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This is a meaningful shift from the more upstream focused investment of previous years.",[670],{"type":616,"attrs":671},{"color":618},{"type":608,"attrs":673,"content":674},{"textAlign":49},[675,680,689],{"text":676,"type":613,"marks":677},"The most recent development in this regard is Energy Fuels’ acquisition of magnet maker Vacuumschmelze (VAC) for a total cash-and-stock consideration of ~$1.9 billion. This deal builds on ",[678],{"type":616,"attrs":679},{"color":618},{"text":681,"type":613,"marks":682},"Energy Fuels’ previous deals",[683,687],{"type":623,"attrs":684},{"href":685,"uuid":686,"anchor":49,"target":627,"linktype":628},"/videos/developing-an-ex-china-rare-earths-supply-chain-interview-with-debra-bennethum","9b356568-15dc-47b6-857d-3a7fd42cbc52",{"type":616,"attrs":688},{"color":618},{"text":690,"type":613,"marks":691}," with magnet producers and the rare earth metals producer Australian Strategic Materials.",[692],{"type":616,"attrs":693},{"color":618},{"type":608,"attrs":695,"content":696},{"textAlign":49},[697,702,711,716,725,730,739],{"text":698,"type":613,"marks":699},"A key reason the US has become more attractive for ",[700],{"type":616,"attrs":701},{"color":618},{"text":703,"type":613,"marks":704},"rare earth investment",[705,709],{"type":623,"attrs":706},{"href":707,"uuid":708,"anchor":49,"target":627,"linktype":628},"/videos/from-ndpr-to-magnets-new-price-and-risk-tools-for-the-western-rare-earths-supply-chain","c9757c0d-9334-41ef-afab-17f081b23c6d",{"type":616,"attrs":710},{"color":618},{"text":712,"type":613,"marks":713}," is the ",[714],{"type":616,"attrs":715},{"color":618},{"text":717,"type":613,"marks":718},"scale and structure of public support",[719,723],{"type":623,"attrs":720},{"href":721,"uuid":722,"anchor":49,"target":627,"linktype":628},"/article/pentagon-invests-in-mp-materials-in-bid-to-break-chinas-rare-earths-dominance","b489988f-ca11-452a-87b9-f797cba52943",{"type":616,"attrs":724},{"color":618},{"text":726,"type":613,"marks":727},". Federal and state authorities are using layered financing mechanisms, ",[728],{"type":616,"attrs":729},{"color":618},{"text":731,"type":613,"marks":732},"including grants",[733,737],{"type":623,"attrs":734},{"href":735,"uuid":736,"anchor":49,"target":627,"linktype":628},"/article/is-the-us-embarking-on-a-critical-mineral-spending-spree","1b43947d-e7f2-4a47-b535-99b3ad1b1d38",{"type":616,"attrs":738},{"color":618},{"text":740,"type":613,"marks":741},", loans, tax incentives, milestone-based reimbursements, and strategic offtake arrangements, to reduce project risk and improve bankability.",[742],{"type":616,"attrs":743},{"color":618},{"type":608,"attrs":745,"content":746},{"textAlign":49},[747,752,761],{"text":748,"type":613,"marks":749},"“Overall, 2026 developments suggest the US is becoming one of the most credible non-China destinations for rare earth value chain investment,” said ",[750],{"type":616,"attrs":751},{"color":618},{"text":753,"type":613,"marks":754},"Neha Mukherjee",[755,759],{"type":623,"attrs":756},{"href":757,"uuid":758,"anchor":49,"target":627,"linktype":628},"/videos/the-impact-of-export-controls-on-the-rare-earths-market","22e1aed6-2594-4f9a-a09f-805bcfe74d9e",{"type":616,"attrs":760},{"color":618},{"text":762,"type":613,"marks":763},", Benchmark’s research manager for rare earths. “Support is now extending across the full mine-to-magnet chain, with increasing focus on the most strategically important midstream and downstream segments.\"",[764],{"type":616,"attrs":765},{"color":618},{"type":608,"attrs":767,"content":768},{"textAlign":49},[769,778],{"text":770,"type":613,"marks":771},"China accounts",[772,776],{"type":623,"attrs":773},{"href":774,"uuid":775,"anchor":49,"target":627,"linktype":628},"/article/china-s-rare-earth-export-controls-show-little-sign-of-easing-after-trump-xi-summit","2ce683a6-703c-4398-9e3a-b31983d16207",{"type":616,"attrs":777},{"color":618},{"text":779,"type":613,"marks":780}," for 71% of light rare earths processing, 99% of heavy rare earth processing and 94% of magnet production, according to Benchmark’s Rare Earths, Magnets & Motors Service. By developing US-centric supply chains, these companies aim to show that China’s hegemony can be mitigated.",[781],{"type":616,"attrs":782},{"color":618},{"type":784,"attrs":785,"content":787},"heading",{"level":786,"textAlign":49},2,[788],{"text":789,"type":613,"marks":790},"Who is building US-centred rare earth supply chains?",[791],{"type":616,"attrs":792},{"color":618},{"type":608,"attrs":794,"content":795},{"textAlign":49},[796],{"text":797,"type":613,"marks":798},"Benchmark has mapped out five sets of mine-to-magnet supply chains in development in the US. MP Materials is the only company to control all stages of the supply chain. The other three are possible through offtake agreements and acquisitions.",[799],{"type":616,"attrs":800},{"color":618},{"type":608,"attrs":802,"content":803},{"textAlign":49},[804,812],{"text":590,"type":613,"marks":805},[806,810],{"type":623,"attrs":807},{"href":808,"uuid":809,"anchor":49,"target":627,"linktype":628},"/article/usa-rare-earth-acquires-serra-verde","033fd4f7-dd04-42d6-9b9e-d31d2ed1321c",{"type":616,"attrs":811},{"color":618},{"text":813,"type":613,"marks":814},", for example, combines federal support, state incentives, private capital, and international partnerships to build a multi-site platform linking feedstock, processing, and magnet production.",[815],{"type":616,"attrs":816},{"color":618},{"type":818,"attrs":819},"blok",{"id":820,"body":821},"d55c21c1-d1b0-44ae-933e-b34a44299ee8",[822],{"id":823,"_uid":824,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"29459628","i-a705d1a6-2795-44d7-8676-17234e9e2621","visualisation","ContentFlourish",{"type":608,"attrs":828,"content":829},{"textAlign":49},[830,835,844],{"text":831,"type":613,"marks":832},"In addition to the full mine-to-magnet supply chains being built out, several companies are operating mines elsewhere in the world but have refining facilities under development in the US: Lynas Rare Earths, Pensana, Ionic Rare Earths, ",[833],{"type":616,"attrs":834},{"color":618},{"text":836,"type":613,"marks":837},"Aclara Resources",[838,842],{"type":623,"attrs":839},{"href":840,"uuid":841,"anchor":49,"target":627,"linktype":628},"/article/site-visit-report-aclaras-carina-project-shows-progress-towards-rare-earths-supply-diversification","3b1603f8-ee5c-4f56-aa9e-9e4aa45af162",{"type":616,"attrs":843},{"color":618},{"text":845,"type":613,"marks":846},", and Realloys.",[847],{"type":616,"attrs":848},{"color":618},{"type":784,"attrs":850,"content":851},{"level":786,"textAlign":49},[852],{"text":853,"type":613,"marks":854},"How is policy impacting US rare earths supply chains?",[855],{"type":616,"attrs":856},{"color":618},{"type":608,"attrs":858,"content":859},{"textAlign":49},[860],{"text":861,"type":613,"marks":862},"The strongest policy and investment emphasis is now on the midstream, particularly separation, refining, and metallisation. Department of Energy and Department of War-linked funding signals a growing recognition that these stages represent the main bottlenecks in building an ex-China rare earth supply chain. At the same time, domestic magnet manufacturing is becoming a clearer industrial objective, with new capacity planned in Oklahoma and South Carolina.",[863],{"type":616,"attrs":864},{"color":618},{"type":608,"attrs":866,"content":867},{"textAlign":49},[868,873,882],{"text":869,"type":613,"marks":870},"Another notable development is the emergence of government-backed price support and offtake mechanisms, such as the ",[871],{"type":616,"attrs":872},{"color":618},{"text":874,"type":613,"marks":875},"NdPr floor price agreed with Lynas",[876,880],{"type":623,"attrs":877},{"href":878,"uuid":879,"anchor":49,"target":627,"linktype":628},"/article/lynas-rare-earths-signs-us-96m-rare-earth-offtake-and-price-floor-commitment-with-dow","f74b2983-4b5a-494e-8eae-ce776123a85e",{"type":616,"attrs":881},{"color":618},{"text":883,"type":613,"marks":884},". These measures help address one of the sector’s longstanding constraints: weak revenue certainty.",[885],{"type":616,"attrs":886},{"color":618},{"type":608,"attrs":888,"content":889},{"textAlign":49},[890,895,904,909,918],{"text":891,"type":613,"marks":892},"The US is also positioning itself as the centre of a broader allied rare earth system, linking domestic projects with partners in ",[893],{"type":616,"attrs":894},{"color":618},{"text":896,"type":613,"marks":897},"Australia",[898,902],{"type":623,"attrs":899},{"href":900,"uuid":901,"anchor":49,"target":627,"linktype":628},"/article/us-and-australia-sign-landmark-critical-minerals-framework","2cd8dd44-450a-4d05-a49a-81715d0e59f6",{"type":616,"attrs":903},{"color":618},{"text":905,"type":613,"marks":906},", Brazil, France, ",[907],{"type":616,"attrs":908},{"color":618},{"text":910,"type":613,"marks":911},"Japan",[912,916],{"type":623,"attrs":913},{"href":914,"uuid":915,"anchor":49,"target":627,"linktype":628},"/article/lynas-and-jare-sign-offtake-and-price-floor-commitment-up-to-2038","cdeaaca9-3844-44fb-bfe2-2517ccd954c9",{"type":616,"attrs":917},{"color":618},{"text":919,"type":613,"marks":920},", and Canada. Support for unconventional feedstocks and recycling further broadens the domestic investment base.",[921],{"type":616,"attrs":922},{"color":618},{"type":608,"attrs":924,"content":925},{"textAlign":49},[926],{"text":927,"type":613,"marks":928},"This insight draws from Benchmark's comprehensive Rare Earths, Magnets & Motors Service, consisting of IOSCO-assured rare earth prices and supply chain data with granular end-use demand analysis. By bringing integrated clarity to these critical markets, 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:",[929],{"type":930},"italic",{"type":818,"attrs":932},{"id":933,"body":934},"0f777d1a-83e9-42dd-ad7f-a6a89ea55d09",[935],{"id":936,"_uid":937,"component":938,"wrap_in_box":50,"redirect_url":939,"success_file":941,"default_height":565,"success_message":565,"v2_hubspot_form":50,"success_sub_text":565,"hidden_field_values":944,"show_on_intelligence":50},"57a99950-73f5-48be-98a4-7324c28e5d0b","i-f7f170ef-8083-4148-8b1d-1f3508f61f39","ContentHubspotForm",{"id":565,"url":565,"linktype":628,"fieldtype":940,"cached_url":565},"multilink",{"id":49,"alt":49,"name":565,"focus":49,"title":49,"source":49,"filename":565,"copyright":49,"fieldtype":942,"meta_data":943},"asset",{},[],"Announcements in the US rare earths space in 2026 shows capital being deployed not only into mining, but also into separation, refining, metallisation, alloy production, magnet manufacturing, and recycling.\n\nThis indicates that the US is increasingly targeting the full mine-to-magnet value chain rather than isolated project stages. This is a meaningful shift from the more upstream focused investment of previous years.\n\nThe most recent development in this regard is Energy Fuels’ acquisition of magnet maker Vacuumschmelze (VAC) for a total cash-and-stock consideration of ~$1.9 billion. This deal builds on Energy Fuels’ previous deals with magnet producers and the rare earth metals producer Australian Strategic Materials.",[947],{"slug":948,"name":753,"content":949},"neha-mukherjee",{"job_title":950,"image":951,"bio":953,"linkedin":954,"markets_covered":414},"Senior Analyst - Rare Earths",{"filename":952},"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/","article",[957,959,960],{"slug":958,"name":414},"rare-earths",{"slug":544,"name":543},{"slug":961,"name":962},"raw-materials","Raw Materials","public",{"id":965,"alt":565,"name":565,"focus":565,"title":565,"source":565,"filename":966,"copyright":565,"fieldtype":942,"meta_data":967,"is_external_url":50},190565429738062,"https://a.storyblok.com/f/287943243085208/1588x1042/fd84a74f03/benchmark-five-vertically-integrated-mine-to-magnet-chains-2x.png",{},{"id":969,"alt":565,"name":565,"focus":565,"title":970,"source":565,"filename":971,"copyright":565,"fieldtype":942,"meta_data":972,"is_external_url":50},190562448934705,"Roasting circuit at Mountain Pass. Image credit: MP Materials","https://a.storyblok.com/f/287943243085208/2500x1667/d0cb8b59b0/mp-materials-roasting-circuit.jpg",{"alt":565,"title":970,"source":565,"copyright":565},"Announcements in the US rare earths space in 2026 shows capital being deployed not only into mining, but also into separation, refining, metallisation, alloy production, magnet manufacturing, and recycling. ","Jun 23, 2026",{"id":976,"uuid":977,"name":978,"slug":979,"full_slug":980,"content":981},189158023948734,"878ef194-787a-49d4-9007-ab613c722949","Why LiPF6 electrolyte prices are a leading indicator of lithium prices","why-lipf6-electrolyte-prices-are-a-leading-indicator-of-lithium-prices","article/why-lipf6-electrolyte-prices-are-a-leading-indicator-of-lithium-prices",{"_uid":982,"date":983,"tags":984,"editor":994,"content":998,"excerpt":1198,"featured":51,"reporter":1199,"component":955,"seo_title":1210,"categories":1211,"visibility":1219,"data_vis_image":1220,"featured_image":1224,"seo_description":1228,"formattedDate":1229},"a1d00cf4-9b81-4675-85b2-996a583ad378","2026-06-19 00:00",[985,988,991],{"slug":986,"name":987},"lithium-prices","Lithium prices",{"slug":989,"name":990},"data-visualisation","Data Visualisation",{"slug":992,"name":993},"electrolyte","Electrolyte",[995],{"slug":596,"name":597,"content":996},{"job_title":599,"image":997,"bio":602,"linkedin":603},{"filename":601},{"type":605,"content":999},[1000,1064,1100,1108,1116,1124,1132,1139,1147,1155,1163,1171,1192],{"type":608,"attrs":1001,"content":1002},{"textAlign":49},[1003,1008,1017,1022,1031,1036,1045,1050,1059],{"text":1004,"type":613,"marks":1005},"As the lithium market continues to mature, participants are increasingly looking to untangle the speculative forces ",[1006],{"type":616,"attrs":1007},{"color":618},{"text":1009,"type":613,"marks":1010},"exacerbating volatility",[1011,1015],{"type":623,"attrs":1012},{"href":1013,"uuid":1014,"anchor":49,"target":627,"linktype":628},"/article/volatile-yet-robust-lithium-q1-2026-price-review","fd98e9b3-113b-4179-b249-104c9389ba9f",{"type":616,"attrs":1016},{"color":618},{"text":1018,"type":613,"marks":1019}," in ",[1020],{"type":616,"attrs":1021},{"color":618},{"text":1023,"type":613,"marks":1024},"lithium carbonate",[1025,1029],{"type":623,"attrs":1026},{"href":1027,"uuid":1028,"anchor":49,"target":627,"linktype":628},"/article/why-are-lithium-prices-surging-in-china-again-","80c1a819-5c60-4407-ba5d-e6a023df02b5",{"type":616,"attrs":1030},{"color":618},{"text":1032,"type":613,"marks":1033}," and hydroxide prices from true ",[1034],{"type":616,"attrs":1035},{"color":618},{"text":1037,"type":613,"marks":1038},"cell demand",[1039,1043],{"type":623,"attrs":1040},{"href":1041,"uuid":1042,"anchor":49,"target":627,"linktype":628},"/article/global-lithium-ion-battery-demand-rose-29-in-2025","96304af2-dffa-4477-9134-47853491eec9",{"type":616,"attrs":1044},{"color":618},{"text":1046,"type":613,"marks":1047}," signals. The chemical and market properties of battery-grade lithium hexafluorophosphate (LiPF6) electrolyte salt make it an ideal leading indicator for the broader ",[1048],{"type":616,"attrs":1049},{"color":618},{"text":1051,"type":613,"marks":1052},"lithium market",[1053,1057],{"type":623,"attrs":1054},{"href":1055,"uuid":1056,"anchor":49,"target":627,"linktype":628},"/videos/lithium-market-outlook-giga-us-2026","c6286d06-ced8-4ba5-9b31-d170e6d52e3a",{"type":616,"attrs":1058},{"color":618},{"text":1060,"type":613,"marks":1061},".",[1062],{"type":616,"attrs":1063},{"color":618},{"type":608,"attrs":1065,"content":1066},{"textAlign":49},[1067,1072,1081,1086,1095],{"text":1068,"type":613,"marks":1069},"Between 31 December 2025 and 28 January 2026, ",[1070],{"type":616,"attrs":1071},{"color":618},{"text":1073,"type":613,"marks":1074},"lithium carbonate prices rallied 52%",[1075,1079],{"type":623,"attrs":1076},{"href":1077,"uuid":1078,"anchor":49,"target":627,"linktype":628},"/article/deja-vu-in-battery-raw-materials-is-the-2021-playbook-repeating-","d935e80b-5abf-484c-a751-e698ccaf6e18",{"type":616,"attrs":1080},{"color":618},{"text":1082,"type":613,"marks":1083},", as reported by ",[1084],{"type":616,"attrs":1085},{"color":618},{"text":1087,"type":613,"marks":1088},"Benchmark’s Lithium Price Assessment",[1089,1093],{"type":623,"attrs":1090},{"href":1091,"uuid":49,"anchor":49,"target":627,"linktype":1092},"https://www.benchmarkminerals.com/lithium/prices","url",{"type":616,"attrs":1094},{"color":618},{"text":1096,"type":613,"marks":1097},". This rally was foretold by LiPF6 prices which moved up by 108% between 29 October 2025 and 26 November 2025.",[1098],{"type":616,"attrs":1099},{"color":618},{"type":608,"attrs":1101,"content":1102},{"textAlign":49},[1103],{"text":1104,"type":613,"marks":1105},"Electrolyte prices then softened in early February, around three months before the Q1 2026 rally in chemical prices began to subside in late May.",[1106],{"type":616,"attrs":1107},{"color":618},{"type":608,"attrs":1109,"content":1110},{"textAlign":49},[1111],{"text":1112,"type":613,"marks":1113},"Movements in electrolyte prices are consistent with genuine cell-level demand pulling through the supply chain before chemicals inventory is worked through.",[1114],{"type":616,"attrs":1115},{"color":618},{"type":608,"attrs":1117,"content":1118},{"textAlign":49},[1119],{"text":1120,"type":613,"marks":1121},"“For market participants, this creates a valuable analytical lens,” said Adam Megginson, Benchmark’s principal lithium price analyst. “Tracking electrolyte price movements can help distinguish authentic demand-driven trends from short-term speculative noise in carbonate and hydroxide markets, offering a clearer read on where battery-grade lithium prices are heading.”",[1122],{"type":616,"attrs":1123},{"color":618},{"type":608,"attrs":1125,"content":1126},{"textAlign":49},[1127],{"text":1128,"type":613,"marks":1129},"Benchmark publishes regular electrolyte price assessments as part of its integrated battery supply chain coverage.",[1130],{"type":616,"attrs":1131},{"color":618},{"type":818,"attrs":1133},{"id":1134,"body":1135},"352dbe02-0aec-466e-bbba-c8c98ecab01b",[1136],{"id":1137,"_uid":1138,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"29424590","i-f38d6f94-6177-4249-bac0-92f0548d3c8c",{"type":784,"attrs":1140,"content":1141},{"level":786,"textAlign":49},[1142],{"text":1143,"type":613,"marks":1144},"What characteristics of LiPF6 electrolyte make it a good leading indicator for lithium prices?",[1145],{"type":616,"attrs":1146},{"color":618},{"type":608,"attrs":1148,"content":1149},{"textAlign":49},[1150],{"text":1151,"type":613,"marks":1152},"There are several properties of LiPF6 which mean prices of the electrolyte salt lead lithium chemical prices and correlate more strongly to genuine battery market dynamics.",[1153],{"type":616,"attrs":1154},{"color":618},{"type":608,"attrs":1156,"content":1157},{"textAlign":49},[1158],{"text":1159,"type":613,"marks":1160},"First, LiPF6 is the dominant lithium salt used in liquid electrolyte formulations for almost all lithium ion batteries, regardless of chemistry, and over 96% of supply is used in battery applications.",[1161],{"type":616,"attrs":1162},{"color":618},{"type":608,"attrs":1164,"content":1165},{"textAlign":49},[1166],{"text":1167,"type":613,"marks":1168},"Second, LiPF6 salt is used closer to the final battery production stage than lithium hydroxide and carbonate which must be purchased and used by cathode active material producers who subsequently sell CAM on to the cell makers. By contrast electrolyte salts are used directly by cell makers.",[1169],{"type":616,"attrs":1170},{"color":618},{"type":608,"attrs":1172,"content":1173},{"textAlign":49},[1174,1179,1187],{"text":1175,"type":613,"marks":1176},"Finally, the chemical properties of electrolyte salts mean they can’t be stored for long periods of time making them unsuitable for inventory build up and ",[1177],{"type":616,"attrs":1178},{"color":618},{"text":1180,"type":613,"marks":1181},"speculative trading",[1182,1185],{"type":623,"attrs":1183},{"href":1184,"uuid":49,"anchor":49,"target":627,"linktype":1092},"https://intelligence.benchmarkminerals.com/publications/special-issues/market-evolution-from-specialities-to-financial-instruments",{"type":616,"attrs":1186},{"color":618},{"text":1188,"type":613,"marks":1189},". LiPF6 is highly moisture sensitive and can’t be stored for more than six months. By contrast lithium carbonate is more stable and can be warehoused for up to 18 months, a characteristic that makes the material susceptible to inventory-driven price distortions and speculative trading, disconnected from real cell demand.",[1190],{"type":616,"attrs":1191},{"color":618},{"type":818,"attrs":1193},{"id":1134,"body":1194},[1195],{"id":1196,"_uid":1197,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"29430691","i-07da8b9a-5232-4468-9458-49925ac187c1","As the lithium market continues to mature, participants are increasingly looking to untangle the speculative forces exacerbating volatility in lithium carbonate and hydroxide prices from true cell demand signals. The chemical and market properties of battery-grade lithium hexafluorophosphate (LiPF6) electrolyte salt make it an ideal leading indicator for the broader lithium market.\n\nBetween 31 December 2025 and 28 January 2026, lithium carbonate prices rallied 52%, as reported by Benchmark’s Lithium Price Assessment. This rally was foretold by LiPF6 prices which moved up by 108% between 29 October 2025 and 26 November 2025.",[1200],{"slug":1201,"name":1202,"content":1203},"adam-megginson","Adam Megginson",{"job_title":1204,"image":1205,"bio":1207,"linkedin":1208,"markets_covered":1209},"Principal Analyst",{"filename":1206},"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","LiPF6 electrolyte price is a leading indicator of lithium prices",[1212,1213,1214,1216],{"slug":544,"name":543},{"slug":961,"name":962},{"slug":1215,"name":8},"lithium",{"slug":1217,"name":1218},"fluorspar","Fluorspar","private",{"id":1221,"alt":565,"name":565,"focus":565,"title":565,"source":565,"filename":1222,"copyright":565,"fieldtype":942,"meta_data":1223,"is_external_url":50},189158948094330,"https://a.storyblok.com/f/287943243085208/1588x1392/1667540a01/2026-06-18-lithium-prices-against-electrolyte-pricese-2x.png",{},{"id":1225,"alt":565,"name":565,"focus":565,"title":565,"source":565,"filename":1226,"copyright":565,"fieldtype":942,"meta_data":1227,"is_external_url":50},129065306580585,"https://a.storyblok.com/f/287943243085208/d8592c3d7b/bm-battery-cells.jpeg",{"alt":565,"title":565,"source":565,"copyright":565},"The chemical and market properties of battery-grade lithium hexafluorophosphate (LiPF6) electrolyte salt make it an ideal leading indicator for the broader lithium market.","Jun 19, 2026",{"id":1231,"uuid":1232,"name":1233,"slug":1234,"full_slug":1235,"content":1236},188807790200435,"14468223-9e6a-42b3-8457-78715a70c901","Manganese Metal Company begins commissioning South Africa’s first battery-grade manganese sulphate plant","manganese-metal-company-begins-commissioning-south-africa-s-first-battery-grade-manganese-sulphate-plant","article/manganese-metal-company-begins-commissioning-south-africa-s-first-battery-grade-manganese-sulphate-plant",{"_uid":1237,"date":1238,"tags":1239,"editor":1249,"content":1253,"excerpt":1464,"featured":51,"reporter":1465,"component":955,"seo_title":1476,"categories":1477,"visibility":1219,"data_vis_image":1483,"featured_image":1485,"seo_description":1490,"formattedDate":1491},"c4567665-5f18-4a42-b99e-cd699ffd514f","2026-06-18 00:00",[1240,1243,1246],{"slug":1241,"name":1242},"manganese-metal-company","Manganese Metal Company",{"slug":1244,"name":1245},"south-africa","South Africa",{"slug":1247,"name":1248},"africa","Africa",[1250],{"slug":596,"name":597,"content":1251},{"job_title":599,"image":1252,"bio":602,"linkedin":603},{"filename":601},{"type":605,"content":1254},[1255,1290,1298,1305,1313,1330,1338,1346,1354,1362,1370,1378,1400,1436,1454],{"type":608,"attrs":1256,"content":1257},{"textAlign":49},[1258,1263,1272,1277,1286],{"text":1259,"type":613,"marks":1260},"Manganese Metal Company (MMC) has commenced commissioning ",[1261],{"type":616,"attrs":1262},{"color":618},{"text":1264,"type":613,"marks":1265},"South Africa’s",[1266,1270],{"type":623,"attrs":1267},{"href":1268,"uuid":1269,"anchor":49,"target":627,"linktype":628},"/article/south-africa-formally-launches-critical-minerals-strategy","d3f03469-dfec-43f8-8c97-c6f6037e9f6e",{"type":616,"attrs":1271},{"color":618},{"text":1273,"type":613,"marks":1274}," first high purity manganese sulphate monohydrate (HPMSM) facility at its Mbombela refinery in Mpumalanga. This is a significant step for the country which has long been the world's largest ",[1275],{"type":616,"attrs":1276},{"color":618},{"text":1278,"type":613,"marks":1279},"supplier of manganese ore",[1280,1284],{"type":623,"attrs":1281},{"href":1282,"uuid":1283,"anchor":49,"target":627,"linktype":628},"/article/south-africa-to-remain-top-manganese-producer-with-more-than-one-third-of-supply-in-2024","9a34688a-6273-4ab3-bfc7-6852b4627044",{"type":616,"attrs":1285},{"color":618},{"text":1060,"type":613,"marks":1287},[1288],{"type":616,"attrs":1289},{"color":618},{"type":608,"attrs":1291,"content":1292},{"textAlign":49},[1293],{"text":1294,"type":613,"marks":1295},"MMC has operated in Mbombela since 1974 and is the world's largest producer of selenium-free electrolytic manganese metal (EMM). It sources ore from the Kalahari Manganese Field in the Northern Cape. The company has added HPMSM production through a brownfield expansion to its existing refinery. MMC is wholly-owned by South African companies.",[1296],{"type":616,"attrs":1297},{"color":618},{"type":818,"attrs":1299},{"id":1300,"body":1301},"b99bf16d-3c67-45fe-9fca-f8522d1969ee",[1302],{"id":1303,"_uid":1304,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"29409894","i-130fc5e6-ce69-4722-9411-669330c5a695",{"type":784,"attrs":1306,"content":1307},{"level":786,"textAlign":49},[1308],{"text":1309,"type":613,"marks":1310},"Where does MMC fit into the global HPMSM market?",[1311],{"type":616,"attrs":1312},{"color":618},{"type":608,"attrs":1314,"content":1315},{"textAlign":49},[1316,1325],{"text":1317,"type":613,"marks":1318},"China accounts for roughly 90% of global HPMSM production",[1319,1323],{"type":623,"attrs":1320},{"href":1321,"uuid":1322,"anchor":49,"target":627,"linktype":628},"/article/visualising-critical-mineral-refining-by-2030","aa18345f-1698-4ef5-b27c-06a67a847504",{"type":616,"attrs":1324},{"color":618},{"text":1326,"type":613,"marks":1327},", with only four operating facilities elsewhere, in Belgium, Kazakhstan and Japan. Benchmark assesses the combined ex-China nameplate capacity to be just 38,000 tonnes per year in 2026.",[1328],{"type":616,"attrs":1329},{"color":618},{"type":608,"attrs":1331,"content":1332},{"textAlign":49},[1333],{"text":1334,"type":613,"marks":1335},"MMC’s new HPMSM facility will add significant tonnage to this. The recently commissioned Phase 1 is targeting 6,000 tonnes per year of HPMSM. A second phase, which would add a further 18,000 tonnes per year at the same site, is under evaluation.",[1336],{"type":616,"attrs":1337},{"color":618},{"type":608,"attrs":1339,"content":1340},{"textAlign":49},[1341],{"text":1342,"type":613,"marks":1343},"The HPMSM will be produced using a proprietary metal-to-crystals process which converts a portion of its EMM output into battery-grade sulphate crystals. The sulphate plant runs on 100% renewable hydroelectric energy.",[1344],{"type":616,"attrs":1345},{"color":618},{"type":608,"attrs":1347,"content":1348},{"textAlign":49},[1349],{"text":1350,"type":613,"marks":1351},"Qualification volumes at Mbombela are targeted for H2 2026, with commercial sales expected from 2027, after accreditation is completed. MMC ships through the ports of Maputo and Durban, with Europe and North America as the primary target markets, though some of these customers use pCAM partners located in Asia, Madelein Todd, MMC’s market development executive told Benchmark.",[1352],{"type":616,"attrs":1353},{"color":618},{"type":608,"attrs":1355,"content":1356},{"textAlign":49},[1357],{"text":1358,"type":613,"marks":1359},"Todd explained that the company’s conversion of the fines and slimes of South African manganese ore into high purity materials enables it to play “a key part in the critical material sourcing strategies of Western value chains.”",[1360],{"type":616,"attrs":1361},{"color":618},{"type":784,"attrs":1363,"content":1364},{"level":786,"textAlign":49},[1365],{"text":1366,"type":613,"marks":1367},"Sulphuric acid agreements represent a competitive advantage",[1368],{"type":616,"attrs":1369},{"color":618},{"type":608,"attrs":1371,"content":1372},{"textAlign":49},[1373],{"text":1374,"type":613,"marks":1375},"Beyond its dominance in manganese ore, South Africa is Africa's largest sulphuric acid producer, with output generated predominantly as a byproduct of base metals smelting. This adds a structural advantage to companies operating in the country.",[1376],{"type":616,"attrs":1377},{"color":618},{"type":608,"attrs":1379,"content":1380},{"textAlign":49},[1381,1386,1395],{"text":1382,"type":613,"marks":1383},"MMC can use industrial-grade sulphuric acid in both its EMM and HPMSM operations. Having a secure, domestic supply of industrial acid can help the company to mitigate the ",[1384],{"type":616,"attrs":1385},{"color":618},{"text":1387,"type":613,"marks":1388},"rising acid prices seen as a result of the conflict in Iran",[1389,1393],{"type":623,"attrs":1390},{"href":1391,"uuid":1392,"anchor":49,"target":627,"linktype":628},"/article/what-the-sulphuric-acid-supply-crunch-means-for-critical-minerals","89fa6c30-d2f8-47dd-ab8c-c9a7c2cb86f5",{"type":616,"attrs":1394},{"color":618},{"text":1396,"type":613,"marks":1397}," and tensions around the Strait of Hormuz.",[1398],{"type":616,"attrs":1399},{"color":618},{"type":608,"attrs":1401,"content":1402},{"textAlign":49},[1403,1408,1417,1422,1431],{"text":1404,"type":613,"marks":1405},"A significant share of ",[1406],{"type":616,"attrs":1407},{"color":618},{"text":1409,"type":613,"marks":1410},"global seaborne sulphur supply is impacted",[1411,1415],{"type":623,"attrs":1412},{"href":1413,"uuid":1414,"anchor":49,"target":627,"linktype":628},"/videos/supply-squeeze-how-sulphuric-acid-constraints-are-shaping-copper-cobalt-nickel-lithium-markets","37efde40-9be1-4804-a9df-822a4244bdd5",{"type":616,"attrs":1416},{"color":618},{"text":1418,"type":613,"marks":1419},", which has driven acid prices up sharply, with ",[1420],{"type":616,"attrs":1421},{"color":618},{"text":1423,"type":613,"marks":1424},"China's subsequent export halt",[1425,1429],{"type":623,"attrs":1426},{"href":1427,"uuid":1428,"anchor":49,"target":627,"linktype":628},"/article/china-to-potentially-ban-sulphuric-acid-exports-as-iran-war-pressures-supply","80b2b4fa-1a1a-4ed8-8906-268000529283",{"type":616,"attrs":1430},{"color":618},{"text":1432,"type":613,"marks":1433}," from May adding further pressure. For producers without long-term supply agreements, and early-stage projects yet to establish them, this represents a material challenge to overcome.",[1434],{"type":616,"attrs":1435},{"color":618},{"type":608,"attrs":1437,"content":1438},{"textAlign":49},[1439,1443,1450],{"text":1440,"type":613,"marks":1441},"As Africa's role in the global battery supply chain continues to accelerate, ",[1442],{"type":930},{"text":1444,"type":613,"marks":1445},"Benchmark's Giga Africa 2026",[1446,1449],{"type":623,"attrs":1447},{"href":1448,"uuid":49,"anchor":49,"target":627,"linktype":1092},"https://www.benchmarkminerals.com/events/giga-africa",{"type":930},{"text":1451,"type":613,"marks":1452}," event brings together government, industry and finance to forge lasting partnerships, unlock defining deals and gain in-depth market insights. Fill out the form below to find out more:",[1453],{"type":930},{"type":818,"attrs":1455},{"id":1456,"body":1457},"c429f038-4ee2-47e6-9010-a190ecc8a4dc",[1458],{"id":936,"_uid":1459,"component":938,"wrap_in_box":50,"redirect_url":1460,"success_file":1461,"default_height":565,"success_message":565,"v2_hubspot_form":50,"success_sub_text":565,"hidden_field_values":1463,"show_on_intelligence":50},"i-a982f561-c3c8-4650-a1a1-df5c258351b9",{"id":565,"url":565,"linktype":628,"fieldtype":940,"cached_url":565},{"id":49,"alt":49,"name":565,"focus":49,"title":49,"source":49,"filename":565,"copyright":49,"fieldtype":942,"meta_data":1462},{},[],"Manganese Metal Company (MMC) has commenced commissioning South Africa’s first high purity manganese sulphate monohydrate (HPMSM) facility at its Mbombela refinery in Mpumalanga. This is a significant step for the country which has long been the world's largest supplier of manganese ore.\n\nMMC has operated in Mbombela since 1974 as the world's largest non-Chinese producer of selenium-free electrolytic manganese metal (EMM). It sources ore from the Kalahari Manganese Field in the Northern Cape. The company has added HPMSM production through a brownfield expansion to its existing refinery. MMC is wholly-owned by South African companies.",[1466],{"slug":1467,"name":1468,"content":1469},"ciara-rice","Ciara Rice",{"job_title":1470,"image":1471,"bio":1473,"linkedin":1474,"markets_covered":1475},"Battery Chemicals Analyst",{"filename":1472},"https://a.storyblok.com/f/287943243085208/400x400/b61680a01e/ciara-rice.jpg","Ciara is Benchmark's battery chemicals analyst, covering the Manganese and Fluorspar value chains across Mn ore, HPMSM, acidspar, HF acid, and LiPF₆. Ciara tracks market developments and price movements across these commodities, working on supply and demand forecasts and historical price analysis.","https://www.linkedin.com/in/ciara-rice-7481b1b9/","Manganese, HPMSM, Acidspar, HF Acid, electrolyte","MMC begins commissioning South Africa’s first HPMSM plant",[1478,1481,1482],{"slug":1479,"name":1480},"manganese","Manganese",{"slug":544,"name":543},{"slug":961,"name":962},{"id":49,"alt":49,"name":565,"focus":49,"title":49,"source":49,"filename":565,"copyright":49,"fieldtype":942,"meta_data":1484},{},{"id":1486,"alt":565,"name":565,"focus":565,"title":1487,"source":565,"filename":1488,"copyright":565,"fieldtype":942,"meta_data":1489,"is_external_url":50},188808182043864,"Image credit: Manganese Metal Company","https://a.storyblok.com/f/287943243085208/1365x768/733b5bef9a/mmc-plant.JPG",{"alt":565,"title":1487,"source":565,"copyright":565},"Manganese Metal Company (MMC) has commenced commissioning South Africa’s first high purity manganese sulphate monohydrate (HPMSM) facility at its Mbombela refinery in Mpumalanga.","Jun 18, 2026",{"id":1493,"uuid":1494,"name":1495,"slug":1496,"full_slug":1497,"content":1498},185968997655466,"5927011c-7c3b-4e6c-9c8f-218577afb178","Trade, geopolitics, and growth are shaping the US battery market","trade-geopolitics-and-growth-are-shaping-the-us-battery-market","article/trade-geopolitics-and-growth-are-shaping-the-us-battery-market",{"_uid":1499,"date":1500,"tags":1501,"editor":1509,"content":1513,"excerpt":1814,"featured":51,"reporter":1815,"component":955,"seo_title":1495,"categories":1816,"visibility":963,"data_vis_image":1830,"featured_image":1832,"seo_description":1836,"formattedDate":1837},"6d302ec4-3156-4e2d-a3ce-64938e02940a","2026-06-10 00:00",[1502,1505,1506],{"slug":1503,"name":1504},"giga-us-2026","Giga US 2026",{"slug":592,"name":593},{"slug":1507,"name":1508},"north-america","North America",[1510],{"slug":596,"name":597,"content":1511},{"job_title":599,"image":1512,"bio":602,"linkedin":603},{"filename":601},{"type":605,"content":1514},[1515,1589,1597,1605,1627,1635,1657,1679,1703,1711,1732,1740,1748,1756,1764,1772,1799,1809],{"type":608,"attrs":1516,"content":1517},{"textAlign":49},[1518,1523,1532,1537,1545,1550,1557,1562,1571,1576,1585],{"text":1519,"type":613,"marks":1520},"Andy Miller, chief executive of Benchmark, opened Giga US 2026 in Washington, DC by outlining a rapidly evolving ",[1521],{"type":616,"attrs":1522},{"color":618},{"text":1524,"type":613,"marks":1525},"energy security landscape in the US",[1526,1530],{"type":623,"attrs":1527},{"href":1528,"uuid":1529,"anchor":49,"target":627,"linktype":628},"/article/regional-spotlight-united-states","7a2ab405-0e9f-4cae-9566-0cda20e22de2",{"type":616,"attrs":1531},{"color":618},{"text":1533,"type":613,"marks":1534},", shaped by ",[1535],{"type":616,"attrs":1536},{"color":618},{"text":1538,"type":613,"marks":1539},"trade policy",[1540,1543],{"type":623,"attrs":1541},{"href":1542,"uuid":49,"anchor":49,"target":627,"linktype":1092},"https://source.benchmarkminerals.com/publications/special-issues/trump-one-year-in-review",{"type":616,"attrs":1544},{"color":618},{"text":1546,"type":613,"marks":1547},", ",[1548],{"type":616,"attrs":1549},{"color":618},{"text":1551,"type":613,"marks":1552},"geopolitics",[1553,1555],{"type":623,"attrs":1554},{"href":1391,"uuid":1392,"anchor":49,"target":627,"linktype":628},{"type":616,"attrs":1556},{"color":618},{"text":1558,"type":613,"marks":1559},", and ",[1560],{"type":616,"attrs":1561},{"color":618},{"text":1563,"type":613,"marks":1564},"rising demand",[1565,1569],{"type":623,"attrs":1566},{"href":1567,"uuid":1568,"anchor":49,"target":627,"linktype":628},"/article/new-report-us-adds-58-gwh-of-new-energy-storage-capacity-in-2025-largest-single-year-of-new-battery-capacity-on-record","c21d6cbc-4940-49e4-aae0-76ebdb40ed95",{"type":616,"attrs":1570},{"color":618},{"text":1572,"type":613,"marks":1573}," from ",[1574],{"type":616,"attrs":1575},{"color":618},{"text":1577,"type":613,"marks":1578},"emerging markets such as data centres",[1579,1583],{"type":623,"attrs":1580},{"href":1581,"uuid":1582,"anchor":49,"target":627,"linktype":628},"/article/nextera-acquires-dominion-energy-as-us-data-centre-demand-drives-energy-storage-growth","213c7915-b6a1-48e4-9d82-9a263f102c25",{"type":616,"attrs":1584},{"color":618},{"text":1060,"type":613,"marks":1586},[1587],{"type":616,"attrs":1588},{"color":618},{"type":608,"attrs":1590,"content":1591},{"textAlign":49},[1592],{"text":1593,"type":613,"marks":1594},"“Central to all of that and what's really become the bedrock in the question of how we reach true energy security, I believe, is the ability and the efficiency to store that energy,” Miller said. “All roads lead back to batteries.”",[1595],{"type":616,"attrs":1596},{"color":618},{"type":784,"attrs":1598,"content":1599},{"level":786,"textAlign":49},[1600],{"text":1601,"type":613,"marks":1602},"Batteries are central to energy security",[1603],{"type":616,"attrs":1604},{"color":618},{"type":608,"attrs":1606,"content":1607},{"textAlign":49},[1608,1613,1622],{"text":1609,"type":613,"marks":1610},"Miller emphasised that batteries are now central to energy security, with demand extending beyond ",[1611],{"type":616,"attrs":1612},{"color":618},{"text":1614,"type":613,"marks":1615},"electric vehicles",[1616,1620],{"type":623,"attrs":1617},{"href":1618,"uuid":1619,"anchor":49,"target":627,"linktype":628},"/article/us-battery-imports-fall-to-five-year-low-after-section-301-tariffs-raised-to-25-","3a93dd71-07f9-4d99-82c4-f907a3d0771b",{"type":616,"attrs":1621},{"color":618},{"text":1623,"type":613,"marks":1624}," (EVs) into stationary storage, defence, and emerging applications such as robotics. “Energy security now very much does mean energy storage and the ability to store energy,” he said.",[1625],{"type":616,"attrs":1626},{"color":618},{"type":608,"attrs":1628,"content":1629},{"textAlign":49},[1630],{"text":1631,"type":613,"marks":1632},"For much of the past decade, the automotive industry was the key driver for the US’ electrification push. While the pace of full electrification in the US automotive sector has slowed, Miller noted that underlying battery demand remains intact but is becoming more diversified.",[1633],{"type":616,"attrs":1634},{"color":618},{"type":608,"attrs":1636,"content":1637},{"textAlign":49},[1638,1643,1652],{"text":1639,"type":613,"marks":1640},"“There's no doubting that the shape of that pathway to electrification has absolutely changed over the past couple of years,” he said, noting that rapid expansion in ",[1641],{"type":616,"attrs":1642},{"color":618},{"text":1644,"type":613,"marks":1645},"stationary storage",[1646,1650],{"type":623,"attrs":1647},{"href":1648,"uuid":1649,"anchor":49,"target":627,"linktype":628},"/article/us-bess-cell-demand-outstripping-north-american-production-until-2028-despite-tariffs","e10ddd56-09be-471c-ab8b-7f1503670661",{"type":616,"attrs":1651},{"color":618},{"text":1653,"type":613,"marks":1654}," is reshaping demand.",[1655],{"type":616,"attrs":1656},{"color":618},{"type":608,"attrs":1658,"content":1659},{"textAlign":49},[1660,1665,1674],{"text":1661,"type":613,"marks":1662},"“In Q1 26 alone the US installed almost 10GWh of ",[1663],{"type":616,"attrs":1664},{"color":618},{"text":1666,"type":613,"marks":1667},"stationary storage battery",[1668,1672],{"type":623,"attrs":1669},{"href":1670,"uuid":1671,"anchor":49,"target":627,"linktype":628},"/videos/what-does-the-us-storage-market-currently-look-like","2eb77eea-249b-4ed7-b45c-0cdabb7d1a25",{"type":616,"attrs":1673},{"color":618},{"text":1675,"type":613,"marks":1676}," capacity,” Miller said, adding that a single grid-scale project can represent “the equivalent of tens of thousands of electric vehicles”.",[1677],{"type":616,"attrs":1678},{"color":618},{"type":608,"attrs":1680,"content":1681},{"textAlign":49},[1682,1688,1698],{"text":1683,"type":613,"marks":1684},"Watch Andy Miller's ",[1685,1687],{"type":616,"attrs":1686},{"color":618},{"type":930},{"text":1689,"type":613,"marks":1690},"opening keynote here",[1691,1695,1697],{"type":623,"attrs":1692},{"href":1693,"uuid":1694,"anchor":49,"target":627,"linktype":628},"/videos/benchmark-opening-keynote-welcome-to-giga-us-2026","0072d0fe-4a54-4147-afb1-d1ae0e0c4174",{"type":616,"attrs":1696},{"color":618},{"type":930},{"text":1060,"type":613,"marks":1699},[1700,1702],{"type":616,"attrs":1701},{"color":618},{"type":930},{"type":784,"attrs":1704,"content":1705},{"level":786,"textAlign":49},[1706],{"text":1707,"type":613,"marks":1708},"The US battery supply chain is retooling",[1709],{"type":616,"attrs":1710},{"color":618},{"type":608,"attrs":1712,"content":1713},{"textAlign":49},[1714,1719,1728],{"text":1715,"type":613,"marks":1716},"This shift from EV-dominant to more diversified demand presents both an opportunity and a challenge. Miller highlighted the need to retool a battery supply chain originally built to serve EV demand, in order to support a ",[1717],{"type":616,"attrs":1718},{"color":618},{"text":1720,"type":613,"marks":1721},"broader range of applications",[1722,1726],{"type":623,"attrs":1723},{"href":1724,"uuid":1725,"anchor":49,"target":627,"linktype":628},"/article/tesla-to-discontinue-the-model-s-and-x-as-it-pivots-towards-humanoid-robots","d988206d-9e4d-43bd-8969-21ef3bdb3281",{"type":616,"attrs":1727},{"color":618},{"text":1060,"type":613,"marks":1729},[1730],{"type":616,"attrs":1731},{"color":618},{"type":608,"attrs":1733,"content":1734},{"textAlign":49},[1735],{"text":1736,"type":613,"marks":1737},"“How we retool that in the medium term to feed these new emerging markets and applications is going to be central to the future competitiveness of not just the automotive industry here in the US but a number of major emerging markets as well,” he said.",[1738],{"type":616,"attrs":1739},{"color":618},{"type":608,"attrs":1741,"content":1742},{"textAlign":49},[1743],{"text":1744,"type":613,"marks":1745},"Despite market uncertainty, US battery manufacturing ambitions continue to expand. Planned capacity by 2030 has increased by 30% compared with three years ago. However, Miller warned that upstream supply chains remain a key constraint.",[1746],{"type":616,"attrs":1747},{"color":618},{"type":608,"attrs":1749,"content":1750},{"textAlign":49},[1751],{"text":1752,"type":613,"marks":1753},"At a global level, supply and demand growth for key battery inputs appears broadly aligned, but this balance breaks down regionally. “We are in a significant deficit on the pathway we're on today to meeting the demand needs of North America,” Miller said.",[1754],{"type":616,"attrs":1755},{"color":618},{"type":608,"attrs":1757,"content":1758},{"textAlign":49},[1759],{"text":1760,"type":613,"marks":1761},"He concluded that coordinated action across industry and policymakers will be critical to building a resilient domestic battery supply chain and advancing US energy security.",[1762],{"type":616,"attrs":1763},{"color":618},{"type":608,"attrs":1765,"content":1766},{"textAlign":49},[1767],{"text":1768,"type":613,"marks":1769},"“That's why we're here today,” Miller said. “And that's why we're delighted to have such a great cross section of the industry and stakeholders and policymakers with us here today.”",[1770],{"type":616,"attrs":1771},{"color":618},{"type":608,"attrs":1773,"content":1774},{"textAlign":49},[1775,1781,1793],{"text":1776,"type":613,"marks":1777},"Benchmark hosts a wide range of events throughout the year, dedicated to the full mine-to-gride supply chains that are key to the energy transition. To find out more visit our ",[1778,1780],{"type":616,"attrs":1779},{"color":618},{"type":930},{"text":1782,"type":613,"marks":1783},"Events page",[1784,1787,1790,1791],{"type":623,"attrs":1785},{"href":1786,"uuid":49,"anchor":49,"target":49,"linktype":1092},"https://www.benchmarkminerals.com/events/",{"type":616,"attrs":1788},{"color":1789},"#1155CC",{"type":930},{"type":1792},"underline",{"text":1794,"type":613,"marks":1795}," or fill out the form below and one of the team will be in touch.",[1796,1798],{"type":616,"attrs":1797},{"color":618},{"type":930},{"type":818,"attrs":1800},{"id":1801,"body":1802},"29eb0497-caaa-4647-a067-ff4ed8c36ac4",[1803],{"id":936,"_uid":1804,"component":938,"wrap_in_box":50,"redirect_url":1805,"success_file":1806,"default_height":565,"success_message":565,"v2_hubspot_form":50,"success_sub_text":565,"hidden_field_values":1808,"show_on_intelligence":50},"i-1d2d647e-a20b-4df4-8739-a2e6490b5dd8",{"id":565,"url":565,"linktype":628,"fieldtype":940,"cached_url":565},{"id":49,"alt":49,"name":565,"focus":49,"title":49,"source":49,"filename":565,"copyright":49,"fieldtype":942,"meta_data":1807},{},[],{"type":608,"attrs":1810,"content":1811},{"textAlign":49},[1812],{"type":1813},"hard_break","Andy Miller, chief executive of Benchmark Mineral Intelligence, opened Giga US 2026 in Washington, DC by outlining a rapidly evolving energy security landscape in the US, shaped by trade policy, geopolitics, and rising demand from emerging technologies.\n\n“Central to all of that and what's really become the bedrock in the question of how we reach true energy security, I believe, is the ability and the efficiency to store that energy,” Miller said. “All roads lead back to batteries.”",[],[1817,1820,1823,1826,1827,1828],{"slug":1818,"name":1819},"ess","ESS",{"slug":1821,"name":1822},"batteries","Batteries",{"slug":1824,"name":1825},"ev","EV",{"slug":544,"name":543},{"slug":961,"name":962},{"slug":1551,"name":1829},"Geopolitics",{"id":49,"alt":49,"name":565,"focus":49,"title":49,"source":49,"filename":565,"copyright":49,"fieldtype":942,"meta_data":1831},{},{"id":1833,"alt":565,"name":565,"focus":565,"title":565,"source":565,"filename":1834,"copyright":565,"fieldtype":942,"meta_data":1835,"is_external_url":50},185969581616746,"https://a.storyblok.com/f/287943243085208/4200x2801/5cd8e0b646/andy-miller-keynote-giga-us-2026.jpg",{},"Andy Miller, chief executive of Benchmark, opened Giga US 2026 in Washington, DC by outlining a rapidly evolving energy security landscape in the US, shaped by trade policy, geopolitics, and rising demand from emerging markets such as data centres.","Jun 10, 2026",{"id":1839,"uuid":1840,"name":1841,"slug":1842,"full_slug":1843,"content":1844},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":1845,"date":1846,"tags":1847,"editor":1854,"content":1864,"excerpt":1964,"featured":51,"reporter":1965,"component":955,"seo_title":1975,"categories":1976,"visibility":1219,"data_vis_image":1980,"featured_image":1982,"seo_description":1986,"formattedDate":1987},"24af9490-8068-4957-b6a6-21965eb94c2d","2026-06-08 00:00",[1848,1851,1852],{"slug":1849,"name":1850},"mozambique","Mozambique",{"slug":1247,"name":1248},{"slug":1853,"name":261},"anode",[1855],{"slug":1856,"name":1857,"content":1858},"benjamin-roche","Benjamin Roche",{"job_title":1859,"image":1860,"bio":1862,"linkedin":1863},"Editor – Energy Transition Supply Chains",{"filename":1861},"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":605,"content":1865},[1866,1881,1886,1894,1899,1904,1926,1936,1943,1950],{"type":608,"attrs":1867,"content":1868},{"textAlign":49},[1869,1871,1879],{"text":1870,"type":613},"Mozambique has enacted sweeping mining reforms that will fundamentally alter the terms on which mining ventures are ",{"text":1872,"type":613,"marks":1873},"developed in the country",[1874],{"type":623,"attrs":1875},{"href":1876,"uuid":1877,"anchor":49,"target":1878,"linktype":628},"/article/three-african-countries-to-account-for-47-of-new-flake-graphite-production-in-2025","07437bb7-48ea-4c16-8144-d5a9189d3128","_blank",{"text":1880,"type":613},", which Benchmark expects to supply 9% of natural graphite globally in 2026.",{"type":608,"attrs":1882,"content":1883},{"textAlign":49},[1884],{"text":1885,"type":613},"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":784,"attrs":1887,"content":1888},{"level":786,"textAlign":49},[1889],{"text":1890,"type":613,"marks":1891},"No clarity yet on existing operations",[1892],{"type":1893},"bold",{"type":608,"attrs":1895,"content":1896},{"textAlign":49},[1897],{"text":1898,"type":613},"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":608,"attrs":1900,"content":1901},{"textAlign":49},[1902],{"text":1903,"type":613},"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":608,"attrs":1905,"content":1906},{"textAlign":49},[1907,1909,1916,1918,1925],{"text":1908,"type":613},"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":1910,"type":613,"marks":1911},"Syrah Resources' Balama operation",[1912],{"type":623,"attrs":1913},{"href":1914,"uuid":1915,"anchor":49,"target":1878,"linktype":628},"/article/benchmark-gis-analysis-reveals-activity-patterns-at-syrah-resources-balama-graphite-mine-in-mozambique","a950c6f7-b595-4006-ab81-947f98449494",{"text":1917,"type":613},". Retroactive application of the new law could risk notable litigation against a government with limited liquidity, but until clarified, ",{"text":1919,"type":613,"marks":1920},"uncertainty hangs over the sector",[1921],{"type":623,"attrs":1922},{"href":1923,"uuid":1924,"anchor":49,"target":1878,"linktype":628},"/article/syrah-resources-declares-force-majeure-at-balama","ec3b712d-e57d-4951-abfa-557ec900143a",{"text":1060,"type":613},{"type":608,"attrs":1927,"content":1928},{"textAlign":49},[1929,1934],{"text":1930,"type":613,"marks":1931},"What is more likely is the impact on future mining developments. ",[1932],{"type":616,"attrs":1933},{"color":565},{"text":1935,"type":613},"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":818,"attrs":1937},{"id":1938,"body":1939},"b4e25bb3-116a-4b49-8bc2-db3ae887725f",[1940],{"id":1941,"_uid":1942,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"29293337","i-a9bfc350-661f-4156-b9b5-4c241a051b98",{"type":784,"attrs":1944,"content":1945},{"level":786,"textAlign":49},[1946],{"text":1947,"type":613,"marks":1948},"Law sustains a value-capture trend",[1949],{"type":1893},{"type":608,"attrs":1951,"content":1952},{"textAlign":49},[1953,1955,1962],{"text":1954,"type":613},"The approach has regional precedent. The DRC has long mandated state participation through Gécamines; Tanzania introduced mandatory state stakes in 2017; Zimbabwe banned ",{"text":1956,"type":613,"marks":1957},"raw lithium exports",[1958],{"type":623,"attrs":1959},{"href":1960,"uuid":1961,"anchor":49,"target":1878,"linktype":628},"/article/zimbabwe-to-lift-lithium-concentrate-export-ban-with-stringent-conditions","3a50839c-53d8-42db-ba04-0293c9018f48",{"text":1963,"type":613}," 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.",[1966],{"slug":1967,"name":1968,"content":1969},"tony-alderson","Tony Alderson",{"job_title":1970,"image":1971,"bio":1973,"linkedin":1974,"markets_covered":261},"Research Manager - Anode",{"filename":1972},"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/","Mozambique enforces state mining stake, introduces export ban",[1977,1979],{"slug":1978,"name":189},"natural-graphite",{"slug":544,"name":543},{"id":49,"alt":49,"name":565,"focus":49,"title":49,"source":49,"filename":565,"copyright":49,"fieldtype":942,"meta_data":1981},{},{"id":1983,"alt":565,"name":565,"focus":565,"title":565,"source":565,"filename":1984,"copyright":565,"fieldtype":942,"meta_data":1985,"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":1989,"uuid":1990,"name":1991,"slug":1992,"full_slug":1993,"content":1994},183538486507117,"9c9dff54-6a76-48e3-a503-1143e3603a10","Tesla reinstates graphite supply agreement with Syrah Resources","tesla-reinstates-graphite-supply-agreement-with-syrah-resources","article/tesla-reinstates-graphite-supply-agreement-with-syrah-resources",{"_uid":1995,"date":1996,"tags":1997,"editor":2006,"content":2010,"excerpt":2186,"featured":51,"reporter":2187,"component":955,"seo_title":1991,"categories":2191,"visibility":1219,"data_vis_image":2198,"featured_image":2200,"seo_description":2204,"formattedDate":2205},"4cc0ac13-cf3d-4453-b80d-4ab34c1b1efa","2026-06-03 00:00",[1998,2001,2004,2005],{"slug":1999,"name":2000},"tesla","Tesla",{"slug":2002,"name":2003},"syrah-resources","Syrah Resources",{"slug":1507,"name":1508},{"slug":592,"name":593},[2007],{"slug":596,"name":597,"content":2008},{"job_title":599,"image":2009,"bio":602,"linkedin":603},{"filename":601},{"type":605,"content":2011},[2012,2034,2042,2078,2086,2107,2115,2137,2144,2152,2172,2180],{"type":608,"attrs":2013,"content":2014},{"textAlign":49},[2015,2020,2029],{"text":2016,"type":613,"marks":2017},"Tesla has withdrawn its notice to terminate a graphite anode supply agreement with Australia’s ",[2018],{"type":616,"attrs":2019},{"color":618},{"text":2021,"type":613,"marks":2022},"Syrah Resources,",[2023,2027],{"type":623,"attrs":2024},{"href":2025,"uuid":2026,"anchor":49,"target":627,"linktype":628},"/videos/syrah-resources-keynote-presentation","3202e6a7-cc22-4b89-8d26-d7c596d91acc",{"type":616,"attrs":2028},{"color":618},{"text":2030,"type":613,"marks":2031}," ending a protracted negotiation process and restoring a strategically important supply link within the US battery materials ecosystem.",[2032],{"type":616,"attrs":2033},{"color":618},{"type":608,"attrs":2035,"content":2036},{"textAlign":49},[2037],{"text":2038,"type":613,"marks":2039},"The dispute, which saw both parties extend a resolution deadline four times, centred on commercial terms and performance expectations tied to Syrah’s Vidalia facility in Louisiana. Under the original 2021 agreement, Syrah committed to supplying 8,000 tonnes of graphite anode material to Tesla over a four-year period, making it one of the first commercial-scale North American supply arrangements of its kind.",[2040],{"type":616,"attrs":2041},{"color":618},{"type":608,"attrs":2043,"content":2044},{"textAlign":49},[2045,2050,2059,2064,2073],{"text":2046,"type":613,"marks":2047},"The reinstatement reflects Tesla’s continued need to secure diversified Western AAM supply, particularly in the wake of",[2048],{"type":616,"attrs":2049},{"color":618},{"text":2051,"type":613,"marks":2052}," US tariffs on anode active material",[2053,2057],{"type":623,"attrs":2054},{"href":2055,"uuid":2056,"anchor":49,"target":627,"linktype":628},"/article/us-to-increase-tariffs-on-chinese-anode-producers-to-205-","ee4cc049-cf29-4401-bf04-2a1cd938de91",{"type":616,"attrs":2058},{"color":618},{"text":2060,"type":613,"marks":2061}," (AAM) introduced under anti-dumping and countervailing duty measures (ADCVM) in 2025. Although these ",[2062],{"type":616,"attrs":2063},{"color":618},{"text":2065,"type":613,"marks":2066},"measures have since been lifted",[2067,2071],{"type":623,"attrs":2068},{"href":2069,"uuid":2070,"anchor":49,"target":627,"linktype":628},"/article/us-itc-votes-against-antidumping-duty-and-countervailing-duty-on-chinese-active-anode-material","b1231e13-5385-4df6-90bd-05f08d4627bd",{"type":616,"attrs":2072},{"color":618},{"text":2074,"type":613,"marks":2075},", their implementation highlighted the policy volatility shaping procurement strategies.",[2076],{"type":616,"attrs":2077},{"color":618},{"type":784,"attrs":2079,"content":2080},{"level":786,"textAlign":49},[2081],{"text":2082,"type":613,"marks":2083},"What is the state of North American anode offtakes?",[2084],{"type":616,"attrs":2085},{"color":618},{"type":608,"attrs":2087,"content":2088},{"textAlign":49},[2089,2094,2103],{"text":2090,"type":613,"marks":2091},"Many automakers and OEMs have signed offtake agreements with North American AAM producers in a bid to secure domestic material and reduce reliance on geopolitically fraught ",[2092],{"type":616,"attrs":2093},{"color":618},{"text":2095,"type":613,"marks":2096},"Chinese material",[2097,2101],{"type":623,"attrs":2098},{"href":2099,"uuid":2100,"anchor":49,"target":627,"linktype":628},"/article/regional-spotlight-china","746036af-b9fc-4d0d-b721-56d0d1094635",{"type":616,"attrs":2102},{"color":618},{"text":1060,"type":613,"marks":2104},[2105],{"type":616,"attrs":2106},{"color":618},{"type":608,"attrs":2108,"content":2109},{"textAlign":49},[2110],{"text":2111,"type":613,"marks":2112},"However, since late 2024, four of these offtakes have been terminated. This underscores the challenges of developing new domestic supply chains, including lengthy qualification timelines, cost pressures, and operational ramp-up risks.",[2113],{"type":616,"attrs":2114},{"color":618},{"type":608,"attrs":2116,"content":2117},{"textAlign":49},[2118,2123,2132],{"text":2119,"type":613,"marks":2120},"For example, Stellantis terminated two of its ",[2121],{"type":616,"attrs":2122},{"color":618},{"text":2124,"type":613,"marks":2125},"AAM offtake",[2126,2130],{"type":623,"attrs":2127},{"href":2128,"uuid":2129,"anchor":49,"target":627,"linktype":628},"/article/novonix-synthetic-graphite-offtake-deal-with-stellantis-furthers-demand-for-ex-china-anode-material","44c07eb4-abe1-4a74-b7c4-da81bfe5144e",{"type":616,"attrs":2131},{"color":618},{"text":2133,"type":613,"marks":2134}," agreements around the same time it cancelled other battery material supply deals such as with Australia’s Alliance Nickel, though the specific reason was publicly disclosed. SK On cancelled its offtake with Westwater, but did express willingness to consider a future agreement with updated terms.",[2135],{"type":616,"attrs":2136},{"color":618},{"type":818,"attrs":2138},{"id":2139,"body":2140},"ba668aaf-89b0-4ff8-9272-a2eb44f9fb98",[2141],{"id":2142,"_uid":2143,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"29235434","i-9ba19cff-a4df-4ea5-998d-c73622dc4bc7",{"type":784,"attrs":2145,"content":2146},{"level":786,"textAlign":49},[2147],{"text":2148,"type":613,"marks":2149},"What is Syrah’s operational footprint?",[2150],{"type":616,"attrs":2151},{"color":618},{"type":608,"attrs":2153,"content":2154},{"textAlign":49},[2155,2160,2167],{"text":2156,"type":613,"marks":2157},"Syrah operates the ",[2158],{"type":616,"attrs":2159},{"color":618},{"text":2161,"type":613,"marks":2162},"Balama graphite mine",[2163,2165],{"type":623,"attrs":2164},{"href":1914,"uuid":1915,"anchor":49,"target":627,"linktype":628},{"type":616,"attrs":2166},{"color":618},{"text":2168,"type":613,"marks":2169}," in Mozambique which has a capacity of 350,000 tonnes per year, though it is currently operating significantly below this. The majority of the mine’s output is the -100 mesh graphite, the preferred natural feedstock material for battery end use applications.",[2170],{"type":616,"attrs":2171},{"color":618},{"type":608,"attrs":2173,"content":2174},{"textAlign":49},[2175],{"text":2176,"type":613,"marks":2177},"Syrah’s Louisiana Vidalia facility is due to take material from Balama to produce AAM. The first phase of Vidalia came online in 2024 with a nameplate capacity of 11,250tpa of AAM, though it is still only producing qualification volumes. An expansion due to come online in 2031 will bring the total capacity to 45,000tpa.",[2178],{"type":616,"attrs":2179},{"color":618},{"type":818,"attrs":2181},{"id":2139,"body":2182},[2183],{"id":2184,"_uid":2185,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"29234771","i-d55d659a-a159-4989-bf71-3bf97386a929","Tesla has withdrawn its notice to terminate a graphite anode supply agreement with Australia’s Syrah Resources, ending a protracted negotiation process and restoring a strategically important supply link within the US battery materials ecosystem.\nThe dispute, which saw both parties extend a resolution deadline four times, centred on commercial terms and performance expectations tied to Syrah’s Vidalia facility in Louisiana. Under the original 2021 agreement, Syrah committed to supplying 8,000 tonnes of graphite anode material to Tesla over a four-year period, making it one of the first commercial-scale North American supply arrangements of its kind.\n",[2188],{"slug":1967,"name":1968,"content":2189},{"job_title":1970,"image":2190,"bio":1973,"linkedin":1974,"markets_covered":261},{"filename":1972},[2192,2193,2196,2197],{"slug":544,"name":543},{"slug":2194,"name":2195},"graphite","Graphite",{"slug":1978,"name":189},{"slug":1853,"name":261},{"id":49,"alt":49,"name":565,"focus":49,"title":49,"source":49,"filename":565,"copyright":49,"fieldtype":942,"meta_data":2199},{},{"id":2201,"alt":565,"name":565,"focus":565,"title":565,"source":565,"filename":2202,"copyright":565,"fieldtype":942,"meta_data":2203,"is_external_url":50},129072971220575,"https://a.storyblok.com/f/287943243085208/a9ba5bd909/bm-syrah-vidalia.png",{},"Tesla has withdrawn its notice to terminate a graphite anode supply agreement with Australia’s Syrah Resources, ending a protracted negotiation process and restoring a strategically important supply link within the US battery materials ecosystem.","Jun 03, 2026",{"id":2207,"uuid":2208,"name":2209,"slug":2210,"full_slug":2211,"content":2212},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":2213,"date":2214,"tags":2215,"editor":2220,"content":2224,"excerpt":2344,"featured":51,"reporter":2345,"component":955,"seo_title":2356,"categories":2357,"visibility":963,"data_vis_image":2371,"featured_image":2373,"seo_description":2377,"formattedDate":2378},"14a62998-06e3-4fa8-bcd0-b8df7e738bd3","2026-05-29 00:00",[2216,2217],{"slug":989,"name":990},{"slug":2218,"name":2219},"visual-capitalist","Visual Capitalist",[2221],{"slug":1856,"name":1857,"content":2222},{"job_title":1859,"image":2223,"bio":1862,"linkedin":1863},{"filename":1861},{"type":605,"content":2225},[2226,2237,2242,2247,2256,2263,2277,2309,2316,2334,2339],{"type":608,"attrs":2227,"content":2228},{"textAlign":49},[2229,2231,2236],{"text":2230,"type":613},"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":2232,"type":613,"marks":2233},"prices are again on the rise",[2234],{"type":623,"attrs":2235},{"href":1027,"uuid":1028,"anchor":49,"target":1878,"linktype":628},{"text":1060,"type":613},{"type":608,"attrs":2238,"content":2239},{"textAlign":49},[2240],{"text":2241,"type":613},"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":608,"attrs":2243,"content":2244},{"textAlign":49},[2245],{"text":2246,"type":613},"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":608,"attrs":2248,"content":2249},{"textAlign":49},[2250],{"type":2251,"attrs":2252},"image",{"id":2253,"alt":565,"src":2254,"title":565,"source":565,"copyright":565,"meta_data":2255},181694881907700,"https://a.storyblok.com/f/287943243085208/1200x1807/5bae1c6ff8/the-rise-and-fall-of-battery-material-prices-since-2019_voro_04222026-2.jpg",{},{"type":784,"attrs":2257,"content":2258},{"level":786,"textAlign":49},[2259],{"text":2260,"type":613,"marks":2261},"Demand dip as China EV purchases dropped",[2262],{"type":1893},{"type":608,"attrs":2264,"content":2265},{"textAlign":49},[2266,2268,2275],{"text":2267,"type":613},"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":2269,"type":613,"marks":2270},"price downturn",[2271],{"type":623,"attrs":2272},{"href":2273,"uuid":2274,"anchor":49,"target":1878,"linktype":628},"/article/lithium-price-decline-casts-shadow-over-long-term-supply-prospects-2023-in-review","2a16c44d-52e7-4d54-a4bc-a86c28a5f180",{"text":2276,"type":613}," before the turn of 2024.",{"type":608,"attrs":2278,"content":2279},{"textAlign":49},[2280,2282,2289,2291,2298,2300,2307],{"text":2281,"type":613},"Weak downstream demand for ",{"text":2283,"type":613,"marks":2284},"cobalt",[2285],{"type":623,"attrs":2286},{"href":2287,"uuid":2288,"anchor":49,"target":1878,"linktype":628},"/article/china-plans-to-stockpile-cobalt-after-price-rout","c13e0cb3-c5e9-4fec-a7f7-0535df46313c",{"text":2290,"type":613},"- and ",{"text":2292,"type":613,"marks":2293},"nickel",[2294],{"type":623,"attrs":2295},{"href":2296,"uuid":2297,"anchor":49,"target":1878,"linktype":628},"/article/chinese-nickel-sulphate-prices-near-three-year-low-amid-weak-battery-demand","bb52ce5e-634b-4139-b03e-4ccc0637a7c5",{"text":2299,"type":613},"-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":2301,"type":613,"marks":2302},"drove down the premium",[2303],{"type":623,"attrs":2304},{"href":2305,"uuid":2306,"anchor":49,"target":1878,"linktype":628},"/article/synthetic-graphite-anode-prices-decline-35-in-a-year-as-natural-graphite-price-premium-narrows","7dabbe31-78cf-4321-9d5f-155f145b49ab",{"text":2308,"type":613}," 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":784,"attrs":2310,"content":2311},{"level":786,"textAlign":49},[2312],{"text":2313,"type":613,"marks":2314},"Sulphur supply squeeze in 2026 increasing costs",[2315],{"type":1893},{"type":608,"attrs":2317,"content":2318},{"textAlign":49},[2319,2321,2327,2329],{"text":2320,"type":613},"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":2322,"type":613,"marks":2323},"sulphuric acid",[2324],{"type":623,"attrs":2325},{"href":2326,"uuid":49,"anchor":49,"target":1878,"linktype":1092},"https://intelligence.benchmarkminerals.com/publications/special-issues/the-sulphuric-acid-supply-squeeze-and-its-impact-on-critical-minerals-1",{"text":2328,"type":613},", 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":2330,"type":613,"marks":2331},"a range of other battery materials are also likely to be affected.",[2332],{"type":623,"attrs":2333},{"href":1391,"uuid":1392,"anchor":49,"target":1878,"linktype":628},{"type":608,"attrs":2335,"content":2336},{"textAlign":49},[2337],{"text":2338,"type":613},"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":608,"attrs":2340,"content":2341},{"textAlign":49},[2342],{"text":2343,"type":613},"“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”. ",[2346],{"slug":2347,"name":2348,"content":2349},"daisy-jennings-gray","Daisy Jennings-Gray",{"job_title":2350,"image":2351,"bio":2353,"linkedin":2354,"markets_covered":2355},"Head of Prices",{"filename":2352},"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",[2358,2359,2361,2362,2363,2364,2365,2366,2369,2370],{"slug":1821,"name":1822},{"slug":2360,"name":298},"cathode",{"slug":2283,"name":115},{"slug":544,"name":543},{"slug":2194,"name":2195},{"slug":1215,"name":8},{"slug":1978,"name":189},{"slug":2367,"name":2368},"synthetic-graphite","Synthetic Graphite",{"slug":1818,"name":1819},{"slug":1824,"name":1825},{"id":2253,"alt":565,"name":565,"focus":565,"title":565,"source":565,"filename":2254,"copyright":565,"fieldtype":942,"meta_data":2372,"is_external_url":50},{},{"id":2374,"alt":565,"name":565,"focus":565,"title":565,"source":565,"filename":2375,"copyright":565,"fieldtype":942,"meta_data":2376,"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":2380,"uuid":1392,"name":2381,"slug":2382,"full_slug":2383,"content":2384},181369921793545,"What the sulphuric acid supply crunch means for critical minerals","what-the-sulphuric-acid-supply-crunch-means-for-critical-minerals","article/what-the-sulphuric-acid-supply-crunch-means-for-critical-minerals",{"_uid":2385,"date":2386,"tags":2387,"editor":2396,"content":2400,"excerpt":2621,"featured":51,"reporter":2622,"component":955,"seo_title":2381,"categories":2623,"visibility":963,"data_vis_image":2636,"featured_image":2640,"seo_description":2644,"formattedDate":2645},"5bdd9893-c4e6-46f9-8ddb-fe23b8a740d0","2026-05-28 00:00",[2388,2390,2392,2395],{"slug":2389,"name":2322},"sulphuric-acid",{"slug":2391,"name":2391},"sulphur",{"slug":2393,"name":2394},"middle-east","Middle East",{"slug":989,"name":990},[2397],{"slug":596,"name":597,"content":2398},{"job_title":599,"image":2399,"bio":602,"linkedin":603},{"filename":601},{"type":605,"content":2401},[2402,2437,2445,2453,2477,2486,2494,2523,2540,2547,2556,2564,2572,2578,2586,2611],{"type":608,"attrs":2403,"content":2404},{"textAlign":49},[2405,2410,2418,2423,2432],{"text":2406,"type":613,"marks":2407},"Conflict in the ",[2408],{"type":616,"attrs":2409},{"color":618},{"text":2394,"type":613,"marks":2411},[2412,2416],{"type":623,"attrs":2413},{"href":2414,"uuid":2415,"anchor":49,"target":627,"linktype":628},"/article/middle-east-escalation-disrupts-energy-storage-deployment-and-chinese-overseas-expansion","16e5191e-fffd-47f2-953d-ca1adb9595a5",{"type":616,"attrs":2417},{"color":618},{"text":2419,"type":613,"marks":2420}," and the subsequent closure of the Strait of Hormuz led to sulphuric acid prices skyrocketing. The material is a key feedstock for the ",[2421],{"type":616,"attrs":2422},{"color":618},{"text":2424,"type":613,"marks":2425},"processing of many critical minerals",[2426,2430],{"type":623,"attrs":2427},{"href":2428,"uuid":2429,"anchor":49,"target":627,"linktype":628},"/article/what-does-the-middle-east-conflict-mean-for-battery-supply-chains-","3ba99529-b0e2-4bd1-b7d2-2189b7845e75",{"type":616,"attrs":2431},{"color":618},{"text":2433,"type":613,"marks":2434}," used in the energy transition. Benchmark’s analysis shows that for some minerals, sulphuric acid is no longer a background reagent, but a primary cost driver.",[2435],{"type":616,"attrs":2436},{"color":618},{"type":608,"attrs":2438,"content":2439},{"textAlign":49},[2440],{"text":2441,"type":613,"marks":2442},"Prices provided by Acuity show that between the start of the war in Iran at the end of February and mid-April, sulphuric acid prices surged by more than double and sulphur prices rose by 50%, albeit with regional variations.",[2443],{"type":616,"attrs":2444},{"color":618},{"type":608,"attrs":2446,"content":2447},{"textAlign":49},[2448],{"text":2449,"type":613,"marks":2450},"“Sulphuric acid is a vital feedstock for many critical minerals, and the disruption to the sulphur market from the ongoing Middle East conflict has had knock-on effects across key markets,” said Will Talbot, Benchmark’s research manager for raw materials. “Not only do high acid prices increase the cost base of lithium, nickel, copper, manganese, phosphoric acid and rare earth refiners, a lack of physical sulphur availability has already led some of these metal and chemical refiners to cut production.”",[2451],{"type":616,"attrs":2452},{"color":618},{"type":608,"attrs":2454,"content":2455},{"textAlign":49},[2456,2462,2471],{"text":2457,"type":613,"marks":2458},"Benchmark’s in-house team of expert analysts have compiled a ",[2459,2461],{"type":616,"attrs":2460},{"color":618},{"type":930},{"text":2463,"type":613,"marks":2464},"free-to-read Special Issue",[2465,2468,2470],{"type":623,"attrs":2466},{"href":2467,"uuid":49,"anchor":49,"target":627,"linktype":1092},"https://source.benchmarkminerals.com/publications/special-issues/the-sulphuric-acid-supply-squeeze-and-its-impact-on-critical-minerals-1",{"type":616,"attrs":2469},{"color":618},{"type":930},{"text":2472,"type":613,"marks":2473}," exploring the impact of the sulphuric acid supply crunch on critical mineral supply chains.",[2474,2476],{"type":616,"attrs":2475},{"color":618},{"type":930},{"type":784,"attrs":2478,"content":2479},{"level":786,"textAlign":49},[2480],{"text":2481,"type":613,"marks":2482},"How much have costs increased?",[2483,2485],{"type":616,"attrs":2484},{"color":618},{"type":1893},{"type":608,"attrs":2487,"content":2488},{"textAlign":49},[2489],{"text":2490,"type":613,"marks":2491},"Using Acuity’s price data along with Benchmark’s expert understanding of the cost of production for a large suite of critical minerals, the impact of rising sulphur and acid prices on the cost base has been assessed.",[2492],{"type":616,"attrs":2493},{"color":618},{"type":608,"attrs":2495,"content":2496},{"textAlign":49},[2497,2504,2509,2518],{"text":2498,"type":613,"marks":2499},"For lithium",[2500,2502],{"type":623,"attrs":2501},{"href":1027,"uuid":1028,"anchor":49,"target":627,"linktype":628},{"type":616,"attrs":2503},{"color":618},{"text":2505,"type":613,"marks":2506},", sulphuric acid previously accounted for 3% of the cost of producing lithium chemical from ",[2507],{"type":616,"attrs":2508},{"color":618},{"text":2510,"type":613,"marks":2511},"hard rock sources",[2512,2516],{"type":623,"attrs":2513},{"href":2514,"uuid":2515,"anchor":49,"target":627,"linktype":628},"/article/greenbushes-downgrades-production-guidance-as-ore-grade-decline-accelerates","afd41dd3-acc7-4431-9c51-de8391eaa25b",{"type":616,"attrs":2517},{"color":618},{"text":2519,"type":613,"marks":2520},". It is now 11% and has overtaken energy inputs to become the largest individual C1 cost component.",[2521],{"type":616,"attrs":2522},{"color":618},{"type":608,"attrs":2524,"content":2525},{"textAlign":49},[2526,2535],{"text":2527,"type":613,"marks":2528},"For nickel",[2529,2533],{"type":623,"attrs":2530},{"href":2531,"uuid":2532,"anchor":49,"target":627,"linktype":628},"/article/production-quotas-control-nickel-price-nickel-q1-2026-price-review","9e149244-10b5-4bac-a43c-079b19971251",{"type":616,"attrs":2534},{"color":618},{"text":2536,"type":613,"marks":2537}," (produced via HPAL) and purified phosphoric acid (PPA), sulphur and sulphuric acid were already major contributors to costs. Though at these elevated prices, sulphur now represents 42% of HPAL nickel costs and sulphuric acid 59% of PPA production.",[2538],{"type":616,"attrs":2539},{"color":618},{"type":818,"attrs":2541},{"id":2542,"body":2543},"479f56f7-2adf-4e0d-ba98-1d4035c06adf",[2544],{"id":2545,"_uid":2546,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"29150441","i-981e3ff7-0bd9-4fac-b4e6-3b2ca929dc6c",{"type":784,"attrs":2548,"content":2549},{"level":786,"textAlign":49},[2550],{"text":2551,"type":613,"marks":2552},"How much supply relies on sulphuric acid?",[2553,2555],{"type":616,"attrs":2554},{"color":618},{"type":1893},{"type":608,"attrs":2557,"content":2558},{"textAlign":49},[2559],{"text":2560,"type":613,"marks":2561},"Benchmark analysis shows that over half of lithium, cobalt, rare earths, and purified phosphoric acid (PPA) production in 2026 is exposed to shocks in sulphur and sulphuric acid markets. For high-purity manganese sulphate monohydrate (HPMSM), used in manganese-containing batteries, 100% of supply is exposed.",[2562],{"type":616,"attrs":2563},{"color":618},{"type":608,"attrs":2565,"content":2566},{"textAlign":49},[2567],{"text":2568,"type":613,"marks":2569},"The nickel market is less exposed, though the growing high-pressure acid leaching (HPAL) industry in Indonesia depends on sulphur imports from the Middle East to produce the required acid in situ.",[2570],{"type":616,"attrs":2571},{"color":618},{"type":818,"attrs":2573},{"id":2542,"body":2574},[2575],{"id":2576,"_uid":2577,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"28872665","i-493ef9bc-39e5-40df-91a8-b103206d1123",{"type":608,"attrs":2579,"content":2580},{"textAlign":49},[2581],{"text":2582,"type":613,"marks":2583},"“With the reopening of the Strait of Hormuz still an open question, and damage to Middle Eastern oil refineries set to extend disruption to sulphur supply even if the Strait is reopened, the outstanding risk is that more critical minerals players cut production or even shut down operations entirely,” Talbot said. “Critical minerals prices have already skyrocketed since the start of this year; more supply disruptions could push prices up even further.”",[2584],{"type":616,"attrs":2585},{"color":618},{"type":608,"attrs":2587,"content":2588},{"textAlign":49},[2589,2595,2605],{"text":2590,"type":613,"marks":2591},"For more timely market analysis of key energy transition supply chains, ",[2592,2594],{"type":616,"attrs":2593},{"color":618},{"type":930},{"text":2596,"type":613,"marks":2597},"create a free account",[2598,2601,2603,2604],{"type":623,"attrs":2599},{"href":2600,"uuid":49,"anchor":49,"target":49,"linktype":1092},"https://account.benchmarkminerals.com/register",{"type":616,"attrs":2602},{"color":1789},{"type":930},{"type":1792},{"text":2606,"type":613,"marks":2607}," or fill out the form below to learn more about our Intelligence subscription:",[2608,2610],{"type":616,"attrs":2609},{"color":618},{"type":930},{"type":818,"attrs":2612},{"id":2542,"body":2613},[2614],{"id":2615,"_uid":2616,"component":938,"wrap_in_box":50,"redirect_url":2617,"success_file":2618,"default_height":565,"success_message":565,"v2_hubspot_form":50,"success_sub_text":565,"hidden_field_values":2620,"show_on_intelligence":50},"57a99950-73f5-48be-98a4-7324c28e5d0b ","i-e0dd1eab-50d2-4fc9-97a8-a6336fd9b8a6",{"id":565,"url":565,"linktype":628,"fieldtype":940,"cached_url":565},{"id":49,"alt":49,"name":565,"focus":49,"title":49,"source":49,"filename":565,"copyright":49,"fieldtype":942,"meta_data":2619},{},[],"Conflict in the Middle East and the subsequent closure of the Strait of Hormuz led to sulphuric acid prices skyrocketing. The material is a key feedstock for the processing of many critical minerals used in the energy transition. Benchmark’s analysis shows that for some minerals, sulphuric acid is no longer a background reagent, but a primary cost driver.\n\nPrices provided by Acuity show that between the start of the war in Iran at the end of February and mid-April, sulphuric acid prices surged by more than double and sulphur prices rose by 50%, albeit with regional variations.\n\n“Sulphuric acid is a vital feedstock for many critical minerals, and the disruption to the sulphur market from the ongoing Middle East conflict has had knock-on effects across key markets,” said Will Talbot, Benchmark’s research manager for raw materials. “Not only do high acid prices increase the cost base of lithium, nickel, copper, manganese, phosphoric acid and rare earth refiners, a lack of physical sulphur availability has already led some of these metal and chemical refiners to cut production.”",[],[2624,2625,2626,2629,2630,2631,2634,2635],{"slug":544,"name":543},{"slug":1215,"name":8},{"slug":2627,"name":2628},"copper","Copper",{"slug":2283,"name":115},{"slug":2292,"name":150},{"slug":2632,"name":2633},"phosphate","Phosphate",{"slug":958,"name":414},{"slug":1551,"name":1829},{"id":2637,"alt":565,"name":565,"focus":565,"title":565,"source":565,"filename":2638,"copyright":565,"fieldtype":942,"meta_data":2639,"is_external_url":50},181371539295885,"https://a.storyblok.com/f/287943243085208/1588x1204/27eaec8506/mineral-exposure-2x-6.png",{},{"id":2641,"alt":565,"name":565,"focus":565,"title":565,"source":565,"filename":2642,"copyright":565,"fieldtype":942,"meta_data":2643,"is_external_url":50},181369963523366,"https://a.storyblok.com/f/287943243085208/4000x2250/645b78f209/adobestock_303152854.jpeg",{},"Conflict in the Middle East and the subsequent closure of the Strait of Hormuz led to sulphuric acid prices skyrocketing. 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The interview explores NOAA’s role, legal frameworks, commercial timelines and how policy could shape seabed critical minerals development in the US.",{"id":3628,"uuid":3629,"name":3630,"slug":3631,"full_slug":3632,"content":3633},188105515380204,"08cf2a82-3a75-4787-be89-82354b67d02f","Key takeaways from Giga US 2026: Interview with Benchmark CEO Andrew Miller","key-takeaways-from-giga-us-2026-interview-with-benchmark-ceo-andrew-miller","videos/key-takeaways-from-giga-us-2026-interview-with-benchmark-ceo-andrew-miller",{"_uid":3634,"date":3635,"tags":3636,"event":1504,"speaker":3643,"vimeoId":3644,"duration":3645,"featured":51,"component":3574,"seo_title":3646,"thumbnail":3647,"categories":3651,"visibility":963,"description":3656,"previewVimeoId":565,"seo_description":3656,"formattedDate":3657},"29b34397-5642-46a2-a3e6-04993f9650bb","2026-06-16 00:00",[3637,3638,3639,3642],{"slug":592,"name":593},{"slug":1503,"name":1504},{"slug":3640,"name":3641},"benchmark","Benchmark",{"slug":1507,"name":1508},"Andrew Miller, CEO, Benchmark; Bryan Bille, Lead Policy and Geopolitical Analyst, Benchmark","1201775651","357","Key takeaways from Giga US 2026 with Benchmark CEO Andrew Miller",{"id":3648,"alt":565,"name":565,"focus":565,"title":565,"source":565,"filename":3649,"copyright":565,"fieldtype":942,"meta_data":3650,"is_external_url":50},188106250072519,"https://a.storyblok.com/f/287943243085208/1920x1080/9bc0a49780/andy-miller.jpg",{},[3652,3653,3654,3655],{"slug":1821,"name":1822},{"slug":544,"name":543},{"slug":1818,"name":1819},{"slug":1824,"name":1825},"Benchmark CEO Andrew Miller discussed his key takeaways from the Giga US 2026 conference in Washington, DC.","Jun 16, 2026",[3659,3959,4277,4436,4556,5356,5384,5416],{"id":3660,"uuid":3661,"name":3662,"slug":3663,"full_slug":3664,"content":3665},138553074892234,"a080d30b-30a1-4fe5-95a3-34abfe4ff26a","Battery Snapshot: Q4 2025","battery-snapshot-q4-2025","publications/briefings/battery-snapshots/battery-snapshot-q4-2025",{"_uid":3666,"date":3667,"live":50,"content":3668,"excerpt":3947,"component":3948,"categories":3949,"visibility":1219,"publication_frequency":3957,"formattedDate":3958},"97c38a44-58df-4a44-ad75-e29feced16fd","2026-01-26 00:00",{"type":605,"content":3669},[3670,3688,3690,3695,3702,3807,3808,3813,3819,3899,3905,3906,3911,3941],{"type":608,"attrs":3671,"content":3672},{"textAlign":49},[3673,3675,3679,3681,3687],{"text":3674,"type":613},"Welcome to your ",{"text":3676,"type":613,"marks":3677},"Quarterly Battery Snapshot",[3678],{"type":1893},{"text":3680,"type":613},", part of your Benchmark Source subscription. This snapshot outlines and charts the key trends across the cell, cathode and anode markets. The data and insights in this snapshot draw on ",{"text":3682,"type":613,"marks":3683},"Benchmark’s Q4 2025 forecasts",[3684],{"type":623,"attrs":3685},{"href":3686,"uuid":49,"anchor":49,"target":49,"linktype":1092},"https://www.benchmarkminerals.com/supply-chain-data",{"text":1060,"type":613},{"type":3689},"horizontal_rule",{"type":784,"attrs":3691,"content":3692},{"level":786,"textAlign":49},[3693],{"text":3694,"type":613},"Demand trends",{"type":818,"attrs":3696},{"id":3697,"body":3698},"6ec89532-b609-4849-8592-a3f874d57bad",[3699],{"id":3700,"_uid":3701,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"27317250","i-a1924b99-7ac8-41f3-9d8c-3b59ea2883e6",{"type":3703,"content":3704},"bullet_list",[3705,3721,3744,3767,3774,3793,3800],{"type":3706,"content":3707},"list_item",[3708],{"type":608,"attrs":3709,"content":3710},{"textAlign":49},[3711,3713,3719],{"text":3712,"type":613},"Benchmark increased its 2025 forecast for cell demand by 9% compared to its Q3 2025 forecast, due to changes in demand adjustment factors. ",{"text":3714,"type":613,"marks":3715},"2025 battery demand",[3716],{"type":623,"attrs":3717},{"href":3718,"uuid":49,"anchor":49,"target":49,"linktype":1092},"https://source.benchmarkminerals.com/article/battery-demand-to-reach-1-6-twh-in-2025-as-benchmark-week-comes-to-a-close-in-la",{"text":3720,"type":613}," is forecast to have increased 27.8% compared to 2024 (as of the Q4 2025 forecast).",{"type":3706,"content":3722},[3723],{"type":608,"attrs":3724,"content":3725},{"textAlign":49},[3726,3728,3734,3736,3742],{"text":3727,"type":613},"Over 300 GWh of new ",{"text":3729,"type":613,"marks":3730},"BESS capacity",[3731],{"type":623,"attrs":3732},{"href":3733,"uuid":49,"anchor":49,"target":49,"linktype":1092},"https://source.benchmarkminerals.com/article/china-bess-installations-in-december-surpass-us-2025-total",{"text":3735,"type":613}," is forecast to have been deployed in 2025, ",{"text":3737,"type":613,"marks":3738},"up 44% from 211 GWh",[3739],{"type":623,"attrs":3740},{"href":3741,"uuid":49,"anchor":49,"target":49,"linktype":1092},"https://source.benchmarkminerals.com/article/global-bess-installments-increase-29-y-o-y",{"text":3743,"type":613}," of new capacity deployed in 2024. New capacity installations are forecast to increase a further 51% in 2026.",{"type":3706,"content":3745},[3746],{"type":608,"attrs":3747,"content":3748},{"textAlign":49},[3749,3751,3757,3759,3765],{"text":3750,"type":613},"Although the ",{"text":3752,"type":613,"marks":3753},"BESS market",[3754],{"type":623,"attrs":3755},{"href":3756,"uuid":49,"anchor":49,"target":49,"linktype":1092},"https://source.benchmarkminerals.com/article/saudis-bisha-battery-energy-storage-project-uses-30000-evs-worth-of-battery-minerals",{"text":3758,"type":613}," is rapidly growing, ",{"text":3760,"type":613,"marks":3761},"EVs still represent",[3762],{"type":623,"attrs":3763},{"href":3764,"uuid":49,"anchor":49,"target":49,"linktype":1092},"https://source.benchmarkminerals.com/article/global-ev-sales-reach-20-7-million-units-in-2025-growing-by-20",{"text":3766,"type":613}," the largest share of the battery market (76% in 2025).",{"type":3706,"content":3768},[3769],{"type":608,"attrs":3770,"content":3771},{"textAlign":49},[3772],{"text":3773,"type":613},"In the US, Benchmark anticipates a 30% drop in EV sales in 2026. BESS demand is forecast to tick up, though this is not enough to stave off an overall decrease in battery demand.",{"type":3706,"content":3775},[3776],{"type":608,"attrs":3777,"content":3778},{"textAlign":49},[3779,3783,3790],{"text":3780,"type":613,"marks":3781},"Download Benchmark’s special issue reviewing the ",[3782],{"type":930},{"text":3784,"type":613,"marks":3785},"first year of Trump 2.0",[3786,3789],{"type":623,"attrs":3787},{"href":3788,"uuid":49,"anchor":49,"target":49,"linktype":1092},"https://source.benchmarkminerals.com/publications/special-issues/1351985",{"type":930},{"text":1060,"type":613,"marks":3791},[3792],{"type":930},{"type":3706,"content":3794},[3795],{"type":608,"attrs":3796,"content":3797},{"textAlign":49},[3798],{"text":3799,"type":613},"Lithium iron phosphate (LFP) battery deployment has increased 43% year-to-date on the back of strong growth in the Chinese EV market and the global BESS market. As such, LFP’s share of the 2025 market has increased to 60% compared to 52% in 2024. It is forecast to grow further to 71% by 2030.",{"type":3706,"content":3801},[3802],{"type":608,"attrs":3803,"content":3804},{"textAlign":49},[3805],{"text":3806,"type":613},"On the anode side, Benchmark increased its forecast for silicon-bearing anodes, especially in the EV sector, on the back of technical developments in the area. Graphite–silicon composite anodes represent 5% of the market in 2025. By 2035, this is set to grow to 10%, with a further 4% taken up by silicon engineered anodes (with a Si loading above 10 wt%). In 2025, synthetic graphite anodes represent 81% of the market.",{"type":3689},{"type":784,"attrs":3809,"content":3810},{"level":786,"textAlign":49},[3811],{"text":3812,"type":613},"Supply trends",{"type":818,"attrs":3814},{"id":3697,"body":3815},[3816],{"id":3817,"_uid":3818,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"27317244","i-365d2889-e8ec-42a9-b0a1-99eb356da367",{"type":3703,"content":3820},[3821,3835,3842,3857,3885,3892],{"type":3706,"content":3822},[3823],{"type":608,"attrs":3824,"content":3825},{"textAlign":49},[3826,3828,3834],{"text":3827,"type":613},"Benchmark’s 2025 battery cell production forecast increased 12% compared to last quarter, primarily on the back of large increases in BESS cell output in China. North America also saw a notable uptick in its ",{"text":3829,"type":613,"marks":3830},"LFP cell pipeline",[3831],{"type":623,"attrs":3832},{"href":3833,"uuid":49,"anchor":49,"target":49,"linktype":1092},"https://source.benchmarkminerals.com/article/north-america-sees-lfp-production-capacity-pipeline-grow-driven-by-the-bess-market",{"text":1060,"type":613},{"type":3706,"content":3836},[3837],{"type":608,"attrs":3838,"content":3839},{"textAlign":49},[3840],{"text":3841,"type":613},"Overall, cell supply increased 36% in 2025 compared to 2024, cathode active material (CAM) supply increased 42%, and anode active material (AAM) supply increased 32%.",{"type":3706,"content":3843},[3844],{"type":608,"attrs":3845,"content":3846},{"textAlign":49},[3847,3849,3855],{"text":3848,"type":613},"The largest Chinese gigafactory added to the pipeline in Q4 2025 is the 33.6 GWh Tier 1 facility by CALB/Leapmotor. Outside of China, the largest addition is ",{"text":3850,"type":613,"marks":3851},"Inobat’s Tier 3 facility in Spain",[3852],{"type":623,"attrs":3853},{"href":3854,"uuid":49,"anchor":49,"target":49,"linktype":1092},"https://source.benchmarkminerals.com/article/inobats-planned-spanish-gigafactory-gains-state-support",{"text":3856,"type":613},", with a capacity of 32 GWh due online in 2027.",{"type":3706,"content":3858},[3859],{"type":608,"attrs":3860,"content":3861},{"textAlign":49},[3862,3868,3870,3876,3878,3884],{"text":3863,"type":613,"marks":3864},"CATL",[3865],{"type":623,"attrs":3866},{"href":3867,"uuid":49,"anchor":49,"target":49,"linktype":1092},"https://source.benchmarkminerals.com/article/catl-posts-record-results-as-efficiency-and-capacity-expansion-drive-profit-growth",{"text":3869,"type":613}," reportedly began mass production of its Gen V LFP cells in mid-November 2025. The company also took a controlling stake (51%) in Jiangxi Shenghua New Materials (the cathode subsidiary of Fulin Precision) in September, strengthening its position in the midstream. The technology to produce such CAM material was subject to ",{"text":3871,"type":613,"marks":3872},"China’s export controls",[3873],{"type":623,"attrs":3874},{"href":3875,"uuid":49,"anchor":49,"target":49,"linktype":1092},"https://source.benchmarkminerals.com/article/china-proposes-restrictions-on-lithium-and-cathode-technology-exports",{"text":3877,"type":613},", though these have now been suspended until ",{"text":3879,"type":613,"marks":3880},"10 November 2026",[3881],{"type":623,"attrs":3882},{"href":3883,"uuid":49,"anchor":49,"target":49,"linktype":1092},"https://source.benchmarkminerals.com/article/china-delays-rare-earth-export-controls-after-us-china-trade-talks",{"text":1060,"type":613},{"type":3706,"content":3886},[3887],{"type":608,"attrs":3888,"content":3889},{"textAlign":49},[3890],{"text":3891,"type":613},"Compared to 2024, natural graphite and synthetic graphite anode active material supply is forecast to have risen by 16% and 36%, respectively, in 2025, driven by China.",{"type":3706,"content":3893},[3894],{"type":608,"attrs":3895,"content":3896},{"textAlign":49},[3897],{"text":3898,"type":613},"The top 15 companies are forecast to represent 84%, 56%, and 79% of the cell, cathode, and anode markets in 2025, respectively.",{"type":818,"attrs":3900},{"id":3697,"body":3901},[3902],{"id":3903,"_uid":3904,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"27317249","i-e5b799bc-2ba4-4cc5-8eb4-36c6684b168b",{"type":3689},{"type":784,"attrs":3907,"content":3908},{"level":786,"textAlign":49},[3909],{"text":3910,"type":613},"Market balances",{"type":3703,"content":3912},[3913,3920,3927,3934],{"type":3706,"content":3914},[3915],{"type":608,"attrs":3916,"content":3917},{"textAlign":49},[3918],{"text":3919,"type":613},"Overall, the cell market is expected to be in surplus until 2034 in Benchmark’s base case scenario. Although China is the only region currently in a cell production surplus, North America is set to enter a surplus in 2027 on the back of reduced EV demand in the US. For NCM cell chemistries, this North American surplus is set to begin in 2026.",{"type":3706,"content":3921},[3922],{"type":608,"attrs":3923,"content":3924},{"textAlign":49},[3925],{"text":3926,"type":613},"The global cathode market is forecast to be oversupplied until 2031, with the Asian and Chinese markets significantly oversupplied in the near term. LFP specifically is forecast to enter a deficit from 2030, and mid-nickel NCM chemistries in 2029. LCO and NCA cathode active materials are anticipated to remain in surplus through to 2040.",{"type":3706,"content":3928},[3929],{"type":608,"attrs":3930,"content":3931},{"textAlign":49},[3932],{"text":3933,"type":613},"Although the CAM market is oversupplied based on end-use demand, the overproduction of battery cells means the market balance for CAM could be tighter than anticipated, with a deficit under this model as early as 2028. However, aggressive destocking of cells and adjustments in gigafactory utilisation rates could push this back to the end of the decade.",{"type":3706,"content":3935},[3936],{"type":608,"attrs":3937,"content":3938},{"textAlign":49},[3939],{"text":3940,"type":613},"The anode active material market is forecast to be in surplus until 2035. However, demand growth for natural graphite AAM outpaces supply growth and is therefore expected to fall into a deficit earlier (2031). China is significantly oversupplied, with 2030 production forecast to be 162% greater than domestic demand.",{"type":818,"attrs":3942},{"id":3697,"body":3943},[3944],{"id":3945,"_uid":3946,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"27317241","i-cd44be6c-507b-4184-b4af-6035f2913cc1","Welcome to your Quarterly Battery Snapshot, part of your Benchmark Source subscription. This snapshot outlines and charts the key trends across the cell, cathode and anode markets. The data and insights in this snapshot draw on Benchmark’s Q4 2025 forecasts. Demand trends Supply trends Market balances","briefing",[3950,3951,3952,3953,3954],{"slug":1853,"name":261},{"slug":1821,"name":1822},{"slug":2360,"name":298},{"slug":1215,"name":8},{"slug":3955,"name":3956},"silicon-anode","Silicon Anode","quarterly","Jan 26, 2026",{"id":3960,"uuid":3961,"name":3962,"slug":3963,"full_slug":3964,"content":3965},186027698195988,"71b1ea88-1394-4253-a03a-98596aeaffa1","Benchmark Battery Minerals Snapshot: Q1 2026","benchmark-battery-minerals-snapshot-q1-2026","publications/briefings/battery-minerals-snapshots/benchmark-battery-minerals-snapshot-q1-2026",{"_uid":3966,"date":3967,"content":3968,"excerpt":4263,"component":3948,"categories":4264,"visibility":1219,"publication_frequency":3957,"formattedDate":4276},"ef898bd6-bb7b-4ee3-ad09-a0802edf0e1f","2026-05-01 00:00",{"type":605,"content":3969},[3970,3981,3986,3993,4001,4019,4046,4055,4064,4078,4083,4088,4106,4113,4120,4125,4142,4160,4193,4211,4228,4242,4249,4256],{"type":608,"attrs":3971,"content":3972},{"textAlign":49},[3973,3975,3979],{"text":3974,"type":613},"Welcome to the ",{"text":3976,"type":613,"marks":3977},"Benchmark Battery Minerals Snapshot",[3978],{"type":1893},{"text":3980,"type":613},". This briefing, part of your Benchmark Intelligence subscription, provides an overview of the key trends and dynamics that shaped battery raw material markets in the last quarter. The insights are drawn from Benchmark’s suite of battery raw material forecast reports.",{"type":784,"attrs":3982,"content":3983},{"level":786,"textAlign":49},[3984],{"text":3985,"type":613},"Highlights",{"type":818,"attrs":3987},{"id":3988,"body":3989},"8dee7372-d0ea-4720-9313-704603fc336c",[3990],{"id":3991,"_uid":3992,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"29233015","i-63c8267a-f23a-46eb-9dd9-489d9e6d15f6",{"type":608,"attrs":3994,"content":3995},{"textAlign":49},[3996,3999],{"text":8,"type":613,"marks":3997},[3998],{"type":1893},{"text":4000,"type":613},": The market is forecast to be broadly balanced out to 2033, though with a slight deficit in 2026 of 32kt LCE. This is supporting near term price rises. However, in 2027, a slight surplus (albeit one that is effectively a balanced market) is expected to lead to a drop in prices. ",{"type":608,"attrs":4002,"content":4003},{"textAlign":49},[4004,4008,4010,4017],{"text":4005,"type":613,"marks":4006},"Cobalt:",[4007],{"type":1893},{"text":4009,"type":613}," The cobalt market is forecast to post a surplus of +61kt in 2025, as supply growth outpaces demand. However the DRC's ",{"text":4011,"type":613,"marks":4012},"cobalt export quotas",[4013],{"type":623,"attrs":4014},{"href":4015,"uuid":4016,"anchor":49,"target":627,"linktype":628},"/article/drc-to-lift-cobalt-export-ban-and-impose-quotas-through-2027","f7770a3b-8ebe-489f-ac18-ccd3d682f730",{"text":4018,"type":613}," introduced in October 2025 continue to impose a tightness on supply which kept cobalt prices high over the quarter. The continued increase in LFP's market share compared to NCM downgrades cobalt demand from the battery sector, though the EV market still accounts for 56% of battery-based cobalt demand in 2025.",{"type":608,"attrs":4020,"content":4021},{"textAlign":49},[4022,4026,4028,4035,4037,4044],{"text":4023,"type":613,"marks":4024},"Nickel: ",[4025],{"type":1893},{"text":4027,"type":613},"The nickel market is set to post a record 231kt surplus in 2025, marking the fourth consecutive year of oversupply. Indonesia, the largest nickel producer, suspended ",{"text":4029,"type":613,"marks":4030},"nickel smelter permits",[4031],{"type":623,"attrs":4032},{"href":4033,"uuid":4034,"anchor":49,"target":627,"linktype":628},"/article/indonesias-new-smelter-ban-targets-value-added-growth","6bd7aaab-55f0-4bf4-b404-905e228e4541",{"text":4036,"type":613}," and is using ",{"text":4038,"type":613,"marks":4039},"RKAB quotas",[4040],{"type":623,"attrs":4041},{"href":4042,"uuid":4043,"anchor":49,"target":627,"linktype":628},"/article/indonesia-announces-significantly-lower-nickel-rkab-quotas","4f8ae390-bfc8-4b79-8cf8-766487872aaa",{"text":4045,"type":613}," to control output. The market surplus is anticipated to continue into the early 2030s without further intervention.",{"type":608,"attrs":4047,"content":4048},{"textAlign":49},[4049,4053],{"text":4050,"type":613,"marks":4051},"Natural graphite: ",[4052],{"type":1893},{"text":4054,"type":613},"Although the overall flake graphite market is in a surplus, the -100 mesh size suited for battery anode applications is in a deficit.",{"type":608,"attrs":4056,"content":4057},{"textAlign":49},[4058,4062],{"text":4059,"type":613,"marks":4060},"Synthetic graphite:",[4061],{"type":1893},{"text":4063,"type":613}," Synthetic graphite material is in a deficit based on end-use demand, though when compared to cell production the market is significantly tighter and more balanced. Needle coke (the feedstock for synthetic graphite) demand grew 15% in 2025 and is expected to grow another 15% in 2026.",{"type":608,"attrs":4065,"content":4066},{"textAlign":49},[4067,4071],{"text":4068,"type":613,"marks":4069},"For a price-focused outlook for 2026, read Benchmark's ",[4070],{"type":930},{"text":4072,"type":613,"marks":4073},"2026 Outlook Whitepaper: A Turning Point for Critical Materials?",[4074,4077],{"type":623,"attrs":4075},{"href":4076,"uuid":49,"anchor":49,"target":627,"linktype":1092},"https://intelligence.benchmarkminerals.com/publications/special-issues/2026-outlook-whitepaper-a-turning-point-for-critical-materials",{"type":930},{"type":784,"attrs":4079,"content":4080},{"level":786,"textAlign":49},[4081],{"text":4082,"type":613},"Demand Overview",{"type":608,"attrs":4084,"content":4085},{"textAlign":49},[4086],{"text":4087,"type":613},"Battery demand in 2026 is forecast to reach 2.2TWh, a 21% y-o-y increased compared to 2025. BESS demand is the fastest growing market at 54% growth year-on-year, though EVs remain the largest demand market.",{"type":608,"attrs":4089,"content":4090},{"textAlign":49},[4091,4095,4102],{"text":4092,"type":613,"marks":4093},"Read the ",[4094],{"type":930},{"text":4096,"type":613,"marks":4097},"Battery Snapshot Briefing",[4098,4101],{"type":623,"attrs":4099},{"href":4100,"uuid":3661,"anchor":49,"target":627,"linktype":628},"/publications/briefings/battery-snapshots/battery-snapshot-q4-2025",{"type":930},{"text":4103,"type":613,"marks":4104}," for a more detailed  overview of battery, cathode, and anode trends over the last quarter.",[4105],{"type":930},{"type":818,"attrs":4107},{"id":4108,"body":4109},"ae7dd51c-f548-42c9-bf58-118a09756323",[4110],{"id":4111,"_uid":4112,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"29233026","i-173e450f-4256-445c-bea3-1120e346a647",{"type":818,"attrs":4114},{"id":4115,"body":4116},"f9a9d512-0e1a-40f8-840d-0e01a4cd84b2",[4117],{"id":4118,"_uid":4119,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"29233024","i-8703e94d-0ef9-4984-8738-dc9c94411524",{"type":784,"attrs":4121,"content":4122},{"level":786,"textAlign":49},[4123],{"text":4124,"type":613},"Supply Overview",{"type":608,"attrs":4126,"content":4127},{"textAlign":49},[4128,4132,4134,4140],{"text":4129,"type":613,"marks":4130},"Lithium: ",[4131],{"type":1893},{"text":4133,"type":613},"Global mined lithium supply is projected to grow 260kt (+15%) between 2025 and 2026, with this rising to 270kt LCE if recycling is included. ",{"text":1248,"type":613,"marks":4135},[4136],{"type":623,"attrs":4137},{"href":4138,"uuid":4139,"anchor":49,"target":627,"linktype":628},"/article/africa-sees-largest-lithium-supply-growth-of-any-region-in-2025","d23cb2d3-7543-4bd4-b9a8-4bd5592bad0a",{"text":4141,"type":613}," is expected to be the largest contributor to this, adding 107kt, followed by Australia adding 75kt. China's mined additions will be just over 50kt. The largest output increase for an individual mine is forecast to be Greenbushes in Australia. China's dominance in lithium chemical production is set to drop from 66% in 2026 to 39% by 2035.",{"type":608,"attrs":4143,"content":4144},{"textAlign":49},[4145,4149,4151,4158],{"text":4146,"type":613,"marks":4147},"Cobalt: ",[4148],{"type":1893},{"text":4150,"type":613},"Mined cobalt output in the DRC is forecast to fall significantly in 2026 due to the ",{"text":4152,"type":613,"marks":4153},"export quotas",[4154],{"type":623,"attrs":4155},{"href":4156,"uuid":4157,"anchor":49,"target":627,"linktype":628},"/videos/beyond-the-ban-unpacking-the-drcs-cobalt-export-suspension-decision","071fbb42-04e6-4a3f-aa90-61e2b1422e2f",{"text":4159,"type":613}," and market uncertainty. However, Indonesia is expected to post a 4.4kt increase, supporting buyers who are seeking alternative sources. After a dip in mined cobalt output in 2025 and 2026, Benchmark is forecasting an increase in supply from 2027. Indonesia is set to double its market share to 29% by 2030.",{"type":608,"attrs":4161,"content":4162},{"textAlign":49},[4163,4167,4169,4176,4178,4182,4189],{"text":4164,"type":613,"marks":4165},"Nickel:",[4166],{"type":1893},{"text":4168,"type":613}," Refined nickel supply is forecast to rise 4.5% year-on-year in 2025, reaching about 3.7Mt, with nearly all growth driven by Indonesia. Outside of Indonesia, gains will be modest, with Australian production posting a drop as IGO advances with the closure of its Nova mine. ",{"text":4170,"type":613,"marks":4171},"MHP",[4172],{"type":623,"attrs":4173},{"href":4174,"uuid":4175,"anchor":49,"target":627,"linktype":628},"/article/nickel-intermediate-tightness-to-underpin-elevated-mhp-payables-into-q4","df46a979-2900-4413-b22f-156697f65198",{"text":4177,"type":613}," is the primary growth product, supported by an increase in HPAL operations. ",{"text":4179,"type":613,"marks":4180},"Read Benchmark's Special Issue \"",[4181],{"type":930},{"text":4183,"type":613,"marks":4184},"Nickel Margins Shrink as Indonesia Sets the Cost Floor",[4185,4188],{"type":623,"attrs":4186},{"href":4187,"uuid":49,"anchor":49,"target":627,"linktype":1092},"https://intelligence.benchmarkminerals.com/publications/special-issues/nickel-margins-shrink-as-indonesia-sets-the-cost-floor",{"type":930},{"text":4190,"type":613,"marks":4191},"\".",[4192],{"type":930},{"type":608,"attrs":4194,"content":4195},{"textAlign":49},[4196,4200,4202,4209],{"text":4197,"type":613,"marks":4198},"Natural Graphite:",[4199],{"type":1893},{"text":4201,"type":613}," Flake graphite supply is forecast to grow by around 2.6% in 2025, bolstered by ",{"text":4203,"type":613,"marks":4204},"strong growth in Africa",[4205],{"type":623,"attrs":4206},{"href":4207,"uuid":4208,"anchor":49,"target":627,"linktype":628},"/article/site-visit-permanent-minerals-highlights-africas-growing-flake-graphite-role","fd8d9fa2-3a92-4168-973e-760f72a44ef2",{"text":4210,"type":613}," which offsets the declining production in China and the rest of the world. Whilst China has dominated the flake graphite supply (72% in 2025), this is forecast to fall to 47% by 2035, with Africa growing to 39%.",{"type":608,"attrs":4212,"content":4213},{"textAlign":49},[4214,4217,4219,4226],{"text":4059,"type":613,"marks":4215},[4216],{"type":1893},{"text":4218,"type":613}," Supply of ",{"text":4220,"type":613,"marks":4221},"synthetic graphite anode material",[4222],{"type":623,"attrs":4223},{"href":4224,"uuid":4225,"anchor":49,"target":627,"linktype":628},"/videos/synthetic-graphites-price-power-is-cost-led-dominance-here-to-stay","9aa645e0-8c14-4dd6-9b48-14c41d1d6fbe",{"text":4227,"type":613}," is set to grow 36% in 2025 and another 17% in 2026. Production remains dominated by China. Whilst oil-based needle coke supply is set to drive the market in the near term, coal-based materials are anticipated to become the dominant growth market in the 2030s. China's dominance in needle coke production is expected to grow from 69% market share in 2025 to 77% by 2035.",{"type":608,"attrs":4229,"content":4230},{"textAlign":49},[4231,4235],{"text":4232,"type":613,"marks":4233},"For an overview of the key developments across the full mine-to-grid supply chain in 2025, read Benchmark's ",[4234],{"type":930},{"text":4236,"type":613,"marks":4237},"Mine to Grid: 2025 Year in Review.",[4238,4241],{"type":623,"attrs":4239},{"href":4240,"uuid":49,"anchor":49,"target":627,"linktype":1092},"https://intelligence.benchmarkminerals.com/publications/special-issues/mine-to-grid-2025-year-in-review",{"type":930},{"type":818,"attrs":4243},{"id":4244,"body":4245},"460e993a-79c9-4fa1-ace6-d6c4e2fac716",[4246],{"id":4247,"_uid":4248,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"29233023","i-19fa6e70-a0c6-41d0-a02e-6f17dd018654",{"type":818,"attrs":4250},{"id":4251,"body":4252},"a89ed7b4-b92e-4cae-9bbb-21d7c045e141",[4253],{"id":4254,"_uid":4255,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"29233018","i-e8fce755-4b63-421a-bb30-0828d738850b",{"type":818,"attrs":4257},{"id":4258,"body":4259},"fdcacd79-f9f2-40ba-a018-cc8f18097df7",[4260],{"id":4261,"_uid":4262,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"29233020","i-cf3c12e9-9a2f-496a-ba03-c8118ac9bab0","Welcome to the Benchmark Battery Minerals Snapshot. This briefing, part of your Benchmark Intelligence subscription, provides an overview of the key trends and dynamics that shaped battery raw material markets in the last quarter. The insights are drawn from Benchmark’s suite of battery raw material forecast reports.",[4265,4266,4267,4268,4269,4270,4271,4272,4273,4274,4275],{"slug":1853,"name":261},{"slug":2360,"name":298},{"slug":2283,"name":115},{"slug":544,"name":543},{"slug":1215,"name":8},{"slug":1479,"name":1480},{"slug":1978,"name":189},{"slug":2292,"name":150},{"slug":2632,"name":2633},{"slug":2194,"name":2195},{"slug":2367,"name":2368},"May 01, 2026",{"id":4278,"uuid":4279,"name":4280,"slug":4281,"full_slug":4282,"content":4283},185209837684109,"eb8c6405-6ddf-4b4c-ac3b-2e06ced3278f","Benchmark China Briefing: June 2026","benchmark-china-briefing-june-2026","publications/briefings/china-briefings/benchmark-china-briefing-june-2026",{"_uid":4284,"date":1846,"content":4285,"excerpt":4419,"component":3948,"categories":4420,"visibility":1219,"publication_frequency":188,"formattedDate":1987},"6b354c5d-0332-4e3a-b369-7b6ef9dc814e",{"type":605,"content":4286},[4287,4297,4309,4321,4326,4335,4349,4363,4370,4383,4389,4397,4403,4410],{"type":608,"attrs":4288,"content":4289},{"textAlign":49},[4290,4291,4295],{"text":3974,"type":613},{"text":4292,"type":613,"marks":4293},"Benchmark China Briefing",[4294],{"type":1893},{"text":4296,"type":613},". This briefing, part of the Benchmark Source subscription, provides a monthly deep-dive on key developments in China.",{"type":608,"attrs":4298,"content":4299},{"textAlign":49},[4300,4302,4308],{"text":4301,"type":613},"The insights are drawn from Benchmark’s suite of upstream, midstream, and downstream reports and assessments, providing a holistic view of China’s lithium-ion battery and electric vehicle (EV) supply chains. To learn more, click ",{"text":4303,"type":613,"marks":4304},"here",[4305],{"type":623,"attrs":4306},{"href":4307,"uuid":49,"anchor":49,"target":49,"linktype":1092},"https://www.benchmarkminerals.com/forecasts",{"text":1060,"type":613},{"type":608,"attrs":4310,"content":4311},{"textAlign":49},[4312,4314,4319],{"text":4313,"type":613},"You can also read our recent ",{"text":4315,"type":613,"marks":4316},"Regional Spotlight",[4317],{"type":623,"attrs":4318},{"href":2099,"uuid":2100,"anchor":49,"target":1878,"linktype":628},{"text":4320,"type":613},", featuring visualisations of China's mine-to-grid supply chain and an overview of the country's recent policy changes.",{"type":784,"attrs":4322,"content":4323},{"level":786,"textAlign":49},[4324],{"text":4325,"type":613},"Battery & EV Roundup",{"type":608,"attrs":4327,"content":4328},{"textAlign":49},[4329],{"text":4330,"type":613,"marks":4331},"Sales of EVs in China in April were broadly steady compared with those in March. The 613,762 figure for BEVs was close to the 615,601 registered for the same month in 2025, while PHEV sales saw a small decline in April compared with March, when there was a large spike from February. ",[4332],{"type":616,"attrs":4333},{"color":4334},"black",{"type":608,"attrs":4336,"content":4337},{"textAlign":49},[4338,4340,4347],{"text":4339,"type":613},"China’s overall EV market is ",{"text":4341,"type":613,"marks":4342},"down 17% year-to-date",[4343],{"type":623,"attrs":4344},{"href":4345,"uuid":4346,"anchor":49,"target":1878,"linktype":628},"/article/global-ev-sales-reached-1-60-million-units-in-april-2026","7b51be3e-c55e-4a7f-b883-41de91b7447e",{"text":4348,"type":613},". Much of this decline has been concentrated in the smaller vehicle segment, which has been disproportionately affected by subsidy adjustments introduced at the start of the year, reducing the attractiveness of these models.",{"type":608,"attrs":4350,"content":4351},{"textAlign":49},[4352,4354,4361],{"text":4353,"type":613},"As domestic growth slows, ",{"text":4355,"type":613,"marks":4356},"EV exports from China have surged",[4357],{"type":623,"attrs":4358},{"href":4359,"uuid":4360,"anchor":49,"target":1878,"linktype":628},"/article/china-made-evs-boost-in-europe-in-march-amid-higher-fuel-prices","399b5622-66a9-43cc-b288-ca777d47a6cc",{"text":4362,"type":613},". In April 2026 alone, exports exceeded 400,000 units. Over the first four months of 2026, China exported nearly 1.4 million EVs, more than double the volume recorded during the same period in 2025. Consequently, markets such as Europe, South America, and Southeast Asia have seen a significant increase in sales of EVs produced in China.",{"type":818,"attrs":4364},{"id":4365,"body":4366},"858cf747-2f46-4c0c-96f1-a65479ccf034",[4367],{"id":4368,"_uid":4369,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"29262678","i-cd5547f5-c322-492c-abca-b515cafc2244",{"type":608,"attrs":4371,"content":4372},{"textAlign":49},[4373,4375,4382],{"text":4374,"type":613},"Chinese battery demand remained at a similar level in April as in March, with a 2.16GWh increase in demand for passenger vehicle applications and a 1.67GWh dip in battery storage-related demand despite strong recent indications for BESS beyond China, ",{"text":4376,"type":613,"marks":4377},"particularly in Europe",[4378],{"type":623,"attrs":4379},{"href":4380,"uuid":4381,"anchor":49,"target":1878,"linktype":628},"/article/europe-has-record-quarter-for-energy-storage","acf89f40-3be3-4aef-8011-2f0d5bce1a88",{"text":1060,"type":613},{"type":818,"attrs":4384},{"id":4365,"body":4385},[4386],{"id":4387,"_uid":4388,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"29262688","i-54311456-d308-4b6d-a7f6-3e435118c223",{"type":608,"attrs":4390,"content":4391},{"textAlign":49},[4392],{"text":4393,"type":613,"marks":4394},"China’s lithium-ion battery (LFP and NCM/NCA) production saw a smaller uptick in April than March, with LFP growing 4% compared with 28% in March, after a dip in February. April also saw largely steady NCM/NCA production, which grew 0.3GWh.",[4395],{"type":616,"attrs":4396},{"color":618},{"type":818,"attrs":4398},{"id":4365,"body":4399},[4400],{"id":4401,"_uid":4402,"type":628,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"3700913","i-42c2b7c2-8369-45c8-823b-1096e5c20cfe",{"type":784,"attrs":4404,"content":4405},{"level":786,"textAlign":49},[4406],{"text":4407,"type":613,"marks":4408},"China: EV battery supply chain trade dynamics",[4409],{"type":1893},{"type":818,"attrs":4411},{"id":4365,"body":4412},[4413,4416],{"id":4414,"_uid":4415,"type":628,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"3700916","i-097462f6-6c56-4fb7-bdd8-cbc4f8cf7886",{"id":4417,"_uid":4418,"type":628,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"3700942","i-78e9cf1e-999b-4078-9c60-a9c61b1e24e3","Welcome to the Benchmark China Briefing. This briefing, part of the Benchmark Source subscription, provides a monthly deep-dive on key developments in China. The insights are drawn from Benchmark’s suite of upstream, midstream, and downstream reports and assessments, providing a holistic view of China's lithium-ion battery and electric vehicle (EV) supply chains.",[4421,4422,4423,4424,4425,4426,4427,4428,4429,4430,4431,4432,4435],{"slug":1821,"name":1822},{"slug":1824,"name":1825},{"slug":1818,"name":1819},{"slug":544,"name":543},{"slug":2283,"name":115},{"slug":2360,"name":298},{"slug":1215,"name":8},{"slug":2194,"name":2195},{"slug":1978,"name":189},{"slug":1479,"name":1480},{"slug":2292,"name":150},{"slug":4433,"name":4434},"new-energy","New Energy",{"slug":2367,"name":2368},{"id":4437,"uuid":4438,"name":4439,"slug":4440,"full_slug":4441,"content":4442},188502293903791,"6b32afd6-809c-4c2f-a538-4683c895cc79","Energy Indicators Monthly - June 2026","energy-indicators-monthly-june-2026","publications/briefings/energy-indicators/energy-indicators-monthly-june-2026",{"_uid":4443,"date":4444,"content":4445,"excerpt":4548,"component":3948,"categories":4549,"visibility":1219,"publication_frequency":188,"formattedDate":4555},"07ea97dd-f122-428e-8b9b-3b3daf5c3aeb","2026-06-17 00:00",{"type":605,"content":4446},[4447,4452,4456,4468,4480,4490,4495,4533],{"type":608,"attrs":4448,"content":4449},{"textAlign":49},[4450],{"text":4451,"type":613},"This report offers energy indicators for major global economies, designed to enhance understanding of the energy transition and to complement Benchmark’s data.",{"type":784,"attrs":4453,"content":4454},{"level":786,"textAlign":49},[4455],{"text":3985,"type":613},{"type":608,"attrs":4457,"content":4458},{"textAlign":49},[4459,4461,4466],{"text":4460,"type":613},"The US peace deal with Iran announced on 15 June sent oil prices tumbling, with Brent crude dipping below the $80 mark for the first time since March the following day. The easing of a US naval blockade and reports of Iranian oil being shipped through ",{"text":4462,"type":613,"marks":4463},"the Strait of Hormuz",[4464],{"type":623,"attrs":4465},{"href":1391,"uuid":1392,"anchor":49,"target":1878,"linktype":628},{"text":4467,"type":613}," have driven it down, and the International Energy Agency (IEA) is now predicting an oil supply surplus in 2027 as a result of long-term resumption in shipping through the waterway. The organisation also expects global oil demand to drop by 1.1 million barrels per day before recovering next year on falling prices.",{"type":608,"attrs":4469,"content":4470},{"textAlign":49},[4471,4473,4478],{"text":4472,"type":613},"In renewables, Portugal's government has announced plans to create new areas where renewable energy development can be fast-tracked, boosting a sector that already provided 80% of the country's electricity consumption in Q1 2026. Electricity prices in both Portugal and Spain were among the lowest in Europe in the first part of the year, as recent buildout of renewables capacity in both countries shielded it from a spike in fossil fuel prices since the beginning of ",{"text":4474,"type":613,"marks":4475},"the Iran war",[4476],{"type":623,"attrs":4477},{"href":2326,"uuid":49,"anchor":49,"target":1878,"linktype":1092},{"text":4479,"type":613},".     ",{"type":818,"attrs":4481},{"id":4482,"body":4483},"d200c24a-eb31-4c5f-8e42-e875db73a1e2",[4484,4487],{"id":4485,"_uid":4486,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"29382294","i-1f861b0d-cc1f-4815-be16-7d8b9148c98c",{"id":4488,"_uid":4489,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"29382313","i-0523a15c-5ce6-4dc6-8d21-efe4494357e0",{"type":784,"attrs":4491,"content":4492},{"level":786,"textAlign":49},[4493],{"text":4494,"type":613},"Energy in the news this month",{"type":3703,"content":4496},[4497,4512,4519,4526],{"type":3706,"content":4498},[4499],{"type":608,"attrs":4500,"content":4501},{"textAlign":49},[4502,4504,4510],{"text":4503,"type":613},"The US allowed a waiver of sanctions on Russian oil, initially introduced to mitigate heightened energy prices amid the Iran war, to lapse without renewal, with ",{"text":4505,"type":613,"marks":4506},"President Donald Trump",[4507],{"type":623,"attrs":4508},{"href":4509,"uuid":49,"anchor":49,"target":1878,"linktype":1092},"https://intelligence.benchmarkminerals.com/publications/special-issues/trump-one-year-in-review",{"text":4511,"type":613}," indicating the waiver may not be reintroduced following the deal to end the war",{"type":3706,"content":4513},[4514],{"type":608,"attrs":4515,"content":4516},{"textAlign":49},[4517],{"text":4518,"type":613},"Russian oil output fell 10% short of government targets in May due to Ukrainian strikes on Russia's energy infrastructure, down 5% year-on-year",{"type":3706,"content":4520},[4521],{"type":608,"attrs":4522,"content":4523},{"textAlign":49},[4524],{"text":4525,"type":613},"EU proposals for the spending of member nation income on cross-border energy infrastructure after Sweden threatened restrictions of its electricity exports in protest at the plans",{"type":3706,"content":4527},[4528],{"type":608,"attrs":4529,"content":4530},{"textAlign":49},[4531],{"text":4532,"type":613},"Brazil's government said it would end diesel and gasoline subsidies should crude prices remain steady around the $80 per barrel mark",{"type":818,"attrs":4534},{"id":4482,"body":4535},[4536,4539,4542,4545],{"id":4537,"_uid":4538,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"29410060","i-195f3256-c4d0-4254-a095-479c24016ede",{"id":4540,"_uid":4541,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"29382300","i-d8fa1b7b-dcac-423e-813e-4b4f193c5357",{"id":4543,"_uid":4544,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"29382311","i-873e3ed5-4a03-4590-bbc8-fafe191e6be3",{"id":4546,"_uid":4547,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"29382305","i-2f8f0d43-fa43-4c40-b0fc-14a4b465c3ed","Brent crude prices remain elevated this month, as US President Donald Trump’s visit to China appears not to have produced a breakthrough on an end to the Iran war and a relaxation of tensions in the Strait of Hormuz. US oil exports rose to their highest ever level as European and Asian demand grew as a result of the squeeze on Middle Eastern supply.",[4550,4551,4554],{"slug":1551,"name":1829},{"slug":4552,"name":4553},"sustainability","Sustainability",{"slug":4433,"name":4434},"Jun 17, 2026",{"id":4557,"uuid":4558,"name":4559,"slug":4560,"full_slug":4561,"content":4562},181713710477510,"f849429a-6a3e-40ee-a258-7365d11f19d7","Energy Transition Capital - May 2026","energy-transition-capital-may-2026","publications/briefings/energy-transition-capitals/energy-transition-capital-may-2026",{"_uid":4563,"date":2214,"content":4564,"excerpt":5324,"component":3948,"categories":5325,"visibility":1219,"publication_frequency":188,"formattedDate":2378},"322e1cef-ea61-4ce9-b2ed-6dac4192571d",{"type":605,"content":4565},[4566,4577,4590,4594,4663,4715,4722,4728,4734,4741,4747,4783,4819,4828,4842,4848,4853,4859,4965,5004,5009,5143,5151,5157,5165,5216,5229,5234,5242],{"type":608,"attrs":4567,"content":4568},{"textAlign":49},[4569,4571,4575],{"text":4570,"type":613},"Welcome to",{"text":4572,"type":613,"marks":4573}," Energy Transition Capital Monthly",[4574],{"type":1893},{"text":4576,"type":613},", part of your Benchmark Intelligence subscription. This report tracks companies related to the energy transition going public through IPOs or mergers via SPACs, as well as company share prices and broader industry trends through indices and funding data. It provides a comprehensive overview of the past month’s listings and announcements.",{"type":608,"attrs":4578,"content":4579},{"textAlign":49},[4580,4582,4589],{"text":4581,"type":613},"To access this report’s accompanying funding and IPO database, ",{"text":4583,"type":613,"marks":4584},"click here",[4585,4588],{"type":623,"attrs":4586},{"href":4587,"uuid":49,"anchor":49,"target":1878,"linktype":942},"https://a.storyblok.com/f/287943243085208/x/1ca7f29a05/benchmark-etc-funding-data-may-2026.xlsx",{"type":1792},{"text":1060,"type":613},{"type":784,"attrs":4591,"content":4592},{"level":786,"textAlign":49},[4593],{"text":3985,"type":613},{"type":608,"attrs":4595,"content":4596},{"textAlign":49},[4597,4602,4611,4616,4622,4627,4636,4641,4647,4652,4658],{"text":4598,"type":613,"marks":4599},"A significant milestone for European ",[4600],{"type":616,"attrs":4601},{"color":4334},{"text":4603,"type":613,"marks":4604},"lithium production",[4605,4609],{"type":623,"attrs":4606},{"href":4607,"uuid":4608,"anchor":49,"target":1878,"linktype":628},"/article/why-are-lithium-prices-expected-to-decline-in-2027-","03f0f24b-0a8e-4114-bc7f-28fcad4b081f",{"type":616,"attrs":4610},{"color":4334},{"text":4612,"type":613,"marks":4613}," this month, as ",[4614],{"type":616,"attrs":4615},{"color":4334},{"text":4617,"type":613,"marks":4618},"Vulcan Energy Resources ",[4619,4621],{"type":616,"attrs":4620},{"color":4334},{"type":1893},{"text":4623,"type":613,"marks":4624},"closed $2.2 billion in project funding for a lithium brine field and renewable energy project in Germany's Upper Rhine Valley. European and German government agencies were among the backers. There were also major funding announcements in the ",[4625],{"type":616,"attrs":4626},{"color":4334},{"text":4628,"type":613,"marks":4629},"ESS and solar sectors",[4630,4634],{"type":623,"attrs":4631},{"href":4632,"uuid":4633,"anchor":49,"target":1878,"linktype":628},"/article/the-top-energy-storage-cell-suppliers-and-system-integrators-in-2025","dd7b0985-5771-4a9e-b68e-7060e85efa48",{"type":616,"attrs":4635},{"color":4334},{"text":4637,"type":613,"marks":4638},", with ",[4639],{"type":616,"attrs":4640},{"color":4334},{"text":4642,"type":613,"marks":4643},"Sunraycer, Solar Landscape ",[4644,4646],{"type":616,"attrs":4645},{"color":4334},{"type":1893},{"text":4648,"type":613,"marks":4649},"and ",[4650],{"type":616,"attrs":4651},{"color":4334},{"text":4653,"type":613,"marks":4654},"Spearmint Energy ",[4655,4657],{"type":616,"attrs":4656},{"color":4334},{"type":1893},{"text":4659,"type":613,"marks":4660},"all set to establish new energy storage or storage-plus-solar sites with fresh financing.",[4661],{"type":616,"attrs":4662},{"color":4334},{"type":608,"attrs":4664,"content":4665},{"textAlign":49},[4666,4671,4677,4682,4688,4693,4699,4704,4710],{"text":4667,"type":613,"marks":4668},"This month's largest IPO came on the NASDAQ, where ",[4669],{"type":616,"attrs":4670},{"color":4334},{"text":4672,"type":613,"marks":4673},"Fervo Energy",[4674,4676],{"type":616,"attrs":4675},{"color":4334},{"type":1893},{"text":4678,"type":613,"marks":4679},", a geothermal energy firm that has struck agreements with Google, Shell and others, raised almost $2 billion. The Hong Kong Stock Exchange saw IPOs from Chinese industrial robotics developer ",[4680],{"type":616,"attrs":4681},{"color":4334},{"text":4683,"type":613,"marks":4684},"Robotphoenix",[4685,4687],{"type":616,"attrs":4686},{"color":4334},{"type":1893},{"text":4689,"type":613,"marks":4690}," as well as autonomous tractor maker ",[4691],{"type":616,"attrs":4692},{"color":4334},{"text":4694,"type":613,"marks":4695},"UISEE Technologies",[4696,4698],{"type":616,"attrs":4697},{"color":4334},{"type":1893},{"text":4700,"type":613,"marks":4701},", while ",[4702],{"type":616,"attrs":4703},{"color":4334},{"text":4705,"type":613,"marks":4706},"Kaoko Metals",[4707,4709],{"type":616,"attrs":4708},{"color":4334},{"type":1893},{"text":4711,"type":613,"marks":4712},", a minerals exploration firm focused on Namibian projects including copper, listed on the Australian Securities Exchange.",[4713],{"type":616,"attrs":4714},{"color":4334},{"type":818,"attrs":4716},{"id":4717,"body":4718},"2c0ace3f-3835-4571-80f8-a958a14b1ad3",[4719],{"id":4720,"_uid":4721,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"29164500","i-a2506105-e694-407e-b0cb-c1e3352bebe7",{"type":818,"attrs":4723},{"id":4717,"body":4724},[4725],{"id":4726,"_uid":4727,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"29164506","i-1bf3ecd9-7691-4dba-ae62-7d238890de2c",{"type":818,"attrs":4729},{"id":4717,"body":4730},[4731],{"id":4732,"_uid":4733,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"29164510","i-8085a38e-96a6-4638-a344-836d4dee3f48",{"type":818,"attrs":4735},{"id":4736,"body":4737},"2db9e37d-fe38-4b10-9591-cbae3432c0c0",[4738],{"id":4739,"_uid":4740,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"28849425","i-57f445b7-08b6-4a98-aec2-6ad76aea6c71",{"type":818,"attrs":4742},{"id":4736,"body":4743},[4744],{"id":4745,"_uid":4746,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"29164597","i-abdf8923-edc8-40ff-bc00-b6374e87b23b",{"type":608,"attrs":4748,"content":4749},{"textAlign":49},[4750,4756,4761,4767,4772,4778],{"text":4751,"type":613,"marks":4752},"FuelCell Energy",[4753,4755],{"type":616,"attrs":4754},{"color":4334},{"type":1893},{"text":4757,"type":613,"marks":4758},"'s share price has risen in expectation of increased demand for its clean energy solutions from the growing AI data centre segment, while battery maker-turned-solar cell manufacturer ",[4759],{"type":616,"attrs":4760},{"color":4334},{"text":4762,"type":613,"marks":4763},"T1 Energy ",[4764,4766],{"type":616,"attrs":4765},{"color":4334},{"type":1893},{"text":4768,"type":613,"marks":4769},"also saw an increase in anticipation of growing solar energy demand from the same application. 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stake in Chinese solar and energy storage firm ",[5069],{"type":616,"attrs":5070},{"color":4334},{"text":5072,"type":613,"marks":5073},"Jinko Solar",[5074,5076],{"type":616,"attrs":5075},{"color":4334},{"type":1893},{"text":5078,"type":613,"marks":5079},"'s US manufacturing operations.",[5080],{"type":616,"attrs":5081},{"color":4334},{"type":3706,"content":5083},[5084],{"type":608,"attrs":5085,"content":5086},{"textAlign":4821},[5087,5091,5093,5097],{"text":5088,"type":613,"marks":5089},"Zhejiang Huayou Cobalt ",[5090],{"type":1893},{"text":5092,"type":613},"is to acquire all of ",{"text":5094,"type":613,"marks":5095},"Atlantic Lithium",[5096],{"type":1893},{"text":5098,"type":613},"'s shares in a fully cash-funded transaction worth ~$210 million.",{"type":3706,"content":5100},[5101],{"type":608,"attrs":5102,"content":5103},{"textAlign":4821},[5104,5106,5110,5111,5115,5117,5121],{"text":5105,"type":613},"The electric spin-off of ",{"text":5107,"type":613,"marks":5108},"Harley Davidson",[5109],{"type":1893},{"text":1546,"type":613},{"text":5112,"type":613,"marks":5113},"LiveWire Group",[5114],{"type":1893},{"text":5116,"type":613},", bought US electric motorcycle firm ",{"text":5118,"type":613,"marks":5119},"Dust Moto",[5120],{"type":1893},{"text":1060,"type":613},{"type":3706,"content":5123},[5124],{"type":608,"attrs":5125,"content":5126},{"textAlign":4821},[5127,5131,5133,5137,5139],{"text":5128,"type":613,"marks":5129},"Nextpower ",[5130],{"type":1893},{"text":5132,"type":613},"acquired ",{"text":5134,"type":613,"marks":5135},"Zigor Corporation's ",[5136],{"type":1893},{"text":5138,"type":613},"power conversion product portfolio and its US subsidiary, ",{"text":5140,"type":613,"marks":5141},"Apex Power",[5142],{"type":1893},{"type":784,"attrs":5144,"content":5145},{"level":786,"textAlign":49},[5146],{"text":5147,"type":613,"marks":5148},"2025/26 performance of energy transition IPO market",[5149],{"type":616,"attrs":5150},{"color":4334},{"type":818,"attrs":5152},{"id":4736,"body":5153},[5154],{"id":5155,"_uid":5156,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"28849422","i-aeafcbd9-a9f7-48b5-8547-156aad074582",{"type":784,"attrs":5158,"content":5159},{"level":786,"textAlign":4821},[5160],{"text":5161,"type":613,"marks":5162},"Market listings and updates",[5163],{"type":616,"attrs":5164},{"color":4334},{"type":608,"attrs":5166,"content":5167},{"textAlign":4821},[5168,5173,5179,5184,5189,5194,5200,5205,5211],{"text":5169,"type":613,"marks":5170},"In May, we tracked IPOs across US, Hong Kong and Australian exchanges. These included drone developer ",[5171],{"type":616,"attrs":5172},{"color":4334},{"text":5174,"type":613,"marks":5175},"Exyn",[5176,5178],{"type":616,"attrs":5177},{"color":4334},{"type":1893},{"text":5180,"type":613,"marks":5181},", which develops autonomous drone systems for GPS-denied environments, as well as a major offering from geothermal energy developer ",[5182],{"type":616,"attrs":5183},{"color":4334},{"text":4672,"type":613,"marks":5185},[5186,5188],{"type":616,"attrs":5187},{"color":4334},{"type":1893},{"text":5190,"type":613,"marks":5191},", which raised over $1.89 billion. On the Hong Kong Stock Exchange, robotics firm ",[5192],{"type":616,"attrs":5193},{"color":4334},{"text":5195,"type":613,"marks":5196},"Robotphoenix ",[5197,5199],{"type":616,"attrs":5198},{"color":4334},{"type":1893},{"text":5201,"type":613,"marks":5202},"raised $96 million and autonomous vehicle developer ",[5203],{"type":616,"attrs":5204},{"color":4334},{"text":5206,"type":613,"marks":5207},"UISEE Technologies ",[5208,5210],{"type":616,"attrs":5209},{"color":4334},{"type":1893},{"text":5212,"type":613,"marks":5213},"raised over $111 million.",[5214],{"type":616,"attrs":5215},{"color":4334},{"type":784,"attrs":5217,"content":5218},{"level":786,"textAlign":4821},[5219,5224],{"type":2251,"attrs":5220},{"id":5221,"alt":565,"src":5222,"title":565,"source":565,"copyright":565,"meta_data":5223},181774488263945,"https://a.storyblok.com/f/287943243085208/645x669/7e2aced98e/screenshot-2026-05-29-162137.png",{},{"type":2251,"attrs":5225},{"id":5226,"alt":565,"src":5227,"title":565,"source":565,"copyright":565,"meta_data":5228},182785744727348,"https://a.storyblok.com/f/287943243085208/649x675/47d965f3c7/screenshot-2026-06-01-125658.png",{},{"type":784,"attrs":5230,"content":5231},{"level":786,"textAlign":4821},[5232],{"text":5233,"type":613},"Announcements",{"type":608,"attrs":5235,"content":5236},{"textAlign":4821},[5237],{"text":5238,"type":613,"marks":5239},"Throughout May, several energy transition and critical mineral companies progressed or announced plans to list across US exchanges.",[5240],{"type":616,"attrs":5241},{"color":4334},{"type":3703,"content":5243},[5244,5260,5303],{"type":3706,"content":5245},[5246],{"type":608,"attrs":5247,"content":5248},{"textAlign":4821},[5249,5255],{"text":5250,"type":613,"marks":5251},"ProLogium",[5252,5254],{"type":616,"attrs":5253},{"color":4334},{"type":1893},{"text":5256,"type":613,"marks":5257},", a Taiwanese battery maker, announced it is to go public via a SPAC merger later this year, listing on the New York Stock Exchange in a bid to fund a new gigafactory in France",[5258],{"type":616,"attrs":5259},{"color":4334},{"type":3706,"content":5261},[5262],{"type":608,"attrs":5263,"content":5264},{"textAlign":4821},[5265,5270,5275,5281,5286,5292,5297],{"text":4984,"type":613,"marks":5266},[5267,5269],{"type":616,"attrs":5268},{"color":4334},{"type":1893},{"text":5271,"type":613,"marks":5272},"Developer of energy infrastructure for data centres ",[5273],{"type":616,"attrs":5274},{"color":4334},{"text":5276,"type":613,"marks":5277},"SB Energy",[5278,5280],{"type":616,"attrs":5279},{"color":4334},{"type":1893},{"text":5282,"type":613,"marks":5283},", a subsidiary of ",[5284],{"type":616,"attrs":5285},{"color":4334},{"text":5287,"type":613,"marks":5288},"SoftBank",[5289,5291],{"type":616,"attrs":5290},{"color":4334},{"type":1893},{"text":5293,"type":613,"marks":5294},", confidentially filed for an IPO, while SoftBank is also exploring an offering for tis autonomous robotics spin-off ",[5295],{"type":616,"attrs":5296},{"color":4334},{"text":5298,"type":613,"marks":5299},"Roze",[5300,5302],{"type":616,"attrs":5301},{"color":4334},{"type":1893},{"type":3706,"content":5304},[5305],{"type":608,"attrs":5306,"content":5307},{"textAlign":4821},[5308,5313,5319],{"text":5309,"type":613,"marks":5310},"France-headquartered nuclear firm ",[5311],{"type":616,"attrs":5312},{"color":4334},{"text":5314,"type":613,"marks":5315},"Newcleo ",[5316,5318],{"type":616,"attrs":5317},{"color":4334},{"type":1893},{"text":5320,"type":613,"marks":5321},"is to list on the Nasdaq via a SPAC merger, it has announced, as it moves forward with plans to work with the US Department of Energy",[5322],{"type":616,"attrs":5323},{"color":4334},"Welcome to Energy Transition Capital Monthly , part of your Benchmark Intelligence subscription. This report tracks companies related to the energy transition going public through IPOs or mergers via SPACs, as well as company share prices and broader industry trends through indices and funding data. It provides a comprehensive overview of the past month’s listings and announcements.\n",[5326,5327,5328,5331,5333,5334,5335,5336,5337,5338,5339,5340,5341,5342,5343,5344,5345,5346,5347,5348,5349,5350,5353,5354,5355],{"slug":1853,"name":261},{"slug":1821,"name":1822},{"slug":5329,"name":5330},"battery-technology","Battery Technology",{"slug":5332,"name":373},"black-mass",{"slug":2360,"name":298},{"slug":2283,"name":115},{"slug":2627,"name":2628},{"slug":544,"name":543},{"slug":1818,"name":1819},{"slug":1824,"name":1825},{"slug":1217,"name":1218},{"slug":1551,"name":1829},{"slug":3585,"name":3586},{"slug":2194,"name":2195},{"slug":1215,"name":8},{"slug":1479,"name":1480},{"slug":1978,"name":189},{"slug":4433,"name":4434},{"slug":2292,"name":150},{"slug":2632,"name":2633},{"slug":958,"name":414},{"slug":5351,"name":5352},"recycling","Recycling",{"slug":3955,"name":3956},{"slug":4552,"name":4553},{"slug":2367,"name":2368},{"id":5357,"uuid":5358,"name":5359,"slug":5360,"full_slug":5361,"content":5362},121614699371805,"b185f98f-d288-44d3-8fd0-1210abde5581","Energy Transition Profitability Heatmap","energy-transition-profitability-heatmap-2","publications/briefings/profitability-heatmaps/energy-transition-profitability-heatmap-2",{"_uid":5363,"date":5364,"content":5365,"excerpt":5371,"component":3948,"categories":5379,"visibility":1219,"publication_frequency":3957,"formattedDate":5383},"a7f36ba6-22ee-4b92-bbec-59218f99bb53","2026-05-12 00:00",{"type":605,"content":5366},[5367,5372],{"type":608,"attrs":5368,"content":5369},{"textAlign":49},[5370],{"text":5371,"type":613},"Welcome to Benchmark’s “Energy Transition Profitability Heatmap”. This heatmap evaluates the operating margin of listed companies across the EV & Battery supply chain. By focusing on operating margin, it provides a clear lens into the core performance of businesses.",{"type":818,"attrs":5373},{"id":5374,"body":5375},"e98064fc-7d19-466f-b46a-6695cdf0e6b3",[5376],{"id":5377,"_uid":5378,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"28942913","i-db8b7627-f3aa-408e-b4cf-2eb23d4d3e16",[5380,5381,5382],{"slug":1821,"name":1822},{"slug":544,"name":543},{"slug":4433,"name":4434},"May 12, 2026",{"id":5385,"uuid":5386,"name":5387,"slug":5388,"full_slug":5389,"content":5390},175704397724269,"5148691a-a5a2-457d-be6e-d08015a0b327","EV Automakers League Table Q1 2026","ev-automakers-league-table-q1-2026","publications/briefings/automaker-league-tables/ev-automakers-league-table-q1-2026",{"_uid":5391,"date":5364,"content":5392,"excerpt":5412,"component":3948,"categories":5413,"visibility":1219,"publication_frequency":3957,"formattedDate":5383},"513e3eff-5266-4533-8bc1-4cfbb6491b30",{"type":605,"content":5393},[5394,5399,5406],{"type":608,"attrs":5395,"content":5396},{"textAlign":49},[5397],{"text":5398,"type":613},"This briefing tracks EV unit retail sales of the top 20 EV automakers separating sales between China and the ROW. It is updated on a quarterly basis. ",{"type":818,"attrs":5400},{"id":5401,"body":5402},"d4eb8e2a-1c92-4317-82da-f2dee43aec9c",[5403],{"id":5404,"_uid":5405,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"28934581","i-a48a952a-1192-464a-9bf5-a413e1b2dee0",{"type":818,"attrs":5407},{"id":5401,"body":5408},[5409],{"id":5410,"_uid":5411,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"28924075","i-e0a4961a-3733-48e3-be77-acb8a3db95de","This briefing tracks EV unit retail sales of the top 20 EV automakers separating sales between China and the ROW. It is updated on a quarterly basis.",[5414,5415],{"slug":1824,"name":1825},{"slug":1821,"name":1822},{"id":5417,"uuid":5418,"name":5419,"slug":5420,"full_slug":5421,"content":5422},188509059540492,"47c7310f-4962-483a-9370-a204759133d5","Geo-economic and policy briefing - Edition 5 2026","Geo-economic-and-policy-briefing-edition-5-2026","publications/briefings/geo-economic-and-policy-briefings/Geo-economic-and-policy-briefing-edition-5-2026",{"_uid":5423,"date":3635,"content":5424,"excerpt":5571,"component":3948,"categories":5572,"visibility":1219,"publication_frequency":188,"formattedDate":3657},"9c33db64-3143-49b5-a2b2-19b68f5e7a3c",{"type":605,"content":5425},[5426,5440,5470,5477,5491,5497,5502,5507,5512,5517,5522,5535,5541,5555,5560,5565],{"type":784,"attrs":5427,"content":5429},{"level":5428,"textAlign":49},4,[5430,5436],{"text":5431,"type":613,"marks":5432},"1. ",[5433,5435],{"type":616,"attrs":5434},{"color":565},{"type":1893},{"text":5437,"type":613,"marks":5438},"US political opposition rises against AI data centre build-out, adding political risk to BESS demand",[5439],{"type":1893},{"type":608,"attrs":5441,"content":5442},{"textAlign":49},[5443,5445,5451,5453,5458,5466],{"text":5444,"type":613},"The rapid expansion of artificial intelligence (AI) and hyperscale data centres is reshaping global electricity demand, with battery energy storage systems (BESS) emerging as a critical component in ensuring grid reliability. As operators increasingly turn to solar and wind to meet growing electricity demand, energy storage is becoming essential to provide firm, dispatchable power. According to ",{"text":5446,"type":613,"marks":5447},"Benchmark’s Q2 2026 BESS Forecast",[5448],{"type":623,"attrs":5449},{"href":5450,"uuid":49,"anchor":49,"target":49,"linktype":1092},"https://data.benchmarkminerals.com/bess/data-reports",{"text":5452,"type":613},", global BESS demand from data centres is expected to increase by more than 160% by 2030. The US is set to account for nearly half of this growth, reflecting its dominant position in the global data centre market and the scale of its hyperscale project pipeline. Additionally, ",{"text":5454,"type":613,"marks":5455},"BESS for data centre applications represented ",[5456],{"type":616,"attrs":5457},{"color":565},{"text":5459,"type":613,"marks":5460},"14% of total US installations in 2025",[5461,5464],{"type":623,"attrs":5462},{"href":5463,"uuid":49,"anchor":49,"target":49,"linktype":1092},"https://intelligence.benchmarkminerals.com/article/us-solar-firm-nextpower-enters-energy-storage-market-through-acquisition-of-bess-maker-prevalon",{"type":616,"attrs":5465},{"color":565},{"text":1060,"type":613,"marks":5467},[5468],{"type":616,"attrs":5469},{"color":565},{"type":818,"attrs":5471},{"id":5472,"body":5473},"38832c2a-c937-479d-ac3e-ec9052d1591d",[5474],{"id":5475,"_uid":5476,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"29410342","i-b4151e4e-b760-4264-8a88-26ed04f2e2ee",{"type":608,"attrs":5478,"content":5480},{"textAlign":5479},"justify",[5481,5483,5489],{"text":5482,"type":613},"This surge in electricity demand is closely tied to partnerships between technology companies and large energy developers. NextEra Energy Resources (NEER), one of the largest solar and storage developers in the US, has emerged as a key counterparty for companies including Meta and Google. These firms are pursuing long-term agreements to secure reliable, clean electricity for large-scale – hyperscale - data centres. In May 2026, ",{"text":5484,"type":613,"marks":5485},"NEER announced plans to acquire Dominion Energy for $67bn",[5486],{"type":623,"attrs":5487},{"href":5488,"uuid":49,"anchor":49,"target":49,"linktype":1092},"https://intelligence.benchmarkminerals.com/article/nextera-acquires-dominion-energy-as-us-data-centre-demand-drives-energy-storage-growth",{"text":5490,"type":613},", a move that would create the world’s largest regulated utility business. The combined entity is expected to play a central role in meeting rising electricity demand, particularly in Virginia, the leading US data centre hub. NEER has a reported BESS development pipeline of 43 GW through 2032, with more than 10 GW already operational, positioning it to capitalise on accelerating storage deployment.",{"type":818,"attrs":5492},{"id":5472,"body":5493},[5494],{"id":5495,"_uid":5496,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"29410330","i-3d81a41e-312e-4e0c-a78a-8229439b5487",{"type":608,"attrs":5498,"content":5499},{"textAlign":5479},[5500],{"text":5501,"type":613},"The growth in data centres, driven by AI, is also influencing US energy policy at both state and federal levels. Policymakers are seeking to balance the need for rapid infrastructure expansion with concerns around grid stability, affordability, and energy security. Virginia has taken a leading role in adapting to this shift. In April 2026, the state passed legislation requiring utilities to procure more than 20 GW of energy storage capacity by 2045, including 4 GW of long-duration energy storage (LDES). The policy is designed to ensure that the grid can accommodate rising electricity demand from data centres while maintaining reliability. Other states are introducing similar measures. California, for example, has mandated the procurement of 6 GW of new clean energy and storage capacity by 2032 to support grid stability. At the same time, nearly 30 states are advancing so-called “large load” legislation, aimed at ensuring that data centre developers bear the cost of new generation capacity rather than passing it on to ratepayers.",{"type":608,"attrs":5503,"content":5504},{"textAlign":5479},[5505],{"text":5506,"type":613},"However, the rapid pace and scale of data centre development have also triggered growing local opposition. Concerns over electricity consumption and affordability, water usage, land use, and tax incentives have contributed to an increasingly organised backlash, which is beginning to shape political debate ahead of the November 2026 midterm elections. According to Data Centre Watch, at least 48 projects representing $156bn in investment were blocked or delayed by local opposition in 2025, up from a combined $64bn over the two years to March 2025. This trend has intensified in 2026. In the first quarter alone, at least 75 projects worth approximately $130bn were stalled or halted, nearly matching the total for the whole of 2025 within a single quarter. Public opposition appears to cut across political and geographic lines, although it is more pronounced among younger, Democratic, and rural voters. An Ipsos survey found that the share of Americans opposed to having a data centre built nearby rose from nearly half in late 2025 to around 70% within a few months. Key concerns include grid strain, rising electricity costs, environmental impacts, and local land use issues.",{"type":608,"attrs":5508,"content":5509},{"textAlign":5479},[5510],{"text":5511,"type":613},"This growing resistance is feeding into legislative activity. More than 300 bills related to data centres were introduced in US state legislatures in the first six weeks of 2026 alone. Formal moratorium proposals were introduced in 14 states between January and March, while around 12 states have advanced broader statewide moratorium efforts, including Minnesota, Michigan, Oklahoma, Georgia, South Carolina, Maryland, Pennsylvania, New York, and Vermont. Maine has taken the most concrete step to date, with its legislature passing a moratorium on data centre facilities exceeding 20MW, set to run through November 2027. However, the bill was vetoed by Governor Janet Mills in April 2026, so no statewide moratorium has been enacted yet.",{"type":608,"attrs":5513,"content":5514},{"textAlign":5479},[5515],{"text":5516,"type":613},"At the federal level, legislative proposals reflect similar tensions. Senator Bernie Sanders and Representative Alexandria Ocasio-Cortez introduced the Artificial Intelligence Data Centre Moratorium Act, which would impose a nationwide pause on constructing or upgrading data centres with power demand of 20MW or more until stronger regulatory safeguards are established. The proposal is not expected to advance. In contrast, the Trump administration has continued to promote data centre expansion as part of a broader industrial and technological strategy. Its 23 July 2025 executive order, titled \"Accelerating Federal Permitting of Data Centre Infrastructure,\" forms part of a wider AI Action Plan aimed at supporting domestic infrastructure growth. The policy directs federal agencies to streamline permitting processes, open federal land for development, and provide financial support through loans, guarantees, grants, and tax incentives. Importantly, the thresholds for qualification under the executive order are structured as alternative criteria rather than cumulative requirements. Projects may qualify if they involve at least 100MW of incremental load, commit $500m or more in capital expenditure, support national security objectives, or are designated by relevant federal authorities.",{"type":608,"attrs":5518,"content":5519},{"textAlign":5479},[5520],{"text":5521,"type":613},"Taken together, these developments highlight a rapidly evolving landscape in which the expansion of AI and data centre infrastructure is driving both investment and policy change. While the growth outlook for BESS and associated energy infrastructure remains strong, the sector faces increasing scrutiny that is likely to influence the pace and geography of deployment in the coming years.",{"type":784,"attrs":5523,"content":5524},{"level":5428,"textAlign":5479},[5525,5529],{"text":5526,"type":613,"marks":5527},"2. Monthly round-up of ",[5528],{"type":1893},{"text":5530,"type":613,"marks":5531},"the remaining key geopolitical and policy updates",[5532,5534],{"type":616,"attrs":5533},{"color":4334},{"type":1893},{"type":818,"attrs":5536},{"id":5472,"body":5537},[5538],{"id":5539,"_uid":5540,"type":825,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"29409733","i-0e363156-a60f-4ce8-830f-6115b2a8b7b4",{"type":784,"attrs":5542,"content":5543},{"level":5428,"textAlign":5479},[5544,5549],{"text":5545,"type":613,"marks":5546},"3. ",[5547],{"type":616,"attrs":5548},{"color":4334},{"text":5550,"type":613,"marks":5551},"Key Macro-economic Indicators",[5552,5554],{"type":616,"attrs":5553},{"color":4334},{"type":1893},{"type":608,"attrs":5556,"content":5557},{"textAlign":5479},[5558],{"text":5559,"type":613},"The US economy added 172,000 new jobs in May, beating forecasts, while a combined 93,000 jobs were also revised up in March and April figures. That data point comes as the OECD has warned that the energy crisis resulting from the war in the Middle East could cut global growth to 2.1% in 2026 and 1.8% in 2027 if left unresolved, while interest rates in the US and elsewhere could be increased to combat inflation.",{"type":608,"attrs":5561,"content":5562},{"textAlign":5479},[5563],{"text":5564,"type":613},"China’s economy saw a slowdown in April, with industrial output down to 4.1% from more than 6% in Q1. The slowdown was largely driven by construction-related output, while more advanced manufacturing remained strong. New Eurostat numbers, meanwhile, showed that EU seasonally adjusted GDP was down 0.1% in Q1, and 0.2% in the euro area. AI has been the economic focus of Canada’s government this month, with a new AI strategy expected to boost GDP by 3% by boosting productivity.",{"type":818,"attrs":5566},{"id":5472,"body":5567},[5568],{"id":5569,"_uid":5570,"type":628,"component":826,"fixed_height":565,"use_fixed_height":50,"fixed_height_mobile":565,"fixed_height_tablet":565},"3698939","i-59c6aa49-e1b4-49fc-a1ee-075e46f94356","This is your monthly geo-economic and policy briefing, part of your Benchmark Intelligence subscription. Every month, this briefing examines the key geo-economic and policy trends shaping the mine-to-grid supply chains, from critical minerals to electric vehicles (EVs). ",[5573,5574,5575,5576,5577,5578,5579,5580],{"slug":1853,"name":261},{"slug":1821,"name":1822},{"slug":5329,"name":5330},{"slug":544,"name":543},{"slug":1818,"name":1819},{"slug":1551,"name":1829},{"slug":2292,"name":150},{"slug":958,"name":414},1782229576180]