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weeks","Lithium",411.01,408.51,0.61,75.85,175.57,[15,16,18,21,24,27,30,33,36,39,42,45],{"date":5,"value":9},{"date":17,"value":10},"2026-05-13",{"date":19,"value":20},"2026-04-29",372.51,{"date":22,"value":23},"2026-04-15",354.35,{"date":25,"value":26},"2026-04-01",346.55,{"date":28,"value":29},"2026-03-18",351.32,{"date":31,"value":32},"2026-03-04",346.6,{"date":34,"value":35},"2026-02-18",324,{"date":37,"value":38},"2026-02-04",337.67,{"date":40,"value":41},"2026-01-21",298.32,{"date":43,"value":44},"2026-01-07",233.73,{"date":46,"value":47},"2025-12-24",203.79,"/lithium/prices",null,false,true,{"publishedDate":5,"updateFrequency":6,"updateFrequencyText":7,"label":53,"today":54,"last":55,"percentageChange":56,"yearToDate":57,"yearOnYear":58,"oneYearIndexTrend":59,"url":48,"subscription":49,"isProtected":50,"hasAccess":51},"Lithium 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ion Batteries",74.53,71.3,4.53,-1.6,-20.88,[337,338,340,343,346,349,352,355,358,361,364,367],{"date":329,"value":331},{"date":339,"value":332},"2025-02-28",{"date":341,"value":342},"2025-01-31",71.45,{"date":344,"value":345},"2024-12-31",75.74,{"date":347,"value":348},"2024-11-29",76.98,{"date":350,"value":351},"2024-10-31",77.34,{"date":353,"value":354},"2024-09-30",77.43,{"date":356,"value":357},"2024-08-30",80.56,{"date":359,"value":360},"2024-07-31",82.99,{"date":362,"value":363},"2024-06-28",87.2,{"date":365,"value":366},"2024-05-31",90.7,{"date":368,"value":369},"2024-04-30",93.2,"/battery-gigafactory/prices",{"publishedDate":372,"updateFrequency":6,"updateFrequencyText":7,"label":373,"today":374,"last":375,"percentageChange":376,"yearToDate":377,"yearOnYear":378,"oneYearIndexTrend":379,"url":411,"subscription":49,"isProtected":50,"hasAccess":51},"2026-05-21","Black Mass",54.15,51.47,5.21,25.5,92.33,[380,381,383,386,389,392,395,398,401,404,406,408],{"date":372,"value":374},{"date":382,"value":375},"2026-05-07",{"date":384,"value":385},"2026-04-23",48.63,{"date":387,"value":388},"2026-04-09",48.6,{"date":390,"value":391},"2026-03-26",47.29,{"date":393,"value":394},"2026-03-12",46.18,{"date":396,"value":397},"2026-02-26",45.8,{"date":399,"value":400},"2026-02-12",47.34,{"date":402,"value":403},"2026-01-29",49.57,{"date":297,"value":405},43.15,{"date":180,"value":407},47.05,{"date":409,"value":410},"2025-12-18",41.51,"/recycling/black-mass-prices",{"publishedDate":413,"updateFrequency":188,"updateFrequencyText":188,"label":414,"today":415,"last":416,"percentageChange":417,"yearToDate":418,"yearOnYear":419,"oneYearIndexTrend":420,"url":449,"subscription":49,"isProtected":50,"hasAccess":51},"2026-03-19","Rare Earths",172.27,182.38,-5.54,20.73,54.49,[421,422,424,427,430,432,435,437,440,443,445,447],{"date":413,"value":415},{"date":423,"value":416},"2026-03-05",{"date":425,"value":426},"2026-02-19",179.86,{"date":428,"value":429},"2026-02-05",155.4,{"date":431,"value":429},"2026-01-22",{"date":433,"value":434},"2026-01-08",145.37,{"date":46,"value":436},142.69,{"date":438,"value":439},"2025-12-11",141.67,{"date":441,"value":442},"2025-11-27",136.29,{"date":211,"value":444},132.15,{"date":213,"value":446},139.82,{"date":216,"value":448},145.27,"/rare-earths/prices",{"publishedDate":213,"updateFrequency":188,"updateFrequencyText":188,"label":451,"today":452,"last":453,"percentageChange":454,"yearToDate":455,"yearOnYear":456,"oneYearIndexTrend":457,"url":370,"subscription":49,"isProtected":50,"hasAccess":51},"LFP",111.93,124.92,-10.4,-2.67,-3.42,[458,459,460,462,464,466,469,471,473,475,477,479],{"date":213,"value":452},{"date":216,"value":453},{"date":219,"value":461},109.9,{"date":222,"value":463},100.47,{"date":225,"value":465},103.62,{"date":467,"value":468},"2025-04-30",109.47,{"date":329,"value":470},115.87,{"date":339,"value":472},117.3,{"date":341,"value":474},114.57,{"date":344,"value":476},115,{"date":347,"value":478},117.82,{"date":350,"value":480},111.9,{"publishedDate":213,"updateFrequency":188,"updateFrequencyText":188,"label":482,"today":483,"last":484,"percentageChange":485,"yearToDate":486,"yearOnYear":487,"oneYearIndexTrend":488,"url":370,"subscription":49,"isProtected":50,"hasAccess":51},"NCM High-Nickel",99.44,96.91,2.61,2.37,-3.84,[489,490,491,493,495,497,499,501,503,505,506,508],{"date":213,"value":483},{"date":216,"value":484},{"date":219,"value":492},97.09,{"date":222,"value":494},94.93,{"date":225,"value":496},97.13,{"date":467,"value":498},97.89,{"date":329,"value":500},101.4,{"date":339,"value":502},93.25,{"date":341,"value":504},98.94,{"date":344,"value":496},{"date":347,"value":507},98.69,{"date":350,"value":509},101.87,{"publishedDate":213,"updateFrequency":188,"updateFrequencyText":188,"label":511,"today":512,"last":513,"percentageChange":514,"yearToDate":515,"yearOnYear":516,"oneYearIndexTrend":517,"url":370,"subscription":49,"isProtected":50,"hasAccess":51},"NCM Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":559,"relatedVideos":560},146687981827540,"0c3a4925-f138-4e8d-a51b-1766c6a5c845","Daisy Jennings-Gray","daisy-jennings-gray","authors/daisy-jennings-gray",{"x":547,"bio":548,"_uid":549,"email":547,"image":550,"linkedin":555,"component":556,"job_title":557,"markets_covered":558,"certification_name":547,"certification_recoginition":547,"certification_recoginition_url":547,"formattedDate":547,"formattedArticleDate":547},"","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. ","5e74ff16-44a9-46fe-b128-fc5a5b50f809",{"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},153746211273145,"https://a.storyblok.com/f/287943243085208/440x410/c313cfb287/daisy.webp","asset",{},"https://www.linkedin.com/in/daisyjennings-gray/","author","Head of Prices","Lithium, nickel, cobalt, natural graphite, synthetic graphite, anode, cathode, rare earths, black mass",[],[],[562,765,1174,1410,1549],{"id":563,"uuid":564,"name":565,"slug":566,"full_slug":567,"content":568},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":569,"date":570,"tags":571,"editor":578,"content":588,"excerpt":723,"featured":51,"reporter":724,"component":728,"seo_title":729,"categories":730,"visibility":756,"data_vis_image":757,"featured_image":759,"seo_description":763,"formattedDate":764},"14a62998-06e3-4fa8-bcd0-b8df7e738bd3","2026-05-29 00:00",[572,575],{"slug":573,"name":574},"data-visualisation","Data Visualisation",{"slug":576,"name":577},"visual-capitalist","Visual Capitalist",[579],{"slug":580,"name":581,"content":582},"benjamin-roche","Benjamin Roche",{"job_title":583,"image":584,"bio":586,"linkedin":587},"Editor – Energy Transition Supply Chains",{"filename":585},"https://a.storyblok.com/f/287943243085208/800x800/66d6674fb8/benjamin-roche.png","Benjamin is Benchmark's Editor for Energy Transition Supply Chains, covering both upstream products like critical minerals and downstream products including energy storage systems and electric vehicles. He has previous experience covering trade flows, tariffs and the effects of geopolitics on supply chains.","https://www.linkedin.com/in/benjaminrochecontent/",{"type":589,"content":590},"doc",[591,610,615,620,629,639,653,685,692,713,718],{"type":592,"attrs":593,"content":594},"paragraph",{"textAlign":49},[595,598,608],{"text":596,"type":597},"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",{"text":599,"type":597,"marks":600},"prices are again on the rise",[601],{"type":602,"attrs":603},"link",{"href":604,"uuid":605,"anchor":49,"target":606,"linktype":607},"/article/why-are-lithium-prices-surging-in-china-again-","80c1a819-5c60-4407-ba5d-e6a023df02b5","_blank","story",{"text":609,"type":597},".",{"type":592,"attrs":611,"content":612},{"textAlign":49},[613],{"text":614,"type":597},"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":592,"attrs":616,"content":617},{"textAlign":49},[618],{"text":619,"type":597},"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":592,"attrs":621,"content":622},{"textAlign":49},[623],{"type":624,"attrs":625},"image",{"id":626,"alt":547,"src":627,"title":547,"source":547,"copyright":547,"meta_data":628},181694881907700,"https://a.storyblok.com/f/287943243085208/1200x1807/5bae1c6ff8/the-rise-and-fall-of-battery-material-prices-since-2019_voro_04222026-2.jpg",{},{"type":630,"attrs":631,"content":633},"heading",{"level":632,"textAlign":49},2,[634],{"text":635,"type":597,"marks":636},"Demand dip as China EV purchases dropped",[637],{"type":638},"bold",{"type":592,"attrs":640,"content":641},{"textAlign":49},[642,644,651],{"text":643,"type":597},"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":645,"type":597,"marks":646},"price downturn",[647],{"type":602,"attrs":648},{"href":649,"uuid":650,"anchor":49,"target":606,"linktype":607},"/article/lithium-price-decline-casts-shadow-over-long-term-supply-prospects-2023-in-review","2a16c44d-52e7-4d54-a4bc-a86c28a5f180",{"text":652,"type":597}," before the turn of 2024.",{"type":592,"attrs":654,"content":655},{"textAlign":49},[656,658,665,667,674,676,683],{"text":657,"type":597},"Weak downstream demand for ",{"text":659,"type":597,"marks":660},"cobalt",[661],{"type":602,"attrs":662},{"href":663,"uuid":664,"anchor":49,"target":606,"linktype":607},"/article/china-plans-to-stockpile-cobalt-after-price-rout","c13e0cb3-c5e9-4fec-a7f7-0535df46313c",{"text":666,"type":597},"- and ",{"text":668,"type":597,"marks":669},"nickel",[670],{"type":602,"attrs":671},{"href":672,"uuid":673,"anchor":49,"target":606,"linktype":607},"/article/chinese-nickel-sulphate-prices-near-three-year-low-amid-weak-battery-demand","bb52ce5e-634b-4139-b03e-4ccc0637a7c5",{"text":675,"type":597},"-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":677,"type":597,"marks":678},"drove down the premium",[679],{"type":602,"attrs":680},{"href":681,"uuid":682,"anchor":49,"target":606,"linktype":607},"/article/synthetic-graphite-anode-prices-decline-35-in-a-year-as-natural-graphite-price-premium-narrows","7dabbe31-78cf-4321-9d5f-155f145b49ab",{"text":684,"type":597}," 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":630,"attrs":686,"content":687},{"level":632,"textAlign":49},[688],{"text":689,"type":597,"marks":690},"Sulphur supply squeeze in 2026 increasing costs",[691],{"type":638},{"type":592,"attrs":693,"content":694},{"textAlign":49},[695,697,704,706],{"text":696,"type":597},"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":698,"type":597,"marks":699},"sulphuric acid",[700],{"type":602,"attrs":701},{"href":702,"uuid":49,"anchor":49,"target":606,"linktype":703},"https://intelligence.benchmarkminerals.com/publications/special-issues/the-sulphuric-acid-supply-squeeze-and-its-impact-on-critical-minerals-1","url",{"text":705,"type":597},", 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":707,"type":597,"marks":708},"a range of other battery materials are also likely to be affected.",[709],{"type":602,"attrs":710},{"href":711,"uuid":712,"anchor":49,"target":606,"linktype":607},"/article/what-the-sulphuric-acid-supply-crunch-means-for-critical-minerals","89fa6c30-d2f8-47dd-ab8c-c9a7c2cb86f5",{"type":592,"attrs":714,"content":715},{"textAlign":49},[716],{"text":717,"type":597},"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":592,"attrs":719,"content":720},{"textAlign":49},[721],{"text":722,"type":597},"“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”. ",[725],{"slug":544,"name":543,"content":726},{"job_title":557,"image":727,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},"article","Battery material prices rising after overbuying cut 2021–23 gains",[731,734,736,737,740,743,745,747,750,753],{"slug":732,"name":733},"batteries","Batteries",{"slug":735,"name":298},"cathode",{"slug":659,"name":115},{"slug":738,"name":739},"critical-minerals","Critical Minerals",{"slug":741,"name":742},"graphite","Graphite",{"slug":744,"name":8},"lithium",{"slug":746,"name":189},"natural-graphite",{"slug":748,"name":749},"synthetic-graphite","Synthetic Graphite",{"slug":751,"name":752},"ess","ESS",{"slug":754,"name":755},"ev","EV","public",{"id":626,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":627,"copyright":547,"fieldtype":553,"meta_data":758,"is_external_url":50},{},{"id":760,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":761,"copyright":547,"fieldtype":553,"meta_data":762,"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":766,"uuid":767,"name":768,"slug":769,"full_slug":770,"content":771},146671858620280,"d935e80b-5abf-484c-a751-e698ccaf6e18","Déjà vu in Battery Raw Materials: Is the 2021 Playbook Repeating? ","deja-vu-in-battery-raw-materials-is-the-2021-playbook-repeating-","article/deja-vu-in-battery-raw-materials-is-the-2021-playbook-repeating-",{"_uid":772,"date":773,"tags":774,"editor":785,"content":795,"excerpt":1152,"featured":51,"reporter":1153,"component":728,"seo_title":1157,"categories":1158,"visibility":1163,"author_company":547,"data_vis_image":1164,"featured_image":1168,"seo_description":1172,"author_full_name":547,"author_job_title":547,"formattedDate":1173},"7d0c0a99-cd5e-43db-86b2-731290ed8f50","2026-02-19 00:00",[775,776,779,782],{"slug":573,"name":574},{"slug":777,"name":778},"lithium-prices","Lithium prices",{"slug":780,"name":781},"cobalt-prices","Cobalt prices",{"slug":783,"name":784},"nickel-prices","Nickel prices",[786],{"slug":787,"name":788,"content":789},"matthew-bird","Matthew Bird",{"job_title":790,"image":791,"bio":793,"linkedin":794},"Senior Editor - Supply Chains & Data Visualisation",{"filename":792},"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":589,"content":796},[797,821,838,846,855,863,884,892,899,907,915,923,931,939,961,982,988,996,1004,1012,1034,1042,1048,1070,1078,1086,1094,1128,1136,1144],{"type":592,"attrs":798,"content":799},{"textAlign":49},[800,807,816],{"text":801,"type":597,"marks":802},"Price movements in ",[803],{"type":804,"attrs":805},"textStyle",{"color":806},"#000000",{"text":808,"type":597,"marks":809},"battery raw material markets",[810,814],{"type":602,"attrs":811},{"href":812,"uuid":49,"anchor":49,"target":813,"linktype":703},"https://intelligence.benchmarkminerals.com/publications/special-issues/2026-outlook-whitepaper-a-turning-point-for-critical-materials","_self",{"type":804,"attrs":815},{"color":806},{"text":817,"type":597,"marks":818}," since June last year look very familiar to those seen during the 2021/22 cycle.",[819],{"type":804,"attrs":820},{"color":806},{"type":592,"attrs":822,"content":823},{"textAlign":49},[824,833],{"text":825,"type":597,"marks":826},"Lithium, cobalt and nickel prices",[827,831],{"type":602,"attrs":828},{"href":829,"uuid":830,"anchor":49,"target":813,"linktype":607},"/publications/briefings/raw-material-prices/raw-materials-price-briefing-13-02-2026","9eb409ae-4e13-4855-b133-402fd9ab53b8",{"type":804,"attrs":832},{"color":806},{"text":834,"type":597,"marks":835}," are once again breaking higher after prolonged downturns, and the pace, sequencing and momentum closely resemble late 2021, just before the energy storage sector erupted into one of the strongest bull runs in its history.",[836],{"type":804,"attrs":837},{"color":806},{"type":592,"attrs":839,"content":840},{"textAlign":49},[841],{"text":842,"type":597,"marks":843},"Although the absolute prices are lower than during the 2021/22 rally, the patterns are similar.",[844],{"type":804,"attrs":845},{"color":806},{"type":847,"attrs":848},"blok",{"id":849,"body":850},"c9873c6f-e78e-4b72-a808-1a02df2fb3f5",[851],{"id":852,"_uid":853,"type":607,"component":854,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"3590001","i-47962ce4-72dd-44c8-8463-615a096a7c09","ContentFlourish",{"type":630,"attrs":856,"content":857},{"level":632,"textAlign":49},[858],{"text":859,"type":597,"marks":860},"Lithium: The Breakout Phase",[861],{"type":804,"attrs":862},{"color":806},{"type":592,"attrs":864,"content":865},{"textAlign":49},[866,871,880],{"text":867,"type":597,"marks":868},"In the last cycle, lithium carbonate (CIF Asia) prices surged 248% between June 2021 to January 2022, exploding from $11,500/tonne to $40,000/tonne before continuing to ",[869],{"type":804,"attrs":870},{"color":806},{"text":872,"type":597,"marks":873},"hit record highs",[874,878],{"type":602,"attrs":875},{"href":876,"uuid":877,"anchor":49,"target":813,"linktype":607},"/article/why-are-lithium-prices-in-china-soaring-this-week","5709f47a-e116-4be1-8db7-6794ce1a2288",{"type":804,"attrs":879},{"color":806},{"text":609,"type":597,"marks":881},[882],{"type":804,"attrs":883},{"color":806},{"type":592,"attrs":885,"content":886},{"textAlign":49},[887],{"text":888,"type":597,"marks":889},"This time, between June 2025 to January 2026, lithium has climbed 128%, rising from $8,000/tonne to $18,250/tonne.",[890],{"type":804,"attrs":891},{"color":806},{"type":847,"attrs":893},{"id":849,"body":894},[895],{"id":896,"_uid":897,"type":898,"component":854,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27692570","i-17980a32-2118-4c1d-92af-16da482c9837","visualisation",{"type":592,"attrs":900,"content":901},{"textAlign":49},[902],{"text":903,"type":597,"marks":904},"In both cases, the market reflected increasingly gloomy sentiment as the price range tightened before firming in Q4 ahead of a sharp January acceleration. The current move from $11,300/tonne at end-December 2025 to $19,000/tonne by mid-February – a near 70% surge in six weeks – echoes the early breakout dynamics of 2022, stoked by depleted supply chain inventory.",[905],{"type":804,"attrs":906},{"color":806},{"type":630,"attrs":908,"content":909},{"level":632,"textAlign":49},[910],{"text":911,"type":597,"marks":912},"Cobalt: Policy driven this time",[913],{"type":804,"attrs":914},{"color":806},{"type":592,"attrs":916,"content":917},{"textAlign":49},[918],{"text":919,"type":597,"marks":920},"Cobalt hydroxide prices are a more dramatic story this time around, though with a different rationale.",[921],{"type":804,"attrs":922},{"color":806},{"type":592,"attrs":924,"content":925},{"textAlign":49},[926],{"text":927,"type":597,"marks":928},"Between June 2021 and January 2022, prices rose 63%, climbing from $40,100/tonne to $65,208/tonne as battery demand accelerated and supply struggled to keep pace.",[929],{"type":804,"attrs":930},{"color":806},{"type":592,"attrs":932,"content":933},{"textAlign":49},[934],{"text":935,"type":597,"marks":936},"From June 2025 to January 2026, cobalt has jumped 126%, surging from roughly $25,350/tonne to more than $57,300/tonne, almost twice the percentage gain seen at the same stage of the previous cycle.",[937],{"type":804,"attrs":938},{"color":806},{"type":592,"attrs":940,"content":941},{"textAlign":49},[942,947,956],{"text":943,"type":597,"marks":944},"The sharp ",[945],{"type":804,"attrs":946},{"color":806},{"text":948,"type":597,"marks":949},"October 2025 increase",[950,954],{"type":602,"attrs":951},{"href":952,"uuid":953,"anchor":49,"target":813,"linktype":607},"/article/cobalt-prices-surge-after-chinas-golden-week-as-drc-export-quotas-fuel-supply-concerns","0484de60-3473-4f89-bb75-8a675cdbab0c",{"type":804,"attrs":955},{"color":806},{"text":957,"type":597,"marks":958},", nearly 50% in a matter of weeks, mirrors the Q4 acceleration that preceded cobalt’s 2022 highs.",[959],{"type":804,"attrs":960},{"color":806},{"type":592,"attrs":962,"content":963},{"textAlign":49},[964,969,978],{"text":965,"type":597,"marks":966},"However, the underlying driver this time is materially different. Whereas the 2021–2022 rally was fuelled largely by demand outstripping supply amidst rapid battery sector expansion, the current surge has been driven primarily by supply restriction following the DRC’s export ban and subsequent ",[967],{"type":804,"attrs":968},{"color":806},{"text":970,"type":597,"marks":971},"quota enforcement",[972,976],{"type":602,"attrs":973},{"href":974,"uuid":975,"anchor":49,"target":813,"linktype":607},"/article/drc-to-lift-cobalt-export-ban-and-impose-quotas-through-2027","f7770a3b-8ebe-489f-ac18-ccd3d682f730",{"type":804,"attrs":977},{"color":806},{"text":609,"type":597,"marks":979},[980],{"type":804,"attrs":981},{"color":806},{"type":847,"attrs":983},{"id":849,"body":984},[985],{"id":986,"_uid":987,"type":898,"component":854,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27693314","i-9c3da067-e8f7-4ec4-8ab3-7ec3c3b6cb49",{"type":630,"attrs":989,"content":990},{"level":632,"textAlign":49},[991],{"text":992,"type":597,"marks":993},"Nickel: Tighter market under the surface",[994],{"type":804,"attrs":995},{"color":806},{"type":592,"attrs":997,"content":998},{"textAlign":49},[999],{"text":1000,"type":597,"marks":1001},"Nickel MHP prices are also mirroring those of the 2021/22 cycle, with similar percentage gains.",[1002],{"type":804,"attrs":1003},{"color":806},{"type":592,"attrs":1005,"content":1006},{"textAlign":49},[1007],{"text":1008,"type":597,"marks":1009},"In the run-up to the 2022 spike, nickel rose 26% from June 2021 to January 2022. In the current cycle, it has gained 28% from June 2025 to late January 2026, tightening steadily from roughly $12,750/tonne to above $16,000/tonne before easing slightly in February.",[1010],{"type":804,"attrs":1011},{"color":806},{"type":592,"attrs":1013,"content":1014},{"textAlign":49},[1015,1020,1029],{"text":1016,"type":597,"marks":1017},"LME nickel prices have remained elevated through much of the current period, keeping MHP payables high and reinforcing floor support. At the same time, far stricter ",[1018],{"type":804,"attrs":1019},{"color":806},{"text":1021,"type":597,"marks":1022},"Indonesian RKAB mining quotas",[1023,1027],{"type":602,"attrs":1024},{"href":1025,"uuid":1026,"anchor":49,"target":813,"linktype":607},"/article/indonesia-announces-significantly-lower-nickel-rkab-quotas","4f8ae390-bfc8-4b79-8cf8-766487872aaa",{"type":804,"attrs":1028},{"color":806},{"text":1030,"type":597,"marks":1031}," have constrained domestic ore availability, tightening the upstream pipeline.",[1032],{"type":804,"attrs":1033},{"color":806},{"type":592,"attrs":1035,"content":1036},{"textAlign":49},[1037],{"text":1038,"type":597,"marks":1039},"Even during a broader commodities pullback – when gold and silver briefly softened and nickel metal prices wobbled – structural support remained intact. Indonesian policy discipline, combined with increased demand from refiners reacting to DRC-related cobalt disruption, has kept concerns over MHP availability firmly in focus.",[1040],{"type":804,"attrs":1041},{"color":806},{"type":847,"attrs":1043},{"id":849,"body":1044},[1045],{"id":1046,"_uid":1047,"type":898,"component":854,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27693728","i-047f1907-4d94-4b46-93d8-05dd44a59cfd",{"type":592,"attrs":1049,"content":1050},{"textAlign":49},[1051,1056,1065],{"text":1052,"type":597,"marks":1053},"Nickel may not yet exhibit the explosive volatility of early 2022, driven by the ",[1054],{"type":804,"attrs":1055},{"color":806},{"text":1057,"type":597,"marks":1058},"LME’s short squeeze",[1059,1063],{"type":602,"attrs":1060},{"href":1061,"uuid":1062,"anchor":49,"target":813,"linktype":607},"/article/faltering-trust-in-the-lme-leads-to-new-mhp-nickel-pricing-methods","89fadf3c-0f43-49f6-ae9b-818e6ce90844",{"type":804,"attrs":1064},{"color":806},{"text":1066,"type":597,"marks":1067},", but beneath the surface, the market is considerably tighter than headline price moves alone would suggest.",[1068],{"type":804,"attrs":1069},{"color":806},{"type":630,"attrs":1071,"content":1072},{"level":632,"textAlign":49},[1073],{"text":1074,"type":597,"marks":1075},"The rhyme is hard to ignore",[1076],{"type":804,"attrs":1077},{"color":806},{"type":592,"attrs":1079,"content":1080},{"textAlign":49},[1081],{"text":1082,"type":597,"marks":1083},"Across all three commodities, the sequence is consistent: prolonged bear-market compression, mid-year base price formation, Q4 breakout, January momentum.",[1084],{"type":804,"attrs":1085},{"color":806},{"type":592,"attrs":1087,"content":1088},{"textAlign":49},[1089],{"text":1090,"type":597,"marks":1091},"The numbers reinforce the June-January trend:",[1092],{"type":804,"attrs":1093},{"color":806},{"type":1095,"content":1096},"bullet_list",[1097,1108,1118],{"type":1098,"content":1099},"list_item",[1100],{"type":592,"attrs":1101,"content":1102},{"textAlign":49},[1103],{"text":1104,"type":597,"marks":1105},"Lithium: +248% then vs +128% now",[1106],{"type":804,"attrs":1107},{"color":806},{"type":1098,"content":1109},[1110],{"type":592,"attrs":1111,"content":1112},{"textAlign":49},[1113],{"text":1114,"type":597,"marks":1115},"Cobalt: +63% then vs +126% now",[1116],{"type":804,"attrs":1117},{"color":806},{"type":1098,"content":1119},[1120],{"type":592,"attrs":1121,"content":1122},{"textAlign":49},[1123],{"text":1124,"type":597,"marks":1125},"Nickel: +26% then vs +28% now",[1126],{"type":804,"attrs":1127},{"color":806},{"type":592,"attrs":1129,"content":1130},{"textAlign":49},[1131],{"text":1132,"type":597,"marks":1133},"In percentage terms, the early-stage moves are comparable, and in cobalt’s case, stronger.",[1134],{"type":804,"attrs":1135},{"color":806},{"type":592,"attrs":1137,"content":1138},{"textAlign":49},[1139],{"text":1140,"type":597,"marks":1141},"In late 2021, few anticipated that lithium would exceed $70,000/t within a year. Yet the signal was there: once battery raw materials broke structurally higher after a prolonged downturn, moves became nonlinear.",[1142],{"type":804,"attrs":1143},{"color":806},{"type":592,"attrs":1145,"content":1146},{"textAlign":49},[1147],{"text":1148,"type":597,"marks":1149},"Today’s rally may still be in its opening chapter. But if history rhymes, the market is once again standing at a familiar starting line.",[1150],{"type":804,"attrs":1151},{"color":806},"Price movements in battery raw material markets since June last year look very familiar to those seen during the 2021/22 cycle.\n\nLithium, cobalt and nickel prices are once again breaking higher after prolonged downturns, and the pace, sequencing and momentum closely resemble late 2021, just before the energy storage sector erupted into one of the strongest bull runs in its history.\n\nAlthough the absolute prices are lower than during the 2021/22 rally, the patterns are similar.",[1154],{"slug":544,"name":543,"content":1155},{"job_title":557,"image":1156,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},"Déjà vu in Battery Raw Materials",[1159,1160,1161,1162],{"slug":738,"name":739},{"slug":744,"name":8},{"slug":659,"name":115},{"slug":668,"name":150},"private",{"id":1165,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1166,"copyright":547,"fieldtype":553,"meta_data":1167,"is_external_url":50},146678278585853,"https://a.storyblok.com/f/287943243085208/2051x937/ec9041b74f/deja-vu-in-battery-mineral-prices.png",{},{"id":1169,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1170,"copyright":547,"fieldtype":553,"meta_data":1171,"is_external_url":50},129069118463559,"https://a.storyblok.com/f/287943243085208/e82c0c3b3c/bm-launch-collage-1-1.png",{},"Price movements in battery raw material markets since June last year look very familiar to those seen during the 2021/22 cycle.\n\nLithium, cobalt and nickel prices are once again breaking higher after prolonged downturns.","Feb 19, 2026",{"id":1175,"uuid":1026,"name":1176,"slug":1177,"full_slug":1178,"content":1179},144258923248883,"Indonesia announces significantly lower nickel RKAB quotas","indonesia-announces-significantly-lower-nickel-rkab-quotas","article/indonesia-announces-significantly-lower-nickel-rkab-quotas",{"_uid":1180,"date":1181,"tags":1182,"editor":1188,"content":1192,"excerpt":1382,"featured":51,"reporter":1383,"component":728,"seo_title":1176,"categories":1397,"visibility":1163,"author_company":547,"data_vis_image":1400,"featured_image":1404,"seo_description":1408,"author_full_name":547,"author_job_title":547,"formattedDate":1409},"cea17936-0a07-4278-8e1b-b993a58b2e78","2026-02-12 00:00",[1183,1184,1187],{"slug":783,"name":784},{"slug":1185,"name":1186},"indonesia","Indonesia",{"slug":573,"name":574},[1189],{"slug":787,"name":788,"content":1190},{"job_title":790,"image":1191,"bio":793,"linkedin":794},{"filename":792},{"type":589,"content":1193},[1194,1230,1252,1271,1278,1286,1303,1309,1317,1325,1333,1341,1349,1357,1374],{"type":592,"attrs":1195,"content":1196},{"textAlign":49},[1197,1202,1211,1216,1225],{"text":1198,"type":597,"marks":1199},"The Indonesian Ministry of Energy and Mineral Resources (ESDM) has set a 2026 ",[1200],{"type":804,"attrs":1201},{"color":806},{"text":1203,"type":597,"marks":1204},"nickel ore mining",[1205,1209],{"type":602,"attrs":1206},{"href":1207,"uuid":1208,"anchor":49,"target":813,"linktype":607},"/videos/inside-indonesias-nickel-industry","a1115357-65e7-4740-a6c3-9efe78785744",{"type":804,"attrs":1210},{"color":806},{"text":1212,"type":597,"marks":1213}," quota (RKAB) of 260–270 million wmt. This is notably lower than the ",[1214],{"type":804,"attrs":1215},{"color":806},{"text":1217,"type":597,"marks":1218},"approved 2025 quota",[1219,1223],{"type":602,"attrs":1220},{"href":1221,"uuid":1222,"anchor":49,"target":813,"linktype":607},"/article/nickel-market-faces-uncertainty-amid-indonesias-mining-quota-adjustments","bb9e81c3-0c59-4b99-a290-d4edde8df7e2",{"type":804,"attrs":1224},{"color":806},{"text":1226,"type":597,"marks":1227}," of 379 million wmt, which was initially announced at just under 300 million wmt before additional permits were granted later in the year.",[1228],{"type":804,"attrs":1229},{"color":806},{"type":592,"attrs":1231,"content":1232},{"textAlign":49},[1233,1238,1247],{"text":1234,"type":597,"marks":1235},"The reduced ",[1236],{"type":804,"attrs":1237},{"color":806},{"text":1239,"type":597,"marks":1240},"RKAB quota",[1241,1245],{"type":602,"attrs":1242},{"href":1243,"uuid":1244,"anchor":49,"target":813,"linktype":607},"/article/how-will-indonesias-mining-quotas-affect-the-nickel-market","ef58b587-72eb-4a1d-87e5-3e85bdf64de4",{"type":804,"attrs":1246},{"color":806},{"text":1248,"type":597,"marks":1249}," reflects government efforts to manage supply growth, support nickel prices, and conserve domestic resources. Expectations of lower quotas and their potential impact on Indonesian supply have been a key driver of the recent rally in nickel prices. LME nickel prices rose from just above $14,000/t in mid‑December to more than $17,000/t on 11 February 2026.",[1250],{"type":804,"attrs":1251},{"color":806},{"type":592,"attrs":1253,"content":1254},{"textAlign":49},[1255,1266],{"text":1256,"type":597,"marks":1257},"Benchmark’s Nickel Cost Curve",[1258,1261,1264],{"type":602,"attrs":1259},{"href":1260,"uuid":49,"anchor":49,"target":49,"linktype":703},"https://data.benchmarkminerals.com/nickel/supply",{"type":804,"attrs":1262},{"color":1263},"#1155CC",{"type":1265},"underline",{"text":1267,"type":597,"marks":1268}," shows that prices below $15,000/t render a substantial share of Indonesian output unprofitable, underscoring the sector’s reliance on higher price levels.",[1269],{"type":804,"attrs":1270},{"color":806},{"type":847,"attrs":1272},{"id":1273,"body":1274},"ca9f2e32-84db-45af-b142-425084854b3c",[1275],{"id":1276,"_uid":1277,"type":898,"component":854,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27618019","i-573b157c-1ce1-4d43-b16f-3d94d918c3c0",{"type":630,"attrs":1279,"content":1280},{"level":632,"textAlign":49},[1281],{"text":1282,"type":597,"marks":1283},"How does the RKAB quota compare to demand from Indonesian intermediary production?",[1284],{"type":804,"attrs":1285},{"color":806},{"type":592,"attrs":1287,"content":1288},{"textAlign":49},[1289,1298],{"text":1290,"type":597,"marks":1291},"Nickel refining facilities in Indonesia",[1292,1296],{"type":602,"attrs":1293},{"href":1294,"uuid":1295,"anchor":49,"target":813,"linktype":607},"/article/indonesias-new-smelter-ban-targets-value-added-growth","6bd7aaab-55f0-4bf4-b404-905e228e4541",{"type":804,"attrs":1297},{"color":806},{"text":1299,"type":597,"marks":1300}," are forecast to require 334 million wmt of ore in 2026 to produce 2.7Mt of nickel contained in intermediary products such as ferronickel and nickel pig iron (NPI) for the stainless steel sector, and mixed hydroxide precipitate (MHP) for battery supply chains.",[1301],{"type":804,"attrs":1302},{"color":806},{"type":847,"attrs":1304},{"id":1273,"body":1305},[1306],{"id":1307,"_uid":1308,"type":898,"component":854,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27618306","i-e6ec4256-628c-44ea-9725-ee4d89efc963",{"type":592,"attrs":1310,"content":1311},{"textAlign":49},[1312],{"text":1313,"type":597,"marks":1314},"If the upper end of the initial RKAB quota is achieved (270 million wmt), this would leave a shortfall of 64 million wmt of ore to sustain the projected production level of nickel intermediates. The gap could be covered through ore imports from other countries, such as the Philippines, or through a subsequent upward revision to the RKAB quota, as occurred last year. Existing ore inventories could also be drawn down to offset the deficit.",[1315],{"type":804,"attrs":1316},{"color":806},{"type":592,"attrs":1318,"content":1319},{"textAlign":49},[1320],{"text":1321,"type":597,"marks":1322},"If the shortfall is not met, the global nickel market could move closer to balance from the current forecast surplus of 262kt in 2026, due to reduced Indonesian supply. This would likely keep prices at elevated levels, which have persisted despite ongoing oversupply in the market.",[1323],{"type":804,"attrs":1324},{"color":806},{"type":630,"attrs":1326,"content":1327},{"level":632,"textAlign":49},[1328],{"text":1329,"type":597,"marks":1330},"What does the RKAB quota mean at the mine site level?",[1331],{"type":804,"attrs":1332},{"color":806},{"type":592,"attrs":1334,"content":1335},{"textAlign":49},[1336],{"text":1337,"type":597,"marks":1338},"RKAB quotas are issued on a site‑by‑site basis, meaning each facility will be affected differently. For example, Eramet has announced that PT Weda Bay Nickel (WBN), its joint venture with Tsingshan, has received an initial quota of 12 million wmt. This represents just 38% of the initial 2025 quota of 32 million wmt, which was later raised to 42 million wmt in July 2025. Eramet and its partners plan to apply for a revised, higher quota for the facility as soon as possible.",[1339],{"type":804,"attrs":1340},{"color":806},{"type":630,"attrs":1342,"content":1343},{"level":632,"textAlign":49},[1344],{"text":1345,"type":597,"marks":1346},"How has the quota impacted MHP payables?",[1347],{"type":804,"attrs":1348},{"color":806},{"type":592,"attrs":1350,"content":1351},{"textAlign":49},[1352],{"text":1353,"type":597,"marks":1354},"Although LME nickel prices are up compared to the end of last year, they have fallen slightly over the course of 2026. This has pulled MHP payables down to 88% as of 11 February 2026, the first time they have fallen below 90% since late November.",[1355],{"type":804,"attrs":1356},{"color":806},{"type":592,"attrs":1358,"content":1359},{"textAlign":49},[1360,1369],{"text":1361,"type":597,"marks":1362},"MHP remains tight",[1363,1367],{"type":602,"attrs":1364},{"href":1365,"uuid":1366,"anchor":49,"target":813,"linktype":607},"/article/nickel-intermediate-tightness-to-underpin-elevated-mhp-payables-into-q4","df46a979-2900-4413-b22f-156697f65198",{"type":804,"attrs":1368},{"color":806},{"text":1370,"type":597,"marks":1371}," overall due to strong demand as the cobalt market seeks an alternative to hydroxide from the DRC and due to the tighter Indonesian quotas. That said, the quotas are higher than the market had anticipated a month ago.",[1372],{"type":804,"attrs":1373},{"color":806},{"type":592,"attrs":1375,"content":1376},{"textAlign":49},[1377],{"text":1378,"type":597,"marks":1379},"“A lot of the price response has already been baked into existing high prices, so actually this has softened the reaction somewhat,” said Daisy Jennings-Gray, Benchmark’s Head of Prices.",[1380],{"type":804,"attrs":1381},{"color":806},"The Indonesian Ministry of Energy and Mineral Resources (ESDM) has set a 2026 nickel ore mining quota (RKAB) of 260–270 million wmt. This is notably lower than the approved 2025 quota of 379 million wmt, which was initially announced at just under 300 million wmt before additional permits were granted later in the year.\nThe reduced RKAB quota reflects government efforts to manage supply growth, support nickel prices, and conserve domestic resources. Expectations of lower quotas and their potential impact on Indonesian supply have been a key driver of the recent rally in nickel prices. LME nickel prices rose from just above $14,000/t in mid‑December to more than $17,000/t on 11 February 2026.",[1384,1394],{"slug":1385,"name":1386,"content":1387},"adam-webb","Adam Webb",{"job_title":1388,"image":1389,"bio":1391,"linkedin":1392,"markets_covered":1393},"Head of Battery Raw Materials",{"filename":1390},"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",{"slug":544,"name":543,"content":1395},{"job_title":557,"image":1396,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},[1398,1399],{"slug":738,"name":739},{"slug":668,"name":150},{"id":1401,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1402,"copyright":547,"fieldtype":553,"meta_data":1403,"is_external_url":50},144263157545260,"https://a.storyblok.com/f/287943243085208/1588x1382/c1d7f91977/indonesian-ore-demand-by-ore-type-and-rkab-quota-2x.png",{},{"id":1405,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1406,"copyright":547,"fieldtype":553,"meta_data":1407,"is_external_url":50},129070278742185,"https://a.storyblok.com/f/287943243085208/3c57fd2cb5/bm-nickel-ore-indonesia.jpg",{},"The Indonesian Ministry of Energy and Mineral Resources (ESDM) has set a 2026 nickel ore mining quota (RKAB) of 260–270 million wmt. This is notably lower than the approved 2025 quota of 379 million wmt.","Feb 12, 2026",{"id":1411,"uuid":1412,"name":1413,"slug":1414,"full_slug":1415,"content":1416},141714972147353,"5daa2501-0928-40dd-b280-0b4a38893653","Benchmark launches new CIF North America and Europe 314Ah LFP cell prices","benchmark-launches-new-cif-north-america-and-europe-314ah-lfp-cell-prices","article/benchmark-launches-new-cif-north-america-and-europe-314ah-lfp-cell-prices",{"_uid":1417,"date":1418,"tags":1419,"editor":1434,"content":1438,"excerpt":1532,"featured":51,"reporter":1533,"component":728,"seo_title":1537,"categories":1538,"visibility":756,"author_company":547,"data_vis_image":1541,"featured_image":1543,"seo_description":1547,"author_full_name":547,"author_job_title":547,"formattedDate":1548},"ae837cb4-e58c-4821-8d14-234b5200d9cd","2026-02-05 10:48",[1420,1422,1425,1428,1431],{"slug":1421,"name":451},"lfp",{"slug":1423,"name":1424},"announcement","Announcement",{"slug":1426,"name":1427},"benchmark-mineral-intelligence","Benchmark Mineral Intelligence",{"slug":1429,"name":1430},"europe","Europe",{"slug":1432,"name":1433},"north-america","North America",[1435],{"slug":787,"name":788,"content":1436},{"job_title":790,"image":1437,"bio":793,"linkedin":794},{"filename":792},{"type":589,"content":1439},[1440,1462,1476,1481,1495,1509,1514,1519],{"type":592,"attrs":1441,"content":1442},{"textAlign":49},[1443,1445,1451,1453,1460],{"text":1444,"type":597},"Benchmark Mineral Intelligence has launched new CIF North America and CIF Europe 314Ah lithium iron phosphate (LFP) ",{"text":1446,"type":597,"marks":1447},"cell prices",[1448],{"type":602,"attrs":1449},{"href":1450,"uuid":49,"anchor":49,"target":813,"linktype":703},"https://www.benchmarkminerals.com/battery-gigafactory/prices",{"text":1452,"type":597}," for energy storage applications. The CIF grades assess prices of ",{"text":1454,"type":597,"marks":1455},"Chinese LFP cells",[1456],{"type":602,"attrs":1457},{"href":1458,"uuid":1459,"anchor":49,"target":813,"linktype":607},"/article/benchmark-launches-314ah-lfp-bess-price-amid-global-storage-market-surge","f125202c-8993-4bf6-a61d-5afabe89ebcd",{"text":1461,"type":597}," including the cost of internal transfer, insurance, and freight (CIF).",{"type":592,"attrs":1463,"content":1464},{"textAlign":49},[1465,1467,1474],{"text":1466,"type":597},"The announcement comes as ",{"text":1468,"type":597,"marks":1469},"global demand for BESS",[1470],{"type":602,"attrs":1471},{"href":1472,"uuid":1473,"anchor":49,"target":813,"linktype":607},"/article/global-bess-installments-increase-29-y-o-y","97c1dbbb-810f-4732-bbc5-3300ed5257d0",{"text":1475,"type":597}," has risen by 51% year-on-year and cell prices have shown signs of upwards movement, following a marked rebound in lithium carbonate costs and tightening supply conditions across the battery materials market.",{"type":592,"attrs":1477,"content":1478},{"textAlign":49},[1479],{"text":1480,"type":597},"Chinese domestic production accounted for 98.9% (>1TWh) of global LFP cell supply in 2025, though ex-China supply is evolving.",{"type":592,"attrs":1482,"content":1483},{"textAlign":49},[1484,1486,1493],{"text":1485,"type":597},"Business strategies for battery producers around the world are being re-examined to navigate the changing demand picture. With strong BESS demand and continued investment in the sector, ",{"text":1487,"type":597,"marks":1488},"producers in North America",[1489],{"type":602,"attrs":1490},{"href":1491,"uuid":1492,"anchor":49,"target":813,"linktype":607},"/article/north-america-sees-lfp-production-capacity-pipeline-grow-driven-by-the-bess-market","8c902f6d-616a-4844-93e9-31c499e486b5",{"text":1494,"type":597}," are retooling nickel cobalt manganese (NCM) EV lines to produce LFP cells for energy storage. Despite this, Benchmark’s analysis reveals a 63GWh North American deficit in 2025 and that both the regional LFP and BESS markets will remain in deficit in the medium-term.",{"type":592,"attrs":1496,"content":1497},{"textAlign":49},[1498,1500,1507],{"text":1499,"type":597},"​",{"text":1501,"type":597,"marks":1502},"Europe’s current LFP capacity",[1503],{"type":602,"attrs":1504},{"href":1505,"uuid":1506,"anchor":49,"target":813,"linktype":607},"/article/stellantis-catl-jv-to-bolster-europes-lfp-build-out","74472c45-3d19-47e9-a623-43173dc96ad5",{"text":1508,"type":597}," stands at 15GWh, but projections indicate a sharp increase to 282GWh by 2030. Despite these announcements, many European LFP projects are led by smaller entrants with limited manufacturing experience, increasing the risk of delays and operational setbacks.",{"type":592,"attrs":1510,"content":1511},{"textAlign":49},[1512],{"text":1513,"type":597},"In light of the persisting deficit, the BESS industry is forecast to remain dependent on Chinese LFP production until local capacity scales up, with additional hurdles around qualifying the cells and achieving cost competitiveness. By bringing transparent, region-specific pricing to market, this announcement gives procurement and sales teams in the West the visibility and confidence they need to plan, price, and contract more effectively.",{"type":592,"attrs":1515,"content":1516},{"textAlign":49},[1517],{"text":1518,"type":597},"To learn more about Benchmark's price coverage, contact us:",{"type":847,"attrs":1520},{"id":1521,"body":1522},"24feea38-d19e-4b16-a78d-e4b84508d176",[1523],{"id":1524,"_uid":1525,"component":1526,"wrap_in_box":50,"redirect_url":1527,"success_file":1529,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":1531,"show_on_intelligence":50},"57a99950-73f5-48be-98a4-7324c28e5d0b","i-a67afdb0-b48d-47e5-a5f1-d5a2a32fcb63","ContentHubspotForm",{"id":547,"url":547,"linktype":607,"fieldtype":1528,"cached_url":547},"multilink",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":1530},{},[],"Benchmark Mineral Intelligence has launched new CIF North America and CIF Europe 314Ah lithium iron phosphate (LFP) cell prices for energy storage applications. The CIF grades assess prices of Chinese LFP cells including the cost of internal transfer, insurance, and freight (CIF).",[1534],{"slug":544,"name":543,"content":1535},{"job_title":557,"image":1536,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},"Benchmark launches CIF North America and Europe 314Ah LFP prices",[1539,1540],{"slug":732,"name":733},{"slug":751,"name":752},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":1542},{},{"id":1544,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1545,"copyright":547,"fieldtype":553,"meta_data":1546,"is_external_url":50},129067331742369,"https://a.storyblok.com/f/287943243085208/c3f6f9d2ee/bm-energy-storage-systems.jpg",{},"Benchmark Mineral Intelligence has launched new CIF North America and CIF Europe 314Ah lithium iron phosphate (LFP) cell prices for energy storage applications.","Feb 05, 2026",{"id":1550,"uuid":1551,"name":1552,"slug":1553,"full_slug":1554,"content":1555},141402178796480,"f8480e5d-3321-4640-b5cb-77f095d9fbee","Benchmark launches 2,500+ new prices: Introducing Global Indicators and Regional Differentials","benchmark-launches-2-500-new-prices-introducing-global-indicators-and-regional-differentials","article/benchmark-launches-2-500-new-prices-introducing-global-indicators-and-regional-differentials",{"_uid":1556,"date":1557,"tags":1558,"editor":1563,"content":1567,"excerpt":2159,"featured":51,"reporter":2160,"component":728,"seo_title":2173,"categories":2174,"visibility":756,"author_company":547,"data_vis_image":2210,"featured_image":2212,"seo_description":2216,"author_full_name":547,"author_job_title":547,"formattedDate":2217},"f6c06d51-ea24-4146-bfce-10998306da76","2026-02-04 00:00",[1559,1561,1562],{"slug":1560,"name":1560},"prices",{"slug":1426,"name":1427},{"slug":1423,"name":1424},[1564],{"slug":787,"name":788,"content":1565},{"job_title":790,"image":1566,"bio":793,"linkedin":794},{"filename":792},{"type":589,"content":1568},[1569,1574,1606,1611,1622,1627,1651,1656,1661,1666,1671,1677,1687,1692,1697,1702,1707,1712,1735,1740,1745,1768,1773,1778,1783,1788,1793,1798,1803,1808,1813,1832,1837,1842,1847,1877,1882,1887,1892,1897,1902,1907,1912,1917,1961,1966,1971,1976,1981,1988,1993,2000,2005,2012,2017,2024,2029,2036,2041,2046,2051,2065,2070,2075,2080,2117,2122,2127,2132,2137,2142,2149],{"type":592,"attrs":1570,"content":1571},{"textAlign":49},[1572],{"text":1573,"type":597},"Battery materials markets have entered a new phase.",{"type":592,"attrs":1575,"content":1576},{"textAlign":49},[1577,1579,1586,1588,1595,1597,1604],{"text":1578,"type":597},"What were once niche industrial inputs are now strategic commodities underpinning ",{"text":1580,"type":597,"marks":1581},"electric vehicles",[1582],{"type":602,"attrs":1583},{"href":1584,"uuid":1585,"anchor":49,"target":813,"linktype":607},"/article/global-ev-sales-reach-18-5-million-units-growing-by-21-ytd-in-november-2025","35c7c7fa-17a7-461e-b247-ae2efa2b5eca",{"text":1587,"type":597},", ",{"text":1589,"type":597,"marks":1590},"energy storage",[1591],{"type":602,"attrs":1592},{"href":1593,"uuid":1594,"anchor":49,"target":813,"linktype":607},"/article/china-introduces-national-capacity-pricing-for-gridside-ess-","cf6f633d-0990-45e9-b405-0feefc7463f1",{"text":1596,"type":597},", and ",{"text":1598,"type":597,"marks":1599},"national industrial policy",[1600],{"type":602,"attrs":1601},{"href":1602,"uuid":1603,"anchor":49,"target":813,"linktype":607},"/publications/briefings/geo-economic-and-policy-briefings/geo-economic-and-policy-briefing-december-2025","c1b66b19-6e88-4b60-9edc-f631ba9834c1",{"text":1605,"type":597},". Demand has scaled quickly, supply chains have globalised, and investment has accelerated. Price discovery, however, has struggled to keep pace.",{"type":592,"attrs":1607,"content":1608},{"textAlign":49},[1609],{"text":1610,"type":597},"Fragmented regional pricing, inconsistent methodologies, and sentiment‑driven signals have made it harder to understand what prices are really saying. In many cases, the noise has grown louder just as the need for clarity has increased.",{"type":592,"attrs":1612,"content":1613},{"textAlign":49},[1614,1616,1620],{"text":1615,"type":597},"Today, ",{"text":1617,"type":597,"marks":1618},"Benchmark Mineral Intelligence (BMI)",[1619],{"type":638},{"text":1621,"type":597}," launches its most significant pricing expansion to date. The launch introduces more than 2,500 proprietary price assessments, covering every major battery raw material, chemistry, and producing region globally.",{"type":592,"attrs":1623,"content":1624},{"textAlign":49},[1625],{"text":1626,"type":597},"At the centre of this expansion is a new pricing framework designed to bring structure to complexity:",{"type":1095,"content":1628},[1629,1640],{"type":1098,"content":1630},[1631],{"type":592,"attrs":1632,"content":1633},{"textAlign":49},[1634,1638],{"text":1635,"type":597,"marks":1636},"Global Indicators",[1637],{"type":638},{"text":1639,"type":597},", which capture worldwide price direction",{"type":1098,"content":1641},[1642],{"type":592,"attrs":1643,"content":1644},{"textAlign":49},[1645,1649],{"text":1646,"type":597,"marks":1647},"Regional Differentials",[1648],{"type":638},{"text":1650,"type":597},", which explain how prices diverge locally",{"type":592,"attrs":1652,"content":1653},{"textAlign":49},[1654],{"text":1655,"type":597},"Together, these tools allow market participants to separate global market signals from regional distortions and to act on clearer, more reliable pricing insights across the battery supply chain.",{"type":630,"attrs":1657,"content":1658},{"level":632,"textAlign":49},[1659],{"text":1660,"type":597},"Why Global Indicators? Understanding Worldwide Price Trends",{"type":592,"attrs":1662,"content":1663},{"textAlign":49},[1664],{"text":1665,"type":597},"Battery materials are traded globally, but prices are often interpreted locally.",{"type":592,"attrs":1667,"content":1668},{"textAlign":49},[1669],{"text":1670,"type":597},"Historically, many market participants have relied on single‑location assessments to infer global trends. That approach becomes less effective as supply chains span more regions and pricing dynamics differ sharply between markets.",{"type":630,"attrs":1672,"content":1674},{"level":1673,"textAlign":49},3,[1675],{"text":1676,"type":597},"What are Global Indicators?",{"type":592,"attrs":1678,"content":1679},{"textAlign":49},[1680,1682],{"text":1681,"type":597},"Global Indicators answer a simple but critical question: ",{"text":1683,"type":597,"marks":1684},"Where is the global market for this material moving?",[1685],{"type":1686},"italic",{"type":592,"attrs":1688,"content":1689},{"textAlign":49},[1690],{"text":1691,"type":597},"Global Indicators reflect the overall direction of the international market for a given material.",{"type":592,"attrs":1693,"content":1694},{"textAlign":49},[1695],{"text":1696,"type":597},"They are not tied to a single port, country, or domestic contract structure. Instead, they bring together destination‑specific prices from major consuming regions to provide a consistent reference point for global price direction.",{"type":630,"attrs":1698,"content":1699},{"level":1673,"textAlign":49},[1700],{"text":1701,"type":597},"Why are Global Indicators needed?",{"type":592,"attrs":1703,"content":1704},{"textAlign":49},[1705],{"text":1706,"type":597},"Without a global reference, regional prices are easily misread. Local logistics issues, regulatory changes, or short‑term imbalances can be mistaken for broader market shifts.",{"type":592,"attrs":1708,"content":1709},{"textAlign":49},[1710],{"text":1711,"type":597},"Global Indicators help market participants to:",{"type":1095,"content":1713},[1714,1721,1728],{"type":1098,"content":1715},[1716],{"type":592,"attrs":1717,"content":1718},{"textAlign":49},[1719],{"text":1720,"type":597},"Track underlying market direction",{"type":1098,"content":1722},[1723],{"type":592,"attrs":1724,"content":1725},{"textAlign":49},[1726],{"text":1727,"type":597},"Compare materials and chemistries on a like‑for‑like basis",{"type":1098,"content":1729},[1730],{"type":592,"attrs":1731,"content":1732},{"textAlign":49},[1733],{"text":1734,"type":597},"Anchor forecasts, cost curves, and strategy models to a common reference",{"type":592,"attrs":1736,"content":1737},{"textAlign":49},[1738],{"text":1739,"type":597},"They are particularly valuable for long‑term planning and comparative analysis, where consistency matters more than local execution detail.",{"type":630,"attrs":1741,"content":1742},{"level":1673,"textAlign":49},[1743],{"text":1744,"type":597},"How are Global Indicators calculated?",{"type":1095,"content":1746},[1747,1754,1761],{"type":1098,"content":1748},[1749],{"type":592,"attrs":1750,"content":1751},{"textAlign":49},[1752],{"text":1753,"type":597},"Benchmark collects destination‑specific price assessments from major consuming regions",{"type":1098,"content":1755},[1756],{"type":592,"attrs":1757,"content":1758},{"textAlign":49},[1759],{"text":1760,"type":597},"Each destination price is validated using Benchmark’s contributor network and methodology",{"type":1098,"content":1762},[1763],{"type":592,"attrs":1764,"content":1765},{"textAlign":49},[1766],{"text":1767,"type":597},"The Global Indicator is calculated as the arithmetic average of those destination prices",{"type":592,"attrs":1769,"content":1770},{"textAlign":49},[1771],{"text":1772,"type":597},"The use of a simple arithmetic average of destination‑specific prices in Benchmark’s Global Indicators is a deliberate approach.",{"type":592,"attrs":1774,"content":1775},{"textAlign":49},[1776],{"text":1777,"type":597},"Weighting prices by consumption or demand would heavily skew the indicator toward the largest domestic markets, particularly China. That would risk turning a global reference into a surrogate local price.",{"type":592,"attrs":1779,"content":1780},{"textAlign":49},[1781],{"text":1782,"type":597},"By using an unweighted average, Benchmark ensures that each destination contributes equally to the global signal. The result is a globally comparable indicator that reflects direction rather than the pricing dynamics of any single market.",{"type":630,"attrs":1784,"content":1785},{"level":632,"textAlign":49},[1786],{"text":1787,"type":597},"Why Differentials? Unlocking Regional Arbitrage and Price Discovery",{"type":592,"attrs":1789,"content":1790},{"textAlign":49},[1791],{"text":1792,"type":597},"Global prices tell only part of the story.",{"type":592,"attrs":1794,"content":1795},{"textAlign":49},[1796],{"text":1797,"type":597},"Battery materials markets are increasingly shaped by local factors. These include policy incentives, trade barriers, logistics constraints, processing capacity, and contract norms. Understanding these regional dynamics is essential for procurement, trading, and strategy.",{"type":630,"attrs":1799,"content":1800},{"level":1673,"textAlign":49},[1801],{"text":1802,"type":597},"What are Regional Differentials?",{"type":592,"attrs":1804,"content":1805},{"textAlign":49},[1806],{"text":1807,"type":597},"Regional Differentials measure how a specific regional price trades relative to the Global Indicator or BMI Price.",{"type":592,"attrs":1809,"content":1810},{"textAlign":49},[1811],{"text":1812,"type":597},"They are presented as:",{"type":592,"attrs":1814,"content":1815},{"textAlign":49},[1816,1820,1822,1826,1828],{"text":1817,"type":597,"marks":1818},"BMI Price ",[1819],{"type":638},{"text":1821,"type":597},"or ",{"text":1823,"type":597,"marks":1824},"Global Indicator ",[1825],{"type":638},{"text":1827,"type":597},"±",{"text":1829,"type":597,"marks":1830}," Regional Differential",[1831],{"type":638},{"type":592,"attrs":1833,"content":1834},{"textAlign":49},[1835],{"text":1836,"type":597},"The result shows whether a region is trading at a premium (a positive differential) or a discount (a negative differential) to the global market.",{"type":630,"attrs":1838,"content":1839},{"level":1673,"textAlign":49},[1840],{"text":1841,"type":597},"Why do Differentials matter?",{"type":592,"attrs":1843,"content":1844},{"textAlign":49},[1845],{"text":1846,"type":597},"Regional Differentials make local market behaviour visible and measurable. They allow users to:",{"type":1095,"content":1848},[1849,1856,1863,1870],{"type":1098,"content":1850},[1851],{"type":592,"attrs":1852,"content":1853},{"textAlign":49},[1854],{"text":1855,"type":597},"Identify arbitrage opportunities between regions",{"type":1098,"content":1857},[1858],{"type":592,"attrs":1859,"content":1860},{"textAlign":49},[1861],{"text":1862,"type":597},"Distinguish structural premiums from temporary dislocations",{"type":1098,"content":1864},[1865],{"type":592,"attrs":1866,"content":1867},{"textAlign":49},[1868],{"text":1869,"type":597},"Track emerging supply‑chain bottlenecks",{"type":1098,"content":1871},[1872],{"type":592,"attrs":1873,"content":1874},{"textAlign":49},[1875],{"text":1876,"type":597},"Understand regional competitiveness over time",{"type":592,"attrs":1878,"content":1879},{"textAlign":49},[1880],{"text":1881,"type":597},"Instead of obscuring complexity, Differentials help explain it.",{"type":630,"attrs":1883,"content":1884},{"level":1673,"textAlign":49},[1885],{"text":1886,"type":597},"From noise to signals",{"type":592,"attrs":1888,"content":1889},{"textAlign":49},[1890],{"text":1891,"type":597},"A growing positive regional differential may reflect tightening local supply, regulatory friction, or rising downstream demand. A growing discount may signal oversupply, weaker consumption, or new capacity entering the market.",{"type":592,"attrs":1893,"content":1894},{"textAlign":49},[1895],{"text":1896,"type":597},"Differentials turn these movements into actionable pricing insights rather than isolated price points.",{"type":630,"attrs":1898,"content":1899},{"level":632,"textAlign":49},[1900],{"text":1901,"type":597},"Unprecedented Price Coverage: 2,500+ Assessments Across the Battery Supply Chain",{"type":592,"attrs":1903,"content":1904},{"textAlign":49},[1905],{"text":1906,"type":597},"The new Benchmark prices offering is the largest battery materials pricing database in the market.",{"type":630,"attrs":1908,"content":1909},{"level":1673,"textAlign":49},[1910],{"text":1911,"type":597},"What do the 2,500+ assessments cover?",{"type":592,"attrs":1913,"content":1914},{"textAlign":49},[1915],{"text":1916,"type":597},"Benchmark’s expanded coverage spans the full supply chain. This includes:",{"type":1095,"content":1918},[1919,1926,1933,1940,1947,1954],{"type":1098,"content":1920},[1921],{"type":592,"attrs":1922,"content":1923},{"textAlign":49},[1924],{"text":1925,"type":597},"Raw materials such as spodumene, lepidolite, petalite, MHP, and graphite",{"type":1098,"content":1927},[1928],{"type":592,"attrs":1929,"content":1930},{"textAlign":49},[1931],{"text":1932,"type":597},"Refined chemicals including lithium carbonate, nickel sulphate, and cobalt sulphate",{"type":1098,"content":1934},[1935],{"type":592,"attrs":1936,"content":1937},{"textAlign":49},[1938],{"text":1939,"type":597},"Precursors and cathode materials across NCM, LFP, LCO, and NCA chemistries",{"type":1098,"content":1941},[1942],{"type":592,"attrs":1943,"content":1944},{"textAlign":49},[1945],{"text":1946,"type":597},"Battery components such as foils, anode materials, electrolytes, binders and separators",{"type":1098,"content":1948},[1949],{"type":592,"attrs":1950,"content":1951},{"textAlign":49},[1952],{"text":1953,"type":597},"Recycling feedstocks and black mass across end of life and process scrap feeds",{"type":1098,"content":1955},[1956],{"type":592,"attrs":1957,"content":1958},{"textAlign":49},[1959],{"text":1960,"type":597},"Lithium ion battery cells across all major formats (pouch, cylindrical, prismatic)",{"type":630,"attrs":1962,"content":1963},{"level":1673,"textAlign":49},[1964],{"text":1965,"type":597},"All major chemistries and regions",{"type":592,"attrs":1967,"content":1968},{"textAlign":49},[1969],{"text":1970,"type":597},"Coverage extends across all major battery chemistries and across every region where cathode or cell capacity is being built. This includes Asia, Europe, North America, South America, and Australia.",{"type":592,"attrs":1972,"content":1973},{"textAlign":49},[1974],{"text":1975,"type":597},"Global Indicators are applied where a global reference is meaningful. Regional Differentials are used where local dynamics materially influence price formation.",{"type":630,"attrs":1977,"content":1978},{"level":632,"textAlign":49},[1979],{"text":1980,"type":597},"Use Cases: How Market Participants Use Global Indicators and Differentials",{"type":592,"attrs":1982,"content":1983},{"textAlign":49},[1984],{"text":1985,"type":597,"marks":1986},"1. Procurement teams",[1987],{"type":638},{"type":592,"attrs":1989,"content":1990},{"textAlign":49},[1991],{"text":1992,"type":597},"OEMs and battery manufacturers use Global Indicators to benchmark supplier offers and to understand broader cost trends. Differentials help them negotiate regional premiums and assess sourcing options across markets.",{"type":592,"attrs":1994,"content":1995},{"textAlign":49},[1996],{"text":1997,"type":597,"marks":1998},"2. Traders and commercial desks",[1999],{"type":638},{"type":592,"attrs":2001,"content":2002},{"textAlign":49},[2003],{"text":2004,"type":597},"Traders track Differentials to identify arbitrage opportunities and to understand when regional markets are converging or diverging. Global Indicators provide context for directional positioning.",{"type":592,"attrs":2006,"content":2007},{"textAlign":49},[2008],{"text":2009,"type":597,"marks":2010},"3. Strategy and planning teams",[2011],{"type":638},{"type":592,"attrs":2013,"content":2014},{"textAlign":49},[2015],{"text":2016,"type":597},"Corporate strategy teams use Global Indicators to model long‑term exposure by chemistry and region. Differentials help stress‑test supply‑chain assumptions and regional investment decisions.",{"type":592,"attrs":2018,"content":2019},{"textAlign":49},[2020],{"text":2021,"type":597,"marks":2022},"4. Investors and analysts",[2023],{"type":638},{"type":592,"attrs":2025,"content":2026},{"textAlign":49},[2027],{"text":2028,"type":597},"Investors use the framework to separate global demand trends from local disruptions. This improves valuation models, sensitivity analysis, and market forecasting.",{"type":592,"attrs":2030,"content":2031},{"textAlign":49},[2032],{"text":2033,"type":597,"marks":2034},"5. Policymakers and institutions",[2035],{"type":638},{"type":592,"attrs":2037,"content":2038},{"textAlign":49},[2039],{"text":2040,"type":597},"Public‑sector stakeholders use Global Indicators to understand global cost trends and Differentials to assess regional competitiveness and the impact of policy interventions.",{"type":630,"attrs":2042,"content":2043},{"level":632,"textAlign":49},[2044],{"text":2045,"type":597},"IOSCO-Assured Transparency: Methodology and Governance",{"type":592,"attrs":2047,"content":2048},{"textAlign":49},[2049],{"text":2050,"type":597},"Benchmark’s pricing framework is designed to marry transparency with liquidity. Our best-in-class governance structures and procedures ensure accuracy, integrity and confidence for users.",{"type":592,"attrs":2052,"content":2053},{"textAlign":49},[2054,2056,2063],{"text":2055,"type":597},"Benchmark continues to publish ",{"text":2057,"type":597,"marks":2058},"IOSCO‑assured price assessments",[2059],{"type":602,"attrs":2060},{"href":2061,"uuid":2062,"anchor":49,"target":813,"linktype":607},"/article/benchmark-maintains-position-as-worlds-only-pra-dedicated-to-lithium-and-ev-battery-materials-to-complete-a-type-2-iosco-assurance-engagement","53f5615a-b891-4854-99bb-83eb74c2fee5",{"text":2064,"type":597}," for the most high risk and volatile markets. These remain the financial‑grade benchmarks used in contracts and derivatives.",{"type":592,"attrs":2066,"content":2067},{"textAlign":49},[2068],{"text":2069,"type":597},"Global Indicators and Regional Differentials extend the same transparent principles into emerging and regional markets where formal benchmarks are still developing. All methodologies are documented, auditable, and clearly scoped so users understand how each price should be interpreted.",{"type":630,"attrs":2071,"content":2072},{"level":632,"textAlign":49},[2073],{"text":2074,"type":597},"Accessing Global Indicators and Differentials",{"type":592,"attrs":2076,"content":2077},{"textAlign":49},[2078],{"text":2079,"type":597},"All prices are available through Benchmark’s platforms, including:",{"type":1095,"content":2081},[2082,2089,2096,2103,2110],{"type":1098,"content":2083},[2084],{"type":592,"attrs":2085,"content":2086},{"textAlign":49},[2087],{"text":2088,"type":597},"Benchmark Terminal",{"type":1098,"content":2090},[2091],{"type":592,"attrs":2092,"content":2093},{"textAlign":49},[2094],{"text":2095,"type":597},"APIs and data feeds",{"type":1098,"content":2097},[2098],{"type":592,"attrs":2099,"content":2100},{"textAlign":49},[2101],{"text":2102,"type":597},"Excel plugin and modelling tools",{"type":1098,"content":2104},[2105],{"type":592,"attrs":2106,"content":2107},{"textAlign":49},[2108],{"text":2109,"type":597},"BMI app",{"type":1098,"content":2111},[2112],{"type":592,"attrs":2113,"content":2114},{"textAlign":49},[2115],{"text":2116,"type":597},"Third party data aggregators",{"type":592,"attrs":2118,"content":2119},{"textAlign":49},[2120],{"text":2121,"type":597},"This allows users to integrate pricing insights directly into procurement, finance, and strategy workflows.",{"type":630,"attrs":2123,"content":2124},{"level":632,"textAlign":49},[2125],{"text":2126,"type":597},"The Future of Battery Materials Pricing: Regional Complexity, Global Clarity",{"type":592,"attrs":2128,"content":2129},{"textAlign":49},[2130],{"text":2131,"type":597},"Battery materials markets are becoming more regional, not less.",{"type":592,"attrs":2133,"content":2134},{"textAlign":49},[2135],{"text":2136,"type":597},"Trade policy, industrial strategy, and supply chain localisation are increasing divergence between markets. In this environment, clarity comes from structure rather than simplification.",{"type":592,"attrs":2138,"content":2139},{"textAlign":49},[2140],{"text":2141,"type":597},"By separating global price direction from regional price behaviour, Benchmark’s Global Indicators and Regional Differentials provide that structure. They bring global clarity to regional complexity and support better decision making across the battery supply chain.",{"type":592,"attrs":2143,"content":2144},{"textAlign":49},[2145],{"text":2146,"type":597,"marks":2147},"To find out more about Benchmark's 2,500+ new prices, contact us today.",[2148],{"type":638},{"type":847,"attrs":2150},{"id":2151,"body":2152},"3bcdffa1-3fd2-4fc2-8151-e956fcb8d22e",[2153],{"id":1524,"_uid":2154,"component":1526,"wrap_in_box":50,"redirect_url":2155,"success_file":2156,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":2158,"show_on_intelligence":50},"i-82b77ed1-0131-4306-94ec-ca9670d29f8a",{"id":547,"url":547,"linktype":607,"fieldtype":1528,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":2157},{},[],"Battery materials markets have entered a new phase.\n\nWhat were once niche industrial inputs are now strategic commodities underpinning electric vehicles, energy storage, and national industrial policy. Demand has scaled quickly, supply chains have globalised, and investment has accelerated. Price discovery, however, has struggled to keep pace.\n\nFragmented regional pricing, inconsistent methodologies, and sentiment‑driven signals have made it harder to understand what prices are really saying. In many cases, the noise has grown louder just as the need for clarity has increased.\n\nToday, Benchmark Mineral Intelligence (BMI) launches its most significant pricing expansion to date. The launch introduces more than 2,500 proprietary price assessments, covering every major battery raw material, chemistry, and producing region globally.",[2161,2170],{"slug":2162,"name":2163,"content":2164},"daniel-fletcher-manuel","Daniel Fletcher-Manuel",{"job_title":2165,"image":2166,"bio":2168,"linkedin":2169,"markets_covered":558},"Director of Indexing & Derivatives",{"filename":2167},"https://a.storyblok.com/f/287943243085208/512x512/fe2cf2ae67/daniel-fetcher-manuel.png","Daniel is Director of Indexing & Derivatives at Benchmark Mineral Intelligence and is responsible for Benchmark’s price reporting agency (PRA) business, the development of new indexing solutions and financial derivatives. He has almost 15 years of experience in commodity pricing and commodity offtake contracts, advising commercial, procurement and treasury teams on commodity risk management. Daniel was a member of UK’s Department of Business & Trade’s taskforce to map the national battery supply chain, and regularly advises legislators in the US and EU on commodity price support mechanisms and strategies. Daniel read Biomedical Sciences at the University of Newcastle and is studying his LLM (Law) at BPP, specialising in international trade.","https://www.linkedin.com/in/daniel-fletcher-manuel/",{"slug":544,"name":543,"content":2171},{"job_title":557,"image":2172,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},"Benchmark launches 2,500+ new prices...",[2175,2177,2178,2180,2181,2182,2185,2186,2187,2188,2191,2194,2195,2196,2199,2200,2201,2204,2206,2209],{"slug":2176,"name":261},"anode",{"slug":732,"name":733},{"slug":2179,"name":373},"black-mass",{"slug":735,"name":298},{"slug":659,"name":115},{"slug":2183,"name":2184},"copper","Copper",{"slug":738,"name":739},{"slug":751,"name":752},{"slug":754,"name":755},{"slug":2189,"name":2190},"fluorspar","Fluorspar",{"slug":2192,"name":2193},"gigafactories","Battery & Gigafactory",{"slug":741,"name":742},{"slug":744,"name":8},{"slug":2197,"name":2198},"manganese","Manganese",{"slug":746,"name":189},{"slug":668,"name":150},{"slug":2202,"name":2203},"phosphate","Phosphate",{"slug":2205,"name":414},"rare-earths",{"slug":2207,"name":2208},"recycling","Recycling",{"slug":748,"name":749},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":2211},{},{"id":2213,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":2214,"copyright":547,"fieldtype":553,"meta_data":2215,"is_external_url":50},129066711562607,"https://a.storyblok.com/f/287943243085208/e2fc7a6dc0/bm-collage-prices-6.png",{},"Today, Benchmark Mineral Intelligence (BMI) launches its most significant pricing expansion to date. The launch introduces more than 2,500 proprietary price assessments, covering every major battery raw material, chemistry, and producing region globally.","Feb 04, 2026",1780501053203]