indicated plans to commercialise solid-state batteries around 2027, which are expected to achieve significantly higher energy density than Blade 2. This current fast charge strategy may end up being a premium brand holdover while the R&D focus switches to the next big step change.”","The new generation of BYD’s Blade battery has come later than expected with the improvement in energy density falling short compared to some rival technologies. The design instead targets faster charging as a differentiator to win over consumers.",[11201,11204,11207],{"slug":1430,"name":1431,"content":11202},{"job_title":1433,"image":11203,"bio":1436,"linkedin":1437,"markets_covered":1438},{"filename":1435},{"slug":6219,"name":6220,"content":11205},{"job_title":6222,"image":11206,"bio":6225,"linkedin":6226,"markets_covered":6227},{"filename":6224},{"slug":8371,"name":8372,"content":11208},{"job_title":8374,"image":11209,"bio":8377,"linkedin":8378,"markets_covered":8379},{"filename":8376},[11211,11212],{"slug":1703,"name":1704},{"slug":1441,"name":1442},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":11214},{},{"id":11216,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":11217,"copyright":547,"fieldtype":553,"meta_data":11218,"is_external_url":50},129067489610498,"https://a.storyblok.com/f/287943243085208/b1159c5f37/bm-ev-battery-pack-on-production-line.jpg",{},"Mar 09, 2026",{"id":11221,"uuid":11222,"name":11223,"slug":11224,"full_slug":11225,"content":11226},151297633466320,"73900094-bdce-4976-8269-2039fb4d744d","US resists rapid global expansion of Chinese BEV market share","us-resists-rapid-global-expansion-of-chinese-bev-market-share","article/us-resists-rapid-global-expansion-of-chinese-bev-market-share",{"_uid":11227,"date":11228,"tags":11229,"editor":11234,"content":11238,"excerpt":11370,"featured":51,"reporter":11371,"component":794,"seo_title":11223,"categories":11372,"visibility":3519,"data_vis_image":11375,"featured_image":11377,"seo_description":11244,"formattedDate":11379},"24647583-f6c2-434d-94d2-f3d0fd406d4c","2026-03-04 00:00",[11230,11231,11232,11233],{"slug":831,"name":832},{"slug":3362,"name":3363},{"slug":1465,"name":1466},{"slug":5615,"name":5616},[11235],{"slug":544,"name":543,"content":11236},{"job_title":557,"image":11237,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":11239},[11240,11248,11270,11278,11287,11295,11304,11324,11332,11351,11360],{"type":588,"attrs":11241,"content":11242},{"textAlign":49},[11243],{"text":11244,"type":593,"marks":11245},"Battery electric vehicles (BEVs) made in China are taking up increasingly large proportions of sales around the world since 2018, Benchmark data reveals.",[11246],{"type":596,"attrs":11247},{"color":547},{"type":588,"attrs":11249,"content":11250},{"textAlign":49},[11251,11256,11265],{"text":11252,"type":593,"marks":11253},"Despite the ",[11254],{"type":596,"attrs":11255},{"color":547},{"text":11257,"type":593,"marks":11258},"failure of a number of Chinese BEV manufacturers to achieve their sales targets",[11259,11263],{"type":603,"attrs":11260},{"href":11261,"uuid":11262,"anchor":49,"target":898,"linktype":608},"/article/lacklustre-ev-sales-and-geopolitical-tension-weigh-on-lithium-prices","7321793d-3b4f-4d2a-9e56-fcb067692f2f",{"type":596,"attrs":11264},{"color":547},{"text":11266,"type":593,"marks":11267}," in 2025 – BYD and Li Auto were both among those who cut targets during the year – there has been significant overall growth of EVs made in China sold in Western nations, as well as in Japan and South Korea.",[11268],{"type":596,"attrs":11269},{"color":547},{"type":588,"attrs":11271,"content":11272},{"textAlign":49},[11273],{"type":3397,"attrs":11274},{"id":11275,"alt":547,"src":11276,"title":547,"source":547,"copyright":547,"meta_data":11277},151298117080526,"https://a.storyblok.com/f/287943243085208/1500x2388/20a970395f/chinese-evs-around-the-world_voro-4.jpg",{},{"type":687,"attrs":11279,"content":11280},{"level":689,"textAlign":49},[11281],{"text":11282,"type":593,"marks":11283},"Dominance in Mexico and Australia",[11284,11286],{"type":596,"attrs":11285},{"color":547},{"type":911},{"type":588,"attrs":11288,"content":11289},{"textAlign":49},[11290],{"text":11291,"type":593,"marks":11292},"Most striking is the growth in market share in Mexico where, since the first sales of China-made BEVs in 2022, they came to represent 89% of all BEVs bought in the country by last year, selling more than 53,000 of the 59,800 units sold. Australia saw similarly dramatic growth, peaking at 82% in 2023.",[11293],{"type":596,"attrs":11294},{"color":547},{"type":687,"attrs":11296,"content":11297},{"level":689,"textAlign":49},[11298],{"text":11299,"type":593,"marks":11300},"US bucks the trend",[11301,11303],{"type":596,"attrs":11302},{"color":547},{"type":911},{"type":588,"attrs":11305,"content":11306},{"textAlign":49},[11307,11312,11320],{"text":11308,"type":593,"marks":11309},"The most notable exception to the trend is the US, where in 2025 Chinese products accounted for less than a percentage point of the BEVs sold. Protectionist measures under both the Biden and Trump administrations have effectively banned Chinese imports in the sector, and the US produced 68% of its own BEVs in 2025. A total of 84% came from North American production more broadly, as assessed by the ",[11310],{"type":596,"attrs":11311},{"color":547},{"text":11313,"type":593,"marks":11314},"Benchmark EV and Battery Service",[11315,11318],{"type":603,"attrs":11316},{"href":11317,"uuid":49,"anchor":49,"target":49,"linktype":638},"https://www.benchmarkminerals.com/ev-and-battery",{"type":596,"attrs":11319},{"color":547},{"text":778,"type":593,"marks":11321},[11322],{"type":596,"attrs":11323},{"color":547},{"type":588,"attrs":11325,"content":11326},{"textAlign":49},[11327],{"text":11328,"type":593,"marks":11329},"Chinese BEVs do not yet compose the majority of sales in any of the largest European economies. France’s trajectory is particularly notable as a further example of government action. Diverging from trends in nearby nations after 2023, the rapid growth of China-made BEV market share to 31% to that point was followed by a drop of almost half, falling to 16% in 2024.",[11330],{"type":596,"attrs":11331},{"color":547},{"type":588,"attrs":11333,"content":11334},{"textAlign":49},[11335,11340,11346],{"text":11336,"type":593,"marks":11337},"That shift followed changes to the country’s ",[11338],{"type":596,"attrs":11339},{"color":547},{"text":11341,"type":593,"marks":11342},"Bonus Ecologique",[11343,11345],{"type":596,"attrs":11344},{"color":547},{"type":767},{"text":11347,"type":593,"marks":11348}," scheme subsidising zero-emissions vehicles including the implementation of an ‘environmental score’ requiring lower emissions in a vehicle’s manufacture for it to qualify. That meant a range of Chinese vehicles – as well as others including the Tesla Model 3 and Dacia Spring – were no longer eligible going into 2024.",[11349],{"type":596,"attrs":11350},{"color":547},{"type":588,"attrs":11352,"content":11353},{"textAlign":49},[11354],{"text":11355,"type":593,"marks":11356},"To learn more about our EV and battery data and forecasts, submit your details below and our team will be in touch:",[11357,11359],{"type":596,"attrs":11358},{"color":547},{"type":767},{"type":677,"attrs":11361},{"id":11362,"body":11363},"a3237ec6-9550-4e4f-87fc-5fdea33eab5a",[11364],{"id":1081,"_uid":11365,"component":1083,"wrap_in_box":50,"redirect_url":11366,"success_file":11367,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":11369,"show_on_intelligence":50},"i-7489346d-b788-4a8f-85c9-f516041fef70",{"id":547,"url":547,"linktype":608,"fieldtype":1085,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":11368},{},[],"Battery electric vehicles (BEVs) made in China are taking up increasingly large proportions of sales around the world since 2018, Benchmark data reveals.\n\nDespite the failure of a number of Chinese BEV manufacturers to achieve their sales targets in 2025 – BYD and Li Auto were both among those who cut targets during the year – there has been significant overall growth of EVs made in China sold in Western nations, as well as in Japan and South Korea.",[],[11373,11374],{"slug":1441,"name":1442},{"slug":1700,"name":1701},{"id":11275,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":11276,"copyright":547,"fieldtype":553,"meta_data":11376,"is_external_url":50},{},{"id":8681,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":8682,"copyright":547,"fieldtype":553,"meta_data":11378,"is_external_url":50},{},"Mar 04, 2026",{"id":11381,"uuid":11382,"name":11383,"slug":11384,"full_slug":11385,"content":11386},149570920239599,"0ff0e0c5-d9dd-4f8c-9b1b-4aa57cb0e0b4","Form Energy announces largest capacity energy storage system to date","form-energy-announces-largest-capacity-energy-storage-system-to-date","article/form-energy-announces-largest-capacity-energy-storage-system-to-date",{"_uid":11387,"date":11388,"tags":11389,"editor":11394,"content":11398,"excerpt":11521,"featured":51,"reporter":11522,"component":794,"seo_title":11526,"categories":11527,"visibility":805,"data_vis_image":11531,"featured_image":11535,"seo_description":11521,"formattedDate":11537},"ca524aa9-ea72-4232-8fef-90bbabbfc093","2026-02-27 00:00",[11390,11391,11392,11393],{"slug":10910,"name":10911},{"slug":11074,"name":11075},{"slug":1332,"name":1333},{"slug":831,"name":832},[11395],{"slug":544,"name":543,"content":11396},{"job_title":557,"image":11397,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":11399},[11400,11410,11417,11429,11436,11441,11446,11460,11467,11472,11479,11484,11489,11496,11510,11515],{"type":588,"attrs":11401,"content":11402},{"textAlign":49},[11403,11405,11408],{"text":11404,"type":593},"On 24",{"text":8829,"type":593,"marks":11406},[11407],{"type":8833},{"text":11409,"type":593}," February, Google formally signed an agreement with Xcel Energy to deploy a 30GWh / 300MW, 100-hour iron-air battery energy storage system (BESS) supplied by Form Energy in Pine Island, Minnesota.",{"type":687,"attrs":11411,"content":11412},{"level":689,"textAlign":49},[11413],{"text":11414,"type":593,"marks":11415},"Largest ever BESS project globally",[11416],{"type":911},{"type":588,"attrs":11418,"content":11419},{"textAlign":49},[11420,11422,11427],{"text":11421,"type":593},"The project is the largest energy storage project in Benchmark’s databases and ",{"text":11423,"type":593,"marks":11424},"significantly outstrips the average capacity",[11425],{"type":603,"attrs":11426},{"href":2660,"uuid":2661,"anchor":49,"target":898,"linktype":608},{"text":11428,"type":593}," of energy storage projects, of any technology, operational in the US in 2025.",{"type":677,"attrs":11430},{"id":11431,"body":11432},"be8a6769-e87e-486b-ae63-8e21d663e1d1",[11433],{"id":11434,"_uid":11435,"type":608,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"3598726","i-89bd26ab-949e-4c46-964b-3ef507e5d867",{"type":588,"attrs":11437,"content":11438},{"textAlign":49},[11439],{"text":11440,"type":593},"It would also be the second-largest project anywhere in the world in terms of capacity, beaten only by a 40GWh LFP-based project in Australia. Calvin Xu, BESS analyst at Benchmark, noted the scale of the project “far exceeds the market average”.",{"type":588,"attrs":11442,"content":11443},{"textAlign":49},[11444],{"text":11445,"type":593},"The average capacity of commissioned battery energy storage projects globally was 168MWh. The US was slightly larger just under 290MWh.",{"type":588,"attrs":11447,"content":11448},{"textAlign":49},[11449,11451,11458],{"text":11450,"type":593},"“We are increasingly seeing giga-scale projects ",{"text":11452,"type":593,"marks":11453},"enter the project pipeline",[11454],{"type":603,"attrs":11455},{"href":11456,"uuid":11457,"anchor":49,"target":898,"linktype":608},"/article/bess-system-integrator-ranking-in-h1-2025-shows-change-is-on-the-horizon-for-the-industry","b3df4ba0-52b6-469b-9695-870f7eb68178",{"text":11459,"type":593},",” Xu said. “But this is the largest to be announced in the US, more than double the size of the next largest announced project’s capacity.”",{"type":687,"attrs":11461,"content":11462},{"level":689,"textAlign":49},[11463],{"text":11464,"type":593,"marks":11465},"Lithium ion continues to dominate",[11466],{"type":911},{"type":588,"attrs":11468,"content":11469},{"textAlign":49},[11470],{"text":11471,"type":593},"Although the announced project utilises iron-air technology, lithium ion cells will continue to dominate in new battery storage deployments through to 2030, though their market share is expected to fall from a 98% peak in 2025 to 90% by 2030. The remaining share will be split between sodium ion and other technologies, iron air among them.",{"type":677,"attrs":11473},{"id":11474,"body":11475},"f0307b01-89cf-4d10-85a1-2a5657047185",[11476],{"id":11477,"_uid":11478,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27805048","i-f9f2920e-0907-4977-b2bc-fc62b55a1115",{"type":588,"attrs":11480,"content":11481},{"textAlign":49},[11482],{"text":11483,"type":593},"The new project is an outlier in this trend and reflects the unique ability of iron air chemistry to meet exceptional duration demands. The iron-air battery system generates electricity through the oxidation of iron when exposed to air, effectively utilising a reversible rusting process.",{"type":588,"attrs":11485,"content":11486},{"textAlign":49},[11487],{"text":11488,"type":593},"Form Energy has been selected as the BESS system supplier. The batteries will be manufactured at Form Factory 1 in Weirton, West Virginia, which is currently expanding to an annual production capacity of 500MW.",{"type":687,"attrs":11490,"content":11491},{"level":689,"textAlign":49},[11492],{"text":11493,"type":593,"marks":11494},"All 100-hour projects utilising iron-air",[11495],{"type":911},{"type":588,"attrs":11497,"content":11498},{"textAlign":49},[11499,11501,11508],{"text":11500,"type":593},"The 100-hour long duration of the project signals an ",{"text":11502,"type":593,"marks":11503},"accelerating shift in energy storage",[11504],{"type":603,"attrs":11505},{"href":11506,"uuid":11507,"anchor":49,"target":898,"linktype":608},"/article/is-the-energy-storage-market-shifting-to-longer-duration-capacities-","6c350409-abcd-42f5-a9a4-15e7729cd431",{"text":11509,"type":593}," from an “emergency backup” role towards serving as a primary energy supply resource.",{"type":588,"attrs":11511,"content":11512},{"textAlign":49},[11513],{"text":11514,"type":593},"Most non-lithium-ion projects have durations of 0-4 hours, largely using flow batteries, while all 10 of the 100-hour projects globally utilise iron-air technology. Nine of these are supplied by Form Energy.",{"type":677,"attrs":11516},{"id":11474,"body":11517},[11518],{"id":11519,"_uid":11520,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27807513","i-88477fc8-eb90-4196-93c5-1e1c4132c34d","On 24th February, Google formally signed an agreement with Xcel Energy to deploy a 30GWh / 300MW, 100-hour iron-air battery energy storage system (BESS) supplied by Form Energy in Pine Island, Minnesota.",[11523],{"slug":1682,"name":1683,"content":11524},{"job_title":1685,"image":11525,"bio":1688,"linkedin":1689,"markets_covered":1690},{"filename":1687},"Form Energy announces largest ever capacity energy storage system",[11528,11529,11530],{"slug":1703,"name":1704},{"slug":1694,"name":1695},{"slug":2050,"name":2051},{"id":11532,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":11533,"copyright":547,"fieldtype":553,"meta_data":11534,"is_external_url":50},149573595989641,"https://a.storyblok.com/f/287943243085208/811x805/5c45b847d0/bess-circle-chart.png",{},{"id":2173,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":2174,"copyright":547,"fieldtype":553,"meta_data":11536,"is_external_url":50},{},"Feb 27, 2026",{"id":11539,"uuid":9758,"name":11540,"slug":11541,"full_slug":11542,"content":11543},149519655005023,"Record US copper imports in 2025 far in excess of consumption","record-us-copper-imports-in-2025-far-in-excess-of-consumption","article/record-us-copper-imports-in-2025-far-in-excess-of-consumption",{"_uid":11544,"date":11388,"tags":11545,"editor":11550,"content":11554,"excerpt":11560,"featured":51,"reporter":11633,"component":794,"seo_title":11540,"categories":11637,"visibility":3519,"data_vis_image":11640,"featured_image":11644,"seo_description":11560,"formattedDate":11537},"fe74d341-ad84-4ab3-857b-4cf268411194",[11546,11547,11548,11549],{"slug":1144,"name":1145},{"slug":7076,"name":7077},{"slug":831,"name":832},{"slug":1332,"name":1333},[11551],{"slug":544,"name":543,"content":11552},{"job_title":557,"image":11553,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":11555},[11556,11561,11568,11591,11598,11610,11617,11622,11627],{"type":588,"attrs":11557,"content":11558},{"textAlign":49},[11559],{"text":11560,"type":593},"US imports of refined copper grew 81% in 2025, compared to 2024, to a record high of 1,634kt. Driven by tariff fears, these imports were far in excess of US demand for the metal.",{"type":687,"attrs":11562,"content":11563},{"level":689,"textAlign":49},[11564],{"text":11565,"type":593,"marks":11566},"Tariff threats driving up price",[11567],{"type":911},{"type":588,"attrs":11569,"content":11570},{"textAlign":49},[11571,11573,11580,11582,11589],{"text":11572,"type":593},"Threats that a ",{"text":11574,"type":593,"marks":11575},"tariff could be placed",[11576],{"type":603,"attrs":11577},{"href":11578,"uuid":11579,"anchor":49,"target":898,"linktype":608},"/article/tariff-fears-drove-us-refined-copper-imports-to-record-high-in-july","4a2c2278-6eee-43c7-83e6-8c75a5812d2a",{"text":11581,"type":593}," on copper cathode in 2025 ",{"text":11583,"type":593,"marks":11584},"drastically increased the CME copper price",[11585],{"type":603,"attrs":11586},{"href":11587,"uuid":11588,"anchor":49,"target":898,"linktype":608},"/article/premiums-across-the-across-the-globe-hit-unprecedented-levels","711fa060-b497-4673-bc09-1f279140f8da",{"text":11590,"type":593}," and incentivised front-loading of copper into the US. This led to a large surplus of material heading to the US and a tightening of the global copper market.",{"type":677,"attrs":11592},{"id":11593,"body":11594},"fc3707d1-c496-45a4-8b42-425161544df7",[11595],{"id":11596,"_uid":11597,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27811296","i-a13318e0-a761-4401-87c1-3853eb4194d6",{"type":588,"attrs":11599,"content":11600},{"textAlign":49},[11601,11603,11608],{"text":11602,"type":593},"This flow of material also caused significant price inflation on the LME, and massive increases of copper premiums across the globe, despite relatively loose market conditions. The ",{"text":11604,"type":593,"marks":11605},"bulk of US imports came from Chile",[11606],{"type":603,"attrs":11607},{"href":5350,"uuid":5351,"anchor":49,"target":898,"linktype":608},{"text":11609,"type":593},", at 876kt, followed by the DRC (187kt), Canada (185kt), and Peru (87kt).",{"type":687,"attrs":11611,"content":11612},{"level":689,"textAlign":49},[11613],{"text":11614,"type":593,"marks":11615},"Consumption far below imports",[11616],{"type":911},{"type":588,"attrs":11618,"content":11619},{"textAlign":49},[11620],{"text":11621,"type":593},"Many Chilean brands are CME deliverable and, whilst DRC material is not CME deliverable, it was likely either being sold directly to customers or stored in warehouses off-exchange.",{"type":588,"attrs":11623,"content":11624},{"textAlign":49},[11625],{"text":11626,"type":593},"US copper demand was significantly below the volume that was imported, resulting in an uptick in copper stored both in and outside exchanges. Benchmark estimates that US copper import were more than 700kt in excess of its demands across 2025. This means US warehouses absorbed more copper last year than most nations consumed.",{"type":677,"attrs":11628},{"id":11593,"body":11629},[11630],{"id":11631,"_uid":11632,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27810852","i-ff0dfe0c-b093-407b-86e1-adb8badca058",[11634],{"slug":1291,"name":1292,"content":11635},{"job_title":1294,"image":11636,"bio":1297,"linkedin":1298,"markets_covered":1109},{"filename":1296},[11638,11639],{"slug":1108,"name":1109},{"slug":800,"name":801},{"id":11641,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":11642,"copyright":547,"fieldtype":553,"meta_data":11643,"is_external_url":50},149523299928344,"https://a.storyblok.com/f/287943243085208/807x734/85165f935b/excess-us-copper-imports-among-largest-consumers-in-2025.png",{},{"id":11645,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":11646,"copyright":547,"fieldtype":553,"meta_data":11647,"is_external_url":50},129066755701128,"https://a.storyblok.com/f/287943243085208/4da2f62bcb/bm-copper-cathode.jpg",{},{"id":11649,"uuid":2661,"name":11650,"slug":11651,"full_slug":11652,"content":11653},148469425506967,"Battery manufacturers ramp up cell size to meet growing BESS capacity demands","battery-manufacturers-ramp-up-cell-size-to-meet-growing-bess-capacity-demands","article/battery-manufacturers-ramp-up-cell-size-to-meet-growing-bess-capacity-demands",{"_uid":11654,"date":11655,"tags":11656,"editor":11663,"content":11667,"excerpt":11797,"featured":51,"reporter":11798,"component":794,"seo_title":11802,"categories":11803,"visibility":805,"data_vis_image":11807,"featured_image":11809,"seo_description":11814,"formattedDate":11815},"a5ab5841-48a2-4169-af74-f1e572e61653","2026-02-24 00:00",[11657,11658,11659,11662],{"slug":3539,"name":1690},{"slug":10910,"name":10911},{"slug":11660,"name":11661},"energy-storage","Energy storage",{"slug":9449,"name":9450},[11664],{"slug":544,"name":543,"content":11665},{"job_title":557,"image":11666,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":11668},[11669,11686,11698,11710,11717,11729,11734,11753,11760,11767,11781,11791],{"type":588,"attrs":11670,"content":11671},{"textAlign":49},[11672,11674,11678,11680,11684],{"text":11673,"type":593},"Earlier this month, Chinese OEM EVE Energy announced that ",{"text":1624,"type":593,"marks":11675},[11676],{"type":596,"attrs":11677},{"color":547},{"text":11679,"type":593},"the world’s first 100MWh-class battery energy storage system (BESS) grid-side project – Ruite New Energy Lingshou BESS – ",{"text":1624,"type":593,"marks":11681},[11682],{"type":596,"attrs":11683},{"color":547},{"text":11685,"type":593},"utilising 628Ah cells has officially entered operation.",{"type":588,"attrs":11687,"content":11688},{"textAlign":49},[11689,11691,11696],{"text":11690,"type":593},"The project ",{"text":11692,"type":593,"marks":11693},"includes 80 Mr. Giant storage systems using EVE Energy’s self-produced Mr. Big 628Ah cell and 40 integrated converter cabins, using 5MWh containers. The commission of this project ",[11694],{"type":596,"attrs":11695},{"color":547},{"text":11697,"type":593},"reflects a trend of increasing cell capacity driven by ambitions to cut land usage at 100MWh-scale sites.",{"type":588,"attrs":11699,"content":11700},{"textAlign":49},[11701,11703,11708],{"text":11702,"type":593},"Over the last two years, BESS integrators have ramped up development of larger cells ",{"text":11704,"type":593,"marks":11705},"alongside other strategies",[11706],{"type":603,"attrs":11707},{"href":11506,"uuid":11507,"anchor":49,"target":898,"linktype":608},{"text":11709,"type":593}," for increased capacity, including larger containers and stacked modules.",{"type":687,"attrs":11711,"content":11712},{"level":689,"textAlign":49},[11713],{"text":11714,"type":593,"marks":11715},"The drive for size",[11716],{"type":911},{"type":588,"attrs":11718,"content":11719},{"textAlign":49},[11720,11722,11727],{"text":11721,"type":593},"As well as shrinking the physical footprint of BESS facilities, ",{"text":11723,"type":593,"marks":11724},"integrators and manufacturers",[11725],{"type":603,"attrs":11726},{"href":11456,"uuid":11457,"anchor":49,"target":898,"linktype":608},{"text":11728,"type":593}," hope that larger cells will help to reduce manufacturing complexity. This reduction could in turn mean more reliable supply chains, with fewer parts required, and diminished cooling and wiring requirements.",{"type":588,"attrs":11730,"content":11731},{"textAlign":49},[11732],{"text":11733,"type":593},"More fundamentally, the increase in capacity within a single container would allow for higher energy density projects. Over the last five years, there has been a push for greater energy density in new BESS installations, with the typical 20ft container in 2022 at ~4MWh, compared to today's industry standard of 5-6MWh+.",{"type":588,"attrs":11735,"content":11736},{"textAlign":49},[11737,11738,11743,11745,11752],{"text":1742,"type":593},{"text":11739,"type":593,"marks":11740},"rapid expansion globally",[11741],{"type":603,"attrs":11742},{"href":7880,"uuid":7881,"anchor":49,"target":898,"linktype":608},{"text":11744,"type":593}," in the average project size of new installations has been driven in large part ",{"text":11746,"type":593,"marks":11747},"by those in the Middle East",[11748],{"type":603,"attrs":11749},{"href":11750,"uuid":11751,"anchor":49,"target":898,"linktype":608},"/article/saudis-bisha-battery-energy-storage-project-uses-30000-evs-worth-of-battery-minerals","a1c5b447-2917-45e6-832c-cc9c3e0dc267",{"text":778,"type":593},{"type":677,"attrs":11754},{"id":11755,"body":11756},"f30dfbe1-f535-4ce5-8399-9e78d5784450",[11757],{"id":11758,"_uid":11759,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27759217","i-0b0b45d1-1dff-4799-8f18-c65462894dbb",{"type":687,"attrs":11761,"content":11762},{"level":689,"textAlign":49},[11763],{"text":11764,"type":593,"marks":11765},"The major players",[11766],{"type":911},{"type":588,"attrs":11768,"content":11769},{"textAlign":49},[11770,11772,11779],{"text":11771,"type":593},"It is not only EVE Energy that has been driving development of larger cells. In January, ",{"text":11773,"type":593,"marks":11774},"BYD showcased the world’s largest mass-produced cell",[11775],{"type":603,"attrs":11776},{"href":11777,"uuid":11778,"anchor":49,"target":898,"linktype":608},"/article/byd-unveils-2710ah-cell-for-new-haohan-storage-system","cdfb52b5-8b42-48e6-a60f-c26ddc4c2f05",{"text":11780,"type":593},", which comes in at a capacity of 2,710Ah.",{"type":588,"attrs":11782,"content":11783},{"textAlign":49},[11784,11789],{"text":11785,"type":593,"marks":11786},"Leading firms in the space",[11787],{"type":603,"attrs":11788},{"href":10266,"uuid":10267,"anchor":49,"target":898,"linktype":608},{"text":11790,"type":593}," already have a range of larger cells in production, with HiTHIUM, Sunwoda, Great Power, Envision AESC and REPT Battero already manufacturing cells between 530Ah and 684Ah. That range reflects the lack of a standardised ‘larger’ cell size so far within the industry.",{"type":677,"attrs":11792},{"id":11755,"body":11793},[11794],{"id":11795,"_uid":11796,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27773684","i-c6fc5e10-9bf3-479c-a3b6-b62a2748a979","Earlier this month, Chinese OEM EVE Energy announced that  the world’s first 100MWh-class battery energy storage system (BESS) grid-side project – Ruite New Energy Lingshou BESS –  utilising 628Ah cells has officially entered operation.",[11799],{"slug":3139,"name":3140,"content":11800},{"job_title":3142,"image":11801,"bio":3145,"linkedin":3146,"markets_covered":1690},{"filename":3144},"Battery makers increasing cell size to meet BESS capacity demands",[11804,11805,11806],{"slug":1703,"name":1704},{"slug":2050,"name":2051},{"slug":1694,"name":1695},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":11808},{},{"id":11810,"alt":547,"name":547,"focus":547,"title":11811,"source":547,"filename":11812,"copyright":547,"fieldtype":553,"meta_data":11813,"is_external_url":50},148505290302439,"Image credit: EVE Energy","https://a.storyblok.com/f/287943243085208/2700x1800/4aa18421e8/eve-energy.jpeg",{"alt":547,"title":11811,"source":547,"copyright":547},"Earlier this month, Chinese OEM EVE Energy announced that  the world’s first 100MWh-class battery energy storage system (BESS) grid-side project – Ruite New Energy Lingshou BESS –  utilising 628Ah cells has officially entered operation. ","Feb 24, 2026",{"id":11817,"uuid":11507,"name":11818,"slug":11819,"full_slug":11820,"content":11821},148102673103082,"Is the energy storage market shifting to longer duration capacities?","is-the-energy-storage-market-shifting-to-longer-duration-capacities-","article/is-the-energy-storage-market-shifting-to-longer-duration-capacities-",{"_uid":11822,"date":11823,"tags":11824,"editor":11830,"content":11834,"excerpt":11840,"featured":51,"reporter":11923,"component":794,"seo_title":11927,"categories":11928,"visibility":805,"data_vis_image":11932,"featured_image":11934,"seo_description":11938,"formattedDate":11939},"e3f2fd1e-3bed-4ae4-9a68-163ecfdac4d5","2026-02-23 00:00",[11825,11826,11827,11828],{"slug":3539,"name":1690},{"slug":10910,"name":10911},{"slug":11660,"name":11661},{"slug":11829,"name":11829},"battery",[11831],{"slug":544,"name":543,"content":11832},{"job_title":557,"image":11833,"bio":548,"linkedin":555},{"filename":552},{"type":585,"content":11835},[11836,11844,11852,11859,11873,11881,11894,11902,11915],{"type":588,"attrs":11837,"content":11838},{"textAlign":49},[11839],{"text":11840,"type":593,"marks":11841},"Average energy storage project duration has risen globally over recent years as markets have moved away from predominantly two-hour systems towards four-hour and longer assets. Early battery energy storage system (BESS) deployments are typically optimised for frequency response and short-term balancing, where shorter duration configurations were sufficient to capture available revenues. ",[11842],{"type":596,"attrs":11843},{"color":547},{"type":588,"attrs":11845,"content":11846},{"textAlign":6483},[11847],{"text":11848,"type":593,"marks":11849},"However, as the storage market matures and renewable penetration increases, the role of storage is moving to provide deeper energy shifting and system adequacy services. As a result, four-hour systems are now widely considered the market standard in many mature regions, and there is growing interest in six-hour, eight-hour and even longer-duration configurations.",[11850],{"type":596,"attrs":11851},{"color":547},{"type":677,"attrs":11853},{"id":11854,"body":11855},"4b555383-30f0-4f60-9fbf-17ae5927682c",[11856],{"id":11857,"_uid":11858,"type":684,"component":685,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27606684","i-95c9d85e-30e1-42d1-8cf5-a28306ac4e66",{"type":687,"attrs":11860,"content":11861},{"level":689,"textAlign":49},[11862,11868],{"text":11863,"type":593,"marks":11864},"Why is duration important?",[11865,11867],{"type":596,"attrs":11866},{"color":547},{"type":911},{"text":11869,"type":593,"marks":11870},"  ",[11871],{"type":596,"attrs":11872},{"color":547},{"type":588,"attrs":11874,"content":11875},{"textAlign":6483},[11876],{"text":11877,"type":593,"marks":11878},"Duration determines how long a battery can discharge at its rated power, and therefore how much energy it can deliver when the system needs it most. While short-duration assets are well suited to fast-response ancillary services, longer-duration systems are better equipped for energy shifting, peak demand coverage and supporting reliability during renewable shortfalls.",[11879],{"type":596,"attrs":11880},{"color":547},{"type":687,"attrs":11882,"content":11883},{"level":689,"textAlign":6483},[11884,11890],{"text":11885,"type":593,"marks":11886},"What has pushed this change? ",[11887,11889],{"type":596,"attrs":11888},{"color":547},{"type":911},{"text":1624,"type":593,"marks":11891},[11892],{"type":596,"attrs":11893},{"color":547},{"type":588,"attrs":11895,"content":11896},{"textAlign":6483},[11897],{"text":11898,"type":593,"marks":11899},"The shift towards longer-duration BESS has been driven primarily by falling battery costs, which have reduced the incremental expense of adding additional hours of storage and improved project economics. At the same time, rising renewable penetration has increased the need for multi-hour energy shifting rather than short bursts of ancillary services. Market reforms, capacity mechanisms and the saturation of frequency response revenues in particular markets have further encouraged developers to adopt four-hour and longer configurations to diversify income streams and enhance asset value. ",[11900],{"type":596,"attrs":11901},{"color":547},{"type":687,"attrs":11903,"content":11904},{"level":689,"textAlign":6483},[11905,11911],{"text":11906,"type":593,"marks":11907},"Is this an upside for battery demand?​",[11908,11910],{"type":596,"attrs":11909},{"color":547},{"type":911},{"text":1624,"type":593,"marks":11912},[11913],{"type":596,"attrs":11914},{"color":547},{"type":588,"attrs":11916,"content":11917},{"textAlign":6483},[11918],{"text":11919,"type":593,"marks":11920},"Markets trending to longer duration provides a medium- and long-term upside potential for BESS demand. Even with modest growth in installed power capacity, a shift toward six-hour, eight-hour, or longer systems materially increases total cell demand, reinforcing BESS as a long-term driver of global battery consumption as grids lean more heavily on storage for bulk energy shifting. ",[11921],{"type":596,"attrs":11922},{"color":547},[11924],{"slug":2037,"name":2038,"content":11925},{"job_title":2040,"image":11926,"bio":2043,"linkedin":2044,"markets_covered":2045},{"filename":2042},"Is energy storage market shifting to longer duration capacities?",[11929,11930,11931],{"slug":1700,"name":1701},{"slug":1703,"name":1704},{"slug":1694,"name":1695},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":11933},{},{"id":11935,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":11936,"copyright":547,"fieldtype":553,"meta_data":11937,"is_external_url":50},129068131298405,"https://a.storyblok.com/f/287943243085208/5a06b5e2e0/bm-harmony-energy-bess.jpg",{},"Average energy storage project duration has risen globally over recent years as markets have moved away from predominantly two-hour systems towards four-hour and longer assets.","Feb 23, 2026",1783441629018]