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to be banned from US market under Connected Vehicle Rule","polestar-to-be-banned-from-us-market-under-connected-vehicle-rule","article/polestar-to-be-banned-from-us-market-under-connected-vehicle-rule",{"_uid":548,"date":549,"tags":550,"editor":566,"content":576,"excerpt":677,"featured":51,"reporter":678,"component":689,"seo_title":544,"categories":690,"visibility":697,"data_vis_image":698,"featured_image":703,"seo_description":707,"formattedDate":708},"e2a8a7c7-a693-44d9-a9e4-fe51ac44d0ac","2026-06-29 00:00",[551,554,557,560,563],{"slug":552,"name":553},"geely","Geely",{"slug":555,"name":556},"polestar","Polestar",{"slug":558,"name":559},"volvo","Volvo",{"slug":561,"name":562},"usa","USA",{"slug":564,"name":565},"data-visualisation","Data Visualisation",[567],{"slug":568,"name":569,"content":570},"benjamin-roche","Benjamin Roche",{"job_title":571,"image":572,"bio":574,"linkedin":575},"Editor – Energy Transition Supply Chains",{"filename":573},"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":577,"content":578},"doc",[579,598,630,635,646,656,661,666,671],{"type":580,"attrs":581,"content":582},"paragraph",{"textAlign":49},[583,586,596],{"text":584,"type":585},"Electric vehicle (EV) manufacturer Polestar is to exit the ","text",{"text":587,"type":585,"marks":588},"US market",[589],{"type":590,"attrs":591},"link",{"href":592,"uuid":593,"anchor":49,"target":594,"linktype":595},"/article/regional-spotlight-united-states","7a2ab405-0e9f-4cae-9566-0cda20e22de2","_blank","story",{"text":597,"type":585}," after the US Department of Commerce said it would not grant the majority-Chinese-owned, Sweden-based company authorisation to sell its vehicles in the country. Only 6% of its retail sales came from the US in Q1 2026, the company has said.",{"type":580,"attrs":599,"content":600},{"textAlign":49},[601,603,610,612,619,621,628],{"text":602,"type":585},"The company is ",{"text":604,"type":585,"marks":605},"majority-owned by Geely",[606],{"type":590,"attrs":607},{"href":608,"uuid":609,"anchor":49,"target":594,"linktype":595},"/article/canada-and-china-strike-deal-to-allow-chinese-made-evs-into-canada","ecfaceba-f3ed-44bb-8177-b73107d3ebc6",{"text":611,"type":585},", and had previously indicated that the Connected Vehicle Rule, proposed under the ",{"text":613,"type":585,"marks":614},"Biden administration",[615],{"type":590,"attrs":616},{"href":617,"uuid":618,"anchor":49,"target":594,"linktype":595},"/article/one-year-on-the-ira-has-changed-the-battery-landscape-in-the-us","210d690e-52c3-4574-ba74-911486f55c1b",{"text":620,"type":585}," to ",{"text":622,"type":585,"marks":623},"restrict import of vehicles using Chinese software and hardware",[624],{"type":590,"attrs":625},{"href":626,"uuid":627,"anchor":49,"target":594,"linktype":595},"/article/what-policy-levers-does-the-us-use-to-limit-chinese-ev-competition","92047bd3-db23-4ef1-a69c-bdccdd756b9e",{"text":629,"type":585},", would largely prevent it from selling in the US. Since being passed, the rule has been upheld by the Trump administration, and the fresh decision to withhold authorisation reflects sustained US efforts across party lines to limit sales of Chinese EVs in the market.",{"type":580,"attrs":631,"content":632},{"textAlign":49},[633],{"text":634,"type":585},"Volvo Cars, also majority-owned by Geely, was granted a specific authorisation under the rules by the Department of Commerce earlier this year. The company had announced additional investments into its sites in South Carolina and, while the reason for the authorisation has not been made public, Volvo may have been able to leverage its greater European production and development infrastructure than Polestar to eradicate ineligible components from its vehicles.",{"type":636,"attrs":637},"blok",{"id":638,"body":639},"e23d584a-0749-4b9c-a896-b253c1879a31",[640],{"id":641,"_uid":642,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"29511726","i-c3155539-cde1-426a-b16e-8c67f1be7ab3","visualisation","ContentFlourish","",{"type":647,"attrs":648,"content":650},"heading",{"level":649,"textAlign":49},2,[651],{"text":652,"type":585,"marks":653},"An indication of US approach to Chinese OEMs",[654],{"type":655},"bold",{"type":580,"attrs":657,"content":658},{"textAlign":49},[659],{"text":660,"type":585},"Will Roberts, automotive research lead at Benchmark, said that the Connected Vehicle Rule has “loomed for some time now as highly restrictive for a select few OEMs who both operate in the US and have links to China”.",{"type":580,"attrs":662,"content":663},{"textAlign":49},[664],{"text":665,"type":585},"“It also supports the ongoing expectation that any major incursion into the US domestic car market from Chinese manufacturers would likely be met with similar-strength measures to halt it,” he added. “Polestar’s loss of US market access may not be a major setback in terms of the company’s global sales, but serves as an indicator of the seriousness of this policy.”",{"type":580,"attrs":667,"content":668},{"textAlign":49},[669],{"text":670,"type":585},"It is notable that the Polestar 3 is covered by the ban despite the vehicle being manufactured within the US, in South Carolina. Polestar has said that it will continue to sell remaining inventory of both it and the Polestar 4. The company has also indicated that it is renewing its focus on the European market, which it says already accounts for almost 80% of its retail sales.",{"type":636,"attrs":672},{"id":638,"body":673},[674],{"id":675,"_uid":676,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"29508427","i-8b9223e3-13e9-46e0-8585-4f1b555e9a31","Electric vehicle (EV) manufacturer Polestar is to exit the US market after the US Department of Commerce said it would not grant the majority-Chinese-owned, Sweden-based company authorisation to sell its vehicles in the country. Only 6% of its retail sales came from the US in Q1 2026, the company has said.\n\nThe company is majority-owned by Geely, and had previously indicated that the Connected Vehicle Rule, proposed under the Biden administration to restrict import of vehicles using Chinese software and hardware, would largely prevent it from selling in the US. Since being passed, the rule has been upheld by the Trump administration, and the fresh decision to withhold authorisation reflects sustained US efforts across party lines to limit sales of Chinese EVs in the market.",[679],{"slug":680,"name":681,"content":682},"will-roberts","Will Roberts",{"job_title":683,"image":684,"bio":686,"linkedin":687,"markets_covered":688},"Automotive Research Lead",{"filename":685},"https://a.storyblok.com/f/287943243085208/852x854/474a3cfca2/will-r.png","Will is part of the EV & Battery research team. As Automotive Research Lead, he manages all aspects of the team's view on global vehicle markets. Will leads forecasting for both the total vehicle market globally as well as electrified vehicles and works extensively on electric vehicle and battery market analysis, with a particular focus on the effects of legislation in the North American & European markets and, auto OEM strategy in the transition to EV. In addition, Will is also leading research in EV motors, vehicle platforms and systems. Will graduated from the University of Exeter, with a BSc in Physics and MSc in Mechanical Engineering.","https://www.linkedin.com/in/willroberts227/","EV and Battery","article",[691,694],{"slug":692,"name":693},"ev","EV",{"slug":695,"name":696},"geopolitics","Geopolitics","private",{"id":699,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":700,"copyright":645,"fieldtype":701,"meta_data":702,"is_external_url":50},192676235125713,"https://a.storyblok.com/f/287943243085208/710x502/f10e7341a6/screenshot-2026-06-29-114121.png","asset",{},{"id":704,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":705,"copyright":645,"fieldtype":701,"meta_data":706,"is_external_url":50},192675984479179,"https://a.storyblok.com/f/287943243085208/1500x1125/00902f49a6/small-polestar-pic.jpg",{},"Electric vehicle (EV) manufacturer Polestar is to exit the US market after the US Department of Commerce said it would not grant the majority-Chinese-owned, Sweden-based company authorisation to sell its vehicles in the country.","Jun 29, 2026",{"id":710,"uuid":711,"name":712,"slug":713,"full_slug":714,"content":715},191664684801214,"801f21b7-8c35-4070-9386-f9627c432c32","China’s 15th Five-Year Plan for New Energy System Development: Key Takeaways","china-s-15th-five-year-plan-for-new-energy-system-development-key-takeaways","article/china-s-15th-five-year-plan-for-new-energy-system-development-key-takeaways",{"_uid":716,"date":717,"tags":718,"editor":738,"content":742,"excerpt":935,"featured":51,"reporter":936,"component":689,"seo_title":947,"categories":948,"visibility":697,"data_vis_image":961,"featured_image":965,"seo_description":969,"formattedDate":970},"6d96afd5-094b-46d2-a7ba-6e0d45bb5772","2026-06-26 00:00",[719,722,725,728,731,734,737],{"slug":720,"name":721},"china","China",{"slug":723,"name":724},"solar-pv","Solar PV",{"slug":726,"name":727},"wind","Wind",{"slug":729,"name":730},"oil","Oil",{"slug":732,"name":733},"grid","Grid",{"slug":735,"name":736},"charging","Charging",{"slug":564,"name":565},[739],{"slug":568,"name":569,"content":740},{"job_title":571,"image":741,"bio":574,"linkedin":575},{"filename":573},{"type":577,"content":743},[744,758,772,777,782,787,801,815,836,843,859,864,869,874,886,892,897,905,910,916,921],{"type":580,"attrs":745,"content":746},{"textAlign":49},[747,749,756],{"text":748,"type":585},"China’s government has released its latest Five-Year Plan for ",{"text":750,"type":585,"marks":751},"New Energy",[752],{"type":590,"attrs":753},{"href":754,"uuid":755,"anchor":49,"target":594,"linktype":595},"/publications/briefings/energy-indicators/energy-indicators-monthly-june-2026","6b32afd6-809c-4c2f-a538-4683c895cc79",{"text":757,"type":585}," System Development, setting out a range of new 2030 targets for its energy markets, including storage, generation and consumption.",{"type":580,"attrs":759,"content":760},{"textAlign":49},[761,763,770],{"text":762,"type":585},"“The plan sets conservative and in-line new energy targets, serving more as a policy floor rather than a strict ceiling,” said Calvin Xu, a BESS analyst at Benchmark. “Supported by strong industry momentum, ",{"text":764,"type":585,"marks":765},"actual installations and deployments",[766],{"type":590,"attrs":767},{"href":768,"uuid":769,"anchor":49,"target":594,"linktype":595},"/article/us-ev-demand-shift-and-bess-growth-who-deployed-the-most-batteries-in-2025-","efc32e74-520d-4632-b92b-53006fecdeef",{"text":771,"type":585}," have consistently outperformed official goals during the previous five-year plan.”",{"type":580,"attrs":773,"content":774},{"textAlign":49},[775],{"text":776,"type":585},"The plan is largely focused on “reinforcing market certainty” by providing “clear long-term development direction across renewables, energy storage, grid integration and power market reform,” Xu explained. Upcoming provincial targets and implementation rules are expected to provide more granular detail.",{"type":580,"attrs":778,"content":779},{"textAlign":49},[780],{"text":781,"type":585},"The National Energy Administration's Director-General Wang Hongzhi said during a press conference that total related investment over the plan's duration is expected to exceed RMB 20 trillion (US$2.9 trillion).",{"type":647,"attrs":783,"content":784},{"level":649,"textAlign":49},[785],{"text":786,"type":585},"BESS and EV energy storage",{"type":580,"attrs":788,"content":789},{"textAlign":49},[790,792,799],{"text":791,"type":585},"The new plan targets 300GW in cumulative new-type ",{"text":793,"type":585,"marks":794},"energy storage",[795],{"type":590,"attrs":796},{"href":797,"uuid":798,"anchor":49,"target":594,"linktype":595},"/article/chinese-oem-energy-storage-offtakes-in-h1-2026-quadruple-compared-to-h1-2025","db816297-be5a-4df5-abc9-4cf304f3e2cd",{"text":800,"type":585}," installed by 2030. However, China’s record under the previous five-year plan suggests it is likely to significantly overshoot this number.",{"type":580,"attrs":802,"content":803},{"textAlign":49},[804,806,813],{"text":805,"type":585},"The 14th Five-Year Plan's 30GW new-type energy storage target was surpassed by 427%, hitting 158GW in 2025. A ",{"text":807,"type":585,"marks":808},"shorter-term 180GW target",[809],{"type":590,"attrs":810},{"href":811,"uuid":812,"anchor":49,"target":594,"linktype":595},"/article/china-sets-180gw-target-for-bess-by-2027","5b7453ab-7ce0-47ec-ba4e-8e22fcd3a8dd",{"text":814,"type":585}," for 2027, set in a September 2025 policy document, is already forecast by Benchmark to be exceeded by 99%, with cumulative installations expected to reach 358GW in 2027.",{"type":580,"attrs":816,"content":817},{"textAlign":49},[818,825,827,834],{"text":819,"type":585,"marks":820},"Benchmark’s BESS Forecast",[821],{"type":590,"attrs":822},{"href":823,"uuid":824,"anchor":49,"target":594,"linktype":595},"/article/benchmark-battery-energy-stationary-storage-database-surpasses-10000-projects","3e888653-ccc0-48d2-89aa-6b0b4e35e911",{"text":826,"type":585}," shows that ",{"text":828,"type":585,"marks":829},"cumulative installed capacity",[830],{"type":590,"attrs":831},{"href":832,"uuid":833,"anchor":49,"target":594,"linktype":595},"/article/china-bess-installations-in-december-surpass-us-2025-total","e2705a82-dc4e-449f-9777-6a15bc082b5e",{"text":835,"type":585}," is projected to reach 704GW by 2030 – 135% above the stated policy target, underscoring how far market momentum has already outpaced official ambition.",{"type":636,"attrs":837},{"id":838,"body":839},"ae5a0913-2f69-48e0-b765-3fc72aeab89a",[840],{"id":841,"_uid":842,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"29507747","i-c92e358a-0b09-4b34-8880-895cebd36082",{"type":580,"attrs":844,"content":845},{"textAlign":49},[846,852,854],{"text":847,"type":585,"marks":848},"The need for diverse energy storage technologies, including for long-duration systems, is ",[849],{"type":850,"attrs":851},"textStyle",{"color":645},{"text":853,"type":585},"emphasised ",{"text":855,"type":585,"marks":856},"in the plan. Applications are to be expanded across generation-side co-operation, grid stability support, microgrids, and virtual power plants.",[857],{"type":850,"attrs":858},{"color":645},{"type":647,"attrs":860,"content":861},{"level":649,"textAlign":49},[862],{"text":863,"type":585},"Coal and oil to peak",{"type":580,"attrs":865,"content":866},{"textAlign":49},[867],{"text":868,"type":585},"Non-fossil fuel energy is to reach a quarter of all energy consumption and 50% of power generation by 2030, according to the plan .The government is targeting 900GW of distributed renewable connections to the grid, with the share of total generation from new energy, which excludes conventional hydropower and nuclear, reaching 30%.",{"type":580,"attrs":870,"content":871},{"textAlign":49},[872],{"text":873,"type":585},"Total energy production capacity is targeted at 5.8 billion tonnes of standard coal equivalent. Coal and oil consumption are to peak by 2030, with non-fossil energy’s share of total consumption rising to 25%.",{"type":580,"attrs":875,"content":876},{"textAlign":49},[877,879,884],{"text":878,"type":585},"Non-fossil fuel energy installed capacity is expected to pass 3,500GW, a near-50% increase from the end of the previous five-year plan, with wind and solar ",{"text":880,"type":585,"marks":881}," ",[882],{"type":850,"attrs":883},{"color":645},{"text":885,"type":585},"becoming the dominant generation source. Non-fossil energy sources are to account for 50% of total electricity output.",{"type":636,"attrs":887},{"id":838,"body":888},[889],{"id":890,"_uid":891,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"29509372","i-2702e26f-2a20-4c53-b218-bee9ccae2f34",{"type":647,"attrs":893,"content":894},{"level":649,"textAlign":49},[895],{"text":896,"type":585},"EV charging and energy storage",{"type":580,"attrs":898,"content":899},{"textAlign":49},[900],{"text":901,"type":585,"marks":902},"The plan also aims to further integrate electric vehicles (EVs) into the grid for electricity storage, making “full use of electric vehicle energy storage resources”.",[903],{"type":850,"attrs":904},{"color":645},{"type":580,"attrs":906,"content":907},{"textAlign":49},[908],{"text":909,"type":585},"The national target sets the total volume of charging facilities to reach 40 million units by 2030. Beyond hardware expansion, the policy prioritizes high-power charging deployment and vehicle-grid integration (VGI), t targeting a total aggregated adjustable charging capacity of vehicle – grid interaction of 50GW by 2030. The sector will shift its focus from pure capacity growth to coordinated development with power grids, and integrated PV-storage-charging stations will become a mainstream solution to mitigate grid pressure and boost local renewable energy consumption.",{"type":636,"attrs":911},{"id":838,"body":912},[913],{"id":914,"_uid":915,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"29510081","i-06e54c8f-09f9-46e0-8c9f-a2b7db087a27",{"type":647,"attrs":917,"content":918},{"level":649,"textAlign":49},[919],{"text":920,"type":585},"Power market reform",{"type":580,"attrs":922,"content":923},{"textAlign":49},[924,926,933],{"text":925,"type":585}," A market reform agenda also featured in the plan aims to unify China’s ",{"text":927,"type":585,"marks":928},"national electricity market",[929],{"type":590,"attrs":930},{"href":931,"uuid":932,"anchor":49,"target":594,"linktype":595},"/article/china-introduces-national-capacity-pricing-for-gridside-ess-","cf6f633d-0990-45e9-b405-0feefc7463f1",{"text":934,"type":585}," by the end of 2030. It includes measures to integrate spot, medium-and-long-term, ancillary services, and capacity markets, and to link inter-province and intra-province trading. There are also plans to more fully integrate virtual power plants, storage, and demand-side resources into the market.","China’s government has released its latest Five-Year Plan for New Energy System Development, setting out a range of new 2030 targets for its energy markets, including storage, generation and consumption.\n\n“The plan sets conservative and in-line new energy targets, serving more as a policy floor rather than a strict ceiling,” said Calvin Xu, a BESS analyst at Benchmark. “Supported by strong industry momentum, actual installations and deployments have consistently outperformed official goals during the previous five-year plan.”\n\nThe plan is largely focused on “reinforcing market certainty” by providing “clear long-term development direction across renewables, energy storage, grid integration and power market reform,” Xu explained. Upcoming provincial targets and implementation rules are expected to provide more granular detail.",[937],{"slug":938,"name":939,"content":940},"calvin-xu","Calvin Xu",{"job_title":941,"image":942,"bio":944,"linkedin":945,"markets_covered":946},"Analyst - BESS",{"filename":943},"https://a.storyblok.com/f/287943243085208/512x512/096bdfc0f7/calvin-xu.png","Calvin is a BESS Analyst focusing on China market. He works on daily research of China's BESS projects, legislation and policy analysis. He also works on the monthly and quarterly reports focusing on China market and the OEMs updates. Now he is assisting on the data centre database. Calvin holds a MSc of e-Business Management at University of Warwick. ","https://www.linkedin.com/in/zhengxu0416/","BESS","China’s 15th Five-Year Plan for New Energy Systems: Key Takeaways",[949,952,953,955,958],{"slug":950,"name":951},"ess","ESS",{"slug":692,"name":693},{"slug":954,"name":750},"new-energy",{"slug":956,"name":957},"batteries","Batteries",{"slug":959,"name":960},"battery-technology","Battery Technology",{"id":962,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":963,"copyright":645,"fieldtype":701,"meta_data":964,"is_external_url":50},191671505559864,"https://a.storyblok.com/f/287943243085208/1588x1378/0e06c5e580/china-s-government-is-targeting-a-52-increase-in-combined-wind-solar-by-2030-vs-2025-2x.png",{},{"id":966,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":967,"copyright":645,"fieldtype":701,"meta_data":968,"is_external_url":50},129072942429772,"https://a.storyblok.com/f/287943243085208/063b75224a/bm-sustainable-transport-in-china.jpg",{},"China’s government has released its latest Five-Year Plan for New Energy System Development, setting out a range of new 2030 targets for its energy markets, including storage, generation and consumption.","Jun 26, 2026",{"id":972,"uuid":973,"name":974,"slug":975,"full_slug":976,"content":977},190965795717546,"bf91f239-bb5e-4896-b276-5510df623bb6","Copper supply expansion since 2010 offers reassurance on market tightness concerns","copper-supply-expansion-since-2010-offers-reassurance-on-market-tightness-concerns","article/copper-supply-expansion-since-2010-offers-reassurance-on-market-tightness-concerns",{"_uid":978,"date":979,"tags":980,"editor":995,"content":999,"excerpt":1125,"featured":51,"reporter":1126,"component":689,"seo_title":1137,"categories":1138,"visibility":697,"data_vis_image":1147,"featured_image":1151,"seo_description":1155,"formattedDate":1156},"dcdddceb-f924-470e-8207-8ae1da2b52d4","2026-06-24 00:00",[981,984,987,990,991,992],{"slug":982,"name":983},"drc","DRC",{"slug":985,"name":986},"peru","Peru",{"slug":988,"name":989},"chile","Chile",{"slug":720,"name":721},{"slug":564,"name":565},{"slug":993,"name":994},"africa","Africa",[996],{"slug":568,"name":569,"content":997},{"job_title":571,"image":998,"bio":574,"linkedin":575},{"filename":573},{"type":577,"content":1000},[1001,1015,1029,1043,1050,1057,1062,1067,1072,1079,1084,1089,1096,1103,1108,1114,1119],{"type":580,"attrs":1002,"content":1003},{"textAlign":49},[1004,1006,1013],{"text":1005,"type":585},"The ",{"text":1007,"type":585,"marks":1008},"copper market",[1009],{"type":590,"attrs":1010},{"href":1011,"uuid":1012,"anchor":49,"target":594,"linktype":595},"/videos/copper-panel-the-conduit-of-the-transition","347f1231-c4d7-44fd-8122-738db44d841b",{"text":1014,"type":585}," is often feared to be at risk of a structural shortage leading to near term market tightness. However, these concerns have often proved to be overblown as historically the supply gaps have been filled.",{"type":580,"attrs":1016,"content":1017},{"textAlign":49},[1018,1020,1027],{"text":1019,"type":585},"The slow speed at which ",{"text":1021,"type":585,"marks":1022},"new mine supply",[1023],{"type":590,"attrs":1024},{"href":1025,"uuid":1026,"anchor":49,"target":594,"linktype":595},"/article/five-copper-market-takeaways-from-cesco-week-2026","aac562d8-8005-4973-a83a-ee2fed8470cc",{"text":1028,"type":585}," can come online and the expectation for rapidly growing demand from global electrification and accelerating AI adoption reinforces the narrative, and perhaps the price signal, that copper supply is scarce. However, this view may be too focused on how Western mines and Western companies invest in the copper space. Indeed, over the last 15 years, Chinese companies have demonstrated their ability to deploy capital and ramp up mines around the world faster than the conventional 10–20 years considered standard by countries in the West.",{"type":580,"attrs":1030,"content":1031},{"textAlign":49},[1032,1034,1041],{"text":1033,"type":585},"The question facing the market now is whether historical precedent will prove the current concerns of ",{"text":1035,"type":585,"marks":1036},"market balance",[1037],{"type":590,"attrs":1038},{"href":1039,"uuid":1040,"anchor":49,"target":594,"linktype":595},"/article/in-charts-how-copper-demand-shows-us-increasing-import-dependence","94082a94-6cc8-4cc6-892d-d43b5d65687a",{"text":1042,"type":585}," to be overblown. In this article, Benchmark explores the forces that have shaped copper supply over the last 15 years.",{"type":636,"attrs":1044},{"id":1045,"body":1046},"2c4e437d-b0ba-4463-8e26-72dec4d562ac",[1047],{"id":1048,"_uid":1049,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"29471233","i-3908228c-6ae7-4fda-b61a-a8a7a8c7e8f2",{"type":647,"attrs":1051,"content":1052},{"level":649,"textAlign":49},[1053],{"text":1054,"type":585,"marks":1055},"China-driven expansion from DRC",[1056],{"type":655},{"type":580,"attrs":1058,"content":1059},{"textAlign":49},[1060],{"text":1061,"type":585},"The often-cited 10–20-year timeline to build a new mine applies largely to Western nations and companies, while Chinese investment in regions like the DRC often expands production more quickly. And while much copper production in the DRC has come from major projects like Kamoa Kakula, plenty is also from smaller solvent extraction and electrowinning (SX-EW) projects, which can get off the ground relatively quickly. SX-EW is a process through which copper is leached with acid rather than the more common concentrating and smelting.",{"type":580,"attrs":1063,"content":1064},{"textAlign":49},[1065],{"text":1066,"type":585},"The last 15 years have seen the DRC add almost 3 million tonnes of copper to the market. Despite positive geology for copper in the region, the nation was previously viewed as too unstable for investment. However, its ample resources – and the willingness of Chinese companies in particular to invest – have enabled the large boost in supply.",{"type":580,"attrs":1068,"content":1069},{"textAlign":49},[1070],{"text":1071,"type":585},"Supply growth since 2020 has been even more focused in the DRC, with DRC production accounting for ~3 times more growth in mined copper supply since 2020 than the net of the rest of the market. The supply growth from DRC may not be easily replicated elsewhere, however, in the next 10-15 years. It is unlikely China will dial back investment into copper, including the DRC, in the coming years, providing sustained support for supply growth.",{"type":647,"attrs":1073,"content":1074},{"level":649,"textAlign":49},[1075],{"text":1076,"type":585,"marks":1077},"Chinese investment over longer timescales",[1078],{"type":655},{"type":580,"attrs":1080,"content":1081},{"textAlign":49},[1082],{"text":1083,"type":585},"Chinese investment, both domestically and overseas, has accounted for 68% of net growth in mined copper supply since 2015. While Western companies tend to face tighter constraints, both from ESG requirements and from return thresholds on new investment, market participants have told Benchmark that Chinese investment is typically less focused on short-term financial returns and more willing to prioritise longer-term strategic value. The Chinese government has also identified copper as a strategically important commodity and has supported investment.",{"type":580,"attrs":1085,"content":1086},{"textAlign":49},[1087],{"text":1088,"type":585},"Beyond the DRC, Peru’s growth has also been strong and backed by Chinese capital. Peru’s copper production has grown by over 1.5Mt in the last 15 years, and the nation produces double what it did in 2010. A handful of major projects, namely Las Bambas, Quelleveco, and Toromocho, has led this growth. Both Las Bambas and Toromocho are majority-Chinese-owned assets. Quelleveco is majority-owned by Anglo American with no Chinese ownership.",{"type":636,"attrs":1090},{"id":1091,"body":1092},"231ada03-d704-406b-a8dc-8fa1dcb4cf0b",[1093],{"id":1094,"_uid":1095,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"29470972","i-02250f7f-d46e-44bc-a14f-8183ba970e9b",{"type":647,"attrs":1097,"content":1098},{"level":649,"textAlign":49},[1099],{"text":1100,"type":585,"marks":1101},"Project size gives DRC ramp-up boost",[1102],{"type":655},{"type":580,"attrs":1104,"content":1105},{"textAlign":49},[1106],{"text":1107,"type":585},"DRC and Peru’s differing average project sizes have allowed for different paces of growth. In the DRC, 59% of 2025’s production was from mines that produce less than 200kt per year, while in Peru, just 27% of production came from mines of that size. The smaller DRC mines can in theory ramp up more quickly than larger projects.",{"type":636,"attrs":1109},{"id":1045,"body":1110},[1111],{"id":1112,"_uid":1113,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"29485352","i-374a142c-ad6c-457d-bb0c-7431e689461f",{"type":580,"attrs":1115,"content":1116},{"textAlign":49},[1117],{"text":1118,"type":585},"Since 2010, Chile has grown more slowly, with most supply growth coming from the next largest producing countries. In 2010, Chile produced slightly more copper than the next five biggest producers put together; now, the combination of production from the second to sixth biggest producers account for roughly double Chilean production.",{"type":636,"attrs":1120},{"id":1045,"body":1121},[1122],{"id":1123,"_uid":1124,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"29485610","i-291c76d5-a591-47fc-a240-57fc7ba6412c","The copper market is often feared to be at risk of a structural shortage leading to near term market tightness. However, these concerns have often proved to be overblown as historically the supply gaps have been filled.\n\nThe slow speed at which new mine supply can come online and the expectation for rapidly growing demand from global electrification and accelerating AI adoption reinforces the narrative, and perhaps the price signal, that copper supply is scarce. However, this view may be too focused on how Western mines and Western companies invest in the copper space. Indeed, over the last 15 years, Chinese companies have demonstrated their ability to deploy capital and ramp up mines around the world faster than the conventional 10–20 years considered standard by countries in the West.",[1127],{"slug":1128,"name":1129,"content":1130},"albert-mackenzie","Albert Mackenzie",{"job_title":1131,"image":1132,"bio":1134,"linkedin":1135,"markets_covered":1136},"Copper Analyst & Market Reporter",{"filename":1133},"https://a.storyblok.com/f/287943243085208/717x799/ffff7198e8/albert.jpeg","Albert is Benchmark's copper reporter, covering both supply and demand on the short term and adding narratives to the data and price movements. Albert writes the copper briefing and a lot of Benchmark's near term copper coverage.","https://www.linkedin.com/in/albert-mackenzie-b34681149/","Copper","Copper supply since 2010 reassures on market tightness concerns",[1139,1141,1144],{"slug":1140,"name":1136},"copper",{"slug":1142,"name":1143},"critical-minerals","Critical Minerals",{"slug":1145,"name":1146},"raw-materials","Raw Materials",{"id":1148,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":1149,"copyright":645,"fieldtype":701,"meta_data":1150,"is_external_url":50},190977897725410,"https://a.storyblok.com/f/287943243085208/1588x1324/555f1e861d/chilean-copper-supply-has-remained-steady-as-other-supply-has-grown-2x.png",{},{"id":1152,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":1153,"copyright":645,"fieldtype":701,"meta_data":1154,"is_external_url":50},129067882986463,"https://a.storyblok.com/f/287943243085208/6743d1355b/bm-glencore-katanga-copper-operation-drc.jpg",{},"The copper market is often feared to be at risk of a structural shortage leading to near term market tightness. However, these concerns have often proved to be overblown as historically the supply gaps have been filled.","Jun 24, 2026",{"id":1158,"uuid":1159,"name":1160,"slug":1161,"full_slug":1162,"content":1163},190162293343134,"b4ea9872-3db7-49a5-81f9-a0fdb95757cc","FERC's large load order puts battery flexibility at the centre of US grid policy","ferc-s-large-load-order-puts-battery-flexibility-at-the-centre-of-us-grid-policy","article/ferc-s-large-load-order-puts-battery-flexibility-at-the-centre-of-us-grid-policy",{"_uid":1164,"date":1165,"tags":1166,"editor":1172,"content":1176,"excerpt":1255,"featured":51,"reporter":1256,"component":689,"seo_title":1267,"categories":1268,"visibility":697,"data_vis_image":1270,"featured_image":1274,"seo_description":1278,"formattedDate":1279},"3cdc09a5-8091-4dd5-91a8-403e7412fc87","2026-06-22 00:00",[1167,1170,1171],{"slug":1168,"name":1169},"data-centres","Data centres",{"slug":561,"name":562},{"slug":564,"name":565},[1173],{"slug":568,"name":569,"content":1174},{"job_title":571,"image":1175,"bio":574,"linkedin":575},{"filename":573},{"type":577,"content":1177},[1178,1192,1199,1211,1221,1228,1233,1238,1245,1250],{"type":580,"attrs":1179,"content":1180},{"textAlign":49},[1181,1183,1190],{"text":1182,"type":585},"The US’ Federal Energy Regulatory Commission (FERC) issued one of its most consequential grid actions in years on 18 June, directing all six US regional grid operators to justify or reform their tariffs for connecting large load (>20MW) energy users, such as ",{"text":1184,"type":585,"marks":1185},"AI data centres",[1186],{"type":590,"attrs":1187},{"href":1188,"uuid":1189,"anchor":49,"target":594,"linktype":595},"/article/nextera-acquires-dominion-energy-as-us-data-centre-demand-drives-energy-storage-growth","213c7915-b6a1-48e4-9d82-9a263f102c25",{"text":1191,"type":585},", crypto mining and advanced manufacturing facilities. The order aims to accelerate the ability for large loads to connect to the grid while ensuring reliable and affordable electricity for US consumers.",{"type":636,"attrs":1193},{"id":1194,"body":1195},"05f7a154-5aae-422c-88a5-eb6005d24428",[1196],{"id":1197,"_uid":1198,"type":595,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"3710733","i-e6ae6d27-3232-4537-a8c9-66e36e46ecee",{"type":580,"attrs":1200,"content":1201},{"textAlign":49},[1202,1204,1209],{"text":1203,"type":585},"For ",{"text":1205,"type":585,"marks":1206},"battery energy stationary storage (BESS)",[1207],{"type":590,"attrs":1208},{"href":768,"uuid":769,"anchor":49,"target":594,"linktype":595},{"text":1210,"type":585},", three of the five categories of reform set out by the FERC carry direct commercial relevance: accommodating co-location and behind-the-meter generation, providing new transmission services for flexible large loads, and developing processes to study generating facilities serving electrically proximate large loads. A data centre paired with BESS, able to shift or curtail consumption in response to grid conditions, becomes a fundamentally different asset than one drawing fixed baseload power.",{"type":580,"attrs":1212,"content":1213},{"textAlign":49},[1214,1219],{"text":1215,"type":585,"marks":1216},"Benchmark's BESS database",[1217],{"type":590,"attrs":1218},{"href":823,"uuid":824,"anchor":49,"target":594,"linktype":595},{"text":1220,"type":585}," is currently tracking just under 60GWh of announced BESS projects alongside data centres in the US, though 30GWh of that total is associated with Form Energy's long-duration iron-air technology. Benchmark's Q2 2026 BESS forecast projects global BESS demand from data centres to increase by more than 160% by 2030, with the US accounting for nearly half of that growth.",{"type":647,"attrs":1222,"content":1223},{"level":649,"textAlign":49},[1224],{"text":1225,"type":585,"marks":1226},"New assessment frameworks well-suited for BESS",[1227],{"type":655},{"type":580,"attrs":1229,"content":1230},{"textAlign":49},[1231],{"text":1232,"type":585},"The Southwest Power Pool (SPP) regional transmission organisation offers the clearest preview of where the broader market is heading. FERC accepted the SPP's High Impact Large Load Generation Assessment (HILLGA) framework in January 2026, establishing a 90-day interconnection pathway that studies co-located generation and large load in parallel rather than sequentially, and followed that in early June with approval of Conditional High Impact Large Load Service (CHILLS), offering non-firm transmission service to large loads willing to accept curtailment during grid stress.",{"type":580,"attrs":1234,"content":1235},{"textAlign":49},[1236],{"text":1237,"type":585},"Together these form a co-location toolkit that pairs speed with flexibility obligations. While neither framework is technology-prescriptive, the curtailment obligations underpinning CHILLS are well-suited to loads with paired battery storage, which can respond to grid stress signals faster and more precisely than most alternative on-site generation options.",{"type":647,"attrs":1239,"content":1240},{"level":649,"textAlign":49},[1241],{"text":1242,"type":585,"marks":1243},"Order aims to limit costs to ratepayers",[1244],{"type":655},{"type":580,"attrs":1246,"content":1247},{"textAlign":49},[1248],{"text":1249,"type":585},"Opposition to data centre development is intensifying across the US, with affordability and grid strain among the most cited public concerns. The FERC order's explicit focus on preventing cost-shifting to existing ratepayers, requiring large loads to fund their own network upgrades directly, addressing the argument driving much of that backlash. Co-located BESS strengthens the case further: a data centre that brings its own dispatchable capacity reduces rather than adds to system stress.",{"type":580,"attrs":1251,"content":1252},{"textAlign":49},[1253],{"text":1254,"type":585},"FERC's orders give each of the six RTOs 60 days to respond. The pace and design of flexible transmission services will differ by market, and that regional variation will shape where co-located storage investment concentrates first.","The US’ Federal Energy Regulatory Commission (FERC) issued one of its most consequential grid actions in years on 18 June, directing all six US regional grid operators to justify or reform their tariffs for connecting large load (>20MW) energy users, such as AI data centres, crypto mining and advanced manufacturing facilities. The order aims to accelerate the ability for large loads to connect to the grid while ensuring reliable and affordable electricity for US consumers.",[1257],{"slug":1258,"name":1259,"content":1260},"iola-hughes","Iola Hughes",{"job_title":1261,"image":1262,"bio":1264,"linkedin":1265,"markets_covered":1266},"Head of Research",{"filename":1263},"https://a.storyblok.com/f/287943243085208/852x854/03382be015/iola-h.png","Iola was Head of Research at Rho Motion prior to the acquisition, and now leads the downstream research for the Benchmark. She has six years of experience in the battery space and works across electric vehicle, battery, and energy storage markets. Previous experience includes a research position with a Servomex working on paramagnetic sensors and spectroscopy gas analysis. Iola graduated with a First-Class Honours Master’s Degree in Geophysics from University College London","https://www.linkedin.com/in/iolahughes/","Battery, BESS, EV and Battery","FERC large load order US grid policy boosts battery flexibility",[1269],{"slug":950,"name":951},{"id":1271,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":1272,"copyright":645,"fieldtype":701,"meta_data":1273,"is_external_url":50},190176550125994,"https://a.storyblok.com/f/287943243085208/923x611/12040ae3bd/screenshot-2026-06-22-101009.png",{},{"id":1275,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":1276,"copyright":645,"fieldtype":701,"meta_data":1277,"is_external_url":50},129067331742369,"https://a.storyblok.com/f/287943243085208/c3f6f9d2ee/bm-energy-storage-systems.jpg",{},"The US’ Federal Energy Regulatory Commission (FERC) issued one of its most consequential grid actions in years on 18 June, directing all six US regional grid operators to justify or reform their tariffs for connecting large load (>20MW) energy users.","Jun 22, 2026",{"id":1281,"uuid":1282,"name":1283,"slug":1284,"full_slug":1285,"content":1286},189185261658272,"dc2efce4-9ae2-4449-81a6-8b1ac6c79d80","EU looking to close loophole for Chinese PHEVs","eu-looking-to-close-loophole-for-chinese-phevs","article/eu-looking-to-close-loophole-for-chinese-phevs",{"_uid":1287,"date":1288,"tags":1289,"editor":1306,"content":1310,"excerpt":1425,"featured":51,"reporter":1426,"component":689,"seo_title":1283,"categories":1436,"visibility":697,"data_vis_image":1438,"featured_image":1442,"seo_description":1446,"formattedDate":1447},"f52b894c-afc4-4298-8f33-2f67e84a4e8c","2026-06-19 00:00",[1290,1293,1296,1299,1302,1305],{"slug":1291,"name":1292},"europe","Europe",{"slug":1294,"name":1295},"byd","BYD",{"slug":1297,"name":1298},"saic","SAIC",{"slug":1300,"name":1301},"european-commission","European Commission",{"slug":1303,"name":1304},"european-union","European Union",{"slug":564,"name":565},[1307],{"slug":568,"name":569,"content":1308},{"job_title":571,"image":1309,"bio":574,"linkedin":575},{"filename":573},{"type":577,"content":1311},[1312,1334,1356,1363,1371,1393,1401,1409,1417],{"type":580,"attrs":1313,"content":1314},{"textAlign":49},[1315,1320,1329],{"text":1316,"type":585,"marks":1317},"The European Commission is looking to impose additional countervailing duties on PHEVs made in China, with an anti-subsidy investigation reportedly underway. ",[1318],{"type":850,"attrs":1319},{"color":645},{"text":1321,"type":585,"marks":1322},"Chinese BEVs ",[1323,1327],{"type":590,"attrs":1324},{"href":1325,"uuid":1326,"anchor":49,"target":594,"linktype":595},"/article/eu-to-introduce-minimum-pricing-for-chinese-bev-imports","372ec2e6-f86b-4d48-8d39-a9247443767d",{"type":850,"attrs":1328},{"color":645},{"text":1330,"type":585,"marks":1331},"have been subject to countervailing duties since late 2024, set at differing levels by firm up to 35.3%, prompting several Chinese vehicle manufacturers to turn to PHEVs for sales growth in the region.",[1332],{"type":850,"attrs":1333},{"color":645},{"type":580,"attrs":1335,"content":1336},{"textAlign":49},[1337,1342,1351],{"text":1338,"type":585,"marks":1339},"In 2025, sales of PHEVs made in China increased more than four-fold compared to 2024 ",[1340],{"type":850,"attrs":1341},{"color":645},{"text":1343,"type":585,"marks":1344},"in the EU",[1345,1349],{"type":590,"attrs":1346},{"href":1347,"uuid":1348,"anchor":49,"target":594,"linktype":595},"/article/vw-group-begins-mass-production-of-its-small-segment-evs","01540e08-c2a5-4cbe-9fa1-e68b6c83bab9",{"type":850,"attrs":1350},{"color":645},{"text":1352,"type":585,"marks":1353}," and sales have risen significantly again in 2026, with a threefold increase in the opening four months of the year compared to same period in 2025.",[1354],{"type":850,"attrs":1355},{"color":645},{"type":636,"attrs":1357},{"id":1358,"body":1359},"01f5677f-d2fd-4c91-b95d-5cf70a5bf581",[1360],{"id":1361,"_uid":1362,"type":595,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"3710696","i-2150f19d-fee1-4ddb-ac12-7ad8cbdd9b6a",{"type":647,"attrs":1364,"content":1365},{"level":649,"textAlign":49},[1366],{"text":1367,"type":585,"marks":1368},"Who has driven the increase?",[1369],{"type":850,"attrs":1370},{"color":645},{"type":580,"attrs":1372,"content":1373},{"textAlign":49},[1374,1379,1388],{"text":1375,"type":585,"marks":1376},"BYD, Changan and SAIC have driven the ",[1377],{"type":850,"attrs":1378},{"color":645},{"text":1380,"type":585,"marks":1381},"rise in Chinese PHEV sales in the EU",[1382,1386],{"type":590,"attrs":1383},{"href":1384,"uuid":1385,"anchor":49,"target":594,"linktype":595},"/article/china-made-evs-boost-in-europe-in-march-amid-higher-fuel-prices","399b5622-66a9-43cc-b288-ca777d47a6cc",{"type":850,"attrs":1387},{"color":645},{"text":1389,"type":585,"marks":1390},", with the three manufacturers responsible for 90% of Chinese PHEV sales in the region so far in 2026. While SAIC exported PHEVs to the region before the additional tariffs on Chinese BEVs, it has significantly increased its PHEV sales in the EU since given its BEVs are subject to the highest tariff level. Neither BYD nor Changan sold PHEVs in the EU before the possibility of its BEVs becoming subject to additional duties emerged.",[1391],{"type":850,"attrs":1392},{"color":645},{"type":647,"attrs":1394,"content":1395},{"level":649,"textAlign":49},[1396],{"text":1397,"type":585,"marks":1398},"How will this impact the EU’s EV market?",[1399],{"type":850,"attrs":1400},{"color":645},{"type":580,"attrs":1402,"content":1403},{"textAlign":49},[1404],{"text":1405,"type":585,"marks":1406},"Chinese vehicle manufacturers have been largely undeterred by the imposition of additional tariffs on their BEVs. Many see Europe as a strategic expansion area, enabling them to command a higher premium on each vehicle sold in the region compared to China. While the tariffs reduced the profitability of expanding into Europe, the markup on many of the vehicles particularly for manufacturers subject to the lower tariff levels, made continuing to expand and sell BEVs in Europe worthwhile. Chinese vehicle manufactures have continued to increase their BEV sales in the EU despite the tariffs.",[1407],{"type":850,"attrs":1408},{"color":645},{"type":580,"attrs":1410,"content":1411},{"textAlign":49},[1412],{"text":1413,"type":585,"marks":1414},"The additional tariffs on Chinese BEVs encouraged several vehicle manufacturers to establish production capacity in the EU. GAC Aion and Xpeng both started manufacturing their vehicles in Austria, SAIC announced plans to establish a European production base, and BYD will begin series production at its new site in Hungary before the end of the year, although this was announced before the additional tariffs were introduced.",[1415],{"type":850,"attrs":1416},{"color":645},{"type":580,"attrs":1418,"content":1419},{"textAlign":49},[1420],{"text":1421,"type":585,"marks":1422},"As has been the case since additional tariffs on Chinese BEVs were introduced, the sale of Chinese PHEVs will likely continue to grow but vehicle manufacturers will also likely seek to establish local PHEV production capacity. This capacity could be established more quickly than when the BEV tariffs were introduced as vehicle manufacturers potentially pivot some capacity that had been planned for BEV production towards PHEVs. It will likely result in greater production capacity in Europe for Chinese vehicle manufacturers, either through partnerships with European manufacturers or standalone facilities as manufacturers who were using PHEV sales to improve the economics of selling EVs in Europe are encouraged to manufacture vehicles locally.",[1423],{"type":850,"attrs":1424},{"color":645},"The European Commission is looking to impose additional countervailing duties on PHEVs made in China, with an anti-subsidy investigation reportedly underway. Chinese BEVs have been subject to countervailing duties since late 2024 at differing levels by firm, prompting several Chinese vehicle manufacturers to turn to PHEVs for sales growth in the region.\n\nIn 2025, sales of PHEVs made in China increased more than four-fold compared to 2024 in the EU and sales have risen significantly again in 2026, with a threefold increase in the opening four months of the year compared to same period in 2025.",[1427],{"slug":1428,"name":1429,"content":1430},"george-whitcombe","George Whitcombe",{"job_title":1431,"image":1432,"bio":1434,"linkedin":1435,"markets_covered":688},"Analyst - EV",{"filename":1433},"https://a.storyblok.com/f/287943243085208/500x500/e5fa44ebf8/george-whitecombe.jpeg","George is an EV Analyst at Rho Motion, working in the EV & Battery research team. He works extensively on global EV sales and production analysis, considering the economic and legislative factors that influence both. He also focuses on the strategy of automotive OEMs in the transition to EVs and feeds that into the team’s view on global vehicle markets. George graduated from the University of Exeter with a First Class Honours degree in Politics, Philosophy and Economics.","https://www.linkedin.com/in/george-whitcombe-2320111b6/",[1437],{"slug":692,"name":693},{"id":1439,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":1440,"copyright":645,"fieldtype":701,"meta_data":1441,"is_external_url":50},189187640634468,"https://a.storyblok.com/f/287943243085208/1171x806/f614134f67/screenshot-2026-06-19-150617.png",{},{"id":1443,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":1444,"copyright":645,"fieldtype":701,"meta_data":1445,"is_external_url":50},129065924216771,"https://a.storyblok.com/f/287943243085208/2bc3e3c83d/bm-byd-taxis-credit-nikada.jpg",{},"The European Commission is looking to impose additional countervailing duties on PHEVs made in China, with an anti-subsidy investigation reportedly underway.","Jun 19, 2026",{"id":1449,"uuid":1450,"name":1451,"slug":1452,"full_slug":1453,"content":1454},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":1455,"date":1288,"tags":1456,"editor":1464,"content":1474,"excerpt":1676,"featured":51,"reporter":1677,"component":689,"seo_title":1688,"categories":1689,"visibility":697,"data_vis_image":1697,"featured_image":1701,"seo_description":1705,"formattedDate":1447},"a1d00cf4-9b81-4675-85b2-996a583ad378",[1457,1460,1461],{"slug":1458,"name":1459},"lithium-prices","Lithium prices",{"slug":564,"name":565},{"slug":1462,"name":1463},"electrolyte","Electrolyte",[1465],{"slug":1466,"name":1467,"content":1468},"matthew-bird","Matthew Bird",{"job_title":1469,"image":1470,"bio":1472,"linkedin":1473},"Senior Editor - Supply Chains & Data Visualisation",{"filename":1471},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":577,"content":1475},[1476,1542,1578,1586,1594,1602,1610,1617,1625,1633,1641,1649,1670],{"type":580,"attrs":1477,"content":1478},{"textAlign":49},[1479,1485,1495,1500,1509,1514,1523,1528,1537],{"text":1480,"type":585,"marks":1481},"As the lithium market continues to mature, participants are increasingly looking to untangle the speculative forces ",[1482],{"type":850,"attrs":1483},{"color":1484},"#000000",{"text":1486,"type":585,"marks":1487},"exacerbating volatility",[1488,1493],{"type":590,"attrs":1489},{"href":1490,"uuid":1491,"anchor":49,"target":1492,"linktype":595},"/article/volatile-yet-robust-lithium-q1-2026-price-review","fd98e9b3-113b-4179-b249-104c9389ba9f","_self",{"type":850,"attrs":1494},{"color":1484},{"text":1496,"type":585,"marks":1497}," in ",[1498],{"type":850,"attrs":1499},{"color":1484},{"text":1501,"type":585,"marks":1502},"lithium carbonate",[1503,1507],{"type":590,"attrs":1504},{"href":1505,"uuid":1506,"anchor":49,"target":1492,"linktype":595},"/article/why-are-lithium-prices-surging-in-china-again-","80c1a819-5c60-4407-ba5d-e6a023df02b5",{"type":850,"attrs":1508},{"color":1484},{"text":1510,"type":585,"marks":1511}," and hydroxide prices from true ",[1512],{"type":850,"attrs":1513},{"color":1484},{"text":1515,"type":585,"marks":1516},"cell demand",[1517,1521],{"type":590,"attrs":1518},{"href":1519,"uuid":1520,"anchor":49,"target":1492,"linktype":595},"/article/global-lithium-ion-battery-demand-rose-29-in-2025","96304af2-dffa-4477-9134-47853491eec9",{"type":850,"attrs":1522},{"color":1484},{"text":1524,"type":585,"marks":1525}," signals. The chemical and market properties of battery-grade lithium hexafluorophosphate (LiPF6) electrolyte salt make it an ideal leading indicator for the broader ",[1526],{"type":850,"attrs":1527},{"color":1484},{"text":1529,"type":585,"marks":1530},"lithium market",[1531,1535],{"type":590,"attrs":1532},{"href":1533,"uuid":1534,"anchor":49,"target":1492,"linktype":595},"/videos/lithium-market-outlook-giga-us-2026","c6286d06-ced8-4ba5-9b31-d170e6d52e3a",{"type":850,"attrs":1536},{"color":1484},{"text":1538,"type":585,"marks":1539},".",[1540],{"type":850,"attrs":1541},{"color":1484},{"type":580,"attrs":1543,"content":1544},{"textAlign":49},[1545,1550,1559,1564,1573],{"text":1546,"type":585,"marks":1547},"Between 31 December 2025 and 28 January 2026, ",[1548],{"type":850,"attrs":1549},{"color":1484},{"text":1551,"type":585,"marks":1552},"lithium carbonate prices rallied 52%",[1553,1557],{"type":590,"attrs":1554},{"href":1555,"uuid":1556,"anchor":49,"target":1492,"linktype":595},"/article/deja-vu-in-battery-raw-materials-is-the-2021-playbook-repeating-","d935e80b-5abf-484c-a751-e698ccaf6e18",{"type":850,"attrs":1558},{"color":1484},{"text":1560,"type":585,"marks":1561},", as reported by ",[1562],{"type":850,"attrs":1563},{"color":1484},{"text":1565,"type":585,"marks":1566},"Benchmark’s Lithium Price Assessment",[1567,1571],{"type":590,"attrs":1568},{"href":1569,"uuid":49,"anchor":49,"target":1492,"linktype":1570},"https://www.benchmarkminerals.com/lithium/prices","url",{"type":850,"attrs":1572},{"color":1484},{"text":1574,"type":585,"marks":1575},". This rally was foretold by LiPF6 prices which moved up by 108% between 29 October 2025 and 26 November 2025.",[1576],{"type":850,"attrs":1577},{"color":1484},{"type":580,"attrs":1579,"content":1580},{"textAlign":49},[1581],{"text":1582,"type":585,"marks":1583},"Electrolyte prices then softened in early February, around three months before the Q1 2026 rally in chemical prices began to subside in late May.",[1584],{"type":850,"attrs":1585},{"color":1484},{"type":580,"attrs":1587,"content":1588},{"textAlign":49},[1589],{"text":1590,"type":585,"marks":1591},"Movements in electrolyte prices are consistent with genuine cell-level demand pulling through the supply chain before chemicals inventory is worked through.",[1592],{"type":850,"attrs":1593},{"color":1484},{"type":580,"attrs":1595,"content":1596},{"textAlign":49},[1597],{"text":1598,"type":585,"marks":1599},"“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.”",[1600],{"type":850,"attrs":1601},{"color":1484},{"type":580,"attrs":1603,"content":1604},{"textAlign":49},[1605],{"text":1606,"type":585,"marks":1607},"Benchmark publishes regular electrolyte price assessments as part of its integrated battery supply chain coverage.",[1608],{"type":850,"attrs":1609},{"color":1484},{"type":636,"attrs":1611},{"id":1612,"body":1613},"352dbe02-0aec-466e-bbba-c8c98ecab01b",[1614],{"id":1615,"_uid":1616,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"29424590","i-f38d6f94-6177-4249-bac0-92f0548d3c8c",{"type":647,"attrs":1618,"content":1619},{"level":649,"textAlign":49},[1620],{"text":1621,"type":585,"marks":1622},"What characteristics of LiPF6 electrolyte make it a good leading indicator for lithium prices?",[1623],{"type":850,"attrs":1624},{"color":1484},{"type":580,"attrs":1626,"content":1627},{"textAlign":49},[1628],{"text":1629,"type":585,"marks":1630},"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.",[1631],{"type":850,"attrs":1632},{"color":1484},{"type":580,"attrs":1634,"content":1635},{"textAlign":49},[1636],{"text":1637,"type":585,"marks":1638},"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.",[1639],{"type":850,"attrs":1640},{"color":1484},{"type":580,"attrs":1642,"content":1643},{"textAlign":49},[1644],{"text":1645,"type":585,"marks":1646},"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.",[1647],{"type":850,"attrs":1648},{"color":1484},{"type":580,"attrs":1650,"content":1651},{"textAlign":49},[1652,1657,1665],{"text":1653,"type":585,"marks":1654},"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 ",[1655],{"type":850,"attrs":1656},{"color":1484},{"text":1658,"type":585,"marks":1659},"speculative trading",[1660,1663],{"type":590,"attrs":1661},{"href":1662,"uuid":49,"anchor":49,"target":1492,"linktype":1570},"https://intelligence.benchmarkminerals.com/publications/special-issues/market-evolution-from-specialities-to-financial-instruments",{"type":850,"attrs":1664},{"color":1484},{"text":1666,"type":585,"marks":1667},". 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.",[1668],{"type":850,"attrs":1669},{"color":1484},{"type":636,"attrs":1671},{"id":1612,"body":1672},[1673],{"id":1674,"_uid":1675,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"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.",[1678],{"slug":1679,"name":1680,"content":1681},"adam-megginson","Adam Megginson",{"job_title":1682,"image":1683,"bio":1685,"linkedin":1686,"markets_covered":1687},"Principal Analyst",{"filename":1684},"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",[1690,1691,1692,1694],{"slug":1142,"name":1143},{"slug":1145,"name":1146},{"slug":1693,"name":8},"lithium",{"slug":1695,"name":1696},"fluorspar","Fluorspar",{"id":1698,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":1699,"copyright":645,"fieldtype":701,"meta_data":1700,"is_external_url":50},189158948094330,"https://a.storyblok.com/f/287943243085208/1588x1392/1667540a01/2026-06-18-lithium-prices-against-electrolyte-pricese-2x.png",{},{"id":1702,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":1703,"copyright":645,"fieldtype":701,"meta_data":1704,"is_external_url":50},129065306580585,"https://a.storyblok.com/f/287943243085208/d8592c3d7b/bm-battery-cells.jpeg",{"alt":645,"title":645,"source":645,"copyright":645},"The chemical and market properties of battery-grade lithium hexafluorophosphate (LiPF6) electrolyte salt make it an ideal leading indicator for the broader lithium market.",{"id":1707,"uuid":1708,"name":1709,"slug":1710,"full_slug":1711,"content":1712},188058012453355,"3d3b0521-aaed-4ef9-9a8c-97ccfd4102c8","Global EV sales reach 1.8 million units in May 2026 ","global-ev-sales-reach-1-8-million-units-in-may-2026","article/global-ev-sales-reach-1-8-million-units-in-may-2026",{"_uid":1713,"date":1714,"tags":1715,"editor":1725,"content":1729,"excerpt":2005,"featured":51,"reporter":2006,"component":689,"seo_title":1709,"categories":2016,"visibility":2019,"data_vis_image":2020,"featured_image":2024,"seo_description":2028,"formattedDate":2029},"8749630b-bb37-4629-ab9b-f3bc2f2f5fee","2026-06-16 00:00",[1716,1719,1722,1723,1724],{"slug":1717,"name":1718},"ev-sales","EV Sales",{"slug":1720,"name":1721},"north-america","North America",{"slug":1291,"name":1292},{"slug":720,"name":721},{"slug":564,"name":565},[1726],{"slug":1466,"name":1467,"content":1727},{"job_title":1469,"image":1728,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":1730},[1731,1767,1774,1782,1816,1824,1843,1852,1859,1867,1889,1924,1931,1952,1960,1967,1975,1983,1993],{"type":580,"attrs":1732,"content":1733},{"textAlign":49},[1734,1739,1748,1753,1762],{"text":1735,"type":585,"marks":1736},"Benchmark Mineral Intelligence, specialising in EV and battery supply chain research and insights, reports that 1.8 million electric vehicles were sold globally in May 2026, bringing YTD 2026 ",[1737],{"type":850,"attrs":1738},{"color":1484},{"text":1740,"type":585,"marks":1741},"EV sales",[1742,1746],{"type":590,"attrs":1743},{"href":1744,"uuid":1745,"anchor":49,"target":1492,"linktype":595},"/publications/briefings/all-ev-sales/may-2026-major-market-ev-sales","e683e326-828c-4191-9ac4-fd2a28fd64e1",{"type":850,"attrs":1747},{"color":1484},{"text":1749,"type":585,"marks":1750}," to 7.5 million. In May 2026, EV sales increased by 3% year-on-year (y-o-y) and by 7%",[1751],{"type":850,"attrs":1752},{"color":1484},{"text":1754,"type":585,"marks":1755}," month-on-month",[1756,1760],{"type":590,"attrs":1757},{"href":1758,"uuid":1759,"anchor":49,"target":1492,"linktype":595},"/article/global-ev-sales-reached-1-60-million-units-in-april-2026","7b51be3e-c55e-4a7f-b883-41de91b7447e",{"type":850,"attrs":1761},{"color":1484},{"text":1763,"type":585,"marks":1764}," (m-o-m).",[1765],{"type":850,"attrs":1766},{"color":1484},{"type":636,"attrs":1768},{"id":1769,"body":1770},"0a389bc4-f579-4b9b-aad8-a443402f6f76",[1771],{"id":1772,"_uid":1773,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"29390230","i-f643a4c2-ecfd-47ff-ba8b-c89572f93ee0",{"type":580,"attrs":1775,"content":1776},{"textAlign":49},[1777],{"text":1778,"type":585,"marks":1779},"Benchmark Mineral Intelligence Data Manager, Charles Lester, commented: ",[1780],{"type":850,"attrs":1781},{"color":1484},{"type":580,"attrs":1783,"content":1784},{"textAlign":49},[1785,1790,1799,1804,1811],{"text":1786,"type":585,"marks":1787},"\"The global EV market continued its mixed regional trajectory in May 2026. Europe remains the standout performer, up 26% year-to-date, supported by policy incentives and a growing Chinese OEM presence. Fuel prices remain elevated and, with the situation in the ",[1788],{"type":850,"attrs":1789},{"color":1484},{"text":1791,"type":585,"marks":1792},"Middle East",[1793,1797],{"type":590,"attrs":1794},{"href":1795,"uuid":1796,"anchor":49,"target":1492,"linktype":595},"/article/clear-uptick-in-march-bev-sales-reported-so-far-as-the-iran-war-impacts-petrol-prices","3b25b657-92e9-4b2a-9fe0-95c159fc48ef",{"type":850,"attrs":1798},{"color":1484},{"text":1800,"type":585,"marks":1801}," continuing to evolve, the outlook for ",[1802],{"type":850,"attrs":1803},{"color":1484},{"text":1805,"type":585,"marks":1806},"petrol prices",[1807,1809],{"type":590,"attrs":1808},{"href":1384,"uuid":1385,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":1810},{"color":1484},{"text":1812,"type":585,"marks":1813}," will be one to watch in the coming months. ",[1814],{"type":850,"attrs":1815},{"color":1484},{"type":580,"attrs":1817,"content":1818},{"textAlign":49},[1819],{"text":1820,"type":585,"marks":1821},"\"China's domestic market remains subdued, down 15% year-to-date, though exports continue to surge to record levels, with BYD, Chery and Geely leading the charge internationally. The gap between China's domestic weakness and its export strength continues to widen. ",[1822],{"type":850,"attrs":1823},{"color":1484},{"type":580,"attrs":1825,"content":1826},{"textAlign":49},[1827,1832,1838],{"text":1828,"type":585,"marks":1829},"\"",[1830],{"type":850,"attrs":1831},{"color":1484},{"text":1721,"type":585,"marks":1833},[1834,1836],{"type":590,"attrs":1835},{"href":592,"uuid":593,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":1837},{"color":1484},{"text":1839,"type":585,"marks":1840}," continues to lag, down 25% year-to-date, though Canada's newly established tariff quota agreement with China is beginning to open the door to new competition. Overall, regional divergence, China's accelerating export pivot, and shifting policy landscapes continue to define the global EV market.\" ",[1841],{"type":850,"attrs":1842},{"color":1484},{"type":580,"attrs":1844,"content":1845},{"textAlign":49},[1846],{"type":1847,"attrs":1848},"image",{"id":1849,"alt":645,"src":1850,"title":645,"source":645,"copyright":645,"meta_data":1851},188111301338021,"https://a.storyblok.com/f/287943243085208/1280x720/525a9bbcc5/benchmark-may-2026-sales.jpg",{},{"type":647,"attrs":1853,"content":1854},{"level":649,"textAlign":49},[1855],{"text":1292,"type":585,"marks":1856},[1857],{"type":850,"attrs":1858},{"color":1484},{"type":580,"attrs":1860,"content":1861},{"textAlign":49},[1862],{"text":1863,"type":585,"marks":1864},"In the European market, EV sales have grown by 2% m-o-m and by 23% y-o-y in May 2026, resulting in EV sales up by 26% YTD. The EV market continues to benefit from several EV subsidy schemes across Europe, alongside the impact on EV purchases due to rising fuel prices following the conflict in the Middle East. ",[1865],{"type":850,"attrs":1866},{"color":1484},{"type":580,"attrs":1868,"content":1869},{"textAlign":49},[1870,1875,1884],{"text":1871,"type":585,"marks":1872},"The share of ",[1873],{"type":850,"attrs":1874},{"color":1484},{"text":1876,"type":585,"marks":1877},"EVs sold in Europe that are produced in China",[1878,1882],{"type":590,"attrs":1879},{"href":1880,"uuid":1881,"anchor":49,"target":1492,"linktype":595},"/article/almost-half-of-evs-sold-in-europe-in-2026-contain-europe-made-cells","9e32de15-a444-40d6-be33-b749b248d932",{"type":850,"attrs":1883},{"color":1484},{"text":1885,"type":585,"marks":1886}," has been increasing. Over 2025, 19% of EVs sold in Europe were produced in China. Now in 2026, this figure has been growing, despite the EU BEV tariffs and some subsidy schemes that are preferential toward more local, European EV production. In the UK, 32% of EVs sold YTD are produced in China. However, in Germany it is 14% and in France only 10%. ",[1887],{"type":850,"attrs":1888},{"color":1484},{"type":580,"attrs":1890,"content":1891},{"textAlign":49},[1892,1897,1906,1911,1919],{"text":1893,"type":585,"marks":1894},"As the Chinese EV sales share grows in Europe, there have been announcements from Chinese OEMs to produce in Europe by utilising excess European capacity. This trend has accelerated notably in recent weeks. ",[1895],{"type":850,"attrs":1896},{"color":1484},{"text":1898,"type":585,"marks":1899},"Stellantis",[1900,1904],{"type":590,"attrs":1901},{"href":1902,"uuid":1903,"anchor":49,"target":1492,"linktype":595},"/article/life-in-the-fastlane-stellantis-investor-day-2026","f128bb5d-bb4f-4ac4-9c56-ded8ce39e790",{"type":850,"attrs":1905},{"color":1484},{"text":1907,"type":585,"marks":1908}," has confirmed it will begin producing Leapmotor's B10 compact EV at its plant near Zaragoza, Spain, in the second half of 2026, with three further Leapmotor models planned. Stellantis is also reportedly considering producing Dongfeng models in Europe, while Ford has confirmed talks with Geely over the partial sale of its Valencia, Spain, plant. Nissan and Chery continue to be linked with an agreement to produce Chery models at Nissan's Sunderland, UK, facility. Elsewhere, a much-anticipated SAIC-MG announcement for a European facility was announced, expected to be built in Spain by 2028 with an annual capacity of 120,000 vehicles. ",[1909],{"type":850,"attrs":1910},{"color":1484},{"text":1295,"type":585,"marks":1912},[1913,1917],{"type":590,"attrs":1914},{"href":1915,"uuid":1916,"anchor":49,"target":1492,"linktype":595},"/article/byd-joins-queue-of-chinese-oems-eyeing-underutilised-european-vehicle-plants","a540f8b0-5845-4627-87de-51a7252fba2c",{"type":850,"attrs":1918},{"color":1484},{"text":1920,"type":585,"marks":1921}," is expected to start EV production in Hungary toward the end of 2026, while reportedly pausing its project in Turkey. ",[1922],{"type":850,"attrs":1923},{"color":1484},{"type":647,"attrs":1925,"content":1926},{"level":649,"textAlign":49},[1927],{"text":1721,"type":585,"marks":1928},[1929],{"type":850,"attrs":1930},{"color":1484},{"type":580,"attrs":1932,"content":1933},{"textAlign":49},[1934,1939,1947],{"text":1935,"type":585,"marks":1936},"In ",[1937],{"type":850,"attrs":1938},{"color":1484},{"text":1721,"type":585,"marks":1940},[1941,1945],{"type":590,"attrs":1942},{"href":1943,"uuid":1944,"anchor":49,"target":1492,"linktype":595},"/videos/panel-driving-demand-what-s-powering-the-next-phase-of-the-u-s-ev-market-","636d0e9d-d843-403c-b8b4-a220238a1d65",{"type":850,"attrs":1946},{"color":1484},{"text":1948,"type":585,"marks":1949},", EV sales remain weak, down 26% y-o-y and down 25% YTD, following the major pull-back in OEMs' plans alongside the removal of the EV tax credit in September last year, alongside weaker legislative drivers. ",[1950],{"type":850,"attrs":1951},{"color":1484},{"type":580,"attrs":1953,"content":1954},{"textAlign":49},[1955],{"text":1956,"type":585,"marks":1957},"Following Canada's announcement of a tariff quota agreement that allows 49,000 Chinese-built EVs to enter Canada at a lower rate, down from the previous 100% surtax, BYD has announced it will enter the Canadian market by the end of 2026. BYD confirmed plans for more than 20 dealerships across Toronto, Vancouver, Montreal and Calgary, with an initial lineup including the Atto 3, Seal, Dolphin and Seagull.  ",[1958],{"type":850,"attrs":1959},{"color":1484},{"type":647,"attrs":1961,"content":1962},{"level":649,"textAlign":49},[1963],{"text":721,"type":585,"marks":1964},[1965],{"type":850,"attrs":1966},{"color":1484},{"type":580,"attrs":1968,"content":1969},{"textAlign":49},[1970],{"text":1971,"type":585,"marks":1972},"Following a slow start to EV sales in China in the opening months of the year, EV sales have been improving and now sit at -15% YTD May 2026 vs YTD May 2025. Despite weaker EV sales across the country, battery demand has been impacted less. This is because the proportion of EVs sold in China has moved from smaller vehicles to larger vehicles, a direct impact of the change in subsidy scheme that was introduced in early 2026, therefore the average EV battery size (kWh) has increased in China so far this year. ",[1973],{"type":850,"attrs":1974},{"color":1484},{"type":580,"attrs":1976,"content":1977},{"textAlign":49},[1978],{"text":1979,"type":585,"marks":1980},"Chinese NEV exports continue to climb to another monthly record at almost 450,000 units in May. Both BEV and PHEV exports saw strong growth. Following weaker domestic sales in China so far this year compared to 2025, more and more Chinese OEMs have looked to expand further into the global market. The major players include BYD, which leads EV exports, followed by Chery and Geely, while Tesla's Shanghai factory also remains a significant contributor to China's overall NEV export figures. ",[1981],{"type":850,"attrs":1982},{"color":1484},{"type":580,"attrs":1984,"content":1985},{"textAlign":49},[1986],{"text":1987,"type":585,"marks":1988},"This insight draws from Benchmark's granular EV & Battery Service, consisting of monthly EV sales figures, detailed forecasts to 2050 and supply chain data. By bringing clarity to a complex and opaque market, this subscription facilitates smarter investment decisions, strategy planning and execution, and successful commercial outcomes. To learn more, submit your details below and our team will be in touch:",[1989,1991],{"type":850,"attrs":1990},{"color":1484},{"type":1992},"italic",{"type":636,"attrs":1994},{"id":1769,"body":1995},[1996],{"id":1997,"_uid":1998,"component":1999,"wrap_in_box":50,"redirect_url":2000,"success_file":2002,"default_height":645,"success_message":645,"v2_hubspot_form":50,"success_sub_text":645,"hidden_field_values":2004,"show_on_intelligence":50},"57a99950-73f5-48be-98a4-7324c28e5d0b","i-c77c8094-8373-455a-badb-95efc4bd5254","ContentHubspotForm",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},"multilink",{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":2003},{},[],"Benchmark Mineral Intelligence, specialising in EV and battery supply chain research and insights, reports that 1.8 million electric vehicles were sold globally in May 2026, bringing YTD 2026 EV sales to 7.5 million. In May 2026, EV sales increased by 3% year-on-year (y-o-y) and by 7% month-on-month (m-o-m). ",[2007],{"slug":2008,"name":2009,"content":2010},"charles-lester","Charles Lester",{"job_title":2011,"image":2012,"bio":2014,"linkedin":2015,"markets_covered":688},"Data Manager",{"filename":2013},"https://a.storyblok.com/f/287943243085208/400x400/e3e91a8cc9/charles-lester.jpeg","Charles is Data Manager at Rho Motion, working on electric vehicle, battery, charging, and recycling market analysis, as well as modelling energy and commodity demand associated with the energy transition. Prior to joining Rho Motion he was a Consultant at Argus Media working across several sectors including energy, fertiliser and emissions economics. He has worked on multiple feasibility studies for major industrial projects worth several billion dollars. Charles graduated with a First Class Honours degree in Economics, and a Master’s Degree in Economics from University College London (UCL).","https://www.linkedin.com/in/charleslester-124/",[2017,2018],{"slug":956,"name":957},{"slug":692,"name":693},"public",{"id":2021,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":2022,"copyright":645,"fieldtype":701,"meta_data":2023,"is_external_url":50},188059155168775,"https://a.storyblok.com/f/287943243085208/1280x720/c1822577ce/benchmark-may-2026-ev-sales.jpg",{},{"id":2025,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":2026,"copyright":645,"fieldtype":701,"meta_data":2027,"is_external_url":50},188061873516795,"https://a.storyblok.com/f/287943243085208/3840x2160/c65dfa8b41/electric-vehicles-charging.jpeg",{},"Benchmark Mineral Intelligence reports that 1.8 million electric vehicles (EVs) were sold globally in May 2026, bringing YTD 2026 EV sales to 7.5 million. In May 2026, EV sales increased by 3% year-on-year (y-o-y) and by 7% month-on-month (m-o-m).","Jun 16, 2026",{"id":2031,"uuid":2032,"name":2033,"slug":2034,"full_slug":2035,"content":2036},187792199182049,"35903f16-a3da-404d-9efe-773a2738307a","Investment into silicon anode firms exceeds $1 billion outside China since 2024","investment-into-silicon-anode-firms-exceeds-1-billion-outside-china-since-2024","article/investment-into-silicon-anode-firms-exceeds-1-billion-outside-china-since-2024",{"_uid":2037,"date":2038,"tags":2039,"editor":2053,"content":2057,"excerpt":2148,"featured":51,"reporter":2149,"component":689,"seo_title":2159,"categories":2160,"visibility":697,"data_vis_image":2166,"featured_image":2170,"seo_description":2174,"formattedDate":2175},"a4f52180-d8f1-4dd3-acc7-378eb1f1a732","2026-06-15 00:00",[2040,2043,2046,2049,2052],{"slug":2041,"name":2042},"group14","Group14",{"slug":2044,"name":2045},"catl","CATL",{"slug":2047,"name":2048},"sila","Sila",{"slug":2050,"name":2051},"oned","OneD",{"slug":564,"name":565},[2054],{"slug":568,"name":569,"content":2055},{"job_title":571,"image":2056,"bio":574,"linkedin":575},{"filename":573},{"type":577,"content":2058},[2059,2073,2086,2093,2100,2114,2119,2124,2131,2136,2143],{"type":580,"attrs":2060,"content":2061},{"textAlign":49},[2062,2064,2071],{"text":2063,"type":585},"Companies developing ",{"text":2065,"type":585,"marks":2066},"silicon-based anode technology",[2067],{"type":590,"attrs":2068},{"href":2069,"uuid":2070,"anchor":49,"target":594,"linktype":595},"/article/growing-silicon-based-anode-market-share-to-2035-to-reflect-nickel-based-cell-growth","eb1c4eb8-2493-4dd3-a449-e2dcff7d1b71",{"text":2072,"type":585}," have drawn more than USD $1.29 billion in ex-China investment since Benchmark began tracking new investments into the industry in 2024.",{"type":580,"attrs":2074,"content":2075},{"textAlign":49},[2076,2078,2084],{"text":2077,"type":585},"Benchmark’s ",{"text":2079,"type":585,"marks":2080},"Energy Transition Capital Briefing",[2081],{"type":590,"attrs":2082},{"href":2083,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://intelligence.benchmarkminerals.com/publications/briefings",{"text":2085,"type":585}," database records 17 funding rounds from January 2024 to February 2026, ranging from seed funding rounds to large-scale equity funding rounds. It follows major earlier investments into silicon anode players, including $80m in UK-headquartered Nexeon in 2022.",{"type":636,"attrs":2087},{"id":2088,"body":2089},"3c00a56d-6753-4003-8a6b-e1425de3e163",[2090],{"id":2091,"_uid":2092,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"29338780","i-9f2f625e-c464-4154-81d9-7c5a67f9486e",{"type":647,"attrs":2094,"content":2095},{"level":649,"textAlign":49},[2096],{"text":2097,"type":585,"marks":2098},"Ex-China investment centred on the US",[2099],{"type":655},{"type":580,"attrs":2101,"content":2102},{"textAlign":49},[2103,2105,2112],{"text":2104,"type":585},"The largest investment was made into Group14 Technologies, a US-based silicon battery material developer, which raised $463 million in August 2025 to ",{"text":2106,"type":585,"marks":2107},"accelerate development of its planned silicon anode material (AAM) pipeline",[2108],{"type":590,"attrs":2109},{"href":2110,"uuid":2111,"anchor":49,"target":594,"linktype":595},"/article/group14-secures-463m-in-funding-to-scale-up-its-manufacturing-capabilities","bfd2200f-36ea-4f15-b5f8-a0343506eb38",{"text":2113,"type":585},". Group14 announced in March 2026 it had started production at the BAM-3 silicon anode manufacturing plant. That site began as a joint venture between Group14 and South Korean technology giant SK, which sold its 75% stake to Group14 as part of the August deal.",{"type":580,"attrs":2115,"content":2116},{"textAlign":49},[2117],{"text":2118,"type":585},"Sila, based in the same location as Group14 in the US, Washington’s Moses Lake, began full-scale production at its plant there in 2025. The development of the 2–5GWh plant, which it plans to expand to 250GWh, was supported by a $100 million grant from the US government. This was a show of confidence for a technology where there have been financial challenges for some, including fellow US firm OneD Battery Sciences, which suspended operations at its Washington site last year.",{"type":580,"attrs":2120,"content":2121},{"textAlign":49},[2122],{"text":2123,"type":585},"The largest non-US-based developer tracked was LeydenJar, based in the Netherlands, which has received a total of $24.5 million in investment over the last two years.",{"type":647,"attrs":2125,"content":2126},{"level":649,"textAlign":49},[2127],{"text":2128,"type":585,"marks":2129},"Scaling beyond China a challenge",[2130],{"type":655},{"type":580,"attrs":2132,"content":2133},{"textAlign":49},[2134],{"text":2135,"type":585},"There are fewer public details on deals in China, though among the announcements since 2024 has been the acquisition by CATL of a stake in Shanghai Carbon Yuan, a silicon anode developer. Huasheng Lithium Battery has also invested RMB 39,999,999 (USD $5.2 million) into silicon anode firm Jiangsu Pustar Environmental Protection Technology, acquiring a 14.7% stake, while another Chinese developer, Lianchuang Lithium Energy, completed a 225 million RMB (USD $31.5 million) funding round in 2024.",{"type":636,"attrs":2137},{"id":2138,"body":2139},"a7b627e7-5934-4011-8041-f7741a82899f",[2140],{"id":2141,"_uid":2142,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"29381080","i-ec0181a5-7df8-469f-8a34-cebca41e207d",{"type":580,"attrs":2144,"content":2145},{"textAlign":49},[2146],{"text":2147,"type":585},"Tony Alderson, research manager at Benchmark, notes that, despite the levels of investment, there have been a range of hurdles to the expansion of silicon-based anode supply. Most projects outside China remain in early-stage development, and Benchmark expects ex-China demand to overtake supply from 2028.","Companies developing silicon-based anode technology have drawn more than USD $1.29 billion in ex-China investment since Benchmark began tracking new investments into the industry in 2024.\n\nBenchmark’s Energy Transition Capital Briefing database records 17 funding rounds from January 2024 to February 2026, ranging from seed funding rounds to large-scale equity funding rounds. It follows major earlier investments into silicon anode players, including $80m in UK-headquartered Nexeon in 2022.",[2150],{"slug":2151,"name":2152,"content":2153},"tony-alderson","Tony Alderson",{"job_title":2154,"image":2155,"bio":2157,"linkedin":2158,"markets_covered":261},"Research Manager - Anode",{"filename":2156},"https://a.storyblok.com/f/287943243085208/800x800/f521ccb976/tony-alderson.jpeg","Tony is a Research Manager at Benchmark Mineral Intelligence, specialising in forward-looking models that encompass supply, demand, and pricing dynamics for anode materials. He has over 3 years experience in the battery supply chain, previously working as a Price & Data Analyst, for LiB raw materials. His background is in renewable and sustainable energy technologies, having completed an MSc at Northumbria University, Newcastle.","https://www.linkedin.com/in/tony-alderson-b370b7170/","Ex China silicon anode investment exceeds $1 billion since 2024",[2161,2163],{"slug":2162,"name":261},"anode",{"slug":2164,"name":2165},"silicon-anode","Silicon Anode",{"id":2167,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":2168,"copyright":645,"fieldtype":701,"meta_data":2169,"is_external_url":50},187800972807140,"https://a.storyblok.com/f/287943243085208/595x709/285246e537/screenshot-2026-06-15-170350.png",{},{"id":2171,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":2172,"copyright":645,"fieldtype":701,"meta_data":2173,"is_external_url":50},187799512660852,"https://a.storyblok.com/f/287943243085208/1920x1225/38e47e9e5f/group14.jpg",{},"Companies developing silicon-based anode technology have drawn more than USD $1.29 billion in ex-China investment since Benchmark began tracking new investments into the industry in 2024.","Jun 15, 2026",{"id":2177,"uuid":824,"name":2178,"slug":2179,"full_slug":2180,"content":2181},184216704050300,"Benchmark battery energy stationary storage database surpasses 10,000 projects","benchmark-battery-energy-stationary-storage-database-surpasses-10000-projects","article/benchmark-battery-energy-stationary-storage-database-surpasses-10000-projects",{"_uid":2182,"date":2183,"tags":2184,"editor":2189,"content":2193,"excerpt":2317,"featured":51,"reporter":2318,"component":689,"seo_title":2331,"categories":2332,"visibility":2019,"data_vis_image":2335,"featured_image":2339,"seo_description":2343,"formattedDate":2344},"0cab84f2-1ff6-49f0-9e80-9bd9013323a9","2026-06-05 00:00",[2185,2186,2187,2188],{"slug":564,"name":565},{"slug":720,"name":721},{"slug":1720,"name":1721},{"slug":1291,"name":1292},[2190],{"slug":1466,"name":1467,"content":2191},{"job_title":1469,"image":2192,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":2194},[2195,2217,2247,2252,2259,2264,2269,2275,2280,2292,2298,2307],{"type":580,"attrs":2196,"content":2197},{"textAlign":49},[2198,2199,2206,2208,2215],{"text":1005,"type":585},{"text":2200,"type":585,"marks":2201},"battery energy stationary storage",[2202],{"type":590,"attrs":2203},{"href":2204,"uuid":2205,"anchor":49,"target":1492,"linktype":595},"/article/the-top-energy-storage-cell-suppliers-and-system-integrators-in-2025","dd7b0985-5771-4a9e-b68e-7060e85efa48",{"text":2207,"type":585}," (BESS) market has grown significantly over the last five years, with this growth is set to continue. Benchmark’s BESS database has now surpassed 10,000 unique projects, both ",{"text":2209,"type":585,"marks":2210},"operating",[2211],{"type":590,"attrs":2212},{"href":2213,"uuid":2214,"anchor":49,"target":1492,"linktype":595},"/article/europe-has-record-quarter-for-energy-storage","acf89f40-3be3-4aef-8011-2f0d5bce1a88",{"text":2216,"type":585}," and in the pipeline.",{"type":580,"attrs":2218,"content":2219},{"textAlign":49},[2220,2222,2227,2229,2236,2238,2245],{"text":2221,"type":585},"This is nearly nine times the number of projects Benchmark tracked in the May 2022 edition of ",{"text":1215,"type":585,"marks":2223},[2224],{"type":590,"attrs":2225},{"href":2226,"uuid":49,"anchor":49,"target":1492,"linktype":1570},"https://www.benchmarkminerals.com/battery-energy-stationary-storage",{"text":2228,"type":585},". The ",{"text":2230,"type":585,"marks":2231},"average size of the projects",[2232],{"type":590,"attrs":2233},{"href":2234,"uuid":2235,"anchor":49,"target":1492,"linktype":595},"/article/is-the-energy-storage-market-shifting-to-longer-duration-capacities-","6c350409-abcd-42f5-a9a4-15e7729cd431",{"text":2237,"type":585}," in the database has ",{"text":2239,"type":585,"marks":2240},"increased significantly",[2241],{"type":590,"attrs":2242},{"href":2243,"uuid":2244,"anchor":49,"target":1492,"linktype":595},"/article/form-energy-announces-largest-capacity-energy-storage-system-to-date","0ff0e0c5-d9dd-4f8c-9b1b-4aa57cb0e0b4",{"text":2246,"type":585},", too, from 193MWh in 2022 to 316MWh today.",{"type":580,"attrs":2248,"content":2249},{"textAlign":49},[2250],{"text":2251,"type":585},"“BESS has matured at a dramatic pace over the last five years from a relatively niche technology to the go-to source of much needed flexibility on today's grids,” said Pete Tillotson, a BESS research analyst at Benchmark. “Technological innovation, falling battery costs, intense OEM competition for market share, and the increasing realisation of its multiple benefits and speed of deployment have all contributed to BESS becoming core grid infrastructure.”",{"type":636,"attrs":2253},{"id":2254,"body":2255},"4bce6fab-52b3-4721-b997-57344cdc9282",[2256],{"id":2257,"_uid":2258,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"29263694","i-81a6bf72-8942-4546-8197-1db8f9eb7617",{"type":647,"attrs":2260,"content":2261},{"level":649,"textAlign":49},[2262],{"text":2263,"type":585},"What are the trends in the database?",{"type":580,"attrs":2265,"content":2266},{"textAlign":49},[2267],{"text":2268,"type":585},"Click through this interactive data story to reveal what sorts of projects make up the database and where they are.",{"type":636,"attrs":2270},{"id":2254,"body":2271},[2272],{"id":2273,"_uid":2274,"type":595,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"3698199","i-31a3b391-4b87-4793-9c45-668aec3feee4",{"type":647,"attrs":2276,"content":2277},{"level":649,"textAlign":49},[2278],{"text":2279,"type":585},"How has the BESS market changed over the past five years?",{"type":580,"attrs":2281,"content":2282},{"textAlign":49},[2283,2285,2290],{"text":2284,"type":585},"The BESS market has grown significantly over the last five years, with a~15-times increase in annual ",{"text":2286,"type":585,"marks":2287},"grid-scale",[2288],{"type":590,"attrs":2289},{"href":931,"uuid":932,"anchor":49,"target":1492,"linktype":595},{"text":2291,"type":585}," installations 2021 and 2025. The average size of the projects installed since 2021 has also been increasing. The average grid-scale project in 2025 was 261MWh compared to 68MWh in 2021.",{"type":636,"attrs":2293},{"id":2254,"body":2294},[2295],{"id":2296,"_uid":2297,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"29253869","i-a9a8098c-7bca-45fe-8a5d-9ad4d72cc903",{"type":580,"attrs":2299,"content":2300},{"textAlign":49},[2301],{"text":2302,"type":585,"marks":2303},"This insight draws from Benchmark's granular BESS Service, consisting of detailed forecasts to 2040, system pricing, capacity growth trends and more. By bringing clarity to a rapidly accelerating market, this subscription facilitates smarter investment decisions, strategy planning and execution, and successful commercial outcomes. To learn more, submit your details below and our team will be in touch:",[2304,2306],{"type":850,"attrs":2305},{"color":645},{"type":1992},{"type":636,"attrs":2308},{"id":2309,"body":2310},"b4f30120-3b86-4f8c-a38b-cb4c1565a288",[2311],{"id":1997,"_uid":2312,"component":1999,"wrap_in_box":50,"redirect_url":2313,"success_file":2314,"default_height":645,"success_message":645,"v2_hubspot_form":50,"success_sub_text":645,"hidden_field_values":2316,"show_on_intelligence":50},"i-dcc9d729-77dc-4d24-a120-5cded55104a0",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":2315},{},[],"The battery energy stationary storage (BESS) market has grown significantly over the last five years, with this growth is set to continue. Benchmark’s BESS database has now surpassed 10,000 unique projects, both operating and in the pipeline.\n\nThis is nearly nine times the number of projects Benchmark tracked in the May 2022 edition of the BESS database. The average size of the projects in the database has increased significantly, too, from 193MWh in 2022 to 316MWh today.",[2319,2322],{"slug":1258,"name":1259,"content":2320},{"job_title":1261,"image":2321,"bio":1264,"linkedin":1265,"markets_covered":1266},{"filename":1263},{"slug":2323,"name":2324,"content":2325},"pete-tillotson","Pete Tillotson",{"job_title":2326,"image":2327,"bio":2329,"linkedin":2330,"markets_covered":946},"Senior Analyst - BESS",{"filename":2328},"https://a.storyblok.com/f/287943243085208/800x800/bfcfbe219a/pete-tilloston.jpeg","Pete is a Senior Analyst on the downstream team covering the ex-China BESS markets. He works closely on the BESS monthly analysis and reporting as well as the BESS Quarterly Outlook. Pete holds an MSc from Imperial College London in Environmental Technology and a BA in Politics from the University of Exeter.","https://www.linkedin.com/in/pete-tillotson-b09495158/","Benchmark BESS database surpasses 10,000 projects",[2333,2334],{"slug":950,"name":951},{"slug":956,"name":957},{"id":2336,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":2337,"copyright":645,"fieldtype":701,"meta_data":2338,"is_external_url":50},184218836560728,"https://a.storyblok.com/f/287943243085208/1588x1840/c17cadeb60/10k-bess-by-region-2x.png",{},{"id":2340,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":2341,"copyright":645,"fieldtype":701,"meta_data":2342,"is_external_url":50},184216876272376,"https://a.storyblok.com/f/287943243085208/1600x1066/78896c6174/2026-01-29-rwe-errichtet-am-kraftwerkstandort-in-lingen-batteriespeicher-mit-400-megawatt-leistung.jpg",{},"The battery energy stationary storage (BESS) market has grown significantly over the last five years, with this growth is set to continue. Benchmark’s BESS database has now surpassed 10,000 unique projects, both operating and in the pipeline.","Jun 05, 2026",{"id":2346,"uuid":2347,"name":2348,"slug":2349,"full_slug":2350,"content":2351},183171680546453,"b82f9e82-264c-4364-907f-b0e8181b2433","US solar firm Nextpower enters energy storage market through acquisition of BESS maker Prevalon","us-solar-firm-nextpower-enters-energy-storage-market-through-acquisition-of-bess-maker-prevalon","article/us-solar-firm-nextpower-enters-energy-storage-market-through-acquisition-of-bess-maker-prevalon",{"_uid":2352,"date":2353,"tags":2354,"editor":2361,"content":2365,"excerpt":2450,"featured":51,"reporter":2451,"component":689,"seo_title":2455,"categories":2456,"visibility":697,"data_vis_image":2458,"featured_image":2462,"seo_description":2466,"formattedDate":2467},"5d720beb-e377-453f-abc4-1f2f003d5e01","2026-06-02 00:00",[2355,2356,2357,2360],{"slug":723,"name":724},{"slug":1168,"name":1169},{"slug":2358,"name":2359},"nextpower","Nextpower",{"slug":564,"name":565},[2362],{"slug":568,"name":569,"content":2363},{"job_title":571,"image":2364,"bio":574,"linkedin":575},{"filename":573},{"type":577,"content":2366},[2367,2378,2383,2390,2418,2425,2432,2444],{"type":580,"attrs":2368,"content":2369},{"textAlign":49},[2370,2372,2376],{"text":2371,"type":585},"Prevalon Energy, a US-headquartered ",{"text":2200,"type":585,"marks":2373},[2374],{"type":590,"attrs":2375},{"href":2204,"uuid":2205,"anchor":49,"target":594,"linktype":595},{"text":2377,"type":585}," (BESS) manufacturer, has been acquired by solar and energy project software integration company Nextpower for US$365 million. Nextpower offers energy management systems as well as hardware for solar energy projects, and with this acquisition is looking to gain market share in the solar-plus-storage co-location market.",{"type":580,"attrs":2379,"content":2380},{"textAlign":49},[2381],{"text":2382,"type":585},"Prevalon was formed in 2024 as part of a joint venture between Mitsubishi Power and EES, although Mitsubishi has been in the energy storage market since the early 2010s. It currently has 6.4GWh of energy storage deployed, predominantly in the US, Chile, the UK and Japan.",{"type":647,"attrs":2384,"content":2385},{"level":649,"textAlign":49},[2386],{"text":2387,"type":585,"marks":2388},"Refocusing on data centre demand",[2389],{"type":655},{"type":580,"attrs":2391,"content":2392},{"textAlign":49},[2393,2395,2402,2404,2410,2412,2417],{"text":2394,"type":585},"Nextpower aims to capitalise on the growth in ",{"text":2396,"type":585,"marks":2397},"AI data centre (AIDC)-related power demand growth",[2398],{"type":590,"attrs":2399},{"href":2400,"uuid":2401,"anchor":49,"target":594,"linktype":595},"/videos/behind-the-ai-boom-how-data-centre-demand-is-reshaping-bess-lithium-lfp-and-copper-markets","1573e0e7-8137-439e-b583-f703c3136f5e",{"text":2403,"type":585}," through Prevalon’s data-centre specific products, designed around the management of the unique power load demands of the segment. The acquisition expands Nextpower’s role to that of a more fully integrated solar and storage system and software provider, and comes after it acquired Zigor Corporation's US power conversion business and its US subsidiary, Apex Power, as noted in ",{"text":2405,"type":585,"marks":2406},"Benchmark's Energy Transition Capital Briefing",[2407],{"type":590,"attrs":2408},{"href":2409,"uuid":49,"anchor":49,"target":594,"linktype":1570},"https://intelligence.benchmarkminerals.com/publications/briefings/energy-transition-capitals/energy-transition-capital-may-2026",{"text":2411,"type":585},". It also follows the announcement of solar and storage developer NextEra Energy Resources’ ",{"text":2413,"type":585,"marks":2414},"acquisition of energy firm Dominion Energy",[2415],{"type":590,"attrs":2416},{"href":1188,"uuid":1189,"anchor":49,"target":594,"linktype":595},{"text":1538,"type":585},{"type":636,"attrs":2419},{"id":2420,"body":2421},"255cd999-b187-4bf7-b5b9-4fbf0e73c6e8",[2422],{"id":2423,"_uid":2424,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"29218338","i-84f694ae-05e2-4496-afa2-86d972765542",{"type":647,"attrs":2426,"content":2427},{"level":649,"textAlign":49},[2428],{"text":2429,"type":585,"marks":2430},"Equity offers additional window into energy storage market",[2431],{"type":655},{"type":580,"attrs":2433,"content":2434},{"textAlign":49},[2435,2437,2442],{"text":2436,"type":585},"With the acquisition of Prevalon, Nextpower's stock will now reflect not only renewable power growth but also energy storage and AIDC market demand in the US, which is experiencing the largest BESS demand ",{"text":2438,"type":585,"marks":2439},"growth outside of China",[2440],{"type":590,"attrs":2441},{"href":768,"uuid":769,"anchor":49,"target":594,"linktype":595},{"text":2443,"type":585},". Most BESS integrators are private or direct subsidiaries, but this merger provides a clear valuation on a domestic US-headquartered BESS integrator. The transaction is expected to close in 2027, with Nextpower having already improved its financial outlook for that year from $3.8 billion to $4.1 billion to $4.0 billion to $4.4 billion.",{"type":636,"attrs":2445},{"id":2420,"body":2446},[2447],{"id":2448,"_uid":2449,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"29218726","i-c82aeeed-d55a-4350-89af-bf201318e58a","Prevalon Energy, a US-headquartered battery energy stationary storage (BESS) manufacturer, has been acquired by solar and energy project software integration company Nextpower for US$365 million. Nextpower offers energy management systems as well as hardware for solar energy projects, and with this acquisition is looking to gain market share in the solar-plus-storage co-location market.\n\nPrevalon was formed in 2024 as part of a joint venture between Mitsubishi Power and EES, although Mitsubishi has been in the energy storage market since the early 2010s. It currently has 6.4GWh of energy storage deployed, predominantly in the US, Chile, the UK and Japan.",[2452],{"slug":2323,"name":2324,"content":2453},{"job_title":2326,"image":2454,"bio":2329,"linkedin":2330,"markets_covered":946},{"filename":2328},"Nextpower acquires Prevalon to tap into US BESS demand",[2457],{"slug":950,"name":951},{"id":2459,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":2460,"copyright":645,"fieldtype":701,"meta_data":2461,"is_external_url":50},183183657395440,"https://a.storyblok.com/f/287943243085208/716x686/95d6586594/screenshot-2026-06-02-155533.png",{},{"id":2463,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":2464,"copyright":645,"fieldtype":701,"meta_data":2465,"is_external_url":50},183184240477552,"https://a.storyblok.com/f/287943243085208/1000x558/bfe76c50e0/prevalon.jpg",{},"Prevalon Energy, a US-headquartered battery energy stationary storage (BESS) manufacturer, has been acquired by solar and energy project software integration company Nextpower for US$365 million.","Jun 02, 2026",{"id":2469,"uuid":2470,"name":2471,"slug":2472,"full_slug":2473,"content":2474},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":2475,"date":2476,"tags":2477,"editor":2482,"content":2486,"excerpt":2607,"featured":51,"reporter":2608,"component":689,"seo_title":2619,"categories":2620,"visibility":2019,"data_vis_image":2637,"featured_image":2639,"seo_description":2643,"formattedDate":2644},"14a62998-06e3-4fa8-bcd0-b8df7e738bd3","2026-05-29 00:00",[2478,2479],{"slug":564,"name":565},{"slug":2480,"name":2481},"visual-capitalist","Visual Capitalist",[2483],{"slug":568,"name":569,"content":2484},{"job_title":571,"image":2485,"bio":574,"linkedin":575},{"filename":573},{"type":577,"content":2487},[2488,2499,2504,2509,2517,2524,2538,2570,2577,2597,2602],{"type":580,"attrs":2489,"content":2490},{"textAlign":49},[2491,2493,2498],{"text":2492,"type":585},"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":2494,"type":585,"marks":2495},"prices are again on the rise",[2496],{"type":590,"attrs":2497},{"href":1505,"uuid":1506,"anchor":49,"target":594,"linktype":595},{"text":1538,"type":585},{"type":580,"attrs":2500,"content":2501},{"textAlign":49},[2502],{"text":2503,"type":585},"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":580,"attrs":2505,"content":2506},{"textAlign":49},[2507],{"text":2508,"type":585},"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":580,"attrs":2510,"content":2511},{"textAlign":49},[2512],{"type":1847,"attrs":2513},{"id":2514,"alt":645,"src":2515,"title":645,"source":645,"copyright":645,"meta_data":2516},181694881907700,"https://a.storyblok.com/f/287943243085208/1200x1807/5bae1c6ff8/the-rise-and-fall-of-battery-material-prices-since-2019_voro_04222026-2.jpg",{},{"type":647,"attrs":2518,"content":2519},{"level":649,"textAlign":49},[2520],{"text":2521,"type":585,"marks":2522},"Demand dip as China EV purchases dropped",[2523],{"type":655},{"type":580,"attrs":2525,"content":2526},{"textAlign":49},[2527,2529,2536],{"text":2528,"type":585},"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":2530,"type":585,"marks":2531},"price downturn",[2532],{"type":590,"attrs":2533},{"href":2534,"uuid":2535,"anchor":49,"target":594,"linktype":595},"/article/lithium-price-decline-casts-shadow-over-long-term-supply-prospects-2023-in-review","2a16c44d-52e7-4d54-a4bc-a86c28a5f180",{"text":2537,"type":585}," before the turn of 2024.",{"type":580,"attrs":2539,"content":2540},{"textAlign":49},[2541,2543,2550,2552,2559,2561,2568],{"text":2542,"type":585},"Weak downstream demand for ",{"text":2544,"type":585,"marks":2545},"cobalt",[2546],{"type":590,"attrs":2547},{"href":2548,"uuid":2549,"anchor":49,"target":594,"linktype":595},"/article/china-plans-to-stockpile-cobalt-after-price-rout","c13e0cb3-c5e9-4fec-a7f7-0535df46313c",{"text":2551,"type":585},"- and ",{"text":2553,"type":585,"marks":2554},"nickel",[2555],{"type":590,"attrs":2556},{"href":2557,"uuid":2558,"anchor":49,"target":594,"linktype":595},"/article/chinese-nickel-sulphate-prices-near-three-year-low-amid-weak-battery-demand","bb52ce5e-634b-4139-b03e-4ccc0637a7c5",{"text":2560,"type":585},"-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":2562,"type":585,"marks":2563},"drove down the premium",[2564],{"type":590,"attrs":2565},{"href":2566,"uuid":2567,"anchor":49,"target":594,"linktype":595},"/article/synthetic-graphite-anode-prices-decline-35-in-a-year-as-natural-graphite-price-premium-narrows","7dabbe31-78cf-4321-9d5f-155f145b49ab",{"text":2569,"type":585}," 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":647,"attrs":2571,"content":2572},{"level":649,"textAlign":49},[2573],{"text":2574,"type":585,"marks":2575},"Sulphur supply squeeze in 2026 increasing costs",[2576],{"type":655},{"type":580,"attrs":2578,"content":2579},{"textAlign":49},[2580,2582,2588,2590],{"text":2581,"type":585},"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":2583,"type":585,"marks":2584},"sulphuric acid",[2585],{"type":590,"attrs":2586},{"href":2587,"uuid":49,"anchor":49,"target":594,"linktype":1570},"https://intelligence.benchmarkminerals.com/publications/special-issues/the-sulphuric-acid-supply-squeeze-and-its-impact-on-critical-minerals-1",{"text":2589,"type":585},", 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":2591,"type":585,"marks":2592},"a range of other battery materials are also likely to be affected.",[2593],{"type":590,"attrs":2594},{"href":2595,"uuid":2596,"anchor":49,"target":594,"linktype":595},"/article/what-the-sulphuric-acid-supply-crunch-means-for-critical-minerals","89fa6c30-d2f8-47dd-ab8c-c9a7c2cb86f5",{"type":580,"attrs":2598,"content":2599},{"textAlign":49},[2600],{"text":2601,"type":585},"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":580,"attrs":2603,"content":2604},{"textAlign":49},[2605],{"text":2606,"type":585},"“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”. ",[2609],{"slug":2610,"name":2611,"content":2612},"daisy-jennings-gray","Daisy Jennings-Gray",{"job_title":2613,"image":2614,"bio":2616,"linkedin":2617,"markets_covered":2618},"Head of Prices",{"filename":2615},"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",[2621,2622,2624,2625,2626,2629,2630,2632,2635,2636],{"slug":956,"name":957},{"slug":2623,"name":298},"cathode",{"slug":2544,"name":115},{"slug":1142,"name":1143},{"slug":2627,"name":2628},"graphite","Graphite",{"slug":1693,"name":8},{"slug":2631,"name":189},"natural-graphite",{"slug":2633,"name":2634},"synthetic-graphite","Synthetic Graphite",{"slug":950,"name":951},{"slug":692,"name":693},{"id":2514,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":2515,"copyright":645,"fieldtype":701,"meta_data":2638,"is_external_url":50},{},{"id":2640,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":2641,"copyright":645,"fieldtype":701,"meta_data":2642,"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":2646,"uuid":2596,"name":2647,"slug":2648,"full_slug":2649,"content":2650},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":2651,"date":2652,"tags":2653,"editor":2661,"content":2665,"excerpt":2888,"featured":51,"reporter":2889,"component":689,"seo_title":2647,"categories":2890,"visibility":2019,"data_vis_image":2902,"featured_image":2906,"seo_description":2910,"formattedDate":2911},"5bdd9893-c4e6-46f9-8ddb-fe23b8a740d0","2026-05-28 00:00",[2654,2656,2658,2660],{"slug":2655,"name":2583},"sulphuric-acid",{"slug":2657,"name":2657},"sulphur",{"slug":2659,"name":1791},"middle-east",{"slug":564,"name":565},[2662],{"slug":1466,"name":1467,"content":2663},{"job_title":1469,"image":2664,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":2666},[2667,2702,2710,2718,2742,2751,2759,2788,2805,2812,2821,2829,2837,2843,2851,2878],{"type":580,"attrs":2668,"content":2669},{"textAlign":49},[2670,2675,2683,2688,2697],{"text":2671,"type":585,"marks":2672},"Conflict in the ",[2673],{"type":850,"attrs":2674},{"color":1484},{"text":1791,"type":585,"marks":2676},[2677,2681],{"type":590,"attrs":2678},{"href":2679,"uuid":2680,"anchor":49,"target":1492,"linktype":595},"/article/middle-east-escalation-disrupts-energy-storage-deployment-and-chinese-overseas-expansion","16e5191e-fffd-47f2-953d-ca1adb9595a5",{"type":850,"attrs":2682},{"color":1484},{"text":2684,"type":585,"marks":2685}," and the subsequent closure of the Strait of Hormuz led to sulphuric acid prices skyrocketing. The material is a key feedstock for the ",[2686],{"type":850,"attrs":2687},{"color":1484},{"text":2689,"type":585,"marks":2690},"processing of many critical minerals",[2691,2695],{"type":590,"attrs":2692},{"href":2693,"uuid":2694,"anchor":49,"target":1492,"linktype":595},"/article/what-does-the-middle-east-conflict-mean-for-battery-supply-chains-","3ba99529-b0e2-4bd1-b7d2-2189b7845e75",{"type":850,"attrs":2696},{"color":1484},{"text":2698,"type":585,"marks":2699}," 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.",[2700],{"type":850,"attrs":2701},{"color":1484},{"type":580,"attrs":2703,"content":2704},{"textAlign":49},[2705],{"text":2706,"type":585,"marks":2707},"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.",[2708],{"type":850,"attrs":2709},{"color":1484},{"type":580,"attrs":2711,"content":2712},{"textAlign":49},[2713],{"text":2714,"type":585,"marks":2715},"“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.”",[2716],{"type":850,"attrs":2717},{"color":1484},{"type":580,"attrs":2719,"content":2720},{"textAlign":49},[2721,2727,2736],{"text":2722,"type":585,"marks":2723},"Benchmark’s in-house team of expert analysts have compiled a ",[2724,2726],{"type":850,"attrs":2725},{"color":1484},{"type":1992},{"text":2728,"type":585,"marks":2729},"free-to-read Special Issue",[2730,2733,2735],{"type":590,"attrs":2731},{"href":2732,"uuid":49,"anchor":49,"target":1492,"linktype":1570},"https://source.benchmarkminerals.com/publications/special-issues/the-sulphuric-acid-supply-squeeze-and-its-impact-on-critical-minerals-1",{"type":850,"attrs":2734},{"color":1484},{"type":1992},{"text":2737,"type":585,"marks":2738}," exploring the impact of the sulphuric acid supply crunch on critical mineral supply chains.",[2739,2741],{"type":850,"attrs":2740},{"color":1484},{"type":1992},{"type":647,"attrs":2743,"content":2744},{"level":649,"textAlign":49},[2745],{"text":2746,"type":585,"marks":2747},"How much have costs increased?",[2748,2750],{"type":850,"attrs":2749},{"color":1484},{"type":655},{"type":580,"attrs":2752,"content":2753},{"textAlign":49},[2754],{"text":2755,"type":585,"marks":2756},"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.",[2757],{"type":850,"attrs":2758},{"color":1484},{"type":580,"attrs":2760,"content":2761},{"textAlign":49},[2762,2769,2774,2783],{"text":2763,"type":585,"marks":2764},"For lithium",[2765,2767],{"type":590,"attrs":2766},{"href":1505,"uuid":1506,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":2768},{"color":1484},{"text":2770,"type":585,"marks":2771},", sulphuric acid previously accounted for 3% of the cost of producing lithium chemical from ",[2772],{"type":850,"attrs":2773},{"color":1484},{"text":2775,"type":585,"marks":2776},"hard rock sources",[2777,2781],{"type":590,"attrs":2778},{"href":2779,"uuid":2780,"anchor":49,"target":1492,"linktype":595},"/article/greenbushes-downgrades-production-guidance-as-ore-grade-decline-accelerates","afd41dd3-acc7-4431-9c51-de8391eaa25b",{"type":850,"attrs":2782},{"color":1484},{"text":2784,"type":585,"marks":2785},". It is now 11% and has overtaken energy inputs to become the largest individual C1 cost component.",[2786],{"type":850,"attrs":2787},{"color":1484},{"type":580,"attrs":2789,"content":2790},{"textAlign":49},[2791,2800],{"text":2792,"type":585,"marks":2793},"For nickel",[2794,2798],{"type":590,"attrs":2795},{"href":2796,"uuid":2797,"anchor":49,"target":1492,"linktype":595},"/article/production-quotas-control-nickel-price-nickel-q1-2026-price-review","9e149244-10b5-4bac-a43c-079b19971251",{"type":850,"attrs":2799},{"color":1484},{"text":2801,"type":585,"marks":2802}," (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.",[2803],{"type":850,"attrs":2804},{"color":1484},{"type":636,"attrs":2806},{"id":2807,"body":2808},"479f56f7-2adf-4e0d-ba98-1d4035c06adf",[2809],{"id":2810,"_uid":2811,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"29150441","i-981e3ff7-0bd9-4fac-b4e6-3b2ca929dc6c",{"type":647,"attrs":2813,"content":2814},{"level":649,"textAlign":49},[2815],{"text":2816,"type":585,"marks":2817},"How much supply relies on sulphuric acid?",[2818,2820],{"type":850,"attrs":2819},{"color":1484},{"type":655},{"type":580,"attrs":2822,"content":2823},{"textAlign":49},[2824],{"text":2825,"type":585,"marks":2826},"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.",[2827],{"type":850,"attrs":2828},{"color":1484},{"type":580,"attrs":2830,"content":2831},{"textAlign":49},[2832],{"text":2833,"type":585,"marks":2834},"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.",[2835],{"type":850,"attrs":2836},{"color":1484},{"type":636,"attrs":2838},{"id":2807,"body":2839},[2840],{"id":2841,"_uid":2842,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28872665","i-493ef9bc-39e5-40df-91a8-b103206d1123",{"type":580,"attrs":2844,"content":2845},{"textAlign":49},[2846],{"text":2847,"type":585,"marks":2848},"“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.”",[2849],{"type":850,"attrs":2850},{"color":1484},{"type":580,"attrs":2852,"content":2853},{"textAlign":49},[2854,2860,2872],{"text":2855,"type":585,"marks":2856},"For more timely market analysis of key energy transition supply chains, ",[2857,2859],{"type":850,"attrs":2858},{"color":1484},{"type":1992},{"text":2861,"type":585,"marks":2862},"create a free account",[2863,2866,2869,2870],{"type":590,"attrs":2864},{"href":2865,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://account.benchmarkminerals.com/register",{"type":850,"attrs":2867},{"color":2868},"#1155CC",{"type":1992},{"type":2871},"underline",{"text":2873,"type":585,"marks":2874}," or fill out the form below to learn more about our Intelligence subscription:",[2875,2877],{"type":850,"attrs":2876},{"color":1484},{"type":1992},{"type":636,"attrs":2879},{"id":2807,"body":2880},[2881],{"id":2882,"_uid":2883,"component":1999,"wrap_in_box":50,"redirect_url":2884,"success_file":2885,"default_height":645,"success_message":645,"v2_hubspot_form":50,"success_sub_text":645,"hidden_field_values":2887,"show_on_intelligence":50},"57a99950-73f5-48be-98a4-7324c28e5d0b ","i-e0dd1eab-50d2-4fc9-97a8-a6336fd9b8a6",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":2886},{},[],"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.”",[],[2891,2892,2893,2894,2895,2896,2899,2901],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"slug":1140,"name":1136},{"slug":2544,"name":115},{"slug":2553,"name":150},{"slug":2897,"name":2898},"phosphate","Phosphate",{"slug":2900,"name":414},"rare-earths",{"slug":695,"name":696},{"id":2903,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":2904,"copyright":645,"fieldtype":701,"meta_data":2905,"is_external_url":50},181371539295885,"https://a.storyblok.com/f/287943243085208/1588x1204/27eaec8506/mineral-exposure-2x-6.png",{},{"id":2907,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":2908,"copyright":645,"fieldtype":701,"meta_data":2909,"is_external_url":50},181369963523366,"https://a.storyblok.com/f/287943243085208/4000x2250/645b78f209/adobestock_303152854.jpeg",{},"Conflict in the Middle East and the subsequent closure of the Strait of Hormuz led to sulphuric acid prices skyrocketing. The material is a key feedstock for the processing of many critical minerals used in the energy transition. Benchmark’s analysis show","May 28, 2026",{"id":2913,"uuid":1903,"name":2914,"slug":2915,"full_slug":2916,"content":2917},179292261980150,"Life in the FaSTLAne? Stellantis Investor Day 2026 ","life-in-the-fastlane-stellantis-investor-day-2026","article/life-in-the-fastlane-stellantis-investor-day-2026",{"_uid":2918,"date":2919,"tags":2920,"editor":2926,"content":2930,"excerpt":3123,"featured":51,"reporter":3124,"component":689,"seo_title":2914,"categories":3128,"visibility":697,"data_vis_image":3131,"featured_image":3135,"seo_description":3139,"formattedDate":3140},"4a120561-a434-4088-94e2-006b52fb93a5","2026-05-22 00:00",[2921,2923,2924,2925],{"slug":2922,"name":1898},"stellantis",{"slug":1291,"name":1292},{"slug":1720,"name":1721},{"slug":564,"name":565},[2927],{"slug":1466,"name":1467,"content":2928},{"job_title":1469,"image":2929,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":2931},[2932,2964,2973,2980,2993,3001,3009,3022,3030,3050,3058,3080,3088,3094,3107,3115],{"type":580,"attrs":2933,"content":2934},{"textAlign":49},[2935,2940,2947,2952,2959],{"text":2936,"type":585,"marks":2937},"Stellantis used its Investor Day on 21",[2938],{"type":850,"attrs":2939},{"color":645},{"text":2941,"type":585,"marks":2942},"st",[2943,2945],{"type":850,"attrs":2944},{"color":645},{"type":2946},"superscript",{"text":2948,"type":585,"marks":2949}," May in Auburn Hills Michigan to unveil FaSTLAne 2030, a €60 billion (~$70 billion) strategic plan that attempts to be all things to all markets. Strategies are now clearly ",[2950],{"type":850,"attrs":2951},{"color":645},{"text":2953,"type":585,"marks":2954},"realigned by region",[2955,2957],{"type":590,"attrs":2956},{"href":1758,"uuid":1759,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":2958},{"color":645},{"text":2960,"type":585,"marks":2961}," with a return to muscle in the US, and a multi-energy product offensive with a distinctive battery electric vehicle (BEV) spin in Europe.  ",[2962],{"type":850,"attrs":2963},{"color":645},{"type":580,"attrs":2965,"content":2967},{"textAlign":2966},"left",[2968],{"text":2969,"type":585,"marks":2970},"“FaSTLAne 2030 is a much-needed reorganisation of a firm that has been itching for a reset since the Tavares era,” said Will Roberts, Benchmark’s automotive research lead. “Creating separate pathways for North America and Europe is a clear win in the near term, where the product roadmaps look well suited for both. However, the diversification may further fragment a group of brands which have not always been pulling in the same direction, especially in the context of longer-term electrification.”",[2971],{"type":850,"attrs":2972},{"color":645},{"type":636,"attrs":2974},{"id":2975,"body":2976},"581b2db1-4200-4e43-98f7-b4c4fe6ff611",[2977],{"id":2978,"_uid":2979,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"29090190","i-aa82ce4f-2023-41d0-b69d-69c0d7d2766f",{"type":647,"attrs":2981,"content":2982},{"level":649,"textAlign":2966},[2983,2989],{"text":2984,"type":585,"marks":2985},"STLA ONE ",[2986,2988],{"type":850,"attrs":2987},{"color":645},{"type":655},{"text":880,"type":585,"marks":2990},[2991],{"type":850,"attrs":2992},{"color":645},{"type":580,"attrs":2994,"content":2995},{"textAlign":2966},[2996],{"text":2997,"type":585,"marks":2998},"A centrepiece announcement was STLA One, a new modular architecture covering B, C and D vehicle segments. It will launch in 2027 and target 30+ models and two million units by 2035. It consolidates the previous STLA Small/Medium/Large family into a multi-energy design. The platform targets 20% cost efficiency through modularity and has 800-volt capability. LFP is the main chemistry and efficiency will be enhanced by leaning on cell-to-body integration. ",[2999],{"type":850,"attrs":3000},{"color":645},{"type":580,"attrs":3002,"content":3003},{"textAlign":2966},[3004],{"text":3005,"type":585,"marks":3006},"The shift to LFP was expected as Stellantis has been looking in this direction for some time, its joint venture cell manufacturing facility with CATL in Spain broke ground in November last year.  ",[3007],{"type":850,"attrs":3008},{"color":645},{"type":647,"attrs":3010,"content":3011},{"level":649,"textAlign":2966},[3012,3018],{"text":3013,"type":585,"marks":3014},"Product offensive Europe families vs. US muscle",[3015,3017],{"type":850,"attrs":3016},{"color":645},{"type":655},{"text":880,"type":585,"marks":3019},[3020],{"type":850,"attrs":3021},{"color":645},{"type":580,"attrs":3023,"content":3024},{"textAlign":2966},[3025],{"text":3026,"type":585,"marks":3027},"In Europe, the multi-energy strategy runs across the brand portfolio. Peugeot will get seven new models including two B-segment BEVs to sit alongside the 208/2008 family. Citroën will revive the 2CV, the latest European affordable BEV retro revival – an exciting proposition which consumers have embraced when done well (see Renault 5) or rejected when seen as a misstep (see Ford Capri).   ",[3028],{"type":850,"attrs":3029},{"color":645},{"type":580,"attrs":3031,"content":3032},{"textAlign":2966},[3033,3038,3045],{"text":3034,"type":585,"marks":3035},"Opel will add a BEV C-SUV via its ",[3036],{"type":850,"attrs":3037},{"color":645},{"text":3039,"type":585,"marks":3040},"Leapmotor",[3041,3043],{"type":590,"attrs":3042},{"href":1915,"uuid":1916,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":3044},{"color":645},{"text":3046,"type":585,"marks":3047}," partnership. One of a couple of projects which explicitly \"leverages the Chinese EV ecosystem\". This captures two new core strategic components, cost efficiency and partnerships.  ",[3048],{"type":850,"attrs":3049},{"color":645},{"type":580,"attrs":3051,"content":3052},{"textAlign":2966},[3053],{"text":3054,"type":585,"marks":3055},"The concern in Europe isn't ambition, it’s sprawl. Part of the plan reduces ICE/HEV exclusive families by 40% while maintaining full market coverage. That means layering more powertrains across more model lines. Stellantis already operates one of the most complex multi-powertrain portfolios in the industry.  ",[3056],{"type":850,"attrs":3057},{"color":645},{"type":580,"attrs":3059,"content":3060},{"textAlign":2966},[3061,3066,3075],{"text":3062,"type":585,"marks":3063},"In the US, the product offensive reads very differently. ",[3064],{"type":850,"attrs":3065},{"color":645},{"text":3067,"type":585,"marks":3068},"Range-extended EV (REEV)",[3069,3073],{"type":590,"attrs":3070},{"href":3071,"uuid":3072,"anchor":49,"target":1492,"linktype":595},"/article/range-extended-electric-vehicles-reevs-to-play-an-increasing-role-in-europe-and-the-usa-after-significant-china-growth","1c2cc548-2275-47bb-a337-77c61fbdf56a",{"type":850,"attrs":3074},{"color":645},{"text":3076,"type":585,"marks":3077}," pickups featured, but not front and centre. Compact and mid-size trucks and, more notably, a new vehicle category branded \"Muscle Trucks\" are the headlines. Three new Chrysler crossovers arrive with no confirmed EV powertrains, though as they are labelled as ‘multi-energy’ they could be candidates for REEVs, replacing the recently discontinued Pacifica PHEV.  ",[3078],{"type":850,"attrs":3079},{"color":645},{"type":580,"attrs":3081,"content":3082},{"textAlign":2966},[3083],{"text":3084,"type":585,"marks":3085},"The US pullback on BEV is strategically aligned with the regulatory environment, and the US is identified as Stellantis’ key growth market. However, complete silence on a longer-term US EV pathway is a risk Stellantis may be underweighting. If and when the policy pendulum swings back, the company could find itself with a Europe-centric EV infrastructure it cannot efficiently transplant westward, replicating the underwhelming EV strategy seen in the US of late.",[3086],{"type":850,"attrs":3087},{"color":645},{"type":636,"attrs":3089},{"id":2975,"body":3090},[3091],{"id":3092,"_uid":3093,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"29090306","i-a6d16bdc-8a57-427f-a4fc-4b1bfb47033a",{"type":647,"attrs":3095,"content":3096},{"level":649,"textAlign":2966},[3097,3103],{"text":3098,"type":585,"marks":3099},"Partnerships",[3100,3102],{"type":850,"attrs":3101},{"color":645},{"type":655},{"text":880,"type":585,"marks":3104},[3105],{"type":850,"attrs":3106},{"color":645},{"type":580,"attrs":3108,"content":3109},{"textAlign":2966},[3110],{"text":3111,"type":585,"marks":3112},"Two announcements stand out. The Stellantis-JLR North America collaboration covering product and technology development is intriguing. The US is a big market for JLR and they may be looking to hedge against an evolving tariff and trade relationship between the UK and US. The most plausible setup is shared platform production, with JLR models built on Stellantis' US manufacturing footprint, giving JLR local content benefits and Stellantis better plant utilisation.  ",[3113],{"type":850,"attrs":3114},{"color":645},{"type":580,"attrs":3116,"content":3117},{"textAlign":2966},[3118],{"text":3119,"type":585,"marks":3120},"The Dongfeng European JV is arguably larger in the medium term covering shared sales and distribution, manufacturing, purchasing and engineering. It is a significantly deeper integration than most European OEMs have managed with Chinese partners outside China. Stellantis is running ahead of other European OEMs on this front, now with two established Chinese partners for deeply integrated commercial activities outside of China.",[3121],{"type":850,"attrs":3122},{"color":645},"Stellantis used its Investor Day on 21st May in Auburn Hills Michigan to unveil FaSTLAne 2030, a €60 billion (~$70 billion) strategic plan that attempts to be all things to all markets. Strategies are now clearly realigned by region with a return to muscle in the US, and a multi-energy product offensive with a distinctive battery electric vehicle (BEV) spin in Europe.  \n\n“FaSTLAne 2030 is a much-needed reorganisation of a firm that has been itching for a reset since the Tavares era,” said Will Roberts, Benchmark’s automotive research lead. “Creating separate pathways for North America and Europe is a clear win in the near term, where the product roadmaps look well suited for both. However, the diversification may further fragment a group of brands which have not always been pulling in the same direction, especially in the context of longer-term electrification.” ",[3125],{"slug":680,"name":681,"content":3126},{"job_title":683,"image":3127,"bio":686,"linkedin":687,"markets_covered":688},{"filename":685},[3129,3130],{"slug":692,"name":693},{"slug":956,"name":957},{"id":3132,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":3133,"copyright":645,"fieldtype":701,"meta_data":3134,"is_external_url":50},179298301391702,"https://a.storyblok.com/f/287943243085208/1590x1150/062fb3e6f6/stellantis-regional-sales-2x.png",{},{"id":3136,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":3137,"copyright":645,"fieldtype":701,"meta_data":3138,"is_external_url":50},179292762034711,"https://a.storyblok.com/f/287943243085208/8192x5464/4644aeb551/peugeot_e308_2508cv_507_fr-1.jpg",{},"Stellantis used its Investor Day on 21st May in Auburn Hills Michigan to unveil FaSTLAne 2030, a €60 billion (~$70 billion) strategic plan that attempts to be all things to all markets.","May 22, 2026",{"id":3142,"uuid":3143,"name":3144,"slug":3145,"full_slug":3146,"content":3147},178946635897444,"2ce683a6-703c-4398-9e3a-b31983d16207","China’s rare earth export controls show little sign of easing after Trump-Xi summit","china-s-rare-earth-export-controls-show-little-sign-of-easing-after-trump-xi-summit","article/china-s-rare-earth-export-controls-show-little-sign-of-easing-after-trump-xi-summit",{"_uid":3148,"date":3149,"tags":3150,"editor":3158,"content":3162,"excerpt":3255,"featured":51,"reporter":3256,"component":689,"seo_title":3266,"categories":3267,"visibility":697,"data_vis_image":3271,"featured_image":3275,"seo_description":3279,"formattedDate":3280},"1202cbfd-2b7c-4489-aff6-0ca0c3194fe2","2026-05-21 00:00",[3151,3152,3153,3154,3157],{"slug":720,"name":721},{"slug":561,"name":562},{"slug":1720,"name":1721},{"slug":3155,"name":3156},"rare-earths-prices","rare earths prices",{"slug":564,"name":565},[3159],{"slug":1466,"name":1467,"content":3160},{"job_title":1469,"image":3161,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":3163},[3164,3178,3183,3188,3195,3225,3239,3245,3250],{"type":580,"attrs":3165,"content":3166},{"textAlign":49},[3167,3169,3176],{"text":3168,"type":585},"China’s ",{"text":3170,"type":585,"marks":3171},"rare earth export regime",[3172],{"type":590,"attrs":3173},{"href":3174,"uuid":3175,"anchor":49,"target":1492,"linktype":595},"/videos/the-impact-of-export-controls-on-the-rare-earths-market","22e1aed6-2594-4f9a-a09f-805bcfe74d9e",{"text":3177,"type":585}," remains largely unchanged following the 14–15 May 2026 summit between US President Donald Trump and Chinese President Xi Jinping, underlining limited progress on one of the most strategically sensitive elements of bilateral trade.",{"type":580,"attrs":3179,"content":3180},{"textAlign":49},[3181],{"text":3182,"type":585},"A White House summary stated that Beijing had agreed to address US concerns over shortages of key rare earths, including yttrium, scandium, and neodymium. This marks a shift from October 2025, when Washington said China had committed to \"effectively eliminate\" export controls on critical minerals. That reference has now been dropped, signalling implicit acceptance that China’s export licensing regime – introduced in April 2025 in response to US tariffs, will remain in place.",{"type":580,"attrs":3184,"content":3185},{"textAlign":49},[3186],{"text":3187,"type":585},"Physical market conditions point to only modest improvement. Export flows of low-grade magnets have recovered somewhat, particularly into commercial sectors such as automotive and consumer electronics. However, approvals remain inconsistent, with continued delays affecting aerospace, defence, and advanced manufacturing applications where rare earths have strategic importance. Yttrium exports remain constrained. US officials still report the need for case-by-case intervention to secure shipments.",{"type":636,"attrs":3189},{"id":3190,"body":3191},"a829a4d2-9f8e-418a-954d-dba10076b670",[3192],{"id":3193,"_uid":3194,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"29073145","i-1409c8c8-68da-47a7-a758-7ccccee00940",{"type":580,"attrs":3196,"content":3197},{"textAlign":49},[3198,3205,3207,3214,3216,3223],{"text":3199,"type":585,"marks":3200},"Pricing signals",[3201],{"type":590,"attrs":3202},{"href":3203,"uuid":3204,"anchor":49,"target":1492,"linktype":595},"/article/tight-supply-and-chinese-policy-drive-prices-rare-earths-q1-2026-price-review","f85d8788-f2e7-451e-a4e9-ac8d2eb07c47",{"text":3206,"type":585}," reinforce the persistence of constraints. Benchmark reports, for example, that Yttrium is trading at ~US$1,750/kg in North America compared with ~US$10/kg in China, highlighting severe regional price dislocation. More broadly, ",{"text":3208,"type":585,"marks":3209},"magnet prices",[3210],{"type":590,"attrs":3211},{"href":3212,"uuid":3213,"anchor":49,"target":1492,"linktype":595},"/videos/why-benchmark-launched-rare-earth-permanent-magnet-prices","09f7d0a8-710e-49e5-92b2-5404b7f69535",{"text":3215,"type":585}," outside China are significantly higher, with ",{"text":3217,"type":585,"marks":3218},"premiums varying by region",[3219],{"type":590,"attrs":3220},{"href":3221,"uuid":3222,"anchor":49,"target":1492,"linktype":595},"/article/benchmark-launches-industry-leading-rare-earth-permanent-magnet-prices","5955e2f6-a2c3-48aa-9bb8-3e1a96183b78",{"text":3224,"type":585},", application, and magnet composition, particularly those containing heavy rare earths.",{"type":580,"attrs":3226,"content":3227},{"textAlign":49},[3228,3230,3237],{"text":3229,"type":585},"In North America and Europe, OEMs are paying roughly twice as much for standard applications such as e-mobility, and up to three times more for defence-related uses. This ",{"text":3231,"type":585,"marks":3232},"divergence is being driven",[3233],{"type":590,"attrs":3234},{"href":3235,"uuid":3236,"anchor":49,"target":1492,"linktype":595},"/article/ex-china-rare-earths-premium-to-grow-especially-for-heavies","15dc312f-8254-4eb3-a856-11af57feb532",{"text":3238,"type":585}," less by PrNd and more by small quantities of dysprosium and terbium. Even minimal additions of these heavy rare earths now command a disproportionate premium, forcing manufacturers in high-spec applications, especially defence, to absorb materially higher costs.",{"type":636,"attrs":3240},{"id":3190,"body":3241},[3242],{"id":3243,"_uid":3244,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"29075303","i-db2a2e73-8935-4249-9ab1-17904e690c3e",{"type":580,"attrs":3246,"content":3247},{"textAlign":49},[3248],{"text":3249,"type":585},"The underlying market structure remains highly concentrated with China continuing to dominate heavy rare earth refining and magnet production, with ex-China supply remaining limited.",{"type":580,"attrs":3251,"content":3252},{"textAlign":49},[3253],{"text":3254,"type":585},"“In the absence of sustained investment in heavy rare earth processing capacity and magnet manufacturing, supply bottlenecks and price volatility are likely to persist despite incremental diplomatic engagement,” says Benchmark rare earths research manager Neha Mukherjee.","China’s rare earth export regime remains largely unchanged following the 14–15 May 2026 summit between US President Donald Trump and Chinese President Xi Jinping, underlining limited progress on one of the most strategically sensitive elements of bilateral trade.\n\nA White House summary stated that Beijing had agreed to address US concerns over shortages of key rare earths, including yttrium, scandium, and neodymium. This marks a shift from October 2025, when Washington said China had committed to \"effectively eliminate\" export controls on critical minerals. That reference has now been dropped, signalling implicit acceptance that China’s export licensing regime – introduced in April 2025 in response to US tariffs, will remain in place.",[3257],{"slug":3258,"name":3259,"content":3260},"neha-mukherjee","Neha Mukherjee",{"job_title":3261,"image":3262,"bio":3264,"linkedin":3265,"markets_covered":414},"Senior Analyst - Rare Earths",{"filename":3263},"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/","China’s rare earth export controls show little sign of easing",[3268,3269,3270],{"slug":2900,"name":414},{"slug":1142,"name":1143},{"slug":695,"name":696},{"id":3272,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":3273,"copyright":645,"fieldtype":701,"meta_data":3274,"is_external_url":50},178950310726154,"https://a.storyblok.com/f/287943243085208/1588x1312/fe54606b0a/us-defence-vs-supply-ree-2x.png",{},{"id":3276,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":3277,"copyright":645,"fieldtype":701,"meta_data":3278,"is_external_url":50},178948122909096,"https://a.storyblok.com/f/287943243085208/3000x2000/cdc0ef81ab/trump-xi-jinping.jpg",{},"China’s rare earth export regime remains largely unchanged following the summit between US President Donald Trump and Chinese President Xi Jinping, underlining limited progress on one of the most strategically sensitive elements of bilateral trade.","May 21, 2026",{"id":3282,"uuid":3283,"name":3284,"slug":3285,"full_slug":3286,"content":3287},178867466693557,"3521483c-762d-492a-a0c0-7f5e8e33f44a","Chinese battery exports in April remain strong despite changes to tax rebate","chinese-battery-exports-in-april-remain-strong-despite-changes-to-tax-rebate","article/chinese-battery-exports-in-april-remain-strong-despite-changes-to-tax-rebate",{"_uid":3288,"date":3149,"tags":3289,"editor":3293,"content":3297,"excerpt":3370,"featured":51,"reporter":3371,"component":689,"seo_title":3375,"categories":3376,"visibility":697,"data_vis_image":3381,"featured_image":3385,"seo_description":3389,"formattedDate":3280},"b80b305f-0742-4a96-a045-bb7d81af5193",[3290,3291,3292],{"slug":720,"name":721},{"slug":561,"name":562},{"slug":564,"name":565},[3294],{"slug":568,"name":569,"content":3295},{"job_title":571,"image":3296,"bio":574,"linkedin":575},{"filename":573},{"type":577,"content":3298},[3299,3313,3325,3332,3339,3344,3350,3364],{"type":580,"attrs":3300,"content":3301},{"textAlign":49},[3302,3304,3311],{"text":3303,"type":585},"China’s battery exports remained strong in April, despite expectations of a dip following ",{"text":3305,"type":585,"marks":3306},"frontloading in March",[3307],{"type":590,"attrs":3308},{"href":3309,"uuid":3310,"anchor":49,"target":594,"linktype":595},"/article/chinese-battery-exports-reach-record-high-in-march-as-export-rebate-change-comes-into-force","9e844f68-d321-410c-a193-6417dd87aebd",{"text":3312,"type":585},". That uptick came in anticipation of the reduction in the battery export rebate, which fell from 9% to 6% from 1 April. Yet despite an 18% fall from March in April, lithium-ion battery exports grew 30% in dollar terms year-on-year in April, to US$8 billion, and 42% year-on-year in GWh terms to 31.7GWh.",{"type":580,"attrs":3314,"content":3315},{"textAlign":49},[3316,3318,3323],{"text":3317,"type":585},"Exports were likely buoyed by the conflict in Iran and its impact on energy prices, with interest in ",{"text":3319,"type":585,"marks":3320},"battery energy stationary storage (BESS) applications spiking",[3321],{"type":590,"attrs":3322},{"href":2204,"uuid":2205,"anchor":49,"target":594,"linktype":595},{"text":3324,"type":585}," in many markets. While utility-scale BESS can take several years to plan for and deploy, the residential and commercial and industrial market can react quicker to deploy batteries. According to the China Automotive Battery Innovation Alliance (CABIA), BESS exports increased 45% y-o-y in April.",{"type":636,"attrs":3326},{"id":3327,"body":3328},"e4749868-46f8-4f59-b812-ccf9c34751f0",[3329],{"id":3330,"_uid":3331,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"29069243","i-da394da8-3ca1-4c47-ada3-d5fbe2b29f7a",{"type":647,"attrs":3333,"content":3334},{"level":649,"textAlign":49},[3335],{"text":3336,"type":585,"marks":3337},"Markets broadening for Chinese battery exports",[3338],{"type":655},{"type":580,"attrs":3340,"content":3341},{"textAlign":49},[3342],{"text":3343,"type":585},"Batteries are being exported to a wider array of countries in recent years. Historically linked to countries with EV production facilities and early markets for BESS adoption, the growth of new BESS markets, as well as the increased presence of Chinese finished systems in both the utility and behind-the-meter (BTM) market, is resulting in significant diversification. Until 2025, over half of battery exports were to just five countries. However, as of the first four months of 2026, this proportion has fallen to 42%.",{"type":636,"attrs":3345},{"id":3327,"body":3346},[3347],{"id":3348,"_uid":3349,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"29069069","i-9e463903-2128-4d2a-98f5-649045f5728f",{"type":580,"attrs":3351,"content":3352},{"textAlign":49},[3353,3355,3362],{"text":3354,"type":585},"While strong growth has been seen across nearly all regions in 2026 to date, Oceania has seen particularly strong growth of close to 200% on the back of Australia’s booming residential and utility-scale BESS market. The US is the ",{"text":3356,"type":585,"marks":3357},"only region with imports down",[3358],{"type":590,"attrs":3359},{"href":3360,"uuid":3361,"anchor":49,"target":594,"linktype":595},"/article/us-battery-imports-fall-to-five-year-low-after-section-301-tariffs-raised-to-25-","3a93dd71-07f9-4d99-82c4-f907a3d0771b",{"text":3363,"type":585}," year-to-date, a result of ongoing trade barriers including tariffs and other protectionist measures.",{"type":636,"attrs":3365},{"id":3327,"body":3366},[3367],{"id":3368,"_uid":3369,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"29069440","i-9ba68c93-37f4-4581-9b5a-49aacaf2f5c3","China’s battery exports remained strong in April, despite expectations of a dip following frontloading in March. That uptick came in anticipation of the reduction in the battery export rebate, which fell from 9% to 6% from 1 April. Yet despite an 18% fall from March in April, lithium-ion battery exports grew 30% in dollar terms year-on-year in April, to US$8 billion, and 42% year-on-year in GWh terms to 31.7GWh.",[3372],{"slug":1258,"name":1259,"content":3373},{"job_title":1261,"image":3374,"bio":1264,"linkedin":1265,"markets_covered":1266},{"filename":1263},"Chinese battery exports in April strong despite tax rebate change",[3377,3378],{"slug":956,"name":957},{"slug":3379,"name":3380},"gigafactories","Battery & Gigafactory",{"id":3382,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":3383,"copyright":645,"fieldtype":701,"meta_data":3384,"is_external_url":50},178870237211217,"https://a.storyblok.com/f/287943243085208/735x692/ff5512bd01/screenshot-2026-05-21-112443.png",{},{"id":3386,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":3387,"copyright":645,"fieldtype":701,"meta_data":3388,"is_external_url":50},129070825513410,"https://a.storyblok.com/f/287943243085208/1edc84deec/bm-qingdao-port-china-scaled-1.jpg",{},"China’s battery exports remained strong in April, despite expectations of a dip following frontloading in March. That uptick came in anticipation of the reduction in the battery export rebate, which fell from 9% to 6% from 1 April.",{"id":3391,"uuid":1189,"name":3392,"slug":3393,"full_slug":3394,"content":3395},178880472166960,"NextEra acquires Dominion Energy as US data centre demand drives energy storage growth","nextera-acquires-dominion-energy-as-us-data-centre-demand-drives-energy-storage-growth","article/nextera-acquires-dominion-energy-as-us-data-centre-demand-drives-energy-storage-growth",{"_uid":3396,"date":3149,"tags":3397,"editor":3410,"content":3414,"excerpt":3489,"featured":51,"reporter":3490,"component":689,"seo_title":3494,"categories":3495,"visibility":697,"data_vis_image":3497,"featured_image":3501,"seo_description":3505,"formattedDate":3280},"b46171fc-a5ee-4263-a80a-897675c7459e",[3398,3399,3401,3402,3405,3408,3409],{"slug":723,"name":724},{"slug":3400,"name":946},"bess",{"slug":561,"name":562},{"slug":3403,"name":3404},"nextera-energy","NextEra Energy",{"slug":3406,"name":3407},"dominion-energy","Dominion Energy",{"slug":564,"name":565},{"slug":1168,"name":1169},[3411],{"slug":568,"name":569,"content":3412},{"job_title":571,"image":3413,"bio":574,"linkedin":575},{"filename":573},{"type":577,"content":3415},[3416,3428,3448,3455,3460,3465,3472,3479,3484],{"type":580,"attrs":3417,"content":3418},{"textAlign":49},[3419,3421,3426],{"text":3420,"type":585},"Northern Virginia is undergoing one of the biggest current infrastructure buildouts in the US as part of its ",{"text":3422,"type":585,"marks":3423},"data centre market expansion",[3424],{"type":590,"attrs":3425},{"href":2400,"uuid":2401,"anchor":49,"target":594,"linktype":595},{"text":3427,"type":585},". Dominion Energy, an energy company and electricity supplier to several northeastern states headquartered in Virginia, grew its contracted data centre capacity to 51GW, up 2.5GW since Q4 2025 and three times the capacity contracted as of July 2023.",{"type":580,"attrs":3429,"content":3430},{"textAlign":49},[3431,3433,3440,3442,3446],{"text":3432,"type":585},"NextEra Energy Resources (NEER), one of the US’ largest solar and storage developers, announced on Monday 18 May that it would be acquiring Dominion Energy for USD $67 billion. The deal marks the creation of the largest regulated utility business in the world as NEER looks to capitalise on the ",{"text":3434,"type":585,"marks":3435},"demand growth",[3436],{"type":590,"attrs":3437},{"href":3438,"uuid":3439,"anchor":49,"target":594,"linktype":595},"/article/how-will-data-centres-impact-battery-demand","1f783034-b9c3-4346-b325-577419c8d493",{"text":3441,"type":585}," for ",{"text":1205,"type":585,"marks":3443},[3444],{"type":590,"attrs":3445},{"href":2204,"uuid":2205,"anchor":49,"target":594,"linktype":595},{"text":3447,"type":585}," and solar projects in Virginia.",{"type":647,"attrs":3449,"content":3450},{"level":649,"textAlign":49},[3451],{"text":3452,"type":585,"marks":3453},"Gap in Virginia’s market for solar plus storage markets",[3454],{"type":655},{"type":580,"attrs":3456,"content":3457},{"textAlign":49},[3458],{"text":3459,"type":585},"With a wide portfolio of energy generation assets, including 12GW+ of storage development as tracked by Benchmark, NEER has extensive expertise to further Virginia’s energy transition. NEER has experience developing and installing large-capacity generation and flexible service assets with nearly half (5.5GW) of its ESS portfolio being solar-paired BESS.",{"type":580,"attrs":3461,"content":3462},{"textAlign":49},[3463],{"text":3464,"type":585},"Conversely, storage has not been a core part of Dominion Energy’s strategy. As of January 2026, the company had 683MW of storage capacity in operation and development, compared with over 11GW of renewable generation deployments throughout the state of Virginia. Given the acquisition, this portfolio split could become more diversified in line with NEER’s expertise in co-located solar + storage projects.",{"type":636,"attrs":3466},{"id":3467,"body":3468},"7a3fc735-da14-46da-8932-0260366a9ed3",[3469],{"id":3470,"_uid":3471,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"29056461","i-82b97883-fc77-4efd-a2fa-3fdede715ebb",{"type":647,"attrs":3473,"content":3474},{"level":649,"textAlign":49},[3475],{"text":3476,"type":585,"marks":3477},"Legislative impetus for BESS rollout",[3478],{"type":655},{"type":580,"attrs":3480,"content":3481},{"textAlign":49},[3482],{"text":3483,"type":585},"Virginia has recently made a legislative push to mandate Dominion Energy and Appalachian Power to deploy over 20GW of energy storage across short- and long-term durations. In light of Virginia’s growing AI data centre (AIDC)-related energy demand and its public policy direction, NEER’s acquisition appears to be a bid to gain market share in the growing energy storage market in Virginia.",{"type":580,"attrs":3485,"content":3486},{"textAlign":49},[3487],{"text":3488,"type":585},"The exact type of projects to come out of the partnership are yet to be seen, though it is possible that, as well as grid-side BESS, there may be deployments made in partnership with AIDC companies and hyperscalers to deploy batteries behind-the-meter (BTM) on-site at these new data centre facilities.","Northern Virginia is undergoing one of the biggest current infrastructure buildouts in the US as part of its data centre market expansion. Dominion Energy, an energy company and electricity supplier to several northeastern states headquartered in Virginia, grew its contracted data centre capacity to 51GW, up 2.5GW since Q4 2025 and three times the capacity contracted as of July 2023.",[3491],{"slug":2323,"name":2324,"content":3492},{"job_title":2326,"image":3493,"bio":2329,"linkedin":2330,"markets_covered":946},{"filename":2328},"NextEra acquires Dominion as data centre demand drives ESS growth",[3496],{"slug":950,"name":951},{"id":3498,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":3499,"copyright":645,"fieldtype":701,"meta_data":3500,"is_external_url":50},178884628426376,"https://a.storyblok.com/f/287943243085208/794x676/0b21703d77/screenshot-2026-05-21-122316.png",{},{"id":3502,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":3503,"copyright":645,"fieldtype":701,"meta_data":3504,"is_external_url":50},178881175293394,"https://a.storyblok.com/f/287943243085208/3063x2042/7a96951fd6/manatee-energy-storage-center-in-parrish-florida-photo-by-doug-murray-for-fpl-rainbow.JPG",{},"NextEra Energy Resources' $67 billion acquisition of Dominion is a bid to capitalise on the data centre-driven demand growth for battery energy stationary storage (BESS) and solar projects in the US.",{"id":3507,"uuid":3508,"name":3509,"slug":3510,"full_slug":3511,"content":3512},178481698653196,"03f0f24b-0a8e-4114-bc7f-28fcad4b081f","Why are lithium prices expected to decline in 2027?","why-are-lithium-prices-expected-to-decline-in-2027-","article/why-are-lithium-prices-expected-to-decline-in-2027-",{"_uid":3513,"date":3514,"tags":3515,"editor":3528,"content":3532,"excerpt":3793,"featured":51,"reporter":3794,"component":689,"seo_title":3509,"categories":3804,"visibility":697,"data_vis_image":3807,"featured_image":3811,"seo_description":3815,"formattedDate":3816},"d1db3e25-2650-421b-b4f8-7dd2073d8675","2026-05-20 00:00",[3516,3519,3522,3523,3526,3527],{"slug":3517,"name":3518},"jiangxi","Jiangxi",{"slug":3520,"name":3521},"zimbabwe","Zimbabwe",{"slug":2044,"name":2045},{"slug":3524,"name":3525},"sigma-lithium-resources","Sigma Lithium Resources",{"slug":1458,"name":1459},{"slug":564,"name":565},[3529],{"slug":568,"name":569,"content":3530},{"job_title":571,"image":3531,"bio":574,"linkedin":575},{"filename":573},{"type":577,"content":3533},[3534,3554,3576,3583,3592,3600,3609,3662,3671,3679,3685,3693,3702,3731,3740,3768,3777,3785],{"type":580,"attrs":3535,"content":3536},{"textAlign":49},[3537,3542,3549],{"text":3538,"type":585,"marks":3539},"A ",[3540],{"type":850,"attrs":3541},{"color":1484},{"text":3543,"type":585,"marks":3544},"May rally",[3545,3547],{"type":590,"attrs":3546},{"href":1505,"uuid":1506,"anchor":49,"target":594,"linktype":595},{"type":850,"attrs":3548},{"color":1484},{"text":3550,"type":585,"marks":3551}," has seen lithium hit $24,000/t on Benchmark’s CIF Asia assessment, and RMB193,000/t EXW China – just below the psychologically important RMB 200,000/t level. The April 2026 forward curve has market participants pricing further upside into mid-year before easing modestly into 2027.",[3552],{"type":850,"attrs":3553},{"color":1484},{"type":580,"attrs":3555,"content":3556},{"textAlign":49},[3557,3562,3571],{"text":3558,"type":585,"marks":3559},"Benchmark's view, however, is for a more material decline. The latest market balance shows a deficit equivalent to roughly 3% of the market in 2026, followed by a return to modest surplus from 2027 onwards. With spot prices already above Benchmark's $22/kg incentive level, the question is how quickly the ",[3560],{"type":850,"attrs":3561},{"color":1484},{"text":3563,"type":585,"marks":3564},"supply response",[3565,3569],{"type":590,"attrs":3566},{"href":3567,"uuid":3568,"anchor":49,"target":594,"linktype":595},"/article/chile-s-regulatory-gridlock-giving-argentina-upper-hand-on-lithium-output-growth","6d4b46da-d155-4b62-9e59-97f9c80037ab",{"type":850,"attrs":3570},{"color":1484},{"text":3572,"type":585,"marks":3573}," converts into delivered tonnes.",[3574],{"type":850,"attrs":3575},{"color":1484},{"type":636,"attrs":3577},{"id":3578,"body":3579},"2edabfdc-675d-4fb5-8d7c-fee8ff799fa3",[3580],{"id":3581,"_uid":3582,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"29037359","i-bed0d904-e0a2-45f5-b5c2-f5fe098022b9",{"type":647,"attrs":3584,"content":3585},{"level":649,"textAlign":49},[3586],{"text":3587,"type":585,"marks":3588},"Jianxiawo is the single largest driver of 2026 tightness",[3589,3591],{"type":850,"attrs":3590},{"color":1484},{"type":655},{"type":580,"attrs":3593,"content":3594},{"textAlign":49},[3595],{"text":3596,"type":585,"marks":3597},"CATL's Jianxiawo operation has a nameplate capacity of 150kt LCE at full ramp by 2028, making it one of the largest single lithium assets globally. Benchmark currently models around 100kt LCE of supply from the operation in 2027 as the ramp progresses. The mine remains under Environmental Impact Assessment review with no firm restart date, and Benchmark's bearish Jiangxi outlook remains tied to politically sensitive tailings management rather than the sub-0.4% grade rumours that have circulated. The timing of resumption is the single largest swing factor in the price outlook over the next 24 months. ",[3598],{"type":850,"attrs":3599},{"color":1484},{"type":647,"attrs":3601,"content":3602},{"level":649,"textAlign":49},[3603],{"text":3604,"type":585,"marks":3605},"The other 2026 supply disruptions are temporary",[3606,3608],{"type":850,"attrs":3607},{"color":1484},{"type":655},{"type":580,"attrs":3610,"content":3611},{"textAlign":49},[3612,3622,3627,3634,3642,3647,3657],{"text":3613,"type":585,"marks":3614},"Zimbabwe's export suspension",[3615,3619,3621],{"type":590,"attrs":3616},{"href":3617,"uuid":3618,"anchor":49,"target":594,"linktype":595},"/article/zimbabwe-to-lift-lithium-concentrate-export-ban-with-stringent-conditions","3a50839c-53d8-42db-ba04-0293c9018f48",{"type":850,"attrs":3620},{"color":2868},{"type":2871},{"text":3623,"type":585,"marks":3624}," has become a quota regime with implementation delays. Mali and Nigeria face security and port challenges.",[3625],{"type":850,"attrs":3626},{"color":1484},{"text":3628,"type":585,"marks":3629}," ",[3630,3632],{"type":590,"attrs":3631},{"href":2779,"uuid":2780,"anchor":49,"target":594,"linktype":595},{"type":850,"attrs":3633},{"color":1484},{"text":3635,"type":585,"marks":3636},"Greenbushes",[3637,3639,3641],{"type":590,"attrs":3638},{"href":2779,"uuid":2780,"anchor":49,"target":594,"linktype":595},{"type":850,"attrs":3640},{"color":2868},{"type":2871},{"text":3643,"type":585,"marks":3644}," delivered a poor Q1 on lower-grade ore and a CGP3 ramp delay. Sigma's ramp at Grota do Cirilo continues to fall short of nameplate. Chinese hard-rock supply faces temporary explosives constraints. ",[3645],{"type":850,"attrs":3646},{"color":1484},{"text":3648,"type":585,"marks":3649},"Sulphuric acid",[3650,3654,3656],{"type":590,"attrs":3651},{"href":3652,"uuid":3653,"anchor":49,"target":594,"linktype":595},"/article/china-to-potentially-ban-sulphuric-acid-exports-as-iran-war-pressures-supply","80b2b4fa-1a1a-4ed8-8906-268000529283",{"type":850,"attrs":3655},{"color":2868},{"type":2871},{"text":3658,"type":585,"marks":3659}," prices are squeezing converter margins on Strait of Hormuz pressure. Benchmark forecasts most resolving through 2027.",[3660],{"type":850,"attrs":3661},{"color":1484},{"type":647,"attrs":3663,"content":3664},{"level":649,"textAlign":49},[3665],{"text":3666,"type":585,"marks":3667},"Conversion capacity is severely underutilised",[3668,3670],{"type":850,"attrs":3669},{"color":1484},{"type":655},{"type":580,"attrs":3672,"content":3673},{"textAlign":49},[3674],{"text":3675,"type":585,"marks":3676},"Global chemicals conversion is running well below nameplate capacity and is the primary bottleneck for the industry.",[3677],{"type":850,"attrs":3678},{"color":1484},{"type":636,"attrs":3680},{"id":3578,"body":3681},[3682],{"id":3683,"_uid":3684,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"29038239","i-4bc97429-d1cf-4491-8853-9d19a539d023",{"type":580,"attrs":3686,"content":3687},{"textAlign":49},[3688],{"text":3689,"type":585,"marks":3690},"Supply response is forecast to come mostly in the form of hard rock, as it offers faster restart timelines, lower capital intensity, and infrastructure that survives care-and-maintenance.  Bald Hill has formally announced a restart. Ngungaju is progressing. Develop Global's direct shipping ore (DSO) project is expected to add tonnage in the near term. ",[3691],{"type":850,"attrs":3692},{"color":1484},{"type":647,"attrs":3694,"content":3695},{"level":649,"textAlign":49},[3696],{"text":3697,"type":585,"marks":3698},"Frontier supply continues to surprise",[3699,3701],{"type":850,"attrs":3700},{"color":1484},{"type":655},{"type":580,"attrs":3703,"content":3704},{"textAlign":49},[3705,3710,3718,3726],{"text":3706,"type":585,"marks":3707},"Huayou's takeover of Ewoyaa in Ghana signals continued Chinese comfort operating in Africa. Kalangba in Sierra Leone will begin in 2027. Zijin’s Manono deposit will begin ramping up this year.",[3708],{"type":850,"attrs":3709},{"color":1484},{"text":3628,"type":585,"marks":3711},[3712,3716],{"type":590,"attrs":3713},{"href":3714,"uuid":3715,"anchor":49,"target":594,"linktype":595},"/article/northern-russian-lithium-mine-set-for-first-production-later-this-year","6a29bd6b-372b-4526-b3e8-76f102522617",{"type":850,"attrs":3717},{"color":1484},{"text":3719,"type":585,"marks":3720},"A northern Russian mine is set for first production later this year",[3721,3723,3725],{"type":590,"attrs":3722},{"href":3714,"uuid":3715,"anchor":49,"target":594,"linktype":595},{"type":850,"attrs":3724},{"color":2868},{"type":2871},{"text":3727,"type":585,"marks":3728},". Mongolia is developing, with early signals from Myanmar, Mozambique, and elsewhere. This is additive supply that was not under discussion just 12 months ago.",[3729],{"type":850,"attrs":3730},{"color":1484},{"type":647,"attrs":3732,"content":3733},{"level":649,"textAlign":49},[3734],{"text":3735,"type":585,"marks":3736},"China EV sales cooling",[3737,3739],{"type":850,"attrs":3738},{"color":1484},{"type":655},{"type":580,"attrs":3741,"content":3742},{"textAlign":49},[3743,3748,3755,3763],{"text":3744,"type":585,"marks":3745},"Chinese domestic EV sales are down 17% YTD after the introduction of the new purchase tax and trade-in scaleback, offset by strong export performance (European share rose from 20% to 24% Jan–March) and continued battery energy stationary storage (BESS) strength. China's battery production hit 178 GWh in March, with LFP up 28% MoM. But headline strength is amplified by the",[3746],{"type":850,"attrs":3747},{"color":1484},{"text":3628,"type":585,"marks":3749},[3750,3753],{"type":590,"attrs":3751},{"href":3752,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/how-will-chinas-vat-rebate-changes-affect-the-battery-market",{"type":850,"attrs":3754},{"color":1484},{"text":3756,"type":585,"marks":3757},"VAT rebate",[3758,3760,3762],{"type":590,"attrs":3759},{"href":3752,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":850,"attrs":3761},{"color":2868},{"type":2871},{"text":3764,"type":585,"marks":3765}," front-running ahead of the April 2026 step-down, and market participants have reported to Benchmark whispers of downstream inventory build. Underlying end-demand growth is softer than headline cell production implies.",[3766],{"type":850,"attrs":3767},{"color":1484},{"type":647,"attrs":3769,"content":3770},{"level":649,"textAlign":49},[3771],{"text":3772,"type":585,"marks":3773},"What this means",[3774,3776],{"type":850,"attrs":3775},{"color":1484},{"type":655},{"type":580,"attrs":3778,"content":3779},{"textAlign":49},[3780],{"text":3781,"type":585,"marks":3782},"Benchmark expects chemicals prices to ease from current levels as the supply response delivers, dipping below the incentive price before returning toward it. In line with the typical commodity cycle, prices are likely to overshoot the incentive price again on the way back up as demand growth catches the next round of supply discipline.",[3783],{"type":850,"attrs":3784},{"color":1484},{"type":580,"attrs":3786,"content":3787},{"textAlign":49},[3788],{"text":3789,"type":585,"marks":3790},"The risk sits primarily with Jianxiawo; if this mine does not come back online by end 2026 or early 2027, Benchmark anticipates a delayed price correction.",[3791],{"type":850,"attrs":3792},{"color":1484},"A May rally has seen lithium hit $24,000/t on Benchmark’s CIF Asia assessment, and RMB193,000/t EXW China – just below the psychologically important RMB 200,000/t level. The April 2026 forward curve has market participants pricing further upside into mid-year before easing modestly into 2027.",[3795],{"slug":3796,"name":3797,"content":3798},"cameron-perks","Cameron Perks",{"job_title":3799,"image":3800,"bio":3802,"linkedin":3803,"markets_covered":8},"Product Director - Lithium",{"filename":3801},"https://a.storyblok.com/f/287943243085208/512x512/5504398139/cam-perks.png","Dr Cameron Perks is a leading global lithium expert and currently serves as Product Director for Lithium at Benchmark Mineral Intelligence. With over a decade of experience in opaque mineral markets, he has led market strategy, pricing analysis, and bespoke consulting for clients ranging from junior explorers to OEMs and institutional investors. He was previously a consultant at TZMI, a geologist with the Geological Survey of NSW, and holds a PhD in Environmental Engineering.","https://www.linkedin.com/in/cameronperks/",[3805,3806],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":3808,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":3809,"copyright":645,"fieldtype":701,"meta_data":3810,"is_external_url":50},178497099235201,"https://a.storyblok.com/f/287943243085208/721x639/e533a6880b/lithium-price-and-market-balance-to-2030.png",{},{"id":3812,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":3813,"copyright":645,"fieldtype":701,"meta_data":3814,"is_external_url":50},129064918005171,"https://a.storyblok.com/f/287943243085208/bba06393d7/bm-amg-spodumene-e1548706905420.jpg",{},"A May rally has seen lithium hit $24,000/t on Benchmark’s CIF Asia assessment, and RMB193,000/t EXW China – just below the psychologically important RMB 200,000/t level.","May 20, 2026",{"id":3818,"uuid":1759,"name":3819,"slug":3820,"full_slug":3821,"content":3822},176010543640497,"Global EV sales reached 1.60 million units in April 2026","global-ev-sales-reached-1-60-million-units-in-april-2026","article/global-ev-sales-reached-1-60-million-units-in-april-2026",{"_uid":3823,"date":3824,"tags":3825,"editor":3831,"content":3835,"excerpt":4067,"featured":51,"reporter":4068,"component":689,"seo_title":3819,"categories":4072,"visibility":2019,"data_vis_image":4075,"featured_image":4077,"seo_description":4081,"formattedDate":4082},"fe995a4b-fec4-4b7d-9ffb-58d913c70569","2026-05-13 00:00",[3826,3827,3828,3829,3830],{"slug":1717,"name":1718},{"slug":720,"name":721},{"slug":1720,"name":1721},{"slug":1291,"name":1292},{"slug":564,"name":565},[3832],{"slug":1466,"name":1467,"content":3833},{"job_title":1469,"image":3834,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":3836},[3837,3859,3866,3875,3897,3905,3927,3935,3942,3950,3958,3973,3981,3988,3996,4018,4026,4033,4041,4049,4058],{"type":580,"attrs":3838,"content":3839},{"textAlign":49},[3840,3846,3854],{"text":3841,"type":585,"marks":3842},"Benchmark Mineral Intelligence, specialising in ",[3843],{"type":850,"attrs":3844},{"color":3845},"black",{"text":3847,"type":585,"marks":3848},"EV and battery supply chain research and insights",[3849,3852],{"type":590,"attrs":3850},{"href":3851,"uuid":49,"anchor":49,"target":1492,"linktype":1570},"https://www.benchmarkminerals.com/ev-and-battery",{"type":850,"attrs":3853},{"color":3845},{"text":3855,"type":585,"marks":3856},", reports that 1.60 million electric vehicles were sold globally in April 2026, bringing YTD 2026 EV sales to 5.6 million. In April 2026, EV sales grew 6% year-on-year (y-o-y) and decreased by 9% month-on-month (m-o-m).",[3857],{"type":850,"attrs":3858},{"color":3845},{"type":636,"attrs":3860},{"id":3861,"body":3862},"106369c0-384b-484e-8ce9-b756430e3858",[3863],{"id":3864,"_uid":3865,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28952714","i-7af02c9d-e970-4177-ba0c-6f8439d5bd67",{"type":580,"attrs":3867,"content":3869},{"textAlign":3868},"justify",[3870],{"text":3871,"type":585,"marks":3872},"Benchmark Mineral Intelligence Data Manager, Charles Lester, commented:",[3873],{"type":850,"attrs":3874},{"color":3845},{"type":580,"attrs":3876,"content":3877},{"textAlign":3868},[3878,3883,3892],{"text":3879,"type":585,"marks":3880},"“The global EV market reached 1.60 million units in April 2026, with growth moderating to 6% year-on-year and declining 9% month-on-month after ",[3881],{"type":850,"attrs":3882},{"color":3845},{"text":3884,"type":585,"marks":3885},"March’s surge",[3886,3890],{"type":590,"attrs":3887},{"href":3888,"uuid":3889,"anchor":49,"target":1492,"linktype":595},"/article/global-ev-sales-reached-1-75-million-units-in-march-2026","659252f9-9755-4aa0-be80-9c0d7bf3b18c",{"type":850,"attrs":3891},{"color":3845},{"text":3893,"type":585,"marks":3894},". Year-to-date sales stand at 5.6 million units, marginally down versus 2025, with strong growth in Europe and the RoW offset by continued weakness in China and North America.",[3895],{"type":850,"attrs":3896},{"color":3845},{"type":580,"attrs":3898,"content":3899},{"textAlign":3868},[3900],{"text":3901,"type":585,"marks":3902},"“Europe remains the main engine of growth, with sales up 26% year-to-date and April volumes exceeding 400,000 units. Demand continues to be supported by policy incentives, rising petrol prices, and growing Chinese OEM presence.",[3903],{"type":850,"attrs":3904},{"color":3845},{"type":580,"attrs":3906,"content":3907},{"textAlign":3868},[3908,3913,3922],{"text":3909,"type":585,"marks":3910},"“China’s market remains under pressure, with sales down 17% year-to-date. While exports are accelerating rapidly, domestic demand, particularly in smaller vehicle segments, continues to be impacted by subsidy changes. North America is still lagging, with sales down 25% year-to-date, although ",[3911],{"type":850,"attrs":3912},{"color":3845},{"text":3914,"type":585,"marks":3915},"Mexico is seeing stronger growth driven by Chinese imports",[3916,3920],{"type":590,"attrs":3917},{"href":3918,"uuid":3919,"anchor":49,"target":1492,"linktype":595},"/article/influx-of-chinese-made-evs-into-mexico-and-brazil-ahead-of-tariff-changes","15a7fc41-9adc-44bf-aa24-0534e0e1639a",{"type":850,"attrs":3921},{"color":3845},{"text":3923,"type":585,"marks":3924},". Overall, the market is entering a more complex phase, with regional divergence, export growth, and shifting competitive dynamics shaping global trends.”",[3925],{"type":850,"attrs":3926},{"color":3845},{"type":580,"attrs":3928,"content":3929},{"textAlign":3868},[3930],{"type":1847,"attrs":3931},{"id":3932,"alt":645,"src":3933,"title":645,"source":645,"copyright":645,"meta_data":3934},176010886080926,"https://a.storyblok.com/f/287943243085208/1280x720/3dbd167fce/benchmark-april-ev-sales.jpg",{},{"type":647,"attrs":3936,"content":3937},{"level":649,"textAlign":3868},[3938],{"text":1292,"type":585,"marks":3939},[3940],{"type":850,"attrs":3941},{"color":3845},{"type":580,"attrs":3943,"content":3944},{"textAlign":3868},[3945],{"text":3946,"type":585,"marks":3947},"Following a record month for EV sales in March 2026, April figures continued to indicate strong growth. In April 2026, EV sales increased by 27% year-on-year to just over 400,000 units. Year-to-date, sales in France and Germany have risen by 36% and 33%, respectively. In Italy, EV sales have nearly doubled, supported by government subsidies, with a significant share coming from Chinese manufacturers.",[3948],{"type":850,"attrs":3949},{"color":3845},{"type":580,"attrs":3951,"content":3952},{"textAlign":3868},[3953],{"text":3954,"type":585,"marks":3955},"European EV demand continues to be supported by rising petrol prices as a result of the conflict in the Middle East. During January–February 2026, EV sales growth stood at 19% year-on-year, accelerating to 30% across March–April.",[3956],{"type":850,"attrs":3957},{"color":3845},{"type":580,"attrs":3959,"content":3960},{"textAlign":3868},[3961,3968],{"text":3962,"type":585,"marks":3963},"Chinese-built EVs are playing an increasingly important role",[3964,3966],{"type":590,"attrs":3965},{"href":1384,"uuid":1385,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":3967},{"color":3845},{"text":3969,"type":585,"marks":3970}," in the European market. In 2025, 19% of EVs sold in Europe were produced in China; this has risen to 22% so far in 2026 and continues to increase month by month. Despite EU tariffs on Chinese BEVs, Chinese OEMs continue to export significant volumes, while also increasingly exploring local manufacturing within Europe.",[3971],{"type":850,"attrs":3972},{"color":3845},{"type":580,"attrs":3974,"content":3975},{"textAlign":3868},[3976],{"text":3977,"type":585,"marks":3978},"April 2026 saw a wave of developments involving Chinese OEM production in Europe. Stellantis and Leapmotor announced plans to manufacture Leapmotor’s B10 C-SUV at Stellantis’ Figueruelas plant in Zaragoza, Spain, potentially as early as 2026, alongside a new all-electric Opel C-SUV planned for 2028. Chinese OEMs, such as SAIC’s MG, are reportedly exploring Volkswagen’s underutilised European capacity. This follows comments from Volkswagen CEO Oliver Blume on 30 April 2026 that sharing unused factories with Chinese automakers could be a ”clever solution” to address overcapacity. Meanwhile, Xpeng produced its first locally built P7+ at Magna Steyr’s Graz facility in April, marking its third model manufactured in Europe. BYD’s Szeged plant continues to ramp up towards mass production.",[3979],{"type":850,"attrs":3980},{"color":3845},{"type":647,"attrs":3982,"content":3983},{"level":649,"textAlign":3868},[3984],{"text":1721,"type":585,"marks":3985},[3986],{"type":850,"attrs":3987},{"color":3845},{"type":580,"attrs":3989,"content":3990},{"textAlign":3868},[3991],{"text":3992,"type":585,"marks":3993},"In North America, EV sales remain relatively subdued in the United States and Canada, declining by 25% year-to-date. In contrast, the Mexican market has grown by nearly 50%, largely driven by Chinese models. Towards the end of 2025, a significant volume of Chinese EVs was exported to Mexico ahead of the introduction of a 50% import tariff on EVs from countries without a free trade agreement (FTA). As a result, these vehicles have been entering the Mexican market in the early months of 2026.",[3994],{"type":850,"attrs":3995},{"color":3845},{"type":580,"attrs":3997,"content":3998},{"textAlign":3868},[3999,4004,4013],{"text":4000,"type":585,"marks":4001},"Canada’s EV market is down 7% year-to-date; however, the newly introduced ",[4002],{"type":850,"attrs":4003},{"color":3845},{"text":4005,"type":585,"marks":4006},"Electric Vehicle Affordability Program",[4007,4011],{"type":590,"attrs":4008},{"href":4009,"uuid":4010,"anchor":49,"target":1492,"linktype":595},"/article/canada-s-new-ev-subsidy-scheme-will-support-at-least-500-000-new-ev-sales","4ce229f9-70bb-46a8-a232-d96d8218f5b3",{"type":850,"attrs":4012},{"color":3845},{"text":4014,"type":585,"marks":4015}," (EVAP) is expected to support growth throughout 2026. Available from mid-February 2026 and running for five years, the programme offers incentives of up to CAD 5,000 (approximately USD 3,650) for EVs priced below CAD 50,000 (approximately USD 36,500), with no price cap for vehicles manufactured in Canada. Earlier in 2026, Canada also introduced a quota allowing 49,000 Chinese EVs to enter without the 100% tariff; the first tranche of 24,500 units is allocated between 1 March and 31 August 2026.",[4016],{"type":850,"attrs":4017},{"color":3845},{"type":580,"attrs":4019,"content":4020},{"textAlign":3868},[4021],{"text":4022,"type":585,"marks":4023},"In the United States, Rivian has begun customer production of its R2 at its facility in Normal, Illinois. The company also announced plans to expand its future Georgia plant’s capacity from 200,000 to 300,000 units annually, with production expected to begin in late 2028. Tesla CEO Elon Musk confirmed that Cybercab production has started, although output is expected to ramp up gradually, with more significant volumes anticipated towards the end of 2026.",[4024],{"type":850,"attrs":4025},{"color":3845},{"type":647,"attrs":4027,"content":4028},{"level":649,"textAlign":3868},[4029],{"text":721,"type":585,"marks":4030},[4031],{"type":850,"attrs":4032},{"color":3845},{"type":580,"attrs":4034,"content":4035},{"textAlign":3868},[4036],{"text":4037,"type":585,"marks":4038},"China’s EV market is down 17% year-to-date. 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.",[4039],{"type":850,"attrs":4040},{"color":3845},{"type":580,"attrs":4042,"content":4043},{"textAlign":3868},[4044],{"text":4045,"type":585,"marks":4046},"As domestic growth slows, EV exports from China have surged. 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 EVs produced in China.",[4047],{"type":850,"attrs":4048},{"color":3845},{"type":580,"attrs":4050,"content":4051},{"textAlign":3868},[4052],{"text":4053,"type":585,"marks":4054},"This insight draws from Benchmark's EV & Battery Service, consisting of detailed forecasts and supply chain data. By bringing clarity to a complex and opaque market, this subscription facilitates smarter investment decisions, strategy planning and execution, and successful commercial outcomes. To learn more, submit your details below and our team will be in touch:",[4055,4057],{"type":850,"attrs":4056},{"color":3845},{"type":1992},{"type":636,"attrs":4059},{"id":3861,"body":4060},[4061],{"id":1997,"_uid":4062,"component":1999,"wrap_in_box":50,"redirect_url":4063,"success_file":4064,"default_height":645,"success_message":645,"v2_hubspot_form":50,"success_sub_text":645,"hidden_field_values":4066,"show_on_intelligence":50},"i-78134393-d16e-4a8a-875a-715e0afd1da1",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":4065},{},[],"Benchmark Mineral Intelligence, specialising in EV and battery supply chain research and insights, reports that 1.60 million electric vehicles were sold globally in April 2026, bringing YTD 2026 EV sales to 5.6 million. In April 2026, EV sales grew 6% year-on-year (y-o-y) and decreased by 9% month-on-month (m-o-m).",[4069],{"slug":2008,"name":2009,"content":4070},{"job_title":2011,"image":4071,"bio":2014,"linkedin":2015,"markets_covered":688},{"filename":2013},[4073,4074],{"slug":692,"name":693},{"slug":956,"name":957},{"id":3932,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":3933,"copyright":645,"fieldtype":701,"meta_data":4076,"is_external_url":50},{},{"id":4078,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":4079,"copyright":645,"fieldtype":701,"meta_data":4080,"is_external_url":50},129064762479969,"https://a.storyblok.com/f/287943243085208/d657922a34/bm-adobestock-853540750-scaled.jpeg",{},"1.60 million electric vehicles were sold globally in April 2026, bringing YTD 2026 EV sales to 5.6 million. In April 2026, EV sales grew 6% year-on-year (y-o-y) and decreased by 9% month-on-month (m-o-m).","May 13, 2026",{"id":4084,"uuid":4010,"name":4085,"slug":4086,"full_slug":4087,"content":4088},174335513319245,"New Canada EV subsidies will support at least 500,000 new sales","canada-s-new-ev-subsidy-scheme-will-support-at-least-500-000-new-ev-sales","article/canada-s-new-ev-subsidy-scheme-will-support-at-least-500-000-new-ev-sales",{"_uid":4089,"date":4090,"tags":4091,"editor":4100,"content":4104,"excerpt":4244,"featured":51,"reporter":4245,"component":689,"seo_title":4085,"categories":4249,"visibility":2019,"data_vis_image":4252,"featured_image":4256,"seo_description":4260,"formattedDate":4261},"a18ae962-b74b-4fdf-aae2-55d7080eb09b","2026-05-08 00:00",[4092,4095,4098,4099],{"slug":4093,"name":4094},"canada","Canada",{"slug":4096,"name":4097},"ev-demand","EV demand",{"slug":1720,"name":1721},{"slug":564,"name":565},[4101],{"slug":568,"name":569,"content":4102},{"job_title":571,"image":4103,"bio":574,"linkedin":575},{"filename":573},{"type":577,"content":4105},[4106,4126,4146,4153,4162,4170,4178,4186,4192,4201,4209,4217,4225,4234],{"type":580,"attrs":4107,"content":4108},{"textAlign":49},[4109,4114,4121],{"text":4110,"type":585,"marks":4111},"With the abrupt end of Canada’s initial electric vehicle (EV) subsidy scheme, the iZEV program, in January 2025, as well as the deterioration of its trading relationship ",[4112],{"type":850,"attrs":4113},{"color":645},{"text":4115,"type":585,"marks":4116},"with the US",[4117,4119],{"type":590,"attrs":4118},{"href":3918,"uuid":3919,"anchor":49,"target":594,"linktype":595},{"type":850,"attrs":4120},{"color":645},{"text":4122,"type":585,"marks":4123}," throughout that year, EV sales in the country declined 38% compared to 2024. In the opening months of 2026, however, Canada has sought to reinvigorate its EV market.",[4124],{"type":850,"attrs":4125},{"color":645},{"type":580,"attrs":4127,"content":4128},{"textAlign":49},[4129,4134,4141],{"text":4130,"type":585,"marks":4131},"First, it has struck an agreement with China to allow up to 49,000 ",[4132],{"type":850,"attrs":4133},{"color":645},{"text":4135,"type":585,"marks":4136},"Chinese-made EVs",[4137,4139],{"type":590,"attrs":4138},{"href":1384,"uuid":1385,"anchor":49,"target":594,"linktype":595},{"type":850,"attrs":4140},{"color":645},{"text":4142,"type":585,"marks":4143}," into the country at a tariff rate below 100% for the first time since 1 October 2024. More recently, it has launched its new EV subsidy scheme, the ‘Electric Vehicle Affordability Program’.",[4144],{"type":850,"attrs":4145},{"color":645},{"type":636,"attrs":4147},{"id":4148,"body":4149},"eb3db808-a16e-49ff-aa7d-0d9747d017bf",[4150],{"id":4151,"_uid":4152,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28887606","i-3580fe7e-c9ab-468b-8ba8-5bc6cb55744d",{"type":647,"attrs":4154,"content":4155},{"level":649,"textAlign":49},[4156],{"text":4157,"type":585,"marks":4158},"How much support is available?",[4159,4161],{"type":850,"attrs":4160},{"color":645},{"type":655},{"type":580,"attrs":4163,"content":4164},{"textAlign":49},[4165],{"text":4166,"type":585,"marks":4167},"The five-year scheme has a total budget of CAD2.275 billion (USD $1.67 billion) and supports the purchase or lease of new EVs. BEVs and FCEVs are eligible for up to CAD5,000 (USD $3,660) in support, while PHEVs can receive up to CAD2,500 (USD $1,830). Eligible vehicles must be made in either Canada or a country with which it has a free trade agreement. Imported EVs must have a final transaction price of CAD50,000 (USD $36,620) or below, while locally made EVs have no price threshold.",[4168],{"type":850,"attrs":4169},{"color":645},{"type":580,"attrs":4171,"content":4172},{"textAlign":49},[4173],{"text":4174,"type":585,"marks":4175},"To receive the maximum level of financial support, the EV must be either purchased or leased over a four-year period. Vehicles leased over a one-, two- or three-year period receive a pro rata subsidy. Considering 2026 EV sales and the subsequent BEV market share of the theoretically eligible EVs, Benchmark analysis finds the subsidy scheme will support the sale of at least 515,000 EVs over its five-year duration, assuming all vehicles receive the maximum available subsidy.",[4176],{"type":850,"attrs":4177},{"color":645},{"type":580,"attrs":4179,"content":4180},{"textAlign":49},[4181],{"text":4182,"type":585,"marks":4183},"Benchmark analysis suggests Canada’s BEV market share will grow over the subsidy’s duration, though Benchmark still expects the scheme to fund a minimum of 500,000 new EV purchases. The total number of new EVs supported by the scheme is likely to be higher, as not all vehicles will receive the maximum amount and the subsidy value will decline over the scheme’s duration.",[4184],{"type":850,"attrs":4185},{"color":645},{"type":636,"attrs":4187},{"id":4148,"body":4188},[4189],{"id":4190,"_uid":4191,"type":595,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"3672708","i-1557e3c4-571b-402c-a52d-f713fb3e0f00",{"type":647,"attrs":4193,"content":4194},{"level":649,"textAlign":49},[4195],{"text":4196,"type":585,"marks":4197},"How limiting are the scheme’s eligibility criteria?",[4198,4200],{"type":850,"attrs":4199},{"color":645},{"type":655},{"type":580,"attrs":4202,"content":4203},{"textAlign":49},[4204],{"text":4205,"type":585,"marks":4206},"Owing to the array of free trade agreements of which Canada is a part, the vehicle production location criteria is unrestrictive. Canada holds agreements with several key EV-producing nations and regions. These include the US, Mexico, the EU, Japan and South Korea.",[4207],{"type":850,"attrs":4208},{"color":645},{"type":580,"attrs":4210,"content":4211},{"textAlign":49},[4212],{"text":4213,"type":585,"marks":4214},"The transaction price limit is more restrictive and constrains consumers to the base model of many of the eligible vehicles. For instance, the Chevrolet Equinox, Canada’s second best-selling BEV in Q1 2026, has a starting MSRP of CAD49,643 (USD $36,380), while Canada’s best-selling EV in Q1, the Toyota C-HR, has a starting transaction price of CAD48,015 (USD $35,180). However, this is not the case for all eligible models, with several current and upcoming models, such as the new Chevrolet Bolt and Fiat 500e, having starting prices further below the CAD50,000 (USD $36,620) upper limit.",[4215],{"type":850,"attrs":4216},{"color":645},{"type":580,"attrs":4218,"content":4219},{"textAlign":49},[4220],{"text":4221,"type":585,"marks":4222},"In Q1 2026, 54% of EVs sold in Canada were eligible and could have theoretically qualified, providing they were sold below the scheme’s price limit. The scheme has the potential to cover a significant proportion of Canada’s new EV sales, despite the restrictive nature of the transaction price limit, providing the market with support following the turbulence it experienced in 2025.",[4223],{"type":850,"attrs":4224},{"color":645},{"type":580,"attrs":4226,"content":4227},{"textAlign":49},[4228],{"text":4229,"type":585,"marks":4230},"This article draws on insights from Benchmark's EV & Battery Service. To find out more, fill in the form below and one of the team will be in touch:",[4231,4233],{"type":850,"attrs":4232},{"color":645},{"type":1992},{"type":636,"attrs":4235},{"id":4236,"body":4237},"4ea20c8f-f7bc-48a1-82f1-18ac606e2709",[4238],{"id":1997,"_uid":4239,"component":1999,"wrap_in_box":50,"redirect_url":4240,"success_file":4241,"default_height":645,"success_message":645,"v2_hubspot_form":50,"success_sub_text":645,"hidden_field_values":4243,"show_on_intelligence":50},"i-fc59df4e-c6c5-4ba4-8992-4c4ae82c975b",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":4242},{},[],"With the abrupt end of Canada’s initial electric vehicle (EV) subsidy scheme, the iZEV program, in January 2025, as well as the deterioration of its trading relationship with the US throughout that year, EV sales in the country declined 38% compared to 2024. In the opening months of 2026, however, Canada has sought to reinvigorate its EV market.\n\nFirst, it has struck an agreement with China to allow up to 49,000 Chinese-made EVs into the country at a tariff rate below 100% for the first time since 1 October 2024. More recently, it has launched its new EV subsidy scheme, the ‘Electric Vehicle Affordability Program’.",[4246],{"slug":1428,"name":1429,"content":4247},{"job_title":1431,"image":4248,"bio":1434,"linkedin":1435,"markets_covered":688},{"filename":1433},[4250,4251],{"slug":692,"name":693},{"slug":956,"name":957},{"id":4253,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":4254,"copyright":645,"fieldtype":701,"meta_data":4255,"is_external_url":50},175353181066309,"https://a.storyblok.com/f/287943243085208/1588x1422/b3dad6601a/ev-canada-scheme-2x.png",{},{"id":4257,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":4258,"copyright":645,"fieldtype":701,"meta_data":4259,"is_external_url":50},129065979762658,"https://a.storyblok.com/f/287943243085208/b5a3cca6a2/bm-canada-map.jpg",{},"With the abrupt end of Canada’s initial electric vehicle (EV) subsidy scheme and trade tensions with the US in 2025, EV sales in the country declined 38% compared to 2024.","May 08, 2026",{"id":4263,"uuid":1385,"name":4264,"slug":4265,"full_slug":4266,"content":4267},171868609960235,"China-made EVs boost in Europe in March amid higher fuel prices","china-made-evs-boost-in-europe-in-march-amid-higher-fuel-prices","article/china-made-evs-boost-in-europe-in-march-amid-higher-fuel-prices",{"_uid":4268,"date":4269,"tags":4270,"editor":4275,"content":4279,"excerpt":4419,"featured":51,"reporter":4420,"component":689,"seo_title":4424,"categories":4425,"visibility":697,"data_vis_image":4428,"featured_image":4432,"seo_description":4436,"formattedDate":4437},"0f9eb5a2-aa7c-4ac9-bb3f-20e384deed68","2026-05-01 00:00",[4271,4272,4273,4274],{"slug":1717,"name":1718},{"slug":720,"name":721},{"slug":1291,"name":1292},{"slug":564,"name":565},[4276],{"slug":1466,"name":1467,"content":4277},{"job_title":1469,"image":4278,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":4280},[4281,4313,4330,4337,4346,4354,4363,4394,4402,4410],{"type":580,"attrs":4282,"content":4283},{"textAlign":49},[4284,4289,4296,4301,4308],{"text":4285,"type":585,"marks":4286},"Interest in ",[4287],{"type":850,"attrs":4288},{"color":645},{"text":4290,"type":585,"marks":4291},"EVs rose globally in March 2026",[4292,4294],{"type":590,"attrs":4293},{"href":1795,"uuid":1796,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":4295},{"color":645},{"text":4297,"type":585,"marks":4298}," amid higher fuel prices due to the ongoing conflict in the Middle East and the closure of the Strait of Hormuz. A significant number of markets around the world experienced greater ",[4299],{"type":850,"attrs":4300},{"color":645},{"text":4302,"type":585,"marks":4303},"EV sales growth ",[4304,4306],{"type":590,"attrs":4305},{"href":3888,"uuid":3889,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":4307},{"color":645},{"text":4309,"type":585,"marks":4310},"after the conflict broke out than before. Sales of passenger car and light duty EVs in Europe were up 33% year-on-year in March, having grown just 19% year-on-year in the first two months of the year.  ",[4311],{"type":850,"attrs":4312},{"color":645},{"type":580,"attrs":4314,"content":4315},{"textAlign":2966},[4316,4325],{"text":4317,"type":585,"marks":4318},"EVs made in China",[4319,4323],{"type":590,"attrs":4320},{"href":4321,"uuid":4322,"anchor":49,"target":1492,"linktype":595},"/article/us-resists-rapid-global-expansion-of-chinese-bev-market-share","73900094-bdce-4976-8269-2039fb4d744d",{"type":850,"attrs":4324},{"color":645},{"text":4326,"type":585,"marks":4327}," have been a major driver of rising global demand and have benefited the most from the surge, with sales in Europe increasing 78% year-on-year in March, up from 39% growth recorded over the first two months of the year. Translating to a boost in their European EV market share, which rose from 20% in January and February to 24% in March.",[4328],{"type":850,"attrs":4329},{"color":645},{"type":636,"attrs":4331},{"id":4332,"body":4333},"fe1046a4-42f0-4d84-9e48-1086857b87a9",[4334],{"id":4335,"_uid":4336,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28785488","i-de82126a-fc5c-4d7a-9a36-df3fb008c02b",{"type":647,"attrs":4338,"content":4339},{"level":649,"textAlign":2966},[4340],{"text":4341,"type":585,"marks":4342},"Which vehicle manufacturers drove the sales increase? ",[4343,4345],{"type":850,"attrs":4344},{"color":645},{"type":655},{"type":580,"attrs":4347,"content":4348},{"textAlign":2966},[4349],{"text":4350,"type":585,"marks":4351},"The sale of China-made Tesla Model 3s in Europe was responsible for half of the four-percentage point increase in the market share of China-made EVs in March compared to the first two months of the year. After Tesla, Chery experienced the greatest rise in market share, which grew by more than one percentage point. This is underpinned by its efforts to scale up deliveries of the Jaecoo and Omoda brands in the region. The Jaecoo 7 was the fifth best-selling EV in the region in March and was the best-selling EV in the UK in Q1, with the second best-selling EV in the UK also a Chinese model, the BYD Seal U DM-i. ",[4352],{"type":850,"attrs":4353},{"color":645},{"type":647,"attrs":4355,"content":4356},{"level":649,"textAlign":2966},[4357],{"text":4358,"type":585,"marks":4359},"Chinese brands are set to continue their expansion into Europe ",[4360,4362],{"type":850,"attrs":4361},{"color":645},{"type":655},{"type":580,"attrs":4364,"content":4365},{"textAlign":2966},[4366,4375,4380,4389],{"text":4367,"type":585,"marks":4368},"Chinese EV manufactures are increasing their presence in Europe",[4369,4373],{"type":590,"attrs":4370},{"href":4371,"uuid":4372,"anchor":49,"target":1492,"linktype":595},"/article/infographic-share-chinese-brands-in-overseas-ev-sales","f983545f-2371-40f2-ae36-722bf28d0e63",{"type":850,"attrs":4374},{"color":645},{"text":4376,"type":585,"marks":4377}," despite the EU’s tariffs on Chinese made BEVs introduced in October 2024. BYD grew its market share in Europe from 2% in 2024 to 6% in 2025, with a further increase to 7% in the opening quarter of 2026, in part due to a greater focus on PHEVs but also through BEV sales growth. Its production facility in ",[4378],{"type":850,"attrs":4379},{"color":645},{"text":4381,"type":585,"marks":4382},"Hungary",[4383,4387],{"type":590,"attrs":4384},{"href":4385,"uuid":4386,"anchor":49,"target":1492,"linktype":595},"/article/what-hungary-s-election-outcome-means-for-its-battery-industry","8680dd72-8d8e-4eb8-96a5-4f10271f666e",{"type":850,"attrs":4388},{"color":645},{"text":4390,"type":585,"marks":4391}," is set to begin mass production in the next two months, enabling it to circumnavigate the EU’s tariff and further grow its market share in the region. ",[4392],{"type":850,"attrs":4393},{"color":645},{"type":580,"attrs":4395,"content":4396},{"textAlign":2966},[4397],{"text":4398,"type":585,"marks":4399},"Other Chinese manufactures are also seeking to establish EV production capacity in Europe as means to elevate their local presence. SAIC is said to be considering Spain to manufacture EVs for its MG brand, it had previously been reported that it was considering Hungary as a potential location. Both Chery and Dongfeng are said to be in talks with Nissan to sublease part of its Sunderland production facility.  ",[4400],{"type":850,"attrs":4401},{"color":645},{"type":580,"attrs":4403,"content":4404},{"textAlign":2966},[4405],{"text":4406,"type":585,"marks":4407},"As Chinese vehicle brands establish more EV production capacity in Europe, shorter supply chains and reduced exposure to tariffs will enhance their ability to compete within the region’s EV market. European markets that have so far been resilient against the arrival of Chinese EVs, such as France due to the structure of its subsidy scheme as well as strong loyalty to national brands, could begin to see that change.",[4408],{"type":850,"attrs":4409},{"color":645},{"type":580,"attrs":4411,"content":4412},{"textAlign":2966},[4413],{"text":4414,"type":585,"marks":4415},"This article draws on expert insights and analysis from Benchmark's EV & Battery Service. To learn more about this Service, fill out the form below and one of the team will be in touch.",[4416,4418],{"type":850,"attrs":4417},{"color":645},{"type":1992},"Interest in EVs rose globally in March 2026 amid higher fuel prices due to the ongoing conflict in the Middle East and the closure of the Strait of Hormuz. A significant number of markets around the world experienced greater EV sales growth after the conflict broke out than before. Sales of passenger car and light duty EVs in Europe were up 33% year-on-year in March, having grown just 19% year-on-year in the first two months of the year.  \n\nChina-made EVs have been a major driver of rising global demand and have benefited the most from the surge, with sales in Europe increasing 78% year-on-year in March, up from 39% growth recorded over the first two months of the year. Translating to a boost in their European EV market share, which rose from 20% in January and February to 24% in March.",[4421],{"slug":1428,"name":1429,"content":4422},{"job_title":1431,"image":4423,"bio":1434,"linkedin":1435,"markets_covered":688},{"filename":1433},"Chinese-made EVs boost in Europe in March amid higher fuel prices",[4426,4427],{"slug":692,"name":693},{"slug":956,"name":957},{"id":4429,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":4430,"copyright":645,"fieldtype":701,"meta_data":4431,"is_external_url":50},171871044434816,"https://a.storyblok.com/f/287943243085208/1588x1384/cb880ffd61/chinese-evs-in-europe-iran-2x.png",{},{"id":4433,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":4434,"copyright":645,"fieldtype":701,"meta_data":4435,"is_external_url":50},171875337538485,"https://a.storyblok.com/f/287943243085208/7887x5259/deb154d93f/byd_atto3_evo__073.jpg",{},"Interest in EVs rose globally in March 2026 amid higher fuel prices due to the ongoing conflict in the Middle East. Chinese-made EVs have benefited the most from the surge, with sales in Europe increasing 78% year-on-year in March.","May 01, 2026",{"id":4439,"uuid":2205,"name":4440,"slug":4441,"full_slug":4442,"content":4443},171841961546330,"The top energy storage cell suppliers and system integrators in 2025","the-top-energy-storage-cell-suppliers-and-system-integrators-in-2025","article/the-top-energy-storage-cell-suppliers-and-system-integrators-in-2025",{"_uid":4444,"date":4269,"tags":4445,"editor":4494,"content":4498,"excerpt":4755,"featured":50,"reporter":4756,"component":689,"seo_title":645,"categories":4763,"visibility":2019,"data_vis_image":4767,"featured_image":4771,"seo_description":645,"formattedDate":4437},"3a730302-9186-4cce-a997-cb5cc4a579ae",[4446,4447,4448,4451,4454,4457,4460,4463,4466,4469,4472,4475,4478,4481,4484,4487,4490,4493],{"slug":2044,"name":2045},{"slug":1294,"name":1295},{"slug":4449,"name":4450},"tesla","Tesla",{"slug":4452,"name":4453},"hyperstrong","HyperStrong",{"slug":4455,"name":4456},"fluence","Fluence",{"slug":4458,"name":4459},"eve-energy","EVE Energy",{"slug":4461,"name":4462},"gotion","Gotion",{"slug":4464,"name":4465},"calb","CALB",{"slug":4467,"name":4468},"rept-battero","REPT Battero",{"slug":4470,"name":4471},"cornex","Cornex",{"slug":4473,"name":4474},"hithium","HiTHIUM",{"slug":4476,"name":4477},"envision","Envision",{"slug":4479,"name":4480},"huawei","Huawei",{"slug":4482,"name":4483},"sunwoda","Sunwoda",{"slug":4485,"name":4486},"sungrow","Sungrow",{"slug":4488,"name":4489},"great-power","Great Power",{"slug":4491,"name":4492},"crrc","CRRC",{"slug":564,"name":565},[4495],{"slug":1466,"name":1467,"content":4496},{"job_title":1469,"image":4497,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":4499},[4500,4530,4565,4573,4595,4630,4651,4659,4667,4675,4683,4691,4699,4707,4720,4728,4736,4745],{"type":580,"attrs":4501,"content":4502},{"textAlign":49},[4503,4508,4514,4519,4526],{"text":4504,"type":585,"marks":4505},"In 2025, over 600GWh of cells were shipped globally for ",[4506],{"type":850,"attrs":4507},{"color":1484},{"text":2200,"type":585,"marks":4509},[4510,4512],{"type":590,"attrs":4511},{"href":2400,"uuid":2401,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":4513},{"color":1484},{"text":4515,"type":585,"marks":4516}," (BESS) applications, almost double that of 2024 as assessed by ",[4517],{"type":850,"attrs":4518},{"color":1484},{"text":4520,"type":585,"marks":4521},"Benchmark's Battery Energy Stationary Storage Service",[4522,4524],{"type":590,"attrs":4523},{"href":2226,"uuid":49,"anchor":49,"target":1492,"linktype":1570},{"type":850,"attrs":4525},{"color":1484},{"text":1538,"type":585,"marks":4527},[4528],{"type":850,"attrs":4529},{"color":1484},{"type":580,"attrs":4531,"content":4532},{"textAlign":49},[4533,4538,4547,4552,4561],{"text":4534,"type":585,"marks":4535},"Combined, the top 10 BESS ",[4536],{"type":850,"attrs":4537},{"color":1484},{"text":4539,"type":585,"marks":4540},"cell suppliers",[4541,4545],{"type":590,"attrs":4542},{"href":4543,"uuid":4544,"anchor":49,"target":1492,"linktype":595},"/article/the-top-five-battery-producers-past-present-and-future","5a87817c-f839-49ea-9a92-ccb5a2952b63",{"type":850,"attrs":4546},{"color":1484},{"text":4548,"type":585,"marks":4549}," in 2025 accounted for 90% of cells shipped and all are ",[4550],{"type":850,"attrs":4551},{"color":1484},{"text":4553,"type":585,"marks":4554},"headquartered in China",[4555,4559],{"type":590,"attrs":4556},{"href":4557,"uuid":4558,"anchor":49,"target":1492,"linktype":595},"/article/regional-spotlight-china","746036af-b9fc-4d0d-b721-56d0d1094635",{"type":850,"attrs":4560},{"color":1484},{"text":1538,"type":585,"marks":4562},[4563],{"type":850,"attrs":4564},{"color":1484},{"type":580,"attrs":4566,"content":4567},{"textAlign":49},[4568],{"text":4569,"type":585,"marks":4570},"“Notably the Korean cell manufacturers are missing from the top 10,” said Iola Hughes, Benchmark’s Head of Research. “That is likely to change in the coming years with significant commitments now made to BESS, in particular in the US market.”",[4571],{"type":850,"attrs":4572},{"color":1484},{"type":580,"attrs":4574,"content":4575},{"textAlign":49},[4576,4581,4590],{"text":4577,"type":585,"marks":4578},"In its Q1 financial report, ",[4579],{"type":850,"attrs":4580},{"color":1484},{"text":4582,"type":585,"marks":4583},"LGES stated",[4584,4588],{"type":590,"attrs":4585},{"href":4586,"uuid":4587,"anchor":49,"target":1492,"linktype":595},"/article/lges-signs-4-3-billion-bess-cell-supply-deal-with-tesla","c9e36cab-5f2c-4a05-9341-1aad24c0277d",{"type":850,"attrs":4589},{"color":1484},{"text":4591,"type":585,"marks":4592}," it is targeting over 50GWh of production capacity by the end of 2026. If it were to produce at this level, LGES would likely climb to within the top 10.",[4593],{"type":850,"attrs":4594},{"color":1484},{"type":580,"attrs":4596,"content":4597},{"textAlign":49},[4598,4606,4615,4620,4622,4629],{"type":1847,"attrs":4599,"marks":4603},{"id":4600,"alt":645,"src":4601,"title":645,"source":645,"copyright":645,"meta_data":4602},190209396198270,"https://a.storyblok.com/f/287943243085208/3348x2475/4b81de7bd0/top-10-bess-cell-suppliers.png",{},[4604],{"type":590,"attrs":4605},{"href":2226,"uuid":49,"anchor":49,"target":1492,"linktype":1570},{"text":4607,"type":585,"marks":4608},"CATL continued to be the top supplier",[4609,4613],{"type":590,"attrs":4610},{"href":4611,"uuid":4612,"anchor":49,"target":1492,"linktype":595},"/article/catl-posts-record-results-as-efficiency-and-capacity-expansion-drive-profit-growth","508da94f-bb3a-4c2e-a103-9a22048151f3",{"type":850,"attrs":4614},{"color":1484},{"text":4616,"type":585,"marks":4617}," of BESS cells in 2025, representing 20% of the market. However, this is down from the 29% share the company held in 2024 and 32% share in 2023. Towards the end of 2025, it secured a three-year 200GWh deal to provide cells to system integrator HyperStrong. This deal was expand",[4618],{"type":850,"attrs":4619},{"color":1484},{"text":4621,"type":585},"ed to include 60GWh of ",{"text":4623,"type":585,"marks":4624},"CATL’s sodium ion BESS cells in April 2026",[4625],{"type":590,"attrs":4626},{"href":4627,"uuid":4628,"anchor":49,"target":1492,"linktype":595},"/article/hyperstrong-and-catl-sign-three-year-60gwh-sodium-ion-bess-battery-supply-agreement","559ec0b3-b734-4f91-9dcf-4c2548f38fe3",{"text":1538,"type":585},{"type":580,"attrs":4631,"content":4632},{"textAlign":49},[4633,4638,4646],{"text":4634,"type":585,"marks":4635},"HiTHIUM and EVE Energy are both gaining ground on ",[4636],{"type":850,"attrs":4637},{"color":1484},{"text":2045,"type":585,"marks":4639},[4640,4644],{"type":590,"attrs":4641},{"href":4642,"uuid":4643,"anchor":49,"target":1492,"linktype":595},"/article/charting-the-evolution-of-catls-revenue-streams","62db0e85-b8ad-4ea7-80c5-d285c4b019c0",{"type":850,"attrs":4645},{"color":1484},{"text":4647,"type":585,"marks":4648},". The two companies took second and third spots, respectively, with around 12% of the market each.",[4649],{"type":850,"attrs":4650},{"color":1484},{"type":580,"attrs":4652,"content":4653},{"textAlign":49},[4654],{"text":4655,"type":585,"marks":4656},"For HiTHIUM, this is a substantial jump from fourth position in 2024 when it represented 9% of BESS cells shipped. The company signed a five-year, 120GWh cooperation agreement in December 2025 with system integrator CRRC.",[4657],{"type":850,"attrs":4658},{"color":1484},{"type":580,"attrs":4660,"content":4661},{"textAlign":49},[4662],{"text":4663,"type":585,"marks":4664},"Although EVE Energy dropped down to third from second in 2024, it is still strongly competitive. In 2025 the company secured more than 10 cell offtakes of at least 1GWh including 50GWh with HyperStrong and 20GWh with Rochenergy. EVE Energy has also had a strong start to 2026, with over 40GWh of offtakes signed in the first quarter.",[4665],{"type":850,"attrs":4666},{"color":1484},{"type":580,"attrs":4668,"content":4669},{"textAlign":49},[4670],{"text":4671,"type":585,"marks":4672},"Another rapidly rising competitor is CORNEX, which has over 400GWh of production capacity under construction with a further 100GWh in the pipeline, though this is for both EV and BESS applications.",[4673],{"type":850,"attrs":4674},{"color":1484},{"type":647,"attrs":4676,"content":4677},{"level":649,"textAlign":49},[4678],{"text":4679,"type":585,"marks":4680},"Who were the top BESS system integrators in 2025?",[4681],{"type":850,"attrs":4682},{"color":1484},{"type":580,"attrs":4684,"content":4685},{"textAlign":49},[4686],{"text":4687,"type":585,"marks":4688},"In 2025, around 460GWh of BESS systems were shipped globally with the market highly dominated by Chinese system integrators. Tesla and Fluence, both based in the US, are the only system integrators in the top 10 which are headquartered outside of China.",[4689],{"type":850,"attrs":4690},{"color":1484},{"type":580,"attrs":4692,"content":4693},{"textAlign":49},[4694],{"text":4695,"type":585,"marks":4696},"BYD overtook Tesla in 2025 to take the top spot for BESS systems, with Tesla now in second place and Sungrow in third. The three companies combined represented around a third of the systems market in 2025.",[4697],{"type":850,"attrs":4698},{"color":1484},{"type":580,"attrs":4700,"content":4701},{"textAlign":49},[4702],{"text":4703,"type":585,"marks":4704},"At the start of 2025, BYD signed to deliver a 12.5GWh BESS project with the Saudi Electricity Company, adding to the 2.6GWh already delivered.",[4705],{"type":850,"attrs":4706},{"color":1484},{"type":580,"attrs":4708,"content":4709},{"textAlign":49},[4710,4715],{"type":1847,"attrs":4711},{"id":4712,"alt":645,"src":4713,"title":645,"source":645,"copyright":645,"meta_data":4714},171852754446729,"https://a.storyblok.com/f/287943243085208/3348x2475/c22864e287/benchmark-top-10-system-integrators-2025.png",{},{"text":4716,"type":585,"marks":4717},"Tesla’s BESS deployments for the full year 2025 reached 46.7GWh, growing 49% year-on-year, according to its annual report. The company says it will begin production of Megapack 3 at its Houston Megafactory in 2026, ramping up to 50GWh of manufacturing capacity. That said, Tesla has had a weaker start to 2026, with Q1 2026 BESS system installations down 15% year-on-year.",[4718],{"type":850,"attrs":4719},{"color":1484},{"type":580,"attrs":4721,"content":4722},{"textAlign":49},[4723],{"text":4724,"type":585,"marks":4725},"BESS systems were the largest revenue segment for Sungrow in 2025, reaching 42% of total revenue surpassing its photovoltaic inverter business which accounted for 36%.",[4726],{"type":850,"attrs":4727},{"color":1484},{"type":580,"attrs":4729,"content":4730},{"textAlign":49},[4731],{"text":4732,"type":585,"marks":4733},"Many smaller Tier 2 and Tier 3 players reduced their net revenues in order to compete for market share leading to a price war and involution. As such, the share of companies outside the top 10 grew to 32% in 2025 compared to 18% in 2024.",[4734],{"type":850,"attrs":4735},{"color":1484},{"type":580,"attrs":4737,"content":4738},{"textAlign":49},[4739],{"text":4740,"type":585,"marks":4741},"The insights in this article were drawn from Benchmark’s Battery Energy Stationary Storage Service. To learn more about this, please fill in the form below and one of the team will be in touch:",[4742,4744],{"type":850,"attrs":4743},{"color":1484},{"type":1992},{"type":636,"attrs":4746},{"id":4747,"body":4748},"885b332e-3048-4002-b8a9-4b4088e47352",[4749],{"id":1997,"_uid":4750,"component":1999,"wrap_in_box":50,"redirect_url":4751,"success_file":4752,"default_height":645,"success_message":645,"v2_hubspot_form":50,"success_sub_text":645,"hidden_field_values":4754,"show_on_intelligence":50},"i-85472cde-6418-4314-a266-2cbd3675a175",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":4753},{},[],"In 2025, over 600GWh of cells were shipped globally for battery energy stationary storage (BESS) applications, almost double that of 2024 as assessed by Benchmark Mineral Intelligence, a leading specialist in battery supply chain research.\nCombined, the top 10 BESS cell suppliers in 2025 accounted for 90% of cells shipped and all are headquartered in China.\n",[4757,4760],{"slug":938,"name":939,"content":4758},{"job_title":941,"image":4759,"bio":944,"linkedin":945,"markets_covered":946},{"filename":943},{"slug":1258,"name":1259,"content":4761},{"job_title":1261,"image":4762,"bio":1264,"linkedin":1265,"markets_covered":1266},{"filename":1263},[4764,4765,4766],{"slug":3379,"name":3380},{"slug":956,"name":957},{"slug":950,"name":951},{"id":4768,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":4769,"copyright":645,"fieldtype":701,"meta_data":4770,"is_external_url":50},171852754434440,"https://a.storyblok.com/f/287943243085208/3348x2475/86be51ce37/benchmark-top-10-bess-cell-suppliers-2025.png",{},{"id":4772,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":4773,"copyright":645,"fieldtype":701,"meta_data":4774,"is_external_url":50},171849521801503,"https://a.storyblok.com/f/287943243085208/5500x3842/752b24de88/energy-storage.jpeg",{},{"id":4776,"uuid":4777,"name":4778,"slug":4779,"full_slug":4780,"content":4781},168657305474231,"ec71002e-6142-4424-b241-3d0e7b26f637","Infographic: Battery material production expansion since 2020 driven by shifting chemistry","infographic-battery-material-production-expansion-since-2020-driven-by-shifting-chemistry","article/infographic-battery-material-production-expansion-since-2020-driven-by-shifting-chemistry",{"_uid":4782,"date":4783,"tags":4784,"editor":4792,"content":4796,"excerpt":4945,"featured":51,"reporter":4946,"component":689,"seo_title":4957,"categories":4958,"visibility":2019,"data_vis_image":4970,"featured_image":4974,"seo_description":4978,"formattedDate":4979},"9940116c-502e-49e8-885c-6dc97bf65761","2026-04-30 00:00",[4785,4788,4790,4791],{"slug":4786,"name":4787},"ncm","NCM",{"slug":4789,"name":451},"lfp",{"slug":564,"name":565},{"slug":2480,"name":2481},[4793],{"slug":568,"name":569,"content":4794},{"job_title":571,"image":4795,"bio":574,"linkedin":575},{"filename":573},{"type":577,"content":4797},[4798,4833,4855,4901,4908,4928,4935],{"type":580,"attrs":4799,"content":4800},{"textAlign":49},[4801,4806,4815,4820,4828],{"text":4802,"type":585,"marks":4803},"Production of ",[4804],{"type":850,"attrs":4805},{"color":1484},{"text":4807,"type":585,"marks":4808},"battery materials",[4809,4813],{"type":590,"attrs":4810},{"href":4811,"uuid":4812,"anchor":49,"target":1492,"linktype":595},"/videos/the-benchmark-picture-from-mine-to-grid","77fc5377-f9da-416d-88d6-f414a0e971b4",{"type":850,"attrs":4814},{"color":1484},{"text":4816,"type":585,"marks":4817}," has rocketed since 2020. ",[4818],{"type":850,"attrs":4819},{"color":1484},{"text":8,"type":585,"marks":4821},[4822,4826],{"type":590,"attrs":4823},{"href":4824,"uuid":4825,"anchor":49,"target":1492,"linktype":595},"/videos/q1-2026-lithium-price-drivers","f2a03280-94b9-4549-981c-dfee20cbecf2",{"type":850,"attrs":4827},{"color":1484},{"text":4829,"type":585,"marks":4830}," in particular has surged, while other essential inputs like phosphorus and nickel have also grown as both lithium iron phosphate (LFP) and nickel cobalt manganese (NCM) battery production have ramped up. ",[4831],{"type":850,"attrs":4832},{"color":1484},{"type":580,"attrs":4834,"content":4835},{"textAlign":49},[4836,4841,4850],{"text":4837,"type":585,"marks":4838},"In 2025, lithium production reached four times its 2020 level, growing from 395kt mined to 1,500kt. As lithium is used in almost all modern battery chemistries, its growth far outpaced other battery materials. Reflective of the growth of ",[4839],{"type":850,"attrs":4840},{"color":1484},{"text":4842,"type":585,"marks":4843},"LFP chemistry",[4844,4848],{"type":590,"attrs":4845},{"href":4846,"uuid":4847,"anchor":49,"target":1492,"linktype":595},"/article/north-america-sees-lfp-production-capacity-pipeline-grow-driven-by-the-bess-market","8c902f6d-616a-4844-93e9-31c499e486b5",{"type":850,"attrs":4849},{"color":1484},{"text":4851,"type":585,"marks":4852},", is the increase in the supply of purified phosphoric acid, which grew 41% from 2020–2025.",[4853],{"type":850,"attrs":4854},{"color":1484},{"type":580,"attrs":4856,"content":4857},{"textAlign":49},[4858,4863,4869,4874,4882,4887,4896],{"type":1847,"attrs":4859},{"id":4860,"alt":645,"src":4861,"title":645,"source":645,"copyright":645,"meta_data":4862},173179557914380,"https://a.storyblok.com/f/287943243085208/1200x1853/33ecbcf38b/updated-battery-material-infographic.jpg",{},{"text":150,"type":585,"marks":4864},[4865,4867],{"type":590,"attrs":4866},{"href":2796,"uuid":2797,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":4868},{"color":1484},{"text":4870,"type":585,"marks":4871},", the key input for NCM, grew from 2,500kt to 3,600kt across the same period, while ",[4872],{"type":850,"attrs":4873},{"color":1484},{"text":2544,"type":585,"marks":4875},[4876,4880],{"type":590,"attrs":4877},{"href":4878,"uuid":4879,"anchor":49,"target":1492,"linktype":595},"/article/supply-strains-keep-prices-steady-cobalt-q1-2026-price-review","0b16c504-8e01-449c-9efe-b239dc7e8242",{"type":850,"attrs":4881},{"color":1484},{"text":4883,"type":585,"marks":4884}," and high purity ",[4885],{"type":850,"attrs":4886},{"color":1484},{"text":4888,"type":585,"marks":4889},"manganese sulphate monohydrate",[4890,4894],{"type":590,"attrs":4891},{"href":4892,"uuid":4893,"anchor":49,"target":1492,"linktype":595},"/article/is-byd-using-lmfp-for-blade-2-0-and-what-would-this-mean-for-manganese-","27a25c0a-b17f-46c1-a750-10f514e8bb13",{"type":850,"attrs":4895},{"color":1484},{"text":4897,"type":585,"marks":4898}," also both more than doubled.",[4899],{"type":850,"attrs":4900},{"color":1484},{"type":647,"attrs":4902,"content":4903},{"level":649,"textAlign":49},[4904],{"text":4905,"type":585,"marks":4906},"Battery chemistry shift driving material demand",[4907],{"type":655},{"type":580,"attrs":4909,"content":4910},{"textAlign":49},[4911,4916,4923],{"text":4912,"type":585,"marks":4913},"In 2020, LFP’s global market share sat at 19%, compared with a combined 80% market share for nickel-based chemistries. By 2025, that had become a 60% share for LFP and a 44% share for nickel. ",[4914],{"type":850,"attrs":4915},{"color":1484},{"text":4917,"type":585,"marks":4918},"China’s rapid expansion",[4919,4921],{"type":590,"attrs":4920},{"href":4557,"uuid":4558,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":4922},{"color":1484},{"text":4924,"type":585,"marks":4925}," of battery production, combined with its focus on LFP, has underpinned this shift. By 2030, Benchmark forecasts LFP to extend its lead further to 71%. ",[4926],{"type":850,"attrs":4927},{"color":1484},{"type":580,"attrs":4929,"content":4930},{"textAlign":49},[4931],{"text":4932,"type":585,"marks":4933},"Benchmark Intelligence is your gateway to more content like this, including articles, briefings, videos and over 2,500 prices across the mine-to-grid supply chain. To learn more, fill out the form below and one of the team will be in touch. ",[4934],{"type":1992},{"type":636,"attrs":4936},{"id":4937,"body":4938},"40c4f715-275e-47dd-adf7-31a4d68fca3a",[4939],{"id":1997,"_uid":4940,"component":1999,"wrap_in_box":50,"redirect_url":4941,"success_file":4942,"default_height":645,"success_message":645,"v2_hubspot_form":50,"success_sub_text":645,"hidden_field_values":4944,"show_on_intelligence":50},"i-1a019f48-b4ff-4d1a-9406-4c5f1c675871",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":4943},{},[],"Production of battery materials has rocketed since 2020. Lithium in particular has surged, while other essential inputs like phosphorus and nickel have also grown as both lithium iron phosphate (LFP) and nickel cobalt manganese (NCM) battery production have ramped up. \n\nIn 2025, lithium production reached four times its 2020 level, growing from 395kt mined to 1,500kt. As lithium is used in almost all modern battery chemistries, its growth far outpaced other battery materials. ",[4947],{"slug":4948,"name":4949,"content":4950},"adam-webb","Adam Webb",{"job_title":4951,"image":4952,"bio":4954,"linkedin":4955,"markets_covered":4956},"Head of Battery Raw Materials",{"filename":4953},"https://a.storyblok.com/f/287943243085208/512x512/585d81efad/adam-webb.jpeg","Adam is Head of Battery Raw Materials at Benchmark Mineral Intelligence and is responsible for market analysis and forecasting across all raw materials, including lithium, nickel, cobalt, graphite and rare earth elements. He has over a decade of experience as an analyst in the metals and mining space covering battery metals, precious metals, base metals and bulk commodities. Earlier in his career Adam worked as a geologist in the mining industry in Western Australia. He has an MSc in Geochemistry from the University of Leeds and a BSc in Earth Science from the University of Wales Aberystwyth. ","https://www.linkedin.com/in/adamswebb/","Battery Raw Materials","Battery material supply up since 2020 as chemistry demand shifts",[4959,4960,4961,4964,4965,4966,4967,4968,4969],{"slug":956,"name":957},{"slug":1693,"name":8},{"slug":4962,"name":4963},"manganese","Manganese",{"slug":2553,"name":150},{"slug":1142,"name":1143},{"slug":2897,"name":2898},{"slug":2631,"name":189},{"slug":2627,"name":2628},{"slug":2633,"name":2634},{"id":4971,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":4972,"copyright":645,"fieldtype":701,"meta_data":4973,"is_external_url":50},171506350888355,"https://a.storyblok.com/f/287943243085208/1200x1912/b505f2c07e/vce_all-the-battery-material-we-mined_voro_03312026.jpg",{},{"id":4975,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":4976,"copyright":645,"fieldtype":701,"meta_data":4977,"is_external_url":50},160889858638180,"https://a.storyblok.com/f/287943243085208/4752x3168/fd231baaf5/adobestock_85912969_lithium-piles.jpeg",{},"Production of battery materials has rocketed since 2020. Lithium in particular has surged, while other essential inputs like phosphorus and nickel have also grown.","Apr 30, 2026",{"id":4981,"uuid":2780,"name":4982,"slug":4983,"full_slug":4984,"content":4985},170795640460552,"Greenbushes downgrades production guidance as ore grade decline accelerates","greenbushes-downgrades-production-guidance-as-ore-grade-decline-accelerates","article/greenbushes-downgrades-production-guidance-as-ore-grade-decline-accelerates",{"_uid":4986,"date":4987,"tags":4988,"editor":4993,"content":4997,"excerpt":5160,"featured":51,"reporter":5161,"component":689,"seo_title":5174,"categories":5175,"visibility":697,"data_vis_image":5178,"featured_image":5183,"seo_description":5187,"formattedDate":5188},"bbb607d4-835f-41a3-ae24-0a0d3f6c3532","2026-04-28 00:00",[4989,4992],{"slug":4990,"name":4991},"australia","Australia",{"slug":564,"name":565},[4994],{"slug":1466,"name":1467,"content":4995},{"job_title":1469,"image":4996,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":4998},[4999,5021,5043,5051,5059,5067,5074,5082,5090,5098,5118,5140],{"type":580,"attrs":5000,"content":5001},{"textAlign":49},[5002,5007,5016],{"text":5003,"type":585,"marks":5004},"Greenbushes, the world’s largest hard-rock lithium mine, is struggling with a structural decline in ore feed grade that is now materially impacting production and costs. IGO announced this week that ",[5005],{"type":850,"attrs":5006},{"color":1484},{"text":5008,"type":585,"marks":5009},"spodumene concentrate",[5010,5014],{"type":590,"attrs":5011},{"href":5012,"uuid":5013,"anchor":49,"target":1492,"linktype":595},"/article/pls-lithium-offtake-reinforces-structural-support-in-spodumene-market","16e2e235-e3d0-4ace-a37b-0aa658b63b30",{"type":850,"attrs":5015},{"color":1484},{"text":5017,"type":585,"marks":5018}," output for Q1 was 351kt, prompting a full-year FY26 guidance cut to 1,375–1,425kt from 1,500–1,650kt. ",[5019],{"type":850,"attrs":5020},{"color":1484},{"type":580,"attrs":5022,"content":5023},{"textAlign":49},[5024,5029,5038],{"text":5025,"type":585,"marks":5026},"Benchmark’s Q1 2026 lithium supply forecast had Greenbushes at approximately 270,000 tonnes LCE for 2026 calendar year, underpinned by 1,850kt of ",[5027],{"type":850,"attrs":5028},{"color":1484},{"text":5030,"type":585,"marks":5031},"spodumene",[5032,5036],{"type":590,"attrs":5033},{"href":5034,"uuid":5035,"anchor":49,"target":1492,"linktype":595},"/article/direct-spodumene-hedging-becomes-essential-amid-lithium-market-decoupling","f6fa2b9c-6960-4bfa-bfb7-758daa9e8043",{"type":850,"attrs":5037},{"color":1484},{"text":5039,"type":585,"marks":5040}," concentrate across the year. The March quarter result, and the likelihood of a softer Q2, means the first half of 2026 is now tracking approximately 170kt SC below our forecast, equivalent to a shortfall of roughly 25,000 tonnes LCE.",[5041],{"type":850,"attrs":5042},{"color":1484},{"type":647,"attrs":5044,"content":5045},{"level":649,"textAlign":49},[5046],{"text":5047,"type":585,"marks":5048},"Ore grade has fallen ~37% in three years",[5049],{"type":850,"attrs":5050},{"color":1484},{"type":580,"attrs":5052,"content":5053},{"textAlign":49},[5054],{"text":5055,"type":585,"marks":5056},"The average ore grade has declined from an average of ~4% in the 1980s, to 2.7% Li2O in 2023, to just 1.64% in Q1 2026. Lower grades mean more ore processed for the same concentrate output, pushing unit cash costs to $326/t (cash costs were just $197/t average in 2023).",[5057],{"type":850,"attrs":5058},{"color":1484},{"type":580,"attrs":5060,"content":5061},{"textAlign":49},[5062],{"text":5063,"type":585,"marks":5064},"IGO noted grade was a particular issue at the older CGP1 and CGP2 plants. CGP3, which came online in December 2025, performed well as it was designed to process lower grade ore. The mine’s proximity to the town of Greenbushes (~3km) and legacy infrastructure from over a century of mining constrains pit sequencing and access to higher-grade zones.",[5065],{"type":850,"attrs":5066},{"color":1484},{"type":636,"attrs":5068},{"id":5069,"body":5070},"8f2dc552-9208-4742-a0a7-00efb6410ce2",[5071],{"id":5072,"_uid":5073,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28736008","i-8e4ceaa9-d5fd-47b7-aa05-a01cdc7c8c27",{"type":647,"attrs":5075,"content":5076},{"level":649,"textAlign":49},[5077],{"text":5078,"type":585,"marks":5079},"What impact could this have on incentive pricing?",[5080],{"type":850,"attrs":5081},{"color":1484},{"type":580,"attrs":5083,"content":5084},{"textAlign":49},[5085],{"text":5086,"type":585,"marks":5087},"The grade decline at Greenbushes has both structural and cyclical components. Even with CGP3 ramping up well, head grades and recoveries through the older plants will drop materially over the coming years.",[5088],{"type":850,"attrs":5089},{"color":1484},{"type":580,"attrs":5091,"content":5092},{"textAlign":49},[5093],{"text":5094,"type":585,"marks":5095},"Average mined grades this far below reserve grades are unlikely to persist through the medium term. However, given operational performance through previous quarters, a bet on a decisive reversal in 2026 would be risky. Assuming continued favourable CGP3 performance, guidance implies only marginal improvement out of CGP 1 & 2 through the June quarter.",[5096],{"type":850,"attrs":5097},{"color":1484},{"type":580,"attrs":5099,"content":5100},{"textAlign":49},[5101,5106,5113],{"text":5102,"type":585,"marks":5103},"At $326/t, Greenbushes remains well below the current $2,407/tonne ",[5104],{"type":850,"attrs":5105},{"color":1484},{"text":5107,"type":585,"marks":5108},"SC6 spot price",[5109,5111],{"type":590,"attrs":5110},{"href":1490,"uuid":1491,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":5112},{"color":1484},{"text":5114,"type":585,"marks":5115},". But rising costs at the industry’s lowest-cost producer shift the entire cost curve upward, reinforcing Benchmark’s view on the incentive price needed to bring new supply online.",[5116],{"type":850,"attrs":5117},{"color":1484},{"type":580,"attrs":5119,"content":5120},{"textAlign":49},[5121,5126,5135],{"text":5122,"type":585,"marks":5123},"Benchmark expects to revise the 2026 LCE estimate for Greenbushes from 270kt toward ~245kt in the coming update. This will offer significant support to pricing, given that the 2026 lithium market is ",[5124],{"type":850,"attrs":5125},{"color":1484},{"text":5127,"type":585,"marks":5128},"already short of feedstock",[5129,5133],{"type":590,"attrs":5130},{"href":5131,"uuid":5132,"anchor":49,"target":1492,"linktype":595},"/article/restart-of-catls-jianxiawo-lithium-mine-may-be-delayed-tightening-balance","e310a60b-1914-4b56-b78d-8646c714f378",{"type":850,"attrs":5134},{"color":1484},{"text":5136,"type":585,"marks":5137}," in a wider ~32kt LCE deficit chemicals market.",[5138],{"type":850,"attrs":5139},{"color":1484},{"type":580,"attrs":5141,"content":5142},{"textAlign":49},[5143,5148,5155],{"text":5144,"type":585,"marks":5145},"The tight feedstock market has already contributed to bullish spodumene ",[5146],{"type":850,"attrs":5147},{"color":1484},{"text":5149,"type":585,"marks":5150},"price movements",[5151,5153],{"type":590,"attrs":5152},{"href":4824,"uuid":4825,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":5154},{"color":1484},{"text":5156,"type":585,"marks":5157},", with Benchmark’s FOB Australia Spodumene Concentrate (6.0%) grade up 54.6% so far in 2026. With the prospect of continued grade and recovery declines, the narrow ~32kt LCE surplus in 2027 may also tighten and offer pricing uplift then too.",[5158],{"type":850,"attrs":5159},{"color":1484},"Greenbushes, the world’s largest hard-rock lithium mine, is struggling with a structural decline in ore feed grade that is now materially impacting production and costs. IGO announced this week that spodumene concentrate output for Q1 was 351kt, prompting a full-year FY26 guidance cut to 1,375–1,425kt from 1,500–1,650kt. \n\nBenchmark’s Q1 2026 lithium supply forecast had Greenbushes at approximately 270,000 tonnes LCE for 2026 calendar year, underpinned by 1,850kt of spodumene concentrate across the year. The March quarter result, and the likelihood of a softer Q2, means the first half of 2026 is now tracking approximately 170kt SC below our forecast, equivalent to a shortfall of roughly 25,000 tonnes LCE.",[5162,5165],{"slug":3796,"name":3797,"content":5163},{"job_title":3799,"image":5164,"bio":3802,"linkedin":3803,"markets_covered":8},{"filename":3801},{"slug":5166,"name":5167,"content":5168},"luc-braun","Luc Braun",{"job_title":5169,"image":5170,"bio":5172,"linkedin":5173,"markets_covered":8},"Analyst - Lithium",{"filename":5171},"https://a.storyblok.com/f/287943243085208/512x512/6f1a6949aa/luc-braun.jpeg","Luc is an analyst at Benchmark Mineral Intelligence focused on lithium supply, costs, and supply chains. Luc has a background in market analysis and research from previous roles where he covered nickel, deep seabed mining, and telecommunications. Luc holds an MPhys in Theoretical Physics from the University of Leeds.","https://www.linkedin.com/in/lucbraun/","Greenbushes downgrades production guidance as ore grade declines",[5176,5177],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":5179,"alt":5180,"name":645,"focus":645,"title":645,"source":645,"filename":5181,"copyright":645,"fieldtype":701,"meta_data":5182,"is_external_url":50},170796773099755,"Greenbushes ore grade is in decline","https://a.storyblok.com/f/287943243085208/1300x1454/e16a41265d/greenbushes-ore-grade-and-sc-production-2x.png",{"alt":5180,"title":645,"source":645,"copyright":645},{"id":5184,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":5185,"copyright":645,"fieldtype":701,"meta_data":5186,"is_external_url":50},129068074765385,"https://a.storyblok.com/f/287943243085208/c87716240e/bm-greenbushes-1.jpg",{},"Greenbushes, the world’s largest hard-rock lithium mine, is struggling with a structural decline in ore feed grade that is now materially impacting production and costs.","Apr 28, 2026",{"id":5190,"uuid":4628,"name":5191,"slug":5192,"full_slug":5193,"content":5194},170744686016982,"HyperStrong and CATL sign three-year 60GWh sodium ion BESS battery supply agreement","hyperstrong-and-catl-sign-three-year-60gwh-sodium-ion-bess-battery-supply-agreement","article/hyperstrong-and-catl-sign-three-year-60gwh-sodium-ion-bess-battery-supply-agreement",{"_uid":5195,"date":4987,"tags":5196,"editor":5204,"content":5208,"excerpt":5440,"featured":51,"reporter":5441,"component":689,"seo_title":5445,"categories":5446,"visibility":697,"data_vis_image":5450,"featured_image":5455,"seo_description":5459,"formattedDate":5188},"a07faad6-143a-4146-a8a7-bff3e2aa24e0",[5197,5198,5199,5200,5203],{"slug":720,"name":721},{"slug":2044,"name":2045},{"slug":564,"name":565},{"slug":5201,"name":5202},"sodium-ion-2","Sodium ion",{"slug":4452,"name":4453},[5205],{"slug":1466,"name":1467,"content":5206},{"job_title":1469,"image":5207,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":5209},[5210,5265,5301,5309,5331,5340,5372,5379,5399,5432],{"type":580,"attrs":5211,"content":5212},{"textAlign":49},[5213,5218,5224,5229,5235,5240,5249,5254,5260],{"text":5214,"type":585,"marks":5215},"On 27",[5216],{"type":850,"attrs":5217},{"color":645},{"text":5219,"type":585,"marks":5220},"th",[5221,5223],{"type":850,"attrs":5222},{"color":645},{"type":2946},{"text":5225,"type":585,"marks":5226}," April, Beijing HyperStrong Technology signed a strategic cooperation agreement with ",[5227],{"type":850,"attrs":5228},{"color":645},{"text":2045,"type":585,"marks":5230},[5231,5233],{"type":590,"attrs":5232},{"href":4642,"uuid":4643,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":5234},{"color":645},{"text":5236,"type":585,"marks":5237}," in Ningde, Fujian, covering 60GWh of ",[5238],{"type":850,"attrs":5239},{"color":645},{"text":5241,"type":585,"marks":5242},"sodium ion batteries",[5243,5247],{"type":590,"attrs":5244},{"href":5245,"uuid":5246,"anchor":49,"target":1492,"linktype":595},"/article/infographic-the-state-of-play-of-next-generation-battery-capacity-in-2025","7a6d4dcc-a850-4b49-84ce-7c8db7ef8260",{"type":850,"attrs":5248},{"color":645},{"text":5250,"type":585,"marks":5251}," over three years for ",[5252],{"type":850,"attrs":5253},{"color":645},{"text":2200,"type":585,"marks":5255},[5256,5258],{"type":590,"attrs":5257},{"href":832,"uuid":833,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":5259},{"color":645},{"text":5261,"type":585,"marks":5262}," (BESS) applications. ",[5263],{"type":850,"attrs":5264},{"color":645},{"type":580,"attrs":5266,"content":5267},{"textAlign":2966},[5268,5273,5282,5287,5296],{"text":5269,"type":585,"marks":5270},"The deal represents the world’s largest ",[5271],{"type":850,"attrs":5272},{"color":645},{"text":5274,"type":585,"marks":5275},"sodium ion battery",[5276,5280],{"type":590,"attrs":5277},{"href":5278,"uuid":5279,"anchor":49,"target":1492,"linktype":595},"/videos/sodium-ion-batteries-hype-vs-reality-on-the-road-to-commercialisation","5f3789b4-ae8b-49e3-9d84-bbd0ec1e1c91",{"type":850,"attrs":5281},{"color":645},{"text":5283,"type":585,"marks":5284}," agreement dedicated to energy storage to date. HyperStrong is one of the ",[5285],{"type":850,"attrs":5286},{"color":645},{"text":5288,"type":585,"marks":5289},"top five system integrators globally",[5290,5294],{"type":590,"attrs":5291},{"href":5292,"uuid":5293,"anchor":49,"target":1492,"linktype":595},"/article/bess-system-integrator-ranking-in-h1-2025-shows-change-is-on-the-horizon-for-the-industry","b3df4ba0-52b6-469b-9695-870f7eb68178",{"type":850,"attrs":5295},{"color":645},{"text":5297,"type":585,"marks":5298},", having shipped 26GWh of systems in 2025 and with a cumulative total of BESS installations exceeding 50GWh. ",[5299],{"type":850,"attrs":5300},{"color":645},{"type":580,"attrs":5302,"content":5303},{"textAlign":2966},[5304],{"text":5305,"type":585,"marks":5306},"This latest deal builds on a strategic cooperation agreement signed between HyperStrong and CATL in November 2025 which covered collaboration for the period 2026–2035. Under that agreement, HyperStrong will procure no less than 200GWh of battery capacity from 2026 to 2028.  ",[5307],{"type":850,"attrs":5308},{"color":645},{"type":580,"attrs":5310,"content":5311},{"textAlign":2966},[5312,5317,5326],{"text":5313,"type":585,"marks":5314},"Earlier in April, ",[5315],{"type":850,"attrs":5316},{"color":645},{"text":5318,"type":585,"marks":5319},"CATL unveiled its first sodium ion battery cell",[5320,5324],{"type":590,"attrs":5321},{"href":5322,"uuid":5323,"anchor":49,"target":1492,"linktype":595},"/article/catl-gears-up-for-mass-market-sodium-ion-batteries","2bc56633-b6f9-40c0-bf7e-ec7a7d4ccbd6",{"type":850,"attrs":5325},{"color":645},{"text":5327,"type":585,"marks":5328}," designed specifically for energy storage. The cell features a capacity of over 300Ah and a cycle life exceeding 15,000 cycles, supporting large-scale storage applications ranging from two to eight hours, as well as AI data centre scenarios. ",[5329],{"type":850,"attrs":5330},{"color":645},{"type":647,"attrs":5332,"content":5333},{"level":649,"textAlign":2966},[5334],{"text":5335,"type":585,"marks":5336},"What is the state of sodium ion BESS projects in China? ",[5337,5339],{"type":850,"attrs":5338},{"color":645},{"type":655},{"type":580,"attrs":5341,"content":5342},{"textAlign":2966},[5343,5348,5357,5361,5367],{"text":5344,"type":585,"marks":5345},"Cumulative operational sodium ion battery (SIB) ",[5346],{"type":850,"attrs":5347},{"color":645},{"text":5349,"type":585,"marks":5350},"energy storage capacity",[5351,5355],{"type":590,"attrs":5352},{"href":5353,"uuid":5354,"anchor":49,"target":1492,"linktype":595},"/article/chinese-battery-energy-storage-market-to-triple-by-2033","053e428e-4052-43a5-b2cd-38e03753495a",{"type":850,"attrs":5356},{"color":645},{"text":1496,"type":585,"marks":5358},[5359],{"type":850,"attrs":5360},{"color":645},{"text":721,"type":585,"marks":5362},[5363,5365],{"type":590,"attrs":5364},{"href":4557,"uuid":4558,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":5366},{"color":645},{"text":5368,"type":585,"marks":5369}," reached 784MWh by the end of 2025, as assessed by Benchmark’s BESS Service. The project pipeline scheduled for commissioning in China totals 3,080MWh in 2026 and a further 2,200MWh in 2027. The largest individual project is the Xingkong Sodium Dazhou Maliu Industrial Park SIB Energy Storage Project, with a planned capacity of 1,000MWh. ",[5370],{"type":850,"attrs":5371},{"color":645},{"type":636,"attrs":5373},{"id":5374,"body":5375},"44ad1ac7-cf34-4ad8-a5ec-7e79b59579bf",[5376],{"id":5377,"_uid":5378,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28731570","i-0fed5908-4316-4803-be70-9a3f3808a93e",{"type":580,"attrs":5380,"content":5381},{"textAlign":2966},[5382,5387,5394],{"text":5383,"type":585,"marks":5384},"On the policy front, at the beginning of 2026, the National Development and Reform Commission (NDRC) issued ",[5385],{"type":850,"attrs":5386},{"color":645},{"text":5388,"type":585,"marks":5389},"Document No. 114",[5390,5392],{"type":590,"attrs":5391},{"href":931,"uuid":932,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":5393},{"color":645},{"text":5395,"type":585,"marks":5396},", incorporating independent energy storage into the capacity tariff compensation mechanism. Sodium ion battery projects can enjoy the same treatment as lithium-ion projects, benefiting from a “triple revenue stream” of capacity payments, energy market revenues, and ancillary service income, thereby directly improving project economics. ",[5397],{"type":850,"attrs":5398},{"color":645},{"type":580,"attrs":5400,"content":5401},{"textAlign":2966},[5402,5406,5413,5420,5427],{"text":3168,"type":585,"marks":5403},[5404],{"type":850,"attrs":5405},{"color":645},{"text":5407,"type":585,"marks":5408},"15",[5409,5411],{"type":590,"attrs":5410},{"href":811,"uuid":812,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":5412},{"color":645},{"text":5219,"type":585,"marks":5414},[5415,5417,5419],{"type":590,"attrs":5416},{"href":811,"uuid":812,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":5418},{"color":645},{"type":2946},{"text":5421,"type":585,"marks":5422}," Five-Year Plan",[5423,5425],{"type":590,"attrs":5424},{"href":811,"uuid":812,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":5426},{"color":645},{"text":5428,"type":585,"marks":5429}," also explicitly calls for accelerating the large-scale industrialisation and commercial deployment of sodium ion batteries.  ",[5430],{"type":850,"attrs":5431},{"color":645},{"type":580,"attrs":5433,"content":5434},{"textAlign":2966},[5435],{"text":5436,"type":585,"marks":5437},"The strong policy backing reflects energy security considerations, as sodium resources are abundant domestically and offer a cost advantage over lithium-based technologies. As a result, the share of sodium ion batteries in the Chinese energy storage mix is forecast to rise gradually to over 5% by 2030.",[5438],{"type":850,"attrs":5439},{"color":645},"On 27th April, Beijing HyperStrong Technology signed a strategic cooperation agreement with CATL in Ningde, Fujian, covering 60GWh of sodium ion batteries over three years for battery energy stationary storage (BESS) applications. \n\nThe deal represents the world’s largest sodium ion battery agreement dedicated to energy storage to date. HyperStrong is one of the top five system integrators globally, having shipped 26GWh of systems in 2025 and with a cumulative total of BESS installations exceeding 50GWh. ",[5442],{"slug":938,"name":939,"content":5443},{"job_title":941,"image":5444,"bio":944,"linkedin":945,"markets_covered":946},{"filename":943},"HyperStrong, CATL three-year 60GWh sodium-ion BESS battery supply",[5447,5448,5449],{"slug":956,"name":957},{"slug":950,"name":951},{"slug":959,"name":960},{"id":5451,"alt":5452,"name":645,"focus":645,"title":645,"source":645,"filename":5453,"copyright":645,"fieldtype":701,"meta_data":5454,"is_external_url":50},170745413426594,"China's sodium-ion BESS pipeline is strong for 2026","https://a.storyblok.com/f/287943243085208/1590x1320/4021f3bf5b/china-sodium-ion-bess-pipeline-2x.png",{"alt":5452,"title":645,"source":645,"copyright":645},{"id":5456,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":5457,"copyright":645,"fieldtype":701,"meta_data":5458,"is_external_url":50},170744722939165,"https://a.storyblok.com/f/287943243085208/1500x902/c56a211686/hyperstrong.png",{},"On 27th April, Beijing HyperStrong Technology signed a strategic cooperation agreement with CATL in Ningde, Fujian, covering 60GWh of sodium-ion batteries over three years for battery energy stationary storage (BESS) applications. ",{"id":5461,"uuid":2070,"name":5462,"slug":5463,"full_slug":5464,"content":5465},166176741934683,"Growing silicon-based anode market share to 2035 to reflect nickel-based cell growth ","growing-silicon-based-anode-market-share-to-2035-to-reflect-nickel-based-cell-growth","article/growing-silicon-based-anode-market-share-to-2035-to-reflect-nickel-based-cell-growth",{"_uid":5466,"date":5467,"tags":5468,"editor":5471,"content":5475,"excerpt":5566,"featured":51,"reporter":5567,"component":689,"seo_title":5586,"categories":5587,"visibility":2019,"data_vis_image":5591,"featured_image":5593,"seo_description":5597,"formattedDate":5598},"77029775-b47f-4975-8dde-99cd43a44a12","2026-04-15 00:00",[5469,5470],{"slug":564,"name":565},{"slug":2480,"name":2481},[5472],{"slug":568,"name":569,"content":5473},{"job_title":571,"image":5474,"bio":574,"linkedin":575},{"filename":573},{"type":577,"content":5476},[5477,5494,5502,5507,5512,5517,5529,5534,5539,5556],{"type":580,"attrs":5478,"content":5479},{"textAlign":49},[5480,5482,5488,5490],{"text":5481,"type":585},"The share of anode supply that includes silicon is expected to grow to over four times its 2022 level by 2035, according to the ",{"text":5483,"type":585,"marks":5484},"Benchmark Anode Service",[5485],{"type":590,"attrs":5486},{"href":5487,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/anode",{"text":5489,"type":585},". By then, anode active materials containing silicon are forecast to account for 20% of AAM supply on a GWh basis. ",{"text":880,"type":585,"marks":5491},[5492],{"type":850,"attrs":5493},{"color":645},{"type":647,"attrs":5495,"content":5497},{"level":5496,"textAlign":49},1,[5498],{"text":5499,"type":585,"marks":5500},"What are silicon-based anodes?",[5501],{"type":655},{"type":580,"attrs":5503,"content":5504},{"textAlign":49},[5505],{"text":5506,"type":585},"Traditional anodes are made from graphite, which is limited by the requirement for six carbon atoms per lithium ion. Silicon, by contrast, can store over four lithium ions per atom allowing for higher energy density as well as potentially faster charging times.",{"type":580,"attrs":5508,"content":5509},{"textAlign":49},[5510],{"text":5511,"type":585},"However, as silicon expands up to 300% upon lithiation, this can damage the anode structure. As such, anode producers can blend small quantities of silicon into graphite to give some of the performance gains. These so-called graphite-silicon anodes contain up to 10% silicon by weight and are forecast to account for 12.5% of anode supply on a GWh basis by 2035. Several automakers already use anode materials with small quantities of silicon blended in.",{"type":580,"attrs":5513,"content":5514},{"textAlign":49},[5515],{"text":5516,"type":585},"To surpass 10%wt requires greater chemical design. These are silicon-engineered materials and the most advanced can reach 100% silicon content. Such engineered materials are forecast to account for 2.9% of anode supply by 2035, and will require significant technological and processing challenges to be overcome before reaching widespread commercialisation.",{"type":647,"attrs":5518,"content":5519},{"level":5496,"textAlign":49},[5520,5525],{"type":1847,"attrs":5521},{"id":5522,"alt":645,"src":5523,"title":645,"source":645,"copyright":645,"meta_data":5524},166177270172756,"https://a.storyblok.com/f/287943243085208/1200x2059/3099152efb/silicon-anode.jpg",{},{"text":5526,"type":585,"marks":5527},"LFP dominance limits demand potential",[5528],{"type":655},{"type":580,"attrs":5530,"content":5531},{"textAlign":49},[5532],{"text":5533,"type":585},"Silicon-graphite blended active anode material (AAM) is expected to remain in market surplus through to 2038, however, as it is paired with high-nickel cathodes. Given the dominance of lithium iron phosphate (LFP) chemistry in the world’s largest EV battery market, China, this limits potential demand growth. Benchmark anticipates demand will grow faster from 2030 as ex-China, nickel-focused cell production accelerates.",{"type":580,"attrs":5535,"content":5536},{"textAlign":49},[5537],{"text":5538,"type":585},"Supply of silicon-graphite blended AAM is dominated by China, which is expected to continue leading supply in the years to 2030 as it ramps up production at existing assets.",{"type":580,"attrs":5540,"content":5541},{"textAlign":49},[5542,5546,5552],{"text":5543,"type":585,"marks":5544},"To learn more about ",[5545],{"type":1992},{"text":5547,"type":585,"marks":5548},"Benchmark’s Graphite & Anode Service",[5549,5551],{"type":590,"attrs":5550},{"href":5487,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"text":5553,"type":585,"marks":5554},", submit your details below and our team will be in touch:",[5555],{"type":1992},{"type":636,"attrs":5557},{"id":5558,"body":5559},"9622222b-a32d-4819-870c-dbba45b03dec",[5560],{"id":1997,"_uid":5561,"component":1999,"wrap_in_box":50,"redirect_url":5562,"success_file":5563,"default_height":645,"success_message":645,"v2_hubspot_form":50,"success_sub_text":645,"hidden_field_values":5565,"show_on_intelligence":50},"i-5e21bcd3-7a93-4480-8b58-219e641fd933",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":5564},{},[],"The share of anode supply that includes silicon is expected to grow to over four times its 2022 level by 2035, according to the Benchmark Anode Service. By then, anode active materials containing silicon are forecast to account for 20% of AAM supply on a GWh basis.\n\nTraditional anodes are made from graphite, which is limited by the requirement for six carbon atoms per lithium ion. Silicon, by contrast, can store over four lithium ions per atom allowing for higher energy density as well as potentially faster charging times.",[5568,5577],{"slug":5569,"name":5570,"content":5571},"shruti-kashyap","Shruti Kashyap",{"job_title":5572,"image":5573,"bio":5575,"linkedin":5576,"markets_covered":2628},"Product Director - Graphite and Battery Chemicals",{"filename":5574},"https://a.storyblok.com/f/287943243085208/852x854/ac0cb6825d/shruti-k.png","Shruti is the Product Director for graphite and battery chemicals at Benchmark Mineral Intelligence and has around two decades of experience in commodity analysis. Shruti previously worked at CRU as head of nitrogen analysis and has also worked with leading metals and mining companies, such as Peabody Energy and Anglo American, where she was responsible for analysis of coal and iron ore. Shruti has also worked with Ernst and Young where she was involved in strategy, valuations and due diligence analysis of mining and chemical companies. She has a Masters degree in Economics from Delhi University, India.\n","https://www.linkedin.com/in/shruti-kashyap/",{"slug":5578,"name":5579,"content":5580},"yuan-gu","Yuan Gu",{"job_title":5581,"image":5582,"bio":5584,"linkedin":5585,"markets_covered":2628},"Senior Analyst - Graphite",{"filename":5583},"https://a.storyblok.com/f/287943243085208/3253x4066/726919227e/yuan-2024.jpg","Yuan is a Senior Analyst at Benchmark Mineral Intelligence, focusing on research and analysis of the graphite market. Yuan has over three years of experience in the mining and metals industry, specialising in cost modelling, supply, demand and price forecasting. Yuan holds a BSc in Economics from London School of Economics and Political Science and MSc in Energy, Trade and Finance from the Baynes Business School. She previously worked in the financial industry before shifting focus to base metals and lithium-ion battery supply chains.","https://www.linkedin.com/in/yuangu313/","Silicon-based anode supply to grow alongside nickel cells to 2035",[5588,5589,5590],{"slug":2162,"name":261},{"slug":2164,"name":2165},{"slug":959,"name":960},{"id":5522,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":5523,"copyright":645,"fieldtype":701,"meta_data":5592,"is_external_url":50},{},{"id":5594,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":5595,"copyright":645,"fieldtype":701,"meta_data":5596,"is_external_url":50},129065288906336,"https://a.storyblok.com/f/287943243085208/1715ca01b7/bm-battery-anode-picture-2.jpg",{},"The share of anode supply that includes silicon is expected to grow to over four times its 2022 level by 2035, according to the Benchmark Anode Service.","Apr 15, 2026",{"id":5600,"uuid":5601,"name":5602,"slug":5603,"full_slug":5604,"content":5605},166142087915311,"ac84d8a2-c5ff-4605-b178-01e220567c7e","Lithium feedstock concerns over Nigeria port, security challenges","lithium-feedstock-concerns-over-nigeria-port-security-challenges","article/lithium-feedstock-concerns-over-nigeria-port-security-challenges",{"_uid":5606,"date":5467,"tags":5607,"editor":5613,"content":5617,"excerpt":5708,"featured":51,"reporter":5709,"component":689,"seo_title":5602,"categories":5713,"visibility":2019,"data_vis_image":5716,"featured_image":5720,"seo_description":5724,"formattedDate":5598},"945020a5-3975-43dd-9795-51f750e30878",[5608,5609,5611,5612],{"slug":993,"name":994},{"slug":5030,"name":5610},"Spodumene",{"slug":3520,"name":3521},{"slug":564,"name":565},[5614],{"slug":568,"name":569,"content":5615},{"job_title":571,"image":5616,"bio":574,"linkedin":575},{"filename":573},{"type":577,"content":5618},[5619,5633,5640,5650,5657,5662,5669,5674,5679],{"type":580,"attrs":5620,"content":5621},{"textAlign":49},[5622,5624,5631],{"text":5623,"type":585},"Port congestion at Lagos, licence fee increases, and a deteriorating security environment in northwest Nigeria are constraining ",{"text":5625,"type":585,"marks":5626},"spodumene concentrate exports",[5627],{"type":590,"attrs":5628},{"href":5629,"uuid":5630,"anchor":49,"target":594,"linktype":595},"/article/africas-growing-role-in-global-battery-supply-chains-key-takeaways-from-giga-africa-2025","3441c7f3-d37b-41c9-96b8-d1c412e9fddd",{"text":5632,"type":585}," to China.",{"type":647,"attrs":5634,"content":5635},{"level":5496,"textAlign":49},[5636],{"text":5637,"type":585,"marks":5638},"Port capacity strained",[5639],{"type":655},{"type":580,"attrs":5641,"content":5642},{"textAlign":49},[5643,5648],{"text":5644,"type":585,"marks":5645},"Q1 2026",[5646],{"type":590,"attrs":5647},{"href":1490,"uuid":1491,"anchor":49,"target":594,"linktype":595},{"text":5649,"type":585}," shipments are tracking well below Nigeria’s mining and concentrating capacity, with market participants pointing to a structural trade imbalance at Lagos as the primary bottleneck. Terminal operators there have periodically suspended the reception of returned empty containers, citing saturated yard space.",{"type":636,"attrs":5651},{"id":5652,"body":5653},"900cede5-e568-4108-bb48-748353d23625",[5654],{"id":5655,"_uid":5656,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28533845","i-814d2a89-f17d-435e-baf0-1fa41f22cf95",{"type":580,"attrs":5658,"content":5659},{"textAlign":49},[5660],{"text":5661,"type":585},"Nigeria's 2026 Fiscal Policy Measures, signed on 1st April, cut import duties across 127 tariff lines, which has increased inbound container volumes and worsened already strained port capacity. ",{"type":647,"attrs":5663,"content":5664},{"level":5496,"textAlign":49},[5665],{"text":5666,"type":585,"marks":5667},"Security concerns around lithium sites",[5668],{"type":655},{"type":580,"attrs":5670,"content":5671},{"textAlign":49},[5672],{"text":5673,"type":585},"Additionally, significant fee hikes for exploration and mining licences reduced small-scale legal mining in 2025, while the Canmax-supported Three Crown Mines in Kebbi was closed over illegal mining allegations.",{"type":580,"attrs":5675,"content":5676},{"textAlign":49},[5677],{"text":5678,"type":585},"In the north of the country, the security environment has deteriorated, and the Islamic State-linked Lakurawa group has carried out attacks, particularly around Lake Kainji, where several lithium projects are located. Benchmark's base case remains that these projects will proceed, but the concentration of future capacity near active conflict zones warrants monitoring.",{"type":580,"attrs":5680,"content":5681},{"textAlign":49},[5682,5684,5690,5692,5699,5701,5706],{"text":5683,"type":585},"Nigerian export constraints add to an already ",{"text":5685,"type":585,"marks":5686},"tightening global feedstock picture",[5687],{"type":590,"attrs":5688},{"href":5689,"uuid":49,"anchor":49,"target":594,"linktype":1570},"https://intelligence.benchmarkminerals.com/publications/special-issues/powering-the-transition-africas-critical-mineral-moment",{"text":5691,"type":585},". Benchmark's 2026 ",{"text":5693,"type":585,"marks":5694},"feedstock balance",[5695],{"type":590,"attrs":5696},{"href":5697,"uuid":5698,"anchor":49,"target":594,"linktype":595},"/article/africa-sees-largest-lithium-supply-growth-of-any-region-in-2025","d23cb2d3-7543-4bd4-b9a8-4bd5592bad0a",{"text":5700,"type":585}," estimates a concentrate deficit of approximately 107 kt LCE, with ",{"text":5702,"type":585,"marks":5703},"Zimbabwe's ongoing export suspension",[5704],{"type":590,"attrs":5705},{"href":3617,"uuid":3618,"anchor":49,"target":594,"linktype":595},{"text":5707,"type":585}," and Jiangxi's regulatory tightening also reducing supply responsiveness. At a 3.25% grade assumption, Nigerian exports currently annualise to around 85 kt LCE, approximately 17 kt below Benchmark's forecast of 103 kt.","Port congestion at Lagos, licence fee increases, and a deteriorating security environment in northwest Nigeria are constraining spodumene concentrate exports to China.\n\nQ1 2026 shipments are tracking well below Nigeria’s mining and concentrating capacity, with market participants pointing to a structural trade imbalance at Lagos as the primary bottleneck. Terminal operators there have periodically suspended the reception of returned empty containers, citing saturated yard space.",[5710],{"slug":3796,"name":3797,"content":5711},{"job_title":3799,"image":5712,"bio":3802,"linkedin":3803,"markets_covered":8},{"filename":3801},[5714,5715],{"slug":1693,"name":8},{"slug":1142,"name":1143},{"id":5717,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":5718,"copyright":645,"fieldtype":701,"meta_data":5719,"is_external_url":50},166146071444969,"https://a.storyblok.com/f/287943243085208/793x693/4320c42778/hard-rock-lithium-2026.png",{},{"id":5721,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":5722,"copyright":645,"fieldtype":701,"meta_data":5723,"is_external_url":50},166145142222100,"https://a.storyblok.com/f/287943243085208/5341x3561/6b2c6211f5/nigeria.jpg",{},"Port congestion at Lagos, licence fee increases, and a deteriorating security environment in northwest Nigeria are constraining spodumene concentrate exports to China.",{"id":5726,"uuid":4386,"name":5727,"slug":5728,"full_slug":5729,"content":5730},166201115893665,"What Hungary’s election outcome means for its battery industry","what-hungary-s-election-outcome-means-for-its-battery-industry","article/what-hungary-s-election-outcome-means-for-its-battery-industry",{"_uid":5731,"date":5467,"tags":5732,"editor":5745,"content":5749,"excerpt":5873,"featured":51,"reporter":5874,"component":689,"seo_title":5727,"categories":5885,"visibility":697,"data_vis_image":5888,"featured_image":5892,"seo_description":5896,"formattedDate":5598},"57561e26-b1ff-46fb-b0c6-50a0ce56450d",[5733,5735,5736,5737,5740,5741,5744],{"slug":5734,"name":4381},"hungary",{"slug":1291,"name":1292},{"slug":564,"name":565},{"slug":5738,"name":5739},"samsung-sdi","Samsung SDI",{"slug":2044,"name":2045},{"slug":5742,"name":5743},"sk-on","SK On",{"slug":4458,"name":4459},[5746],{"slug":1466,"name":1467,"content":5747},{"job_title":1469,"image":5748,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":5750},[5751,5773,5781,5803,5810,5818,5827,5835,5857,5865],{"type":580,"attrs":5752,"content":5753},{"textAlign":49},[5754,5759,5768],{"text":5755,"type":585,"marks":5756},"With four active battery cell manufacturing sites and two more set to begin production in 2026, Hungary is one of ",[5757],{"type":850,"attrs":5758},{"color":1484},{"text":5760,"type":585,"marks":5761},"Europe’s success stories",[5762,5766],{"type":590,"attrs":5763},{"href":5764,"uuid":5765,"anchor":49,"target":1492,"linktype":595},"/article/europe-policy-and-defence-key-quotes-from-giga-europe-2026","c7988c65-254d-49b5-b9b1-bab4bf5071b7",{"type":850,"attrs":5767},{"color":1484},{"text":5769,"type":585,"marks":5770}," when it comes to battery localisation. Anticipated to host 127GWh of active capacity by the end of 2026, from four Tier 1 producers, the country accounts for 28% of the region's forecasted total capacity this year and 34% of production. Only Poland is expected to produce more cells, due to the 126GWh LGES NCM and LFP factory in Wroclaw.",[5771],{"type":850,"attrs":5772},{"color":1484},{"type":580,"attrs":5774,"content":5775},{"textAlign":49},[5776],{"text":5777,"type":585,"marks":5778},"The 2026 Hungarian parliamentary election saw the country’s established battery industry become a contested issue between the incumbent Orbán-led Fidesz Party and the newly elected Tisza Party led by Péter Magyar. Magyar won the April 12, 2026, election in a landslide, with Tisza winning a two-thirds supermajority, giving Magyar a strong mandate to enact reforms.",[5779],{"type":850,"attrs":5780},{"color":1484},{"type":580,"attrs":5782,"content":5783},{"textAlign":49},[5784,5789,5798],{"text":5785,"type":585,"marks":5786},"With the first commercial production at Samsung SDI in Göd in 2017, Hungary soon attracted further investment from another major South Korean company, SK On. The Orbán government granted close to EUR 300m ($354m) of state aid in 2021 for the construction of two SK On NCM cell factories. Growing international recognition of the administration’s welcoming stance toward foreign battery investment saw ",[5787],{"type":850,"attrs":5788},{"color":1484},{"text":5790,"type":585,"marks":5791},"Chinese battery giant CATL",[5792,5796],{"type":590,"attrs":5793},{"href":5794,"uuid":5795,"anchor":49,"target":1492,"linktype":595},"/article/catl-raises-4-6bn-in-hong-kong-listing-to-power-global-expansions","316c4035-3b6e-42c4-9994-2e47058a7558",{"type":850,"attrs":5797},{"color":1484},{"text":5799,"type":585,"marks":5800}," announce a EUR 7.3bn ($7.4bn) 100GWh cell plant in Debrecen in late 2022. Promises of EUR 800m in grants, tax breaks, and infrastructural support followed.",[5801],{"type":850,"attrs":5802},{"color":1484},{"type":636,"attrs":5804},{"id":5805,"body":5806},"70ab0294-fbe0-47ea-87b2-a4b1695b2128",[5807],{"id":5808,"_uid":5809,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28537876","i-427f9afe-dae5-48d4-acfa-44acd3f1e755",{"type":580,"attrs":5811,"content":5812},{"textAlign":49},[5813],{"text":5814,"type":585,"marks":5815},"Many other South Korean and Chinese projects continued to receive state support across the supply chain. For example, Chinese battery manufacturers BYD and Sunwoda both received support to establish battery pack plants in 2025.",[5816],{"type":850,"attrs":5817},{"color":1484},{"type":647,"attrs":5819,"content":5820},{"level":649,"textAlign":49},[5821],{"text":5822,"type":585,"marks":5823},"Magyar promises tighter control over cell producers",[5824,5826],{"type":850,"attrs":5825},{"color":1484},{"type":655},{"type":580,"attrs":5828,"content":5829},{"textAlign":49},[5830],{"text":5831,"type":585,"marks":5832},"The industry's growth came with significant challenges and local opposition, particularly over environmental and social issues.",[5833],{"type":850,"attrs":5834},{"color":1484},{"type":580,"attrs":5836,"content":5837},{"textAlign":49},[5838,5843,5852],{"text":5839,"type":585,"marks":5840},"Samsung SDI’s factory saw continual fines issued for health and environmental-related safety breaches often related to NMP solvents, whilst continuing to receive state support and reportedly failing to address the causes. ",[5841],{"type":850,"attrs":5842},{"color":1484},{"text":5844,"type":585,"marks":5845},"CATL’s huge 100GWh plant",[5846,5850],{"type":590,"attrs":5847},{"href":5848,"uuid":5849,"anchor":49,"target":1492,"linktype":595},"/article/catl-revises-2026-production-guidance-up-30-to-1300gwh","2f17b8af-9b62-4fe3-9976-0ad77118a642",{"type":850,"attrs":5851},{"color":1484},{"text":5853,"type":585,"marks":5854}," faced an initial wave of opposition over expected water consumption, and more recently, due to its planned reliance on foreign workers, exacerbated by an incident in which it laid off over 100 Hungarian workers in favour of Chinese professionals.",[5855],{"type":850,"attrs":5856},{"color":1484},{"type":580,"attrs":5858,"content":5859},{"textAlign":49},[5860],{"text":5861,"type":585,"marks":5862},"Magyar promised in the lead-up to the election to curtail abuses in the battery industry, hold responsible those who had contributed to social and environmental scandals, and to develop a \"comprehensive battery industry strategy.\" Magyar promised to stop prioritising investment from Asia and to \"reduce support for assembly plants and environmentally harmful technologies. He specifically referenced Samsung SDI, arguing that the Göd factory perfectly illustrates “the essence of the Orbán system”, where corruption and subservience to foreign corporations override public safety.",[5863],{"type":850,"attrs":5864},{"color":1484},{"type":580,"attrs":5866,"content":5867},{"textAlign":49},[5868],{"text":5869,"type":585,"marks":5870},"Whilst it remains to be seen, the new administration may begin to enact tighter controls on the country’s battery players, potentially raising labour costs and lengthening development times for new projects. Hungary has however, already sunk a large volume of investments into the new energy supply chain, and the country’s wider economic situation may not allow for the curtailment of a dominant industry.",[5871],{"type":850,"attrs":5872},{"color":1484},"With four active battery cell manufacturing sites and two more set to begin production in 2026, Hungary is one of Europe’s success stories when it comes to battery localisation. Anticipated to host 127GWh of active capacity by the end of 2026, from four Tier 1 producers, the country accounts for 28% of the region's forecasted total capacity this year and 34% of production. Only Poland is expected to produce more cells, due to the 126GWh LGES NCM and LFP factory in Wroclaw.\nThe 2026 Hungarian parliamentary election saw the country’s established battery industry become a contested issue between the incumbent Orbán-led Fidesz Party and the newly elected Tisza Party led by Péter Magyar. Magyar won the April 12, 2026, election in a landslide, with Tisza winning a two-thirds supermajority, giving Magyar a strong mandate to enact reforms.",[5875],{"slug":5876,"name":5877,"content":5878},"evan-hartley","Evan Hartley",{"job_title":5879,"image":5880,"bio":5882,"linkedin":5883,"markets_covered":5884},"Research Manager",{"filename":5881},"https://a.storyblok.com/f/287943243085208/800x800/670548875a/evan-h.jpeg","Evan is a Research Manager at Benchmark Mineral Intelligence, focusing on supply, demand, and cost analysis for global battery cell manufacturing, with previous experiences within the cathode and precusor cathode markets. He has over three years of experience in the sector, and holds a BSc. in Physical Geography from Durham University.","https://www.linkedin.com/in/evan-hartley/","Battery",[5886,5887],{"slug":956,"name":957},{"slug":3379,"name":3380},{"id":5889,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":5890,"copyright":645,"fieldtype":701,"meta_data":5891,"is_external_url":50},166202341412585,"https://a.storyblok.com/f/287943243085208/1588x1346/de82a9a2b6/hungary-gigafactories-2x.png",{},{"id":5893,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":5894,"copyright":645,"fieldtype":701,"meta_data":5895,"is_external_url":50},166202056412842,"https://a.storyblok.com/f/287943243085208/6000x4000/9b28744e17/hungary-flags.jpg",{},"With four active battery cell manufacturing sites and two more set to begin production in 2026, Hungary is one of Europe’s success stories when it comes to battery localisation. Anticipated to host 127GWh of active capacity by the end of 2026...",{"id":5898,"uuid":3653,"name":5899,"slug":5900,"full_slug":5901,"content":5902},165794251767672,"China to potentially ban sulphuric acid exports as Iran war pressures supply","china-to-potentially-ban-sulphuric-acid-exports-as-iran-war-pressures-supply","article/china-to-potentially-ban-sulphuric-acid-exports-as-iran-war-pressures-supply",{"_uid":5903,"date":5904,"tags":5905,"editor":5919,"content":5923,"excerpt":5929,"featured":51,"reporter":5998,"component":689,"seo_title":6002,"categories":6003,"visibility":697,"data_vis_image":6006,"featured_image":6010,"seo_description":5929,"formattedDate":6014},"b1babe83-4d6d-4095-8827-6253daef8e31","2026-04-14 00:00",[5906,5908,5911,5913,5916,5917,5918],{"slug":5907,"name":5907},"lithium-sulphur",{"slug":5909,"name":5910},"copper-prices","copper prices",{"slug":5912,"name":5912},"mining",{"slug":5914,"name":5915},"republic-of-indonesia","Republic of Indonesia",{"slug":720,"name":721},{"slug":988,"name":989},{"slug":564,"name":565},[5920],{"slug":568,"name":569,"content":5921},{"job_title":571,"image":5922,"bio":574,"linkedin":575},{"filename":573},{"type":577,"content":5924},[5925,5930,5935,5942,5949,5954,5960,5965,5970,5975,5982,5987,5992],{"type":580,"attrs":5926,"content":5927},{"textAlign":49},[5928],{"text":5929,"type":585},"China may be looking to impose an export ban on sulphuric acid from May, a move that could put additional pressure on copper and mixed hydroxide precipitate (MHP) producers.",{"type":580,"attrs":5931,"content":5932},{"textAlign":49},[5933],{"text":5934,"type":585},"According to several reports, China is set to announce the measure as a response to the near-halt on sulphur supplies from the Middle East since the beginning of the conflict. The region accounts for around a third of global supply of elemental sulphur, which is used by MHP producers, some of whom also import acid.",{"type":636,"attrs":5936},{"id":5937,"body":5938},"51b6a671-817d-4b81-bc44-278adde1ad30",[5939],{"id":5940,"_uid":5941,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28498003","i-374f6533-1100-4b1e-8a49-e925208e6617",{"type":647,"attrs":5943,"content":5944},{"level":649,"textAlign":49},[5945],{"text":5946,"type":585,"marks":5947},"Copper prices bolstered by acid supply strain",[5948],{"type":655},{"type":580,"attrs":5950,"content":5951},{"textAlign":49},[5952],{"text":5953,"type":585},"Chile’s copper operations are likely to be particularly affected. Since 2022, it has been by far the largest importer of Chinese sulphuric acid, which it uses in a fifth of its copper mining operations. As nearly half of China’s sulphuric acid exports currently go to Chile, a ban on this export is expected to tighten leach capacity and thus solvent extraction–electrowinning (SX-EW) production in the region, adding another layer of uncertainty to supply.",{"type":636,"attrs":5955},{"id":5937,"body":5956},[5957],{"id":5958,"_uid":5959,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28500964","i-b9fce56e-07d2-4664-9325-f007db142f58",{"type":580,"attrs":5961,"content":5962},{"textAlign":49},[5963],{"text":5964,"type":585},"Albert Mackenzie, a copper analyst at Benchmark, says that Chile and the Democratic Republic of Congo (DRC) rely particularly heavily on acid imports for mining, and that reduced access to them “may go some way to explain why copper prices have remained high despite the broad macroeconomic concerns”.",{"type":580,"attrs":5966,"content":5967},{"textAlign":49},[5968],{"text":5969,"type":585},"“High acid prices continue to support smelters who produce a lot of acid as a byproduct of their processes,” he adds, noting that “spot treatment charges (TCs) hit yet another record low of USD$78/t on 10 April.”",{"type":580,"attrs":5971,"content":5972},{"textAlign":49},[5973],{"text":5974,"type":585},"Some sources have indicated that the US could also be set to impose a ban on export of sulphuric acid, Mackenzie notes, which could further constrain supply to miners.",{"type":647,"attrs":5976,"content":5977},{"level":649,"textAlign":49},[5978],{"text":5979,"type":585,"marks":5980},"Additional pressure for Indonesian HPALs",[5981],{"type":655},{"type":580,"attrs":5983,"content":5984},{"textAlign":49},[5985],{"text":5986,"type":585},"Indonesia’s nickel operations are also likely to be affected by the ban. The Indonesian Nickel Miners Association (APNI) recently stated that sulphuric acid inventories at HPAL facilities in Indonesia were sufficient for 45-60 days of MHP production, enough until the second half of May. While HPAL operations mostly import sulphur from which they then produce their own acid, others import sulphuric acid itself. However, this option is complicated by the need for an import license for sulphuric acid.",{"type":580,"attrs":5988,"content":5989},{"textAlign":49},[5990],{"text":5991,"type":585},"Indonesia primarily imports elemental sulphur from countries in the Middle East, which has been complicated by escalating conflict in the region. However, 62% of sulphuric acid imports into Indonesia came from China in 2025.",{"type":636,"attrs":5993},{"id":5937,"body":5994},[5995],{"id":5996,"_uid":5997,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28514812","i-b68a2014-75df-469f-b496-29b1d489a7cc",[5999],{"slug":1128,"name":1129,"content":6000},{"job_title":1131,"image":6001,"bio":1134,"linkedin":1135,"markets_covered":1136},{"filename":1133},"China to potentially ban sulphuric acid exports amid Iran war",[6004,6005],{"slug":2553,"name":150},{"slug":1140,"name":1136},{"id":6007,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":6008,"copyright":645,"fieldtype":701,"meta_data":6009,"is_external_url":50},165795851988487,"https://a.storyblok.com/f/287943243085208/876x585/2f45d7e857/screenshot-2026-04-14-124446.png",{},{"id":6011,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":6012,"copyright":645,"fieldtype":701,"meta_data":6013,"is_external_url":50},129066369579184,"https://a.storyblok.com/f/287943243085208/39e88178e2/bm-china-flag.jpg",{},"Apr 14, 2026",{"id":6016,"uuid":2797,"name":6017,"slug":6018,"full_slug":6019,"content":6020},165789935154098,"Production quotas control nickel price: Nickel Q1 2026 Price Review","production-quotas-control-nickel-price-nickel-q1-2026-price-review","article/production-quotas-control-nickel-price-nickel-q1-2026-price-review",{"_uid":6021,"date":5904,"tags":6022,"editor":6033,"content":6037,"excerpt":6043,"featured":51,"reporter":6152,"component":689,"seo_title":6163,"categories":6164,"visibility":697,"data_vis_image":6167,"featured_image":6171,"seo_description":6175,"formattedDate":6014},"4ebb60e7-d065-4627-ac66-520e318e72d5",[6023,6024,6027,6030],{"slug":564,"name":565},{"slug":6025,"name":6026},"nickel-prices","Nickel prices",{"slug":6028,"name":6029},"indonesia","Indonesia",{"slug":6031,"name":6032},"quarterly-price-review","Quarterly Price Review",[6034],{"slug":1466,"name":1467,"content":6035},{"job_title":1469,"image":6036,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":6038},[6039,6048,6070,6090,6097,6105,6125,6133,6142],{"type":580,"attrs":6040,"content":6041},{"textAlign":49},[6042],{"text":6043,"type":585,"marks":6044},"The nickel market experienced a relatively volatile first quarter in 2026 as metal prices rallied on the back of supply-side concerns. Prices for Benchmark’s EXW China nickel sulphate price grade rose by 18.6% throughout the quarter, responding to supply concerns from Indonesia and a broader battery metal price rally.",[6045],{"type":850,"attrs":6046},{"color":6047},"#18181B",{"type":580,"attrs":6049,"content":6050},{"textAlign":49},[6051,6056,6065],{"text":6052,"type":585,"marks":6053},"In early January, rumours surrounding tighter ",[6054],{"type":850,"attrs":6055},{"color":6047},{"text":6057,"type":585,"marks":6058},"Indonesian RKAB nickel ore production quotas",[6059,6063],{"type":590,"attrs":6060},{"href":6061,"uuid":6062,"anchor":49,"target":1492,"linktype":595},"/article/indonesia-announces-significantly-lower-nickel-rkab-quotas","4f8ae390-bfc8-4b79-8cf8-766487872aaa",{"type":850,"attrs":6064},{"color":6047},{"text":6066,"type":585,"marks":6067}," lifted metal prices as well as elevating nickel sulphate and MHP prices too. Supply concerns deepened later in the month as the quotas were formally announced as near-term ore availability was pulled into question, keeping nickel prices supported and MHP payables firm.",[6068],{"type":850,"attrs":6069},{"color":6047},{"type":580,"attrs":6071,"content":6072},{"textAlign":49},[6073,6078,6085],{"text":6074,"type":585,"marks":6075},"Market players were clear, however, that this was not a demand-led rally, with ",[6076],{"type":850,"attrs":6077},{"color":6047},{"text":6079,"type":585,"marks":6080},"prices largely tracking gains",[6081,6083],{"type":590,"attrs":6082},{"href":1555,"uuid":1556,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":6084},{"color":6047},{"text":6086,"type":585,"marks":6087}," in the LME nickel metal price rather than any clear improvement in nickel-based chemistry battery demand. From mid-January, midstream players resisted higher sulphate prices to protect margins, whilst downstream consumers mostly adopted a wait-and-see approach, viewing the rally as disconnected from prevailing market fundamentals.",[6088],{"type":850,"attrs":6089},{"color":6047},{"type":636,"attrs":6091},{"id":6092,"body":6093},"5531a1d4-9354-421a-b5a2-a9839240c20e",[6094],{"id":6095,"_uid":6096,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28515065","i-4fb6d44e-1641-447d-8d54-441bc8895698",{"type":580,"attrs":6098,"content":6099},{"textAlign":49},[6100],{"text":6101,"type":585,"marks":6102},"Throughout February, prices softened as LME nickel retreated amidst a broader commodity sell-off, whilst the CNY period constrained market activity with several consumers temporarily offline. Even so, feedstock prices did not fall sharply, as limited MHP availability, cobalt supply tightness and the dominance of long-term contracts kept payables elevated.",[6103],{"type":850,"attrs":6104},{"color":6047},{"type":580,"attrs":6106,"content":6107},{"textAlign":49},[6108,6113,6120],{"text":6109,"type":585,"marks":6110},"Despite the Indonesian government disclosing that it plans to supplement the initial RKAB production quotas in July, March brought a somewhat firmer tone. This robustness stemmed from ",[6111],{"type":850,"attrs":6112},{"color":6047},{"text":6114,"type":585,"marks":6115},"Middle Eastern sulphur supply concerns for HPAL operations",[6116,6118],{"type":590,"attrs":6117},{"href":2693,"uuid":2694,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":6119},{"color":6047},{"text":6121,"type":585,"marks":6122},", ongoing ore tightness, and disruptions in Madagascar and Cuba, which maintained resilient prices. Even so, the demand backdrop remained underwhelming and most market players saw little evidence of a near-term recovery in nickel-based battery chemicals consumption.",[6123],{"type":850,"attrs":6124},{"color":6047},{"type":580,"attrs":6126,"content":6127},{"textAlign":49},[6128],{"text":6129,"type":585,"marks":6130},"Overall, Q1 2026 was defined less by improving downstream demand than by recurring supply-side risks, thin spot liquidity and continued sensitivity to Indonesian policy and broader macro sentiment.",[6131],{"type":850,"attrs":6132},{"color":6047},{"type":580,"attrs":6134,"content":6135},{"textAlign":49},[6136],{"text":6137,"type":585,"marks":6138},"This is the second in a series of articles looking at Q1 2026 critical mineral price trends. The rest of the series can be found below (will be updated as more are released):",[6139,6141],{"type":850,"attrs":6140},{"color":6047},{"type":1992},{"type":580,"attrs":6143,"content":6144},{"textAlign":49},[6145],{"text":6146,"type":585,"marks":6147},"Volatile, yet robust: Lithium Q1 2026 Price Review",[6148,6150],{"type":590,"attrs":6149},{"href":1490,"uuid":1491,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":6151},{"color":1484},[6153],{"slug":6154,"name":6155,"content":6156},"frederick-bloomfield","Frederick Bloomfield",{"job_title":6157,"image":6158,"bio":6160,"linkedin":6161,"markets_covered":6162},"Senior Analyst",{"filename":6159},"https://a.storyblok.com/f/287943243085208/512x512/f55b7d4d79/freddie-bloomfield.jpeg","Frederick is a Senior Analyst at Benchmark Mineral Intelligence researching battery materials. His main areas of focus are lithium and battery recycling markets in Europe, North America and Asia. Before joining Benchmark, Frederick received his Master's degree in Green Chemistry at Imperial College London. With a particular interest in black mass trading, Frederick regularly speaks with players across the global battery recycling market, where he has gained extensive knowledge of trade flows, prices and policy on top of information on the wider recycling value chain, such as gate fees, tolling fees and the price of battery scrap and other recycled intermediates.","https://www.linkedin.com/in/frederick-bloomfield/","Black mass, lithium, nickel","RKAB quotas control nickel price: Nickel Q1 2026 Price Review",[6165,6166],{"slug":1142,"name":1143},{"slug":2553,"name":150},{"id":6168,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":6169,"copyright":645,"fieldtype":701,"meta_data":6170,"is_external_url":50},165792639601595,"https://a.storyblok.com/f/287943243085208/1588x1324/07f8a2e26a/nickel-prices-in-q1-2026-were-controlled-by-indonesia-s-rkab-quota-changes-2x-1.png",{},{"id":6172,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":6173,"copyright":645,"fieldtype":701,"meta_data":6174,"is_external_url":50},129070300209331,"https://a.storyblok.com/f/287943243085208/0088effcc6/bm-nickel-smelter1.jpg",{},"The nickel market experienced a relatively volatile first quarter in 2026 as metal prices rallied on the back of supply-side concerns. Prices for Benchmark’s EXW China nickel sulphate price grade rose by 18.6% throughout the quarter.",{"id":6177,"uuid":1491,"name":6146,"slug":6178,"full_slug":6179,"content":6180},165516591983591,"volatile-yet-robust-lithium-q1-2026-price-review","article/volatile-yet-robust-lithium-q1-2026-price-review",{"_uid":6181,"date":6182,"tags":6183,"editor":6187,"content":6191,"excerpt":6418,"featured":51,"reporter":6419,"component":689,"seo_title":6146,"categories":6423,"visibility":2019,"data_vis_image":6426,"featured_image":6430,"seo_description":6434,"formattedDate":6435},"12b20dfc-d962-4131-b2d0-0d705eec6c6b","2026-04-13 00:00",[6184,6185,6186],{"slug":564,"name":565},{"slug":1458,"name":1459},{"slug":6031,"name":6032},[6188],{"slug":1466,"name":1467,"content":6189},{"job_title":1469,"image":6190,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":6192},[6193,6215,6249,6256,6276,6309,6317,6351,6373,6381,6402,6411],{"type":580,"attrs":6194,"content":6195},{"textAlign":49},[6196,6201,6210],{"text":6197,"type":585,"marks":6198},"The first quarter of 2026 marked a volatile, yet robust, quarter for lithium. Prices surged in January, driven by depleted inventories, ",[6199],{"type":850,"attrs":6200},{"color":6047},{"text":6202,"type":585,"marks":6203},"supply disruptions",[6204,6208],{"type":590,"attrs":6205},{"href":6206,"uuid":6207,"anchor":49,"target":1492,"linktype":595},"/article/sigmas-brazil-issues-could-tighten-lithium-supply-dynamics","843c52cb-18a1-43d5-88f6-fce666ba998b",{"type":850,"attrs":6209},{"color":6047},{"text":6211,"type":585,"marks":6212}," and policy optimism, before softening in February, and turning more cautious in March, as weaker EV demand figures weighed on sentiment.",[6213],{"type":850,"attrs":6214},{"color":6047},{"type":580,"attrs":6216,"content":6217},{"textAlign":49},[6218,6223,6230,6235,6244],{"text":6219,"type":585,"marks":6220},"In early January, ",[6221],{"type":850,"attrs":6222},{"color":6047},{"text":6224,"type":585,"marks":6225},"Chinese",[6226,6228],{"type":590,"attrs":6227},{"href":4557,"uuid":4558,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":6229},{"color":6047},{"text":6231,"type":585,"marks":6232}," lithium prices ",[6233],{"type":850,"attrs":6234},{"color":6047},{"text":6236,"type":585,"marks":6237},"rallied sharply",[6238,6242],{"type":590,"attrs":6239},{"href":6240,"uuid":6241,"anchor":49,"target":1492,"linktype":595},"/article/why-are-lithium-prices-in-china-soaring-this-week","5709f47a-e116-4be1-8db7-6794ce1a2288",{"type":850,"attrs":6243},{"color":6047},{"text":6245,"type":585,"marks":6246}," as inventories sat at notably low levels across the domestic supply chain. Sentiment improved on expectations of government stimulus, resilience in EV and particularly ESS demand, and speculative momentum in domestic futures markets.",[6247],{"type":850,"attrs":6248},{"color":6047},{"type":636,"attrs":6250},{"id":6251,"body":6252},"87abd0c9-ab20-4d2b-9a48-185da68ec420",[6253],{"id":6254,"_uid":6255,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28501901","i-49869ea5-b2f4-4ff1-88e6-586092781a1c",{"type":580,"attrs":6257,"content":6258},{"textAlign":49},[6259,6264,6271],{"text":6260,"type":585,"marks":6261},"The rally was reinforced by mounting supply concerns, including ",[6262],{"type":850,"attrs":6263},{"color":6047},{"text":6265,"type":585,"marks":6266},"delays to the restart of mines in Jiangxi",[6267,6269],{"type":590,"attrs":6268},{"href":5131,"uuid":5132,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":6270},{"color":6047},{"text":6272,"type":585,"marks":6273}," following tighter Chinese scrutiny of industrial waste, tailings and permitting and environmental complaints.",[6274],{"type":850,"attrs":6275},{"color":6047},{"type":580,"attrs":6277,"content":6278},{"textAlign":49},[6279,6283,6290,6295,6304],{"text":1935,"type":585,"marks":6280},[6281],{"type":850,"attrs":6282},{"color":6047},{"text":6284,"type":585,"marks":6285},"early February",[6286,6288],{"type":590,"attrs":6287},{"href":1555,"uuid":1556,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":6289},{"color":6047},{"text":6291,"type":585,"marks":6292},", a broader commodity sell-off weighed on lithium futures, whilst bearish commentary from major cell makers surrounding ",[6293],{"type":850,"attrs":6294},{"color":6047},{"text":6296,"type":585,"marks":6297},"oversupply",[6298,6302],{"type":590,"attrs":6299},{"href":6300,"uuid":6301,"anchor":49,"target":1492,"linktype":595},"/article/what-does-albemarle-s-idling-of-kemerton-mean-for-australia-s-lithium-outlook-","0a24f1ec-69aa-416d-8eaf-e89f55bae6c2",{"type":850,"attrs":6303},{"color":6047},{"text":6305,"type":585,"marks":6306}," and underestimated inventories helped puncture the spot price rally in China.",[6307],{"type":850,"attrs":6308},{"color":6047},{"type":580,"attrs":6310,"content":6311},{"textAlign":49},[6312],{"text":6313,"type":585,"marks":6314},"Following this period, spot market activity slowed. Converter inventories remained tight and sellers were reluctant to release material at lower levels. As the market moved into the Chinese New Year (CNY) period, much of the lithium industry came to a standstill, with facilities pausing operations and trading stymied.",[6315],{"type":850,"attrs":6316},{"color":6047},{"type":580,"attrs":6318,"content":6319},{"textAlign":49},[6320,6325,6334,6339,6346],{"text":6321,"type":585,"marks":6322},"Supply concerns then returned to the forefront after ",[6323],{"type":850,"attrs":6324},{"color":6047},{"text":6326,"type":585,"marks":6327},"Zimbabwe moved to indefinitely suspend exports",[6328,6332],{"type":590,"attrs":6329},{"href":6330,"uuid":6331,"anchor":49,"target":1492,"linktype":595},"/article/zimbabwe-suspends-lithium-concentrate-exports","604f5243-5659-4cc3-bbe4-a982e1bb429e",{"type":850,"attrs":6333},{"color":6047},{"text":6335,"type":585,"marks":6336}," of raw minerals and lithium concentrates, reigniting fears over ",[6337],{"type":850,"attrs":6338},{"color":6047},{"text":6340,"type":585,"marks":6341},"feedstock availability",[6342,6344],{"type":590,"attrs":6343},{"href":3617,"uuid":3618,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":6345},{"color":6047},{"text":6347,"type":585,"marks":6348},". Combined with post-CNY restocking, this helped push prices higher once market activity resumed.",[6349],{"type":850,"attrs":6350},{"color":6047},{"type":580,"attrs":6352,"content":6353},{"textAlign":49},[6354,6359,6368],{"text":6355,"type":585,"marks":6356},"From mid-March, however, demand concerns re-emerged, particularly following ",[6357],{"type":850,"attrs":6358},{"color":6047},{"text":6360,"type":585,"marks":6361},"weaker EV sales",[6362,6366],{"type":590,"attrs":6363},{"href":6364,"uuid":6365,"anchor":49,"target":1492,"linktype":595},"/article/lacklustre-ev-sales-and-geopolitical-tension-weigh-on-lithium-prices","7321793d-3b4f-4d2a-9e56-fcb067692f2f",{"type":850,"attrs":6367},{"color":6047},{"text":6369,"type":585,"marks":6370}," signals in China, which placed renewed downward pressure on domestic prices. Seaborne Asia prices, which lagged upward movements in the domestic market for most of Q1, proved more resilient. They were supported by confirmed spot transactions and still-elevated replacement costs.",[6371],{"type":850,"attrs":6372},{"color":6047},{"type":580,"attrs":6374,"content":6375},{"textAlign":49},[6376],{"text":6377,"type":585,"marks":6378},"Despite the more bearish tone throughout March, Benchmark’s CIF Asia lithium carbonate spot assessment ended the quarter up ~51% YTD, reflecting the strength of the notable gains made earlier in Q1.",[6379],{"type":850,"attrs":6380},{"color":6047},{"type":580,"attrs":6382,"content":6383},{"textAlign":49},[6384,6389,6398],{"text":6385,"type":585,"marks":6386},"Overall, the quarter was defined less by a steady recovery than by sharp volatility, fragile confidence and persistent ",[6387],{"type":850,"attrs":6388},{"color":6047},{"text":6390,"type":585,"marks":6391},"price sensitivity to supply risk",[6392,6396],{"type":590,"attrs":6393},{"href":6394,"uuid":6395,"anchor":49,"target":1492,"linktype":595},"/article/benchmark-launches-industry-first-lithium-forward-curves","15214dcb-296e-4cd4-bf3a-d34bab23340a",{"type":850,"attrs":6397},{"color":6047},{"text":1538,"type":585,"marks":6399},[6400],{"type":850,"attrs":6401},{"color":6047},{"type":580,"attrs":6403,"content":6404},{"textAlign":49},[6405],{"text":6406,"type":585,"marks":6407},"This is the first in a series of articles looking at Q1 2026 critical mineral price trends. The rest of the series can be found below (will be updated as more are released):",[6408,6410],{"type":850,"attrs":6409},{"color":6047},{"type":1992},{"type":580,"attrs":6412,"content":6413},{"textAlign":49},[6414],{"text":6017,"type":585,"marks":6415},[6416],{"type":590,"attrs":6417},{"href":2796,"uuid":2797,"anchor":49,"target":1492,"linktype":595},"The first quarter of 2026 marked a volatile, yet robust, quarter for lithium. Prices surged in January, driven by depleted inventories, supply disruptions and policy optimism, before softening in February, and turning more cautious in March, as weaker EV demand figures weighed on sentiment.\nIn early January, Chinese lithium prices rallied sharply as inventories sat at notably low levels across the domestic supply chain. Sentiment improved on expectations of government stimulus, resilience in EV and particularly ESS demand, and speculative momentum in domestic futures markets.",[6420],{"slug":1679,"name":1680,"content":6421},{"job_title":1682,"image":6422,"bio":1685,"linkedin":1686,"markets_covered":1687},{"filename":1684},[6424,6425],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":6427,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":6428,"copyright":645,"fieldtype":701,"meta_data":6429,"is_external_url":50},165518774602992,"https://a.storyblok.com/f/287943243085208/1600x1556/daa16e54be/q4-q1-2026-li-carbonate_hydroxide-exw-china-price-vs-inventory-2x.png",{},{"id":6431,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":6432,"copyright":645,"fieldtype":701,"meta_data":6433,"is_external_url":50},129072823997951,"https://a.storyblok.com/f/287943243085208/c1b4a53c46/bm-spodumene5.jpg",{},"The first quarter of 2026 marked a volatile, yet robust, quarter for lithium. Prices surged in January, driven by depleted inventories, supply disruptions and policy optimism, before softening in February, and turning more cautious in March.","Apr 13, 2026",{"id":6437,"uuid":6438,"name":6439,"slug":6440,"full_slug":6441,"content":6442},164039404981666,"eef0e3d1-4daa-49f5-9b09-e9909c2253b6","Growing Chinese EV pack sizes help battery demand to grow despite falling EV sales","growing-chinese-ev-pack-sizes-help-battery-demand-to-grow-despite-falling-ev-sales","article/growing-chinese-ev-pack-sizes-help-battery-demand-to-grow-despite-falling-ev-sales",{"_uid":6443,"date":6444,"tags":6445,"editor":6450,"content":6454,"excerpt":6601,"featured":51,"reporter":6602,"component":689,"seo_title":6606,"categories":6607,"visibility":697,"data_vis_image":6610,"featured_image":6614,"seo_description":6618,"formattedDate":6619},"a61f649a-df7e-4081-bd9a-0ef44a04c35f","2026-04-09 00:00",[6446,6447,6448,6449],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":1717,"name":1718},[6451],{"slug":568,"name":569,"content":6452},{"job_title":571,"image":6453,"bio":574,"linkedin":575},{"filename":573},{"type":577,"content":6455},[6456,6478,6486,6493,6502,6510,6518,6524,6546,6554,6563,6571,6579],{"type":580,"attrs":6457,"content":6458},{"textAlign":49},[6459,6464,6473],{"text":6460,"type":585,"marks":6461},"Total battery demand from EVs grew 4% in the January and February 2026 compared to the same two-month period last year, despite ",[6462],{"type":850,"attrs":6463},{"color":645},{"text":6465,"type":585,"marks":6466},"sales of EVs",[6467,6471],{"type":590,"attrs":6468},{"href":6469,"uuid":6470,"anchor":49,"target":1492,"linktype":595},"/article/global-ev-sales-reached-1-1-million-units-in-february-2026","c67ac4c5-ec20-418f-8ffb-364460a1918c",{"type":850,"attrs":6472},{"color":645},{"text":6474,"type":585,"marks":6475}," themselves falling by 8%. ",[6476],{"type":850,"attrs":6477},{"color":645},{"type":580,"attrs":6479,"content":6480},{"textAlign":2966},[6481],{"text":6482,"type":585,"marks":6483},"The contraction in EV sales has been offset by a growing average battery pack size, resulting in a rise in battery demand for EV applications. Pack sizes have been growing in passenger cars and light duty electric vehicles (PC and LDV EVs). This trend has been supplemented by growing sales of electric buses and trucks, which have pack sizes several times larger than those for PC and LDVs.",[6484],{"type":850,"attrs":6485},{"color":645},{"type":636,"attrs":6487},{"id":6488,"body":6489},"97c02a50-cc05-42ff-9b5a-8aa56d53528a",[6490],{"id":6491,"_uid":6492,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28410359","i-233859b3-64f6-4df8-aafa-a4c440c60e5c",{"type":647,"attrs":6494,"content":6495},{"level":649,"textAlign":2966},[6496],{"text":6497,"type":585,"marks":6498},"Growing PC and LDV EV pack sizes ",[6499,6501],{"type":850,"attrs":6500},{"color":645},{"type":655},{"type":580,"attrs":6503,"content":6504},{"textAlign":2966},[6505],{"text":6506,"type":585,"marks":6507},"The average battery pack size in PC and LDV EVs has risen 10% YTD globally in the first two months of the year. In part, this is due to an increasing share of battery electric vehicles (BEV) rather than plug-in hybrids (PHEV). ",[6508],{"type":850,"attrs":6509},{"color":645},{"type":580,"attrs":6511,"content":6512},{"textAlign":2966},[6513],{"text":6514,"type":585,"marks":6515},"Within the BEV segment, the average pack size has grown 7% to 67kWh. This trend is most pronounced in China, where the average BEV pack size has grown 19% to 63kWh.",[6516],{"type":850,"attrs":6517},{"color":645},{"type":636,"attrs":6519},{"id":6488,"body":6520},[6521],{"id":6522,"_uid":6523,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28410861","i-e358bb2c-abd4-4754-99a3-18a514d4e993",{"type":580,"attrs":6525,"content":6526},{"textAlign":2966},[6527,6532,6541],{"text":6528,"type":585,"marks":6529},"BEV pack size growth in China has been encouraged by ",[6530],{"type":850,"attrs":6531},{"color":645},{"text":6533,"type":585,"marks":6534},"changes to the country's trade-in scheme",[6535,6539],{"type":590,"attrs":6536},{"href":6537,"uuid":6538,"anchor":49,"target":1492,"linktype":595},"/article/weakened-fiscal-support-impacts-china-s-ev-market","bb986c7d-3f1c-4405-8646-4bfd1affc910",{"type":850,"attrs":6540},{"color":645},{"text":6542,"type":585,"marks":6543},". Previously, the scheme provided a flat subsidy of RMB20,000 (USD2,900) irrespective of price, resulting in significant discounts – over 60% for some smaller vehicles.  ",[6544],{"type":850,"attrs":6545},{"color":645},{"type":580,"attrs":6547,"content":6548},{"textAlign":2966},[6549],{"text":6550,"type":585,"marks":6551},"However, as of January 2026, the scheme now provides a subsidy worth just 12% of the EV’s list price, up to a maximum subsidy of RMB20,000 (USD2,900). The reduction in the trade-in scheme’s generosity has resulted in smaller EVs losing market share as consumers are no longer able to get the proportionally large discounts on these vehicles that they could previously. ",[6552],{"type":850,"attrs":6553},{"color":645},{"type":647,"attrs":6555,"content":6556},{"level":649,"textAlign":2966},[6557],{"text":6558,"type":585,"marks":6559},"Why does Europe’s average pack size not follow the global trend? ",[6560,6562],{"type":850,"attrs":6561},{"color":645},{"type":655},{"type":580,"attrs":6564,"content":6565},{"textAlign":2966},[6566],{"text":6567,"type":585,"marks":6568},"Europe’s average PC and LDV EV pack size has fallen 3% in the first two months of the year compared to the same period in 2025, with BEVs average pack size falling 2%. Europe’s PC and LDV EV sales mix is moving in the opposite direction to China’s, with smaller segment vehicles slowly gaining market share.  ",[6569],{"type":850,"attrs":6570},{"color":645},{"type":580,"attrs":6572,"content":6573},{"textAlign":2966},[6574],{"text":6575,"type":585,"marks":6576},"This is supported by an increasing number of EV schemes in the region focusing on affordability and EV adoption among lower income households. Italy, Sweden and France have all introduced EV subsidy schemes of this nature in the past six months. The growth of smaller EVs in Europe has also been supported by vehicle manufacturers releasing several smaller EVs in Europe over the past 18 months, including the Ford Puma Gen-E, Kia EV3 and Kia EV4. ",[6577],{"type":850,"attrs":6578},{"color":645},{"type":580,"attrs":6580,"content":6581},{"textAlign":2966},[6582,6587,6596],{"text":6583,"type":585,"marks":6584},"Further support to smaller battery sizes in Europe could come from the EU’s new M1E classification for small EVs under 4.2m which contribute 1.3 credits towards carbon reduction targets. This classification also has less onerous “Made in EU” requirements under the European Commission ",[6585],{"type":850,"attrs":6586},{"color":645},{"text":6588,"type":585,"marks":6589},"proposed Industrial Accelerator Act",[6590,6594],{"type":590,"attrs":6591},{"href":6592,"uuid":6593,"anchor":49,"target":1492,"linktype":595},"/article/industrial-accelerator-act-adds-made-in-eu-requirements-for-automakers","f241906f-ea0d-4bcf-84e5-4ca9c212a23f",{"type":850,"attrs":6595},{"color":645},{"text":6597,"type":585,"marks":6598}," than for larger EVs. ",[6599],{"type":850,"attrs":6600},{"color":645},"Total battery demand from EVs grew 4% in the January and February 2026 compared to the same two-month period last year, despite sales of EVs themselves falling by 8%. \n\nThe contraction in EV sales has been offset by a growing average battery pack size, resulting in a rise in battery demand for EV applications. Pack sizes have been growing in passenger cars and light duty electric vehicles (PC and LDV EVs). This trend has been supplemented by growing sales of electric buses and trucks, which have pack sizes several times larger than those for PC and LDVs.",[6603],{"slug":1428,"name":1429,"content":6604},{"job_title":1431,"image":6605,"bio":1434,"linkedin":1435,"markets_covered":688},{"filename":1433},"Growing Chinese EV pack sizes help battery demand to grow",[6608,6609],{"slug":956,"name":957},{"slug":692,"name":693},{"id":6611,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":6612,"copyright":645,"fieldtype":701,"meta_data":6613,"is_external_url":50},164041116054315,"https://a.storyblok.com/f/287943243085208/1588x1386/d22a377d46/pc-ldv-ev-average-pack-size-by-region-three-month-rolling-average-2x.png",{},{"id":6615,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":6616,"copyright":645,"fieldtype":701,"meta_data":6617,"is_external_url":50},129064779732327,"https://a.storyblok.com/f/287943243085208/b79626dceb/bm-aerial-view-directly-above-an-electric-vehicle-charging-station-with-parking-spaces-and-road-mark.jpg",{},"Total battery demand from EVs grew 4% in the January and February 2026 compared to the same two-month period last year, despite sales of EVs themselves falling by 8%. ","Apr 09, 2026",{"id":6621,"uuid":1796,"name":6622,"slug":6623,"full_slug":6624,"content":6625},163775332777514,"Clear uptick in March BEV sales reported so far as the Iran war impacts petrol prices","clear-uptick-in-march-bev-sales-reported-so-far-as-the-iran-war-impacts-petrol-prices","article/clear-uptick-in-march-bev-sales-reported-so-far-as-the-iran-war-impacts-petrol-prices",{"_uid":6626,"date":6627,"tags":6628,"editor":6632,"content":6636,"excerpt":6859,"featured":51,"reporter":6860,"component":689,"seo_title":6864,"categories":6865,"visibility":2019,"data_vis_image":6869,"featured_image":6873,"seo_description":6642,"formattedDate":6877},"2182a127-b142-4487-847a-436427db2f79","2026-04-08 00:00",[6629,6630,6631],{"slug":2659,"name":1791},{"slug":1717,"name":1718},{"slug":564,"name":565},[6633],{"slug":1466,"name":1467,"content":6634},{"job_title":1469,"image":6635,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":6637},[6638,6646,6677,6725,6732,6754,6762,6770,6778,6786,6792,6800,6808,6816,6824,6832,6840,6849],{"type":580,"attrs":6639,"content":6640},{"textAlign":49},[6641],{"text":6642,"type":585,"marks":6643},"Higher petrol prices and the threat of supply disruption have made consumers think twice about buying new internal combustion engine (ICE) vehicles and instead consider buying a battery electric vehicle (BEV).",[6644],{"type":850,"attrs":6645},{"color":1484},{"type":580,"attrs":6647,"content":6648},{"textAlign":49},[6649,6654,6661,6666,6673],{"text":6650,"type":585,"marks":6651},"Early data releases covering BEV sales around the world for March 2026 show a clear uptick in interest due to the ",[6652],{"type":850,"attrs":6653},{"color":1484},{"text":6655,"type":585,"marks":6656},"ongoing conflict in the Middle East",[6657,6659],{"type":590,"attrs":6658},{"href":2679,"uuid":2680,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":6660},{"color":1484},{"text":6662,"type":585,"marks":6663}," and the closure of the ",[6664],{"type":850,"attrs":6665},{"color":1484},{"text":6667,"type":585,"marks":6668},"Strait of Hormuz",[6669,6671],{"type":590,"attrs":6670},{"href":2693,"uuid":2694,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":6672},{"color":1484},{"text":1538,"type":585,"marks":6674},[6675],{"type":850,"attrs":6676},{"color":1484},{"type":580,"attrs":6678,"content":6679},{"textAlign":49},[6680,6685,6694,6699,6708,6713,6720],{"text":6681,"type":585,"marks":6682},"Almost every market with released data has so far shown a greater ",[6683],{"type":850,"attrs":6684},{"color":1484},{"text":6686,"type":585,"marks":6687},"year-on-year increase",[6688,6692],{"type":590,"attrs":6689},{"href":6690,"uuid":6691,"anchor":49,"target":1492,"linktype":595},"/videos/which-regions-have-the-fastest-growing-ev-markets-","be85ddf9-b2d5-41ce-b184-6d0c8c8ee4dc",{"type":850,"attrs":6693},{"color":1484},{"text":6695,"type":585,"marks":6696}," after the start of the war in Iran (based on March registrations) than before the war began (based on ",[6697],{"type":850,"attrs":6698},{"color":1484},{"text":6700,"type":585,"marks":6701},"January",[6702,6706],{"type":590,"attrs":6703},{"href":6704,"uuid":6705,"anchor":49,"target":1492,"linktype":595},"/article/global-ev-sales-reached-1-2-million-units-in-the-opening-month-of-2026","b27e8012-ca1b-4c7c-9200-1f5ccdbc7c24",{"type":850,"attrs":6707},{"color":1484},{"text":6709,"type":585,"marks":6710}," and ",[6711],{"type":850,"attrs":6712},{"color":1484},{"text":6714,"type":585,"marks":6715},"February",[6716,6718],{"type":590,"attrs":6717},{"href":6469,"uuid":6470,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":6719},{"color":1484},{"text":6721,"type":585,"marks":6722}," registrations).",[6723],{"type":850,"attrs":6724},{"color":1484},{"type":636,"attrs":6726},{"id":6727,"body":6728},"7452d635-6f0d-4448-b106-f3f5827a9e74",[6729],{"id":6730,"_uid":6731,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28426345","i-cbfffc08-6ab8-4ac1-bac3-c4cc2f1b3914",{"type":580,"attrs":6733,"content":6734},{"textAlign":49},[6735,6740,6749],{"text":6736,"type":585,"marks":6737},"Petrol prices previously spiked as a result of Russia’s invasion of Ukraine, though the impact this had on EV sales was more muted. Compared to then, the ",[6738],{"type":850,"attrs":6739},{"color":1484},{"text":6741,"type":585,"marks":6742},"EV market is more mature",[6743,6747],{"type":590,"attrs":6744},{"href":6745,"uuid":6746,"anchor":49,"target":1492,"linktype":595},"/article/the-ev-market-past-present-and-future","fe291a62-d1e1-42fc-bf34-907bb7976f84",{"type":850,"attrs":6748},{"color":1484},{"text":6750,"type":585,"marks":6751}," with broader consumer acceptance creating ideal conditions for BEVs to be a clearer choice.",[6752],{"type":850,"attrs":6753},{"color":1484},{"type":647,"attrs":6755,"content":6756},{"level":649,"textAlign":49},[6757],{"text":6758,"type":585,"marks":6759},"How does this trend differ by country?",[6760],{"type":850,"attrs":6761},{"color":1484},{"type":580,"attrs":6763,"content":6764},{"textAlign":49},[6765],{"text":6766,"type":585,"marks":6767},"New Zealand’s increase in March BEV registrations has been the standout in terms of year-on-year growth rates, surging by 263% compared to the same month last year. At the end of February, the country saw an increase in sales of 20% for the year, however after March, that growth rate is now more than 100% compared to 2025.",[6768],{"type":850,"attrs":6769},{"color":1484},{"type":580,"attrs":6771,"content":6772},{"textAlign":49},[6773],{"text":6774,"type":585,"marks":6775},"Since the start of the war, with petrol prices rising by over 20%, Oceania in general has been among the first to face concern over supplies at the pump if the Strait does not reopen soon with a significant portion of refining capabilities offshored.",[6776],{"type":850,"attrs":6777},{"color":1484},{"type":580,"attrs":6779,"content":6780},{"textAlign":49},[6781],{"text":6782,"type":585,"marks":6783},"Australia also saw a significant year-on-year growth rate, with 89% more BEV sales than March 2025. However, this actually represented a lower growth rate than the country had been experiencing so far this year as the first two months of 2025 were already very strong, with 111% growth albeit from a lower base. March 2025 is now a record month for Australian BEV registrations, more than 2,000 higher than the previous record set in June last year.",[6784],{"type":850,"attrs":6785},{"color":1484},{"type":636,"attrs":6787},{"id":6727,"body":6788},[6789],{"id":6790,"_uid":6791,"type":595,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"3641027","i-a6dba811-7b25-47b5-ac7a-cc48c2f8d509",{"type":580,"attrs":6793,"content":6794},{"textAlign":49},[6795],{"text":6796,"type":585,"marks":6797},"Although the impact on BEV sales in Europe has been more muted, the trend is still present. One stand-out has been Norway, which reversed a severe negative trend caused by changes to purchase tax incentives. It had been down 44% in the first two months, but March ended 51% higher than March 2025. This indicates the concern from consumers is more than enough to override lower incentive structures, even in markets that are very well progressed towards EVs.",[6798],{"type":850,"attrs":6799},{"color":1484},{"type":580,"attrs":6801,"content":6802},{"textAlign":49},[6803],{"text":6804,"type":585,"marks":6805},"The UK followed its typical seasonality with a huge increase in sales in March coinciding with the release of new number plates. While sales were up 265% month on month, this was equivalent to 18% growth compared to March 2025, again reversing a negative year-to-date trend of -1% from the end of February.",[6806],{"type":850,"attrs":6807},{"color":1484},{"type":580,"attrs":6809,"content":6810},{"textAlign":49},[6811],{"text":6812,"type":585,"marks":6813},"In France, although petrol prices have risen, some suppliers like TotalEnergies have introduced price caps. This spurred widespread ‘panic buying’ leading to reports of supply disruptions at the pump. Sales of BEVs in France jumped 69% YoY, although already off to a strong start thanks to new subsidy schemes, this still far outpaces the 36% growth seen for the January and February compared to the same period last year.",[6814],{"type":850,"attrs":6815},{"color":1484},{"type":647,"attrs":6817,"content":6818},{"level":649,"textAlign":49},[6819],{"text":6820,"type":585,"marks":6821},"Is the trend expected for other countries?",[6822],{"type":850,"attrs":6823},{"color":1484},{"type":580,"attrs":6825,"content":6826},{"textAlign":49},[6827],{"text":6828,"type":585,"marks":6829},"There are further expectations for significant upticks in much of Asia which has a typically higher reliance on oil from the Gulf, meaning many of these countries have seen more immediate impacts on petrol prices and supply. Many impacted nations currently have burgeoning EV markets which have experienced recent growth via exports from China but remain in early stages.",[6830],{"type":850,"attrs":6831},{"color":1484},{"type":580,"attrs":6833,"content":6834},{"textAlign":49},[6835],{"text":6836,"type":585,"marks":6837},"It remains a question of how sustained an increase in EV sales could be, depending on inventory levels but also consumer spending. If the war progresses further and a short-term oil price crisis turns into an elongated supply crisis, inflationary pressures and economic downturn could have equally negative impacts on new vehicle purchases.",[6838],{"type":850,"attrs":6839},{"color":1484},{"type":580,"attrs":6841,"content":6842},{"textAlign":49},[6843],{"text":6844,"type":585,"marks":6845},"The analysis in this article draws on Benchmark's EV & Battery Service and insights from our in-house team of experts. To learn more about the Service, please fill out the form below:",[6846,6848],{"type":850,"attrs":6847},{"color":1484},{"type":1992},{"type":636,"attrs":6850},{"id":6851,"body":6852},"f69f871b-b882-4f77-a707-48b9505ddf00",[6853],{"id":1997,"_uid":6854,"component":1999,"wrap_in_box":50,"redirect_url":6855,"success_file":6856,"default_height":645,"success_message":645,"v2_hubspot_form":50,"success_sub_text":645,"hidden_field_values":6858,"show_on_intelligence":50},"i-3be55612-9bbf-40f9-b8aa-f8c62b37c384",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":6857},{},[],"Higher petrol prices and the threat of supply disruption have made consumers think twice about buying new internal combustion engine (ICE) vehicles and instead consider buying a battery electric vehicle (BEV).\n\nEarly data releases covering battery electric vehicle (BEV) sales around the world for March 2026 show a clear uptick in interest due to the ongoing conflict in the Middle East and the closure of the Strait of Hormuz.\n\nAlmost every market with released data has so far shown a greater year-on-year increase after the start of the war in Iran (based on March registrations) than before the war began (based on January and February registrations).",[6861],{"slug":680,"name":681,"content":6862},{"job_title":683,"image":6863,"bio":686,"linkedin":687,"markets_covered":688},{"filename":685},"Clear uptick in March BEV sales as Iran war impacts petrol prices",[6866,6867,6868],{"slug":956,"name":957},{"slug":692,"name":693},{"slug":695,"name":696},{"id":6870,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":6871,"copyright":645,"fieldtype":701,"meta_data":6872,"is_external_url":50},163777289068597,"https://a.storyblok.com/f/287943243085208/1590x1520/ad24014911/bev-vs-petrol-2x.png",{},{"id":6874,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":6875,"copyright":645,"fieldtype":701,"meta_data":6876,"is_external_url":50},129067548887845,"https://a.storyblok.com/f/287943243085208/a57d06c2f2/bm-evs-in-parking-lot.jpg",{},"Apr 08, 2026",{"id":6879,"uuid":6880,"name":6881,"slug":6882,"full_slug":6883,"content":6884},163759871322210,"71dbc773-c305-42bb-8fc3-babc6f35edca","Malaysia’s battery supply chain bloom begins","malaysia-s-battery-supply-chain-bloom-begins","article/malaysia-s-battery-supply-chain-bloom-begins",{"_uid":6885,"date":6627,"tags":6886,"editor":6897,"content":6901,"excerpt":7035,"featured":51,"reporter":7036,"component":689,"seo_title":6881,"categories":7040,"visibility":697,"data_vis_image":7045,"featured_image":7049,"seo_description":7053,"formattedDate":6877},"4bc8d955-a1df-48ed-b7e5-1f9150278f45",[6887,6888,6891,6894],{"slug":564,"name":565},{"slug":6889,"name":6890},"malaysia","Malaysia",{"slug":6892,"name":6893},"asia","Asia",{"slug":6895,"name":6896},"highstar-power","Highstar Power",[6898],{"slug":1466,"name":1467,"content":6899},{"job_title":1469,"image":6900,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":6902},[6903,6925,6933,6941,6948,6957,6978,7013,7021,7029],{"type":580,"attrs":6904,"content":6905},{"textAlign":49},[6906,6911,6920],{"text":6907,"type":585,"marks":6908},"Chinese lithium and sodium ion cell manufacturer, Highstar Power, announced the advent of commercial cell production at its 2.5GWh manufacturing base in Johor, Malaysia, in early April, cementing the country’s status as ",[6909],{"type":850,"attrs":6910},{"color":1484},{"text":6912,"type":585,"marks":6913},"Southeast Asia’s",[6914,6918],{"type":590,"attrs":6915},{"href":6916,"uuid":6917,"anchor":49,"target":1492,"linktype":595},"/article/southeast-asia-expected-to-see-uptick-in-bess-deployments-with-indonesias-new-bess-mandate","56a57020-3a91-4f36-84f2-c49f58aff513",{"type":850,"attrs":6919},{"color":1484},{"text":6921,"type":585,"marks":6922}," battery hub. The factory is the fifth to enter production there.",[6923],{"type":850,"attrs":6924},{"color":1484},{"type":580,"attrs":6926,"content":6927},{"textAlign":49},[6928],{"text":6929,"type":585,"marks":6930},"Active battery cell capacity in Malaysia almost tripled to 31GWh 2025, up from 11GWh in 2024. Outside the traditional battery markets of China, South Korea, and Japan, the country has the most cell manufacturing activity in Asia. Capacity is anticipated to grow another 98% by the end of the decade. Two Tier 1 manufacturers operate in the region, EVE Energy and Samsung SDI.",[6931],{"type":850,"attrs":6932},{"color":1484},{"type":580,"attrs":6934,"content":6935},{"textAlign":49},[6936],{"text":6937,"type":585,"marks":6938},"In contrast to many other emerging battery markets, production in Malaysia is almost entirely geared towards the portables market. The country is host to a large power tool manufacturing industry, with German tool giant, Bosch, owning a flagship factory in Penang.",[6939],{"type":850,"attrs":6940},{"color":1484},{"type":636,"attrs":6942},{"id":6943,"body":6944},"2fd1cc84-5a4e-4f72-ad3d-f10623c826e6",[6945],{"id":6946,"_uid":6947,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28429165","i-0d160d34-0385-4d37-b6f0-c401d1e76bdc",{"type":647,"attrs":6949,"content":6950},{"level":649,"textAlign":49},[6951],{"text":6952,"type":585,"marks":6953},"Malaysia’s midstream is developing in tandem with cell supply",[6954,6956],{"type":850,"attrs":6955},{"color":1484},{"type":655},{"type":580,"attrs":6958,"content":6959},{"textAlign":49},[6960,6965,6974],{"text":6961,"type":585,"marks":6962},"Emerging battery industries often face challenges scaling, with one limiting factor being access to local raw and active materials. Malaysia currently has one CAM factory in planning, a 90ktpa LFP facility by ",[6963],{"type":850,"attrs":6964},{"color":1484},{"text":6966,"type":585,"marks":6967},"Yuneng New Energy",[6968,6972],{"type":590,"attrs":6969},{"href":6970,"uuid":6971,"anchor":49,"target":1492,"linktype":595},"/article/how-could-chinas-proposed-technology-export-restrictions-impact-cathode-expansions-overseas","c8d91eb2-615b-4758-a6a6-85dd493f21d8",{"type":850,"attrs":6973},{"color":1484},{"text":1538,"type":585,"marks":6975},[6976],{"type":850,"attrs":6977},{"color":1484},{"type":580,"attrs":6979,"content":6980},{"textAlign":49},[6981,6986,6994,6999,7008],{"text":6982,"type":585,"marks":6983},"Neighbouring ",[6984],{"type":850,"attrs":6985},{"color":1484},{"text":6029,"type":585,"marks":6987},[6988,6992],{"type":590,"attrs":6989},{"href":6990,"uuid":6991,"anchor":49,"target":1492,"linktype":595},"/article/indonesia-proposes-regulatory-changes-to-promote-nickel-based-batteries-amid-global-lfp-shift","b48d8650-447f-4567-bdf1-773419341d27",{"type":850,"attrs":6993},{"color":1484},{"text":6995,"type":585,"marks":6996}," has a further three CAM facilities either operational or under development.with three more operational or under development. EVE Energy has already contracted cathode supply for its Malaysian operations from ",[6997],{"type":850,"attrs":6998},{"color":1484},{"text":7000,"type":585,"marks":7001},"Jiangsu Lopal’s",[7002,7006],{"type":590,"attrs":7003},{"href":7004,"uuid":7005,"anchor":49,"target":1492,"linktype":595},"/article/lopal-first-chinese-company-to-build-lfp-battery-cathode-plant-outside-of-china","f3d8cb58-69a8-4c65-b8ae-b9fbe57ad5a6",{"type":850,"attrs":7007},{"color":1484},{"text":7009,"type":585,"marks":7010}," facility in Indonesia, in competition with American and South Korean firms exploring options for FEOC compliant material.",[7011],{"type":850,"attrs":7012},{"color":1484},{"type":580,"attrs":7014,"content":7015},{"textAlign":49},[7016],{"text":7017,"type":585,"marks":7018},"On the anode side, Malaysia has one AAM plant with a capacity of 3,000 tonnes operated by Graphjet Technology with a planned 7,000 tonne expansion. China’s Shangtai is also planning an AAM production facility in the country for 2029.",[7019],{"type":850,"attrs":7020},{"color":1484},{"type":580,"attrs":7022,"content":7023},{"textAlign":49},[7024],{"text":7025,"type":585,"marks":7026},"Further operational and planned AAM production in Indonesia is also poised to support the build out of Malaysia’s battery supply chain.",[7027],{"type":850,"attrs":7028},{"color":1484},{"type":636,"attrs":7030},{"id":6943,"body":7031},[7032],{"id":7033,"_uid":7034,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28425341","i-a38d1950-1b00-4fe9-98df-e342b740f268","Chinese lithium and sodium ion cell manufacturer, Highstar Power, announced the advent of commercial cell production at its 2.5GWh manufacturing base in Johor, Malaysia, in early April, cementing the country’s status as Southeast Asia’s battery hub. The factory is the fifth to enter production there.",[7037],{"slug":5876,"name":5877,"content":7038},{"job_title":5879,"image":7039,"bio":5882,"linkedin":5883,"markets_covered":5884},{"filename":5881},[7041,7042,7043,7044],{"slug":956,"name":957},{"slug":3379,"name":3380},{"slug":2623,"name":298},{"slug":2162,"name":261},{"id":7046,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":7047,"copyright":645,"fieldtype":701,"meta_data":7048,"is_external_url":50},163762637184807,"https://a.storyblok.com/f/287943243085208/1588x1320/795dbaa258/malaysia-cell-and-mid-capacity-2x.png",{},{"id":7050,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":7051,"copyright":645,"fieldtype":701,"meta_data":7052,"is_external_url":50},163760667545368,"https://a.storyblok.com/f/287943243085208/2040x1278/96e4c44d5a/highstar.jpg",{},"Chinese lithium and sodium ion cell manufacturer, Highstar Power, announced the advent of commercial cell production at its 2.5GWh manufacturing base in Johor, Malaysia, in early April, cementing the country’s status as Southeast Asia’s battery hub.",{"id":7055,"uuid":4558,"name":7056,"slug":7057,"full_slug":7058,"content":7059},163720278676758,"Supply chain dominance: China Regional Spotlight","regional-spotlight-china","article/regional-spotlight-china",{"_uid":7060,"date":6627,"tags":7061,"editor":7069,"content":7073,"excerpt":7348,"featured":51,"reporter":7349,"component":689,"seo_title":7056,"categories":7356,"visibility":697,"data_vis_image":7372,"featured_image":7376,"seo_description":7378,"formattedDate":6877},"30d39872-4c5a-4ece-9cff-c104527f47f4",[7062,7063,7064,7065,7066],{"slug":720,"name":721},{"slug":2044,"name":2045},{"slug":1294,"name":1295},{"slug":564,"name":565},{"slug":7067,"name":7068},"regional-spotlight","Regional Spotlight",[7070],{"slug":1466,"name":1467,"content":7071},{"job_title":1469,"image":7072,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":7074},[7075,7095,7100,7112,7117,7124,7129,7137,7142,7156,7161,7175,7189,7194,7208,7218,7223,7228,7235,7240,7245,7257,7262,7267,7272,7278,7284,7290,7295,7300,7305,7311,7323,7328,7341],{"type":580,"attrs":7076,"content":7077},{"textAlign":49},[7078,7080,7085,7087,7093],{"text":7079,"type":585},"It is difficult to overstate China’s role in the battery supply chain. It is the world’s largest producer of batteries, whether for ",{"text":7081,"type":585,"marks":7082},"electric vehicles",[7083],{"type":590,"attrs":7084},{"href":6469,"uuid":6470,"anchor":49,"target":594,"linktype":595},{"text":7086,"type":585}," (EVs) or ",{"text":2200,"type":585,"marks":7088},[7089],{"type":590,"attrs":7090},{"href":7091,"uuid":7092,"anchor":49,"target":594,"linktype":595},"/article/global-bess-installments-increase-29-y-o-y","97c1dbbb-810f-4732-bbc5-3300ed5257d0",{"text":7094,"type":585}," (BESS). It is the world’s largest single miner of lithium and natural graphite – it is also, in both cases, the largest supplier of refined product – and the largest provider of needle coke and synthetic graphite. In rare earths, it controls over 90% of global refining capacity.",{"type":580,"attrs":7096,"content":7097},{"textAlign":49},[7098],{"text":7099,"type":585},"It is China’s outsized role in these supply chains that makes it so vital to have on-the-ground intelligence from the country. Benchmark’s China-based analysts take part in regular site visits, conferences and research trips to develop the direct insight that informs its services and Benchmark Intelligence.",{"type":580,"attrs":7101,"content":7102},{"textAlign":49},[7103,7105,7110],{"text":7104,"type":585},"In the short term, its largest companies, including most of ",{"text":7106,"type":585,"marks":7107},"the world’s major battery suppliers like CATL and BYD",[7108],{"type":590,"attrs":7109},{"href":768,"uuid":769,"anchor":49,"target":594,"linktype":595},{"text":7111,"type":585},", are seeing boosts to their stock as oil and gas price rises driven by geopolitical instability focus minds on energy security.",{"type":580,"attrs":7113,"content":7114},{"textAlign":49},[7115],{"text":7116,"type":585},"In the long term, China’s stranglehold on so many dimensions of the energy transition has sparked efforts by the US, EU and others to diversify production elsewhere. Even where it does not have domestic capacity, as in the case of cobalt mining, Chinese firms often have ownership of significant slices of the supply chain. China has recently exerted its considerable leverage in a range of sectors by imposing export controls, including on rare earths and cathode manufacturing tech, as it did in response to US tariffs in 2025.",{"type":636,"attrs":7118},{"id":7119,"body":7120},"035e99ff-885f-4d32-85f6-0246d48a7400",[7121],{"id":7122,"_uid":7123,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28334681","i-cf264017-8566-448b-ab03-009d0cc6f825",{"type":647,"attrs":7125,"content":7126},{"level":649,"textAlign":49},[7127],{"text":7128,"type":585},"Key policies",{"type":647,"attrs":7130,"content":7132},{"level":7131,"textAlign":49},3,[7133],{"text":7134,"type":585,"marks":7135},"Export controls",[7136],{"type":655},{"type":580,"attrs":7138,"content":7139},{"textAlign":49},[7140],{"text":7141,"type":585},"China’s range of export controls, expanded in 2025 as its latest trade war with the US unfolded, have allowed it to squeeze supply chains of rare earths.",{"type":580,"attrs":7143,"content":7144},{"textAlign":49},[7145,7147,7154],{"text":7146,"type":585},"After the announcement in April 2025 of US President Donald Trump’s ‘reciprocal’ tariff regime, China implemented new export controls on medium and heavy rare earths. Then, in October, it announced an expansion of controls that were ",{"text":7148,"type":585,"marks":7149},"later suspended following discussions with the US",[7150],{"type":590,"attrs":7151},{"href":7152,"uuid":7153,"anchor":49,"target":594,"linktype":595},"/article/china-delays-rare-earth-export-controls-after-us-china-trade-talks","2ae4712d-a83a-477f-a268-79712ec75def",{"text":7155,"type":585},". That suspension is currently set to expire on 10 November 2026.",{"type":580,"attrs":7157,"content":7158},{"textAlign":49},[7159],{"text":7160,"type":585},"A range of rare earths remains on the export controls list. These include scandium, samarium, gadolinium, lutetium, yttrium, dysprosium, and terbium, which have defence applications. While monthly numbers can be volatile, there was a 22.5% fall in year-on-year exports of rare earths to the US in January and February.",{"type":580,"attrs":7162,"content":7163},{"textAlign":49},[7164,7166,7173],{"text":7165,"type":585},"Exports to Japan of dysprosium and terbium oxide, meanwhile, have fallen to zero as China has implemented tougher controls on the export to Japan of ",{"text":7167,"type":585,"marks":7168},"seven rare earths and any products that contain them",[7169],{"type":590,"attrs":7170},{"href":7171,"uuid":7172,"anchor":49,"target":594,"linktype":595},"/article/what-are-the-implications-of-chinas-latest-rare-earth-export-restrictions-on-japan","9ddd3f7e-bf73-4e2a-a28b-7311cc5fcf20",{"text":7174,"type":585},". As noted in Benchmark’s Rare Earth Service, Japan has no domestic production of these rare earths of its own, giving China considerable leverage over its supply.",{"type":580,"attrs":7176,"content":7177},{"textAlign":49},[7178,7180,7187],{"text":7179,"type":585},"It isn’t only raw materials that are affected. In 2025, China also placed ",{"text":7181,"type":585,"marks":7182},"export controls on technology",[7183],{"type":590,"attrs":7184},{"href":7185,"uuid":7186,"anchor":49,"target":594,"linktype":595},"/article/china-implements-export-restrictions-on-cathode-and-lithium-production-technologies","2900e59e-d077-47e8-ae89-dd1ab6bf7b3a",{"text":7188,"type":585}," used in the production of advanced forms of LFP and LMFP cathode, as well as in direct lithium extraction (DLE). Significantly, it was not the export of the cathode itself that was hit with restrictions, but the technology itself – frontier technology used in the development of the most advanced, fourth-generation cathode materials.",{"type":580,"attrs":7190,"content":7191},{"textAlign":49},[7192],{"text":7193,"type":585},"This has been seen as a dual strategy by China’s government both to stimulate exports of cathode, where the economy has overcapacity, and to protect Chinese advanced technology and intellectual property. Self-reliance in advanced tech is among the core priorities of China’s next five-year plan.",{"type":647,"attrs":7195,"content":7196},{"level":7131,"textAlign":49},[7197,7201,7205],{"text":7198,"type":585,"marks":7199},"The 15",[7200],{"type":655},{"text":5219,"type":585,"marks":7202},[7203,7204],{"type":655},{"type":2946},{"text":5421,"type":585,"marks":7206},[7207],{"type":655},{"type":580,"attrs":7209,"content":7210},{"textAlign":49},[7211,7213,7216],{"text":7212,"type":585},"The Chinese government’s 15",{"text":5219,"type":585,"marks":7214},[7215],{"type":2946},{"text":7217,"type":585}," Five-Year Plan was approved by the National People’s Congress during the March 2026 Two Sessions, following the release in September 2025 of the ‘Technology Roadmap for New-Type Energy Storage (2025–2035)’. That document outlined targets that have remained mostly unchanged in the full ‘Outline of the 15th Five-Year Plan’, published following the CCP’s ‘two sessions’ annual meeting.",{"type":580,"attrs":7219,"content":7220},{"textAlign":49},[7221],{"text":7222,"type":585},"The roadmap sets out the country’s planned pace of installation in energy storage, with a total installed new-type energy storage capacity of 180GW targeted by 2027 and 240GW by 2035. This number includes battery energy storage systems (BESS). Under the previous plan, an energy storage installation target of 30GW was far exceeded in practice, with installed capacity for the 2021-25 period passing 150GW.",{"type":580,"attrs":7224,"content":7225},{"textAlign":49},[7226],{"text":7227,"type":585},"Calvin Xu, a BESS analyst at Benchmark, says “the target of 240GW is not too ambitious based on the performance through to 2025, when the actual BESS installation capacity reached five times the original target”.",{"type":647,"attrs":7229,"content":7230},{"level":7131,"textAlign":49},[7231],{"text":7232,"type":585,"marks":7233},"EV policy changes",[7234],{"type":655},{"type":580,"attrs":7236,"content":7237},{"textAlign":49},[7238],{"text":7239,"type":585},"In 2025, the Chinese government announced a range of new measures aimed at driving the electric vehicle (EV) market towards greater efficiency and avoiding a race to the bottom on prices. These ‘anti-involution’ changes include an end to full exemptions from purchase tax for new energy vehicles (NEVs), with the introduction of a new 5% levy.",{"type":580,"attrs":7241,"content":7242},{"textAlign":49},[7243],{"text":7244,"type":585},"While this is still below the 10% levied on internal combustion engine (ICE) vehicles, it remains a significant change – particularly when paired with another recent change to state support for EV consumption, the alteration of China’s EV trade-in subsidy. This no longer guarantees a flat subsidy of RMB 20,000 (US$2,900), but rather a 12% subsidy on the value of a vehicle up to a cap of RMB 20,000.",{"type":580,"attrs":7246,"content":7247},{"textAlign":49},[7248,7250,7255],{"text":7249,"type":585},"In practice, ",{"text":7251,"type":585,"marks":7252},"as recently noted by Benchmark",[7253],{"type":590,"attrs":7254},{"href":6537,"uuid":6538,"anchor":49,"target":594,"linktype":595},{"text":7256,"type":585},", this means that low- and medium-priced vehicles in China can cost as much as twice what they did before the changes. It remains to be seen whether these measures, which aim to avoid extreme price competition and increase OEMs’ focus on quality, will have implications for EV makers’ export markets.",{"type":580,"attrs":7258,"content":7259},{"textAlign":49},[7260],{"text":7261,"type":585},"Within China, the full package of changes means we expect growth of 8.7% across all vehicle classes in 2026. Beyond it, a number of Chinese automakers have set explicit 2026 overseas sales targets, and exports are expected to be a key point of competition in the sector this year, though an increasing number are establishing ex-China production sites.",{"type":647,"attrs":7263,"content":7264},{"level":649,"textAlign":49},[7265],{"text":7266,"type":585},"China in numbers",{"type":580,"attrs":7268,"content":7269},{"textAlign":49},[7270],{"text":7271,"type":585},"China’s upstream dominance rests on refining capacity, where it dominates across the lithium, cobalt, nickel, rare earths and graphite supply chains. While its share is expected to decline in most of these cases by 2035, the country is expected to maintain its leading position in each.",{"type":636,"attrs":7273},{"id":7119,"body":7274},[7275],{"id":7276,"_uid":7277,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28403015","i-d52798d1-c6fe-4608-8a81-f3519fcb5ec1",{"type":636,"attrs":7279},{"id":7119,"body":7280},[7281],{"id":7282,"_uid":7283,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28193340","i-49d41db1-d9eb-4a95-9554-bcb0f5221da4",{"type":636,"attrs":7285},{"id":7119,"body":7286},[7287],{"id":7288,"_uid":7289,"type":595,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"3640495","i-5e07ea72-e7ba-4321-ae8b-f9fcc9191052",{"type":647,"attrs":7291,"content":7292},{"level":649,"textAlign":49},[7293],{"text":7294,"type":585},"In focus: CATL",{"type":580,"attrs":7296,"content":7297},{"textAlign":49},[7298],{"text":7299,"type":585},"Shares in China’s largest battery maker, CATL, hit a new high in March, closing at RMB 413 on the Shenzhen Stock Exchange on 20 March as the war in Iran drove strong expectations of an increase in battery demand. This builds on a strong share price performance that has followed impressive revenue figures for 2025.",{"type":580,"attrs":7301,"content":7302},{"textAlign":49},[7303],{"text":7304,"type":585},"The company, which was founded in 2011, has established itself as the world’s largest EV and energy storage battery supplier in the world in just 15 years. It had 39.2% market share in 2025, and supplied more EV and BESS cells than any other company. Of all BESS cells supplied globally last year, one in five came from the company’s plant in the county of Liyang in the Jiangsu province of China. Of all EV cells, 35% were produced by the company.",{"type":636,"attrs":7306},{"id":7119,"body":7307},[7308],{"id":7309,"_uid":7310,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28351772","i-93a942ae-4a9d-406b-a281-971532adfe42",{"type":580,"attrs":7312,"content":7313},{"textAlign":49},[7314,7316,7321],{"text":7315,"type":585},"In the middle of 2025, ",{"text":7317,"type":585,"marks":7318},"we asked whether CATL revenue growth would return",[7319],{"type":590,"attrs":7320},{"href":4642,"uuid":4643,"anchor":49,"target":594,"linktype":595},{"text":7322,"type":585}," after it had stalled in 2024. Revenue dropped in that year as the company adjusted prices to reflect lower prices of raw materials, though sales continued their growth. We noted that CATL’s increased vertical integration was helping it to improve product margins and, in the event, revenue surged 17% in 2025 to RMB 423.7bn, driving a boost to the company’s profits of 42% as they swelled to RMB 72.2bn.",{"type":580,"attrs":7324,"content":7325},{"textAlign":49},[7326],{"text":7327,"type":585},"A considerable part of that increased revenue came from the company’s expansion of its energy storage business, which grew from RMB 57.3bn to RMB 62.4bn last year. While it represented a smaller proportion of the company’s revenue, this was only because of the pace of expansion of its EV cell business.",{"type":580,"attrs":7329,"content":7330},{"textAlign":49},[7331,7335],{"text":7332,"type":585,"marks":7333},"Benchmark’s China Briefing provides a monthly bulletin on changes in the country from across the battery supply chain, as well as downstream. ",[7334],{"type":1992},{"text":7336,"type":585,"marks":7337},"This mine-to-grid update can be accessed here.",[7338,7340],{"type":590,"attrs":7339},{"href":2083,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"type":580,"attrs":7342,"content":7343},{"textAlign":49},[7344],{"text":7345,"type":585,"marks":7346},"Benchmark will also be in Shanghai, China for this year’s edition of Benchmark Week, with more details to follow soon.",[7347],{"type":1992},"It is difficult to overstate China’s role in the battery supply chain. It is the world’s largest producer of batteries, whether for electric vehicles (EVs) or battery energy stationary storage (BESS). It is the world’s largest single miner of lithium and natural graphite – it is also, in both cases, the largest supplier of refined product – and the largest provider of needle coke and synthetic graphite. In rare earths, it controls over 90% of global refining capacity.",[7350,7353],{"slug":568,"name":569,"content":7351},{"job_title":571,"image":7352,"bio":574,"linkedin":575},{"filename":573},{"slug":1466,"name":1467,"content":7354},{"job_title":1469,"image":7355,"bio":1472,"linkedin":1473},{"filename":1471},[7357,7358,7359,7360,7361,7362,7363,7364,7365,7366,7367,7368,7369,7370,7371],{"slug":956,"name":957},{"slug":2162,"name":261},{"slug":959,"name":960},{"slug":1140,"name":1136},{"slug":1142,"name":1143},{"slug":950,"name":951},{"slug":692,"name":693},{"slug":695,"name":696},{"slug":3379,"name":3380},{"slug":2627,"name":2628},{"slug":1693,"name":8},{"slug":2631,"name":189},{"slug":2553,"name":150},{"slug":2900,"name":414},{"slug":2633,"name":2634},{"id":7373,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":7374,"copyright":645,"fieldtype":701,"meta_data":7375,"is_external_url":50},163722642447005,"https://a.storyblok.com/f/287943243085208/713x754/a5a57bf82f/china-map.png",{},{"id":6011,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":6012,"copyright":645,"fieldtype":701,"meta_data":7377,"is_external_url":50},{},"It is difficult to overstate China’s role in the battery supply chain. It is the world’s largest producer of batteries, whether for electric vehicles (EVs) or battery energy stationary storage (BESS).",{"id":7380,"uuid":7381,"name":7382,"slug":7383,"full_slug":7384,"content":7385},159401286976525,"664d77ea-f0d7-424b-bc00-0482409644fd","How is Europe progressing on its CRMA targets?","how-is-europe-progressing-on-its-crma-targets-","article/how-is-europe-progressing-on-its-crma-targets-",{"_uid":7386,"date":7387,"tags":7388,"editor":645,"content":7395,"excerpt":7717,"featured":51,"reporter":7718,"component":689,"seo_title":7382,"categories":7732,"visibility":697,"data_vis_image":7747,"featured_image":7751,"seo_description":7755,"formattedDate":7756},"2d3decb0-777e-48cc-9d3a-3ef49931c126","2026-03-27 00:00",[7389,7390,7391,7394],{"slug":1303,"name":1304},{"slug":1291,"name":1292},{"slug":7392,"name":7393},"critical-raw-materials-act","Critical Raw Materials Act",{"slug":564,"name":565},{"type":577,"content":7396},[7397,7431,7439,7447,7454,7462,7498,7548,7584,7592,7600,7608,7616,7637,7645,7678,7712],{"type":580,"attrs":7398,"content":7399},{"textAlign":49},[7400,7404,7412,7417,7426],{"text":1005,"type":585,"marks":7401},[7402],{"type":850,"attrs":7403},{"color":1484},{"text":1304,"type":585,"marks":7405},[7406,7410],{"type":590,"attrs":7407},{"href":7408,"uuid":7409,"anchor":49,"target":1492,"linktype":595},"/article/the-challenges-and-opportunities-of-europe-s-gigafactory-pipeline","6c3070da-9e0b-401f-b4d3-b32170207485",{"type":850,"attrs":7411},{"color":1484},{"text":7413,"type":585,"marks":7414}," still requires significant investment in ",[7415],{"type":850,"attrs":7416},{"color":1484},{"text":7418,"type":585,"marks":7419},"critical battery mineral projects",[7420,7424],{"type":590,"attrs":7421},{"href":7422,"uuid":7423,"anchor":49,"target":1492,"linktype":595},"/videos/building-europe-s-critical-metals-value-chain-interview-with-european-metals-dr-james-watson","24a22b3e-dda6-476c-bf33-1089aa329c55",{"type":850,"attrs":7425},{"color":1484},{"text":7427,"type":585,"marks":7428}," if it is to meet the non-binding targets set out in its Critical Raw Materials Act (CRMA) which came into force in May 2024.",[7429],{"type":850,"attrs":7430},{"color":1484},{"type":580,"attrs":7432,"content":7433},{"textAlign":49},[7434],{"text":7435,"type":585,"marks":7436},"The Act set targets for 10% of the bloc’s critical mineral demand to be met by domestic mining, 40% by domestic processing, and 25% by recycling. Further, no more than 65% of demand for one critical mineral should be met by a single country.",[7437],{"type":850,"attrs":7438},{"color":1484},{"type":580,"attrs":7440,"content":7441},{"textAlign":49},[7442],{"text":7443,"type":585,"marks":7444},"Benchmark analysis shows that with the exception of lithium and nickel extraction, the bloc is forecast to miss the targets for battery metals across mining, processing and recycling.",[7445],{"type":850,"attrs":7446},{"color":1484},{"type":636,"attrs":7448},{"id":7449,"body":7450},"43829a63-bc75-4e1f-a2d1-b527d795018c",[7451],{"id":7452,"_uid":7453,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28206187","i-2aa811de-d503-4ecf-9197-4351af5bd8d2",{"type":647,"attrs":7455,"content":7456},{"level":649,"textAlign":49},[7457],{"text":7458,"type":585,"marks":7459},"Where has most progress been made?",[7460],{"type":850,"attrs":7461},{"color":1484},{"type":580,"attrs":7463,"content":7464},{"textAlign":49},[7465,7470,7479,7484,7493],{"text":7466,"type":585,"marks":7467},"Lithium and nickel mining within the EU is currently forecast to meet over 10% of domestic demand. For lithium, the largest EU projects set to come online by 2030 are ",[7468],{"type":850,"attrs":7469},{"color":1484},{"text":7471,"type":585,"marks":7472},"Vulcan Energy’s",[7473,7477],{"type":590,"attrs":7474},{"href":7475,"uuid":7476,"anchor":49,"target":1492,"linktype":595},"/videos/panel-discussion-building-a-european-lithium-supply-chain-challenges-and-opportunities","145a62ae-f4db-4dab-9b13-a8264072ed0d",{"type":850,"attrs":7478},{"color":1484},{"text":7480,"type":585,"marks":7481}," Upper Rhine Valley Project, which uses DLE and ",[7482],{"type":850,"attrs":7483},{"color":1484},{"text":7485,"type":585,"marks":7486},"Keliber’s hard rock",[7487,7491],{"type":590,"attrs":7488},{"href":7489,"uuid":7490,"anchor":49,"target":1492,"linktype":595},"/videos/sibanye-stillwaters-innovative-contribution-to-lithium-keliber-and-pcam-gallicam-european-supply","fa1f2bc9-9113-4c55-ac9a-e78c7a119a35",{"type":850,"attrs":7492},{"color":1484},{"text":7494,"type":585,"marks":7495}," Kaustinen project in Finland.",[7496],{"type":850,"attrs":7497},{"color":1484},{"type":580,"attrs":7499,"content":7500},{"textAlign":49},[7501,7506,7515,7520,7529,7534,7543],{"text":7502,"type":585,"marks":7503},"On the recycling side, the EU has acknowledged the risk that ",[7504],{"type":850,"attrs":7505},{"color":1484},{"text":7507,"type":585,"marks":7508},"black mass “leakage”",[7509,7513],{"type":590,"attrs":7510},{"href":7511,"uuid":7512,"anchor":49,"target":1492,"linktype":595},"/article/in-charts-comparing-the-european-and-north-american-black-mass-markets","17ddc210-2e26-425d-a51d-27a520917277",{"type":850,"attrs":7514},{"color":1484},{"text":7516,"type":585,"marks":7517}," out of the region poses. Whilst there is significant capacity for pre-treating scrap batteries into ",[7518],{"type":850,"attrs":7519},{"color":1484},{"text":7521,"type":585,"marks":7522},"black mass",[7523,7527],{"type":590,"attrs":7524},{"href":7525,"uuid":7526,"anchor":49,"target":1492,"linktype":595},"/article/what-is-black-mass-and-how-is-it-priced","7e1c5466-a467-471e-adca-9f45d75f0441",{"type":850,"attrs":7528},{"color":1484},{"text":7530,"type":585,"marks":7531},", the bloc needs more refining capacity to convert this into chemicals. Progress was made on this front in March 2025, when it was proposed to ",[7532],{"type":850,"attrs":7533},{"color":1484},{"text":7535,"type":585,"marks":7536},"reclassify black mass as a hazardous waste",[7537,7541],{"type":590,"attrs":7538},{"href":7539,"uuid":7540,"anchor":49,"target":1492,"linktype":595},"/article/eu-classifies-black-mass-as-hazardous-waste-to-reduce-critical-mineral-leakage","ffae495f-722e-4740-ba5f-40c3fdbe2d18",{"type":850,"attrs":7542},{"color":1484},{"text":7544,"type":585,"marks":7545},". With this classification, exports would be restricted to OECD countries only, making it easier to track the movement of black mass.",[7546],{"type":850,"attrs":7547},{"color":1484},{"type":580,"attrs":7549,"content":7550},{"textAlign":49},[7551,7556,7565,7570,7579],{"text":7552,"type":585,"marks":7553},"Progress on the implementation of the CRMA has also been made. A key part of this is the establishment of Strategic Projects. These are projects that the EU deems vital to the production of critical minerals. In 2025, ",[7554],{"type":850,"attrs":7555},{"color":1484},{"text":7557,"type":585,"marks":7558},"47 projects were given the Strategic classification",[7559,7563],{"type":590,"attrs":7560},{"href":7561,"uuid":7562,"anchor":49,"target":1492,"linktype":595},"/article/eu-strategic-projects-could-help-progress-on-crma-goals","d9455e37-4678-4f4f-a0bf-63f788af84d7",{"type":850,"attrs":7564},{"color":1484},{"text":7566,"type":585,"marks":7567}," within the EU, along with ",[7568],{"type":850,"attrs":7569},{"color":1484},{"text":7571,"type":585,"marks":7572},"13 further projects",[7573,7577],{"type":590,"attrs":7574},{"href":7575,"uuid":7576,"anchor":49,"target":1492,"linktype":595},"/article/eu-identifies-13-global-critical-mineral-projects-to-support-crma-targets","3b4b414a-cfc5-48de-bbcc-2b488ec78b48",{"type":850,"attrs":7578},{"color":1484},{"text":7580,"type":585,"marks":7581}," from outside of the region.",[7582],{"type":850,"attrs":7583},{"color":1484},{"type":647,"attrs":7585,"content":7586},{"level":649,"textAlign":49},[7587],{"text":7588,"type":585,"marks":7589},"Where is the most progress required?",[7590],{"type":850,"attrs":7591},{"color":1484},{"type":580,"attrs":7593,"content":7594},{"textAlign":49},[7595],{"text":7596,"type":585,"marks":7597},"The EU has no needle coke production nor any domestic synthetic graphite capacity expected to come online by 2030. As such, the bloc is wholly dependent on imports for synthetic anode, though the region does have some flake graphite mines and is forecast to meet 17% of its spherical graphite needs domestically in 2030.",[7598],{"type":850,"attrs":7599},{"color":1484},{"type":580,"attrs":7601,"content":7602},{"textAlign":49},[7603],{"text":7604,"type":585,"marks":7605},"Of the battery metals, manganese is the furthest away from hitting the CRMA targets, with no sizable domestic mined source of manganese and only one operating facility producing the high purity manganese sulphate monohydrate (HPMSM) required for battery applications. The largest HPMSM pipeline project is Euro Manganese’s Chvaletice project which isn’t expected online until at least 2030 if it proceeds to schedule.",[7606],{"type":850,"attrs":7607},{"color":1484},{"type":647,"attrs":7609,"content":7610},{"level":649,"textAlign":49},[7611],{"text":7612,"type":585,"marks":7613},"How do EU policies support the goal?",[7614],{"type":850,"attrs":7615},{"color":1484},{"type":580,"attrs":7617,"content":7618},{"textAlign":49},[7619,7623,7632],{"text":1005,"type":585,"marks":7620},[7621],{"type":850,"attrs":7622},{"color":1484},{"text":7624,"type":585,"marks":7625},"RESourceEU Action Plan",[7626,7630],{"type":590,"attrs":7627},{"href":7628,"uuid":7629,"anchor":49,"target":1492,"linktype":595},"/publications/briefings/geo-economic-and-policy-briefings/geo-economic-and-policy-briefing-december-2025","c1b66b19-6e88-4b60-9edc-f631ba9834c1",{"type":850,"attrs":7631},{"color":1484},{"text":7633,"type":585,"marks":7634}," was adopted in December 2025, aiming to accelerate the EU’s battery and permanent magnet supply chain security efforts. Part of this is an EU CRM Financing Hub, which aims to help finance and derisk projects through a variety of existing EU funding programs, such as the EU Innovation Fund. The hub aims to secure and deploy EUR3 billion ($3.5 bn) by the end of 2026.",[7635],{"type":850,"attrs":7636},{"color":1484},{"type":580,"attrs":7638,"content":7639},{"textAlign":49},[7640],{"text":7641,"type":585,"marks":7642},"Another part of the Action Plan to be implemented this year is the Critical Raw Material Centre, which is supposed to coordinate the CRM Financing Hub and support joint stockpiling and purchasing efforts, and which the EU Commission hopes, in the end, to turn into a strategic market-shaping mechanism.",[7643],{"type":850,"attrs":7644},{"color":1484},{"type":580,"attrs":7646,"content":7647},{"textAlign":49},[7648,7652,7659,7664,7673],{"text":1005,"type":585,"marks":7649},[7650],{"type":850,"attrs":7651},{"color":1484},{"text":7653,"type":585,"marks":7654},"Industrial Accelerator Act",[7655,7657],{"type":590,"attrs":7656},{"href":6592,"uuid":6593,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":7658},{"color":1484},{"text":7660,"type":585,"marks":7661}," (IAA), tabled by the European Commission in March 2026, plans to mandate a certain proportion of electric vehicles and batteries to be “",[7662],{"type":850,"attrs":7663},{"color":1484},{"text":7665,"type":585,"marks":7666},"Made in EU",[7667,7671],{"type":590,"attrs":7668},{"href":7669,"uuid":7670,"anchor":49,"target":1492,"linktype":595},"/publications/briefings/geo-economic-and-policy-briefings/geo-economic-and-policy-briefing-edition-2-2026","4a0659e5-0b2b-441e-877d-2b232bcecee6",{"type":850,"attrs":7672},{"color":1484},{"text":7674,"type":585,"marks":7675},"”, which could provide demand-side support for domestic projects.",[7676],{"type":850,"attrs":7677},{"color":1484},{"type":580,"attrs":7679,"content":7680},{"textAlign":49},[7681,7686,7693,7698,7707],{"text":7682,"type":585,"marks":7683},"Although the EU has set ambitious targets across the critical mineral space and has made some progress towards them, significantly more investment is required to meet them. ",[7684],{"type":850,"attrs":7685},{"color":1484},{"text":7687,"type":585,"marks":7688},"Coherent policy action",[7689,7691],{"type":590,"attrs":7690},{"href":5764,"uuid":5765,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":7692},{"color":1484},{"text":7694,"type":585,"marks":7695}," and potentially public capital will be needed to draw in ",[7696],{"type":850,"attrs":7697},{"color":1484},{"text":7699,"type":585,"marks":7700},"private capital",[7701,7705],{"type":590,"attrs":7702},{"href":7703,"uuid":7704,"anchor":49,"target":1492,"linktype":595},"/videos/investing-in-critical-mineral-supply-chains-interview-with-quentin-lamarche","fb13450b-1ab4-4728-9bd3-46363996f176",{"type":850,"attrs":7706},{"color":1484},{"text":7708,"type":585,"marks":7709}," and derisk critical mineral investments.",[7710],{"type":850,"attrs":7711},{"color":1484},{"type":580,"attrs":7713,"content":7714},{"textAlign":49},[7715],{"type":7716},"hard_break","The European Union still requires significant investment in critical mineral projects if it is to meet the non-binding targets set out in its Critical Raw Materials Act (CRMA) which came into force in May 2024.\nThe Act set targets for 10% of the bloc’s critical mineral demand to be met by domestic mining, 40% by domestic processing, and 25% by recycling. Further, no more than 65% of demand for one critical mineral should be met by a single country.\nBenchmark analysis shows that with the exception of lithium and nickel extraction, the bloc is forecast to miss the targets for battery metals across mining, processing and recycling.",[7719,7722],{"slug":1466,"name":1467,"content":7720},{"job_title":1469,"image":7721,"bio":1472,"linkedin":1473},{"filename":1471},{"slug":7723,"name":7724,"content":7725},"bryan-bille","Bryan Bille",{"job_title":7726,"image":7727,"bio":7729,"linkedin":7730,"markets_covered":7731},"Lead Analyst - Government Policy",{"filename":7728},"https://a.storyblok.com/f/287943243085208/512x512/1491bc3cc9/bryan-bille.jpeg","Bryan has more than 8 years of policy and geopolitical experience covering numerous areas, such as international trade, industrial policy, critical minerals, battery and EV supply chains and the broader energy transition. Bryan currently oversees Benchmark Mineral Intelligence’s policy and geopolitical coverage and leads Benchmark’s strategic outreach to policymakers. Before joining Benchmark, Bryan obtained a degree in corporate law from the University of Antwerp and an international political economy degree from King’s College London. He also held various positions within the Belgian diplomatic corps and politics, where he was involved in multiple policy issues and international negotiations at the EU level. ","https://www.linkedin.com/in/bryanbille/","Critical Mineral, Battery and EV Supply ",[7733,7734,7735,7736,7737,7738,7739,7740,7741,7744,7746],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"slug":2544,"name":115},{"slug":2553,"name":150},{"slug":4962,"name":4963},{"slug":2633,"name":2634},{"slug":2631,"name":189},{"slug":2627,"name":2628},{"slug":7742,"name":7743},"recycling","Recycling",{"slug":7745,"name":373},"black-mass",{"slug":695,"name":696},{"id":7748,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":7749,"copyright":645,"fieldtype":701,"meta_data":7750,"is_external_url":50},159405371505186,"https://a.storyblok.com/f/287943243085208/1590x2164/5bd373204a/crma-q1-2026-2x.png",{},{"id":7752,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":7753,"copyright":645,"fieldtype":701,"meta_data":7754,"is_external_url":50},129067466984180,"https://a.storyblok.com/f/287943243085208/c71059049a/bm-european-commission-flags-e1649948622413.jpg",{},"The European Union still requires significant investment in critical mineral projects if it is to meet the non-binding targets set out in its Critical Raw Materials Act (CRMA) which came into force in May 2024.","Mar 27, 2026",{"id":7758,"uuid":769,"name":7759,"slug":7760,"full_slug":7761,"content":7762},158753706739779,"US EV demand shift and BESS growth: Who deployed the most batteries in 2025?","us-ev-demand-shift-and-bess-growth-who-deployed-the-most-batteries-in-2025-","article/us-ev-demand-shift-and-bess-growth-who-deployed-the-most-batteries-in-2025-",{"_uid":7763,"date":7764,"tags":7765,"editor":7781,"content":7785,"excerpt":7902,"featured":51,"reporter":7903,"component":689,"seo_title":7907,"categories":7908,"visibility":2019,"data_vis_image":7912,"featured_image":7916,"seo_description":7920,"formattedDate":7921},"5db5a306-a2b4-483a-b227-2e57a475db22","2026-03-25 00:00",[7766,7767,7770,7771,7772,7775,7776,7777,7780],{"slug":564,"name":565},{"slug":7768,"name":7769},"battery-production","Battery Production",{"slug":2044,"name":2045},{"slug":1294,"name":1295},{"slug":7773,"name":7774},"lges","LGES",{"slug":4464,"name":4465},{"slug":720,"name":721},{"slug":7778,"name":7779},"south-korea","South Korea",{"slug":4458,"name":4459},[7782],{"slug":568,"name":569,"content":7783},{"job_title":571,"image":7784,"bio":574,"linkedin":575},{"filename":573},{"type":577,"content":7786},[7787,7805,7819,7826,7835,7854,7861,7868,7885,7890],{"type":580,"attrs":7788,"content":7789},{"textAlign":49},[7790,7792,7797,7799,7804],{"text":7791,"type":585},"Overall ",{"text":7793,"type":585,"marks":7794},"lithium ion battery demand",[7795],{"type":590,"attrs":7796},{"href":1519,"uuid":1520,"anchor":49,"target":594,"linktype":595},{"text":7798,"type":585}," increased by 30% year-on-year to over 1.6TWh in 2025, compared to 1.3TWh in 2024, and the largest four manufacturers meeting that demand remained at the top of ",{"text":7800,"type":585,"marks":7801},"the rankings",[7802],{"type":590,"attrs":7803},{"href":4543,"uuid":4544,"anchor":49,"target":594,"linktype":595},{"text":1538,"type":585},{"type":580,"attrs":7806,"content":7807},{"textAlign":49},[7808,7810,7817],{"text":7809,"type":585},"There have been shifts among the next-largest players, however, as ",{"text":7811,"type":585,"marks":7812},"increased battery energy stationary storage (BESS) demand",[7813],{"type":590,"attrs":7814},{"href":7815,"uuid":7816,"anchor":49,"target":594,"linktype":595},"/article/us-bess-cell-demand-outstripping-north-american-production-until-2028-despite-tariffs","e10ddd56-09be-471c-ab8b-7f1503670661",{"text":7818,"type":585}," and a dip in US electric vehicle (EV) sales growth have affected some South Korean firms in particular.",{"type":647,"attrs":7820,"content":7821},{"level":649,"textAlign":49},[7822],{"text":7823,"type":585,"marks":7824},"Growing BESS demand boosts Chinese firms",[7825],{"type":655},{"type":580,"attrs":7827,"content":7828},{"textAlign":49},[7829,7833],{"text":2045,"type":585,"marks":7830},[7831],{"type":590,"attrs":7832},{"href":4611,"uuid":4612,"anchor":49,"target":594,"linktype":595},{"text":7834,"type":585},", BYD, LG Energy Solution and China Aviation Lithium Battery (CALB) have stayed in the top four, fulfilling over 60% of EV and BESS demand. EVE Energy, much of whose supply went to BESS applications, climbed from eighth to fourth place. Growth in EV demand for Samsung SDI and Panasonic, who came in at fifth and sixth respectively in 2024, did not stop them from dropping to eighth and ninth in 2025.",{"type":580,"attrs":7836,"content":7837},{"textAlign":49},[7838,7840,7847,7849,7852],{"text":7839,"type":585},"Significantly, this is the first year when a top ten cell supplier made that list solely through ",{"text":7841,"type":585,"marks":7842},"BESS production",[7843],{"type":590,"attrs":7844},{"href":7845,"uuid":7846,"anchor":49,"target":594,"linktype":595},"/article/battery-manufacturers-ramp-up-cell-size-to-meet-growing-bess-capacity-demands","8a3561ee-39d5-443e-abf1-4148319e3650",{"text":7848,"type":585},", with Hithium climbing to tenth place without supplying EV cells. This is a trend Benchmark expects to continue as Hithium and smaller BESS player Cornex, which came in at 16",{"text":5219,"type":585,"marks":7850},[7851],{"type":2946},{"text":7853,"type":585},", carry out their expansion plans in the coming years. CATL, meanwhile, remained the largest BESS supplier despite slower growth in 2025 compared to 2024.",{"type":636,"attrs":7855},{"id":7856,"body":7857},"69ba5742-9b87-430b-ae6e-1f6a8015f115",[7858],{"id":7859,"_uid":7860,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28208825","i-cb27e670-437f-4be3-aa52-e02c162d87ea",{"type":647,"attrs":7862,"content":7863},{"level":649,"textAlign":49},[7864],{"text":7865,"type":585,"marks":7866},"South Korean players take US EV hit",[7867],{"type":655},{"type":580,"attrs":7869,"content":7870},{"textAlign":49},[7871,7878,7880,7883],{"text":7872,"type":585,"marks":7873},"Chinese companies like EVE and Gotion",[7874],{"type":590,"attrs":7875},{"href":7876,"uuid":7877,"anchor":49,"target":594,"linktype":595},"/article/chinese-presence-in-tier-1-increases-further-with-calb-eve-svolt-and-gotion","14469f1d-ea5f-4dc8-9961-37e30cde238d",{"text":7879,"type":585}," have climbed the ranks as South Korean players like Samsung SDI – which did nevertheless produce 10GWh more than in 2024 – and EV battery maker SK On have fallen. SK On registered the largest drop, from seventh to 12",{"text":5219,"type":585,"marks":7881},[7882],{"type":2946},{"text":7884,"type":585}," place, as it reduced production.",{"type":580,"attrs":7886,"content":7887},{"textAlign":49},[7888],{"text":7889,"type":585},"The US, a major export market for South Korean firms, saw slower EV demand growth as the One Big Beautiful Bill Act (OBBBA) reduced government support for the sector and new tariffs on imports were implemented.",{"type":580,"attrs":7891,"content":7892},{"textAlign":49},[7893,7895,7900],{"text":7894,"type":585},"South Korean players are expected to grow in 2026 as they ",{"text":7896,"type":585,"marks":7897},"increase their production of lithium iron phosphate (LFP) cells",[7898],{"type":590,"attrs":7899},{"href":4586,"uuid":4587,"anchor":49,"target":594,"linktype":595},{"text":7901,"type":585}," after focusing until now on nickel cobalt manganese (NCM) chemistries, which are less utilised in BESS installations.","Overall lithium ion battery demand increased by 30% year-on-year to over 1.6TWh in 2025, compared to 1.3TWh in 2024, and the largest four manufacturers meeting that demand remained at the top of the rankings.\n\nThere have been shifts among the next-largest players, however, as increased battery energy stationary storage (BESS) demand and a dip in US electric vehicle (EV) sales growth have affected some South Korean firms in particular.",[7904],{"slug":1258,"name":1259,"content":7905},{"job_title":1261,"image":7906,"bio":1264,"linkedin":1265,"markets_covered":1266},{"filename":1263},"Who deployed the most batteries in 2025?",[7909,7910,7911],{"slug":956,"name":957},{"slug":950,"name":951},{"slug":692,"name":693},{"id":7913,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":7914,"copyright":645,"fieldtype":701,"meta_data":7915,"is_external_url":50},158754527084287,"https://a.storyblok.com/f/287943243085208/719x786/9430174592/battery-supplier-leaderboard-2025.png",{},{"id":7917,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":7918,"copyright":645,"fieldtype":701,"meta_data":7919,"is_external_url":50},129069422055138,"https://a.storyblok.com/f/287943243085208/c31afce037/bm-lithium-ion-waste-batteries.jpg",{},"Overall lithium ion battery demand increased by 30% year-on-year to over 1.6TWh in 2025, compared to 1.3TWh in 2024, and the largest four manufacturers meeting that demand remained at the top of the rankings.","Mar 25, 2026",{"id":7923,"uuid":3236,"name":7924,"slug":7925,"full_slug":7926,"content":7927},158419419079183,"Ex-China rare earths premium to grow, especially for heavies","ex-china-rare-earths-premium-to-grow-especially-for-heavies","article/ex-china-rare-earths-premium-to-grow-especially-for-heavies",{"_uid":7928,"date":7929,"tags":7930,"editor":7932,"content":7936,"excerpt":8150,"featured":51,"reporter":8151,"component":689,"seo_title":7924,"categories":8165,"visibility":2019,"data_vis_image":8168,"featured_image":8170,"seo_description":8174,"formattedDate":8175},"2027a55c-179c-4347-b5c3-833dc59350a5","2026-03-24 00:00",[7931],{"slug":564,"name":565},[7933],{"slug":1466,"name":1467,"content":7934},{"job_title":1469,"image":7935,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":7937},[7938,7960,7981,7989,7997,8005,8027,8035,8055,8103,8111,8120,8129,8138,8148],{"type":580,"attrs":7939,"content":7940},{"textAlign":49},[7941,7946,7955],{"text":7942,"type":585,"marks":7943},"Since China introduced export restrictions on rare earths in April 2025, ",[7944],{"type":850,"attrs":7945},{"color":1484},{"text":7947,"type":585,"marks":7948},"significant regional bifurcation",[7949,7953],{"type":590,"attrs":7950},{"href":7951,"uuid":7952,"anchor":49,"target":1492,"linktype":595},"/article/rare-earth-prices-show-regional-bifurcation-following-export-restrictions-imposed-by-china","087ee693-546b-4bbb-9fcf-b00e664cae06",{"type":850,"attrs":7954},{"color":1484},{"text":7956,"type":585,"marks":7957}," of heavy rare earth prices has developed. In 2025, dysprosium oxide prices on a CIF North America basis were 4.4 times that of EXW China prices, with a similar difference for European prices in terbium.",[7958],{"type":850,"attrs":7959},{"color":1484},{"type":580,"attrs":7961,"content":7962},{"textAlign":49},[7963,7968,7976],{"text":7964,"type":585,"marks":7965},"By 2027, ",[7966],{"type":850,"attrs":7967},{"color":1484},{"text":7969,"type":585,"marks":7970},"Benchmark’s Rare Earths Service",[7971,7974],{"type":590,"attrs":7972},{"href":7973,"uuid":49,"anchor":49,"target":1492,"linktype":1570},"https://www.benchmarkminerals.com/rare-earths",{"type":850,"attrs":7975},{"color":1484},{"text":7977,"type":585,"marks":7978}," forecasts that this relative difference will almost double to 8.3 times. Although the difference is expected to reduce to 2035, the regional disparities are expected to persist.",[7979],{"type":850,"attrs":7980},{"color":1484},{"type":580,"attrs":7982,"content":7983},{"textAlign":49},[7984],{"text":7985,"type":585,"marks":7986},"“Rare earths export controls imposed by China have created a two-tier global market, where access to critical rare earths increasingly depends on geopolitics rather than underlying fundamentals,” said George Ingalls, a rare earths price analyst at Benchmark. “This raises input costs for magnet supply chains outside China, weakens the competitiveness of downstream manufacturing in regions such as North America, Europe and Japan, and strengthens the case for policy support, strategic stockpiling and ex-China supply chain investment.”",[7987],{"type":850,"attrs":7988},{"color":1484},{"type":580,"attrs":7990,"content":7991},{"textAlign":49},[7992],{"type":1847,"attrs":7993},{"id":7994,"alt":645,"src":7995,"title":645,"source":645,"copyright":645,"meta_data":7996},158427487780987,"https://a.storyblok.com/f/287943243085208/4000x5302/b6fc389a59/rare-earths-ex-china-prices-v5-01.png",{},{"type":647,"attrs":7998,"content":7999},{"level":649,"textAlign":49},[8000],{"text":8001,"type":585,"marks":8002},"What is the impact of rare earths price bifurcation?",[8003],{"type":850,"attrs":8004},{"color":1484},{"type":580,"attrs":8006,"content":8007},{"textAlign":49},[8008,8013,8022],{"text":8009,"type":585,"marks":8010},"This substantial increase in the price of ",[8011],{"type":850,"attrs":8012},{"color":1484},{"text":8014,"type":585,"marks":8015},"heavy rare earths outside of China",[8016,8020],{"type":590,"attrs":8017},{"href":8018,"uuid":8019,"anchor":49,"target":1492,"linktype":595},"/article/rare-earths-price-rally-highlights-china-s-influence-on-market","43bb65ef-102c-4f79-9f64-a8f6740ded80",{"type":850,"attrs":8021},{"color":1484},{"text":8023,"type":585,"marks":8024}," is a critical concern for regions globally as these minerals are of vital importance for the electrification of transport, with demand from the defence industry growing rapidly.",[8025],{"type":850,"attrs":8026},{"color":1484},{"type":580,"attrs":8028,"content":8029},{"textAlign":49},[8030],{"text":8031,"type":585,"marks":8032},"In 2025, China controlled 85% of total rare earth oxide production, including 99% of dysprosium oxide and terbium oxide.",[8033],{"type":850,"attrs":8034},{"color":1484},{"type":580,"attrs":8036,"content":8037},{"textAlign":49},[8038,8043,8050],{"text":8039,"type":585,"marks":8040},"Japan, in particular, is highly exposed to ",[8041],{"type":850,"attrs":8042},{"color":1484},{"text":8044,"type":585,"marks":8045},"non-Chinese prices",[8046,8048],{"type":590,"attrs":8047},{"href":7171,"uuid":7172,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":8049},{"color":1484},{"text":8051,"type":585,"marks":8052}," following China’s tighter expert controls on rare earths to the country.",[8053],{"type":850,"attrs":8054},{"color":1484},{"type":580,"attrs":8056,"content":8057},{"textAlign":49},[8058,8063,8071,8075,8084,8089,8098],{"text":8059,"type":585,"marks":8060},"The reality of China’s control over the rare earths and magnets supply chain has, in particular, pushed the US into action. The US DoW now has offtakes with ",[8061],{"type":850,"attrs":8062},{"color":1484},{"text":8064,"type":585,"marks":8065},"MP Materials",[8066,8069],{"type":590,"attrs":8067},{"href":8068,"uuid":49,"anchor":49,"target":1492,"linktype":1570},"https://intelligence.benchmarkminerals.com/publications/price-analysis/pentagon-invests-in-mp-materials-in-bid-to-break-chinas-rare-earths-dominance-benchmark-rare-earths",{"type":850,"attrs":8070},{"color":1484},{"text":6709,"type":585,"marks":8072},[8073],{"type":850,"attrs":8074},{"color":1484},{"text":8076,"type":585,"marks":8077},"Lynas",[8078,8082],{"type":590,"attrs":8079},{"href":8080,"uuid":8081,"anchor":49,"target":1492,"linktype":595},"/article/lynas-rare-earths-signs-us-96m-rare-earth-offtake-and-price-floor-commitment-with-dow","f74b2983-4b5a-494e-8eae-ce776123a85e",{"type":850,"attrs":8083},{"color":1484},{"text":8085,"type":585,"marks":8086}," backed by a price floor for praseodymium-neodymium (PrNd) oxide. Lynas also has a similar deal with ",[8087],{"type":850,"attrs":8088},{"color":1484},{"text":8090,"type":585,"marks":8091},"Japan Australia Rare Earths",[8092,8096],{"type":590,"attrs":8093},{"href":8094,"uuid":8095,"anchor":49,"target":1492,"linktype":595},"/article/lynas-and-jare-sign-offtake-and-price-floor-commitment-up-to-2038","cdeaaca9-3844-44fb-bfe2-2517ccd954c9",{"type":850,"attrs":8097},{"color":1484},{"text":8099,"type":585,"marks":8100}," (JARE).",[8101],{"type":850,"attrs":8102},{"color":1484},{"type":580,"attrs":8104,"content":8105},{"textAlign":49},[8106],{"text":8107,"type":585,"marks":8108},"The price floor mechanism these deals include are focused on PrNd, which is less constrained by China’s export restrictions and so there is a less pronounced regional bifurcation for this oxide.",[8109],{"type":850,"attrs":8110},{"color":1484},{"type":580,"attrs":8112,"content":8113},{"textAlign":49},[8114],{"text":8115,"type":585,"marks":8116},"Benchmark's ex-China Rare Earth Price Forecast is a new addition to our comprehensive Rare Earths Service. ",[8117,8119],{"type":850,"attrs":8118},{"color":1484},{"type":1992},{"type":580,"attrs":8121,"content":8122},{"textAlign":49},[8123],{"text":8124,"type":585,"marks":8125},"Subscribers rely on Benchmark's granular price data, supply/demand forecast, price outlook and cost analysis to make strategic decisions in the rare earths sector.",[8126,8128],{"type":850,"attrs":8127},{"color":1484},{"type":1992},{"type":580,"attrs":8130,"content":8131},{"textAlign":49},[8132],{"text":8133,"type":585,"marks":8134},"To learn more or book a demo, contact us:",[8135,8137],{"type":850,"attrs":8136},{"color":1484},{"type":1992},{"type":636,"attrs":8139},{"id":8140,"body":8141},"bb765be4-cc4f-406c-8b97-6acdff7e2789",[8142],{"id":1997,"_uid":8143,"component":1999,"wrap_in_box":50,"redirect_url":8144,"success_file":8145,"default_height":645,"success_message":645,"v2_hubspot_form":50,"success_sub_text":645,"hidden_field_values":8147,"show_on_intelligence":50},"i-9ec83f0c-4e98-4545-beec-6e9f11452e03",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":8146},{},[],{"type":580,"attrs":8149},{"textAlign":49},"Since China introduced export restrictions on rare earths in April 2025, significant regional bifurcation of heavy rare earth prices has developed. In 2025, dysprosium oxide prices on a CIF North America basis were 4.4 times that of EXW China prices, with a similar difference for European prices in terbium.\n\nBy 2027, Benchmark’s Rare Earths Service forecasts that this relative difference will almost double to 8.3 times. Although the difference is expected to reduce to 2035, the regional disparities are expected to persist.",[8152,8162],{"slug":8153,"name":8154,"content":8155},"george-ingall","George Ingall",{"job_title":8156,"image":8157,"bio":8159,"linkedin":8160,"markets_covered":8161},"Price Analyst - Rare Earths & Battery Minerals",{"filename":8158},"https://a.storyblok.com/f/287943243085208/2943x3679/899ad64a5e/george-ingall.jpg","George specialises in rare earths and battery minerals, with expertise in tracking market movements, pricing trends, and supply-demand dynamics across critical raw materials. Experienced in delivering clear market insights and analysis that support commercial strategy, investment decisions, and industry understanding in fast-evolving global commodities markets.","https://www.linkedin.com/in/georgeingall/","Rare Earths, Cobalt, Natural Graphite, Synthetic Graphite, Anode",{"slug":3258,"name":3259,"content":8163},{"job_title":3261,"image":8164,"bio":3264,"linkedin":3265,"markets_covered":414},{"filename":3263},[8166,8167],{"slug":1142,"name":1143},{"slug":2900,"name":414},{"id":7994,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":7995,"copyright":645,"fieldtype":701,"meta_data":8169,"is_external_url":50},{},{"id":8171,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":8172,"copyright":645,"fieldtype":701,"meta_data":8173,"is_external_url":50},129070861042134,"https://a.storyblok.com/f/287943243085208/373d029e01/bm-rare-earth-oxides-2.jpg",{},"Since China introduced export restrictions on rare earths in April 2025, significant regional bifurcation of heavy rare earth prices has developed. In 2025, dysprosium oxide prices on a CIF North America basis were 4.4 times that of EXW China prices.","Mar 24, 2026",{"id":8177,"uuid":6538,"name":8178,"slug":8179,"full_slug":8180,"content":8181},158032352665487,"Weakened fiscal support impacts China’s EV market ","weakened-fiscal-support-impacts-china-s-ev-market","article/weakened-fiscal-support-impacts-china-s-ev-market",{"_uid":8182,"date":8183,"tags":8184,"editor":8187,"content":8191,"excerpt":8306,"featured":51,"reporter":8307,"component":689,"seo_title":8178,"categories":8311,"visibility":697,"data_vis_image":8314,"featured_image":8318,"seo_description":8197,"formattedDate":8322},"8a51798b-8e21-4bf9-a2e5-f459817c27fc","2026-03-23 00:00",[8185,8186],{"slug":720,"name":721},{"slug":564,"name":565},[8188],{"slug":1466,"name":1467,"content":8189},{"job_title":1469,"image":8190,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":8192},[8193,8198,8210,8215,8229,8243,8248,8253,8260,8265,8270,8275,8280,8285,8290,8296,8301],{"type":580,"attrs":8194,"content":8195},{"textAlign":49},[8196],{"text":8197,"type":585},"The weakening of fiscal support provided by China to buyers of electric vehicles led to the lowest monthly sales figures of passenger car & light duty (PC & LDV) EVs since February 2024.",{"type":580,"attrs":8199,"content":8200},{"textAlign":2966},[8201,8203,8208],{"text":8202,"type":585},"Sales in China are down 26% in the first two months of 2026 compared to the same period in 2025, with ",{"text":8204,"type":585,"marks":8205},"retail sales of PC & LDV EVs",[8206],{"type":590,"attrs":8207},{"href":6469,"uuid":6470,"anchor":49,"target":1492,"linktype":595},{"text":8209,"type":585}," in the country falling under 500,000 units in February. ",{"type":647,"attrs":8211,"content":8212},{"level":649,"textAlign":2966},[8213],{"text":8214,"type":585},"How has China’s fiscal support for EV buyers changed? ",{"type":580,"attrs":8216,"content":8217},{"textAlign":2966},[8218,8220,8227],{"text":8219,"type":585},"While China continued its ",{"text":8221,"type":585,"marks":8222},"trade-in subsidy",[8223],{"type":590,"attrs":8224},{"href":8225,"uuid":8226,"anchor":49,"target":1492,"linktype":595},"/article/is-an-ev-market-slowdown-impending-in-china","f0df1be3-add0-4c24-b46c-e1f9cec44def",{"text":8228,"type":585}," for 2026, the scheme has become significantly less generous, particularly for cheaper vehicles. Previously, the scheme provided a flat subsidy of RMB20,000 (USD2,900) irrespective of price. Consumers are now only able to receive a subsidy worth 12% of the EV’s list price up to a maximum subsidy of RMB20,000 (USD2,900). ",{"type":580,"attrs":8230,"content":8231},{"textAlign":2966},[8232,8234,8241],{"text":8233,"type":585},"From January 1 2026, ",{"text":8235,"type":585,"marks":8236},"all EVs became subject to purchase tax",[8237],{"type":590,"attrs":8238},{"href":8239,"uuid":8240,"anchor":49,"target":1492,"linktype":595},"/article/purchase-taxes-on-chinese-evs-to-increase-from-2026","21085c02-5cd0-48c6-8294-dc4f14ad3a2d",{"text":8242,"type":585}," for the first time since 2014. Previously, EVs priced under RMB300,000 (USD43,700) were fully exempt from the tax, with EVs priced over this threshold subject to 10% purchase tax on the value of the vehicle over RMB300,000 (USD43,700). However, EVs are now subject to the full 10% purchase tax, with a 50% discount applied to any value of an EV under RMB300,000 (USD43,700). The purchase tax is calculated based on the vehicle’s pre-VAT price.  ",{"type":647,"attrs":8244,"content":8245},{"level":649,"textAlign":2966},[8246],{"text":8247,"type":585},"What do the changes mean for EV prices in China? ",{"type":580,"attrs":8249,"content":8250},{"textAlign":2966},[8251],{"text":8252,"type":585},"The discount consumers can receive off a vehicle’s list price has significantly reduced, particularly for smaller and cheaper EVs. Combined with the changes to purchase EV taxes, means the lowest possible price a consumer can get for the majority of the most popular EV models has risen. ",{"type":636,"attrs":8254},{"id":8255,"body":8256},"003e1020-4299-4dcc-b3d7-963ed74bbd8e",[8257],{"id":8258,"_uid":8259,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28188573","i-2adddb1b-b3b1-4012-9da2-8ca883f4b385",{"type":580,"attrs":8261,"content":8262},{"textAlign":2966},[8263],{"text":8264,"type":585},"While the majority of models experience an increase in their minimum price (including discounts) in 2026 compared to 2025, there are some exceptions due to reductions in the vehicle’s base list price since March 2025. However, all models see a reduction in the maximum discount a consumer can receive, with that reduction most significant for smaller segments with cheaper models. ",{"type":580,"attrs":8266,"content":8267},{"textAlign":2966},[8268],{"text":8269,"type":585},"For example, the minimum price, including discounts of 61%, for the Wuling MINI in 2025 was $1,840. In 2026, with the discount now only 8%, the minimum price of the Wuling MINI is $4,400, over double the price. ",{"type":647,"attrs":8271,"content":8272},{"level":5496,"textAlign":2966},[8273],{"text":8274,"type":585},"What does this mean for China’s EV market? ",{"type":580,"attrs":8276,"content":8277},{"textAlign":2966},[8278],{"text":8279,"type":585},"To put the automotive market in China into context, total passenger car sales are down year-on-year by 19% (Jan-Feb 2026 vs Jan-Feb 2025), compared with a more pronounced decline of 26% in the EV market. ",{"type":580,"attrs":8281,"content":8282},{"textAlign":2966},[8283],{"text":8284,"type":585},"Small and medium EVs have seen the greatest increase in the minimum purchase price, when accounting for the available subsidies and purchase tax.  ",{"type":580,"attrs":8286,"content":8287},{"textAlign":2966},[8288],{"text":8289,"type":585},"With China’s EV market being highly price sensitive, this has led to these categories of EVs facing wider spread reductions in sales in the first two months of 2026 compared to the same period last year. ",{"type":636,"attrs":8291},{"id":8255,"body":8292},[8293],{"id":8294,"_uid":8295,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28188124","i-4446f82c-c929-4747-93e0-21ddf2c9b7dd",{"type":580,"attrs":8297,"content":8298},{"textAlign":2966},[8299],{"text":8300,"type":585},"The Chinese PC & LDV EV market has historically had a focus on the development of smaller segment EVs, a consequence of consumer preferences and price sensitivity, as well as the sizeable discounts these vehicles could enjoy under the fiscal support for EV adoption provided by the Chinese government. ",{"type":580,"attrs":8302,"content":8303},{"textAlign":2966},[8304],{"text":8305,"type":585},"However, with the generosity of China’s trade-in scheme dropping this year, Benchmark anticipates a reduction in market share for smaller EVs as consumers can no longer access the sizeable discounts, they once did. This effect has already started to take place, with small segment BEVs accounting for just 26% of BEV sales in January 2026, a sizeable reduction on the 34% market share they held in 2025. ","The weakening of fiscal support provided by China to buyers of electric vehicles led to the lowest monthly sales figures of passenger car & light duty (PC & LDV) EVs since February 2024.\n\nSales in China are down 26% in the first two months of 2026 compared to the same period in 2025, with retail sales of PC & LDV EVs in the country falling under 500,000 units in February.",[8308],{"slug":2008,"name":2009,"content":8309},{"job_title":2011,"image":8310,"bio":2014,"linkedin":2015,"markets_covered":688},{"filename":2013},[8312,8313],{"slug":956,"name":957},{"slug":692,"name":693},{"id":8315,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":8316,"copyright":645,"fieldtype":701,"meta_data":8317,"is_external_url":50},158033726509832,"https://a.storyblok.com/f/287943243085208/1588x1484/a890176e20/change-in-minimum-possible-consumer-price-against-ytd-sales-growth-per-model-2x.png",{},{"id":8319,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":8320,"copyright":645,"fieldtype":701,"meta_data":8321,"is_external_url":50},129067276880517,"https://a.storyblok.com/f/287943243085208/4111766412/bm-electric-vehicle-china.jpg",{},"Mar 23, 2026",{"id":8324,"uuid":1040,"name":8325,"slug":8326,"full_slug":8327,"content":8328},156970287714973,"In charts: How copper demand shows US' increasing import dependence","in-charts-how-copper-demand-shows-us-increasing-import-dependence","article/in-charts-how-copper-demand-shows-us-increasing-import-dependence",{"_uid":8329,"date":8330,"tags":8331,"editor":8339,"content":8343,"excerpt":8502,"featured":51,"reporter":8503,"component":689,"seo_title":8507,"categories":8508,"visibility":2019,"data_vis_image":8511,"featured_image":8515,"seo_description":8519,"formattedDate":8520},"9a5a18ea-dacc-42a4-ba66-7360004d2536","2026-03-20 00:00",[8332,8335,8338],{"slug":8333,"name":8334},"tariffs","Tariffs",{"slug":8336,"name":8337},"imports","Imports",{"slug":564,"name":565},[8340],{"slug":568,"name":569,"content":8341},{"job_title":571,"image":8342,"bio":574,"linkedin":575},{"filename":573},{"type":577,"content":8344},[8345,8359,8373,8380,8391,8405,8412,8417,8423,8428,8434,8439,8445,8451,8456,8461,8466,8473,8491,8500],{"type":580,"attrs":8346,"content":8347},{"textAlign":49},[8348,8350,8357],{"text":8349,"type":585},"Benchmark analysis of copper demand data highlights the ",{"text":8351,"type":585,"marks":8352},"increasing reliance in the West ",[8353],{"type":590,"attrs":8354},{"href":8355,"uuid":8356,"anchor":49,"target":594,"linktype":595},"/article/record-us-copper-imports-in-2025-far-in-excess-of-consumption","0a808810-9bb1-448e-833d-f20c64c3255b",{"text":8358,"type":585},"– and particularly in the US – on imported goods. It also draws attention to the proportion of Chinese copper consumption that is due to the export of manufactured goods.",{"type":580,"attrs":8360,"content":8361},{"textAlign":49},[8362,8364,8371],{"text":8363,"type":585},"This comes despite the US' continued efforts to decrease its import dependence. Although the country ",{"text":8365,"type":585,"marks":8366},"used Section 232 investigations",[8367],{"type":590,"attrs":8368},{"href":8369,"uuid":8370,"anchor":49,"target":594,"linktype":595},"/article/in-charts-coppers-shifting-trade-flows","59607a8c-5b31-469f-b9bc-aeac11f2b378",{"text":8372,"type":585}," to tackle copper imports, a significant amount of copper enters the country through end use products such as cars and washing machines, suggesting the US's issue isn't just copper production, but the later stages of the value of the supply chain.",{"type":647,"attrs":8374,"content":8375},{"level":649,"textAlign":49},[8376],{"text":8377,"type":585,"marks":8378},"Semis and end-use demand difference demonstrates import dependence",[8379],{"type":655},{"type":580,"attrs":8381,"content":8382},{"textAlign":49},[8383,8385,8390],{"text":8384,"type":585},"Disparities between total semis demand (that is, the copper demand from the domestic production of copper semis) and end-use demand (copper consumed via the purchase and installation of downstream goods in the country) show that China’s growth in copper demand has come in part due to its growing exports of both semi-products and end-use goods like cars and washing machines. The growing difference between the US’ demand for copper and its end-use consumption, meanwhile, implies that it is ",{"text":8386,"type":585,"marks":8387},"increasingly reliant on imports of such goods",[8388],{"type":590,"attrs":8389},{"href":8369,"uuid":8370,"anchor":49,"target":594,"linktype":595},{"text":1538,"type":585},{"type":580,"attrs":8392,"content":8393},{"textAlign":49},[8394,8396,8403],{"text":8395,"type":585},"Despite US end-use demand for copper growing by over a million tonnes in the last 15 years, all of that growth in demand has been met by the import of both semi-products and end use goods. Copper contained in ",{"text":8397,"type":585,"marks":8398},"imports into the US",[8399],{"type":590,"attrs":8400},{"href":8401,"uuid":8402,"anchor":49,"target":594,"linktype":595},"/article/us-import-data-shows-changing-growing-copper-flows-into-the-us","c283ed43-47f6-471d-9a61-46834a3952a2",{"text":8404,"type":585}," now accounts for over 50% of end-use copper demand.",{"type":636,"attrs":8406},{"id":8407,"body":8408},"a2e50069-38fe-43f1-a326-438978dcbcfd",[8409],{"id":8410,"_uid":8411,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28122091","i-a1207285-4086-4c43-ba47-a638d74f7294",{"type":580,"attrs":8413,"content":8414},{"textAlign":49},[8415],{"text":8416,"type":585},"US demand statistics highlight the growing importance of consumer goods in end-use copper demand in the US. End-use copper demand is increasing faster than total demand because many goods like aircons and fridges are imported into the US.",{"type":636,"attrs":8418},{"id":8407,"body":8419},[8420],{"id":8421,"_uid":8422,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28152573","i-9b4296d2-81a0-4ca8-852a-268f465a36bc",{"type":580,"attrs":8424,"content":8425},{"textAlign":49},[8426],{"text":8427,"type":585},"The EU provides a significant contrast. The bloc manufactures a significant amount more of its own end-use copper demand at 88%, though this has fallen from 96% in 2010. It remains far less reliant on imports than the US.",{"type":636,"attrs":8429},{"id":8407,"body":8430},[8431],{"id":8432,"_uid":8433,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28123318","i-fa84381f-b62d-4fbc-9944-b1b9873cf7a4",{"type":580,"attrs":8435,"content":8436},{"textAlign":49},[8437],{"text":8438,"type":585},"China, meanwhile, shows the inverted trend, with end-use copper demand growing more slowly than total demand, indicating an increase in the export of semi-products and copper containing goods.",{"type":636,"attrs":8440},{"id":8407,"body":8441},[8442],{"id":8443,"_uid":8444,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28122876","i-08c7c5e2-4896-4e30-b488-b43e71f723a6",{"type":636,"attrs":8446},{"id":8407,"body":8447},[8448],{"id":8449,"_uid":8450,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28123929","i-c32f80b3-1d82-4cbb-b0b7-5801a26f0a20",{"type":580,"attrs":8452,"content":8453},{"textAlign":49},[8454],{"text":8455,"type":585},"Some of this change is attributable to the import and export of semi-products, with the US increasingly importing copper semi-products like wire rod, and China increasingly exporting those same goods.",{"type":580,"attrs":8457,"content":8458},{"textAlign":49},[8459],{"text":8460,"type":585},"In the last 15 years, China has moved from being a net importer of copper semi-product to the tune of 468kt to a net exporter at 420kt. In the same period, the US’ net imports of semi-products have increased from 60kt in 2010 to 228kt in 2025.",{"type":580,"attrs":8462,"content":8463},{"textAlign":49},[8464],{"text":8465,"type":585},"The section 232 investigation initiated last year resulted in a 50% tariff on copper semis imports. This is aimed at reversing the trend of increasing in US semis imports, and the second half of 2025 did show an immediate decrease.",{"type":636,"attrs":8467},{"id":8468,"body":8469},"c5db5bd7-cbef-4f1a-bf4c-140bfaced140",[8470],{"id":8471,"_uid":8472,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28124131","i-60d99eb0-0b43-4572-a2d4-459d05e812e4",{"type":580,"attrs":8474,"content":8475},{"textAlign":49},[8476,8480,8487],{"text":8477,"type":585,"marks":8478},"This articles draws on data and analysis from ",[8479],{"type":1992},{"text":8481,"type":585,"marks":8482},"Benchmark's Copper Service",[8483,8486],{"type":590,"attrs":8484},{"href":8485,"uuid":49,"anchor":49,"target":594,"linktype":1570},"https://www.benchmarkminerals.com/copper",{"type":1992},{"text":8488,"type":585,"marks":8489},". To find out more, fill in the form below and one of the team will be in touch:",[8490],{"type":1992},{"type":636,"attrs":8492},{"id":8407,"body":8493},[8494],{"id":1997,"_uid":8495,"component":1999,"wrap_in_box":50,"redirect_url":8496,"success_file":8497,"default_height":645,"success_message":645,"v2_hubspot_form":50,"success_sub_text":645,"hidden_field_values":8499,"show_on_intelligence":50},"i-b8d3b9d7-c8fb-4722-8a39-09d960e1cf6d",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":8498},{},[],{"type":580,"attrs":8501},{"textAlign":49},"Benchmark analysis of copper demand data highlights the increasing reliance in the West – and particularly in the US – on imported goods. It also draws attention to the proportion of Chinese copper consumption that is due to the export of manufactured goods.",[8504],{"slug":1128,"name":1129,"content":8505},{"job_title":1131,"image":8506,"bio":1134,"linkedin":1135,"markets_covered":1136},{"filename":1133},"In charts: How copper demand shows US' growing import dependence",[8509,8510],{"slug":1140,"name":1136},{"slug":695,"name":696},{"id":8512,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":8513,"copyright":645,"fieldtype":701,"meta_data":8514,"is_external_url":50},156975137618392,"https://a.storyblok.com/f/287943243085208/901x772/47b8010668/us-copper-end-use.png",{},{"id":8516,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":8517,"copyright":645,"fieldtype":701,"meta_data":8518,"is_external_url":50},129065017062891,"https://a.storyblok.com/f/287943243085208/f7fcce11ba/bm-anglo-american-copper-south-africa.jpg",{},"Benchmark analysis of copper demand data highlights the increasing reliance in the West – and particularly in the US – on imported goods.","Mar 20, 2026",{"id":8522,"uuid":8523,"name":8524,"slug":8525,"full_slug":8526,"content":8527},156649063080753,"95eb9705-67fe-4e27-b52b-40c29490777d","Rio Tinto secures financing package for Rincon project in Argentina","rio-tinto-secures-financing-package-for-rincon-project-in-argentina","article/rio-tinto-secures-financing-package-for-rincon-project-in-argentina",{"_uid":8528,"date":8529,"tags":8530,"editor":8541,"content":8545,"excerpt":8700,"featured":51,"reporter":8701,"component":689,"seo_title":8711,"categories":8712,"visibility":697,"data_vis_image":8715,"featured_image":8719,"seo_description":8723,"formattedDate":8724},"fde08852-dddf-4b9d-ba38-283ee2048d8f","2026-03-19 00:00",[8531,8534,8537,8540],{"slug":8532,"name":8533},"argentina","Argentina",{"slug":8535,"name":8536},"rio-tinto","Rio Tinto",{"slug":8538,"name":8539},"south-america","South America",{"slug":564,"name":565},[8542],{"slug":568,"name":569,"content":8543},{"job_title":571,"image":8544,"bio":574,"linkedin":575},{"filename":573},{"type":577,"content":8546},[8547,8569,8577,8584,8593,8624,8643,8656,8678],{"type":580,"attrs":8548,"content":8549},{"textAlign":49},[8550,8555,8564],{"text":8551,"type":585,"marks":8552},"Rio Tinto has cleared a significant hurdle for its Rincon lithium project in ",[8553],{"type":850,"attrs":8554},{"color":1484},{"text":8556,"type":585,"marks":8557},"Salta, Argentina ",[8558,8562],{"type":590,"attrs":8559},{"href":8560,"uuid":8561,"anchor":49,"target":594,"linktype":595},"/article/view-from-the-ground-in-argentina-a-defining-moment-for-dle","d6542838-0f53-455f-9d44-f7f7018e4d8c",{"type":850,"attrs":8563},{"color":1484},{"text":8565,"type":585,"marks":8566},"by securing a US$1.175 billion financing package from a consortium of international lenders. The funding supports the US$2.5 billion development, which is aiming for a capacity of 60,000 tonnes of battery-grade lithium carbonate equivalent (LCE) per year. At nameplate, Rincon would be one of the largest lithium operations in South America, sitting behind Nova Andino Lithium (formerly SQM) and Albemarle’s operations in Chile’s Salar de Atacama. ",[8567],{"type":850,"attrs":8568},{"color":1484},{"type":580,"attrs":8570,"content":8571},{"textAlign":49},[8572],{"text":8573,"type":585,"marks":8574},"The financing announcement follows Rio Tinto’s first export of 200t of battery-grade LCE from the Rincon starter plant. That plant, which entered operation last year, is expected to ramp up to 3,000t LCE per year and effectively serves as a commercial-scale demonstration of the project’s flowsheet and product quality.",[8575],{"type":850,"attrs":8576},{"color":1484},{"type":636,"attrs":8578},{"id":8579,"body":8580},"51fd383a-c8ac-4f39-8d55-26c99b99e0f0",[8581],{"id":8582,"_uid":8583,"type":595,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"3620837","i-80c30348-8ba9-4134-a225-3be1a74e2a76",{"type":647,"attrs":8585,"content":8586},{"level":649,"textAlign":49},[8587],{"text":8588,"type":585,"marks":8589},"Announcement bolsters Rio Tinto’s brine position",[8590,8592],{"type":850,"attrs":8591},{"color":1484},{"type":655},{"type":580,"attrs":8594,"content":8595},{"textAlign":49},[8596,8601,8606,8615,8620],{"text":8597,"type":585,"marks":8598},"From early 2025, Rio Tinto has increased its involvement in the lithium market. ",[8599],{"type":850,"attrs":8600},{"color":1484},{"text":8602,"type":585,"marks":8603},"Management has used the recent downcycle in lithium prices to consolidate its exposure to the battery materials space, first through ",[8604],{"type":850,"attrs":8605},{"color":6047},{"text":8607,"type":585,"marks":8608},"the acquisition of Arcadium Lithium",[8609,8613],{"type":590,"attrs":8610},{"href":8611,"uuid":8612,"anchor":49,"target":594,"linktype":595},"/article/rio-tinto-commits-to-buy-arcadium-lithium-for-6-7-billion","a48744cb-c3ff-40c9-8afc-ac6fc9845a7d",{"type":850,"attrs":8614},{"color":6047},{"text":8616,"type":585,"marks":8617}," and now by accelerating development across selected projects in its portfolio.",[8618],{"type":850,"attrs":8619},{"color":6047},{"text":880,"type":585,"marks":8621},[8622],{"type":850,"attrs":8623},{"color":1484},{"type":580,"attrs":8625,"content":8626},{"textAlign":49},[8627,8632,8638],{"text":8628,"type":585,"marks":8629},"Rio Tinto has recently announced that it would slow down construction at its Nemaska Lithium processing facility, in Quebec, Canada in light of rising costs and a strategic review on spodumene supply. By contrast, the company is doubling down on the “Lithium Triangle”,  prioritising Rincon as well as its projects in Chile. The scale and longevity of the South American salars, in addition to a strategic timeline to secure Incentive Scheme for Large Investments (RIGI) tax and foreign exchange benefits in Argentina, and Special Lithium Operating Contract ",[8630],{"type":850,"attrs":8631},{"color":1484},{"text":8633,"type":585,"marks":8634},"(",[8635],{"type":850,"attrs":8636},{"color":8637},"#001D35",{"text":8639,"type":585,"marks":8640},"CEOL) approval in Chile, increase their appeal relative to Canadian hard-rock development, which faces hurdles including tariff uncertainty.",[8641],{"type":850,"attrs":8642},{"color":1484},{"type":647,"attrs":8644,"content":8645},{"level":649,"textAlign":49},[8646,8652],{"text":8647,"type":585,"marks":8648},"Increases Argentina’s role in lithium supply chain",[8649,8651],{"type":850,"attrs":8650},{"color":1484},{"type":655},{"text":880,"type":585,"marks":8653},[8654],{"type":850,"attrs":8655},{"color":1484},{"type":580,"attrs":8657,"content":8658},{"textAlign":49},[8659,8664,8673],{"text":8660,"type":585,"marks":8661},"The agreement cements Argentina’s position as one of the ",[8662],{"type":850,"attrs":8663},{"color":1484},{"text":8665,"type":585,"marks":8666},"global leaders in lithium production",[8667,8671],{"type":590,"attrs":8668},{"href":8669,"uuid":8670,"anchor":49,"target":594,"linktype":595},"/videos/the-state-of-argentinas-lithium-sector","0737790d-922f-4390-83b0-1abc19819937",{"type":850,"attrs":8672},{"color":1484},{"text":8674,"type":585,"marks":8675},", increasing its capacity considerably.",[8676],{"type":850,"attrs":8677},{"color":1484},{"type":580,"attrs":8679,"content":8680},{"textAlign":49},[8681,8686,8695],{"text":8682,"type":585,"marks":8683},"Politically, it represents ",[8684],{"type":850,"attrs":8685},{"color":1484},{"text":8687,"type":585,"marks":8688},"a milestone for Milei's RIGI law",[8689,8693],{"type":590,"attrs":8690},{"href":8691,"uuid":8692,"anchor":49,"target":594,"linktype":595},"/article/argentinas-copper-developments-accelerate-under-new-incentive-regime","d7ac7e45-8f3d-40ef-9c3e-a2238ab07b30",{"type":850,"attrs":8694},{"color":1484},{"text":8696,"type":585,"marks":8697},", which has helped secure billions in mining investment to develop copper and lithium projects. The presence of Rio Tinto also raises confidence around future mining projects.",[8698],{"type":850,"attrs":8699},{"color":1484},"Rio Tinto has cleared a significant hurdle for its Rincon lithium project in Salta, Argentina by securing a US$1.175 billion financing package from a consortium of international lenders. The funding supports the US$2.5 billion development, which is aiming for a capacity of 60,000 tonnes of battery-grade lithium carbonate equivalent (LCE) per year.",[8702],{"slug":8703,"name":8704,"content":8705},"federico-gay","Federico Gay",{"job_title":8706,"image":8707,"bio":8709,"linkedin":8710,"markets_covered":8},"Principal Analyst - Lithium",{"filename":8708},"https://a.storyblok.com/f/287943243085208/512x512/599762cb57/federico-gay.jpeg","Federico is an economic geologist specializing in lithium at Benchmark Mineral Intelligence. His expertise bridges technical and financial domains, with a background that spans deposit assessment, resource estimation, cost modelling, pricing trends, and ESG analysis. Federico’s career includes hands-on mining experience in Chile across lithium and copper deposits, as well as market-facing roles at the London Stock Exchange, focusing on lithium, precious metals and copper. His work supports strategic insights into the global energy transition and critical mineral supply chains. He holds a MSc in Economic Geology from Universidad Catolica del Norte, Chile.","https://www.linkedin.com/in/federico-gaston-gay-1aa629160/","Rio Tinto secures financing for Rincon project in Argentina",[8713,8714],{"slug":1693,"name":8},{"slug":1142,"name":1143},{"id":8716,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":8717,"copyright":645,"fieldtype":701,"meta_data":8718,"is_external_url":50},156676598805365,"https://a.storyblok.com/f/287943243085208/891x845/8aa54d0078/rio-tinto-map.png",{},{"id":8720,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":8721,"copyright":645,"fieldtype":701,"meta_data":8722,"is_external_url":50},129070995649049,"https://a.storyblok.com/f/287943243085208/b6de7372ec/bm-rincon.jpeg",{},"Rio Tinto has cleared a significant hurdle for its Rincon lithium project in Salta, Argentina by securing a US$1.175 billion financing package from a consortium of international lenders.","Mar 19, 2026",{"id":8726,"uuid":4893,"name":8727,"slug":8728,"full_slug":8729,"content":8730},156236618730672,"Is BYD using LMFP for Blade 2.0 and what would this mean for manganese?","is-byd-using-lmfp-for-blade-2-0-and-what-would-this-mean-for-manganese-","article/is-byd-using-lmfp-for-blade-2-0-and-what-would-this-mean-for-manganese-",{"_uid":8731,"date":8732,"tags":8733,"editor":8739,"content":8743,"excerpt":9057,"featured":51,"reporter":9058,"component":689,"seo_title":9082,"categories":9083,"visibility":697,"data_vis_image":9090,"featured_image":9094,"seo_description":9098,"formattedDate":9099},"f89f68fd-d812-4a3d-af07-be6a32f724bd","2026-03-18 00:00",[8734,8735,8736],{"slug":1294,"name":1295},{"slug":564,"name":565},{"slug":8737,"name":8738},"lmfp","LMFP",[8740],{"slug":1466,"name":1467,"content":8741},{"job_title":1469,"image":8742,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":8744},[8745,8767,8802,8810,8832,8839,8852,8860,8866,8874,8882,8894,8902,8924,8932,8940,8948,8960,8968,8980,8988,8996,9004,9012,9020,9026,9035,9040,9045,9050],{"type":580,"attrs":8746,"content":8747},{"textAlign":49},[8748,8753,8762],{"text":8749,"type":585,"marks":8750},"BYD may be using lithium iron manganese phosphate (LMFP) cells for its new ",[8751],{"type":850,"attrs":8752},{"color":645},{"text":8754,"type":585,"marks":8755},"Blade 2.0 battery platform",[8756,8760],{"type":590,"attrs":8757},{"href":8758,"uuid":8759,"anchor":49,"target":1492,"linktype":595},"/article/byd-launches-much-anticipated-blade-2-battery","bbd6953f-b16b-4e77-967f-8242cfad5d74",{"type":850,"attrs":8761},{"color":645},{"text":8763,"type":585,"marks":8764},", unveiled earlier in March, though it has yet to officially declare which chemistry will be used. ",[8765],{"type":850,"attrs":8766},{"color":645},{"type":580,"attrs":8768,"content":8769},{"textAlign":2966},[8770,8775,8783,8788,8797],{"text":8771,"type":585,"marks":8772},"A key advantage of the new platform is support for “flash charging” which ",[8773],{"type":850,"attrs":8774},{"color":645},{"text":1295,"type":585,"marks":8776},[8777,8781],{"type":590,"attrs":8778},{"href":8779,"uuid":8780,"anchor":49,"target":1492,"linktype":595},"/article/in-charts-the-rise-of-byd","d138a8e7-adba-49a7-b52d-30b972975714",{"type":850,"attrs":8782},{"color":645},{"text":8784,"type":585,"marks":8785}," claims can charge the battery from 10% to 70% in just five minutes when connected to its new 1,500kW ",[8786],{"type":850,"attrs":8787},{"color":645},{"text":8789,"type":585,"marks":8790},"charging system",[8791,8795],{"type":590,"attrs":8792},{"href":8793,"uuid":8794,"anchor":49,"target":1492,"linktype":595},"/article/catl-announces-battery-capable-of-1-3-mw-charging-how-fast-will-chargers-get","fa8ae311-e854-4049-92d4-326e1c68b21a",{"type":850,"attrs":8796},{"color":645},{"text":8798,"type":585,"marks":8799},". ",[8800],{"type":850,"attrs":8801},{"color":645},{"type":580,"attrs":8803,"content":8804},{"textAlign":2966},[8805],{"text":8806,"type":585,"marks":8807},"BYD's references to a 3.8V operating voltage, enhanced energy density as well as LMFP-related patent portfolio all point towards BYD using LMFP in the platform.",[8808],{"type":850,"attrs":8809},{"color":645},{"type":580,"attrs":8811,"content":8812},{"textAlign":2966},[8813,8818,8827],{"text":8814,"type":585,"marks":8815},"If BYD does use LMFP for Blade 2.0, Benchmark calculates that this could increase 2026 ",[8816],{"type":850,"attrs":8817},{"color":645},{"text":8819,"type":585,"marks":8820},"battery-grade manganese demand",[8821,8825],{"type":590,"attrs":8822},{"href":8823,"uuid":8824,"anchor":49,"target":1492,"linktype":595},"/article/what-role-will-manganese-rich-cathode-chemistries-play-in-the-future-battery-market","302d7379-4edd-4324-8543-57852feaa822",{"type":850,"attrs":8826},{"color":645},{"text":8828,"type":585,"marks":8829}," by 7%.",[8830],{"type":850,"attrs":8831},{"color":645},{"type":636,"attrs":8833},{"id":8834,"body":8835},"28b0a463-df61-4aad-a703-cac558eab0be",[8836],{"id":8837,"_uid":8838,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28104670","i-fb789942-4a0e-40c8-9087-8b1272c60407",{"type":647,"attrs":8840,"content":8841},{"level":649,"textAlign":2966},[8842,8847],{"text":8843,"type":585,"marks":8844},"How much demand is there for BYD’s Blade 2.0 platform?",[8845],{"type":850,"attrs":8846},{"color":645},{"text":880,"type":585,"marks":8848},[8849],{"type":850,"attrs":8850},{"color":8851},"#0F4761",{"type":580,"attrs":8853,"content":8854},{"textAlign":2966},[8855],{"text":8856,"type":585,"marks":8857},"At the launch event, BYD showcased several battery electric vehicles (BEV) – predominantly in the premium segment – and one range extended EV (REEV) that will support “flash charging”.",[8858],{"type":850,"attrs":8859},{"color":645},{"type":636,"attrs":8861},{"id":8834,"body":8862},[8863],{"id":8864,"_uid":8865,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28103316","i-b48278a3-d2cf-4a21-a82b-d28dcde4db3a",{"type":580,"attrs":8867,"content":8868},{"textAlign":2966},[8869],{"text":8870,"type":585,"marks":8871},"Based on 2025 sales performance, and the expected volumes the new additions could add, Benchmark anticipates the battery demand from these models could total 27.5 GWh through the remainder of 2026.  ",[8872],{"type":850,"attrs":8873},{"color":645},{"type":580,"attrs":8875,"content":8876},{"textAlign":2966},[8877],{"text":8878,"type":585,"marks":8879},"This estimate could end up lower if BYD offers multiple choices of battery pack for the selected models. Conversely, if consumer reaction is strong enough to boost demand for flash charging, then the GWh figure could see upside too. ",[8880],{"type":850,"attrs":8881},{"color":645},{"type":647,"attrs":8883,"content":8884},{"level":649,"textAlign":2966},[8885,8890],{"text":8886,"type":585,"marks":8887},"How would Blade 2.0 using LMFP impact manganese demand?",[8888],{"type":850,"attrs":8889},{"color":645},{"text":880,"type":585,"marks":8891},[8892],{"type":850,"attrs":8893},{"color":8851},{"type":580,"attrs":8895,"content":8896},{"textAlign":2966},[8897],{"text":8898,"type":585,"marks":8899},"Should BYD confirm LMFP use, this would materially lift the near-term manganese outlook. ",[8900],{"type":850,"attrs":8901},{"color":645},{"type":580,"attrs":8903,"content":8904},{"textAlign":2966},[8905,8910,8919],{"text":8906,"type":585,"marks":8907},"Under Benchmark’s baseline case, without LMFP deployment in these new Blade systems, LMFP-related ",[8908],{"type":850,"attrs":8909},{"color":645},{"text":8911,"type":585,"marks":8912},"manganese demand",[8913,8917],{"type":590,"attrs":8914},{"href":8915,"uuid":8916,"anchor":49,"target":1492,"linktype":595},"/article/high-purity-manganese-sulphate-deficits-set-to-widen-in-2025","97e6f606-7439-4550-bebb-775c7a382ff6",{"type":850,"attrs":8918},{"color":645},{"text":8920,"type":585,"marks":8921}," is estimated at ~4,000t in 2026, or roughly 3% of total battery-grade manganese consumption. With LMFP adoption in the Blade 2.0 platform across BYD’s vehicle portfolio, LMFP-driven manganese demand is projected to rise to ~12,000t in 2026, lifting its share of total manganese demand to about 10%. ",[8922],{"type":850,"attrs":8923},{"color":645},{"type":580,"attrs":8925,"content":8926},{"textAlign":2966},[8927],{"text":8928,"type":585,"marks":8929},"Further upside to manganese demand could be seen if BYD rolls out LMFP cells in other models or if other OEMs produce rival EV battery platforms based on chemistry. ",[8930],{"type":850,"attrs":8931},{"color":645},{"type":580,"attrs":8933,"content":8934},{"textAlign":2966},[8935],{"text":8936,"type":585,"marks":8937},"On the processing side, BYD’s LMFP precursor pathway remains unclear. It is not yet known whether the company uses high-purity manganese sulphate, manganese carbonate, high-purity manganese oxides, or a mix of these, nor how much processing is handled in-house versus by third parties. ",[8938],{"type":850,"attrs":8939},{"color":645},{"type":580,"attrs":8941,"content":8942},{"textAlign":2966},[8943],{"text":8944,"type":585,"marks":8945},"This makes it difficult to pinpoint where in the supply chain the additional manganese demand will surface, even as the overall demand increase from LMFP becomes clearer. Regardless, the size of the LMFP-related manganese increase from BYD alone illustrates how LMFP could begin to shift manganese’s position in the EV battery supply chain. ",[8946],{"type":850,"attrs":8947},{"color":645},{"type":647,"attrs":8949,"content":8950},{"level":649,"textAlign":2966},[8951,8956],{"text":8952,"type":585,"marks":8953},"What is suggesting that Blade 2.0 will use LMFP?",[8954],{"type":850,"attrs":8955},{"color":645},{"text":880,"type":585,"marks":8957},[8958],{"type":850,"attrs":8959},{"color":8851},{"type":580,"attrs":8961,"content":8962},{"textAlign":2966},[8963],{"text":8964,"type":585,"marks":8965},"The evidence pointing towards BYD using LMFP for its Blade 2.0 platform are three-fold: energy density, operating voltage, and patents. ",[8966],{"type":850,"attrs":8967},{"color":645},{"type":647,"attrs":8969,"content":8970},{"level":7131,"textAlign":2966},[8971,8976],{"text":8972,"type":585,"marks":8973},"Energy density and operating voltage",[8974],{"type":850,"attrs":8975},{"color":645},{"text":880,"type":585,"marks":8977},[8978],{"type":850,"attrs":8979},{"color":8851},{"type":580,"attrs":8981,"content":8982},{"textAlign":2966},[8983],{"text":8984,"type":585,"marks":8985},"The more substantive signal lies in the combination of voltage uplift and energy density improvement. Achieving a sustained nominal voltage around 3.8 V with meaningful energy density gains is more consistent with LMFP chemistry than with incremental optimisation of conventional LFP which typically operate between ~3.2–3.4V. ",[8986],{"type":850,"attrs":8987},{"color":645},{"type":580,"attrs":8989,"content":8990},{"textAlign":2966},[8991],{"text":8992,"type":585,"marks":8993},"Although the operating voltage is an important metric, depending on how the data is presented this can refer to nominal voltage, average discharge voltage, or upper cut-off voltage. Without explicit confirmation of the cathode composition, the voltage figure alone cannot be taken as definitive proof of LMFP adoption. ",[8994],{"type":850,"attrs":8995},{"color":645},{"type":580,"attrs":8997,"content":8998},{"textAlign":2966},[8999],{"text":9000,"type":585,"marks":9001},"BYD has announced two form factors for the Blade 2.0 platform with the short format geared towards high power applications compared to the long format which is optimised for energy density. ",[9002],{"type":850,"attrs":9003},{"color":645},{"type":580,"attrs":9005,"content":9006},{"textAlign":2966},[9007],{"text":9008,"type":585,"marks":9009},"LMFP in general exhibits both two-phase and solid-solution transformation behaviour during cycling. Two-phase reactions produce flat voltage plateaus but can induce lattice strain. Solid-solution behaviour improves rate capability but reduces voltage stability. High-rate cycling promotes solid-solution behaviour, while low-rate operation favours two-phase transitions. Particle size reduction and structural tuning can expand the solid-solution region, improving rate capability. ",[9010],{"type":850,"attrs":9011},{"color":645},{"type":580,"attrs":9013,"content":9014},{"textAlign":2966},[9015],{"text":9016,"type":585,"marks":9017},"Therefore, controlling particle size, Mn:Fe ratio and doping chemistry can tailor the dominant phase transition mechanism depending on application requirements (high energy vs high power).  It is possible that the two form factors could deploy different cell chemistries with the long format more likely to deploy LMFP due to the high energy density. Alternatively, different formulations of LMFP could be used for each form factor",[9018],{"type":850,"attrs":9019},{"color":645},{"type":636,"attrs":9021},{"id":8834,"body":9022},[9023],{"id":9024,"_uid":9025,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28095657","i-7694b8d8-690f-4b7b-8c7a-f63e81462f90",{"type":647,"attrs":9027,"content":9028},{"level":7131,"textAlign":2966},[9029,9031],{"text":9030,"type":585},"Patents",{"text":880,"type":585,"marks":9032},[9033],{"type":850,"attrs":9034},{"color":8851},{"type":580,"attrs":9036,"content":9037},{"textAlign":2966},[9038],{"text":9039,"type":585},"BYD has filed patents relating to LMFP. Some of the challenges associated with using LMFP, such as manganese dissolution, poor electronic/ionic conductivity and degradation have also been claimed to be solved in one of the patents by using a coating layer.",{"type":580,"attrs":9041,"content":9042},{"textAlign":2966},[9043],{"text":9044,"type":585},"The patents filed also fuel speculation that silicon-carbon will be used as the anode active material, utilising a nano coating to supress silicon’s expansion issues. It also points to a proprietary electrolyte called ‘Flash-Flow’ to enhance ion mobility.  ",{"type":580,"attrs":9046,"content":9047},{"textAlign":2966},[9048],{"text":9049,"type":585},"Patents alone don’t necessarily prove LMFP will be the cathode used. Large integrated manufacturers such as BYD routinely explore multiple chemistries in parallel and file patents across a broad technical spectrum. ",{"type":636,"attrs":9051},{"id":9052,"body":9053},"f0713a24-8aac-4c16-8150-a105afb05a32",[9054],{"id":9055,"_uid":9056,"type":595,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"3619636","i-c0832ded-45e1-4e69-a350-110552f5825c","BYD may be using lithium iron manganese phosphate (LMFP) cells for its new Blade 2.0 battery platform, unveiled earlier in March, though it has yet to officially declare which chemistry will be used. \n\nA key advantage of the new platform is support for “flash charging” which BYD claims can charge the battery from 10% to 70% in just five minutes when connected to its new 1,500kW charging system. \n\nBYD’s patent activity related to manganese-doped phosphate systems alongside reported improvements in energy density, and reference to a 3.8V operating voltage all point towards BYD using LMFP in the platform. \n\nIf BYD does use LMFP for Blade 2.0, Benchmark calculates that this could increase 2026 battery-grade manganese demand by 7%.",[9059,9062,9072],{"slug":680,"name":681,"content":9060},{"job_title":683,"image":9061,"bio":686,"linkedin":687,"markets_covered":688},{"filename":685},{"slug":9063,"name":9064,"content":9065},"varnika-agarwal","Varnika Agarwal",{"job_title":9066,"image":9067,"bio":9069,"linkedin":9070,"markets_covered":9071},"Battery Research Analyst",{"filename":9068},"https://a.storyblok.com/f/287943243085208/852x854/7f6c4846ba/varnika-a.png","Varnika is a Battery Research Analyst at Benchmark Mineral Intelligence where her primary focus is on the technical side of electric vehicle, energy stationary storage and battery market analysis. She was transferred from Rho Motion, which was acquired by Benchmark Mineral. During 2 years at Rho Motion, Varnika has worked on a variety of products across the time and has played an active role in the analysis of different type of battery recycling technologies.She holds PhD in solid-state batteries at University of Oxford, which has helped to hone her research and technical skills.","https://www.linkedin.com/in/varnika-agarwal1/","Battery Tech, EV, BESS, Portables",{"slug":9073,"name":9074,"content":9075},"ciara-rice","Ciara Rice",{"job_title":9076,"image":9077,"bio":9079,"linkedin":9080,"markets_covered":9081},"Battery Chemicals Analyst",{"filename":9078},"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","Is BYD using LMFP for Blade 2.0 and what would this mean for Mn? ",[9084,9085,9086,9087,9088,9089],{"slug":956,"name":957},{"slug":959,"name":960},{"slug":2623,"name":298},{"slug":1142,"name":1143},{"slug":4962,"name":4963},{"slug":692,"name":693},{"id":9091,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":9092,"copyright":645,"fieldtype":701,"meta_data":9093,"is_external_url":50},156567825649007,"https://a.storyblok.com/f/287943243085208/1588x1202/ac54be297d/blade-2-0-manganese-2x-1.png",{},{"id":9095,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":9096,"copyright":645,"fieldtype":701,"meta_data":9097,"is_external_url":50},156252379395819,"https://a.storyblok.com/f/287943243085208/6240x4160/3938ab9597/byd-blade-production.jpg",{},"BYD may be using lithium iron manganese phosphate (LMFP) cells for its new Blade 2.0 battery platform. If BYD does use LMFP for Blade 2.0, Benchmark calculates that this could increase 2026 battery-grade manganese demand by 10%.","Mar 18, 2026",{"id":9101,"uuid":3361,"name":9102,"slug":9103,"full_slug":9104,"content":9105},155971691903915,"US battery imports fall to five-year low after Section 301 tariffs raised to 25%","us-battery-imports-fall-to-five-year-low-after-section-301-tariffs-raised-to-25-","article/us-battery-imports-fall-to-five-year-low-after-section-301-tariffs-raised-to-25-",{"_uid":9106,"date":9107,"tags":9108,"editor":9117,"content":9121,"excerpt":9214,"featured":51,"reporter":9215,"component":689,"seo_title":9219,"categories":9220,"visibility":697,"data_vis_image":9225,"featured_image":9229,"seo_description":9233,"formattedDate":9234},"34848775-9960-4854-b79b-ad7ea509f78d","2026-03-17 00:00",[9109,9110,9111,9112,9113,9114,9115,9116],{"slug":4789,"name":451},{"slug":4786,"name":4787},{"slug":3400,"name":946},{"slug":8333,"name":8334},{"slug":1720,"name":1721},{"slug":561,"name":562},{"slug":720,"name":721},{"slug":564,"name":565},[9118],{"slug":568,"name":569,"content":9119},{"job_title":571,"image":9120,"bio":574,"linkedin":575},{"filename":573},{"type":577,"content":9122},[9123,9135,9148,9161,9168,9175,9180,9186,9191,9198,9203,9209],{"type":580,"attrs":9124,"content":9125},{"textAlign":49},[9126,9128,9133],{"text":9127,"type":585},"Total US lithium ion battery demand is expected to reach 182GWh in 2026, with 37% of this coming from the battery energy stationary storage (BESS) market. Yet the US ",{"text":9129,"type":585,"marks":9130},"remains heavily dependent on Chinese battery imports",[9131],{"type":590,"attrs":9132},{"href":7815,"uuid":7816,"anchor":49,"target":594,"linktype":595},{"text":9134,"type":585}," for its energy storage needs as a result of China’s continued grip on supply of lithium iron phosphate (LFP) cells, even as new tariffs push Chinese battery imports to their lowest level since 2021.",{"type":580,"attrs":9136,"content":9137},{"textAlign":49},[9138,9140,9147],{"text":9139,"type":585},"It marks a major difference from cell supply in US electric vehicle (EV) production, where there is greater use of nickel cobalt manganese (NCM) batteries for which there are ",{"text":9141,"type":585,"marks":9142},"stronger North American supply chains",[9143],{"type":590,"attrs":9144},{"href":9145,"uuid":9146,"anchor":49,"target":594,"linktype":595},"/article/who-were-the-top-cell-suppliers-in-the-bess-market-in-h1-2025","856c6f80-c683-4faf-95f5-f1b762deeac3",{"text":1538,"type":585},{"type":580,"attrs":9149,"content":9150},{"textAlign":49},[9151,9153,9159],{"text":9152,"type":585},"Higher US Section 301 ",{"text":8333,"type":585,"marks":9154},[9155],{"type":590,"attrs":9156},{"href":9157,"uuid":9158,"anchor":49,"target":594,"linktype":595},"/article/china-and-us-agree-to-cut-tariffs-offering-the-us-battery-industry-some-respite","95297446-8816-4a48-b4e3-abba49776a09",{"text":9160,"type":585}," on Chinese imports – raised to 25% from 7.5%, bringing the total tariff rate in January to 48.4% before a subsequent drop to 38.4% – on LFP cells are aimed at driving growth in US LFP supply. There has been a drop of over half in US battery imports from China in January after frontloading in December 2025, with the value falling to a five-year low of $475 million. But it will take longer for North American LFP supply to grow in response, with a 25GWh jump to 54GWh expected in 2027.",{"type":636,"attrs":9162},{"id":9163,"body":9164},"5c646f8c-1019-472e-97a4-56a4bcf15621",[9165],{"id":9166,"_uid":9167,"type":595,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"3618468","i-874f20a3-a328-434f-8722-46d50d7391ae",{"type":647,"attrs":9169,"content":9170},{"level":649,"textAlign":49},[9171],{"text":9172,"type":585,"marks":9173},"North American LFP supply well below BESS-driven demand",[9174],{"type":655},{"type":580,"attrs":9176,"content":9177},{"textAlign":49},[9178],{"text":9179,"type":585},"The scale of the shift required is visible in the value of imports from China in 2025, which remained above US$500 million for most of the year. Chinese LFP cells dominate BESS installations as a result of safety, cost and life cycle considerations, and the US will continue to rely on battery imports for the BESS market in 2026, with available domestic supply set to be less than a third of demand requirements.",{"type":636,"attrs":9181},{"id":9163,"body":9182},[9183],{"id":9184,"_uid":9185,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28097748","i-8594192f-fe2e-45f4-a34b-932026e51dd9",{"type":580,"attrs":9187,"content":9188},{"textAlign":49},[9189],{"text":9190,"type":585},"US lithium ion battery imports were dominated in 2025 by imports for non-EV-related applications. Over 90% of the batteries used in BESS installations in 2026 in the US are expected to utilise LFP cells, according to Benchmark’s BESS Service. China accounts for over 97% of the global supply of LFP battery cells in 2026.",{"type":647,"attrs":9192,"content":9193},{"level":649,"textAlign":49},[9194],{"text":9195,"type":585,"marks":9196},"NCM more heavily used in EV production",[9197],{"type":655},{"type":580,"attrs":9199,"content":9200},{"textAlign":49},[9201],{"text":9202,"type":585},"US manufacturers have diversified away from Chinese supply more successfully in EVs, where NCM and NCA cells are used far more than LFP. Higher tariffs earlier on batteries used in EVs as well as the 30D tax credit, which has now been stopped, have incentivised a quicker move away from Chinese cells.",{"type":636,"attrs":9204},{"id":9163,"body":9205},[9206],{"id":9207,"_uid":9208,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28096160","i-95a32dc9-bba4-4f22-b83a-50d837d3fa8a",{"type":580,"attrs":9210,"content":9211},{"textAlign":49},[9212],{"text":9213,"type":585},"Both North American LFP demand and BESS cell supply are expected to grow through to 2030. LFP demand is expected to reach 108GWh as BESS cell supply rises to 100GWh.","Total US lithium ion battery demand is expected to reach 182GWh in 2026, with 37% of this coming from the battery energy stationary storage (BESS) market. Yet the US remains heavily dependent on Chinese battery imports for its energy storage needs as a result of China’s continued grip on supply of lithium iron phosphate (LFP) cells, even as new tariffs push Chinese battery imports to their lowest level since 2021.",[9216],{"slug":1258,"name":1259,"content":9217},{"job_title":1261,"image":9218,"bio":1264,"linkedin":1265,"markets_covered":1266},{"filename":1263},"US battery imports hit five-year low after China tariffs rose",[9221,9222,9223,9224],{"slug":956,"name":957},{"slug":692,"name":693},{"slug":950,"name":951},{"slug":3379,"name":3380},{"id":9226,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":9227,"copyright":645,"fieldtype":701,"meta_data":9228,"is_external_url":50},156199089890574,"https://a.storyblok.com/f/287943243085208/1003x707/d4c6eefe8a/lfp-us-reliance.png",{},{"id":9230,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":9231,"copyright":645,"fieldtype":701,"meta_data":9232,"is_external_url":50},129065425266346,"https://a.storyblok.com/f/287943243085208/3340a3ef59/bm-batteryfuture.jpg",{},"Total US lithium ion battery demand is expected to reach 182GWh in 2026, with 37% of this coming from the battery energy stationary storage (BESS) market.","Mar 17, 2026",{"id":9236,"uuid":9237,"name":9238,"slug":9239,"full_slug":9240,"content":9241},153796343478373,"e280bc7e-9792-4994-93d2-8de12eb4d83c","South Korea’s EV market has record month in February 2026","south-korea-s-ev-market-has-record-month-in-february-2026","article/south-korea-s-ev-market-has-record-month-in-february-2026",{"_uid":9242,"date":9243,"tags":9244,"editor":9247,"content":9257,"excerpt":9378,"featured":51,"reporter":9379,"component":689,"seo_title":9238,"categories":9383,"visibility":2019,"data_vis_image":9386,"featured_image":9390,"seo_description":9378,"formattedDate":9394},"0bf57292-25c1-411a-981a-a1cc87a53572","2026-03-11 00:00",[9245,9246],{"slug":7778,"name":7779},{"slug":564,"name":565},[9248],{"slug":9249,"name":9250,"content":9251},"didi-bostock","Didi Bostock",{"job_title":9252,"image":9253,"bio":9255,"linkedin":9256},"Editor - Energy Transition & Economics",{"filename":9254},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":577,"content":9258},[9259,9279,9286,9291,9296,9301,9307,9316,9337,9345,9354,9362,9369],{"type":580,"attrs":9260,"content":9261},{"textAlign":49},[9262,9267,9274],{"text":9263,"type":585,"marks":9264},"South Korea’s passenger car and light duty ",[9265],{"type":850,"attrs":9266},{"color":645},{"text":9268,"type":585,"marks":9269},"electric vehicle",[9270,9272],{"type":850,"attrs":9271},{"color":645},{"type":590,"attrs":9273},{"href":3851,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":9275,"type":585,"marks":9276}," (PC & LDV EV) market more than tripled month-on-month to over 37,200 EV sales in February 2026. This is the first time the country’s monthly PC & LDV EV sales have surpassed 30,000 units. South Korea’s penetration rate also rose to new highs as it reached 30% for the first time.",[9277],{"type":850,"attrs":9278},{"color":645},{"type":636,"attrs":9280},{"id":9281,"body":9282},"b7e60e6d-f215-405e-b56d-c0e0134eca64",[9283],{"id":9284,"_uid":9285,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28003132","i-9e608a73-de67-410f-a5d3-649e6e77c1a0",{"type":647,"attrs":9287,"content":9288},{"level":5496,"textAlign":49},[9289],{"text":9290,"type":585},"Who drove the surge in sales?",{"type":580,"attrs":9292,"content":9293},{"textAlign":49},[9294],{"text":9295,"type":585},"EVs manufactured domestically drove the rise in sales, with the sale of locally made EVs increasing by almost 20,000 units month-on-month, compared to the 6,200 unit increase for imported EVs. ",{"type":580,"attrs":9297,"content":9298},{"textAlign":49},[9299],{"text":9300,"type":585},"In January 2026 domestically produced and imported EVs sold in roughly equal quantities. The January data shows the Kia PV5 and Hyundai Ioniq 5 led the increase in sales for domestically manufactured vehicles, while the Model Y experienced the greatest increase of all models as its sales rose to over 7,000 units. ",{"type":636,"attrs":9302},{"id":9281,"body":9303},[9304],{"id":9305,"_uid":9306,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"28003335","i-448b53e4-e075-4f74-b172-24eff3e5af40",{"type":647,"attrs":9308,"content":9309},{"level":5496,"textAlign":49},[9310],{"text":9311,"type":585,"marks":9312},"What caused the surge in sales?",[9313,9315],{"type":850,"attrs":9314},{"color":645},{"type":655},{"type":580,"attrs":9317,"content":9318},{"textAlign":49},[9319,9324,9332],{"text":9320,"type":585,"marks":9321},"In January 2026, the South Korean government outlined its 2026 ",[9322],{"type":850,"attrs":9323},{"color":645},{"text":9325,"type":585,"marks":9326},"EV subsidy scheme",[9327,9329],{"type":850,"attrs":9328},{"color":645},{"type":590,"attrs":9330},{"href":9331,"uuid":49,"anchor":49,"target":594,"linktype":1570},"https://source.benchmarkminerals.com/article/germany-confirms-its-new-ev-subsidy-scheme",{"text":9333,"type":585,"marks":9334},". The scheme looks to encourage the adoption of smaller and more affordable EVs, which is expected to benefit lower income households. PC EVs under KRW53 million ($36,000) will be eligible for 100% of the subsidy, while those priced over KRW85 million ($57,700) will be eligible for no subsidy, with EVs priced in between able to receive 50% of the subsidy.",[9335],{"type":850,"attrs":9336},{"color":645},{"type":580,"attrs":9338,"content":9339},{"textAlign":49},[9340],{"text":9341,"type":585,"marks":9342},"The total budget for the 2026 scheme is KRW1.60 trillion ($1.08 billion), with new PC purchases receiving a total budget of KRW780 billion ($529 million). With subsidy amounts ranging from around KRW5.7 million ($3,870) to KRW1.7 million ($1,150).",[9343],{"type":850,"attrs":9344},{"color":645},{"type":647,"attrs":9346,"content":9347},{"level":5496,"textAlign":49},[9348],{"text":9349,"type":585,"marks":9350},"What does this mean for South Korea’s EV market in 2026?",[9351,9353],{"type":850,"attrs":9352},{"color":645},{"type":655},{"type":580,"attrs":9355,"content":9356},{"textAlign":49},[9357],{"text":9358,"type":585,"marks":9359},"South Korea’s EV market is highly sensitive to the introduction and expiration of subsidies and their budgets. Following the announcement of the 2025 budget at the start of 2025, EV sales rose in the subsequent months until the budget was fully exhausted in the final months of the year. This trend is likely to be replicated this year, perhaps even exaggerated as consumers that missed out on last year’s budget, which was reduced compared to 2024, seek to take advantage of the 2026 budget.",[9360],{"type":850,"attrs":9361},{"color":645},{"type":580,"attrs":9363,"content":9364},{"textAlign":49},[9365],{"text":9366,"type":585,"marks":9367},"This data came from Benchmark's EV & Battery Service, for more information get in touch with the team using the form below:",[9368],{"type":1992},{"type":636,"attrs":9370},{"id":9281,"body":9371},[9372],{"id":1997,"_uid":9373,"component":1999,"wrap_in_box":50,"redirect_url":9374,"success_file":9375,"default_height":645,"success_message":645,"v2_hubspot_form":50,"success_sub_text":645,"hidden_field_values":9377,"show_on_intelligence":50},"i-e555462f-3b48-4bbc-8bd2-8ed793f1618c",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":9376},{},[],"South Korea’s passenger car and light duty electric vehicle (PC & LDV EV) market more than tripled month-on-month to over 37,200 EV sales in February 2026. ",[9380],{"slug":1428,"name":1429,"content":9381},{"job_title":1431,"image":9382,"bio":1434,"linkedin":1435,"markets_covered":688},{"filename":1433},[9384,9385],{"slug":692,"name":693},{"slug":956,"name":957},{"id":9387,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":9388,"copyright":645,"fieldtype":701,"meta_data":9389,"is_external_url":50},153799099387960,"https://a.storyblok.com/f/287943243085208/892x698/011e1e9c3d/screenshot-2026-03-11-140950.png",{},{"id":9391,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":9392,"copyright":645,"fieldtype":701,"meta_data":9393,"is_external_url":50},153797719269142,"https://a.storyblok.com/f/287943243085208/3840x2160/4441d42ff5/adobestock_119926749.jpeg",{},"Mar 11, 2026",{"id":9396,"uuid":6593,"name":9397,"slug":9398,"full_slug":9399,"content":9400},151669564625181,"Industrial Accelerator Act adds Made in EU requirements for automakers","industrial-accelerator-act-adds-made-in-eu-requirements-for-automakers","article/industrial-accelerator-act-adds-made-in-eu-requirements-for-automakers",{"_uid":9401,"date":9402,"tags":9403,"editor":9408,"content":9412,"excerpt":9689,"featured":51,"reporter":9690,"component":689,"seo_title":9697,"categories":9698,"visibility":697,"data_vis_image":9702,"featured_image":9706,"seo_description":9708,"formattedDate":9709},"9fb65b23-4c8d-474e-8b71-58f2587e6e54","2026-03-05 00:00",[9404,9405,9406,9407],{"slug":1291,"name":1292},{"slug":1300,"name":1301},{"slug":1303,"name":1304},{"slug":564,"name":565},[9409],{"slug":1466,"name":1467,"content":9410},{"job_title":1469,"image":9411,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":9413},[9414,9435,9443,9465,9473,9481,9516,9523,9531,9539,9547,9555,9563,9571,9577,9585,9593,9601,9609,9659,9681],{"type":580,"attrs":9415,"content":9416},{"textAlign":49},[9417,9422,9430],{"text":9418,"type":585,"marks":9419},"The EU Commission's proposed Industrial Accelerator Act (IAA) introduces new “Made in EU” stipulations for ",[9420],{"type":850,"attrs":9421},{"color":1484},{"text":7081,"type":585,"marks":9423},[9424,9428],{"type":590,"attrs":9425},{"href":9426,"uuid":9427,"anchor":49,"target":1492,"linktype":595},"/article/what-is-behind-europes-2025-ev-sales-surge","cefbe53e-3573-4ecf-845a-f034c58de3d6",{"type":850,"attrs":9429},{"color":1484},{"text":9431,"type":585,"marks":9432}," as part of a range of measures aimed at increasing the manufacturing sector’s share of the bloc’s GDP to 20% by 2035, up from 14.3% in 2024.",[9433],{"type":850,"attrs":9434},{"color":1484},{"type":580,"attrs":9436,"content":9437},{"textAlign":49},[9438],{"text":9439,"type":585,"marks":9440},"The act was proposed on Wednesday 4 March after delays and renegotiations pushed its publication to the wire. Further negotiations between the Council and the European Parliament are required before the IAA can be adopted and enter into force.",[9441],{"type":850,"attrs":9442},{"color":1484},{"type":580,"attrs":9444,"content":9445},{"textAlign":49},[9446,9451,9460],{"text":9447,"type":585,"marks":9448},"The “Made in EU” rules add tough requirements for ",[9449],{"type":850,"attrs":9450},{"color":1484},{"text":9452,"type":585,"marks":9453},"automakers",[9454,9458],{"type":590,"attrs":9455},{"href":9456,"uuid":9457,"anchor":49,"target":1492,"linktype":595},"/videos/what-is-the-outlook-for-the-european-ev-market","8e83e0aa-866e-4453-8e9e-d7841bf8bb09",{"type":850,"attrs":9459},{"color":1484},{"text":9461,"type":585,"marks":9462}," looking to benefit from incentive schemes, financial support for corporate vehicles, or public procurement, though there are exceptions for the “small cars” segment.",[9463],{"type":850,"attrs":9464},{"color":1484},{"type":647,"attrs":9466,"content":9467},{"level":649,"textAlign":49},[9468],{"text":9469,"type":585,"marks":9470},"What counts as “Made in EU” for electric vehicles?",[9471],{"type":850,"attrs":9472},{"color":1484},{"type":580,"attrs":9474,"content":9475},{"textAlign":49},[9476],{"text":9477,"type":585,"marks":9478},"The Industrial Accelerator Act lays out the requirements for an electric vehicle to be defined as “Made in EU”, with these rules coming into play after the regulation officially enters into force:",[9479],{"type":850,"attrs":9480},{"color":1484},{"type":9482,"attrs":9483,"content":9484},"ordered_list",{"order":5496},[9485,9496,9506],{"type":9486,"content":9487},"list_item",[9488],{"type":580,"attrs":9489,"content":9490},{"textAlign":49},[9491],{"text":9492,"type":585,"marks":9493},"The vehicle must be assembled in the EU.",[9494],{"type":850,"attrs":9495},{"color":1484},{"type":9486,"content":9497},[9498],{"type":580,"attrs":9499,"content":9500},{"textAlign":49},[9501],{"text":9502,"type":585,"marks":9503},"At least 70% by value of its non-battery components must be of EU origin.",[9504],{"type":850,"attrs":9505},{"color":1484},{"type":9486,"content":9507},[9508],{"type":580,"attrs":9509,"content":9510},{"textAlign":49},[9511],{"text":9512,"type":585,"marks":9513},"For the battery, at least three “main specific components” must be of EU origin, including at least one cell. The other components include modules, packs, cathodes, anodes, electrolytes, separators, current collectors, battery management systems (BMS), and/or battery thermal management systems (BTMS).",[9514],{"type":850,"attrs":9515},{"color":1484},{"type":636,"attrs":9517},{"id":9518,"body":9519},"02f0923f-9c0e-4511-be17-a27456544b41",[9520],{"id":9521,"_uid":9522,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27907693","i-709edae1-bd91-4987-a9fd-cd677a49ba00",{"type":580,"attrs":9524,"content":9525},{"textAlign":49},[9526],{"text":9527,"type":585,"marks":9528},"For the last rule, requirements ramp up after three years, after which at least five main components, including cells, cathode, and BMS, must be from the EU. Furthermore, 50% by value of the e-powertrain and main electronic systems must also be of EU origin.",[9529],{"type":850,"attrs":9530},{"color":1484},{"type":580,"attrs":9532,"content":9533},{"textAlign":49},[9534],{"text":9535,"type":585,"marks":9536},"All three stipulations must be met for the public procurement of EVs, public incentive schemes and financial support for corporate vehicles.",[9537],{"type":850,"attrs":9538},{"color":1484},{"type":647,"attrs":9540,"content":9541},{"level":649,"textAlign":49},[9542],{"text":9543,"type":585,"marks":9544},"What is the exception for small vehicles?",[9545],{"type":850,"attrs":9546},{"color":1484},{"type":580,"attrs":9548,"content":9549},{"textAlign":49},[9550],{"text":9551,"type":585,"marks":9552},"There is an exception for vehicles falling into the new M1E subcategory defined as small electric vehicles 4.2 metres or smaller as outlined in the EU Commission's December 2025 CO2 emissions legislation proposal. The goal is to stimulate demand for small cars with lower regulatory burdens and a super credit system, making small EV sales count as 1.3 units instead of 1 for emissions calculations.",[9553],{"type":850,"attrs":9554},{"color":1484},{"type":580,"attrs":9556,"content":9557},{"textAlign":49},[9558],{"text":9559,"type":585,"marks":9560},"In December 2025, the European Commission published changes to the car CO₂ law, including a scheme to boost small, made-in-EU BEVs. Under this “super credit” scheme, small BEVs count as 1.3 units instead of 1.",[9561],{"type":850,"attrs":9562},{"color":1484},{"type":580,"attrs":9564,"content":9565},{"textAlign":49},[9566],{"text":9567,"type":585,"marks":9568},"To comply as M1E vehicles, they must firstly be assembled in the EU, and additionally must meet just one of two requirements: either have at least 70% by value of its components (excluding battery) be of EU origin, or, have a battery with at least three “main specific components” of EU origin, of which the cells must be one.",[9569],{"type":850,"attrs":9570},{"color":1484},{"type":636,"attrs":9572},{"id":9518,"body":9573},[9574],{"id":9575,"_uid":9576,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27896915","i-a493b8ec-c432-44db-a534-d45a31d32544",{"type":647,"attrs":9578,"content":9579},{"level":649,"textAlign":49},[9580],{"text":9581,"type":585,"marks":9582},"What are the consequences of this exception?",[9583],{"type":850,"attrs":9584},{"color":1484},{"type":580,"attrs":9586,"content":9587},{"textAlign":49},[9588],{"text":9589,"type":585,"marks":9590},"These “Made in EU” definitions do as promised to create a lower regulatory burden for small car production. The requirement for assembly in the EU has been expected since the M1E's creation, and meeting a 70% EU origin threshold for all non-battery components should be achievable for legacy OEMs with EU manufacturing.",[9591],{"type":850,"attrs":9592},{"color":1484},{"type":580,"attrs":9594,"content":9595},{"textAlign":49},[9596],{"text":9597,"type":585,"marks":9598},"Therefore, the battery origin requirement becomes superfluous, and OEMs could continue to use cells and packs imported from China, leaving the door open to cheaper LFP cells, which are more commonly used in small, low-range, low-cost vehicles.",[9599],{"type":850,"attrs":9600},{"color":1484},{"type":647,"attrs":9602,"content":9603},{"level":649,"textAlign":49},[9604],{"text":9605,"type":585,"marks":9606},"Are automakers ready for “Made in EU” requirements?",[9607],{"type":850,"attrs":9608},{"color":1484},{"type":580,"attrs":9610,"content":9611},{"textAlign":49},[9612,9617,9626,9631,9640,9645,9654],{"text":9613,"type":585,"marks":9614},"For non-M1E or full size vehicles, the “Made in EU” requirements have just massively stepped up the requirements for manufacturers to meet in order to receive subsidy support. Progression to ",[9615],{"type":850,"attrs":9616},{"color":1484},{"text":9618,"type":585,"marks":9619},"develop localised",[9620,9624],{"type":590,"attrs":9621},{"href":9622,"uuid":9623,"anchor":49,"target":1492,"linktype":595},"/videos/scaling-up-gigafactories-in-emea","dc6da4db-7720-4bd4-925d-c910ea4de304",{"type":850,"attrs":9625},{"color":1484},{"text":9627,"type":585,"marks":9628}," supply chains would need to be front and centre for the next few years, as ",[9629],{"type":850,"attrs":9630},{"color":1484},{"text":9632,"type":585,"marks":9633},"European cell capacity",[9634,9638],{"type":590,"attrs":9635},{"href":9636,"uuid":9637,"anchor":49,"target":1492,"linktype":595},"/article/inobats-planned-spanish-gigafactory-gains-state-support","7fba56b4-ba97-41bb-9c82-964e0b097e77",{"type":850,"attrs":9639},{"color":1484},{"text":9641,"type":585,"marks":9642}," still lags behind demand expectations. This will get significantly harder again after three years with the expansion to ",[9643],{"type":850,"attrs":9644},{"color":1484},{"text":9646,"type":585,"marks":9647},"Cathode Active Material",[9648,9652],{"type":590,"attrs":9649},{"href":9650,"uuid":9651,"anchor":49,"target":1492,"linktype":595},"/article/europes-cathode-scene-set-to-diversify-as-supply-increases","bf235ce9-a2e5-43bf-98ac-ee8ef8120a46",{"type":850,"attrs":9653},{"color":1484},{"text":9655,"type":585,"marks":9656}," (CAM), although the exclusion of pCAM from the list of battery components may provide some reprieve. ",[9657],{"type":850,"attrs":9658},{"color":1484},{"type":580,"attrs":9660,"content":9661},{"textAlign":49},[9662,9667,9676],{"text":9663,"type":585,"marks":9664},"With some domestic EU cell manufacturers having struggled to ramp up to significant volumes so far, meeting “Made in EU” requirements may also work to ",[9665],{"type":850,"attrs":9666},{"color":1484},{"text":9668,"type":585,"marks":9669},"incentivise larger overseas players",[9670,9674],{"type":590,"attrs":9671},{"href":9672,"uuid":9673,"anchor":49,"target":1492,"linktype":595},"/article/byd-is-overtaking-tesla-in-europe","c0599b0d-784d-4b24-9142-145a377c7c4a",{"type":850,"attrs":9675},{"color":1484},{"text":9677,"type":585,"marks":9678}," in expanding EU capacity to provide the majority of the kWh needed. However, provisions included in the IAA on large-scale investments (more than EUR 100m) in the region also look to limit ownership stakes or require approval before getting the go-ahead. ",[9679],{"type":850,"attrs":9680},{"color":1484},{"type":580,"attrs":9682,"content":9683},{"textAlign":49},[9684],{"text":9685,"type":585,"marks":9686},"Ultimately, with a patchwork of EU member states providing differing levels of subsidy support anyway, this will add a new layer of regulation to bring into OEMs' supply chain and strategy calculations.",[9687],{"type":850,"attrs":9688},{"color":1484},"The EU Commission's proposed Industrial Accelerator Act (IAA) introduces new “Made in EU” stipulations for electric vehicles as part of a range of measures aimed at increasing the manufacturing sector’s share of the bloc’s GDP to 20% by 2035, up from 14.3% in 2024.\n\nThe act was proposed on Wednesday 4 March after delays and renegotiations pushed its publication to the wire. Further negotiations between the Council and the European Parliament are required before the IAA can be adopted and enter into force.\n\nThe “Made in EU” rules add tough requirements for automakers looking to benefit from incentive schemes, financial support for corporate vehicles, or public procurement, though there are exceptions for the “small cars” segment.",[9691,9694],{"slug":680,"name":681,"content":9692},{"job_title":683,"image":9693,"bio":686,"linkedin":687,"markets_covered":688},{"filename":685},{"slug":7723,"name":7724,"content":9695},{"job_title":7726,"image":9696,"bio":7729,"linkedin":7730,"markets_covered":7731},{"filename":7728},"Industrial Accelerator Act adds Made in EU rules for automakers",[9699,9700,9701],{"slug":956,"name":957},{"slug":692,"name":693},{"slug":695,"name":696},{"id":9703,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":9704,"copyright":645,"fieldtype":701,"meta_data":9705,"is_external_url":50},151672412929283,"https://a.storyblok.com/f/287943243085208/1588x1364/731aabcce5/eu-made-evs-2x.png",{},{"id":7752,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":7753,"copyright":645,"fieldtype":701,"meta_data":9707,"is_external_url":50},{},"The EU Commission's proposed Industrial Accelerator Act (IAA) introduces new “Made in EU” stipulations for electric vehicles as part of a range of measures aimed at increasing the manufacturing sector’s share of the bloc’s GDP.","Mar 05, 2026",{"id":9711,"uuid":4322,"name":9712,"slug":9713,"full_slug":9714,"content":9715},151297633466320,"US resists rapid global expansion of Chinese BEV market share","us-resists-rapid-global-expansion-of-chinese-bev-market-share","article/us-resists-rapid-global-expansion-of-chinese-bev-market-share",{"_uid":9716,"date":9717,"tags":9718,"editor":9723,"content":9727,"excerpt":9856,"featured":51,"reporter":9857,"component":689,"seo_title":9712,"categories":9858,"visibility":2019,"data_vis_image":9861,"featured_image":9863,"seo_description":9733,"formattedDate":9865},"24647583-f6c2-434d-94d2-f3d0fd406d4c","2026-03-04 00:00",[9719,9720,9721,9722],{"slug":564,"name":565},{"slug":2480,"name":2481},{"slug":720,"name":721},{"slug":4096,"name":4097},[9724],{"slug":568,"name":569,"content":9725},{"job_title":571,"image":9726,"bio":574,"linkedin":575},{"filename":573},{"type":577,"content":9728},[9729,9737,9757,9765,9774,9782,9791,9810,9818,9837,9846],{"type":580,"attrs":9730,"content":9731},{"textAlign":49},[9732],{"text":9733,"type":585,"marks":9734},"Battery electric vehicles (BEVs) made in China are taking up increasingly large proportions of sales around the world since 2018, Benchmark data reveals.",[9735],{"type":850,"attrs":9736},{"color":645},{"type":580,"attrs":9738,"content":9739},{"textAlign":49},[9740,9745,9752],{"text":9741,"type":585,"marks":9742},"Despite the ",[9743],{"type":850,"attrs":9744},{"color":645},{"text":9746,"type":585,"marks":9747},"failure of a number of Chinese BEV manufacturers to achieve their sales targets",[9748,9750],{"type":590,"attrs":9749},{"href":6364,"uuid":6365,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":9751},{"color":645},{"text":9753,"type":585,"marks":9754}," in 2025 – BYD and Li Auto were both among those who cut targets during the year – there has been significant overall growth of EVs made in China sold in Western nations, as well as in Japan and South Korea.",[9755],{"type":850,"attrs":9756},{"color":645},{"type":580,"attrs":9758,"content":9759},{"textAlign":49},[9760],{"type":1847,"attrs":9761},{"id":9762,"alt":645,"src":9763,"title":645,"source":645,"copyright":645,"meta_data":9764},151298117080526,"https://a.storyblok.com/f/287943243085208/1500x2388/20a970395f/chinese-evs-around-the-world_voro-4.jpg",{},{"type":647,"attrs":9766,"content":9767},{"level":649,"textAlign":49},[9768],{"text":9769,"type":585,"marks":9770},"Dominance in Mexico and Australia",[9771,9773],{"type":850,"attrs":9772},{"color":645},{"type":655},{"type":580,"attrs":9775,"content":9776},{"textAlign":49},[9777],{"text":9778,"type":585,"marks":9779},"Most striking is the growth in market share in Mexico where, since the first sales of China-made BEVs in 2022, they came to represent 89% of all BEVs bought in the country by last year, selling more than 53,000 of the 59,800 units sold. Australia saw similarly dramatic growth, peaking at 82% in 2023.",[9780],{"type":850,"attrs":9781},{"color":645},{"type":647,"attrs":9783,"content":9784},{"level":649,"textAlign":49},[9785],{"text":9786,"type":585,"marks":9787},"US bucks the trend",[9788,9790],{"type":850,"attrs":9789},{"color":645},{"type":655},{"type":580,"attrs":9792,"content":9793},{"textAlign":49},[9794,9799,9806],{"text":9795,"type":585,"marks":9796},"The most notable exception to the trend is the US, where in 2025 Chinese products accounted for less than a percentage point of the BEVs sold. Protectionist measures under both the Biden and Trump administrations have effectively banned Chinese imports in the sector, and the US produced 68% of its own BEVs in 2025. A total of 84% came from North American production more broadly, as assessed by the ",[9797],{"type":850,"attrs":9798},{"color":645},{"text":9800,"type":585,"marks":9801},"Benchmark EV and Battery Service",[9802,9804],{"type":590,"attrs":9803},{"href":3851,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":850,"attrs":9805},{"color":645},{"text":1538,"type":585,"marks":9807},[9808],{"type":850,"attrs":9809},{"color":645},{"type":580,"attrs":9811,"content":9812},{"textAlign":49},[9813],{"text":9814,"type":585,"marks":9815},"Chinese BEVs do not yet compose the majority of sales in any of the largest European economies. France’s trajectory is particularly notable as a further example of government action. Diverging from trends in nearby nations after 2023, the rapid growth of China-made BEV market share to 31% to that point was followed by a drop of almost half, falling to 16% in 2024.",[9816],{"type":850,"attrs":9817},{"color":645},{"type":580,"attrs":9819,"content":9820},{"textAlign":49},[9821,9826,9832],{"text":9822,"type":585,"marks":9823},"That shift followed changes to the country’s ",[9824],{"type":850,"attrs":9825},{"color":645},{"text":9827,"type":585,"marks":9828},"Bonus Ecologique",[9829,9831],{"type":850,"attrs":9830},{"color":645},{"type":1992},{"text":9833,"type":585,"marks":9834}," scheme subsidising zero-emissions vehicles including the implementation of an ‘environmental score’ requiring lower emissions in a vehicle’s manufacture for it to qualify. That meant a range of Chinese vehicles – as well as others including the Tesla Model 3 and Dacia Spring – were no longer eligible going into 2024.",[9835],{"type":850,"attrs":9836},{"color":645},{"type":580,"attrs":9838,"content":9839},{"textAlign":49},[9840],{"text":9841,"type":585,"marks":9842},"To learn more about our EV and battery data and forecasts, submit your details below and our team will be in touch:",[9843,9845],{"type":850,"attrs":9844},{"color":645},{"type":1992},{"type":636,"attrs":9847},{"id":9848,"body":9849},"a3237ec6-9550-4e4f-87fc-5fdea33eab5a",[9850],{"id":1997,"_uid":9851,"component":1999,"wrap_in_box":50,"redirect_url":9852,"success_file":9853,"default_height":645,"success_message":645,"v2_hubspot_form":50,"success_sub_text":645,"hidden_field_values":9855,"show_on_intelligence":50},"i-7489346d-b788-4a8f-85c9-f516041fef70",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":9854},{},[],"Battery electric vehicles (BEVs) made in China are taking up increasingly large proportions of sales around the world since 2018, Benchmark data reveals.\n\nDespite the failure of a number of Chinese BEV manufacturers to achieve their sales targets in 2025 – BYD and Li Auto were both among those who cut targets during the year – there has been significant overall growth of EVs made in China sold in Western nations, as well as in Japan and South Korea.",[],[9859,9860],{"slug":692,"name":693},{"slug":956,"name":957},{"id":9762,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":9763,"copyright":645,"fieldtype":701,"meta_data":9862,"is_external_url":50},{},{"id":6615,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":6616,"copyright":645,"fieldtype":701,"meta_data":9864,"is_external_url":50},{},"Mar 04, 2026",{"id":9867,"uuid":9868,"name":9869,"slug":9870,"full_slug":9871,"content":9872},150665293130636,"bde71a01-65ac-4b34-8f7d-0df0db0e305e","What is the state of direct recycling?","what-is-the-state-of-direct-recycling-","article/what-is-the-state-of-direct-recycling-",{"_uid":9873,"date":9874,"tags":9875,"editor":9883,"content":9887,"excerpt":10135,"featured":51,"reporter":10136,"component":689,"seo_title":10146,"categories":10147,"visibility":2019,"data_vis_image":10150,"featured_image":10154,"seo_description":10159,"formattedDate":10160},"28795ff2-2b9d-43b3-a53c-cc4cfce14301","2026-03-03 00:00",[9876,9879,9882],{"slug":9877,"name":9878},"direct-recycling","Direct recycling",{"slug":9880,"name":9881},"battery-recycling-technology","Battery recycling technology",{"slug":564,"name":565},[9884],{"slug":1466,"name":1467,"content":9885},{"job_title":1469,"image":9886,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":9888},[9889,9910,9918,9960,9983,9991,9999,10007,10015,10034,10041,10049,10057,10065,10073,10081,10089,10097,10105,10113,10119,10127],{"type":580,"attrs":9890,"content":9891},{"textAlign":49},[9892,9897,9905],{"text":9893,"type":585,"marks":9894},"Direct ",[9895],{"type":850,"attrs":9896},{"color":1484},{"text":7742,"type":585,"marks":9898},[9899,9903],{"type":590,"attrs":9900},{"href":9901,"uuid":9902,"anchor":49,"target":1492,"linktype":595},"/videos/what-are-the-recent-global-trends-for-the-recycling-industry","143d86b7-e6fc-4330-91a9-1219ccb41f56",{"type":850,"attrs":9904},{"color":1484},{"text":9906,"type":585,"marks":9907}," is a process in which the cathode and anode active materials within scrap batteries are regenerated without breaking them down into individual battery chemicals as is required by more traditional battery recycling methods.",[9908],{"type":850,"attrs":9909},{"color":1484},{"type":580,"attrs":9911,"content":9912},{"textAlign":49},[9913],{"text":9914,"type":585,"marks":9915},"Whilst direct recycling can have a higher recovery rate than other methods such as hydrometallurgy, its commercial adoption is hindered by its technological immaturity and the need for well-sorted waste streams.",[9916],{"type":850,"attrs":9917},{"color":1484},{"type":580,"attrs":9919,"content":9920},{"textAlign":49},[9921,9930,9935,9943,9948,9956],{"text":9922,"type":585,"marks":9923},"China is leading the way",[9924,9928],{"type":590,"attrs":9925},{"href":9926,"uuid":9927,"anchor":49,"target":1492,"linktype":595},"/article/infographic-how-much-of-the-recycling-industry-does-china-control","14754ee8-aa22-4e65-992f-76c84b6c2348",{"type":850,"attrs":9929},{"color":1484},{"text":9931,"type":585,"marks":9932}," in the technology, with commercial direct recycling of high-grade production scrap growing in the country. However its application to end of life material and in regions outside of China is limited. In 2025, just 3% of global recycling capacity was for direct recycling with all such projects located in ",[9933],{"type":850,"attrs":9934},{"color":1484},{"text":721,"type":585,"marks":9936},[9937,9941],{"type":590,"attrs":9938},{"href":9939,"uuid":9940,"anchor":49,"target":1492,"linktype":595},"/article/q3-2025-black-mass-price-review-china-lifts-black-mass-import-restrictions","a3e6f249-8bfa-4d31-80ee-6efd93c869a4",{"type":850,"attrs":9942},{"color":1484},{"text":9944,"type":585,"marks":9945}," according to ",[9946],{"type":850,"attrs":9947},{"color":1484},{"text":9949,"type":585,"marks":9950},"Benchmark’s Recycling Service",[9951,9954],{"type":590,"attrs":9952},{"href":9953,"uuid":49,"anchor":49,"target":1492,"linktype":1570},"https://www.benchmarkminerals.com/recycling",{"type":850,"attrs":9955},{"color":1484},{"text":1538,"type":585,"marks":9957},[9958],{"type":850,"attrs":9959},{"color":1484},{"type":580,"attrs":9961,"content":9962},{"textAlign":49},[9963,9969,9978],{"text":9964,"type":585,"marks":9965},"Download ",[9966,9968],{"type":850,"attrs":9967},{"color":1484},{"type":1992},{"text":9970,"type":585,"marks":9971},"Benchmark's Battery Recycling Map",[9972,9975,9977],{"type":590,"attrs":9973},{"href":9974,"uuid":49,"anchor":49,"target":1492,"linktype":1570},"/publications/special-issues/battery-recycling-map",{"type":850,"attrs":9976},{"color":1484},{"type":1992},{"text":1538,"type":585,"marks":9979},[9980,9982],{"type":850,"attrs":9981},{"color":1484},{"type":1992},{"type":647,"attrs":9984,"content":9985},{"level":649,"textAlign":49},[9986],{"text":9987,"type":585,"marks":9988},"How does direct recycling work?",[9989],{"type":850,"attrs":9990},{"color":1484},{"type":580,"attrs":9992,"content":9993},{"textAlign":49},[9994],{"text":9995,"type":585,"marks":9996},"The first step of the direct battery recycling process is the discharging and dismantling of the battery pack. In some instances mechanical shredding is used.",[9997],{"type":850,"attrs":9998},{"color":1484},{"type":580,"attrs":10000,"content":10001},{"textAlign":49},[10002],{"text":10003,"type":585,"marks":10004},"The material regeneration steps are the primary source of variation between companies. Where shredding is not involved, electrode sheets can be separated and the anode and cathode material can be extracted from the current collector foils using sonication or solvents such as dimethyl carbonate, N-Methyl-2-pyrrolidone (NMP) and, in some cases, water.",[10005],{"type":850,"attrs":10006},{"color":1484},{"type":580,"attrs":10008,"content":10009},{"textAlign":49},[10010],{"text":10011,"type":585,"marks":10012},"The recovered electrode material can then be regenerated into its battery grade form. In cases where lithium has been lost from the cathode during cell cycling, relithiation is necessary to recover battery grade materials. To regenerate electrode materials, direct processes include using plasma-assisted separation or hydrothermal treatment followed by annealing. There are several market participants with plans to employ these technologies commercially, however direct recycling operations are limited currently. Scaling of direct recycling processes are reliant on improvement and modification of these methods in upcoming years.",[10013],{"type":850,"attrs":10014},{"color":1484},{"type":580,"attrs":10016,"content":10017},{"textAlign":49},[10018,10023,10029],{"text":10019,"type":585,"marks":10020},"This method is in contrast to hydrometallurgical recycling which requires battery scrap first be shredded and separated into ",[10021],{"type":850,"attrs":10022},{"color":1484},{"text":7521,"type":585,"marks":10024},[10025,10027],{"type":590,"attrs":10026},{"href":7525,"uuid":7526,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":10028},{"color":1484},{"text":10030,"type":585,"marks":10031},". This is then refined using strong acids and other chemicals to obtain battery chemicals such as lithium carbonate and nickel sulphate.",[10032],{"type":850,"attrs":10033},{"color":1484},{"type":636,"attrs":10035},{"id":10036,"body":10037},"d0a91cc6-7539-4a8a-a22a-f606bb3c4f85",[10038],{"id":10039,"_uid":10040,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27809484","i-899a90e0-b0f4-4daa-ab96-678cef6c1738",{"type":580,"attrs":10042,"content":10043},{"textAlign":49},[10044],{"text":10045,"type":585,"marks":10046},"Hydrometallurgy is more mature battery recycling technology than direct recycling, but suffers significant efficacy losses in practice. By contrast, direct recycling theoretically has the highest recovery rates of all battery recycling methods as the active materials are not broken down into their constituent chemicals where most losses are. The active materials’ structures and stoichiometries are also maintained.",[10047],{"type":850,"attrs":10048},{"color":1484},{"type":647,"attrs":10050,"content":10051},{"level":649,"textAlign":49},[10052],{"text":10053,"type":585,"marks":10054},"What are the challenges with direct recycling?",[10055],{"type":850,"attrs":10056},{"color":1484},{"type":580,"attrs":10058,"content":10059},{"textAlign":49},[10060],{"text":10061,"type":585,"marks":10062},"Direct recycling processes are not yet being scaled to meet the demand that will be placed on the recycling market in coming years.",[10063],{"type":850,"attrs":10064},{"color":1484},{"type":580,"attrs":10066,"content":10067},{"textAlign":49},[10068],{"text":10069,"type":585,"marks":10070},"The processes are chemistry-specific and sensitive to the module format (i.e., cylindrical, prismatic or pouch), meaning the feedstock must be carefully controlled. Many regions do not have fully matured recycling collection schemes meaning scrap is often highly heterogeneous, containing an unpredictable mixture of chemistries and formats.",[10071],{"type":850,"attrs":10072},{"color":1484},{"type":580,"attrs":10074,"content":10075},{"textAlign":49},[10076],{"text":10077,"type":585,"marks":10078},"This is often why recycling companies opt to use direct recycling alongside cell production lines, or using supply and offtake agreements with specific customers to ensure the cathode chemistry is uniform.",[10079],{"type":850,"attrs":10080},{"color":1484},{"type":580,"attrs":10082,"content":10083},{"textAlign":49},[10084],{"text":10085,"type":585,"marks":10086},"For end of life (EOL) material, one technologically challenging step within direct recycling is relithiation. Lithium losses in the cathode are inevitable during cell cycling, and relithiating the spent material ensures that the cathode returns to its original composition and structure for reuse in new lithium ion batteries.",[10087],{"type":850,"attrs":10088},{"color":1484},{"type":580,"attrs":10090,"content":10091},{"textAlign":49},[10092],{"text":10093,"type":585,"marks":10094},"Even if the technical barriers associated with direct recycling of EOL scrap are overcome, another challenge is that once a battery becomes EOL scrap, its chemistry may be outdated. This means that regeneration of the same material then requires further treatment to generate up-to-date materials.",[10095],{"type":850,"attrs":10096},{"color":1484},{"type":647,"attrs":10098,"content":10099},{"level":649,"textAlign":49},[10100],{"text":10101,"type":585,"marks":10102},"Who is exploring direct recycling?",[10103],{"type":850,"attrs":10104},{"color":1484},{"type":580,"attrs":10106,"content":10107},{"textAlign":49},[10108],{"text":10109,"type":585,"marks":10110},"Globally, direct recycling capacity is set to triple between 2025 and 2030 with several projects planned or under construction.",[10111],{"type":850,"attrs":10112},{"color":1484},{"type":636,"attrs":10114},{"id":10036,"body":10115},[10116],{"id":10117,"_uid":10118,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27788937","i-7d10ddf7-f0b2-4217-ae7b-7003d8cf5ee0",{"type":580,"attrs":10120,"content":10121},{"textAlign":49},[10122],{"text":10123,"type":585,"marks":10124},"Outside of China direct recycling is in its preliminary stages of commercialisation, and the recycling routes that developers take vary drastically. Most direct methods are tailored to specific cathode chemistries rather than to all lithium ion batteries.",[10125],{"type":850,"attrs":10126},{"color":1484},{"type":580,"attrs":10128,"content":10129},{"textAlign":49},[10130],{"text":10131,"type":585,"marks":10132},"Direct recycling has been of particular interest for companies looking to recycle cheaper cathode chemistries, such as LFP, as this process ensures that margin lowering waste products are avoided. Companies that have reported the development and/or adoption of direct recycling processes include Huayou Cobalt, Rikomay, BMW/Encory, Li-Circle, Li Industries, Princeton NuEnergy, KYBURZ, and Exigo, to name a few.",[10133],{"type":850,"attrs":10134},{"color":1484},"Direct recycling is a process in which the cathode and anode active materials within scrap batteries are regenerated without breaking them down into individual battery chemicals as is required by more traditional battery recycling methods.\n\nWhilst direct recycling can have a higher recovery rate than other methods such as hydrometallurgy, its commercial adoption is hindered by its technological immaturity and the need for well-sorted waste streams.\n\nChina is leading the way in the technology, with commercial direct recycling of high-grade production scrap growing in the country. However its application to end of life material and in regions outside of China is limited. In 2025, just 3% of global recycling capacity was for direct recycling with all such projects located in China according to Benchmark’s Recycling Service.",[10137],{"slug":10138,"name":10139,"content":10140},"beatrice-browning","Beatrice Browning",{"job_title":10141,"image":10142,"bio":10144,"linkedin":10145,"markets_covered":7743},"Battery Recycling Technology Lead",{"filename":10143},"https://a.storyblok.com/f/287943243085208/3035x3794/a96e9c1415/beatrice-browning-2024-2.jpg","Beatrice is the Battery Recycling Technology Lead at Benchmark Mineral Intelligence, who has been working in the lithium ion battery recycling space for 6 years. She has been involved with Benchmark's recycling forecast since March 2022, tracking regional advancements in battery recycling infrastructure, technologies, and policy frameworks to build up a global understanding of the lithium-ion battery recycling market. She completed her PhD in battery recycling in March 2024, which has given her an in-depth technical understanding of lithium-ion battery recycling techniques.","https://www.linkedin.com/in/dr-beatrice-browning-20940b78/","What is direct recycling?",[10148,10149],{"slug":7745,"name":373},{"slug":7742,"name":7743},{"id":10151,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":10152,"copyright":645,"fieldtype":701,"meta_data":10153,"is_external_url":50},150925577564289,"https://a.storyblok.com/f/287943243085208/1588x1242/6351d21037/direct-vs-hydromet-2x.png",{},{"id":10155,"alt":645,"name":645,"focus":645,"title":10156,"source":645,"filename":10157,"copyright":645,"fieldtype":701,"meta_data":10158,"is_external_url":50},150666084443960,"Engineers oversee advanced battery recycling operations at PNE’s Chester, SC facility. (PRNewsfoto/Princeton NuEnergy)","https://a.storyblok.com/f/287943243085208/2700x1800/9f6dbeb31a/princeton_nuenergy.jpg",{"alt":645,"title":10156,"source":645,"copyright":645},"Direct recycling is a battery recycling process in which the cathode and anode active materials within scrap batteries are regenerated without breaking them down into battery chemicals as is required by more traditional battery recycling methods.","Mar 03, 2026",{"id":10162,"uuid":7816,"name":10163,"slug":10164,"full_slug":10165,"content":10166},150575396756929,"US BESS cell demand outstripping North American production until 2028 despite tariffs","us-bess-cell-demand-outstripping-north-american-production-until-2028-despite-tariffs","article/us-bess-cell-demand-outstripping-north-american-production-until-2028-despite-tariffs",{"_uid":10167,"date":10168,"tags":10169,"editor":645,"content":10175,"excerpt":10268,"featured":51,"reporter":10269,"component":689,"seo_title":10270,"categories":10271,"visibility":697,"data_vis_image":10275,"featured_image":10279,"seo_description":10283,"formattedDate":10284},"797e2708-98ad-4bb0-8611-a6300d3dbe55","2026-03-02 00:00",[10170,10171,10172,10173,10174],{"slug":3400,"name":946},{"slug":561,"name":562},{"slug":8333,"name":8334},{"slug":1720,"name":1721},{"slug":564,"name":565},{"type":577,"content":10176},[10177,10191,10203,10210,10217,10222,10234,10239,10245,10252,10257],{"type":580,"attrs":10178,"content":10179},{"textAlign":49},[10180,10182,10189],{"text":10181,"type":585},"US demand for lithium iron phosphate (LFP) battery energy storage (BESS cells) is forecast to outstrip supply from North American producers until 2028, according to Benchmark’s BESS Service. That failure to meet demand comes despite the imposition by the US of ",{"text":10183,"type":585,"marks":10184},"tariffs aimed at stimulating domestic production",[10185],{"type":590,"attrs":10186},{"href":10187,"uuid":10188,"anchor":49,"target":594,"linktype":595},"/article/us-to-increase-tariffs-on-chinese-anode-producers-to-205-","ee4cc049-cf29-4401-bf04-2a1cd938de91",{"text":10190,"type":585}," – and imports have continued as a result.",{"type":580,"attrs":10192,"content":10193},{"textAlign":49},[10194,10196,10201],{"text":10195,"type":585},"Total North American production, including Canadian output and US production with Chinese involvement, is not anticipated to meet US demand until 2028 despite an improvement in domestic US supply of LFP BESS cells in 2025. By 2029, however, the US is forecast to meet ",{"text":10197,"type":585,"marks":10198},"its own BESS demand",[10199],{"type":590,"attrs":10200},{"href":7845,"uuid":7846,"anchor":49,"target":594,"linktype":595},{"text":10202,"type":585}," without the need for supply with Chinese involvement or supply from Canada.",{"type":636,"attrs":10204},{"id":10205,"body":10206},"403cfaec-5441-4b45-90b4-5dfba906cccb",[10207],{"id":10208,"_uid":10209,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27804260","i-69d0cf11-f042-4e5b-b5f9-8681d2ace5fe",{"type":647,"attrs":10211,"content":10212},{"level":649,"textAlign":49},[10213],{"text":10214,"type":585,"marks":10215},"Import dips do not mean domestic supply is ready",[10216],{"type":655},{"type":580,"attrs":10218,"content":10219},{"textAlign":49},[10220],{"text":10221,"type":585},"There were two major dips in US imports of Chinese battery cells last year, these do not yet reflect a successful replacement of supply by US manufacturers. Imports dropped to their lowest levels since April 2022, hitting ~$0.5bn in both June and September 2025.",{"type":580,"attrs":10223,"content":10224},{"textAlign":49},[10225,10227,10232],{"text":10226,"type":585},"The first of these falls came after the imposition of a total 156% tariff on the imports by the Trump administration, rather than reflecting sudden surges in US supply. ",{"text":10228,"type":585,"marks":10229},"Détente in the trade war",[10230],{"type":590,"attrs":10231},{"href":9157,"uuid":9158,"anchor":49,"target":594,"linktype":595},{"text":10233,"type":585}," between the US and China brought the US tariff rate down to 41%, with a spike in imports following soon after.",{"type":580,"attrs":10235,"content":10236},{"textAlign":49},[10237],{"text":10238,"type":585},"Imports saw some recovery towards the end of 2025 as a result of safe harbouring as well as anticipation of a January 2026 tariff increase. ",{"type":636,"attrs":10240},{"id":10205,"body":10241},[10242],{"id":10243,"_uid":10244,"type":595,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"3596364","i-60e6cf5a-d147-4302-a831-e2391b3eb5b4",{"type":647,"attrs":10246,"content":10247},{"level":649,"textAlign":49},[10248],{"text":10249,"type":585,"marks":10250},"The broader effect of tariffs on the BESS industry",[10251],{"type":655},{"type":580,"attrs":10253,"content":10254},{"textAlign":49},[10255],{"text":10256,"type":585},"Fluctuating tariff rates add to uncertainty for domestic US BESS projects. The combination of still-tight domestic supply and tariff-inflated prices for Chinese cells puts upward pressure on project costs.",{"type":580,"attrs":10258,"content":10259},{"textAlign":49},[10260,10262],{"text":10261,"type":585},"The 20 February Supreme Court judgement and following changes to the US tariff regime mean the tariff rate on cells has dropped by 10%, coming down to a rate of 38.4%. However, the new tariffs introduced in response to the judgement under Section 122 can only be in place for 150 days, giving time for tariffs from other mechanisms to increase, for instance under Section 301. ",{"text":10263,"type":585,"marks":10264},"These tariffs will have no material impact on the push to build a domestic supply chain further, as the greater push is ultimately linked to the 48E investment tax credit.",[10265],{"type":590,"attrs":10266},{"href":10267,"uuid":49,"anchor":49,"target":594,"linktype":1570},"https://source.benchmarkminerals.com/article/us-treasury-and-irs-release-interim-pfe-guidance-for-45x-and-48e-tax-credit-eligibility","US demand for lithium iron phosphate (LFP) battery energy storage (BESS cells) is forecast to outstrip supply from North American producers until 2028, according to Benchmark’s BESS Service. That failure to meet demand comes despite the imposition by the US of tariffs aimed at stimulating domestic production – and imports have continued as a result.",[],"US BESS cell demand above North American production until 2028",[10272,10273,10274],{"slug":956,"name":957},{"slug":950,"name":951},{"slug":3379,"name":3380},{"id":10276,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":10277,"copyright":645,"fieldtype":701,"meta_data":10278,"is_external_url":50},150577236853716,"https://a.storyblok.com/f/287943243085208/803x755/065cc40577/us-lfp-bess-cell-demand-outstrips-production-until-2028.png",{},{"id":10280,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":10281,"copyright":645,"fieldtype":701,"meta_data":10282,"is_external_url":50},106721974659977,"https://a.storyblok.com/f/287943243085208/x/798cf086c4/who-were-the-top-cell-suppliers-in-the-bess-market-in-h1-2025.avif",{},"US demand for lithium iron phosphate (LFP) battery energy storage (BESS cells) is forecast to outstrip supply from North American producers until 2028, according to Benchmark’s BESS Service.","Mar 02, 2026",{"id":10286,"uuid":2244,"name":10287,"slug":10288,"full_slug":10289,"content":10290},149570920239599,"Form Energy announces largest capacity energy storage system to date","form-energy-announces-largest-capacity-energy-storage-system-to-date","article/form-energy-announces-largest-capacity-energy-storage-system-to-date",{"_uid":10291,"date":10292,"tags":10293,"editor":10302,"content":10306,"excerpt":10425,"featured":51,"reporter":10426,"component":689,"seo_title":10430,"categories":10431,"visibility":697,"data_vis_image":10435,"featured_image":10439,"seo_description":10425,"formattedDate":10441},"ca524aa9-ea72-4232-8fef-90bbabbfc093","2026-02-27 00:00",[10294,10297,10300,10301],{"slug":10295,"name":10296},"bess-systems","BESS Systems",{"slug":10298,"name":10299},"lithium-ion-batteries","lithium ion batteries",{"slug":561,"name":562},{"slug":564,"name":565},[10303],{"slug":568,"name":569,"content":10304},{"job_title":571,"image":10305,"bio":574,"linkedin":575},{"filename":573},{"type":577,"content":10307},[10308,10318,10325,10337,10344,10349,10354,10366,10373,10378,10385,10390,10395,10402,10414,10419],{"type":580,"attrs":10309,"content":10310},{"textAlign":49},[10311,10313,10316],{"text":10312,"type":585},"On 24",{"text":5219,"type":585,"marks":10314},[10315],{"type":2946},{"text":10317,"type":585}," February, Google formally signed an agreement with Xcel Energy to deploy a 30GWh / 300MW, 100-hour iron-air battery energy storage system (BESS) supplied by Form Energy in Pine Island, Minnesota.",{"type":647,"attrs":10319,"content":10320},{"level":649,"textAlign":49},[10321],{"text":10322,"type":585,"marks":10323},"Largest ever BESS project globally",[10324],{"type":655},{"type":580,"attrs":10326,"content":10327},{"textAlign":49},[10328,10330,10335],{"text":10329,"type":585},"The project is the largest energy storage project in Benchmark’s databases and ",{"text":10331,"type":585,"marks":10332},"significantly outstrips the average capacity",[10333],{"type":590,"attrs":10334},{"href":7845,"uuid":7846,"anchor":49,"target":1492,"linktype":595},{"text":10336,"type":585}," of energy storage projects, of any technology, operational in the US in 2025.",{"type":636,"attrs":10338},{"id":10339,"body":10340},"be8a6769-e87e-486b-ae63-8e21d663e1d1",[10341],{"id":10342,"_uid":10343,"type":595,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"3598726","i-89bd26ab-949e-4c46-964b-3ef507e5d867",{"type":580,"attrs":10345,"content":10346},{"textAlign":49},[10347],{"text":10348,"type":585},"It would also be the second-largest project anywhere in the world in terms of capacity, beaten only by a 40GWh LFP-based project in Australia. Calvin Xu, BESS analyst at Benchmark, noted the scale of the project “far exceeds the market average”.",{"type":580,"attrs":10350,"content":10351},{"textAlign":49},[10352],{"text":10353,"type":585},"The average capacity of commissioned battery energy storage projects globally was 168MWh. The US was slightly larger just under 290MWh.",{"type":580,"attrs":10355,"content":10356},{"textAlign":49},[10357,10359,10364],{"text":10358,"type":585},"“We are increasingly seeing giga-scale projects ",{"text":10360,"type":585,"marks":10361},"enter the project pipeline",[10362],{"type":590,"attrs":10363},{"href":5292,"uuid":5293,"anchor":49,"target":1492,"linktype":595},{"text":10365,"type":585},",” Xu said. “But this is the largest to be announced in the US, more than double the size of the next largest announced project’s capacity.”",{"type":647,"attrs":10367,"content":10368},{"level":649,"textAlign":49},[10369],{"text":10370,"type":585,"marks":10371},"Lithium ion continues to dominate",[10372],{"type":655},{"type":580,"attrs":10374,"content":10375},{"textAlign":49},[10376],{"text":10377,"type":585},"Although the announced project utilises iron-air technology, lithium ion cells will continue to dominate in new battery storage deployments through to 2030, though their market share is expected to fall from a 98% peak in 2025 to 90% by 2030. The remaining share will be split between sodium ion and other technologies, iron air among them.",{"type":636,"attrs":10379},{"id":10380,"body":10381},"f0307b01-89cf-4d10-85a1-2a5657047185",[10382],{"id":10383,"_uid":10384,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27805048","i-f9f2920e-0907-4977-b2bc-fc62b55a1115",{"type":580,"attrs":10386,"content":10387},{"textAlign":49},[10388],{"text":10389,"type":585},"The new project is an outlier in this trend and reflects the unique ability of iron air chemistry to meet exceptional duration demands. The iron-air battery system generates electricity through the oxidation of iron when exposed to air, effectively utilising a reversible rusting process.",{"type":580,"attrs":10391,"content":10392},{"textAlign":49},[10393],{"text":10394,"type":585},"Form Energy has been selected as the BESS system supplier. The batteries will be manufactured at Form Factory 1 in Weirton, West Virginia, which is currently expanding to an annual production capacity of 500MW.",{"type":647,"attrs":10396,"content":10397},{"level":649,"textAlign":49},[10398],{"text":10399,"type":585,"marks":10400},"All 100-hour projects utilising iron-air",[10401],{"type":655},{"type":580,"attrs":10403,"content":10404},{"textAlign":49},[10405,10407,10412],{"text":10406,"type":585},"The 100-hour long duration of the project signals an ",{"text":10408,"type":585,"marks":10409},"accelerating shift in energy storage",[10410],{"type":590,"attrs":10411},{"href":2234,"uuid":2235,"anchor":49,"target":1492,"linktype":595},{"text":10413,"type":585}," from an “emergency backup” role towards serving as a primary energy supply resource.",{"type":580,"attrs":10415,"content":10416},{"textAlign":49},[10417],{"text":10418,"type":585},"Most non-lithium-ion projects have durations of 0-4 hours, largely using flow batteries, while all 10 of the 100-hour projects globally utilise iron-air technology. Nine of these are supplied by Form Energy.",{"type":636,"attrs":10420},{"id":10380,"body":10421},[10422],{"id":10423,"_uid":10424,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27807513","i-88477fc8-eb90-4196-93c5-1e1c4132c34d","On 24th February, Google formally signed an agreement with Xcel Energy to deploy a 30GWh / 300MW, 100-hour iron-air battery energy storage system (BESS) supplied by Form Energy in Pine Island, Minnesota.",[10427],{"slug":938,"name":939,"content":10428},{"job_title":941,"image":10429,"bio":944,"linkedin":945,"markets_covered":946},{"filename":943},"Form Energy announces largest ever capacity energy storage system",[10432,10433,10434],{"slug":959,"name":960},{"slug":950,"name":951},{"slug":3379,"name":3380},{"id":10436,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":10437,"copyright":645,"fieldtype":701,"meta_data":10438,"is_external_url":50},149573595989641,"https://a.storyblok.com/f/287943243085208/811x805/5c45b847d0/bess-circle-chart.png",{},{"id":1275,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":1276,"copyright":645,"fieldtype":701,"meta_data":10440,"is_external_url":50},{},"Feb 27, 2026",{"id":10443,"uuid":8356,"name":10444,"slug":10445,"full_slug":10446,"content":10447},149519655005023,"Record US copper imports in 2025 far in excess of consumption","record-us-copper-imports-in-2025-far-in-excess-of-consumption","article/record-us-copper-imports-in-2025-far-in-excess-of-consumption",{"_uid":10448,"date":10292,"tags":10449,"editor":10456,"content":10460,"excerpt":10466,"featured":51,"reporter":10541,"component":689,"seo_title":10444,"categories":10545,"visibility":2019,"data_vis_image":10548,"featured_image":10552,"seo_description":10466,"formattedDate":10441},"fe74d341-ad84-4ab3-857b-4cf268411194",[10450,10451,10454,10455],{"slug":5909,"name":5910},{"slug":10452,"name":10453},"cme","CME",{"slug":564,"name":565},{"slug":561,"name":562},[10457],{"slug":568,"name":569,"content":10458},{"job_title":571,"image":10459,"bio":574,"linkedin":575},{"filename":573},{"type":577,"content":10461},[10462,10467,10474,10497,10504,10518,10525,10530,10535],{"type":580,"attrs":10463,"content":10464},{"textAlign":49},[10465],{"text":10466,"type":585},"US imports of refined copper grew 81% in 2025, compared to 2024, to a record high of 1,634kt. Driven by tariff fears, these imports were far in excess of US demand for the metal.",{"type":647,"attrs":10468,"content":10469},{"level":649,"textAlign":49},[10470],{"text":10471,"type":585,"marks":10472},"Tariff threats driving up price",[10473],{"type":655},{"type":580,"attrs":10475,"content":10476},{"textAlign":49},[10477,10479,10486,10488,10495],{"text":10478,"type":585},"Threats that a ",{"text":10480,"type":585,"marks":10481},"tariff could be placed",[10482],{"type":590,"attrs":10483},{"href":10484,"uuid":10485,"anchor":49,"target":1492,"linktype":595},"/article/tariff-fears-drove-us-refined-copper-imports-to-record-high-in-july","4a2c2278-6eee-43c7-83e6-8c75a5812d2a",{"text":10487,"type":585}," on copper cathode in 2025 ",{"text":10489,"type":585,"marks":10490},"drastically increased the CME copper price",[10491],{"type":590,"attrs":10492},{"href":10493,"uuid":10494,"anchor":49,"target":1492,"linktype":595},"/article/premiums-across-the-across-the-globe-hit-unprecedented-levels","711fa060-b497-4673-bc09-1f279140f8da",{"text":10496,"type":585}," and incentivised front-loading of copper into the US. This led to a large surplus of material heading to the US and a tightening of the global copper market.",{"type":636,"attrs":10498},{"id":10499,"body":10500},"fc3707d1-c496-45a4-8b42-425161544df7",[10501],{"id":10502,"_uid":10503,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27811296","i-a13318e0-a761-4401-87c1-3853eb4194d6",{"type":580,"attrs":10505,"content":10506},{"textAlign":49},[10507,10509,10516],{"text":10508,"type":585},"This flow of material also caused significant price inflation on the LME, and massive increases of copper premiums across the globe, despite relatively loose market conditions. The ",{"text":10510,"type":585,"marks":10511},"bulk of US imports came from Chile",[10512],{"type":590,"attrs":10513},{"href":10514,"uuid":10515,"anchor":49,"target":1492,"linktype":595},"/article/what-do-chiles-recent-election-results-mean-for-the-lithium-and-copper-industries","059bf793-a827-4de7-adcf-b09e43ed3ff6",{"text":10517,"type":585},", at 876kt, followed by the DRC (187kt), Canada (185kt), and Peru (87kt).",{"type":647,"attrs":10519,"content":10520},{"level":649,"textAlign":49},[10521],{"text":10522,"type":585,"marks":10523},"Consumption far below imports",[10524],{"type":655},{"type":580,"attrs":10526,"content":10527},{"textAlign":49},[10528],{"text":10529,"type":585},"Many Chilean brands are CME deliverable and, whilst DRC material is not CME deliverable, it was likely either being sold directly to customers or stored in warehouses off-exchange.",{"type":580,"attrs":10531,"content":10532},{"textAlign":49},[10533],{"text":10534,"type":585},"US copper demand was significantly below the volume that was imported, resulting in an uptick in copper stored both in and outside exchanges. Benchmark estimates that US copper import were more than 700kt in excess of its demands across 2025. This means US warehouses absorbed more copper last year than most nations consumed.",{"type":636,"attrs":10536},{"id":10499,"body":10537},[10538],{"id":10539,"_uid":10540,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27810852","i-ff0dfe0c-b093-407b-86e1-adb8badca058",[10542],{"slug":1128,"name":1129,"content":10543},{"job_title":1131,"image":10544,"bio":1134,"linkedin":1135,"markets_covered":1136},{"filename":1133},[10546,10547],{"slug":1140,"name":1136},{"slug":1142,"name":1143},{"id":10549,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":10550,"copyright":645,"fieldtype":701,"meta_data":10551,"is_external_url":50},149523299928344,"https://a.storyblok.com/f/287943243085208/807x734/85165f935b/excess-us-copper-imports-among-largest-consumers-in-2025.png",{},{"id":10553,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":10554,"copyright":645,"fieldtype":701,"meta_data":10555,"is_external_url":50},129066755701128,"https://a.storyblok.com/f/287943243085208/4da2f62bcb/bm-copper-cathode.jpg",{},{"id":10557,"uuid":6331,"name":10558,"slug":10559,"full_slug":10560,"content":10561},148884017693079,"Zimbabwe suspends lithium concentrate exports","zimbabwe-suspends-lithium-concentrate-exports","article/zimbabwe-suspends-lithium-concentrate-exports",{"_uid":10562,"date":10563,"tags":10564,"editor":10571,"content":10575,"excerpt":10814,"featured":51,"reporter":10815,"component":689,"seo_title":10558,"categories":10819,"visibility":697,"data_vis_image":10822,"featured_image":10826,"seo_description":10830,"formattedDate":10831},"1bd8ada1-27d6-404b-a0a7-ab4431af58a8","2026-02-25 00:00",[10565,10566,10567,10570],{"slug":3520,"name":3521},{"slug":564,"name":565},{"slug":10568,"name":10569},"export-restrictions","Export restrictions",{"slug":5030,"name":5610},[10572],{"slug":1466,"name":1467,"content":10573},{"job_title":1469,"image":10574,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":10576},[10577,10612,10620,10628,10635,10643,10651,10685,10691,10713,10721,10729,10737,10745,10766,10774,10808],{"type":580,"attrs":10578,"content":10579},{"textAlign":49},[10580,10585,10594,10599,10608],{"text":10581,"type":585,"marks":10582},"On Wednesday 25th February, the ",[10583],{"type":850,"attrs":10584},{"color":1484},{"text":10586,"type":585,"marks":10587},"Zimbabwean government",[10588,10592],{"type":590,"attrs":10589},{"href":10590,"uuid":10591,"anchor":49,"target":1492,"linktype":595},"/article/zimbabwe-africas-lithium-heartland","55306705-148d-46f7-ab80-27437cd2ac45",{"type":850,"attrs":10593},{"color":1484},{"text":10595,"type":585,"marks":10596}," suspended all exports of raw minerals and lithium concentrates, including material currently in transit. Exports of unbeneficiated lithium ore have been ",[10597],{"type":850,"attrs":10598},{"color":1484},{"text":10600,"type":585,"marks":10601},"banned since 2022",[10602,10606],{"type":590,"attrs":10603},{"href":10604,"uuid":10605,"anchor":49,"target":1492,"linktype":595},"/article/zimbabwes-lithium-ore-export-ban-highlights-africas-lithium-potential","30408142-cefa-4a5f-abbd-e10062096caa",{"type":850,"attrs":10607},{"color":1484},{"text":1538,"type":585,"marks":10609},[10610],{"type":850,"attrs":10611},{"color":1484},{"type":580,"attrs":10613,"content":10614},{"textAlign":49},[10615],{"text":10616,"type":585,"marks":10617},"This comes after a letter to Zimbabwe’s mining companies dated February 17th, which outlined the government’s intention to streamline its export permitting processes to “enhance efficiency”, address unsanctioned exports, crack down on export malpractices, and limit “leakage” of material.",[10618],{"type":850,"attrs":10619},{"color":1484},{"type":580,"attrs":10621,"content":10622},{"textAlign":49},[10623],{"text":10624,"type":585,"marks":10625},"The global lithium market is currently tight, with supply and demand forecast to be largely balanced in 2026. There is currently no end date for the suspension. As such, it is unclear how much of Zimbabwe’s forecast supply for the year will be impacted, though it is likely to further tighten the market, potentially impacting prices.",[10626],{"type":850,"attrs":10627},{"color":1484},{"type":636,"attrs":10629},{"id":10630,"body":10631},"c0950273-3a4d-424d-b34f-390cac576fc4",[10632],{"id":10633,"_uid":10634,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27793534","i-2e888344-ca10-44db-b295-e94693791022",{"type":580,"attrs":10636,"content":10637},{"textAlign":49},[10638],{"text":10639,"type":585,"marks":10640},"At the core of the government’s drive will be its new computerised export permit management system, which it had been trialling on a limited basis since summer 2025. In the February 17th letter, the government had initially warned exporters about potential delays relating to this process.",[10641],{"type":850,"attrs":10642},{"color":1484},{"type":647,"attrs":10644,"content":10645},{"level":649,"textAlign":49},[10646],{"text":10647,"type":585,"marks":10648},"What does this mean for Zimbabwe’s lithium production?",[10649],{"type":850,"attrs":10650},{"color":1484},{"type":580,"attrs":10652,"content":10653},{"textAlign":49},[10654,10659,10666,10671,10680],{"text":10655,"type":585,"marks":10656},"Zimbabwe was ",[10657],{"type":850,"attrs":10658},{"color":1484},{"text":10660,"type":585,"marks":10661},"Africa’s largest lithium producer",[10662,10664],{"type":590,"attrs":10663},{"href":5697,"uuid":5698,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":10665},{"color":1484},{"text":10667,"type":585,"marks":10668}," in 2025, with an output of 132kt LCE. This figure is ",[10669],{"type":850,"attrs":10670},{"color":1484},{"text":10672,"type":585,"marks":10673},"forecast to rise",[10674,10678],{"type":590,"attrs":10675},{"href":10676,"uuid":10677,"anchor":49,"target":1492,"linktype":595},"/article/mali-set-to-become-africas-second-largest-lithium-producer-in-2025","97b8d569-e767-4be0-9abb-ee5e978adaa1",{"type":850,"attrs":10679},{"color":1484},{"text":10681,"type":585,"marks":10682}," to ~134kt LCE in 2026.",[10683],{"type":850,"attrs":10684},{"color":1484},{"type":636,"attrs":10686},{"id":10630,"body":10687},[10688],{"id":10689,"_uid":10690,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27789313","i-f4c4bc8a-8ec5-4243-be40-705fcc264565",{"type":580,"attrs":10692,"content":10693},{"textAlign":49},[10694,10699,10708],{"text":10695,"type":585,"marks":10696},"Within the wider Zimbabwean context, recent events could be a harbinger of things to come. Zimbabwe’s ban on ",[10697],{"type":850,"attrs":10698},{"color":1484},{"text":10700,"type":585,"marks":10701},"lithium concentrate exports is set to enter into force in January 2027",[10702,10706],{"type":590,"attrs":10703},{"href":10704,"uuid":10705,"anchor":49,"target":1492,"linktype":595},"/article/zimbabwe-to-ban-lithium-concentrate-exports-from-2027","2cb67dd2-7bf1-4398-bff8-512fa146020d",{"type":850,"attrs":10707},{"color":1484},{"text":10709,"type":585,"marks":10710},", and producers have been instructed to move to lithium chemical production by that deadline. ",[10711],{"type":850,"attrs":10712},{"color":1484},{"type":580,"attrs":10714,"content":10715},{"textAlign":49},[10716],{"text":10717,"type":585,"marks":10718},"Recent changes to the country’s tax and royalty regime have offered further incentives for producers to develop chemical capacity. Direct-shipping ore (DSO) exports without express government consent are already banned.",[10719],{"type":850,"attrs":10720},{"color":1484},{"type":647,"attrs":10722,"content":10723},{"level":649,"textAlign":49},[10724],{"text":10725,"type":585,"marks":10726},"What impact could the suspension have?",[10727],{"type":850,"attrs":10728},{"color":1484},{"type":580,"attrs":10730,"content":10731},{"textAlign":49},[10732],{"text":10733,"type":585,"marks":10734},"The claims of “leakage” and the export of banned raw materials may be overstated.  Unsanctioned DSO material is not believed to play a significant role in Zimbabwe's lithium export mix. While reports of smugglers operating under the cover of legal routes have surfaced, the affected volumes and contained mineral value are very small in comparison to the regular exports by the country’s major Chinese producers.",[10735],{"type":850,"attrs":10736},{"color":1484},{"type":580,"attrs":10738,"content":10739},{"textAlign":49},[10740],{"text":10741,"type":585,"marks":10742},"With limited progress towards chemical production, permit suspensions serve as a stark reminder and demonstration of regulatory power, potentially further enhanced by the introduction of an electronic permit management system.",[10743],{"type":850,"attrs":10744},{"color":1484},{"type":580,"attrs":10746,"content":10747},{"textAlign":49},[10748,10753,10761],{"text":10749,"type":585,"marks":10750},"Idled capacity from Arcadia and Bikita’s petalite lines, as well as Premier’s troubled Zulu project, could potentially offer incremental supply to Benchmark’s 2026 forecast if current market tightness and strong demand signals from Chinese ",[10751],{"type":850,"attrs":10752},{"color":1484},{"text":793,"type":585,"marks":10754},[10755,10759],{"type":590,"attrs":10756},{"href":10757,"uuid":10758,"anchor":49,"target":1492,"linktype":595},"/article/saudis-bisha-battery-energy-storage-project-uses-30000-evs-worth-of-battery-minerals","a1c5b447-2917-45e6-832c-cc9c3e0dc267",{"type":850,"attrs":10760},{"color":1484},{"text":10762,"type":585,"marks":10763}," LFP producers persist past Q1 2026. However, the increased regulatory friction, as well as chemical capacity bottlenecking exports from 2027 onwards, dampen optimism in this regard.",[10764],{"type":850,"attrs":10765},{"color":1484},{"type":580,"attrs":10767,"content":10768},{"textAlign":49},[10769],{"text":10770,"type":585,"marks":10771},"Despite mixed feedback, sources have suggested to Benchmark that lithium sulphate exports are also impacted. Sulphate capacity under construction at Huayou’s Arcadia and Sinomine’s Bikita projects are forecast to produce 20kt LCE and 2kt LCE in 2026, respectively.",[10772],{"type":850,"attrs":10773},{"color":1484},{"type":580,"attrs":10775,"content":10776},{"textAlign":49},[10777,10782,10789,10794,10803],{"text":10778,"type":585,"marks":10779},"Disruption to Zimbabwean supply, or the perceived risk thereof, is likely to send ",[10780],{"type":850,"attrs":10781},{"color":1484},{"text":10783,"type":585,"marks":10784},"lithium prices",[10785,10787],{"type":590,"attrs":10786},{"href":1555,"uuid":1556,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":10788},{"color":1484},{"text":10790,"type":585,"marks":10791}," higher in the short term. Long lead times for arrivals in China further exacerbate this dynamic, extracting a greater sentiment-driven risk premium, especially within the context of a market burned by the repeated downplaying of regulatory risk relating to ",[10792],{"type":850,"attrs":10793},{"color":1484},{"text":10795,"type":585,"marks":10796},"Jiangxi Province",[10797,10801],{"type":590,"attrs":10798},{"href":10799,"uuid":10800,"anchor":49,"target":1492,"linktype":595},"/article/what-do-the-recent-jiangxi-permit-cancellations-mean-for-the-lithium-industry","f1d4e410-77c1-4103-8b56-b84209e2fc88",{"type":850,"attrs":10802},{"color":1484},{"text":10804,"type":585,"marks":10805}," since summer 2025.",[10806],{"type":850,"attrs":10807},{"color":1484},{"type":636,"attrs":10809},{"id":10630,"body":10810},[10811],{"id":10812,"_uid":10813,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27789881","i-93f76ac2-e3f1-4d7a-a564-4f606f6a7a50","On Wednesday 25th February, the Zimbabwean government suspended all exports of raw minerals and lithium concentrates, including material currently in transit. Exports of unbeneficiated lithium ore have been banned since 2022.\n\nThis comes after a letter to Zimbabwe’s mining companies dated February 17th, which outlined the government’s intention to streamline its export permitting processes to “enhance efficiency”, address unsanctioned exports, crack down on export malpractices, and limit “leakage” of material.\n\nThe global lithium market is currently tight, with supply and demand forecast to be largely balanced in 2026. There is currently no end date for the suspension. As such, it is unclear how much of Zimbabwe’s forecast supply for the year will be impacted, though it is likely to further tighten the market, potentially impacting prices.",[10816],{"slug":5166,"name":5167,"content":10817},{"job_title":5169,"image":10818,"bio":5172,"linkedin":5173,"markets_covered":8},{"filename":5171},[10820,10821],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":10823,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":10824,"copyright":645,"fieldtype":701,"meta_data":10825,"is_external_url":50},149565523174515,"https://a.storyblok.com/f/287943243085208/1588x2006/2caebdd109/zimbabwe-s-lithium-scene-2x.png",{},{"id":10827,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":10828,"copyright":645,"fieldtype":701,"meta_data":10829,"is_external_url":50},129072559928681,"https://a.storyblok.com/f/287943243085208/65b4a8a208/bm-shutterstock-603910874-1293753d04d9.jpg",{},"On Wednesday 25th February, the Zimbabwean government suspended all exports of raw minerals and lithium concentrates, including material currently in transit. Exports of unbeneficiated lithium ore have been banned since 2022.","Feb 25, 2026",{"id":10833,"uuid":1556,"name":10834,"slug":10835,"full_slug":10836,"content":10837},146671858620280,"Déjà vu in Battery Raw Materials: Is the 2021 Playbook Repeating? ","deja-vu-in-battery-raw-materials-is-the-2021-playbook-repeating-","article/deja-vu-in-battery-raw-materials-is-the-2021-playbook-repeating-",{"_uid":10838,"date":10839,"tags":10840,"editor":10847,"content":10851,"excerpt":11197,"featured":51,"reporter":11198,"component":689,"seo_title":11202,"categories":11203,"visibility":697,"author_company":645,"data_vis_image":11208,"featured_image":11212,"seo_description":11216,"author_full_name":645,"author_job_title":645,"formattedDate":11217},"7d0c0a99-cd5e-43db-86b2-731290ed8f50","2026-02-19 00:00",[10841,10842,10843,10846],{"slug":564,"name":565},{"slug":1458,"name":1459},{"slug":10844,"name":10845},"cobalt-prices","Cobalt prices",{"slug":6025,"name":6026},[10848],{"slug":1466,"name":1467,"content":10849},{"job_title":1469,"image":10850,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":10852},[10853,10874,10891,10899,10906,10914,10933,10941,10947,10955,10963,10971,10979,10987,11009,11030,11036,11044,11052,11060,11080,11088,11094,11116,11124,11132,11140,11173,11181,11189],{"type":580,"attrs":10854,"content":10855},{"textAlign":49},[10856,10861,10869],{"text":10857,"type":585,"marks":10858},"Price movements in ",[10859],{"type":850,"attrs":10860},{"color":1484},{"text":10862,"type":585,"marks":10863},"battery raw material markets",[10864,10867],{"type":590,"attrs":10865},{"href":10866,"uuid":49,"anchor":49,"target":1492,"linktype":1570},"https://intelligence.benchmarkminerals.com/publications/special-issues/2026-outlook-whitepaper-a-turning-point-for-critical-materials",{"type":850,"attrs":10868},{"color":1484},{"text":10870,"type":585,"marks":10871}," since June last year look very familiar to those seen during the 2021/22 cycle.",[10872],{"type":850,"attrs":10873},{"color":1484},{"type":580,"attrs":10875,"content":10876},{"textAlign":49},[10877,10886],{"text":10878,"type":585,"marks":10879},"Lithium, cobalt and nickel prices",[10880,10884],{"type":590,"attrs":10881},{"href":10882,"uuid":10883,"anchor":49,"target":1492,"linktype":595},"/publications/briefings/raw-material-prices/raw-materials-price-briefing-13-02-2026","9eb409ae-4e13-4855-b133-402fd9ab53b8",{"type":850,"attrs":10885},{"color":1484},{"text":10887,"type":585,"marks":10888}," are once again breaking higher after prolonged downturns, and the pace, sequencing and momentum closely resemble late 2021, just before the energy storage sector erupted into one of the strongest bull runs in its history.",[10889],{"type":850,"attrs":10890},{"color":1484},{"type":580,"attrs":10892,"content":10893},{"textAlign":49},[10894],{"text":10895,"type":585,"marks":10896},"Although the absolute prices are lower than during the 2021/22 rally, the patterns are similar.",[10897],{"type":850,"attrs":10898},{"color":1484},{"type":636,"attrs":10900},{"id":10901,"body":10902},"c9873c6f-e78e-4b72-a808-1a02df2fb3f5",[10903],{"id":10904,"_uid":10905,"type":595,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"3590001","i-47962ce4-72dd-44c8-8463-615a096a7c09",{"type":647,"attrs":10907,"content":10908},{"level":649,"textAlign":49},[10909],{"text":10910,"type":585,"marks":10911},"Lithium: The Breakout Phase",[10912],{"type":850,"attrs":10913},{"color":1484},{"type":580,"attrs":10915,"content":10916},{"textAlign":49},[10917,10922,10929],{"text":10918,"type":585,"marks":10919},"In the last cycle, lithium carbonate (CIF Asia) prices surged 248% between June 2021 to January 2022, exploding from $11,500/tonne to $40,000/tonne before continuing to ",[10920],{"type":850,"attrs":10921},{"color":1484},{"text":10923,"type":585,"marks":10924},"hit record highs",[10925,10927],{"type":590,"attrs":10926},{"href":6240,"uuid":6241,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":10928},{"color":1484},{"text":1538,"type":585,"marks":10930},[10931],{"type":850,"attrs":10932},{"color":1484},{"type":580,"attrs":10934,"content":10935},{"textAlign":49},[10936],{"text":10937,"type":585,"marks":10938},"This time, between June 2025 to January 2026, lithium has climbed 128%, rising from $8,000/tonne to $18,250/tonne.",[10939],{"type":850,"attrs":10940},{"color":1484},{"type":636,"attrs":10942},{"id":10901,"body":10943},[10944],{"id":10945,"_uid":10946,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27692570","i-17980a32-2118-4c1d-92af-16da482c9837",{"type":580,"attrs":10948,"content":10949},{"textAlign":49},[10950],{"text":10951,"type":585,"marks":10952},"In both cases, the market reflected increasingly gloomy sentiment as the price range tightened before firming in Q4 ahead of a sharp January acceleration. The current move from $11,300/tonne at end-December 2025 to $19,000/tonne by mid-February – a near 70% surge in six weeks – echoes the early breakout dynamics of 2022, stoked by depleted supply chain inventory.",[10953],{"type":850,"attrs":10954},{"color":1484},{"type":647,"attrs":10956,"content":10957},{"level":649,"textAlign":49},[10958],{"text":10959,"type":585,"marks":10960},"Cobalt: Policy driven this time",[10961],{"type":850,"attrs":10962},{"color":1484},{"type":580,"attrs":10964,"content":10965},{"textAlign":49},[10966],{"text":10967,"type":585,"marks":10968},"Cobalt hydroxide prices are a more dramatic story this time around, though with a different rationale.",[10969],{"type":850,"attrs":10970},{"color":1484},{"type":580,"attrs":10972,"content":10973},{"textAlign":49},[10974],{"text":10975,"type":585,"marks":10976},"Between June 2021 and January 2022, prices rose 63%, climbing from $40,100/tonne to $65,208/tonne as battery demand accelerated and supply struggled to keep pace.",[10977],{"type":850,"attrs":10978},{"color":1484},{"type":580,"attrs":10980,"content":10981},{"textAlign":49},[10982],{"text":10983,"type":585,"marks":10984},"From June 2025 to January 2026, cobalt has jumped 126%, surging from roughly $25,350/tonne to more than $57,300/tonne, almost twice the percentage gain seen at the same stage of the previous cycle.",[10985],{"type":850,"attrs":10986},{"color":1484},{"type":580,"attrs":10988,"content":10989},{"textAlign":49},[10990,10995,11004],{"text":10991,"type":585,"marks":10992},"The sharp ",[10993],{"type":850,"attrs":10994},{"color":1484},{"text":10996,"type":585,"marks":10997},"October 2025 increase",[10998,11002],{"type":590,"attrs":10999},{"href":11000,"uuid":11001,"anchor":49,"target":1492,"linktype":595},"/article/cobalt-prices-surge-after-chinas-golden-week-as-drc-export-quotas-fuel-supply-concerns","0484de60-3473-4f89-bb75-8a675cdbab0c",{"type":850,"attrs":11003},{"color":1484},{"text":11005,"type":585,"marks":11006},", nearly 50% in a matter of weeks, mirrors the Q4 acceleration that preceded cobalt’s 2022 highs.",[11007],{"type":850,"attrs":11008},{"color":1484},{"type":580,"attrs":11010,"content":11011},{"textAlign":49},[11012,11017,11026],{"text":11013,"type":585,"marks":11014},"However, the underlying driver this time is materially different. Whereas the 2021–2022 rally was fuelled largely by demand outstripping supply amidst rapid battery sector expansion, the current surge has been driven primarily by supply restriction following the DRC’s export ban and subsequent ",[11015],{"type":850,"attrs":11016},{"color":1484},{"text":11018,"type":585,"marks":11019},"quota enforcement",[11020,11024],{"type":590,"attrs":11021},{"href":11022,"uuid":11023,"anchor":49,"target":1492,"linktype":595},"/article/drc-to-lift-cobalt-export-ban-and-impose-quotas-through-2027","f7770a3b-8ebe-489f-ac18-ccd3d682f730",{"type":850,"attrs":11025},{"color":1484},{"text":1538,"type":585,"marks":11027},[11028],{"type":850,"attrs":11029},{"color":1484},{"type":636,"attrs":11031},{"id":10901,"body":11032},[11033],{"id":11034,"_uid":11035,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27693314","i-9c3da067-e8f7-4ec4-8ab3-7ec3c3b6cb49",{"type":647,"attrs":11037,"content":11038},{"level":649,"textAlign":49},[11039],{"text":11040,"type":585,"marks":11041},"Nickel: Tighter market under the surface",[11042],{"type":850,"attrs":11043},{"color":1484},{"type":580,"attrs":11045,"content":11046},{"textAlign":49},[11047],{"text":11048,"type":585,"marks":11049},"Nickel MHP prices are also mirroring those of the 2021/22 cycle, with similar percentage gains.",[11050],{"type":850,"attrs":11051},{"color":1484},{"type":580,"attrs":11053,"content":11054},{"textAlign":49},[11055],{"text":11056,"type":585,"marks":11057},"In the run-up to the 2022 spike, nickel rose 26% from June 2021 to January 2022. In the current cycle, it has gained 28% from June 2025 to late January 2026, tightening steadily from roughly $12,750/tonne to above $16,000/tonne before easing slightly in February.",[11058],{"type":850,"attrs":11059},{"color":1484},{"type":580,"attrs":11061,"content":11062},{"textAlign":49},[11063,11068,11075],{"text":11064,"type":585,"marks":11065},"LME nickel prices have remained elevated through much of the current period, keeping MHP payables high and reinforcing floor support. At the same time, far stricter ",[11066],{"type":850,"attrs":11067},{"color":1484},{"text":11069,"type":585,"marks":11070},"Indonesian RKAB mining quotas",[11071,11073],{"type":590,"attrs":11072},{"href":6061,"uuid":6062,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":11074},{"color":1484},{"text":11076,"type":585,"marks":11077}," have constrained domestic ore availability, tightening the upstream pipeline.",[11078],{"type":850,"attrs":11079},{"color":1484},{"type":580,"attrs":11081,"content":11082},{"textAlign":49},[11083],{"text":11084,"type":585,"marks":11085},"Even during a broader commodities pullback – when gold and silver briefly softened and nickel metal prices wobbled – structural support remained intact. Indonesian policy discipline, combined with increased demand from refiners reacting to DRC-related cobalt disruption, has kept concerns over MHP availability firmly in focus.",[11086],{"type":850,"attrs":11087},{"color":1484},{"type":636,"attrs":11089},{"id":10901,"body":11090},[11091],{"id":11092,"_uid":11093,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27693728","i-047f1907-4d94-4b46-93d8-05dd44a59cfd",{"type":580,"attrs":11095,"content":11096},{"textAlign":49},[11097,11102,11111],{"text":11098,"type":585,"marks":11099},"Nickel may not yet exhibit the explosive volatility of early 2022, driven by the ",[11100],{"type":850,"attrs":11101},{"color":1484},{"text":11103,"type":585,"marks":11104},"LME’s short squeeze",[11105,11109],{"type":590,"attrs":11106},{"href":11107,"uuid":11108,"anchor":49,"target":1492,"linktype":595},"/article/faltering-trust-in-the-lme-leads-to-new-mhp-nickel-pricing-methods","89fadf3c-0f43-49f6-ae9b-818e6ce90844",{"type":850,"attrs":11110},{"color":1484},{"text":11112,"type":585,"marks":11113},", but beneath the surface, the market is considerably tighter than headline price moves alone would suggest.",[11114],{"type":850,"attrs":11115},{"color":1484},{"type":647,"attrs":11117,"content":11118},{"level":649,"textAlign":49},[11119],{"text":11120,"type":585,"marks":11121},"The rhyme is hard to ignore",[11122],{"type":850,"attrs":11123},{"color":1484},{"type":580,"attrs":11125,"content":11126},{"textAlign":49},[11127],{"text":11128,"type":585,"marks":11129},"Across all three commodities, the sequence is consistent: prolonged bear-market compression, mid-year base price formation, Q4 breakout, January momentum.",[11130],{"type":850,"attrs":11131},{"color":1484},{"type":580,"attrs":11133,"content":11134},{"textAlign":49},[11135],{"text":11136,"type":585,"marks":11137},"The numbers reinforce the June-January trend:",[11138],{"type":850,"attrs":11139},{"color":1484},{"type":11141,"content":11142},"bullet_list",[11143,11153,11163],{"type":9486,"content":11144},[11145],{"type":580,"attrs":11146,"content":11147},{"textAlign":49},[11148],{"text":11149,"type":585,"marks":11150},"Lithium: +248% then vs +128% now",[11151],{"type":850,"attrs":11152},{"color":1484},{"type":9486,"content":11154},[11155],{"type":580,"attrs":11156,"content":11157},{"textAlign":49},[11158],{"text":11159,"type":585,"marks":11160},"Cobalt: +63% then vs +126% now",[11161],{"type":850,"attrs":11162},{"color":1484},{"type":9486,"content":11164},[11165],{"type":580,"attrs":11166,"content":11167},{"textAlign":49},[11168],{"text":11169,"type":585,"marks":11170},"Nickel: +26% then vs +28% now",[11171],{"type":850,"attrs":11172},{"color":1484},{"type":580,"attrs":11174,"content":11175},{"textAlign":49},[11176],{"text":11177,"type":585,"marks":11178},"In percentage terms, the early-stage moves are comparable, and in cobalt’s case, stronger.",[11179],{"type":850,"attrs":11180},{"color":1484},{"type":580,"attrs":11182,"content":11183},{"textAlign":49},[11184],{"text":11185,"type":585,"marks":11186},"In late 2021, few anticipated that lithium would exceed $70,000/t within a year. Yet the signal was there: once battery raw materials broke structurally higher after a prolonged downturn, moves became nonlinear.",[11187],{"type":850,"attrs":11188},{"color":1484},{"type":580,"attrs":11190,"content":11191},{"textAlign":49},[11192],{"text":11193,"type":585,"marks":11194},"Today’s rally may still be in its opening chapter. But if history rhymes, the market is once again standing at a familiar starting line.",[11195],{"type":850,"attrs":11196},{"color":1484},"Price movements in battery raw material markets since June last year look very familiar to those seen during the 2021/22 cycle.\n\nLithium, cobalt and nickel prices are once again breaking higher after prolonged downturns, and the pace, sequencing and momentum closely resemble late 2021, just before the energy storage sector erupted into one of the strongest bull runs in its history.\n\nAlthough the absolute prices are lower than during the 2021/22 rally, the patterns are similar.",[11199],{"slug":2610,"name":2611,"content":11200},{"job_title":2613,"image":11201,"bio":2616,"linkedin":2617,"markets_covered":2618},{"filename":2615},"Déjà vu in Battery Raw Materials",[11204,11205,11206,11207],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"slug":2544,"name":115},{"slug":2553,"name":150},{"id":11209,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":11210,"copyright":645,"fieldtype":701,"meta_data":11211,"is_external_url":50},146678278585853,"https://a.storyblok.com/f/287943243085208/2051x937/ec9041b74f/deja-vu-in-battery-mineral-prices.png",{},{"id":11213,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":11214,"copyright":645,"fieldtype":701,"meta_data":11215,"is_external_url":50},129069118463559,"https://a.storyblok.com/f/287943243085208/e82c0c3b3c/bm-launch-collage-1-1.png",{},"Price movements in battery raw material markets since June last year look very familiar to those seen during the 2021/22 cycle.\n\nLithium, cobalt and nickel prices are once again breaking higher after prolonged downturns.","Feb 19, 2026",{"id":11219,"uuid":11220,"name":11221,"slug":11222,"full_slug":11223,"content":11224},146727219669318,"e11a55fc-8518-46e0-8327-2bc105a9615b","Tax changes for 2026 hamper Norway’s EV sales","tax-changes-for-2026-hamper-norway-s-ev-sales","article/tax-changes-for-2026-hamper-norway-s-ev-sales",{"_uid":11225,"date":10839,"tags":11226,"editor":11229,"content":11233,"excerpt":11318,"featured":51,"reporter":11319,"component":689,"seo_title":11221,"categories":11323,"visibility":2019,"data_vis_image":11326,"featured_image":11330,"seo_description":11318,"formattedDate":11217},"3e762ae6-039d-42ad-a193-c63fcfdd2aae",[11227,11228],{"slug":1291,"name":1292},{"slug":564,"name":565},[11230],{"slug":9249,"name":9250,"content":11231},{"job_title":9252,"image":11232,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":11234},[11235,11254,11261,11270,11275,11280,11289,11294,11302,11308],{"type":580,"attrs":11236,"content":11237},{"textAlign":49},[11238,11243,11249],{"text":11239,"type":585,"marks":11240},"Norway’s passenger car and light duty ",[11241],{"type":850,"attrs":11242},{"color":645},{"text":9268,"type":585,"marks":11244},[11245,11247],{"type":850,"attrs":11246},{"color":645},{"type":590,"attrs":11248},{"href":3851,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":11250,"type":585,"marks":11251}," (PC & LDV EV) sales dropped 71% in January 2026 compared to the opening month of 2025 to just over 2,800 units. The drop came as a result of changes in VAT tax exemptions for battery electric vehicles (BEVs), with the threshold for exemption dropping. Previously just the purchase price over NOK500,000 ($52,700) was subject to a 25% VAT rate, but from 1 January 2026, that threshold dropped to NOK300,000 ($31,600).",[11252],{"type":850,"attrs":11253},{"color":645},{"type":636,"attrs":11255},{"id":11256,"body":11257},"215532f4-1950-41bc-b236-249299665a78",[11258],{"id":11259,"_uid":11260,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27708474","i-a9eacbbb-ece4-44bb-ac8f-8eb0ef4acbff",{"type":647,"attrs":11262,"content":11263},{"level":5496,"textAlign":49},[11264],{"text":11265,"type":585,"marks":11266},"How has Norway’s tax landscape for EVs changed?",[11267,11269],{"type":850,"attrs":11268},{"color":645},{"type":655},{"type":580,"attrs":11271,"content":11272},{"textAlign":49},[11273],{"text":11274,"type":585},"PC & LDV EV sales dropped 92% month-on-month following a strong pre-buying effect as consumers anticipated the tightening of VAT exemptions for BEVs. This is Norway’s largest month-on-month drop in EV sales since January 2023 when sales contracted 95% to less than 1,800 units due to the initial introduction of VAT for EVs priced over NOK500,000 ($52,700), as well as a weight tax for BEVs on all excess weight over 500kg. ",{"type":580,"attrs":11276,"content":11277},{"textAlign":49},[11278],{"text":11279,"type":585},"Over the past three years, Norway’s top ten best selling EVs all surpass the new NOK300,000 ($31,600) price threshold. However, the top ten also contained models that were subject to VAT as they were priced over the NOK500,000 ($52,700) threshold, such as the ID.Buzz and ID.7. The reduced threshold does not spell the end of VAT exemption for EVs in Norway, with the base prices of the MG-4 and Renault 5 falling under the new upper limit.",{"type":647,"attrs":11281,"content":11282},{"level":5496,"textAlign":49},[11283],{"text":11284,"type":585,"marks":11285},"How does this impact Norway’s transition to EVs?",[11286,11288],{"type":850,"attrs":11287},{"color":645},{"type":655},{"type":580,"attrs":11290,"content":11291},{"textAlign":49},[11292],{"text":11293,"type":585},"Norway has reached penetration rates high enough to mean that its EV market is the majority of its total vehicle market on a monthly basis. While there was a significant drop in unit sales in January, the market’s penetration rate was 84%[MB3.1][DB3.2]. Which is slightly below its 2025 penetration rate but still above that of any preceding year.",{"type":580,"attrs":11295,"content":11296},{"textAlign":49},[11297],{"text":11298,"type":585,"marks":11299},"While Norway’s penetration will continue to lead both in Europe and globally, its unit sales for both its total vehicle market and EV market will see a contraction in 2026 relative to 2025. This contraction is likely to persist into 2027, with the Norwegian government proposing to end the VAT exemption enjoyed by BEVs entirely from 1 January 2027.",[11300],{"type":850,"attrs":11301},{"color":645},{"type":580,"attrs":11303,"content":11304},{"textAlign":49},[11305],{"text":9366,"type":585,"marks":11306},[11307],{"type":1992},{"type":636,"attrs":11309},{"id":11310,"body":11311},"cd388a39-4e6b-42cb-9888-243fc9cd41f8",[11312],{"id":1997,"_uid":11313,"component":1999,"wrap_in_box":50,"redirect_url":11314,"success_file":11315,"default_height":645,"success_message":645,"v2_hubspot_form":50,"success_sub_text":645,"hidden_field_values":11317,"show_on_intelligence":50},"i-54ac4dee-c805-4a7a-82e5-2dffd58bc2eb",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":11316},{},[],"Norway’s passenger car and light duty electric vehicle (PC & LDV EV) sales dropped 71% in January 2026 compared to the opening month of 2025 to just over 2,800 units. ",[11320],{"slug":1428,"name":1429,"content":11321},{"job_title":1431,"image":11322,"bio":1434,"linkedin":1435,"markets_covered":688},{"filename":1433},[11324,11325],{"slug":692,"name":693},{"slug":956,"name":957},{"id":11327,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":11328,"copyright":645,"fieldtype":701,"meta_data":11329,"is_external_url":50},146728141620801,"https://a.storyblok.com/f/287943243085208/1040x647/f47a17f4fe/screenshot-2026-02-19-110323.png",{},{"id":11331,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":11332,"copyright":645,"fieldtype":701,"meta_data":11333,"is_external_url":50},146727362807314,"https://a.storyblok.com/f/287943243085208/6048x4024/4416c03e36/chuttersnap-xfayasmv1p8-unsplash.jpg",{},{"id":11335,"uuid":4544,"name":11336,"slug":11337,"full_slug":11338,"content":11339},146072232847353,"The top five battery producers: past, present and future","the-top-five-battery-producers-past-present-and-future","article/the-top-five-battery-producers-past-present-and-future",{"_uid":11340,"date":11341,"tags":11342,"editor":11358,"content":11362,"excerpt":11622,"featured":51,"reporter":11623,"component":689,"seo_title":11336,"categories":11637,"visibility":2019,"author_company":645,"data_vis_image":11639,"featured_image":11643,"seo_description":11647,"author_full_name":645,"author_job_title":645,"formattedDate":11648},"12c816b3-c0fd-4e4f-96e9-be68409a618a","2026-02-18 00:00",[11343,11344,11345,11346,11349,11352,11353,11354,11357],{"slug":2044,"name":2045},{"slug":1294,"name":1295},{"slug":7773,"name":7774},{"slug":11347,"name":11348},"lg-energy-solution","LG Energy Solution",{"slug":11350,"name":11351},"panasonic","Panasonic",{"slug":720,"name":721},{"slug":7778,"name":7779},{"slug":11355,"name":11356},"japan","Japan",{"slug":564,"name":565},[11359],{"slug":1466,"name":1467,"content":11360},{"job_title":1469,"image":11361,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":11363},[11364,11398,11418,11425,11433,11454,11483,11491,11499,11507,11537,11545,11553,11561,11576,11596,11604,11612],{"type":580,"attrs":11365,"content":11366},{"textAlign":49},[11367,11372,11381,11386,11394],{"text":11368,"type":585,"marks":11369},"Between 2020 and 2025 gigafactory capacity ",[11370],{"type":850,"attrs":11371},{"color":1484},{"text":11373,"type":585,"marks":11374},"grew",[11375,11379],{"type":590,"attrs":11376},{"href":11377,"uuid":11378,"anchor":49,"target":1492,"linktype":595},"/article/how-is-battery-supply-chain-funding-evolving-in-2025","a75955e6-67f8-4929-9971-d03946c4b87c",{"type":850,"attrs":11380},{"color":1484},{"text":11382,"type":585,"marks":11383}," six-fold, and it is set to grow another 118% by 2030 as assessed by ",[11384],{"type":850,"attrs":11385},{"color":1484},{"text":11387,"type":585,"marks":11388},"Benchmark’s Battery & Gigafactory Service",[11389,11392],{"type":590,"attrs":11390},{"href":11391,"uuid":49,"anchor":49,"target":1492,"linktype":1570},"https://www.benchmarkminerals.com/battery-gigafactory",{"type":850,"attrs":11393},{"color":1484},{"text":1538,"type":585,"marks":11395},[11396],{"type":850,"attrs":11397},{"color":1484},{"type":580,"attrs":11399,"content":11400},{"textAlign":49},[11401,11406,11413],{"text":11402,"type":585,"marks":11403},"To celebrate ",[11404],{"type":850,"attrs":11405},{"color":1484},{"text":11407,"type":585,"marks":11408},"International Battery Day",[11409,11411],{"type":590,"attrs":11410},{"href":6745,"uuid":6746,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":11412},{"color":1484},{"text":11414,"type":585,"marks":11415},", Benchmark explores how the top five battery producers have shifted since 2020, and which companies are set to hold the top positions in 2030.",[11416],{"type":850,"attrs":11417},{"color":1484},{"type":636,"attrs":11419},{"id":11420,"body":11421},"8b58a1d5-84d0-4ea7-bc37-91d321c9b35b",[11422],{"id":11423,"_uid":11424,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27675852","i-cae798e0-a99c-449b-8f98-caa91b5362b9",{"type":647,"attrs":11426,"content":11427},{"level":649,"textAlign":49},[11428],{"text":11429,"type":585,"marks":11430},"Past – 2020",[11431],{"type":850,"attrs":11432},{"color":1484},{"type":580,"attrs":11434,"content":11435},{"textAlign":49},[11436,11441,11449],{"text":11437,"type":585,"marks":11438},"In 2020, battery cell production capacity was around 734GWh. Although China accounted for 65% of this supply, it was South Korean cell maker ",[11439],{"type":850,"attrs":11440},{"color":1484},{"text":11348,"type":585,"marks":11442},[11443,11447],{"type":590,"attrs":11444},{"href":11445,"uuid":11446,"anchor":49,"target":1492,"linktype":595},"/article/lges-to-start-ess-battery-production-in-us-next-year-to-tap-into-booming-market","305388bd-7dd9-4609-89bc-10a27bedd22e",{"type":850,"attrs":11448},{"color":1484},{"text":11450,"type":585,"marks":11451}," (LGES) that occupied the number one spot for cell production.",[11452],{"type":850,"attrs":11453},{"color":1484},{"type":580,"attrs":11455,"content":11456},{"textAlign":49},[11457,11462,11468,11472,11478],{"text":11458,"type":585,"marks":11459},"Indeed, ",[11460],{"type":850,"attrs":11461},{"color":1484},{"text":2045,"type":585,"marks":11463},[11464,11466],{"type":590,"attrs":11465},{"href":5848,"uuid":5849,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":11467},{"color":1484},{"text":6709,"type":585,"marks":11469},[11470],{"type":850,"attrs":11471},{"color":1484},{"text":1295,"type":585,"marks":11473},[11474,11476],{"type":590,"attrs":11475},{"href":8779,"uuid":8780,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":11477},{"color":1484},{"text":11479,"type":585,"marks":11480}," were the only two Chinese companies in the top five in 2020, with Japan’s Panasonic and South Korea’s Samsung SDI rounding out the list.",[11481],{"type":850,"attrs":11482},{"color":1484},{"type":580,"attrs":11484,"content":11485},{"textAlign":49},[11486],{"text":11487,"type":585,"marks":11488},"In all, the top five producers accounted for 50% of global cell production capacity.",[11489],{"type":850,"attrs":11490},{"color":1484},{"type":647,"attrs":11492,"content":11493},{"level":649,"textAlign":49},[11494],{"text":11495,"type":585,"marks":11496},"Present – 2025",[11497],{"type":850,"attrs":11498},{"color":1484},{"type":580,"attrs":11500,"content":11501},{"textAlign":49},[11502],{"text":11503,"type":585,"marks":11504},"By 2025, cell production had reached 2.2TWh and gigafactory capacity hit 4.8TWh. China cemented its dominance with 86% of production located in the country.",[11505],{"type":850,"attrs":11506},{"color":1484},{"type":580,"attrs":11508,"content":11509},{"textAlign":49},[11510,11515,11521,11525,11533],{"text":11511,"type":585,"marks":11512},"LGES, the only non-Chinese firm in the top five, fell from the top spot to third position, overtaken by battery behemoths ",[11513],{"type":850,"attrs":11514},{"color":1484},{"text":2045,"type":585,"marks":11516},[11517,11519],{"type":590,"attrs":11518},{"href":9145,"uuid":9146,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":11520},{"color":1484},{"text":6709,"type":585,"marks":11522},[11523],{"type":850,"attrs":11524},{"color":1484},{"text":1295,"type":585,"marks":11526},[11527,11531],{"type":590,"attrs":11528},{"href":11529,"uuid":11530,"anchor":49,"target":1492,"linktype":595},"/article/byd-gains-market-share-abroad-whilst-losing-domestic-share","d6b62daf-8ed1-4f84-bbfc-fdd50e436327",{"type":850,"attrs":11532},{"color":1484},{"text":1538,"type":585,"marks":11534},[11535],{"type":850,"attrs":11536},{"color":1484},{"type":580,"attrs":11538,"content":11539},{"textAlign":49},[11540],{"text":11541,"type":585,"marks":11542},"The concentration of global capacity operated by the top five producers had fallen to 44% by 2025. Notably, CATL alone accounted for over a quarter of production and 17% of global gigafactory capacity.",[11543],{"type":850,"attrs":11544},{"color":1484},{"type":647,"attrs":11546,"content":11547},{"level":649,"textAlign":49},[11548],{"text":11549,"type":585,"marks":11550},"Future – 2030",[11551],{"type":850,"attrs":11552},{"color":1484},{"type":580,"attrs":11554,"content":11555},{"textAlign":49},[11556],{"text":11557,"type":585,"marks":11558},"The 2030 gigafactory pipeline is currently over 10TWh, with 77% of this owned by Chinese companies.",[11559],{"type":850,"attrs":11560},{"color":1484},{"type":580,"attrs":11562,"content":11563},{"textAlign":49},[11564,11571],{"text":11565,"type":585,"marks":11566},"CATL’s",[11567,11569],{"type":590,"attrs":11568},{"href":4642,"uuid":4643,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":11570},{"color":1484},{"text":11572,"type":585,"marks":11573}," position in the number one spot is strong. Its 2030 pipeline capacity is greater than the combined pipeline of LGES and BYD, which occupy the number two and three spots, respectively. LGES is set to remain the only non-Chinese company in the top five.",[11574],{"type":850,"attrs":11575},{"color":1484},{"type":580,"attrs":11577,"content":11578},{"textAlign":49},[11579,11584,11591],{"text":11580,"type":585,"marks":11581},"The top five producers account for a third of the ",[11582],{"type":850,"attrs":11583},{"color":1484},{"text":11585,"type":585,"marks":11586},"global gigafactory pipeline capacity",[11587,11589],{"type":590,"attrs":11588},{"href":4846,"uuid":4847,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":11590},{"color":1484},{"text":11592,"type":585,"marks":11593}," for 2030.",[11594],{"type":850,"attrs":11595},{"color":1484},{"type":647,"attrs":11597,"content":11598},{"level":649,"textAlign":49},[11599],{"text":11600,"type":585,"marks":11601},"Unlock granular market visibility with Benchmark's Battery & Gigafactory Service",[11602],{"type":850,"attrs":11603},{"color":645},{"type":580,"attrs":11605,"content":11606},{"textAlign":49},[11607],{"text":11608,"type":585,"marks":11609},"This insight draws from Benchmark's comprehensive Battery & Gigafactory Service, consisting of cell prices, capacity assessments, forecasts and supply chain data. By bringing integrated clarity to the opaque battery midstream, 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:",[11610],{"type":850,"attrs":11611},{"color":645},{"type":636,"attrs":11613},{"id":11614,"body":11615},"53ec0bd8-9295-4fe0-a9b2-389262f4a6f5",[11616],{"id":1997,"_uid":11617,"component":1999,"wrap_in_box":50,"redirect_url":11618,"success_file":11619,"default_height":645,"success_message":645,"v2_hubspot_form":50,"success_sub_text":645,"hidden_field_values":11621,"show_on_intelligence":50},"i-e0aaa4fc-1a19-4165-ac8c-bf738e97ff6e",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":11620},{},[],"Between 2020 and 2025 gigafactory capacity grew six-fold, and it is set to grow another 118% by 2030 as assessed by Benchmark’s Battery & Gigafactory Service.\nTo celebrate International Battery Day, Benchmark explores how the top five battery producers have shifted since 2020, and which companies are set to hold the top positions in 2030.",[11624,11627],{"slug":5876,"name":5877,"content":11625},{"job_title":5879,"image":11626,"bio":5882,"linkedin":5883,"markets_covered":5884},{"filename":5881},{"slug":11628,"name":11629,"content":11630},"anya-sidhu","Anya Sidhu",{"job_title":11631,"image":11632,"bio":11634,"linkedin":11635,"markets_covered":11636},"Analyst - Batteries ",{"filename":11633},"https://a.storyblok.com/f/287943243085208/719x719/148f688814/anya-sidhu.jpeg","Anya is an analyst working in the Battery and Gigafactory team, covering capacity, supply and demand for lithium and sodium ion batteries. She has also begun working on the Portables report, building out our global view of unit sales and demand for each segment. Anya holds a BSc in Chemistry from the University of Leicester.","https://www.linkedin.com/in/anya-sidhu-622b60268/","Battery and Gigafactory ",[11638],{"slug":956,"name":957},{"id":11640,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":11641,"copyright":645,"fieldtype":701,"meta_data":11642,"is_external_url":50},146076318700771,"https://a.storyblok.com/f/287943243085208/1575x1137/0e23b64745/the-changing-landscape-of-the-top-five-battery-producers.png",{},{"id":11644,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":11645,"copyright":645,"fieldtype":701,"meta_data":11646,"is_external_url":50},146072712586427,"https://a.storyblok.com/f/287943243085208/5120x2880/7b57aebe1f/shutterstock_2333774629-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Between 2020 and 2025 gigafactory capacity grew six-fold, and it is set to grow another 118% by 2030 as assessed by Benchmark’s Battery & Gigafactory Service.","Feb 18, 2026",{"id":11650,"uuid":10188,"name":11651,"slug":11652,"full_slug":11653,"content":11654},146024777158886,"US to increase tariffs on Chinese anode producers to 205%","us-to-increase-tariffs-on-chinese-anode-producers-to-205-","article/us-to-increase-tariffs-on-chinese-anode-producers-to-205-",{"_uid":11655,"date":11656,"tags":11657,"editor":11661,"content":11665,"excerpt":11823,"featured":51,"reporter":11824,"component":689,"seo_title":11651,"categories":11828,"visibility":697,"author_company":645,"data_vis_image":11838,"featured_image":11842,"seo_description":11823,"author_full_name":645,"author_job_title":645,"formattedDate":11846},"d755be25-e6b4-4b1b-8c88-8a7afbe0341a","2026-02-17 00:00",[11658,11659,11660],{"slug":720,"name":721},{"slug":8333,"name":8334},{"slug":564,"name":565},[11662],{"slug":9249,"name":9250,"content":11663},{"job_title":9252,"image":11664,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":11666},[11667,11679,11686,11691,11696,11775,11780,11785,11790,11795,11801,11806,11811,11816,11821],{"type":580,"attrs":11668,"content":11669},{"textAlign":49},[11670,11672],{"text":11671,"type":585},"The US Department of Commerce (DOC) issued final affirmative determinations in its anti-dumping (AD) and countervailing duty (CVD) investigations into Chinese active anode materials (AAM) used in lithium-ion batteries. The ruling imposes a minimum anti-dumping duty of 93.5% on selected Chinese producers, and a minimum countervailing duty of 66.82% applies to certain named firms. ",{"text":11673,"type":585,"marks":11674},"This follows an initial verdict initially announced in July 2025 that put the CVD at 11.58%. ",[11675],{"type":590,"attrs":11676},{"href":11677,"uuid":11678,"anchor":49,"target":594,"linktype":595},"/article/chinese-aam-imports-into-the-us-face-160-tariff-following-antidumping-investigation-ruling","e291a952-d0e9-450d-a0a3-ba06479d1043",{"type":636,"attrs":11680},{"id":11681,"body":11682},"16233cb7-cf12-4d64-9bf5-fbb09464e5a2",[11683],{"id":11684,"_uid":11685,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27678551","i-67af1341-f6a8-4779-a5ae-b7b758c215dd",{"type":647,"attrs":11687,"content":11688},{"level":5496,"textAlign":49},[11689],{"text":11690,"type":585},"Tariff rate",{"type":580,"attrs":11692,"content":11693},{"textAlign":49},[11694],{"text":11695,"type":585},"When existing tariffs are added, a 25% Section 301 tariff and a combined 20% IEEPA tariff and reciprocal, the total effective minimum tariff reaches at least 205%. The minimum 93.5%AD tariff rates applies to selected companies:   ",{"type":11141,"content":11697},[11698,11705,11712,11719,11726,11733,11740,11747,11754,11761,11768],{"type":9486,"content":11699},[11700],{"type":580,"attrs":11701,"content":11702},{"textAlign":49},[11703],{"text":11704,"type":585},"BTR New Material Group Co., Ltd.  ",{"type":9486,"content":11706},[11707],{"type":580,"attrs":11708,"content":11709},{"textAlign":49},[11710],{"text":11711,"type":585},"Huzhou Kaijin New Energy Technology Corp., Ltd. ",{"type":9486,"content":11713},[11714],{"type":580,"attrs":11715,"content":11716},{"textAlign":49},[11717],{"text":11718,"type":585},"Guizhou Zhongke Shinzoom Co., Ltd. ",{"type":9486,"content":11720},[11721],{"type":580,"attrs":11722,"content":11723},{"textAlign":49},[11724],{"text":11725,"type":585},"Jiangxi Zichen Technology Co., Ltd. ",{"type":9486,"content":11727},[11728],{"type":580,"attrs":11729,"content":11730},{"textAlign":49},[11731],{"text":11732,"type":585},"Henan Yicheng New Energy Co., Ltd ",{"type":9486,"content":11734},[11735],{"type":580,"attrs":11736,"content":11737},{"textAlign":49},[11738],{"text":11739,"type":585},"Ningbo Shanshan New Material Technology Co., Ltd. ",{"type":9486,"content":11741},[11742],{"type":580,"attrs":11743,"content":11744},{"textAlign":49},[11745],{"text":11746,"type":585},"Fujian Shanshan Technology Co., Ltd. ",{"type":9486,"content":11748},[11749],{"type":580,"attrs":11750,"content":11751},{"textAlign":49},[11752],{"text":11753,"type":585},"Sichuan Shanshan New Material Co., Ltd. ",{"type":9486,"content":11755},[11756],{"type":580,"attrs":11757,"content":11758},{"textAlign":49},[11759],{"text":11760,"type":585},"Inner Mongolia Shanshan Technology Co., Ltd. ",{"type":9486,"content":11762},[11763],{"type":580,"attrs":11764,"content":11765},{"textAlign":49},[11766],{"text":11767,"type":585},"Qingdao Qingbei Carbon Products Co., Ltd. ",{"type":9486,"content":11769},[11770],{"type":580,"attrs":11771,"content":11772},{"textAlign":49},[11773],{"text":11774,"type":585},"PetroChina Daqing Petrochemical Company ",{"type":580,"attrs":11776,"content":11777},{"textAlign":49},[11778],{"text":11779,"type":585},"For all other companies higher 102.72% AD and 66.86% CVD rates apply, bringing the total effective tariff to 214.58%. However, these measures are not yet fully final. The US International Trade Commission (ITC) is scheduled to vote on 12 March 2026, with a final decision expected by the end of March.",{"type":647,"attrs":11781,"content":11782},{"level":5496,"textAlign":49},[11783],{"text":11784,"type":585},"Tariff to protect the US domestic market",{"type":580,"attrs":11786,"content":11787},{"textAlign":49},[11788],{"text":11789,"type":585},"The immediate impact is a dramatic shift in cost competitiveness for material imported into the US. Before tariffs, Chinese natural graphite anode material carried a C1 cost of around $2,300 per tonne, and synthetic around $3,300 according to Benchmark’s Anode Service, roughly 30% cheaper than US equivalents, which stand at about $3,300 for natural and $4,700 for synthetic.",{"type":580,"attrs":11791,"content":11792},{"textAlign":49},[11793],{"text":11794,"type":585},"With a 205% tariff applied, Chinese costs increase to ~$7,000 per tonne for natural graphite and $10,000 for synthetic, more than double US production costs. ",{"type":636,"attrs":11796},{"id":11681,"body":11797},[11798],{"id":11799,"_uid":11800,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27678642","i-3b52853b-e8de-4c40-ad90-704dee329395",{"type":647,"attrs":11802,"content":11803},{"level":5496,"textAlign":49},[11804],{"text":11805,"type":585},"Tariffs amid slowing trade",{"type":580,"attrs":11807,"content":11808},{"textAlign":49},[11809],{"text":11810,"type":585},"Trade flows for anode materials have already weakened amid broader tensions. Chinese synthetic graphite exports to the US fell from 74kt in 2024 to 59kt in 2025. Natural graphite exports declined even more sharply, from 30kt to just 8kt. The downward trend is expected to continue pending the ITC’s final ruling reinforcing the US’s strategic push to reduce reliance on Chinese battery materials.",{"type":647,"attrs":11812,"content":11813},{"level":5496,"textAlign":49},[11814],{"text":11815,"type":585},"The US domestic anode market",{"type":580,"attrs":11817,"content":11818},{"textAlign":49},[11819],{"text":11820,"type":585},"The US domestic capacity is set to expand in coming years. US natural graphite capacity is expected to reach roughly 25ktpa in 2026, with Kellyton commencing operations this year, and potentially rising fivefold to 120ktpa as projects such as Graphite One and Vidalia Phase 2 come online. Synthetic capacity is forecast to reach 8.2ktpa in 2026 with Novonix Riverside, and potentially 150ktpa by 2036 as Graphite One, Epsilon and Anovion develop. Despite this there will still be a need for imports from China, with producers taking a hit on higher prices. ",{"type":580,"attrs":11822},{"textAlign":49},"The US Department of Commerce (DOC) issued final affirmative determinations in its anti-dumping (AD) and countervailing duty (CVD) investigations into Chinese active anode materials (AAM) used in lithium-ion batteries. ",[11825],{"slug":5578,"name":5579,"content":11826},{"job_title":5581,"image":11827,"bio":5584,"linkedin":5585,"markets_covered":2628},{"filename":5583},[11829,11830,11831,11832,11833,11834,11835,11836,11837],{"slug":2162,"name":261},{"slug":956,"name":957},{"slug":959,"name":960},{"slug":950,"name":951},{"slug":692,"name":693},{"slug":695,"name":696},{"slug":3379,"name":3380},{"slug":2631,"name":189},{"slug":2633,"name":2634},{"id":11839,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":11840,"copyright":645,"fieldtype":701,"meta_data":11841,"is_external_url":50},146025907530677,"https://a.storyblok.com/f/287943243085208/793x651/4e34501335/screenshot-2026-02-17-124657.png",{},{"id":11843,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":11844,"copyright":645,"fieldtype":701,"meta_data":11845,"is_external_url":50},146024858626896,"https://a.storyblok.com/f/287943243085208/2560x1920/f9ae0a258d/us-department-of-commerce.avif",{},"Feb 17, 2026",{"id":11848,"uuid":11849,"name":11850,"slug":11851,"full_slug":11852,"content":11853},145609816212261,"eec8aefc-1d79-4c41-a2ae-9cfb41ed3f1b","Who supplies the world’s EV batteries?","who-supplies-the-world-s-ev-batteries-","article/who-supplies-the-world-s-ev-batteries-",{"_uid":11854,"date":11855,"tags":11856,"editor":11860,"content":11864,"excerpt":11973,"featured":51,"reporter":11974,"component":689,"seo_title":11850,"categories":11978,"visibility":2019,"author_company":645,"data_vis_image":11982,"featured_image":11984,"seo_description":11973,"author_full_name":645,"author_job_title":645,"formattedDate":11989},"6ad77b7a-2cb9-4deb-883d-7a9537b6d2c7","2026-02-16 00:00",[11857,11858,11859],{"slug":720,"name":721},{"slug":1291,"name":1292},{"slug":564,"name":565},[11861],{"slug":9249,"name":9250,"content":11862},{"job_title":9252,"image":11863,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":11865},[11866,11877,11885,11893,11905,11913,11925,11933,11938,11943,11948,11955,11957,11967],{"type":580,"attrs":11867,"content":11868},{"textAlign":49},[11869,11871,11875],{"text":11870,"type":585},"As global ",{"text":4097,"type":585,"marks":11872},[11873],{"type":590,"attrs":11874},{"href":3851,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":11876,"type":585}," continues to accelerate, battery supply remains highly concentrated and regionally uneven.",{"type":580,"attrs":11878,"content":11879},{"textAlign":49},[11880],{"type":1847,"attrs":11881},{"id":11882,"alt":645,"src":11883,"title":645,"source":645,"copyright":645,"meta_data":11884},145609966425599,"https://a.storyblok.com/f/287943243085208/5208x3996/b37098b6b3/image-7.png",{},{"type":647,"attrs":11886,"content":11887},{"level":5496,"textAlign":49},[11888],{"text":11889,"type":585,"marks":11890},"Who supplies China’s EV batteries?",[11891],{"type":850,"attrs":11892},{"color":645},{"type":580,"attrs":11894,"content":11895},{"textAlign":49},[11896,11898,11904],{"text":11897,"type":585},"China’s EV market is largely self-supplied by domestic battery manufacturers, with players such as CATL, BYD, CALB, Gotion, Sunwoda and SVOLT leading the market. This dominance is underpinned by a high degree of vertical integration and control across the battery ",{"text":11899,"type":585,"marks":11900},"supply chain",[11901],{"type":590,"attrs":11902},{"href":11903,"uuid":49,"anchor":49,"target":594,"linktype":1570},"https://www.benchmarkminerals.com/supply-chain-data",{"text":1538,"type":585},{"type":647,"attrs":11906,"content":11907},{"level":5496,"textAlign":49},[11908],{"text":11909,"type":585,"marks":11910},"Who supplies Europe’s EV batteries?",[11911],{"type":850,"attrs":11912},{"color":645},{"type":580,"attrs":11914,"content":11915},{"textAlign":49},[11916,11918,11923],{"text":11917,"type":585},"Europe’s EV battery supply is split primarily between South Korean and Chinese manufacturers. While Korean suppliers retain a strong foothold (LG Energy Solution, Samsung SDI, SK On), Chinese players are steadily increasing market share. In 2025, Chinese producers supplied 42% of Europe’s EV ",{"text":11919,"type":585,"marks":11920},"battery demand",[11921],{"type":590,"attrs":11922},{"href":11391,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":11924,"type":585},", gaining 4 p.p. year-on-year, while Korean manufacturers remained the largest suppliers with a 56% share year‑on‑year.",{"type":647,"attrs":11926,"content":11927},{"level":5496,"textAlign":49},[11928],{"text":11929,"type":585,"marks":11930},"Who supplies EV batteries to the rest of the world?",[11931],{"type":850,"attrs":11932},{"color":645},{"type":580,"attrs":11934,"content":11935},{"textAlign":49},[11936],{"text":11937,"type":585},"The US benefits from a more diversified supplier base, spanning Korean, Japanese, US (predominantly Ultium, the GM–LG joint venture) and Chinese companies. Domestic capacity is expanding, but the market remains reliant on Asian manufacturers in the near to medium term.",{"type":580,"attrs":11939,"content":11940},{"textAlign":49},[11941],{"text":11942,"type":585},"Outside the major EV markets, battery supply is predominantly sourced from Chinese manufacturers, reflecting limited local production capacity. ",{"type":580,"attrs":11944,"content":11945},{"textAlign":49},[11946],{"text":11947,"type":585},"As EV adoption scales, regions are seeking greater supply chain resilience, but the difficulty of establishing domestic battery production means Chinese and Korean manufacturers, already scaled, cost competitive and integrated, remain central to meeting near and medium-term demand.‑competitive and integrated, remain central to meeting near‑ and medium‑term demand. ",{"type":580,"attrs":11949,"content":11950},{"textAlign":49},[11951],{"text":11952,"type":585,"marks":11953},"For more information about Benchmark’s EV & Battery Service get in touch with the team below:",[11954],{"type":1992},{"type":580,"attrs":11956},{"textAlign":49},{"type":636,"attrs":11958},{"id":11959,"body":11960},"2f77e184-5c4f-4467-b2dd-c354495365cd",[11961],{"id":1997,"_uid":11962,"component":1999,"wrap_in_box":50,"redirect_url":11963,"success_file":11964,"default_height":645,"success_message":645,"v2_hubspot_form":50,"success_sub_text":645,"hidden_field_values":11966,"show_on_intelligence":50},"i-eacbc36c-a7f1-416f-8afc-56fb0b3efa13",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":11965},{},[],{"type":580,"attrs":11968,"content":11969},{"textAlign":49},[11970],{"text":880,"type":585,"marks":11971},[11972],{"type":1992},"As global EV demand continues to accelerate, battery supply remains highly concentrated and regionally uneven.",[11975],{"slug":2008,"name":2009,"content":11976},{"job_title":2011,"image":11977,"bio":2014,"linkedin":2015,"markets_covered":688},{"filename":2013},[11979,11980,11981],{"slug":692,"name":693},{"slug":956,"name":957},{"slug":3379,"name":3380},{"id":11882,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":11883,"copyright":645,"fieldtype":701,"meta_data":11983,"is_external_url":50},{},{"id":11985,"alt":645,"name":11986,"focus":645,"title":645,"source":645,"filename":11987,"copyright":645,"fieldtype":701,"meta_data":11988,"is_external_url":50},145611001824827,"EV battery","https://a.storyblok.com/f/287943243085208/6543x3667/139acacf53/adobestock_627340524.jpeg",{},"Feb 16, 2026",{"id":11991,"uuid":6062,"name":11992,"slug":11993,"full_slug":11994,"content":11995},144258923248883,"Indonesia announces significantly lower nickel RKAB quotas","indonesia-announces-significantly-lower-nickel-rkab-quotas","article/indonesia-announces-significantly-lower-nickel-rkab-quotas",{"_uid":11996,"date":11997,"tags":11998,"editor":12002,"content":12006,"excerpt":12194,"featured":51,"reporter":12195,"component":689,"seo_title":11992,"categories":12202,"visibility":697,"author_company":645,"data_vis_image":12205,"featured_image":12209,"seo_description":12213,"author_full_name":645,"author_job_title":645,"formattedDate":12214},"cea17936-0a07-4278-8e1b-b993a58b2e78","2026-02-12 00:00",[11999,12000,12001],{"slug":6025,"name":6026},{"slug":6028,"name":6029},{"slug":564,"name":565},[12003],{"slug":1466,"name":1467,"content":12004},{"job_title":1469,"image":12005,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":12007},[12008,12044,12066,12083,12090,12098,12115,12121,12129,12137,12145,12153,12161,12169,12186],{"type":580,"attrs":12009,"content":12010},{"textAlign":49},[12011,12016,12025,12030,12039],{"text":12012,"type":585,"marks":12013},"The Indonesian Ministry of Energy and Mineral Resources (ESDM) has set a 2026 ",[12014],{"type":850,"attrs":12015},{"color":1484},{"text":12017,"type":585,"marks":12018},"nickel ore mining",[12019,12023],{"type":590,"attrs":12020},{"href":12021,"uuid":12022,"anchor":49,"target":1492,"linktype":595},"/videos/inside-indonesias-nickel-industry","a1115357-65e7-4740-a6c3-9efe78785744",{"type":850,"attrs":12024},{"color":1484},{"text":12026,"type":585,"marks":12027}," quota (RKAB) of 260–270 million wmt. This is notably lower than the ",[12028],{"type":850,"attrs":12029},{"color":1484},{"text":12031,"type":585,"marks":12032},"approved 2025 quota",[12033,12037],{"type":590,"attrs":12034},{"href":12035,"uuid":12036,"anchor":49,"target":1492,"linktype":595},"/article/nickel-market-faces-uncertainty-amid-indonesias-mining-quota-adjustments","bb9e81c3-0c59-4b99-a290-d4edde8df7e2",{"type":850,"attrs":12038},{"color":1484},{"text":12040,"type":585,"marks":12041}," of 379 million wmt, which was initially announced at just under 300 million wmt before additional permits were granted later in the year.",[12042],{"type":850,"attrs":12043},{"color":1484},{"type":580,"attrs":12045,"content":12046},{"textAlign":49},[12047,12052,12061],{"text":12048,"type":585,"marks":12049},"The reduced ",[12050],{"type":850,"attrs":12051},{"color":1484},{"text":12053,"type":585,"marks":12054},"RKAB quota",[12055,12059],{"type":590,"attrs":12056},{"href":12057,"uuid":12058,"anchor":49,"target":1492,"linktype":595},"/article/how-will-indonesias-mining-quotas-affect-the-nickel-market","ef58b587-72eb-4a1d-87e5-3e85bdf64de4",{"type":850,"attrs":12060},{"color":1484},{"text":12062,"type":585,"marks":12063}," reflects government efforts to manage supply growth, support nickel prices, and conserve domestic resources. Expectations of lower quotas and their potential impact on Indonesian supply have been a key driver of the recent rally in nickel prices. LME nickel prices rose from just above $14,000/t in mid‑December to more than $17,000/t on 11 February 2026.",[12064],{"type":850,"attrs":12065},{"color":1484},{"type":580,"attrs":12067,"content":12068},{"textAlign":49},[12069,12078],{"text":12070,"type":585,"marks":12071},"Benchmark’s Nickel Cost Curve",[12072,12075,12077],{"type":590,"attrs":12073},{"href":12074,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://data.benchmarkminerals.com/nickel/supply",{"type":850,"attrs":12076},{"color":2868},{"type":2871},{"text":12079,"type":585,"marks":12080}," shows that prices below $15,000/t render a substantial share of Indonesian output unprofitable, underscoring the sector’s reliance on higher price levels.",[12081],{"type":850,"attrs":12082},{"color":1484},{"type":636,"attrs":12084},{"id":12085,"body":12086},"ca9f2e32-84db-45af-b142-425084854b3c",[12087],{"id":12088,"_uid":12089,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27618019","i-573b157c-1ce1-4d43-b16f-3d94d918c3c0",{"type":647,"attrs":12091,"content":12092},{"level":649,"textAlign":49},[12093],{"text":12094,"type":585,"marks":12095},"How does the RKAB quota compare to demand from Indonesian intermediary production?",[12096],{"type":850,"attrs":12097},{"color":1484},{"type":580,"attrs":12099,"content":12100},{"textAlign":49},[12101,12110],{"text":12102,"type":585,"marks":12103},"Nickel refining facilities in Indonesia",[12104,12108],{"type":590,"attrs":12105},{"href":12106,"uuid":12107,"anchor":49,"target":1492,"linktype":595},"/article/indonesias-new-smelter-ban-targets-value-added-growth","6bd7aaab-55f0-4bf4-b404-905e228e4541",{"type":850,"attrs":12109},{"color":1484},{"text":12111,"type":585,"marks":12112}," are forecast to require 334 million wmt of ore in 2026 to produce 2.7Mt of nickel contained in intermediary products such as ferronickel and nickel pig iron (NPI) for the stainless steel sector, and mixed hydroxide precipitate (MHP) for battery supply chains.",[12113],{"type":850,"attrs":12114},{"color":1484},{"type":636,"attrs":12116},{"id":12085,"body":12117},[12118],{"id":12119,"_uid":12120,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27618306","i-e6ec4256-628c-44ea-9725-ee4d89efc963",{"type":580,"attrs":12122,"content":12123},{"textAlign":49},[12124],{"text":12125,"type":585,"marks":12126},"If the upper end of the initial RKAB quota is achieved (270 million wmt), this would leave a shortfall of 64 million wmt of ore to sustain the projected production level of nickel intermediates. The gap could be covered through ore imports from other countries, such as the Philippines, or through a subsequent upward revision to the RKAB quota, as occurred last year. Existing ore inventories could also be drawn down to offset the deficit.",[12127],{"type":850,"attrs":12128},{"color":1484},{"type":580,"attrs":12130,"content":12131},{"textAlign":49},[12132],{"text":12133,"type":585,"marks":12134},"If the shortfall is not met, the global nickel market could move closer to balance from the current forecast surplus of 262kt in 2026, due to reduced Indonesian supply. This would likely keep prices at elevated levels, which have persisted despite ongoing oversupply in the market.",[12135],{"type":850,"attrs":12136},{"color":1484},{"type":647,"attrs":12138,"content":12139},{"level":649,"textAlign":49},[12140],{"text":12141,"type":585,"marks":12142},"What does the RKAB quota mean at the mine site level?",[12143],{"type":850,"attrs":12144},{"color":1484},{"type":580,"attrs":12146,"content":12147},{"textAlign":49},[12148],{"text":12149,"type":585,"marks":12150},"RKAB quotas are issued on a site‑by‑site basis, meaning each facility will be affected differently. For example, Eramet has announced that PT Weda Bay Nickel (WBN), its joint venture with Tsingshan, has received an initial quota of 12 million wmt. This represents just 38% of the initial 2025 quota of 32 million wmt, which was later raised to 42 million wmt in July 2025. Eramet and its partners plan to apply for a revised, higher quota for the facility as soon as possible.",[12151],{"type":850,"attrs":12152},{"color":1484},{"type":647,"attrs":12154,"content":12155},{"level":649,"textAlign":49},[12156],{"text":12157,"type":585,"marks":12158},"How has the quota impacted MHP payables?",[12159],{"type":850,"attrs":12160},{"color":1484},{"type":580,"attrs":12162,"content":12163},{"textAlign":49},[12164],{"text":12165,"type":585,"marks":12166},"Although LME nickel prices are up compared to the end of last year, they have fallen slightly over the course of 2026. This has pulled MHP payables down to 88% as of 11 February 2026, the first time they have fallen below 90% since late November.",[12167],{"type":850,"attrs":12168},{"color":1484},{"type":580,"attrs":12170,"content":12171},{"textAlign":49},[12172,12181],{"text":12173,"type":585,"marks":12174},"MHP remains tight",[12175,12179],{"type":590,"attrs":12176},{"href":12177,"uuid":12178,"anchor":49,"target":1492,"linktype":595},"/article/nickel-intermediate-tightness-to-underpin-elevated-mhp-payables-into-q4","df46a979-2900-4413-b22f-156697f65198",{"type":850,"attrs":12180},{"color":1484},{"text":12182,"type":585,"marks":12183}," overall due to strong demand as the cobalt market seeks an alternative to hydroxide from the DRC and due to the tighter Indonesian quotas. That said, the quotas are higher than the market had anticipated a month ago.",[12184],{"type":850,"attrs":12185},{"color":1484},{"type":580,"attrs":12187,"content":12188},{"textAlign":49},[12189],{"text":12190,"type":585,"marks":12191},"“A lot of the price response has already been baked into existing high prices, so actually this has softened the reaction somewhat,” said Daisy Jennings-Gray, Benchmark’s Head of Prices.",[12192],{"type":850,"attrs":12193},{"color":1484},"The Indonesian Ministry of Energy and Mineral Resources (ESDM) has set a 2026 nickel ore mining quota (RKAB) of 260–270 million wmt. This is notably lower than the approved 2025 quota of 379 million wmt, which was initially announced at just under 300 million wmt before additional permits were granted later in the year.\nThe reduced RKAB quota reflects government efforts to manage supply growth, support nickel prices, and conserve domestic resources. Expectations of lower quotas and their potential impact on Indonesian supply have been a key driver of the recent rally in nickel prices. LME nickel prices rose from just above $14,000/t in mid‑December to more than $17,000/t on 11 February 2026.",[12196,12199],{"slug":4948,"name":4949,"content":12197},{"job_title":4951,"image":12198,"bio":4954,"linkedin":4955,"markets_covered":4956},{"filename":4953},{"slug":2610,"name":2611,"content":12200},{"job_title":2613,"image":12201,"bio":2616,"linkedin":2617,"markets_covered":2618},{"filename":2615},[12203,12204],{"slug":1142,"name":1143},{"slug":2553,"name":150},{"id":12206,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":12207,"copyright":645,"fieldtype":701,"meta_data":12208,"is_external_url":50},144263157545260,"https://a.storyblok.com/f/287943243085208/1588x1382/c1d7f91977/indonesian-ore-demand-by-ore-type-and-rkab-quota-2x.png",{},{"id":12210,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":12211,"copyright":645,"fieldtype":701,"meta_data":12212,"is_external_url":50},129070278742185,"https://a.storyblok.com/f/287943243085208/3c57fd2cb5/bm-nickel-ore-indonesia.jpg",{},"The Indonesian Ministry of Energy and Mineral Resources (ESDM) has set a 2026 nickel ore mining quota (RKAB) of 260–270 million wmt. This is notably lower than the approved 2025 quota of 379 million wmt.","Feb 12, 2026",{"id":12216,"uuid":12217,"name":12218,"slug":12219,"full_slug":12220,"content":12221},143467791599991,"feaae01d-533b-45b9-8ad8-39aab491e0f0","How much would 60 days’ of US battery minerals cost in 2026?","how-much-would-60-days-of-us-battery-minerals-cost-in-2026-","article/how-much-would-60-days-of-us-battery-minerals-cost-in-2026-",{"_uid":12222,"date":12223,"tags":12224,"editor":12231,"content":12235,"excerpt":12463,"featured":51,"reporter":12464,"component":689,"seo_title":12218,"categories":12468,"visibility":2019,"author_company":645,"data_vis_image":12480,"featured_image":12482,"seo_description":12486,"author_full_name":645,"author_job_title":645,"formattedDate":12487},"d9f59f49-a185-4751-a1fc-00b4cae71917","2026-02-10 00:00",[12225,12226,12227,12228],{"slug":561,"name":562},{"slug":564,"name":565},{"slug":1720,"name":1721},{"slug":12229,"name":12230},"president-trump","President Trump",[12232],{"slug":1466,"name":1467,"content":12233},{"job_title":1469,"image":12234,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":12236},[12237,12258,12266,12288,12301,12309,12317,12341,12349,12385,12393,12401,12423,12431,12439,12447,12449,12459],{"type":580,"attrs":12238,"content":12239},{"textAlign":49},[12240,12244,12253],{"text":1005,"type":585,"marks":12241},[12242],{"type":850,"attrs":12243},{"color":1484},{"text":12245,"type":585,"marks":12246},"Trump Administration’s",[12247,12251],{"type":590,"attrs":12248},{"href":12249,"uuid":12250,"anchor":49,"target":1492,"linktype":595},"/article/trump-executive-order-to-accelerate-us-critical-mineral-push","4c982897-6a41-4f57-acd3-dc3a31e3beb5",{"type":850,"attrs":12252},{"color":1484},{"text":12254,"type":585,"marks":12255}," Project Vault aims to create a strategic reserve of critical minerals, funded by $1.67bn in private capital and a $10bn loan from the US Export-Import Bank.",[12256],{"type":850,"attrs":12257},{"color":1484},{"type":580,"attrs":12259,"content":12260},{"textAlign":49},[12261],{"text":12262,"type":585,"marks":12263},"Full details of the reserve have yet to be announced, though the aim is reportedly to build up strategic stocks equivalent to 60 days of demand of selected minerals to protect industries such as automotive and renewable energy against future critical mineral supply shocks and price swings.",[12264],{"type":850,"attrs":12265},{"color":1484},{"type":580,"attrs":12267,"content":12268},{"textAlign":49},[12269,12274,12283],{"text":12270,"type":585,"marks":12271},"At ",[12272],{"type":850,"attrs":12273},{"color":1484},{"text":12275,"type":585,"marks":12276},"today’s prices",[12277,12281],{"type":590,"attrs":12278},{"href":12279,"uuid":12280,"anchor":49,"target":1492,"linktype":595},"/article/automaker-exposure-to-lithium-prices-highlights-need-for-hedging","3c5b6177-fc1a-4177-9e1d-3c8e4bb0b052",{"type":850,"attrs":12282},{"color":1484},{"text":12284,"type":585,"marks":12285}," and based on 2026 demand, this would cost $991 million for key battery minerals (lithium, cobalt, nickel, manganese, graphite and coke), with lithium being the largest contributor.",[12286],{"type":850,"attrs":12287},{"color":1484},{"type":647,"attrs":12289,"content":12290},{"level":649,"textAlign":49},[12291,12296],{"type":1847,"attrs":12292},{"id":12293,"alt":645,"src":12294,"title":645,"source":645,"copyright":645,"meta_data":12295},143468612214513,"https://a.storyblok.com/f/287943243085208/5067x5592/3289156235/60-day-stockpile-infographic-v2.jpg",{},{"text":12297,"type":585,"marks":12298},"What is Project Vault?",[12299],{"type":850,"attrs":12300},{"color":1484},{"type":580,"attrs":12302,"content":12303},{"textAlign":49},[12304],{"text":12305,"type":585,"marks":12306},"Project Vault will act as a strategic stockpile. These usually address a specific problem: short-term supply availability during an emergency. In this case, Project Vault intends to absorb sudden supply disruptions by releasing physical material and to provide confidence to key domestic industries that some emergency supply is available within US borders if needed. The initiative echoes the model of the 50-year-old US Strategic Petroleum Reserve, established in the aftermath of the 1973 Arab oil embargo and today holding hundreds of millions of barrels of crude oil in the US.",[12307],{"type":850,"attrs":12308},{"color":1484},{"type":580,"attrs":12310,"content":12311},{"textAlign":49},[12312],{"text":12313,"type":585,"marks":12314},"Commodities trading houses, including Hartree Partners, Mercuria, and Traxys, have agreed to procure minerals for the stockpiles. More than a dozen downstream companies have also committed to participate, including General Motors, Stellantis, Boeing, Google, and GE Vernova. In effect, Project Vault serves as an option-like buffer, as participating companies pay a fee to secure the right to draw from the stockpile in defined emergencies when they are unable to source material from regular markets.",[12315],{"type":850,"attrs":12316},{"color":1484},{"type":580,"attrs":12318,"content":12319},{"textAlign":49},[12320,12326,12336],{"text":12321,"type":585,"marks":12322},"Benchmark Intelligence subscribers can access exclusive policy analysis in the ",[12323,12325],{"type":850,"attrs":12324},{"color":1484},{"type":1992},{"text":12327,"type":585,"marks":12328},"Geo-Economic and Policy Briefing",[12329,12333,12335],{"type":590,"attrs":12330},{"href":12331,"uuid":12332,"anchor":49,"target":1492,"linktype":595},"/publications/briefings/geo-economic-and-policy-briefings/geo-economic-and-policy-briefing-edition-1-2026","ce29258c-984f-40e2-8a4c-e4eabcf2debf",{"type":850,"attrs":12334},{"color":1484},{"type":1992},{"text":1538,"type":585,"marks":12337},[12338,12340],{"type":850,"attrs":12339},{"color":1484},{"type":1992},{"type":647,"attrs":12342,"content":12343},{"level":649,"textAlign":49},[12344],{"text":12345,"type":585,"marks":12346},"How much would other minerals cost?",[12347],{"type":850,"attrs":12348},{"color":1484},{"type":580,"attrs":12350,"content":12351},{"textAlign":49},[12352,12357,12366,12371,12380],{"text":12353,"type":585,"marks":12354},"Beyond battery minerals, Benchmark calculates that 60 days’ worth of ",[12355],{"type":850,"attrs":12356},{"color":1484},{"text":12358,"type":585,"marks":12359},"US refined copper demand",[12360,12364],{"type":590,"attrs":12361},{"href":12362,"uuid":12363,"anchor":49,"target":1492,"linktype":595},"/article/lme-cme-arbitrage-continues-to-be-broad-on-forward-curve","25c8095d-21e1-47f0-97e4-95ba863678ec",{"type":850,"attrs":12365},{"color":1484},{"text":12367,"type":585,"marks":12368}," in 2026 at current prices would add $3.7bn to the bill. Demand for ",[12369],{"type":850,"attrs":12370},{"color":1484},{"text":12372,"type":585,"marks":12373},"rare earths",[12374,12378],{"type":590,"attrs":12375},{"href":12376,"uuid":12377,"anchor":49,"target":1492,"linktype":595},"/article/geopolitics-to-drive-rare-earth-supply-diversification","5136172b-ff3e-4bc9-9226-8a5a9c97b2cb",{"type":850,"attrs":12379},{"color":1484},{"text":12381,"type":585,"marks":12382}," for use in rare earth permanent magnets (REPMs) would cost another $235mn.",[12383],{"type":850,"attrs":12384},{"color":1484},{"type":580,"attrs":12386,"content":12387},{"textAlign":49},[12388],{"text":12389,"type":585,"marks":12390},"In all, the US has 60 minerals on its critical mineral list. As yet, it is unclear whether Project Vault would seek to build a stockpile of all of these minerals, nor whether 60 days would be the target stock level for all the minerals held.",[12391],{"type":850,"attrs":12392},{"color":1484},{"type":647,"attrs":12394,"content":12395},{"level":649,"textAlign":49},[12396],{"text":12397,"type":585,"marks":12398},"What are the limitations of strategic reserves?",[12399],{"type":850,"attrs":12400},{"color":1484},{"type":580,"attrs":12402,"content":12403},{"textAlign":49},[12404,12409,12418],{"text":12405,"type":585,"marks":12406},"A US strategic reserve does not tackle the underlying issue of upstream ",[12407],{"type":850,"attrs":12408},{"color":1484},{"text":12410,"type":585,"marks":12411},"supply concentration",[12412,12416],{"type":590,"attrs":12413},{"href":12414,"uuid":12415,"anchor":49,"target":1492,"linktype":595},"/publications/briefings/china-briefings/benchmark-china-briefing-february-2026","f8f24e8a-d6d8-42ce-b17e-36481655661c",{"type":850,"attrs":12417},{"color":1484},{"text":12419,"type":585,"marks":12420},". Policy measures to derisk domestic and other ex-China projects and improve bankability are required, in addition to building reserves.",[12421],{"type":850,"attrs":12422},{"color":1484},{"type":580,"attrs":12424,"content":12425},{"textAlign":49},[12426],{"text":12427,"type":585,"marks":12428},"Project Vault should be considered as just one tool that can be deployed alongside others such as export restrictions, tariffs, local content requirements, upstream funding, equity investments, and government-backed offtake agreements.",[12429],{"type":850,"attrs":12430},{"color":1484},{"type":580,"attrs":12432,"content":12433},{"textAlign":49},[12434],{"text":12435,"type":585,"marks":12436},"Sources have told Benchmark that without clear guidance and transparent sourcing, there is the risk that the US reserve may itself be dependent on Chinese supplies for minerals such as rare earths, given China’s dominance in those markets.",[12437],{"type":850,"attrs":12438},{"color":1484},{"type":580,"attrs":12440,"content":12441},{"textAlign":49},[12442,12443],{"type":7716},{"text":12444,"type":585,"marks":12445},"The insights in this article were produced using data from Benchmark's Price Assessments and Forecasts. For more information, get in touch with the form below:",[12446],{"type":1992},{"type":580,"attrs":12448},{"textAlign":49},{"type":636,"attrs":12450},{"id":12451,"body":12452},"cbde0f77-60d6-4cd4-889c-7c953f459358",[12453],{"id":1997,"_uid":12454,"component":1999,"wrap_in_box":50,"redirect_url":12455,"success_file":12456,"default_height":645,"success_message":645,"v2_hubspot_form":50,"success_sub_text":645,"hidden_field_values":12458,"show_on_intelligence":50},"i-4fbce6da-0576-4b0f-acfa-59f42c56c8ea",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":12457},{},[],{"type":580,"attrs":12460,"content":12461},{"textAlign":49},[12462],{"type":7716},"The Trump Administration’s Project Vault aims to create a strategic reserve of critical minerals, funded by $1.67bn in private capital and a $10bn loan from the US Export-Import Bank.\n\nFull details of the reserve have yet to be announced, though the aim is reportedly to build up strategic stocks equivalent to 60 days of demand of selected minerals to protect industries such as automotive and renewable energy against future critical mineral supply shocks and price swings.\n\nAt today’s prices and based on 2026 demand, this would cost $991 million for key battery minerals (lithium, cobalt, nickel, manganese, graphite and coke), with lithium being the largest contributor.",[12465],{"slug":7723,"name":7724,"content":12466},{"job_title":7726,"image":12467,"bio":7729,"linkedin":7730,"markets_covered":7731},{"filename":7728},[12469,12470,12471,12472,12473,12474,12475,12476,12477,12478,12479],{"slug":695,"name":696},{"slug":1142,"name":1143},{"slug":2544,"name":115},{"slug":1140,"name":1136},{"slug":2627,"name":2628},{"slug":1693,"name":8},{"slug":4962,"name":4963},{"slug":2631,"name":189},{"slug":2553,"name":150},{"slug":2900,"name":414},{"slug":2633,"name":2634},{"id":12293,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":12294,"copyright":645,"fieldtype":701,"meta_data":12481,"is_external_url":50},{},{"id":12483,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":12484,"copyright":645,"fieldtype":701,"meta_data":12485,"is_external_url":50},129073182050001,"https://a.storyblok.com/f/287943243085208/6e42e2c186/bm-the-white-house.jpg",{},"The Trump Administration’s Project Vault aims to create a strategic reserve of critical minerals. At today’s prices and based on 2026 demand, 60 days of battery minerals would cost $991 million with lithium being the largest contributor.","Feb 10, 2026",{"id":12489,"uuid":5013,"name":12490,"slug":12491,"full_slug":12492,"content":12493},143577548806252,"PLS lithium offtake reinforces structural support in spodumene market","pls-lithium-offtake-reinforces-structural-support-in-spodumene-market","article/pls-lithium-offtake-reinforces-structural-support-in-spodumene-market",{"_uid":12494,"date":12223,"tags":12495,"editor":12502,"content":12506,"excerpt":12690,"featured":51,"reporter":12691,"component":689,"seo_title":12695,"categories":12696,"visibility":697,"author_company":645,"data_vis_image":12699,"featured_image":12703,"seo_description":12705,"author_full_name":645,"author_job_title":645,"formattedDate":12487},"6a3f0cfc-e6a7-421b-a58e-da1129b3b365",[12496,12499,12500,12501],{"slug":12497,"name":12498},"pilbara-minerals","Pilbara Minerals",{"slug":564,"name":565},{"slug":4990,"name":4991},{"slug":720,"name":721},[12503],{"slug":1466,"name":1467,"content":12504},{"job_title":1469,"image":12505,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":12507},[12508,12527,12535,12557,12565,12573,12581,12617,12624,12632,12640,12648,12656,12664,12686],{"type":580,"attrs":12509,"content":12510},{"textAlign":49},[12511,12516,12522],{"text":12512,"type":585,"marks":12513},"Australian lithium miner PLS has executed a two-year binding offtake agreement with Canmax, a Chinese battery materials producer, for up to 150ktpa of ",[12514],{"type":850,"attrs":12515},{"color":1484},{"text":5008,"type":585,"marks":12517},[12518,12520],{"type":590,"attrs":12519},{"href":5034,"uuid":5035,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":12521},{"color":1484},{"text":12523,"type":585,"marks":12524}," (SC) starting in mid-2026.",[12525],{"type":850,"attrs":12526},{"color":1484},{"type":580,"attrs":12528,"content":12529},{"textAlign":49},[12530],{"text":12531,"type":585,"marks":12532},"The deal includes a floor price of US$1,000/t and is subject to a US$100m unsecured, interest-free prepayment. There is an option to extend the offtake a further 12 months.",[12533],{"type":850,"attrs":12534},{"color":1484},{"type":580,"attrs":12536,"content":12537},{"textAlign":49},[12538,12543,12552],{"text":12539,"type":585,"marks":12540},"The price floor is comfortably above the costs of ",[12541],{"type":850,"attrs":12542},{"color":1484},{"text":12544,"type":585,"marks":12545},"PLS’ Ngungaju",[12546,12550],{"type":590,"attrs":12547},{"href":12548,"uuid":12549,"anchor":49,"target":1492,"linktype":595},"/article/pilbara-to-put-ngungaju-into-care-and-maintenance-amid-spodumene-price-woes","c8383028-c3f9-42d3-875f-4ca34896097d",{"type":850,"attrs":12551},{"color":1484},{"text":12553,"type":585,"marks":12554}," plant. It is also consistent with Benchmark’s view that hard-rock feedstock will be supported above US$1,000/t through 2026.",[12555],{"type":850,"attrs":12556},{"color":1484},{"type":647,"attrs":12558,"content":12559},{"level":649,"textAlign":49},[12560],{"text":12561,"type":585,"marks":12562},"How much of PLS’ spodumene concentrate production is under offtake?",[12563],{"type":850,"attrs":12564},{"color":1484},{"type":580,"attrs":12566,"content":12567},{"textAlign":49},[12568],{"text":12569,"type":585,"marks":12570},"Under Benchmark’s current forecast, PLS is forecast to produce ~134kt LCE (~970kt of spodumene concentrate) in 2026 and ~150kt LCE in 2027 through its Pilgan and Ngungaju plants.",[12571],{"type":850,"attrs":12572},{"color":1484},{"type":580,"attrs":12574,"content":12575},{"textAlign":49},[12576],{"text":12577,"type":585,"marks":12578},"The 150ktpa SC offtake to Canmax equates to roughly 20–23kt LCE annually, representing ~15–17% of 2026 output and ~13–15% of 2027 production.",[12579],{"type":850,"attrs":12580},{"color":1484},{"type":580,"attrs":12582,"content":12583},{"textAlign":49},[12584,12589,12598,12603,12612],{"text":12585,"type":585,"marks":12586},"Taken together with PLS’ other offtake relationships with ",[12587],{"type":850,"attrs":12588},{"color":1484},{"text":12590,"type":585,"marks":12591},"Ganfeng",[12592,12596],{"type":590,"attrs":12593},{"href":12594,"uuid":12595,"anchor":49,"target":1492,"linktype":595},"/article/ganfeng-chairmans-speech-adds-fuel-to-lithium-price-rally-in-china","edfa71df-9b07-482a-ade9-c82250a1cf38",{"type":850,"attrs":12597},{"color":1484},{"text":12599,"type":585,"marks":12600},", General Lithium, Yahua, Chengxin, and ",[12601],{"type":850,"attrs":12602},{"color":1484},{"text":12604,"type":585,"marks":12605},"POSCO",[12606,12610],{"type":590,"attrs":12607},{"href":12608,"uuid":12609,"anchor":49,"target":1492,"linktype":595},"/publications/analysis/posco-pilbara-signs-offtake-deal-with-sk-on-benchmark-lithium","1dba224b-1f22-46fe-b08e-df0fc8767827",{"type":850,"attrs":12611},{"color":1484},{"text":12613,"type":585,"marks":12614},", it has options to see most of its 2026 output under contract. Flexibility in those contract terms means, however, that the company could service all agreements for 2026 from only its Pilgan plant. Two offtake agreements executed already during the December 2025 quarter means options for a further 100kt SC are also available to the company in the short term.",[12615],{"type":850,"attrs":12616},{"color":1484},{"type":636,"attrs":12618},{"id":12619,"body":12620},"4ac58bfe-70d9-435a-8088-9fb81a0d5fba",[12621],{"id":12622,"_uid":12623,"type":595,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"3582737","i-6b068973-69f7-44f2-a594-5ecf487bb29b",{"type":647,"attrs":12625,"content":12626},{"level":649,"textAlign":49},[12627],{"text":12628,"type":585,"marks":12629},"Where does the price floor fit in with lithium costs?",[12630],{"type":850,"attrs":12631},{"color":1484},{"type":580,"attrs":12633,"content":12634},{"textAlign":49},[12635],{"text":12636,"type":585,"marks":12637},"With Benchmark’s long-term hard-rock incentive price at $1,500/t SC6, the price floor in this offtake agreement sits comfortably above marginal operating cost for most current producers, but below levels likely to accelerate widespread greenfield expansion, particularly in Western mining jurisdictions. That dynamic supports existing supply without clearly incentivising a new wave of development.",[12638],{"type":850,"attrs":12639},{"color":1484},{"type":580,"attrs":12641,"content":12642},{"textAlign":49},[12643],{"text":12644,"type":585,"marks":12645},"Benchmark’s 2026 hard-rock lithium cost curve places Pilgan at $592/t AISC, whilst costs for Ngungaju are estimated to be closer to the $800-900/t SC6 level. At the $1,000/t floor, this implies gross operating margin of around $400/t, or roughly $60m per year of margin on the contracted volumes, with full exposure retained to higher prevailing prices.",[12646],{"type":850,"attrs":12647},{"color":1484},{"type":647,"attrs":12649,"content":12650},{"level":649,"textAlign":49},[12651],{"text":12652,"type":585,"marks":12653},"How does the offtake fit in with Canmax’s operations?",[12654],{"type":850,"attrs":12655},{"color":1484},{"type":580,"attrs":12657,"content":12658},{"textAlign":49},[12659],{"text":12660,"type":585,"marks":12661},"Canmax’s lithium chemical nameplate capacity is above its current hard-rock production forecast. It recently inked an offtake agreement with Liontown and is trying to ramp up supply from its Nigerian joint ventures.",[12662],{"type":850,"attrs":12663},{"color":1484},{"type":580,"attrs":12665,"content":12666},{"textAlign":49},[12667,12672,12681],{"text":12668,"type":585,"marks":12669},"More broadly, ",[12670],{"type":850,"attrs":12671},{"color":1484},{"text":12673,"type":585,"marks":12674},"Chinese lithium chemical capacity",[12675,12679],{"type":590,"attrs":12676},{"href":12677,"uuid":12678,"anchor":49,"target":1492,"linktype":595},"/article/lithium-chemical-prices-fall-as-inventory-builds","1e82c3c0-c12a-472b-bb6e-5dbc1c297262",{"type":850,"attrs":12680},{"color":1484},{"text":12682,"type":585,"marks":12683}," exceeds that of secured hard-rock supply. In that context, multi-year floor-linked agreements with established producers reduce procurement risk and reinforce the strategic importance of reliable hard-rock feedstock.",[12684],{"type":850,"attrs":12685},{"color":1484},{"type":580,"attrs":12687,"content":12688},{"textAlign":49},[12689],{"type":7716},"Australian lithium miner PLS has executed a two-year binding offtake agreement with Canmax, a Chinese battery materials producer, for up to 150ktpa of spodumene concentrate (SC) starting in mid-2026.\n\nThe deal includes a floor price of US$1,000/t and is subject to a US$100m unsecured, interest-free prepayment. There is an option to extend the offtake a further 12 months.\n\nThe price floor is comfortably above the costs of PLS’ Ngungaju plant. It is also consistent with Benchmark’s view that hard-rock feedstock will be supported above US$1,000/t through 2026.",[12692],{"slug":3796,"name":3797,"content":12693},{"job_title":3799,"image":12694,"bio":3802,"linkedin":3803,"markets_covered":8},{"filename":3801},"PLS lithium offtake structurally supports spodumene market",[12697,12698],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":12700,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":12701,"copyright":645,"fieldtype":701,"meta_data":12702,"is_external_url":50},143583200308998,"https://a.storyblok.com/f/287943243085208/1588x1512/fa426c1024/socials-pls-offtakes-2x-1.png",{},{"id":6431,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":6432,"copyright":645,"fieldtype":701,"meta_data":12704,"is_external_url":50},{},"Australian lithium miner PLS has executed a two-year binding offtake agreement with Canmax, a Chinese battery materials producer, for up to 150ktpa of spodumene concentrate (SC) starting in mid-2026.",{"id":12707,"uuid":12708,"name":12709,"slug":12710,"full_slug":12711,"content":12712},141774945475279,"e4f1d900-de59-4799-8ae7-e727f7df87ee","High metal prices and by-product gains increasing copper miners’ margins","high-metal-prices-and-by-product-gains-increasing-copper-miners-margins","article/high-metal-prices-and-by-product-gains-increasing-copper-miners-margins",{"_uid":12713,"date":12714,"tags":12715,"editor":12718,"content":12722,"excerpt":12928,"featured":50,"reporter":12929,"component":689,"seo_title":12933,"categories":12934,"visibility":2019,"author_company":645,"data_vis_image":12937,"featured_image":12939,"seo_description":12928,"author_full_name":645,"author_job_title":645,"formattedDate":12943},"10bf9420-147e-4d7d-bb77-a84e87c29918","2026-02-05 00:00",[12716,12717],{"slug":564,"name":565},{"slug":5909,"name":5910},[12719],{"slug":1466,"name":1467,"content":12720},{"job_title":1469,"image":12721,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":12723},[12724,12772,12781,12789,12810,12846,12854,12862,12884,12892,12900,12909],{"type":580,"attrs":12725,"content":12726},{"textAlign":49},[12727,12732,12739,12744,12753,12758,12767],{"text":12728,"type":585,"marks":12729},"The margins of ",[12730],{"type":850,"attrs":12731},{"color":1484},{"text":12733,"type":585,"marks":12734},"copper miners",[12735,12737],{"type":590,"attrs":12736},{"href":8369,"uuid":8370,"anchor":49,"target":1492,"linktype":595},{"type":850,"attrs":12738},{"color":1484},{"text":12740,"type":585,"marks":12741}," are at multi-year highs on the back of ",[12742],{"type":850,"attrs":12743},{"color":1484},{"text":12745,"type":585,"marks":12746},"high copper prices",[12747,12751],{"type":590,"attrs":12748},{"href":12749,"uuid":12750,"anchor":49,"target":1492,"linktype":595},"/article/copper-hits-another-all-time-high-but-gains-fail-to-hold","cfa82740-886a-408d-b335-489d5e088c42",{"type":850,"attrs":12752},{"color":1484},{"text":12754,"type":585,"marks":12755},", elevated by-product prices, and record ",[12756],{"type":850,"attrs":12757},{"color":1484},{"text":12759,"type":585,"marks":12760},"low treatment and refining charges",[12761,12765],{"type":590,"attrs":12762},{"href":12763,"uuid":12764,"anchor":49,"target":1492,"linktype":595},"/article/chinese-smelters-reportedly-agree-to-record-low-copper-concentrate-tc-rcs","ff5e06ce-cf2a-41bc-90a6-42f42c86ca6d",{"type":850,"attrs":12766},{"color":1484},{"text":12768,"type":585,"marks":12769}," (TC/RCs).",[12770],{"type":850,"attrs":12771},{"color":1484},{"type":580,"attrs":12773,"content":12774},{"textAlign":49},[12775],{"type":1847,"attrs":12776},{"id":12777,"alt":12778,"src":12779,"title":645,"source":645,"copyright":645,"meta_data":12780},141775495880085,"How wide is copper's margin?","https://a.storyblok.com/f/287943243085208/4256x5459/d33e508ef7/copperpricevcost-2.png",{"alt":12778,"title":645,"source":645,"copyright":645},{"type":647,"attrs":12782,"content":12783},{"level":649,"textAlign":49},[12784],{"text":12785,"type":585,"marks":12786},"Why are copper miners’ margins so high?",[12787],{"type":850,"attrs":12788},{"color":1484},{"type":580,"attrs":12790,"content":12791},{"textAlign":49},[12792,12797,12806],{"text":12793,"type":585,"marks":12794},"The first and strongest factor is that copper prices themselves are at all time highs and were elevated for much of 2025. Copper prices averaged $9,954/t in 2025 – the highest annualised price ever. By the start of 2026, copper prices had ",[12795],{"type":850,"attrs":12796},{"color":1484},{"text":12798,"type":585,"marks":12799},"surpassed $13,000/t",[12800,12804],{"type":590,"attrs":12801},{"href":12802,"uuid":12803,"anchor":49,"target":1492,"linktype":595},"/article/copper-price-hits-record-13000-t-as-rally-continues","eacfe391-9345-46ed-83fc-2f58cf9eeb35",{"type":850,"attrs":12805},{"color":1484},{"text":1538,"type":585,"marks":12807},[12808],{"type":850,"attrs":12809},{"color":1484},{"type":580,"attrs":12811,"content":12812},{"textAlign":49},[12813,12818,12827,12832,12841],{"text":12814,"type":585,"marks":12815},"Prices have been consistently high due to ",[12816],{"type":850,"attrs":12817},{"color":1484},{"text":12819,"type":585,"marks":12820},"tariff fears",[12821,12825],{"type":590,"attrs":12822},{"href":12823,"uuid":12824,"anchor":49,"target":1492,"linktype":595},"/article/lme-week-preview-copper-market-faces-tight-supply-record-prices-and-ma-momentum","119abccd-7642-4eff-bb36-5f56677bc2a8",{"type":850,"attrs":12826},{"color":1484},{"text":12828,"type":585,"marks":12829},", ",[12830],{"type":850,"attrs":12831},{"color":1484},{"text":12833,"type":585,"marks":12834},"supply disruption",[12835,12839],{"type":590,"attrs":12836},{"href":12837,"uuid":12838,"anchor":49,"target":1492,"linktype":595},"/article/grasberg-supply-shock-to-plunge-refined-copper-market-into-deficit-in-2026-benchmark-analysis-shows","46cfb309-f59c-4045-99e2-4a5c599aa5db",{"type":850,"attrs":12840},{"color":1484},{"text":12842,"type":585,"marks":12843},", and also continued expectations of increasing demand based on new uses related to AI and the energy transition.",[12844],{"type":850,"attrs":12845},{"color":1484},{"type":580,"attrs":12847,"content":12848},{"textAlign":49},[12849],{"text":12850,"type":585,"marks":12851},"By-product gains are helping copper miners significantly, especially gold and silver. Gold and silver prices also pushed up across 2025 on fears surrounding the US dollar, due to their position as safe haven assets.  ",[12852],{"type":850,"attrs":12853},{"color":1484},{"type":580,"attrs":12855,"content":12856},{"textAlign":49},[12857],{"text":12858,"type":585,"marks":12859},"Silver prices averaged $40/tr.oz. and gold averaged $3,445/tr.oz. in 2025, against $29/tr.oz. and $2,390/tr.oz. respectively in 2024. This large increase in precious metals prices significantly increased the by-product gains available to miners.",[12860],{"type":850,"attrs":12861},{"color":1484},{"type":580,"attrs":12863,"content":12864},{"textAlign":49},[12865,12870,12879],{"text":12866,"type":585,"marks":12867},"Copper mining companies have also benefited from ",[12868],{"type":850,"attrs":12869},{"color":1484},{"text":12871,"type":585,"marks":12872},"record-low TC/RCs",[12873,12877],{"type":590,"attrs":12874},{"href":12875,"uuid":12876,"anchor":49,"target":1492,"linktype":595},"/article/copper-sellers-explore-tolling-contracts-amid-record-low-tcs","b1812932-00f2-4d7b-b981-b2e774058ff0",{"type":850,"attrs":12878},{"color":1484},{"text":12880,"type":585,"marks":12881}," which act as a discount on the copper price when miners sell concentrate to traders and smelters. Such low discounts mean miners keep more value. ",[12882],{"type":850,"attrs":12883},{"color":1484},{"type":647,"attrs":12885,"content":12886},{"level":649,"textAlign":49},[12887],{"text":12888,"type":585,"marks":12889},"Will increased margins encourage copper mine build out?",[12890],{"type":850,"attrs":12891},{"color":1484},{"type":580,"attrs":12893,"content":12894},{"textAlign":49},[12895],{"text":12896,"type":585,"marks":12897},"The higher the margins copper miners can get, the more appealing copper mining becomes. However, mining remains a challenging and long-term industry with a relatively high barrier to entry even with improved margins. Mining is also competing for capital allocation against a number of other higher return industries such as AI.",[12898],{"type":850,"attrs":12899},{"color":1484},{"type":580,"attrs":12901,"content":12902},{"textAlign":49},[12903],{"text":12904,"type":585,"marks":12905},"Join Benchmark's upcoming webinar on 24th February at 3pm (London) for in-depth analysis of what elevated copper prices mean for profit margins, new projects, and M&A trends on a global scale.",[12906,12908],{"type":850,"attrs":12907},{"color":1484},{"type":1992},{"type":580,"attrs":12910,"content":12911},{"textAlign":49},[12912,12918],{"text":12913,"type":585,"marks":12914},"Sign up to the webinar here: ",[12915,12917],{"type":850,"attrs":12916},{"color":1484},{"type":1992},{"text":12919,"type":585,"marks":12920},"Copper Prices Unpacked: What peak margins mean for profits, projects and M&A",[12921,12924,12926,12927],{"type":590,"attrs":12922},{"href":12923,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/events/webinar-copper-costs-2026",{"type":850,"attrs":12925},{"color":2868},{"type":1992},{"type":2871},"The margins of copper miners are at multi-year highs on the back of high copper prices, elevated by-product prices, and record low treatment and refining charges (TC/RCs).",[12930],{"slug":1128,"name":1129,"content":12931},{"job_title":1131,"image":12932,"bio":1134,"linkedin":1135,"markets_covered":1136},{"filename":1133},"High prices and by-product gains increasing copper miner margins",[12935,12936],{"slug":1142,"name":1143},{"slug":1140,"name":1136},{"id":12777,"alt":12778,"name":645,"focus":645,"title":645,"source":645,"filename":12779,"copyright":645,"fieldtype":701,"meta_data":12938,"is_external_url":50},{"alt":12778,"title":645,"source":645,"copyright":645},{"id":12940,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":12941,"copyright":645,"fieldtype":701,"meta_data":12942,"is_external_url":50},129067901692904,"https://a.storyblok.com/f/287943243085208/ae400b8482/bm-glencore-ktanaga-copper-mine-drc2.jpg",{},"Feb 05, 2026",{"id":12945,"uuid":12946,"name":12947,"slug":12948,"full_slug":12949,"content":12950},141350124851851,"46a5c78b-4875-4721-b8d2-a8a71fb860db","Mitsubishi Chemical to exit needle coke business amid prolonged oversupply","mitsubishi-chemical-to-exit-needle-coke-business-amid-prolonged-oversupply","article/mitsubishi-chemical-to-exit-needle-coke-business-amid-prolonged-oversupply",{"_uid":12951,"date":12952,"tags":12953,"editor":12962,"content":12966,"excerpt":13137,"featured":51,"reporter":13138,"component":689,"seo_title":13147,"categories":13148,"visibility":697,"author_company":645,"data_vis_image":13152,"featured_image":13156,"seo_description":13137,"author_full_name":645,"author_job_title":645,"formattedDate":13160},"2e40dad1-0b08-47ac-a622-c2f68ca80fe2","2026-02-04 00:00",[12954,12957,12959,12960,12961],{"slug":12955,"name":12956},"mitsubishi-chemical-corporation","Mitsubishi Chemical Corporation",{"slug":2633,"name":12958},"Synthetic graphite",{"slug":11355,"name":11356},{"slug":720,"name":721},{"slug":564,"name":565},[12963],{"slug":1466,"name":1467,"content":12964},{"job_title":1469,"image":12965,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":12967},[12968,12990,13012,13020,13029,13037,13072,13079,13087,13095,13101,13109,13117,13125,13133],{"type":580,"attrs":12969,"content":12970},{"textAlign":49},[12971,12976,12985],{"text":12972,"type":585,"marks":12973},"Mitsubishi Chemical Group will exit the needle and pitch coke market in 2027, citing ",[12974],{"type":850,"attrs":12975},{"color":1484},{"text":12977,"type":585,"marks":12978},"weak overseas markets",[12979,12983],{"type":590,"attrs":12980},{"href":12981,"uuid":12982,"anchor":49,"target":1492,"linktype":595},"/article/ex-china-needle-coke-shortage-could-hold-back-anode-buildout","7508e6cb-052c-482e-b1aa-5fe6ad511beb",{"type":850,"attrs":12984},{"color":1484},{"text":12986,"type":585,"marks":12987}," and persistent oversupply stemming from China as key reasons.",[12988],{"type":850,"attrs":12989},{"color":1484},{"type":580,"attrs":12991,"content":12992},{"textAlign":49},[12993,12998,13007],{"text":12994,"type":585,"marks":12995},"The exit will only impact Mitsubishi’s standalone Japanese ",[12996],{"type":850,"attrs":12997},{"color":1484},{"text":12999,"type":585,"marks":13000},"coke",[13001,13005],{"type":590,"attrs":13002},{"href":13003,"uuid":13004,"anchor":49,"target":1492,"linktype":595},"/article/pet-coke-prices-rise-as-anode-players-seek-cheaper-feedstock","8b9537e8-8823-43a2-b8b0-b75b55bc1246",{"type":850,"attrs":13006},{"color":1484},{"text":13008,"type":585,"marks":13009}," operations. Neither the company’s joint venture facilities operated with POSCO in South Korea nor any of its anode production facilities will be affected.",[13010],{"type":850,"attrs":13011},{"color":1484},{"type":580,"attrs":13013,"content":13014},{"textAlign":49},[13015],{"text":13016,"type":585,"marks":13017},"The move underscores the structural cost disadvantages faced by coal-based needle coke producers outside of China, including higher energy costs and the need for reinvestment in ageing coke ovens.",[13018],{"type":850,"attrs":13019},{"color":1484},{"type":647,"attrs":13021,"content":13023},{"level":13022,"textAlign":49},4,[13024],{"text":13025,"type":585,"marks":13026},"What could Mitsubishi's exit mean for the global coke market?",[13027],{"type":850,"attrs":13028},{"color":1484},{"type":580,"attrs":13030,"content":13031},{"textAlign":49},[13032],{"text":13033,"type":585,"marks":13034},"In 2025, Mitsubishi’s 60ktpa Japanese coke facility accounted for ~6% of coal-based needle coke capacity outside of China. Production there is expected to continue until the second half of FY2027, after which operations will cease.",[13035],{"type":850,"attrs":13036},{"color":1484},{"type":580,"attrs":13038,"content":13039},{"textAlign":49},[13040,13045,13054,13059,13068],{"text":13041,"type":585,"marks":13042},"The removal of Mitsubishi’s facility is unlikely to materially ",[13043],{"type":850,"attrs":13044},{"color":1484},{"text":13046,"type":585,"marks":13047},"impact overall coke prices",[13048,13052],{"type":590,"attrs":13049},{"href":13050,"uuid":13051,"anchor":49,"target":1492,"linktype":595},"/videos/synthetic-graphites-price-power-is-cost-led-dominance-here-to-stay","9aa645e0-8c14-4dd6-9b48-14c41d1d6fbe",{"type":850,"attrs":13053},{"color":1484},{"text":13055,"type":585,"marks":13056}," as the global coke market will remain significantly and structurally oversupplied until the mid-2030s, according to ",[13057],{"type":850,"attrs":13058},{"color":1484},{"text":13060,"type":585,"marks":13061},"Benchmark’s Synthetic Graphite Forecast",[13062,13065,13067],{"type":590,"attrs":13063},{"href":13064,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/synthetic-graphite",{"type":850,"attrs":13066},{"color":2868},{"type":2871},{"text":1538,"type":585,"marks":13069},[13070],{"type":850,"attrs":13071},{"color":1484},{"type":636,"attrs":13073},{"id":13074,"body":13075},"9e248ebb-5231-400a-a8c3-7eea6d1027f4",[13076],{"id":13077,"_uid":13078,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27499094","i-01b7ef23-3769-4470-bdad-aea366125b6c",{"type":580,"attrs":13080,"content":13081},{"textAlign":49},[13082],{"text":13083,"type":585,"marks":13084},"However, Mitsubishi’s exit removes a source of premium coal-based needle coke, reducing options for buyers of high quality material. These buyers should have sufficient time to adjust given the phased nature of the exit, though the reduced availability of high-quality, ex-China coal-based needle coke may lend modest support to relative premiums for remaining ex-China material.",[13085],{"type":850,"attrs":13086},{"color":1484},{"type":580,"attrs":13088,"content":13089},{"textAlign":49},[13090],{"text":13091,"type":585,"marks":13092},"A continued shift toward a greater concentration of coke supply in China is likely to cap any sustained price increases as a result of any supply losses outside of the country.",[13093],{"type":850,"attrs":13094},{"color":1484},{"type":636,"attrs":13096},{"id":13074,"body":13097},[13098],{"id":13099,"_uid":13100,"type":595,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"3576431","i-eb64cf2b-88ec-42a0-a86c-ae903554b47c",{"type":647,"attrs":13102,"content":13103},{"level":13022,"textAlign":49},[13104],{"text":13105,"type":585,"marks":13106},"What does the exit mean for Mitsubishi?",[13107],{"type":850,"attrs":13108},{"color":1484},{"type":580,"attrs":13110,"content":13111},{"textAlign":49},[13112],{"text":13113,"type":585,"marks":13114},"The exit follows multiple attempts by Mitsubishi to improve the profitability of its coal business, including reducing costs by downsizing, adjusting its sales strategy and changing its pricing mechanisms.",[13115],{"type":850,"attrs":13116},{"color":1484},{"type":580,"attrs":13118,"content":13119},{"textAlign":49},[13120],{"text":13121,"type":585,"marks":13122},"In its announcement of the exit, the company stated that “despite the various measures taken to improve profitability and the quality advantage of the Company’s coke, the Company has determined that medium- to long-term growth would be difficult to achieve,” given the structural issues in the market that it cannot resolve.",[13123],{"type":850,"attrs":13124},{"color":1484},{"type":580,"attrs":13126,"content":13127},{"textAlign":49},[13128],{"text":13129,"type":585,"marks":13130},"The company expects to record a one-off loss of approximately JPY85 billion ($547 million), reflecting impairment, restructuring and other costs related to the exit. While this weighs on near-term earnings, the move allows Mitsubishi to remove a capital-intensive, structurally low-return business from its portfolio, reduce exposure to volatile commodity markets, and reallocate capital toward higher-margin specialty and performance materials aligned with its longer-term strategy.",[13131],{"type":850,"attrs":13132},{"color":1484},{"type":580,"attrs":13134,"content":13135},{"textAlign":49},[13136],{"type":7716},"Mitsubishi Chemical Group will exit the needle and pitch coke market in 2027, citing weak overseas markets and persistent oversupply stemming from China as key reasons.",[13139],{"slug":13140,"name":13141,"content":13142},"ravindra-panwar","Ravindra Panwar",{"job_title":13143,"image":13144,"linkedin":13146},"Analyst - Coke",{"filename":13145},"https://a.storyblok.com/f/287943243085208/512x512/2ac57b38a9/ravindra-panwar.jpeg","https://www.linkedin.com/in/ravindra-panwar/","Mitsubishi Chemical to exit needle coke business amid...",[13149,13150,13151],{"slug":2162,"name":261},{"slug":2627,"name":2628},{"slug":1142,"name":1143},{"id":13153,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":13154,"copyright":645,"fieldtype":701,"meta_data":13155,"is_external_url":50},141354681864869,"https://a.storyblok.com/f/287943243085208/1588x914/b966cf6e09/needle-coke-production-2x.png",{},{"id":13157,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":13158,"copyright":645,"fieldtype":701,"meta_data":13159,"is_external_url":50},141355809944402,"https://a.storyblok.com/f/287943243085208/2560x1707/d8fe6cefca/graphitepowder.jpg",{},"Feb 04, 2026",{"id":13162,"uuid":5132,"name":13163,"slug":13164,"full_slug":13165,"content":13166},137212210094578,"Restart of CATL’s Jianxiawo lithium mine may be delayed, tightening balance","restart-of-catls-jianxiawo-lithium-mine-may-be-delayed-tightening-balance","article/restart-of-catls-jianxiawo-lithium-mine-may-be-delayed-tightening-balance",{"_uid":13167,"date":13168,"live":51,"tags":13169,"editor":13175,"content":13179,"excerpt":13392,"featured":51,"reporter":13393,"component":689,"seo_title":13397,"categories":13398,"visibility":2019,"author_company":645,"data_vis_image":13401,"featured_image":13405,"seo_description":13409,"author_full_name":645,"author_job_title":645,"formattedDate":13410},"092f0541-1fb2-4562-8c06-c2761112a9af","2026-01-23 00:00",[13170,13171,13172,13173,13174],{"slug":2044,"name":2045},{"slug":720,"name":721},{"slug":564,"name":565},{"slug":3517,"name":3518},{"slug":1458,"name":1459},[13176],{"slug":1466,"name":1467,"content":13177},{"job_title":1469,"image":13178,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":13180},[13181,13202,13207,13220,13225,13230,13235,13259,13266,13287,13292,13297,13314,13341,13347,13352,13357,13369,13374,13387],{"type":580,"attrs":13182,"content":13183},{"textAlign":49},[13184,13186,13192,13194,13200],{"text":13185,"type":585},"Market expectations around the restart of ",{"text":13187,"type":585,"marks":13188},"CATL’s Jianxiawo lithium operation",[13189],{"type":590,"attrs":13190},{"href":13191,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/catl-suspends-operations-at-jianxiawo-mine-as-permit-expires",{"text":13193,"type":585}," are increasingly diverging from ",{"text":13195,"type":585,"marks":13196},"Benchmark’s base-case",[13197],{"type":590,"attrs":13198},{"href":13199,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/lithium",{"text":13201,"type":585}," assumption that production would resume shortly after the Lunar New Year which takes place in February this year.",{"type":580,"attrs":13203,"content":13204},{"textAlign":49},[13205],{"text":13206,"type":585},"Claims circulating in the market this week indicate Jianxiawo requires remediation related to inadequate tailings pond impermeability and its proximity to a nearby river system. While the scope, approvals and timeline remain uncertain, sources indicate a first-quarter restart appears increasingly unlikely.",{"type":580,"attrs":13208,"content":13209},{"textAlign":49},[13210,13212,13218],{"text":13211,"type":585},"This comes ",{"text":13213,"type":585,"marks":13214},"amidst rising lithium prices in China",[13215],{"type":590,"attrs":13216},{"href":13217,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/why-are-lithium-prices-in-china-soaring-this-week",{"text":13219,"type":585},", driven by an improved demand picture in the country and low lithium inventory levels.",{"type":647,"attrs":13221,"content":13222},{"level":13022,"textAlign":49},[13223],{"text":13224,"type":585},"How does this impact the lithium market balance?",{"type":580,"attrs":13226,"content":13227},{"textAlign":49},[13228],{"text":13229,"type":585},"Benchmark’s current base-case assumes Jianxiawo resumes production shortly after Lunar New Year. A restart materially later than this assumption would affect forecast output from where the asset is currently positioned in the supply model.",{"type":580,"attrs":13231,"content":13232},{"textAlign":49},[13233],{"text":13234,"type":585},"As part of an internal scenario review, Benchmark is assessing:",{"type":11141,"content":13236},[13237,13244],{"type":9486,"content":13238},[13239],{"type":580,"attrs":13240,"content":13241},{"textAlign":49},[13242],{"text":13243,"type":585},"Potentially halving the 2026 output of CATL’s Jianxiawo mine from ~111.4kt LCE (lithium carbonate equivalent) to ~55.7kt LCE.",{"type":9486,"content":13245},[13246],{"type":580,"attrs":13247,"content":13248},{"textAlign":49},[13249,13251,13257],{"text":13250,"type":585},"Potentially halving 2026 supply from ",{"text":13252,"type":585,"marks":13253},"Gotion’s Shuinanduan mine",[13254],{"type":590,"attrs":13255},{"href":13256,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/catl-and-gotion-secure-reserve-approvals-as-jiangxi-permitting-deadline-looms",{"text":13258,"type":585},", currently forecast to be 10kt LCE in 2026.",{"type":636,"attrs":13260},{"id":13261,"body":13262},"efb3f72a-af39-46de-b4d8-adeb7dcadc3a",[13263],{"id":13264,"_uid":13265,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27345123","i-0fc5e778-bce7-4256-b535-dd3c33003f40",{"type":580,"attrs":13267,"content":13268},{"textAlign":49},[13269,13271,13277,13279,13285],{"text":13270,"type":585},"Outside of Jianxiawo and Shuinanduan, other mines in Jiangxi province are set to contribute ~108kt LCE of lithium supply in 2026. Findings from ",{"text":13272,"type":585,"marks":13273},"other licence investigations",[13274],{"type":590,"attrs":13275},{"href":13276,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/what-do-the-recent-jiangxi-permit-cancellations-mean-for-the-lithium-industry",{"text":13278,"type":585}," in the region could turn up waste and tailings deficiencies similar to those at Jianxiawo. This implies a ",{"text":13280,"type":585,"marks":13281},"broader risk profile for the province",[13282],{"type":590,"attrs":13283},{"href":13284,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/q3-lithium-preview-jiangxi-enforcement-shows-teeth-lifting-price-floor",{"text":13286,"type":585},". Expectations of negative final inspection verdicts could align producer incentives with sharp mining acceleration in H1 to make use of would-be unused H2 2026 quota volumes.",{"type":580,"attrs":13288,"content":13289},{"textAlign":49},[13290],{"text":13291,"type":585},"Under Benchmark’s latest lithium forecast, the global lithium market balance for 2026 is ~78kt LCE. A sustained delay at Jianxiawo and Jiangxi disruptions would push the market into a very tight balance and potentially a deficit. This could warrant a further reassessment of short-term pricing assumptions across 2026 and the first half of 2027, while leaving medium- and long-term price trajectories unchanged.",{"type":647,"attrs":13293,"content":13294},{"level":13022,"textAlign":49},[13295],{"text":13296,"type":585},"How does this fit into the current lithium price?",{"type":580,"attrs":13298,"content":13299},{"textAlign":49},[13300,13305,13307,13312],{"text":13301,"type":585,"marks":13302},"Benchmark lithium prices",[13303],{"type":590,"attrs":13304},{"href":1569,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":13306,"type":585}," were already on an ",{"text":13308,"type":585,"marks":13309},"upward trajectory",[13310],{"type":590,"attrs":13311},{"href":13217,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":13313,"type":585},", before concerns regarding Jiangxi supply resurfaced. For instance, Benchmark’s EXW China lithium carbonate prices have risen dramatically by 40% since the start of January 2026, with CIF Asia spot prices up similarly, by 42%.",{"type":580,"attrs":13315,"content":13316},{"textAlign":49},[13317,13319,13324,13326,13332,13334,13339],{"text":13318,"type":585},"Much of the rise is attributable to gradually improving demand sentiment that has been driven by stronger-than-expected cathode demand to supply ",{"text":2200,"type":585,"marks":13320},[13321],{"type":590,"attrs":13322},{"href":13323,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/china-bess-installations-in-december-surpass-us-2025-total",{"text":13325,"type":585}," (BESS) customers and a succession of policy announcements in China. These have included a ",{"text":13327,"type":585,"marks":13328},"renewed trade-in scheme for EVs",[13329],{"type":590,"attrs":13330},{"href":13331,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/purchase-taxes-on-chinese-evs-to-increase-from-2026",{"text":13333,"type":585},", and the planned phase out of ",{"text":13335,"type":585,"marks":13336},"export tax rebates",[13337],{"type":590,"attrs":13338},{"href":3752,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":13340,"type":585}," for batteries, nickel-based CAM and pCAM.",{"type":636,"attrs":13342},{"id":13261,"body":13343},[13344],{"id":13345,"_uid":13346,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27348150","i-e2ab6077-6442-494d-84ab-c96cb288ccc2",{"type":580,"attrs":13348,"content":13349},{"textAlign":49},[13350],{"text":13351,"type":585},"The latest indications that the country’s hard rock supply could be constrained for longer have compounded bullish speculation on domestic lithium carbonate futures exchanges. In turn, erratic, rising futures contract quotations have emboldened sellers to offer lithium carbonate, hydroxide and spodumene concentrate at drastically higher prices than observed throughout 2025.",{"type":647,"attrs":13353,"content":13354},{"level":13022,"textAlign":49},[13355],{"text":13356,"type":585},"How have renewed supply risks affected Benchmark’s assumptions?",{"type":580,"attrs":13358,"content":13359},{"textAlign":49},[13360,13362,13367],{"text":13361,"type":585},"These developments follow Benchmark’s recent update to near-term lithium pricing assumptions, which reflected tighter market conditions ",{"text":13363,"type":585,"marks":13364},"driven by low inventories",[13365],{"type":590,"attrs":13366},{"href":13217,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":13368,"type":585},", policy-related timing effects in China, stronger downstream activity and uncertainty around near-term supply restarts in Jiangxi.",{"type":580,"attrs":13370,"content":13371},{"textAlign":49},[13372],{"text":13373,"type":585},"The Jianxiawo situation represents a further downside supply risk to be actively monitored, rather than a trigger for an immediate forecast revision.",{"type":580,"attrs":13375,"content":13376},{"textAlign":49},[13377,13379,13385],{"text":13378,"type":585},"Benchmark’s forecast team continues to monitor developments closely. While the official restart timeline remains post-Chinese New Year, sources increasingly point to the risk of a materially later resumption, in the second half of 2026. Regardless of the eventual outcome, recent developments underscore how central Jianxiawo, and ",{"text":13380,"type":585,"marks":13381},"Jiangxi more broadly",[13382],{"type":590,"attrs":13383},{"href":13384,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/rangebound-prices-ahead-as-jiangxi-permits-set-floor-and-ceiling",{"text":13386,"type":585},", remain to the lithium market’s short-term risk profile.",{"type":580,"attrs":13388,"content":13389},{"textAlign":49},[13390],{"text":13391,"type":585},"Even absent confirmed production losses, uncertainty around Jianxiawo is once again proving sufficient to move prices, reinforcing Jiangxi’s role as the market’s primary near-term swing factor.","Market expectations around the restart of CATL’s Jianxiawo lithium operation are increasingly diverging from Benchmark’s base-case assumption that production would resume shortly after the Lunar New Year which takes place in February this year. Claims circulating in the market this week indicate Jianxiawo requires remediation related to inadequate tailings pond impermeability and its proximity to ",[13394],{"slug":3796,"name":3797,"content":13395},{"job_title":3799,"image":13396,"bio":3802,"linkedin":3803,"markets_covered":8},{"filename":3801},"Restart of CATL’s Jianxiawo lithium mine may be delayed",[13399,13400],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":13402,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":13403,"copyright":645,"fieldtype":701,"meta_data":13404,"is_external_url":50},138142338753535,"https://a.storyblok.com/f/287943243085208/1588x1400/cc2c5e4b6b/socials-jiangxi-lithium-disruption-2x.png",{},{"id":13406,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":13407,"copyright":645,"fieldtype":701,"meta_data":13408,"is_external_url":50},137212324181153,"https://a.storyblok.com/f/287943243085208/1920x1080/e8e85379ea/collage_prices_6.avif",{},"Market expectations around the restart of CATL’s Jianxiawo lithium operation are increasingly diverging from Benchmark’s base-case assumption that production would resume shortly after the Lunar New Year which takes place in February this year. Claims cir","Jan 23, 2026",{"id":13412,"uuid":609,"name":13413,"slug":13414,"full_slug":13415,"content":13416},136724607253715,"Canada and China strike deal to allow Chinese made EVs into Canada","canada-and-china-strike-deal-to-allow-chinese-made-evs-into-canada","article/canada-and-china-strike-deal-to-allow-chinese-made-evs-into-canada",{"_uid":13417,"date":13418,"live":51,"tags":13419,"editor":13427,"content":13431,"excerpt":13514,"featured":51,"reporter":13515,"component":689,"seo_title":13519,"categories":13520,"visibility":2019,"author_company":645,"data_vis_image":13525,"featured_image":13529,"seo_description":13533,"author_full_name":645,"author_job_title":645,"formattedDate":13534},"e68cfa0e-8b12-4b0c-b293-f6c4f421ecc5","2026-01-21 00:00",[13420,13421,13422,13423,13424,13425,13426],{"slug":1294,"name":1295},{"slug":4093,"name":4094},{"slug":720,"name":721},{"slug":564,"name":565},{"slug":1717,"name":1718},{"slug":552,"name":553},{"slug":4449,"name":4450},[13428],{"slug":9249,"name":9250,"content":13429},{"job_title":9252,"image":13430,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":13432},[13433,13445,13456,13463,13470,13481,13487,13492,13497,13504,13509],{"type":580,"attrs":13434,"content":13435},{"textAlign":49},[13436,13438,13443],{"text":13437,"type":585},"Up to 49,000 Chinese made ",{"text":13439,"type":585,"marks":13440},"EVs",[13441],{"type":590,"attrs":13442},{"href":3851,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":13444,"type":585}," will be allowed into Canada at the most-favoured-nation tariff rate of 6.1%. In October 2024, Canada introduced a 100% tariff on EVs from China, following the US’s imposition of the same policy in May of the same year.",{"type":580,"attrs":13446,"content":13447},{"textAlign":49},[13448,13450,13454],{"text":13449,"type":585},"In 2025, the Canadian EV market declined 41% compared to 2024. Largely due to its ",{"text":9325,"type":585,"marks":13451},[13452],{"type":590,"attrs":13453},{"href":9331,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":13455,"type":585}," ending in mid-January 2025 and the deteriorating trade relationship between the US and Canada.",{"type":636,"attrs":13457},{"id":13458,"body":13459},"d8ae9ec0-8613-4f3d-bf5a-b3a6c675bc82",[13460],{"id":13461,"_uid":13462,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27309189","i-078bc768-e5e1-4dbf-bfe0-84b2e794eb82",{"type":580,"attrs":13464,"content":13465},{"textAlign":49},[13466],{"text":13467,"type":585,"marks":13468},"Who will benefit from this policy?",[13469],{"type":655},{"type":580,"attrs":13471,"content":13472},{"textAlign":49},[13473,13475,13480],{"text":13474,"type":585},"Historically, Canadian EV imports from China have been dominated by Tesla with Geely being the only other OEM to export EVs from China through Polestar and Volvo. In the immediate term, Tesla and Geely will gain the greatest benefit from the reduced tariff rate as both OEMs have already established networks in Canada. Something others will have to take the time to set up in a market that has largely been closed to ",{"text":13476,"type":585,"marks":13477},"Chinese EVs",[13478],{"type":590,"attrs":13479},{"href":13331,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":1538,"type":585},{"type":636,"attrs":13482},{"id":13458,"body":13483},[13484],{"id":13485,"_uid":13486,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27309355","i-c8da3a1e-195d-47c6-8d5b-711017b8e980",{"type":580,"attrs":13488,"content":13489},{"textAlign":49},[13490],{"text":13491,"type":585},"The policy also provides Tesla with a unique opportunity to import vehicles into Canada at a lower tariff rate than what is currently faced by their vehicles made in the US. Considering its sales collapse in the country in 2025, this is something tesla will likely look to take advantage of.",{"type":580,"attrs":13493,"content":13494},{"textAlign":49},[13495],{"text":13496,"type":585},"The reduced tariff rate also presents the opportunity for more affordable EV models to enter the Canadian EV market. The Canadian government anticipates that by 2030, half of its EV imports from China will be priced under CAD35,000 (USD25,300). To date, the Canadian EV market has closely followed the US, where EV development has focused on large SUVs and pickup trucks.",{"type":580,"attrs":13498,"content":13499},{"textAlign":49},[13500],{"text":13501,"type":585,"marks":13502},"Will BYD take over?",[13503],{"type":655},{"type":580,"attrs":13505,"content":13506},{"textAlign":49},[13507],{"text":13508,"type":585},"BYD aims for 50% of its sales to come from markets outside of China by 2030. In pursuit of this, it has expanded significantly into numerous emerging markets, gaining significant market share in a short period of time. It is also growing its market share in Europe, despite the region’s imposition of tariffs on Chinese made EVs.",{"type":580,"attrs":13510,"content":13511},{"textAlign":49},[13512],{"text":13513,"type":585},"The Canadian market certainly presents an opportunity for BYD with its product offering being unlike anything Canadian consumers have yet been exposed to. However, it will take time for BYD to establish the trade flows and networks to be able to distribute EVs within Canada. Many of the EV markets that BYD has come to dominate quickly have lacked competition, whereas the Canadian EV market has numerous American, European and Asian OEMs already operating. Even if BYD was able to claim all 49,000 units of the quota, that represents less than 3% of Canada’s total vehicle market.","Up to 49,000 Chinese made EVs will be allowed into Canada at the most-favoured-nation tariff rate of 6.1%. In October 2024, Canada introduced a 100% tariff on EVs from China, following the US’s imposition of the same policy in May of the same year. In 2025, the Canadian EV market declined 41% compared to 2024...",[13516],{"slug":1428,"name":1429,"content":13517},{"job_title":1431,"image":13518,"bio":1434,"linkedin":1435,"markets_covered":688},{"filename":1433},"Canada and China strike deal to allow Chinese made EVs into ...",[13521,13522,13523,13524],{"slug":956,"name":957},{"slug":1142,"name":1143},{"slug":692,"name":693},{"slug":695,"name":696},{"id":13526,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":13527,"copyright":645,"fieldtype":701,"meta_data":13528,"is_external_url":50},136726733991361,"https://a.storyblok.com/f/287943243085208/797x654/a662003933/screenshot-2026-01-21-100635.png",{},{"id":13530,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":13531,"copyright":645,"fieldtype":701,"meta_data":13532,"is_external_url":50},136725929385373,"https://a.storyblok.com/f/287943243085208/2560x1440/a8b7c16f93/adobestock_780784283.avif",{},"Up to 49,000 Chinese made EVs will be allowed into Canada at the most-favoured-nation tariff rate of 6.1%. In October 2024, Canada introduced a 100% tariff on EVs from China, following the US’s imposition of the same policy in May of the same year. In 202","Jan 21, 2026",{"id":13536,"uuid":13537,"name":13538,"slug":13539,"full_slug":13540,"content":13541},136728963606797,"7381307a-486b-41af-b923-1af8fdda11f2","Germany confirms its new EV subsidy scheme","germany-confirms-its-new-ev-subsidy-scheme","article/germany-confirms-its-new-ev-subsidy-scheme",{"_uid":13542,"date":13543,"live":51,"tags":13544,"editor":13553,"content":13557,"excerpt":13642,"featured":51,"reporter":13643,"component":689,"seo_title":645,"categories":13647,"visibility":2019,"author_company":645,"data_vis_image":13652,"featured_image":13656,"seo_description":645,"author_full_name":645,"author_job_title":645,"formattedDate":13660},"31984dcd-6d8f-4fdc-9194-3413b260ec7c","2026-01-20 00:00",[13545,13548,13549,13552],{"slug":13546,"name":13547},"policy","Policy",{"slug":1717,"name":1718},{"slug":13550,"name":13551},"germany","Germany",{"slug":564,"name":565},[13554],{"slug":9249,"name":9250,"content":13555},{"job_title":9252,"image":13556,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":13558},[13559,13579,13586,13591,13596,13603,13608,13613,13618,13625,13632,13637],{"type":580,"attrs":13560,"content":13561},{"textAlign":49},[13562,13564,13569,13571,13577],{"text":13563,"type":585},"The German government has confirmed its most recent ",{"text":13565,"type":585,"marks":13566},"electric vehicle (EV)",[13567],{"type":590,"attrs":13568},{"href":3851,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":13570,"type":585}," subsidies, setting out a new socially targeted programme that will support the purchase and leasing of EVs from the start of 2026. The programme aims to make EVs affordable for a broader range of households, stabilise the domestic market, and strengthen Germany’s position in the European automotive and battery ",{"text":13572,"type":585,"marks":13573},"value chain",[13574],{"type":590,"attrs":13575},{"href":13576,"uuid":49,"anchor":49,"target":594,"linktype":1570},"https://source.benchmarkminerals.com/article/opinion-de-risking-the-global-electric-vehicle-value-chain-build-out",{"text":13578,"type":585},". The Federal Environment Ministry has allocated a EUR3bn ($3.3bn) budget to run through 2029.",{"type":580,"attrs":13580,"content":13581},{"textAlign":49},[13582],{"text":13583,"type":585,"marks":13584},"Subsidy structure",[13585],{"type":655},{"type":580,"attrs":13587,"content":13588},{"textAlign":49},[13589],{"text":13590,"type":585},"The central feature of the programme is its income-based design. Subsidies are tiered by household earnings, with grants ranging from EUR1,500 ($1,650) to EUR6,000 ($6,600) per vehicle. The highest payments will go to lower- and middle-income households, with eligibility capped at EUR90,000 ($99,000) annual income. Grants vary based on taxable income level and the number of children under the age of 18. Those eligible to receive the highest grants are households with a taxable income of EUR45,000 or below with two or more children aged under 18, while households with no children and a taxable income of EUR80,000 or below receive the lowest subsidy amount.",{"type":580,"attrs":13592,"content":13593},{"textAlign":49},[13594],{"text":13595,"type":585},"The subsidies apply to both outright purchases and leases, a key feature given leasing’s popularity among German households.",{"type":580,"attrs":13597,"content":13598},{"textAlign":49},[13599],{"text":13600,"type":585,"marks":13601},"Vehicle categories covered",[13602],{"type":655},{"type":580,"attrs":13604,"content":13605},{"textAlign":49},[13606],{"text":13607,"type":585},"Battery electric vehicles (BEVs) will receive the highest support, with grants between EUR6,000 ($6,600) for lower-income and EUR3,000 ($3,300) for middle-income households.",{"type":580,"attrs":13609,"content":13610},{"textAlign":49},[13611],{"text":13612,"type":585},"For plug-in hybrid EVs (PHEVs) and range-extender EVs (REEVs), eligibility is limited to between 1 January 2026 and 30 June 2027. During this period, such vehicles must emit no more than 60gCO₂/km in type approval or achieve an electric-only range of at least 80km to qualify. Grants for these vehicles range from EUR4,500 ($4,950) to EUR1,500 ($1,650), depending on income level.",{"type":580,"attrs":13614,"content":13615},{"textAlign":49},[13616],{"text":13617,"type":585},"The current framework does not differentiate by vehicle origin, meaning Chinese-made models are eligible, although this could change as EU preferential regulations are under review.",{"type":580,"attrs":13619,"content":13620},{"textAlign":49},[13621],{"text":13622,"type":585,"marks":13623},"Market impact",[13624],{"type":655},{"type":636,"attrs":13626},{"id":13627,"body":13628},"a942a3d2-5a40-4469-a248-ddee94efee41",[13629],{"id":13630,"_uid":13631,"type":595,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"3561565","i-7c8a0fe7-7bae-4797-b536-d257e0df8a09",{"type":580,"attrs":13633,"content":13634},{"textAlign":49},[13635],{"text":13636,"type":585},"The German market has historically been highly responsive to subsidies. Across Europe, targeted support for lower- and middle-income buyers has proven effective: in Italy, similar incentives reached their funding cap in a matter of days, while in France, a larger scheme ended within six weeks of launch.",{"type":580,"attrs":13638,"content":13639},{"textAlign":49},[13640],{"text":13641,"type":585},"This scheme will provide a meaningful boost to Germany, likely funding a total of 200,000 vehicles through to 2029. Some recipients of the subsidy would likely have looked to purchase EVs without the subsidy, but targeted support for the lowest income groups, which typically have low uptake, makes this scheme more important for marginal buyers than blanket subsidies.","The German government has confirmed its most recent electric vehicle (EV) subsidies, setting out a new socially targeted programme that will support the purchase and leasing of EVs from the start of 2026. The programme aims to make EVs affordable for a broader range of households, stabilise the domestic market, and strengthen Germany’s position in ...",[13644],{"slug":2008,"name":2009,"content":13645},{"job_title":2011,"image":13646,"bio":2014,"linkedin":2015,"markets_covered":688},{"filename":2013},[13648,13649,13650,13651],{"slug":956,"name":957},{"slug":692,"name":693},{"slug":695,"name":696},{"slug":954,"name":750},{"id":13653,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":13654,"copyright":645,"fieldtype":701,"meta_data":13655,"is_external_url":50},136730621501124,"https://a.storyblok.com/f/287943243085208/1270x752/a457787ddd/screenshot-2026-01-20-120823.png",{},{"id":13657,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":13658,"copyright":645,"fieldtype":701,"meta_data":13659,"is_external_url":50},136730819710688,"https://a.storyblok.com/f/287943243085208/2560x1440/f1bb25e77e/adobestock_316671337.jpeg",{},"Jan 20, 2026",{"id":13662,"uuid":6207,"name":13663,"slug":13664,"full_slug":13665,"content":13666},136730978197360,"Sigma’s Brazil issues could tighten lithium supply dynamics","sigmas-brazil-issues-could-tighten-lithium-supply-dynamics","article/sigmas-brazil-issues-could-tighten-lithium-supply-dynamics",{"_uid":13667,"date":13668,"live":51,"tags":13669,"editor":13676,"content":13680,"excerpt":13827,"featured":51,"reporter":13828,"component":689,"seo_title":13663,"categories":13832,"visibility":2019,"author_company":645,"data_vis_image":13835,"featured_image":13839,"seo_description":13843,"author_full_name":645,"author_job_title":645,"formattedDate":13844},"17e4efa6-89d0-40ed-afd5-36bf5112caf8","2026-01-16 00:00",[13670,13673,13674,13675],{"slug":13671,"name":13672},"brazil","Brazil",{"slug":564,"name":565},{"slug":1458,"name":1459},{"slug":8538,"name":8539},[13677],{"slug":1466,"name":1467,"content":13678},{"job_title":1469,"image":13679,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":13681},[13682,13687,13692,13711,13718,13723,13734,13740,13767,13772,13777,13782,13787,13792,13797,13802,13815],{"type":580,"attrs":13683,"content":13684},{"textAlign":49},[13685],{"text":13686,"type":585},"Three waste piles from Sigma Lithium’s Grota do Cirilo lithium mine in Brazil have been shut down following a government inspection which found them to pose a risk to workers and the local community.",{"type":580,"attrs":13688,"content":13689},{"textAlign":49},[13690],{"text":13691,"type":585},"Although Sigma contests the ruling, this adds an extra layer of difficulty for the miner which had only just ramped production back up after an operational pause to upgrade the mine from late September 2025 through to October and much of November.",{"type":580,"attrs":13693,"content":13694},{"textAlign":49},[13695,13697,13703,13705,13710],{"text":13696,"type":585},"This pause in operation tightened global spodumene concentrate spot availability, at a time when reduced supply responsiveness to an ",{"text":13698,"type":585,"marks":13699},"improving demand picture",[13700],{"type":590,"attrs":13701},{"href":13702,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/ganfeng-chairmans-speech-adds-fuel-to-lithium-price-rally-in-china",{"text":13704,"type":585}," was already leading to ",{"text":13706,"type":585,"marks":13707},"increases in lithium prices",[13708],{"type":590,"attrs":13709},{"href":13217,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":636,"attrs":13712},{"id":13713,"body":13714},"57cad969-22cf-44cf-b91f-c7205d9c4f62",[13715],{"id":13716,"_uid":13717,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27244419","i-5de41f89-a346-4cbd-b995-d248852643c4",{"type":647,"attrs":13719,"content":13720},{"level":13022,"textAlign":49},[13721],{"text":13722,"type":585},"What role does Sigma Lithium play in Brazil’s lithium industry?",{"type":580,"attrs":13724,"content":13725},{"textAlign":49},[13726,13732],{"text":13727,"type":585,"marks":13728},"Sigma Lithium’s Grota do Cirilo",[13729],{"type":590,"attrs":13730},{"href":13731,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/sigma-lithium-on-building-out-lithium-production-in-brazil",{"text":13733,"type":585}," began operations in 2023, becoming Brazil’s largest lithium mine. In 2025, the mine accounted for around 60% of the country’s lithium output.",{"type":636,"attrs":13735},{"id":13713,"body":13736},[13737],{"id":13738,"_uid":13739,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27244096","i-f7dcc71b-cc3e-4722-a5f0-484783bc298a",{"type":580,"attrs":13741,"content":13742},{"textAlign":49},[13743,13745,13751,13753,13758,13760,13766],{"text":13744,"type":585},"In Q2 2025, it produced about 68kt of concentrate but sold only 40kt, accumulating around 28kt tonnes in ",{"text":13746,"type":585,"marks":13747},"inventory",[13748],{"type":590,"attrs":13749},{"href":13750,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lithium-chemical-prices-fall-as-inventory-builds",{"text":13752,"type":585}," whilst prices were falling. In Q3 2025, Sigma’s ~49kt of sales exceeded its estimated 44kt of production, confirming the company’s use of ",{"text":13746,"type":585,"marks":13754},[13755],{"type":590,"attrs":13756},{"href":13757,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/decoding-lithium-inventories-using-benchmarks-data-to-anticipate-price-moves",{"text":13759,"type":585}," as a buffer and allowing Sigma to time shipments against ",{"text":13761,"type":585,"marks":13762},"price volatility",[13763],{"type":590,"attrs":13764},{"href":13765,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/direct-spodumene-hedging-becomes-essential-amid-lithium-market-decoupling",{"text":1538,"type":585},{"type":580,"attrs":13768,"content":13769},{"textAlign":49},[13770],{"text":13771,"type":585},"In late September, Sigma paused production at the mine to terminate contractor mining arrangements and move to an owner-operator model, increase its mining fleet size, and incorporate the Greentech 3.0 dense media separation plant which is reported to have recovery rates above 70%. During this time, Sigma has focused on selling inventory.",{"type":580,"attrs":13773,"content":13774},{"textAlign":49},[13775],{"text":13776,"type":585},"The pause meant the full phase 1 nameplate capacity of 270ktpa (36ktpa LCE) was not fully available to the market in 2025. Sigma’s Phase 2 increase to 520ktpa (72ktpa LCE) has also been pushed to the end of 2026, further reducing available Brazilian tonnes.",{"type":580,"attrs":13778,"content":13779},{"textAlign":49},[13780],{"text":13781,"type":585},"So far in January 2026, Sigma has supplemented its sales of concentrate inventory with the sale of lower-grade lithium fines. It sold 100kt of lithium fines at around US$125 per tonne, generating roughly US$11 million, while disclosing a remaining fines stockpile of approximately 850kt tonnes on site. Such a strategy could signal liquidity concerns as Sigma is effectively destocking sub-economic material to bridge cash flow while it rebuilds run-rate mining volumes.",{"type":647,"attrs":13783,"content":13784},{"level":13022,"textAlign":49},[13785],{"text":13786,"type":585},"What other challenges is Sigma Lithium facing in Brazil?",{"type":580,"attrs":13788,"content":13789},{"textAlign":49},[13790],{"text":13791,"type":585},"If the Brazilian Labour Ministry’s shutdown of three waste piles becomes a long term restriction, this could have operational impacts on Sigma as dry-stacked waste facilities are integral to normal stripping and processing.",{"type":580,"attrs":13793,"content":13794},{"textAlign":49},[13795],{"text":13796,"type":585},"Additionally, the Federal Public Ministry is pursuing legal action against Sigma Lithium seeking suspension of licences across the Jequitinhonha Valley, which could potentially also affect other companies such as CBL and AMG, citing alleged breaches of ILO Convention 169 (Indigenous and Tribal Peoples Convention) and water-related impacts. This raises the prospect of court-ordered curtailments that sit outside corporate control.",{"type":647,"attrs":13798,"content":13799},{"level":13022,"textAlign":49},[13800],{"text":13801,"type":585},"What impact could this have on prices?",{"type":580,"attrs":13803,"content":13804},{"textAlign":49},[13805,13807,13813],{"text":13806,"type":585},"For the wider sector, especially ",{"text":13808,"type":585,"marks":13809},"Chinese converters",[13810],{"type":590,"attrs":13811},{"href":13812,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/spodumene-prices-pressure-processors",{"text":13814,"type":585},", issues at Grota do Cirilo translate into fewer reliable, high-grade Brazilian tonnes in 2026 than headline capacity projections would imply. This increases China’s reliance on existing Australian and emerging African sources and reduces short-term supply elasticity just as demand continues to rise. Between January and October 2025, Brazil accounted for ~5% of China’s spodumene concentrate imports.",{"type":580,"attrs":13816,"content":13817},{"textAlign":49},[13818,13820,13825],{"text":13819,"type":585},"As previously reported, reduced supply elasticity means that ",{"text":13821,"type":585,"marks":13822},"price becomes the primary balancing force",[13823],{"type":590,"attrs":13824},{"href":13217,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":13826,"type":585}," for the market.","Three waste piles from Sigma Lithium’s Grota do Cirilo lithium mine in Brazil have been shut down following a government inspection which found them to pose a risk to workers and the local community. Although Sigma contests the ruling, this adds an extra layer of difficulty for the miner which had only just ramped production ...",[13829],{"slug":8703,"name":8704,"content":13830},{"job_title":8706,"image":13831,"bio":8709,"linkedin":8710,"markets_covered":8},{"filename":8708},[13833,13834],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":13836,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":13837,"copyright":645,"fieldtype":701,"meta_data":13838,"is_external_url":50},136731724972053,"https://a.storyblok.com/f/287943243085208/1588x1478/b58afede39/social-sigma-brazil-2x.png",{},{"id":13840,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":13841,"copyright":645,"fieldtype":701,"meta_data":13842,"is_external_url":50},136731839868957,"https://a.storyblok.com/f/287943243085208/1200x675/deb611db7d/sigma-160223-24.jpg",{},"Three waste piles from Sigma Lithium’s Grota do Cirilo lithium mine in Brazil have been shut down following a government inspection which found them to pose a risk to workers and the local community. Although Sigma contests the ruling, this adds an extra ","Jan 16, 2026",{"id":13846,"uuid":1520,"name":13847,"slug":13848,"full_slug":13849,"content":13850},136732961738934,"Global lithium ion battery demand rose 29% in 2025","global-lithium-ion-battery-demand-rose-29-in-2025","article/global-lithium-ion-battery-demand-rose-29-in-2025",{"_uid":13851,"date":13852,"live":51,"tags":13853,"editor":13858,"content":13862,"excerpt":13997,"featured":51,"reporter":13998,"component":689,"seo_title":13847,"categories":14002,"visibility":2019,"author_company":645,"data_vis_image":14011,"featured_image":14015,"seo_description":14019,"author_full_name":645,"author_job_title":645,"formattedDate":14020},"d98b80c8-eb20-4c8d-ac1a-3ffcefbf2ad0","2026-01-15 00:00",[13854,13855],{"slug":564,"name":565},{"slug":13856,"name":13857},"global-demand","Global demand",[13859],{"slug":9249,"name":9250,"content":13860},{"job_title":9252,"image":13861,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":13863},[13864,13882,13890,13897,13914,13919,13924,13931,13936,13941,13946,13951,13958,13968,13978,13980,13987],{"type":580,"attrs":13865,"content":13866},{"textAlign":49},[13867,13869,13874,13876,13880],{"text":13868,"type":585},"Benchmark Mineral Intelligence, specialising in EV and battery supply chain research and insights, reports that global ",{"text":13870,"type":585,"marks":13871},"lithium ion battery",[13872],{"type":590,"attrs":13873},{"href":13199,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":13875,"type":585}," demand increased by 29% in 2025 to reach 1.59TWh. This growth was driven by rising demand across EVs, ",{"text":946,"type":585,"marks":13877},[13878],{"type":590,"attrs":13879},{"href":2226,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":13881,"type":585},", and other battery applications, with BESS in particular gaining share in the overall mix.",{"type":580,"attrs":13883,"content":13884},{"textAlign":49},[13885],{"type":1847,"attrs":13886},{"id":49,"alt":13887,"src":13888,"title":49,"source":49,"copyright":49,"meta_data":13889},"Global lithium ion battery demand growth","https://res.cloudinary.com/benchmarkminerals/images/w_1024,h_576,c_scale/f_auto,q_auto/v1768474362/www-production/image-4-1_135187416429/image-4-1_135187416429.png?_i=AA",{},{"type":647,"attrs":13891,"content":13892},{"level":13022,"textAlign":49},[13893],{"text":13894,"type":585,"marks":13895},"Battery demand by sector",[13896],{"type":655},{"type":580,"attrs":13898,"content":13899},{"textAlign":49},[13900,13902,13906,13908,13912],{"text":13901,"type":585},"The share of total battery demand accounted for by ",{"text":13439,"type":585,"marks":13903},[13904],{"type":590,"attrs":13905},{"href":3851,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":13907,"type":585}," continued to edge lower, even as absolute demand from the sector increased. EVs represented 75% of global ",{"text":11919,"type":585,"marks":13909},[13910],{"type":590,"attrs":13911},{"href":11391,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":13913,"type":585}," in 2025, down from 77% in 2024 and 79% in 2023.",{"type":580,"attrs":13915,"content":13916},{"textAlign":49},[13917],{"text":13918,"type":585},"Portables also saw their share eroded, slipping from 6% of total demand in 2024 to 5% in 2025. Although both EVs and Portables recorded year-on-year growth in GWh terms, the pace of expansion was slower than in the BESS segment.",{"type":580,"attrs":13920,"content":13921},{"textAlign":49},[13922],{"text":13923,"type":585},"BESS remained the fastest-growing major end-use segment. Battery demand from BESS increased by 51% in 2025, compared with 26% growth in demand from the EV sector, resulting in a continued rebalancing of demand towards stationary storage.",{"type":647,"attrs":13925,"content":13926},{"level":13022,"textAlign":49},[13927],{"text":13928,"type":585,"marks":13929},"Regional variation",[13930],{"type":655},{"type":580,"attrs":13932,"content":13933},{"textAlign":49},[13934],{"text":13935,"type":585},"Regional demand patterns diverged significantly in 2025.",{"type":580,"attrs":13937,"content":13938},{"textAlign":49},[13939],{"text":13940,"type":585},"In North America, BESS gained a much larger foothold in the demand mix, accounting for 26% of total battery demand, up from 16% in 2024. This came as EV demand growth slowed, in part reflecting the impact of changes to Inflation Reduction Act (IRA) tax credit eligibility in the US.",{"type":580,"attrs":13942,"content":13943},{"textAlign":49},[13944],{"text":13945,"type":585},"In Europe, EVs remained the dominant driver of battery demand. The EV share of total battery demand increased to 85% in 2025, from 77% in 2024, highlighting the region’s continued focus on light-duty electrification. BESS, by contrast, saw its share of total demand fall from 16% to 8% over the same period.",{"type":580,"attrs":13947,"content":13948},{"textAlign":49},[13949],{"text":13950,"type":585},"In China, EVs continued to account for the bulk of battery demand, with their share stable at 77% in both 2024 and 2025. However, BESS gained further ground, with its share of total battery demand rising from 16% in 2024 to 19% in 2025. Notably, in December 2025, BESS accounted for 45% of battery demand on account of a record month.",{"type":647,"attrs":13952,"content":13953},{"level":13022,"textAlign":49},[13954],{"text":13955,"type":585,"marks":13956},"Chemistry trends",[13957],{"type":655},{"type":580,"attrs":13959,"content":13960},{"textAlign":49},[13961,13966],{"text":451,"type":585,"marks":13962},[13963],{"type":590,"attrs":13964},{"href":13965,"uuid":49,"anchor":49,"target":594,"linktype":1570},"https://www.benchmarkminerals.com/cathode",{"text":13967,"type":585}," remained the fastest-growing battery chemistry in 2025, with demand increasing by 48% year-on-year. This was underpinned by rapid growth in the global BESS market and by continued expansion of China’s EV market, both domestically and through rising vehicle exports.",{"type":580,"attrs":13969,"content":13970},{"textAlign":49},[13971,13976],{"text":150,"type":585,"marks":13972},[13973],{"type":590,"attrs":13974},{"href":13975,"uuid":49,"anchor":49,"target":594,"linktype":1570},"https://www.benchmarkminerals.com/nickel",{"text":13977,"type":585},"-based chemistries also saw year-on-year demand growth in absolute terms. However, their overall share of global battery demand declined in 2025, as strong gains in LFP outpaced growth in nickel-containing cathode demand.",{"type":13979},"horizontal_rule",{"type":580,"attrs":13981,"content":13982},{"textAlign":49},[13983],{"text":13984,"type":585,"marks":13985},"To learn more about our battery demand data and forecasts, submit your details below and our team will be in touch:",[13986],{"type":655},{"type":636,"attrs":13988},{"id":13989,"body":13990},"3fcc77e1-f5b8-4037-b659-8c28fef18d62",[13991],{"id":1997,"_uid":13992,"component":1999,"wrap_in_box":50,"redirect_url":13993,"success_file":13994,"default_height":645,"success_message":645,"v2_hubspot_form":50,"success_sub_text":645,"hidden_field_values":13996},"i-a0071b22-7145-472d-80fc-8e036478b3d8",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":13995},{},[],"Benchmark Mineral Intelligence, specialising in EV and battery supply chain research and insights, reports that global lithium ion battery demand increased by 29% in 2025 to reach 1.59TWh. This growth was driven by rising demand across EVs, BESS, and other battery applications, with BESS in particular gaining share in the overall mix. Battery demand by sector The share of total battery ...",[13999],{"slug":1258,"name":1259,"content":14000},{"job_title":1261,"image":14001,"bio":1264,"linkedin":1265,"markets_covered":1266},{"filename":1263},[14003,14004,14005,14006,14007,14008,14009,14010],{"slug":2162,"name":261},{"slug":956,"name":957},{"slug":959,"name":960},{"slug":2623,"name":298},{"slug":1142,"name":1143},{"slug":950,"name":951},{"slug":692,"name":693},{"slug":3379,"name":3380},{"id":14012,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":14013,"copyright":645,"fieldtype":701,"meta_data":14014,"is_external_url":50},136734537285855,"https://a.storyblok.com/f/287943243085208/1024x576/f1d885ae7d/image-4_46706d895d.png",{},{"id":14016,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":14017,"copyright":645,"fieldtype":701,"meta_data":14018,"is_external_url":50},136733157654653,"https://a.storyblok.com/f/287943243085208/2560x1440/ec69255493/adobestock_854935416.jpeg",{},"Benchmark Mineral Intelligence, specialising in EV and battery supply chain research and insights, reports that global lithium ion battery demand increased by 29% in 2025 to reach 1.59TWh. This growth was driven by rising demand a","Jan 15, 2026",{"id":14022,"uuid":8370,"name":14023,"slug":14024,"full_slug":14025,"content":14026},133953797589100,"In charts: Copper’s shifting trade flows","in-charts-coppers-shifting-trade-flows","article/in-charts-coppers-shifting-trade-flows",{"_uid":14027,"date":14028,"tags":14029,"editor":14037,"content":14041,"excerpt":14319,"featured":51,"reporter":14320,"_editable":14321,"component":689,"seo_title":14023,"categories":14322,"visibility":2019,"author_company":645,"data_vis_image":14325,"featured_image":14328,"seo_description":14330,"author_full_name":645,"author_job_title":645,"formattedDate":14331},"26e8173a-9b83-4855-a3ff-8691779a974f","2026-01-14 12:00",[14030,14031,14032,14033,14034,14035,14036],{"slug":988,"name":989},{"slug":720,"name":721},{"slug":5909,"name":5910},{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":8333,"name":8334},{"slug":561,"name":562},[14038],{"slug":1466,"name":1467,"content":14039},{"job_title":1469,"image":14040,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":14042},[14043,14063,14074,14079,14108,14136,14144,14149,14154,14162,14167,14172,14185,14193,14204,14209,14217,14222,14235,14240,14248,14253,14266,14271,14276,14281,14289,14294,14301,14308],{"type":580,"attrs":14044,"content":14045},{"textAlign":49},[14046,14048,14054,14056,14062],{"text":14047,"type":585},"Over the last year, the global copper market has been largely shaped by ",{"text":14049,"type":585,"marks":14050},"US tariffs",[14051],{"type":590,"attrs":14052},{"href":14053,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/tariff-fears-drove-us-refined-copper-imports-to-record-high-in-july",{"text":14055,"type":585}," and the resulting ",{"text":14057,"type":585,"marks":14058},"arbitrage opportunities",[14059],{"type":590,"attrs":14060},{"href":14061,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lme-cme-arbitrage-continues-to-be-broad-on-forward-curve",{"text":1538,"type":585},{"type":580,"attrs":14064,"content":14065},{"textAlign":49},[14066,14068,14073],{"text":14067,"type":585},"Here, Benchmark Source charts the shifting of copper trade flows using trade data and expert insights from ",{"text":14069,"type":585,"marks":14070},"Benchmark’s Copper Service",[14071],{"type":590,"attrs":14072},{"href":8485,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":647,"attrs":14075,"content":14076},{"level":13022,"textAlign":49},[14077],{"text":14078,"type":585},"Tariff fears see US imports increase",{"type":580,"attrs":14080,"content":14081},{"textAlign":49},[14082,14084,14090,14092,14098,14100,14106],{"text":14083,"type":585},"US President Donald Trump’s ",{"text":14085,"type":585,"marks":14086},"Section 232 investigation",[14087],{"type":590,"attrs":14088},{"href":14089,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/president-trump-orders-probe-into-copper-imports",{"text":14091,"type":585}," on copper last year saw the ",{"text":14093,"type":585,"marks":14094},"announcement",[14095],{"type":590,"attrs":14096},{"href":14097,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/president-trump-set-to-impose-50-tariff-on-copper",{"text":14099,"type":585}," of a ",{"text":14101,"type":585,"marks":14102},"50% tariff on imports",[14103],{"type":590,"attrs":14104},{"href":14105,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/copper-market-grapples-with-implications-of-50-copper-tariff",{"text":14107,"type":585},". This sent the market into a frenzy, with CME-LME arbitrage shooting up and imports into the US increasing in anticipation.",{"type":580,"attrs":14109,"content":14110},{"textAlign":49},[14111,14113,14119,14121,14127,14129,14135],{"text":14112,"type":585},"Although it was later announced that the tariffs would ",{"text":14114,"type":585,"marks":14115},"not impact refined copper",[14116],{"type":590,"attrs":14117},{"href":14118,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/us-copper-prices-collapse-after-tariff-exclusion-for-cathode-imports",{"text":14120,"type":585},", the fear of potential US tariffs has ",{"text":14122,"type":585,"marks":14123},"dramatically shifted global trade flows of copper",[14124],{"type":590,"attrs":14125},{"href":14126,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/us-import-data-shows-changing-growing-copper-flows-into-the-us",{"text":14128,"type":585},". An update on the tariffs is due 30 June 2026, with many ",{"text":14130,"type":585,"marks":14131},"expecting refined copper to be included",[14132],{"type":590,"attrs":14133},{"href":14134,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/arbitrage-opens-on-copper-forward-curve-after-white-house-hints-at-phased-in-copper-cathode-tariff",{"text":1538,"type":585},{"type":636,"attrs":14137},{"id":14138,"body":14139},"a46a7f45-5dc6-4ee2-b64e-2b961f2b44ce",[14140],{"id":14141,"_uid":14142,"type":643,"_editable":14143,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27194073","i-f07bcf5d-ada0-4102-b2b1-a4b5eb8bf349","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-f07bcf5d-ada0-4102-b2b1-a4b5eb8bf349\", \"id\": \"\"}-->",{"type":580,"attrs":14145,"content":14146},{"textAlign":49},[14147],{"text":14148,"type":585},"The latest US trade data show 97kt of copper entering the country in October 2024 – the lowest since February, but still well above pre‑2025 norms. This lifts 2025 imports to 1.4Mt, even without November and December data, versus 921kt for all of 2024.",{"type":580,"attrs":14150,"content":14151},{"textAlign":49},[14152],{"text":14153,"type":585},"Sources have also told Benchmark that they expect to see imports into the US remaining elevated, with some suggesting they may rise again in the December data and onward. This is because traders and smelters have been able to position themselves in a way that has freed up more units to send to America. The data shows the majority of imports continue to come from Chile.",{"type":636,"attrs":14155},{"id":14156,"body":14157},"af3204bb-2c7b-4f6e-9ca9-b956cefd4ccf",[14158],{"id":14159,"_uid":14160,"type":643,"_editable":14161,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27194336","i-fcef6e87-fc83-4970-a320-bdf39d9cce37","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-fcef6e87-fc83-4970-a320-bdf39d9cce37\", \"id\": \"\"}-->",{"type":647,"attrs":14163,"content":14164},{"level":13022,"textAlign":49},[14165],{"text":14166,"type":585},"Arbitrage and increased smelting capacity see China increase exports",{"type":580,"attrs":14168,"content":14169},{"textAlign":49},[14170],{"text":14171,"type":585},"Chinese refined copper exports hit 143kt in November 2025, the second-highest level of monthly exports from the country on record.",{"type":580,"attrs":14173,"content":14174},{"textAlign":49},[14175,14177,14183],{"text":14176,"type":585},"Notably, the US has become a significant destination for copper exported from China. The vast majority of this, however, will have been previously delivered into China rather than produced in China. The enticement of ",{"text":14178,"type":585,"marks":14179},"large premiums",[14180],{"type":590,"attrs":14181},{"href":14182,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/premiums-across-the-across-the-globe-hit-unprecedented-levels",{"text":14184,"type":585}," and arbitrage pulled material out of China and to the US.",{"type":636,"attrs":14186},{"id":14187,"body":14188},"bece8365-d91f-46ac-921e-52c18e272f1e",[14189],{"id":14190,"_uid":14191,"type":643,"_editable":14192,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27194022","i-4e41dcb5-1f64-4d4c-8348-2ed91fd3005d","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-4e41dcb5-1f64-4d4c-8348-2ed91fd3005d\", \"id\": \"\"}-->",{"type":580,"attrs":14194,"content":14195},{"textAlign":49},[14196,14202],{"text":14197,"type":585,"marks":14198},"High prices",[14199],{"type":590,"attrs":14200},{"href":14201,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/copper-price-hits-record-13000-t-as-rally-continues",{"text":14203,"type":585}," have also drawn material out of China. Chinese sellers of copper are often very price sensitive and will sell to the global market when prices are high, and import when they are low. During periods of high prices in 2025, trade data implied increased deliveries into the LME, with South Korea and Taiwan receiving more copper in those periods.",{"type":580,"attrs":14205,"content":14206},{"textAlign":49},[14207],{"text":14208,"type":585},"China has also increased its smelting capacity ~11% in 2025 compared to 2024, increasing the availability of material for export.",{"type":636,"attrs":14210},{"id":14211,"body":14212},"7a627a5a-31e8-40f9-ba6a-e40a47088de1",[14213],{"id":14214,"_uid":14215,"type":643,"_editable":14216,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27194874","i-72705a6b-60e8-4db4-a991-6ac4ac2cc24f","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-72705a6b-60e8-4db4-a991-6ac4ac2cc24f\", \"id\": \"\"}-->",{"type":647,"attrs":14218,"content":14219},{"level":13022,"textAlign":49},[14220],{"text":14221,"type":585},"Chile increases exports to US at expense of other destinations",{"type":580,"attrs":14223,"content":14224},{"textAlign":49},[14225,14227,14233],{"text":14226,"type":585},"As more ",{"text":14228,"type":585,"marks":14229},"copper from Chile",[14230],{"type":590,"attrs":14231},{"href":14232,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/what-do-chiles-recent-election-results-mean-for-the-lithium-and-copper-industries",{"text":14234,"type":585}," heads to the US, less is available in other markets. Despite Chilean copper exports falling 13% year-on-year, its exports to the US increased 28%. By contrast, Europe and China saw notable reductions.",{"type":580,"attrs":14236,"content":14237},{"textAlign":49},[14238],{"text":14239,"type":585},"Chinese imports of Chilean copper decreased both as its smelting capacity increased, but also were likely impacted by high premiums and arbitrage dragging copper to the US.",{"type":636,"attrs":14241},{"id":14242,"body":14243},"30091579-d154-4859-bdde-3b8029c43b89",[14244],{"id":14245,"_uid":14246,"type":643,"_editable":14247,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27193112","i-db2f28d9-ae2c-47b5-b90a-93d62043ee1e","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-db2f28d9-ae2c-47b5-b90a-93d62043ee1e\", \"id\": \"\"}-->",{"type":647,"attrs":14249,"content":14250},{"level":13022,"textAlign":49},[14251],{"text":14252,"type":585},"Europe beginning to accept Chinese copper",{"type":580,"attrs":14254,"content":14255},{"textAlign":49},[14256,14258,14264],{"text":14257,"type":585},"With less Chilean material available, ",{"text":14259,"type":585,"marks":14260},"Europe is looking to other sources",[14261],{"type":590,"attrs":14262},{"href":14263,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/eu-turns-to-drc-copper-as-us-draws-record-chilean-imports",{"text":14265,"type":585}," with contacts reporting to Benchmark that Chinese material is increasingly available in Europe, and at competitive premiums compared to South American material, which is often CME deliverable.",{"type":580,"attrs":14267,"content":14268},{"textAlign":49},[14269],{"text":14270,"type":585},"In 2025, China exported 37kt of refined copper to Europe (up to November), with 23kt of this being exported in November. This compares to just 2kt in 2024.",{"type":580,"attrs":14272,"content":14273},{"textAlign":49},[14274],{"text":14275,"type":585},"Imports of copper from Singapore have also increased notably, hitting 30kt in 2025 (up to November) against 14kt the year before. Benchmark’s sources state that virtually all LME material in Singapore in 2025 was of Chinese origin.",{"type":580,"attrs":14277,"content":14278},{"textAlign":49},[14279],{"text":14280,"type":585},"The increase in shipments of Chinese copper shows that European market participants are increasingly willing to accept material that they had previously not taken.",{"type":636,"attrs":14282},{"id":14283,"body":14284},"e7909cec-461c-4286-87b4-9d5559f1170f",[14285],{"id":14286,"_uid":14287,"type":643,"_editable":14288,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27193212","i-542c0e6f-e1b0-4d2a-8608-7d094a761ba2","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-542c0e6f-e1b0-4d2a-8608-7d094a761ba2\", \"id\": \"\"}-->",{"type":647,"attrs":14290,"content":14291},{"level":13022,"textAlign":49},[14292],{"text":14293,"type":585},"Unlock granular market visibility with Benchmark’s Copper Service ",{"type":580,"attrs":14295,"content":14296},{"textAlign":49},[14297],{"text":14298,"type":585,"marks":14299},"This insight draws from Benchmark extensive Copper Service, featuring supply, demand, cost and price data. Bringing clarity to copper’s future at the heart of the energy transition, this subscription facilitates smarter investment decisions and successful strategy.",[14300],{"type":1992},{"type":580,"attrs":14302,"content":14303},{"textAlign":49},[14304],{"text":14305,"type":585,"marks":14306},"To learn more, submit your details below and our team will be in touch:",[14307],{"type":1992},{"type":636,"attrs":14309},{"id":14310,"body":14311},"fd60594f-72bf-4a13-94b4-f8489e64ede4",[14312],{"id":1997,"_uid":14313,"_editable":14314,"component":1999,"wrap_in_box":50,"hubspot_form":1997,"redirect_url":14315,"success_file":14316,"default_height":645,"success_message":645,"v2_hubspot_form":51,"success_sub_text":645,"hidden_field_values":14318},"i-dfa73a69-744a-4b5d-bff1-fe6829c7f731","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-dfa73a69-744a-4b5d-bff1-fe6829c7f731\", \"id\": \"\"}-->",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":14317},{},[],"Over the last year, the global copper market has been largely shaped by US tariffs and the resulting arbitrage opportunities. Here, Benchmark Source charts the shifting of copper trade flows using trade data and expert insights from Benchmark’s Copper Service. Tariff fears see US imports increase US President Donald Trump’s Section 232 investigation on copper […]",[],"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"26e8173a-9b83-4855-a3ff-8691779a974f\", \"id\": \"\"}-->",[14323,14324],{"slug":1140,"name":1136},{"slug":1142,"name":1143},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":14326,"copyright":645,"fieldtype":701,"meta_data":14327,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1768384943/www-production/Chile-copper-exports@2x/Chile-copper-exports@2x.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":10554,"copyright":645,"fieldtype":701,"meta_data":14329,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},"Over the last year, the global copper market has been largely shaped by US tariffs and the resulting arbitrage opportunities. ","Jan 14, 2026",{"id":14333,"uuid":7172,"name":14334,"slug":14335,"full_slug":14336,"content":14337},133953829226609,"What are the implications of China’s latest rare earth export restrictions on Japan?","what-are-the-implications-of-chinas-latest-rare-earth-export-restrictions-on-japan","article/what-are-the-implications-of-chinas-latest-rare-earth-export-restrictions-on-japan",{"_uid":14338,"date":14339,"tags":14340,"editor":14345,"content":14349,"excerpt":14444,"featured":51,"reporter":14445,"_editable":14449,"component":689,"seo_title":14450,"categories":14451,"visibility":2019,"author_company":49,"data_vis_image":14454,"featured_image":14457,"seo_description":14461,"author_full_name":49,"author_job_title":49,"formattedDate":14462},"1c929b19-bacc-450a-80ab-86b178c80828","2026-01-13 00:00",[14341,14342,14343,14344],{"slug":6892,"name":6893},{"slug":720,"name":721},{"slug":564,"name":565},{"slug":11355,"name":11356},[14346],{"slug":1466,"name":1467,"content":14347},{"job_title":1469,"image":14348,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":14350},[14351,14372,14377,14390,14398,14403,14408,14413,14418,14426,14439],{"type":580,"attrs":14352,"content":14353},{"textAlign":49},[14354,14356,14362,14364,14370],{"text":14355,"type":585},"On 6 January 2026, China announced ",{"text":14357,"type":585,"marks":14358},"tighter export controls",[14359],{"type":590,"attrs":14360},{"href":14361,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/rare-earth-prices-show-regional-bifurcation-following-export-restrictions-imposed-by-china",{"text":14363,"type":585}," on dual-use items to Japan, including seven medium and heavy ",{"text":14365,"type":585,"marks":14366},"rare earth elements",[14367],{"type":590,"attrs":14368},{"href":14369,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/infographic-the-last-30-years-of-rare-earths-mining",{"text":14371,"type":585}," and any products containing them, including rare earth permanent magnets (REPM).",{"type":580,"attrs":14373,"content":14374},{"textAlign":49},[14375],{"text":14376,"type":585},"Although the policy specifically targets Japanese military users, military end uses, and any end uses deemed to enhance Japan’s military capabilities, it will significantly increase regulatory scrutiny on rare earth oxides, metals, and permanent magnets destined for Japan. This added paperwork burden is likely to disrupt most Japanese companies using Chinese rare earths at least in the short term.",{"type":580,"attrs":14378,"content":14379},{"textAlign":49},[14380,14382,14388],{"text":14381,"type":585},"China accounted for 80% of Japan’s ",{"text":14383,"type":585,"marks":14384},"rare earth",[14385],{"type":590,"attrs":14386},{"href":14387,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/rare-earths-enter-new-era-of-price-volatility",{"text":14389,"type":585}," imports and a third of its REPM imports, highlighting the importance of Chinese material to Japanese supply chains.",{"type":636,"attrs":14391},{"id":14392,"body":14393},"b18897ec-e6e2-4215-8cea-9c7df56c9d55",[14394],{"id":14395,"_uid":14396,"type":643,"_editable":14397,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27177175","i-a564727c-19a2-44c3-87a5-62741af8375d","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-a564727c-19a2-44c3-87a5-62741af8375d\", \"id\": \"\"}-->",{"type":647,"attrs":14399,"content":14400},{"level":13022,"textAlign":49},[14401],{"text":14402,"type":585},"What impact could this have on Japanese companies?",{"type":580,"attrs":14404,"content":14405},{"textAlign":49},[14406],{"text":14407,"type":585},"While military end use has effectively been restricted since the earlier April 2025 export control framework, the January 2026 announcement represents a country-specific tightening. Under the same legal framework, Japanese companies now face stricter license reviews, higher compliance burdens, and greater approval uncertainty compared with other export destinations.",{"type":580,"attrs":14409,"content":14410},{"textAlign":49},[14411],{"text":14412,"type":585},"Japan, like much of the world, remains dependent on China for rare earth raw materials, with reliance even more pronounced for the heavy rare earths, of which over 99% are refined in China. This dependency is particularly acute for magnet producers such as Proterial, Shin-Etsu Chemical, and TDK, all of whom depend on Chinese supplies of NdPr, Dy, and Tb oxides, metals and NdFeB magnets.",{"type":580,"attrs":14414,"content":14415},{"textAlign":49},[14416],{"text":14417,"type":585},"Trade data highlights both dependency and volatility. China’s exports of rare earth oxides and compounds to Japan increased from 4,262 tonnes to 5,380 tonnes year-on-year, a growth of approximately 26%. In 2025, REPM exports dropped sharply between April and June, bottoming at 80 tonnes in May, before rebounding once restrictions eased.",{"type":636,"attrs":14419},{"id":14420,"body":14421},"a59c683a-5746-4bee-93e1-4655bb585bee",[14422],{"id":14423,"_uid":14424,"type":643,"_editable":14425,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27177352","i-c0062a37-bbab-454c-8109-df541e8b6b02","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-c0062a37-bbab-454c-8109-df541e8b6b02\", \"id\": \"\"}-->",{"type":580,"attrs":14427,"content":14428},{"textAlign":49},[14429,14431,14437],{"text":14430,"type":585},"The immediate implementation of the January controls raises risks of shipments being detained at ports, disrupting long-term supply contracts between Chinese exporters and Japanese firms. This poses direct risks to downstream OEMs. Proterial produces 2,500–3,000tpa of sintered NdFeB magnets for ",{"text":14432,"type":585,"marks":14433},"traction motors",[14434],{"type":590,"attrs":14435},{"href":14436,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/how-many-rare-earths-are-needed-to-produce-ev-motors?",{"text":14438,"type":585}," and supplies Toyota, Lexus, Honda, Nissan, and Mazda. Shin-Etsu operates around 3,400tpa of sintered magnet capacity across Japan and Vietnam, supplying Toyota, Subaru, and Suzuki. Any prolonged delays in raw material licensing could constrain magnet output, affecting EV and wind turbine production schedules.",{"type":580,"attrs":14440,"content":14441},{"textAlign":49},[14442],{"text":14443,"type":585},"Japan is investing in heavy rare earth reduction technologies and overseas capacity. Proterial has announced a new mass production line of Dy/Tb free magnets in 2025 and are ramping up through 2026. However, short term substitution of China’s rare earths remains limited. As a result, the January 2026 controls significantly elevate supply risk for Japan’s EV and renewable energy OEMs, reinforcing rare earths as a critical geopolitical vulnerability rather than a purely commercial input.","On 6 January 2026, China announced tighter export controls on dual-use items to Japan, including seven medium and heavy rare earth elements and any products containing them, including rare earth permanent magnets (REPM). Although the policy specifically targets Japanese military users, military end uses, and any end uses deemed to enhance Japan’s military capabilities, it […]",[14446],{"slug":3258,"name":3259,"content":14447},{"job_title":3261,"image":14448,"bio":3264,"linkedin":3265,"markets_covered":414},{"filename":3263},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1c929b19-bacc-450a-80ab-86b178c80828\", \"id\": \"\"}-->","What are the impacts of China’s REE export restrictions on Japan?",[14452,14453],{"slug":1142,"name":1143},{"slug":2900,"name":414},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":14455,"copyright":645,"fieldtype":701,"meta_data":14456,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1768302709/www-production/Japan-REE-imports@2x/Japan-REE-imports@2x.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":14458,"name":645,"focus":645,"title":14458,"source":645,"filename":14459,"copyright":645,"fieldtype":701,"meta_data":14460,"is_external_url":51},"The Map and Flag of China and Japan","https://res.cloudinary.com/benchmarkminerals/images/w_2560,h_1600,c_scale/f_auto,q_auto/v1768302646/www-production/shutterstock_2409785595-1/shutterstock_2409785595-1.jpg?_i=AA",{"alt":14458,"title":14458,"source":645,"copyright":645},"On 6 January 2026, China announced tighter export controls on dual-use items to Japan, including seven medium and heavy rare earth elements and any products containing them, including rare earth permanent magnets (REPM). […]","Jan 13, 2026",{"id":14464,"uuid":14465,"name":14466,"slug":14467,"full_slug":14468,"content":14469},133953837033587,"b30cf2f8-8f83-40e9-8d1f-5775ac7c0b60","China reduces import tariffs for recycled black mass","china-reduces-import-tariffs-for-recycled-black-mass","article/china-reduces-import-tariffs-for-recycled-black-mass",{"_uid":14470,"date":14471,"tags":14472,"editor":14476,"content":14480,"excerpt":14586,"featured":51,"reporter":14587,"_editable":14591,"component":689,"seo_title":14466,"categories":14592,"visibility":2019,"author_company":49,"data_vis_image":14597,"featured_image":14600,"seo_description":14603,"author_full_name":49,"author_job_title":49,"formattedDate":14604},"8acb4f1e-197a-4ba8-a8c8-af7996777a03","2026-01-09 00:00",[14473,14474,14475],{"slug":7745,"name":373},{"slug":720,"name":721},{"slug":564,"name":565},[14477],{"slug":1466,"name":1467,"content":14478},{"job_title":1469,"image":14479,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":14481},[14482,14487,14499,14511,14519,14524,14537,14542,14555,14560,14573,14578],{"type":580,"attrs":14483,"content":14484},{"textAlign":49},[14485],{"text":14486,"type":585},"China’s government lowered its import tariffs on black mass, amongst a broad suite of other goods, as part of its “2026 Tariff Adjustment Plan”. As of 1 January 2026, import tariffs on black mass have been cut to 3%, from 6.5%, representing a significant drop in the costs of importing the material into the country.",{"type":580,"attrs":14488,"content":14489},{"textAlign":49},[14490,14492,14498],{"text":14491,"type":585},"China had an excess black mass refining capacity of 1.5 million tonnes in 2025 and this is set to grow to 5.3 million tonnes by 2030. The tariff reduction could increase the availability of black mass to China’s refiners, though potentially at the expense of those in ",{"text":14493,"type":585,"marks":14494},"Europe and North America",[14495],{"type":590,"attrs":14496},{"href":14497,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/in-charts-comparing-the-european-and-north-american-black-mass-markets",{"text":1538,"type":585},{"type":580,"attrs":14500,"content":14501},{"textAlign":49},[14502,14504,14509],{"text":14503,"type":585},"“The revised import tariffs highlight China’s need to gain access to more black mass feedstock to fuel its world-leading recycling infrastructure,” said ",{"text":10139,"type":585,"marks":14505},[14506],{"type":590,"attrs":14507},{"href":14508,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/what-are-the-recent-global-trends-for-the-recycling-industry",{"text":14510,"type":585},", Benchmark’s battery recycling technology lead. “This will enable China to maintain its control over global critical mineral supply and enhance recycler profit margins.”",{"type":636,"attrs":14512},{"id":14513,"body":14514},"3c4102dd-e9ba-4549-8c9c-e6d965c9fab9",[14515],{"id":14516,"_uid":14517,"type":643,"_editable":14518,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27144399","i-933b1bc0-e0b8-4b39-9081-8b1f488fe82b","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-933b1bc0-e0b8-4b39-9081-8b1f488fe82b\", \"id\": \"\"}-->",{"type":647,"attrs":14520,"content":14521},{"level":13022,"textAlign":49},[14522],{"text":14523,"type":585},"Where does China get black mass from?",{"type":580,"attrs":14525,"content":14526},{"textAlign":49},[14527,14529,14535],{"text":14528,"type":585},"The move follows the Chinese government’s decision to ",{"text":14530,"type":585,"marks":14531},"legalise the importation of black mass in August 2025",[14532],{"type":590,"attrs":14533},{"href":14534,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/q3-2025-black-mass-price-review-china-lifts-black-mass-import-restrictions",{"text":14536,"type":585},". Although black mass is now legally entering the country as a result of this change, clearance at customs is scrupulous, typically lasting between 5-10 days. This is due to the strict content requirements, especially for water-soluble fluoride and heavy metals, which have meant that a large portion of batches have been rejected.",{"type":580,"attrs":14538,"content":14539},{"textAlign":49},[14540],{"text":14541,"type":585},"Due to the stringent requirements set out in Chinese legislation, some Chinese buyers are using subsidiaries and third parties to procure overseas material to avoid regulatory scrutiny. As of now, most players are carrying out limited overseas procurement as they ‘test the water’ with smaller volume transactions of high-quality production scrap feed black mass.",{"type":580,"attrs":14543,"content":14544},{"textAlign":49},[14545,14547,14553],{"text":14546,"type":585},"Most of China’s black mass imports originate from ASEAN (Association of Southeast Asian Nations) countries, which already benefit from zero-tariff treatment. As a result, the impact of this tariff amendment on those nations is likely to be negligible. Trade with Europe (for ",{"text":14548,"type":585,"marks":14549},"product status",[14550],{"type":590,"attrs":14551},{"href":14552,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/eu-classifies-black-mass-as-hazardous-waste-to-reduce-critical-mineral-leakage",{"text":14554,"type":585}," material) and North America will be more significantly affected.",{"type":580,"attrs":14556,"content":14557},{"textAlign":49},[14558],{"text":14559,"type":585},"In these affected regions, Benchmark expects that the changes will extend the purchasing power advantage of Chinese buyers over their competition, enabling them to seize more of the feedstock supply available globally and raise domestic utilisation rates.",{"type":580,"attrs":14561,"content":14562},{"textAlign":49},[14563,14565,14571],{"text":14564,"type":585},"Payables for ",{"text":14566,"type":585,"marks":14567},"NCM black mass from EOL feedstock",[14568],{"type":590,"attrs":14569},{"href":14570,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/what-is-black-mass-and-how-is-it-priced",{"text":14572,"type":585}," currently sit at 80–82% on an EXW North America basis and 73–83% on an EXW Europe basis, depending on whether material receives product or hazardous waste status.",{"type":580,"attrs":14574,"content":14575},{"textAlign":49},[14576],{"text":14577,"type":585},"“It is probable that the cut in import tariffs will facilitate more material entering China as domestic buyers outcompete those overseas, however, we foresee rising lithium chemical prices will have a more significant effect on payables in the near term,” said Frederick Bloomfield, a senior black mass pricing analyst at Benchmark.",{"type":636,"attrs":14579},{"id":14580,"body":14581},"b5d9c256-b041-4cf8-9d98-8b29c49cb66e",[14582],{"id":14583,"_uid":14584,"type":643,"_editable":14585,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27144276","i-c6672237-bf4e-4794-bd91-9b981b36f079","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-c6672237-bf4e-4794-bd91-9b981b36f079\", \"id\": \"\"}-->","China’s government lowered its import tariffs on black mass, amongst a broad suite of other goods, as part of its “2026 Tariff Adjustment Plan”. As of 1 January 2026, import tariffs on black mass have been cut to 3%, from 6.5%, representing a significant drop in the costs of importing the material into the country. […]",[14588],{"slug":6154,"name":6155,"content":14589},{"job_title":6157,"image":14590,"bio":6160,"linkedin":6161,"markets_covered":6162},{"filename":6159},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8acb4f1e-197a-4ba8-a8c8-af7996777a03\", \"id\": \"\"}-->",[14593,14594],{"slug":7742,"name":7743},{"slug":14595,"name":14596},"sustainability","Sustainability",{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":14598,"copyright":645,"fieldtype":701,"meta_data":14599,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1767977541/www-production/Copy-of-Recycling-regional-capacity-balance@2x/Copy-of-Recycling-regional-capacity-balance@2x.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":14601,"copyright":645,"fieldtype":701,"meta_data":14602,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4094602522/bm-adobestock-438850427.jpeg",{"alt":645,"title":645,"source":645,"copyright":645},"China’s government lowered its import tariffs on black mass, amongst a broad suite of other goods, as part of its “2026 Tariff Adjustment Plan”. As of 1 January 2026, import tariffs on black mass have been cut to 3%, from 6.5% […]","Jan 09, 2026",{"id":14606,"uuid":14607,"name":14608,"slug":14609,"full_slug":14610,"content":14611},133953845000312,"71a26e56-46b2-4461-a603-3aed2138ff4a","Rio Tinto and Glencore announce merger plans to create world’s largest copper miner ","rio-tinto-and-glencore-announce-merger-plans-to-create-worlds-largest-copper-miner","article/rio-tinto-and-glencore-announce-merger-plans-to-create-worlds-largest-copper-miner",{"_uid":14612,"date":14471,"live":50,"tags":14613,"editor":14622,"content":14626,"excerpt":14765,"featured":51,"reporter":14766,"_editable":14770,"component":689,"seo_title":14771,"categories":14772,"visibility":2019,"author_company":645,"data_vis_image":14775,"featured_image":14777,"seo_description":14780,"author_full_name":645,"author_job_title":645,"formattedDate":14604},"a5cc91f9-c6f1-4abe-9ca2-9c997c11edfd",[14614,14615,14618,14621],{"slug":564,"name":565},{"slug":14616,"name":14617},"glencore","Glencore",{"slug":14619,"name":14620},"ma","M&A",{"slug":8535,"name":8536},[14623],{"slug":1466,"name":1467,"content":14624},{"job_title":1469,"image":14625,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":14627},[14628,14641,14646,14654,14667,14672,14683,14688,14700,14708,14713,14718,14723,14728,14733,14738,14742,14748,14754],{"type":580,"attrs":14629,"content":14630},{"textAlign":49},[14631,14633,14639],{"text":14632,"type":585},"Rio Tinto and Glencore have announced discussions are taking place between the two companies to merge. The two companies are major copper miners and if the deal comes to fruition, the size of the merger would eclipse that of even ",{"text":14634,"type":585,"marks":14635},"Teck and Anglo American’s proposed merger",[14636],{"type":590,"attrs":14637},{"href":14638,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/anglo-american-and-teck-merger-set-to-become-fifth-biggest-copper-miner",{"text":14640,"type":585},". ",{"type":580,"attrs":14642,"content":14643},{"textAlign":49},[14644],{"text":14645,"type":585},"The statement on Rio Tinto’s website notes, “The parties’ current expectation is that any merger transaction would be effected through the acquisition of Glencore by Rio Tinto by way of a Court-sanctioned scheme of arrangement.” ",{"type":580,"attrs":14647,"content":14648},{"textAlign":49},[14649],{"type":1847,"attrs":14650},{"id":49,"alt":14651,"src":14652,"title":49,"source":49,"copyright":49,"meta_data":14653},"Chart showing that a merged Rio Tinto and Glencore would be the largest copper miner in 2026","https://res.cloudinary.com/benchmarkminerals/images/w_1024,h_614,c_scale/f_auto,q_auto/v1767968572/www-production/Glencore-Rio-Tinto/Glencore-Rio-Tinto.png?_i=AA",{},{"type":580,"attrs":14655,"content":14656},{"textAlign":49},[14657,14659,14665],{"text":14658,"type":585},"These talks come after ",{"text":14660,"type":585,"marks":14661},"previous merger discussions between the two miners",[14662],{"type":590,"attrs":14663},{"href":14664,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/rio-tinto-and-glencore-talks-reflect-the-industrys-appetite-for-growth",{"text":14666,"type":585}," collapsed in 2024.",{"type":647,"attrs":14668,"content":14669},{"level":13022,"textAlign":49},[14670],{"text":14671,"type":585},"How big would a merged Glencore-Rio Tinto be? ",{"type":580,"attrs":14673,"content":14674},{"textAlign":49},[14675,14677,14681],{"text":14676,"type":585},"The two companies have various other assets but would be a significant copper miner. ",{"text":14069,"type":585,"marks":14678},[14679],{"type":590,"attrs":14680},{"href":8485,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":14682,"type":585}," shows that their combined 2026 production would be over 1.6mt of production, higher than any other company globally ",{"type":580,"attrs":14684,"content":14685},{"textAlign":49},[14686],{"text":14687,"type":585},"Glencore’s Collahuasi mine in Chile and Rio Tinto’s Oyu Tolgoi in Mongolia are both set for significant increases in production in the coming years too, meaning the copper production of a merged Rio Tinto and Glencore would remain incredibly significant for years to come. ",{"type":580,"attrs":14689,"content":14690},{"textAlign":49},[14691,14693,14698],{"text":14692,"type":585},"Interest in copper has been rising in recent years, with demand for the metal from accelerating global electrification efforts outpacing project pipelines meaning prices may rise. ",{"text":14694,"type":585,"marks":14695},"Copper prices surpassed $13,000/t",[14696],{"type":590,"attrs":14697},{"href":14201,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":14699,"type":585}," for the first time in history on 5 January 2026. ",{"type":636,"attrs":14701},{"id":14702,"body":14703},"9c3d4b2d-a1be-4852-945f-1d25d7126ae1",[14704],{"id":14705,"_uid":14706,"type":643,"_editable":14707,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27141495","i-5a6c63ff-27f2-4cdf-b75c-3efa99cd8796","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-5a6c63ff-27f2-4cdf-b75c-3efa99cd8796\", \"id\": \"\"}-->",{"type":580,"attrs":14709,"content":14710},{"textAlign":49},[14711],{"text":14712,"type":585},"New greenfield projects can be challenging and financially arduous, hence the current spate of merger interest. ",{"type":580,"attrs":14714,"content":14715},{"textAlign":49},[14716],{"text":14717,"type":585},"The merger would be beneficial for both companies but wouldn’t necessarily alleviate supply concerns, as it would be consolidating production rather than creating new production. ",{"type":580,"attrs":14719,"content":14720},{"textAlign":49},[14721],{"text":14722,"type":585},"This news follows Glencore’s recent statements regarding their growing copper mining capacity. The company was already aiming for around 1.6mt of production by 2035, which would position Glencore to be one of the largest copper miners in the coming years even without the merger. ",{"type":580,"attrs":14724,"content":14725},{"textAlign":49},[14726],{"text":14727,"type":585},"Glencore forecast that a significant amount of that growth will come from projects in Argentina, with El Pachón and Agua Rica significantly contributing to the expected production growth. ",{"type":580,"attrs":14729,"content":14730},{"textAlign":49},[14731],{"text":14732,"type":585},"Glencore did, however, lower their guidance for 2026 to 840kt from 930kt, partly due to challenges at Collahuasi. Benchmark had already forecasted Glencore’s 2026 production lower than their guidance at 879kt of attributable production, however, this new guidance is lower than that forecast. ",{"type":580,"attrs":14734,"content":14735},{"textAlign":49},[14736],{"text":14737,"type":585},"If this merger goes ahead along with the Anglo American-Teck merger announced in September 2025, also with a large focus on copper, then two of the six largest copper miners would have been formed by recent mergers. ",{"type":647,"attrs":14739,"content":14740},{"level":13022,"textAlign":49},[14741],{"text":14293,"type":585},{"type":580,"attrs":14743,"content":14744},{"textAlign":49},[14745],{"text":14298,"type":585,"marks":14746},[14747],{"type":1992},{"type":580,"attrs":14749,"content":14750},{"textAlign":49},[14751],{"text":14305,"type":585,"marks":14752},[14753],{"type":1992},{"type":636,"attrs":14755},{"id":14756,"body":14757},"7411e5ce-0406-488f-9bb9-a23b19b9a13f",[14758],{"id":1997,"_uid":14759,"_editable":14760,"component":1999,"wrap_in_box":50,"hubspot_form":1997,"redirect_url":14761,"success_file":14762,"default_height":645,"success_message":645,"success_sub_text":645,"hidden_field_values":14764,"show_on_intelligence":51},"i-c1b4a672-4c42-409f-aa13-08db50b36e24","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-c1b4a672-4c42-409f-aa13-08db50b36e24\", \"id\": \"\"}-->",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":14763},{},[],"Rio Tinto and Glencore have announced discussions are taking place between the two companies to merge. The two companies are major copper miners and if the deal comes to fruition, the size of the merger would eclipse that of even Teck and Anglo American’s proposed merger. The statement on Rio Tinto’s website notes, “The parties’ current expectation is […]",[14767],{"slug":1128,"name":1129,"content":14768},{"job_title":1131,"image":14769,"bio":1134,"linkedin":1135,"markets_covered":1136},{"filename":1133},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a5cc91f9-c6f1-4abe-9ca2-9c997c11edfd\", \"id\": \"\"}-->","Rio Tinto and Glencore announce merger plans to create world’s...",[14773,14774],{"slug":1140,"name":1136},{"slug":1142,"name":1143},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":14776},{},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":14778,"copyright":645,"fieldtype":701,"meta_data":14779,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1767969170/www-production/Lomas-Bayas-Copper-mine/Lomas-Bayas-Copper-mine.jpg?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},"Rio Tinto and Glencore have announced discussions are taking place between the two companies to merge. The two companies are major copper miners and if the deal comes to fruition, the size of the merger would eclipse that of even ...",{"id":14782,"uuid":833,"name":14783,"slug":14784,"full_slug":14785,"content":14786},133953852786809,"China BESS installations in December surpass US 2025 total","china-bess-installations-in-december-surpass-us-2025-total","article/china-bess-installations-in-december-surpass-us-2025-total",{"_uid":14787,"date":14788,"tags":14789,"editor":14792,"content":14796,"excerpt":14897,"featured":51,"reporter":14898,"component":689,"seo_title":14783,"categories":14902,"visibility":2019,"author_company":49,"data_vis_image":14905,"featured_image":14908,"seo_description":14911,"author_full_name":49,"author_job_title":49,"formattedDate":14912},"775685cd-0521-41b7-b808-634ddfa9603c","2026-01-07 00:00",[14790,14791],{"slug":720,"name":721},{"slug":564,"name":565},[14793],{"slug":9249,"name":9250,"content":14794},{"job_title":9252,"image":14795,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":14797},[14798,14809,14814,14821,14826,14833,14838,14843,14848,14853,14858,14863,14876,14881,14887],{"type":580,"attrs":14799,"content":14800},{"textAlign":49},[14801,14803,14807],{"text":14802,"type":585},"In December 2025, more than 65 GWh of grid scale battery energy stationary storage (",{"text":946,"type":585,"marks":14804},[14805],{"type":590,"attrs":14806},{"href":2226,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":14808,"type":585},") entered operation in China. This exceeded the total installed in the US for the whole of 2025 by more than 15GWh. Considering the US is world’s second largest storage market this underlines the sheer scale of China’s market and dominance in BESS deployment.",{"type":580,"attrs":14810,"content":14811},{"textAlign":49},[14812],{"text":14813,"type":585},"Record December installations",{"type":636,"attrs":14815},{"id":14816,"body":14817},"2d19ad2c-45d2-423d-bca6-f47e756c0116",[14818],{"id":14819,"_uid":14820,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27107754","i-889dbc80-3064-41bd-8eb0-e28fd96982d6",{"type":580,"attrs":14822,"content":14823},{"textAlign":49},[14824],{"text":14825,"type":585},"December is often the biggest month for new capacity as developers race to meet installation commitments and capex deadlines, with most players operating on calendar-year capital budgets. China’s December figures accounted for ~41% of the country’s total annual installed capacity, up sharply from the ~25% share December had of the 2024 total figure. Additionally, the ~65GWh installed in December represented a ~135% year-on-year increase.",{"type":636,"attrs":14827},{"id":14828,"body":14829},"d59121f8-1f14-4f49-ac94-fed54d7b2f5c",[14830],{"id":14831,"_uid":14832,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27108288","i-9adc4046-8cfc-4ff1-b806-c3276b99c98c",{"type":580,"attrs":14834,"content":14835},{"textAlign":49},[14836],{"text":14837,"type":585},"Inner Mongolia accounted for ~65% of the December installations, with Xinjiang the next-largest region, at ~14%. This broadly aligns with installation patterns seen throughout the year.",{"type":580,"attrs":14839,"content":14840},{"textAlign":49},[14841],{"text":14842,"type":585},"The year of policy changes",{"type":580,"attrs":14844,"content":14845},{"textAlign":49},[14846],{"text":14847,"type":585},"December’s strong finish follows a year of intense price pressure, as continued oversupply and aggressive bidding strategies have prevailed in the China market. This culminated in November when the government moved to curb irrational competition and strengthen market fundamentals.",{"type":580,"attrs":14849,"content":14850},{"textAlign":49},[14851],{"text":14852,"type":585},"The year also saw other policy changes, including the banning of mandatory storage pairing, previously a key driver to the China market, and the introduction of renewable-driven electricity pricing.",{"type":580,"attrs":14854,"content":14855},{"textAlign":49},[14856],{"text":14857,"type":585},"Benchmark energy storage analyst, Calvin Xu, commented “Targets announced in September by China’s National Energy Administration and the National Development and Reform Commission, aiming to reach 180GW of installed energy storage capacity between 2025 and 2027, further indicate the direction for China’s BESS market in the coming years.”",{"type":580,"attrs":14859,"content":14860},{"textAlign":49},[14861],{"text":14862,"type":585},"Unlock granular market visibility with Benchmark’s BESS Service:",{"type":580,"attrs":14864,"content":14865},{"textAlign":49},[14866,14868,14874],{"text":14867,"type":585},"This insight draws from Benchmark’s BESS Service, consisting of detailed ",{"text":14869,"type":585,"marks":14870},"forecasts",[14871],{"type":590,"attrs":14872},{"href":14873,"uuid":49,"anchor":49,"target":594,"linktype":1570},"https://www.benchmarkminerals.com/intelligence",{"text":14875,"type":585}," to 2050, regional system pricing, capacity growth trends and more.",{"type":580,"attrs":14877,"content":14878},{"textAlign":49},[14879],{"text":14880,"type":585},"Bringing clarity to a rapidly accelerating market, this subscription facilitates smarter investment decisions, strategy, and successful commercial outcomes.",{"type":580,"attrs":14882,"content":14883},{"textAlign":49},[14884],{"text":14305,"type":585,"marks":14885},[14886],{"type":1992},{"type":636,"attrs":14888},{"id":14889,"body":14890},"0cfbad61-af5c-4ce0-9ae4-08e8cafe64f8",[14891],{"id":1997,"_uid":14892,"component":1999,"wrap_in_box":50,"hubspot_form":1997,"redirect_url":14893,"success_file":14894,"default_height":645,"success_message":645,"success_sub_text":645,"hidden_field_values":14896},"i-4ecb541a-2c1b-4766-ab42-4fe5d4c68ee2",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":14895},{},[],"In December 2025, more than 65 GWh of grid scale battery energy stationary storage (BESS) entered operation in China. This exceeded the total installed in the US for the whole of 2025 by more than 15GWh. Considering the US is world’s second largest storage market this underlines the sheer scale of China’s market and dominance […]",[14899],{"slug":1258,"name":1259,"content":14900},{"job_title":1261,"image":14901,"bio":1264,"linkedin":1265,"markets_covered":1266},{"filename":1263},[14903,14904],{"slug":956,"name":957},{"slug":950,"name":951},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":14906,"copyright":645,"fieldtype":701,"meta_data":14907,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1767802707/www-production/China-posts-record-BESS-installments-in-December-2025@2x-1/China-posts-record-BESS-installments-in-December-2025@2x-1.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":14909,"copyright":645,"fieldtype":701,"meta_data":14910,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/w_2560,h_1440,c_scale/f_auto,q_auto/v1767802638/www-production/AdobeStock_1703316058/AdobeStock_1703316058.jpeg?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},"In December 2025, more than 65 GWh of grid scale battery energy stationary storage (BESS) entered operation in China. This exceeded the total installed in the US for the whole of 2025 by more than 15GWh. […]","Jan 07, 2026",{"id":14914,"uuid":6241,"name":14915,"slug":14916,"full_slug":14917,"content":14918},133953868544123,"Why are lithium prices in China soaring this week?","why-are-lithium-prices-in-china-soaring-this-week","article/why-are-lithium-prices-in-china-soaring-this-week",{"_uid":14919,"date":14920,"tags":14921,"editor":14924,"content":14928,"excerpt":15108,"featured":51,"reporter":15109,"_editable":15113,"component":689,"seo_title":14915,"categories":15114,"visibility":2019,"author_company":49,"data_vis_image":15117,"featured_image":15121,"seo_description":15124,"author_full_name":49,"author_job_title":49,"formattedDate":15125},"68f0d5fe-8c6d-47c3-8e17-7069e0d4f9a3","2026-01-06 00:00",[14922,14923],{"slug":720,"name":721},{"slug":564,"name":565},[14925],{"slug":1466,"name":1467,"content":14926},{"job_title":1469,"image":14927,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":14929},[14930,14942,14966,14974,14979,14984,14989,14994,15002,15007,15019,15031,15036,15041,15046,15051,15056,15061,15066,15074,15086,15091,15096],{"type":580,"attrs":14931,"content":14932},{"textAlign":49},[14933,14935,14940],{"text":14934,"type":585},"Lithium prices in China have risen sharply this week, driven by the convergence of steadily ",{"text":14936,"type":585,"marks":14937},"tightening inventories",[14938],{"type":590,"attrs":14939},{"href":13276,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":14941,"type":585},", improving demand expectations, and improved macroeconomic sentiment.",{"type":580,"attrs":14943,"content":14944},{"textAlign":49},[14945,14947,14953,14958,14959,14964],{"text":14946,"type":585},"Battery-grade lithium carbonate and hydroxide inventories in China have been consistently drawn down since September 2025 and are now lower than at any time in 2025. With inventories depleted, the market has become increasingly sensitive to marginal changes in ",{"text":14948,"type":585,"marks":14949},"demand",[14950],{"type":590,"attrs":14951},{"href":14952,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/catl-revises-2026-production-guidance-up-30-to-1300gwh",{"text":14954,"type":585,"marks":14955},"expectations",[14956],{"type":590,"attrs":14957},{"href":13702,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":6709,"type":585},{"text":14960,"type":585,"marks":14961},"supply",[14962],{"type":590,"attrs":14963},{"href":13256,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":14965,"type":585}," fundamentals.",{"type":636,"attrs":14967},{"id":14968,"body":14969},"f7eb13dd-f87d-4022-8520-fd6bbf2305ee",[14970],{"id":14971,"_uid":14972,"type":643,"_editable":14973,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27091265","i-113a5fad-b0fe-4178-9eac-262f648ade8b","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-113a5fad-b0fe-4178-9eac-262f648ade8b\", \"id\": \"\"}-->",{"type":647,"attrs":14975,"content":14976},{"level":13022,"textAlign":49},[14977],{"text":14978,"type":585},"Demand expectations firm as policy support is confirmed",{"type":580,"attrs":14980,"content":14981},{"textAlign":49},[14982],{"text":14983,"type":585},"Expectations that China’s central government would provide direct support to consumer demand in 2026 were confirmed on 30 December, when authorities announced an initial RMB62.5 bn ($8.94 bn) consumer subsidy programme, including support for electric vehicles.",{"type":580,"attrs":14985,"content":14986},{"textAlign":49},[14987],{"text":14988,"type":585},"Under the policy, EV trade-in subsidies of up to 12% of a vehicle’s price will be offered, capped at RMB20,000 ($2,860) per vehicle. While the immediate impact on near-term lithium demand is limited, the policy has reinforced confidence across the battery materials supply chain.",{"type":580,"attrs":14990,"content":14991},{"textAlign":49},[14992],{"text":14993,"type":585},"This follows a broader improvement in macroeconomic sentiment in China, as seen by recent RMB strength compared to the US dollar. Together, currency strength and confirmed consumer stimulus have helped shift sentiment from cautious to constructive.",{"type":636,"attrs":14995},{"id":14996,"body":14997},"552a0981-dfe0-4d71-86d8-4b27bd8c4348",[14998],{"id":14999,"_uid":15000,"type":643,"_editable":15001,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27090462","i-a7bf35de-6f5f-4f5d-b388-68387f9b40fd","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-a7bf35de-6f5f-4f5d-b388-68387f9b40fd\", \"id\": \"\"}-->",{"type":647,"attrs":15003,"content":15004},{"level":13022,"textAlign":49},[15005],{"text":15006,"type":585},"Permit reforms reduce supply elasticity",{"type":580,"attrs":15008,"content":15009},{"textAlign":49},[15010,15012,15017],{"text":15011,"type":585},"The end of 2025 saw the ",{"text":15013,"type":585,"marks":15014},"cancellation of 27 expired mining licences in Jiangxi",[15015],{"type":590,"attrs":15016},{"href":13276,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":15018,"type":585}," and the introduction of the State Council’s Action Plan for Comprehensive Solid Waste Management. This impacted prices despite no loss of active lithium supply.",{"type":580,"attrs":15020,"content":15021},{"textAlign":49},[15022,15024,15029],{"text":15023,"type":585},"Such measures will not immediately reduce lithium production in China, but will instead reduce the flexibility of lithium supply to respond to improving demand. ",{"text":15025,"type":585,"marks":15026},"Price",[15027],{"type":590,"attrs":15028},{"href":13384,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":15030,"type":585},", rather than rapid supply adjustment, will drive market rebalancing in 2026.",{"type":647,"attrs":15032,"content":15033},{"level":13022,"textAlign":49},[15034],{"text":15035,"type":585},"EXW China prices move first",{"type":580,"attrs":15037,"content":15038},{"textAlign":49},[15039],{"text":15040,"type":585},"The recent rally has been most visible in ex-works China pricing, where domestic sentiment, inventory tightness, and near-term procurement dynamics are most quickly reflected.",{"type":580,"attrs":15042,"content":15043},{"textAlign":49},[15044],{"text":15045,"type":585},"Between mid-December and early January, Benchmark’s lithium carbonate EXW China assessments rose sharply, extending gains already underway before year-end. Hydroxide prices followed a similar trajectory, supported by improving expectations for both EV and energy storage system demand.",{"type":647,"attrs":15047,"content":15048},{"level":13022,"textAlign":49},[15049],{"text":15050,"type":585},"CIF Asia price movements lag EXW China",{"type":580,"attrs":15052,"content":15053},{"textAlign":49},[15054],{"text":15055,"type":585},"Benchmark’s long-term price forecasts are assessed on a CIF Asia basis, rather than EXW China, reflecting international trade flows, logistics, and downstream contract structures.",{"type":580,"attrs":15057,"content":15058},{"textAlign":49},[15059],{"text":15060,"type":585},"The gap between EXW China and CIF Asia pricing remains significant. Domestic Chinese price movements typically lead international markets, but the magnitude and timing of transmission differ materially.",{"type":580,"attrs":15062,"content":15063},{"textAlign":49},[15064],{"text":15065,"type":585},"“CIF Asia prices will gradually edge upwards to narrow the gap to China domestic, but CIF liquidity has been slow to rebound since buyers are reluctant to accept these much higher offers,” Adam Megginson, principal lithium price analyst at Benchmark, said. “Regional spot demand has been weak, with existing contracts covering most consumers’ demands, and the surge in domestic prices has pushed CIF Asia buyers to wait-and-see.”",{"type":636,"attrs":15067},{"id":15068,"body":15069},"2cd4853a-bbbe-4fdc-b757-5c8c0b5c2193",[15070],{"id":15071,"_uid":15072,"type":643,"_editable":15073,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27092402","i-a8fc8fb6-361d-4005-86a8-8acef6213434","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-a8fc8fb6-361d-4005-86a8-8acef6213434\", \"id\": \"\"}-->",{"type":580,"attrs":15075,"content":15076},{"textAlign":49},[15077,15078,15084],{"text":1005,"type":585},{"text":15079,"type":585,"marks":15080},"Benchmark Q4 2025 Lithium Forecast",[15081],{"type":590,"attrs":15082},{"href":15083,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/lithium/supply-chain-data",{"text":15085,"type":585}," upside demand scenario continues to support higher pricing, with forecasts of $15.00/kg CIF Asia spot in Q1 under upside conditions and a $18.80/kg CIF Asia annual average in 2026, reflecting improving EV penetration, energy storage growth, and constrained supply responsiveness.",{"type":647,"attrs":15087,"content":15088},{"level":13022,"textAlign":49},[15089],{"text":15090,"type":585},"A sentiment-led rally, underpinned by fundamentals",{"type":580,"attrs":15092,"content":15093},{"textAlign":49},[15094],{"text":15095,"type":585},"In summary, lithium prices in China are rising this week not because of a single triggering event, but because inventories are low, demand expectations have improved, and confidence in policy support has been reinforced.",{"type":580,"attrs":15097,"content":15098},{"textAlign":49},[15099,15101,15106],{"text":15100,"type":585},"With constrained supply elasticity and improving sentiment, ",{"text":15102,"type":585,"marks":15103},"price is again the key adjustment variable",[15104],{"type":590,"attrs":15105},{"href":13284,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":15107,"type":585}," in China, and international markets will likely follow.","Lithium prices in China have risen sharply this week, driven by the convergence of steadily tightening inventories, improving demand expectations, and improved macroeconomic sentiment. Battery-grade lithium carbonate and hydroxide inventories in China have been consistently drawn down since September 2025 and are now lower than at any time in 2025. With inventories depleted, the market […]",[15110],{"slug":3796,"name":3797,"content":15111},{"job_title":3799,"image":15112,"bio":3802,"linkedin":3803,"markets_covered":8},{"filename":3801},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"68f0d5fe-8c6d-47c3-8e17-7069e0d4f9a3\", \"id\": \"\"}-->",[15115,15116],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":15118,"name":645,"focus":645,"title":15118,"source":645,"filename":15119,"copyright":645,"fieldtype":701,"meta_data":15120,"is_external_url":51},"EXW lithium carbonate and lithium hydroxide prices in China compared to chemical inventory levels. Chart title: Tightening inventory levels increase price sensitivity to regulatory actions","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1767715582/www-production/Socials-Li-carbonate_hydroxide-EXW-China-Price-vs-Inventory@2x/Socials-Li-carbonate_hydroxide-EXW-China-Price-vs-Inventory@2x.png?_i=AA",{"alt":15118,"title":15118,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":15122,"copyright":645,"fieldtype":701,"meta_data":15123,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/e2fc7a6dc0/bm-collage-prices-6.png",{"alt":645,"title":645,"source":645,"copyright":645},"Lithium prices in China have risen sharply this week, driven by the convergence of steadily tightening inventories, improving demand expectations, and improved macroeconomic sentiment.  […]","Jan 06, 2026",{"id":15127,"uuid":15128,"name":15129,"slug":15130,"full_slug":15131,"content":15132},133953884420224,"aefaf74d-5567-4207-9bf5-3d4cd537682c","SQM’s Atacama lithium operation secured to 2060 with Codelco partnership approval","sqm-atacama-lithium-operation-secured-to-2060-with-codelco-partnership-approval","article/sqm-atacama-lithium-operation-secured-to-2060-with-codelco-partnership-approval",{"_uid":15133,"date":15134,"tags":15135,"editor":15148,"content":15152,"excerpt":15303,"featured":50,"reporter":15304,"_editable":15308,"component":689,"seo_title":15309,"categories":15310,"visibility":2019,"author_company":49,"data_vis_image":15313,"featured_image":15316,"seo_description":15319,"author_full_name":49,"author_job_title":49,"formattedDate":15320},"7dff9bc6-820c-4247-86e2-ce68544fb6ce","2026-01-02 00:00",[15136,15137,15140,15141,15144,15145],{"slug":988,"name":989},{"slug":15138,"name":15139},"codelco","Codelco",{"slug":564,"name":565},{"slug":15142,"name":15143},"novaandino-litio","NovaAndino Litio",{"slug":8538,"name":8539},{"slug":15146,"name":15147},"sqm","SQM",[15149],{"slug":1466,"name":1467,"content":15150},{"job_title":1469,"image":15151,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":15153},[15154,15167,15186,15191,15199,15204,15217,15222,15227,15240,15245,15250,15262,15298],{"type":580,"attrs":15155,"content":15156},{"textAlign":49},[15157,15159,15165],{"text":15158,"type":585},"Chilean regulators approved the deal between ",{"text":15160,"type":585,"marks":15161},"SQM and state-owned miner Codelco",[15162],{"type":590,"attrs":15163},{"href":15164,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/sqm-and-codelco-confirm-chilean-lithium-partnership",{"text":15166,"type":585}," to operate a lithium joint venture, named NovaAndino Litio, in the Atacama salt flats. This deal resolves a long-standing uncertainty surrounding what would happen when SQM’s existing mining license expired in 2030.",{"type":580,"attrs":15168,"content":15169},{"textAlign":49},[15170,15172,15177,15179,15185],{"text":15171,"type":585},"NovaAndino Litio will take over operations of SQM’s Salar de Atacama site – the world’s second-largest lithium operation, forecast to produce 12% of global mined lithium in 2026, according to ",{"text":15173,"type":585,"marks":15174},"Benchmark’s Lithium Service",[15175],{"type":590,"attrs":15176},{"href":13199,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":15178,"type":585},". The Atacama is also home to ",{"text":15180,"type":585,"marks":15181},"Albemarle’s Chilean operations",[15182],{"type":590,"attrs":15183},{"href":15184,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lithium-prices-react-to-news-of-chilean-shutdown-but-real-supply-impact-may-be-limited",{"text":1538,"type":585},{"type":580,"attrs":15187,"content":15188},{"textAlign":49},[15189],{"text":15190,"type":585},"The deal effectively secures production at the site through to 2060. The operation currently has a capacity of ~210,000 tonnes of lithium carbonate per year, with capacity due to ramp up to 300,000 tonnes per year by 2030.",{"type":636,"attrs":15192},{"id":15193,"body":15194},"fd0abe37-ac75-4b7c-b4d1-2907da5b3cb4",[15195],{"id":15196,"_uid":15197,"type":643,"_editable":15198,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"27042205","i-2f6a6668-e4bd-42bc-8f23-61ebf4cee325","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-2f6a6668-e4bd-42bc-8f23-61ebf4cee325\", \"id\": \"\"}-->",{"type":647,"attrs":15200,"content":15201},{"level":13022,"textAlign":49},[15202],{"text":15203,"type":585},"What does the partnership mean for Chile’s lithium industry?",{"type":580,"attrs":15205,"content":15206},{"textAlign":49},[15207,15209,15215],{"text":15208,"type":585},"President Gabriel Boric’s administration released a ",{"text":15210,"type":585,"marks":15211},"National Lithium Strategy in 2023",[15212],{"type":590,"attrs":15213},{"href":15214,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/what-does-chiles-national-lithium-strategy-mean-for-albemarle-and-sqm",{"text":15216,"type":585},". Central to this was the formation of public-private partnerships such as that between SQM and Codelco. Codelco will have a majority 50% +1 share stake in the joint venture, with SQM accounting for the rest. Crucially, this does not constitute expropriation; rather, it formalises a renewal mechanism that guarantees operational certainty under a new governance model.",{"type":580,"attrs":15218,"content":15219},{"textAlign":49},[15220],{"text":15221,"type":585},"SQM will retain operational control until 2031, at which point Codelco will take control.",{"type":580,"attrs":15223,"content":15224},{"textAlign":49},[15225],{"text":15226,"type":585},"The announcement follows a period of political and legal tension. The Chilean Supreme Court’s recent rejection of appeals from Tianqi Lithium (which holds a 22.1% stake in SQM) removed a key obstacle to the partnership, clearing the path for implementation and ending months of speculation over control and compliance. However, the Chilean regulator also launched an audit on the partnership around the same time as approving the deal.",{"type":580,"attrs":15228,"content":15229},{"textAlign":49},[15230,15232,15238],{"text":15231,"type":585},"Although the partnership was ",{"text":15233,"type":585,"marks":15234},"first announced in 2024",[15235],{"type":590,"attrs":15236},{"href":15237,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/sqm-forms-private-public-partnership-with-codelco-for-chilean-lithium-production",{"text":15239,"type":585},", its formalisation provides greater certainty for Chile’s lithium industry and supports long-term planning across the battery sector.",{"type":580,"attrs":15241,"content":15242},{"textAlign":49},[15243],{"text":15244,"type":585},"Chile’s lithium sector is losing share to growing supplies from China. In 2020, Chile was the second largest lithium producer, accounting for 29% of supply. By 2025, it had fallen to third position with 18%, whilst China accounted for 21%.",{"type":647,"attrs":15246,"content":15247},{"level":13022,"textAlign":49},[15248],{"text":15249,"type":585},"What does the partnership mean going forwards?",{"type":580,"attrs":15251,"content":15252},{"textAlign":49},[15253,15255,15260],{"text":15254,"type":585},"Although ",{"text":15256,"type":585,"marks":15257},"President-elect José Antonio Kast",[15258],{"type":590,"attrs":15259},{"href":14232,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":15261,"type":585}," has questioned the absence of a fresh tender process, the incoming administration could use the new framework to attract private investment and accelerate project approvals.",{"type":580,"attrs":15263,"content":15264},{"textAlign":49},[15265,15267,15273,15275,15281,15283,15289,15291,15297],{"text":15266,"type":585},"Chile is expected to open tenders (CEOLs) to ",{"text":15268,"type":585,"marks":15269},"new salars",[15270],{"type":590,"attrs":15271},{"href":15272,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chile-accelerates-state-led-lithium-strategy-with-new-salt-flat-projects",{"text":15274,"type":585}," to rival ",{"text":15276,"type":585,"marks":15277},"Argentina’s",[15278],{"type":590,"attrs":15279},{"href":15280,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/view-from-the-ground-in-argentina-a-defining-moment-for-dle",{"text":15282,"type":585}," RIGI (",{"text":15284,"type":585,"marks":15285},"Incentive Regime for Large Investments",[15286],{"type":590,"attrs":15287},{"href":15288,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/argentinas-copper-developments-accelerate-under-new-incentive-regime",{"text":15290,"type":585},"), which has recently channelled significant capital to ",{"text":15292,"type":585,"marks":15293},"developers such as Rio Tinto",[15294],{"type":590,"attrs":15295},{"href":15296,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/rio-tinto-to-explore-eli-dle-technology-for-south-american-lithium-assets",{"text":1538,"type":585},{"type":580,"attrs":15299,"content":15300},{"textAlign":49},[15301],{"text":15302,"type":585},"A potential challenge going forward for the partnership will be the integration of different styles of business: SQM’s private-sector agility may conflict with Codelco’s state structure, raising the risk of bureaucratic friction.","Chilean regulators approved the deal between SQM and state-owned miner Codelco to operate a lithium joint venture, named NovaAndino Litio, in the Atacama salt flats. This deal resolves a long-standing uncertainty surrounding what would happen when SQM’s existing mining license expired in 2030. NovaAndino Litio will take over operations of SQM’s Salar de Atacama site […]",[15305],{"slug":8703,"name":8704,"content":15306},{"job_title":8706,"image":15307,"bio":8709,"linkedin":8710,"markets_covered":8},{"filename":8708},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7dff9bc6-820c-4247-86e2-ce68544fb6ce\", \"id\": \"\"}-->","SQM’s Atacama lithium operation secured with Codelco partnership",[15311,15312],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":15314,"copyright":645,"fieldtype":701,"meta_data":15315,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1767362112/www-production/Socials-Top-10-lithium-2026-Q4-2025-forecast@2x/Socials-Top-10-lithium-2026-Q4-2025-forecast@2x.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":15317,"copyright":645,"fieldtype":701,"meta_data":15318,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/ba6e13286c/bm-photo-salar-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Chilean regulators approved the deal between SQM and state-owned miner Codelco to operate a lithium joint venture, named NovaAndino Litio, in the Atacama salt flats.","Jan 02, 2026",{"id":15322,"uuid":15323,"name":15324,"slug":15325,"full_slug":15326,"content":15327},133953908467844,"aa18345f-1698-4ef5-b27c-06a67a847504","Visualising Critical Mineral Refining by 2030","visualising-critical-mineral-refining-by-2030","article/visualising-critical-mineral-refining-by-2030",{"_uid":15328,"date":15329,"tags":15330,"editor":15334,"content":15338,"excerpt":15441,"featured":51,"reporter":15442,"component":689,"seo_title":15324,"categories":15446,"visibility":2019,"author_company":49,"data_vis_image":15457,"featured_image":15460,"seo_description":15441,"author_full_name":49,"author_job_title":49,"formattedDate":15463},"0b341867-dd7d-44f0-9246-30c2b20cd11c","2025-12-22 00:00",[15331,15332,15333],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":2480,"name":2481},[15335],{"slug":9249,"name":9250,"content":15336},{"job_title":9252,"image":15337,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":15339},[15340,15345,15352,15357,15388,15400,15405,15416,15421,15428,15438],{"type":580,"attrs":15341,"content":15342},{"textAlign":49},[15343],{"text":15344,"type":585},"China will remain the dominant refiner of critical minerals by 2030, even amid current global efforts to counter its dominance through supply diversification and onshoring of processing capabilities, especially from the United States (US) and the European Union (EU).",{"type":580,"attrs":15346,"content":15347},{"textAlign":49},[15348],{"type":1847,"attrs":15349},{"id":49,"alt":645,"src":15350,"title":49,"source":49,"copyright":49,"meta_data":15351},"https://res.cloudinary.com/benchmarkminerals/images/w_842,h_1024,c_scale/f_auto,q_auto/v1766418873/www-production/VCE_Chinas-Critical-Mineral-Refinery_Voronoi_12092025-2_1351418ed31a/VCE_Chinas-Critical-Mineral-Refinery_Voronoi_12092025-2_1351418ed31a.jpg?_i=AA",{},{"type":580,"attrs":15353,"content":15354},{"textAlign":49},[15355],{"text":15356,"type":585},"China remains the dominant refined mineral supplier, both in terms of country of origin and overseas Chinese corporate-owned supply",{"type":580,"attrs":15358,"content":15359},{"textAlign":49},[15360,15362,15367,15369,15373,15375,15380,15382,15386],{"text":15361,"type":585},"Critical mineral ",{"text":15363,"type":585,"marks":15364},"supply chains",[15365],{"type":590,"attrs":15366},{"href":11903,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":15368,"type":585}," are highly concentrated within China, especially at the refining and processing stage. Apart from ",{"text":2553,"type":585,"marks":15370},[15371],{"type":590,"attrs":15372},{"href":13975,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":15374,"type":585}," and copper, China will account for the majority of the refined critical mineral supply by 2030, by country of origin. China’s dominance in rare earths and ",{"text":15376,"type":585,"marks":15377},"synthetic graphite",[15378],{"type":590,"attrs":15379},{"href":13064,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":15381,"type":585}," is particularly profound, as it is expected to take an 80%+ market share in both markets. Although China has a strong refined ",{"text":1140,"type":585,"marks":15383},[15384],{"type":590,"attrs":15385},{"href":8485,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":15387,"type":585}," industry, refined copper production is forecast to be the most diversified globally, with 55% of global refined production coming from the rest of the world by 2030.",{"type":580,"attrs":15389,"content":15390},{"textAlign":49},[15391,15393,15398],{"text":15392,"type":585},"Even though Indonesia will remain the world’s dominant nickel refiner, accounting for 71% of global refined nickel production, around 80% of Indonesian refined nickel production is currently owned by Chinese companies, an illustration of China’s overseas strategic stronghold over critical mineral supply. Similarly, Chinese companies have invested heavily in upstream ",{"text":2544,"type":585,"marks":15394},[15395],{"type":590,"attrs":15396},{"href":15397,"uuid":49,"anchor":49,"target":594,"linktype":1570},"https://www.benchmarkminerals.com/cobalt",{"text":15399,"type":585}," assets in the Democratic Republic of the Congo (DRC) to pursue vertical supply chain integration.",{"type":580,"attrs":15401,"content":15402},{"textAlign":49},[15403],{"text":15404,"type":585},"What about the US, the EU and other G7+ countries?",{"type":580,"attrs":15406,"content":15407},{"textAlign":49},[15408,15410,15414],{"text":15409,"type":585},"Despite the Trump Administration’s strategic focus on onshoring critical mineral refining and processing, the US will only gain relatively small market shares in the natural and synthetic graphite and ",{"text":14383,"type":585,"marks":15411},[15412],{"type":590,"attrs":15413},{"href":7973,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":15415,"type":585}," markets. Next to the US, Canada, and Finland, an EU member state, will account for 6% of the refined cobalt production market share each.",{"type":580,"attrs":15417,"content":15418},{"textAlign":49},[15419],{"text":15420,"type":585},"More information",{"type":580,"attrs":15422,"content":15423},{"textAlign":49},[15424],{"text":15425,"type":585,"marks":15426},"To learn more about Benchmark’s data and services across the whole supply chain from mine to grid, fill out the form below, and one of the team members will be in touch.",[15427],{"type":1992},{"type":636,"attrs":15429},{"id":15430,"body":15431},"9b9c47ff-ce2d-4482-9779-13cbfb806f89",[15432],{"id":1997,"_uid":15433,"component":1999,"wrap_in_box":50,"hubspot_form":1997,"redirect_url":15434,"success_file":15435,"default_height":645,"success_message":645,"success_sub_text":645,"hidden_field_values":15437},"i-9bb796eb-07bd-47c3-8a1b-11f4a34ad2b3",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":15436},{},[],{"type":580,"attrs":15439,"content":15440},{"textAlign":49},[],"China will remain the dominant refiner of critical minerals by 2030, even amid current global efforts to counter its dominance through supply diversification and onshoring of processing capabilities, especially from the United States (US) and the European Union (EU). China remains the dominant refined mineral supplier, both in terms of country of origin and overseas […]",[15443],{"slug":9249,"name":9250,"content":15444},{"job_title":9252,"image":15445,"bio":9255,"linkedin":9256},{"filename":9254},[15447,15448,15449,15450,15451,15452,15453,15454,15455,15456],{"slug":956,"name":957},{"slug":2544,"name":115},{"slug":1140,"name":1136},{"slug":1142,"name":1143},{"slug":1695,"name":1696},{"slug":695,"name":696},{"slug":2627,"name":2628},{"slug":1693,"name":8},{"slug":4962,"name":4963},{"slug":2553,"name":150},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":15458,"copyright":645,"fieldtype":701,"meta_data":15459,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1766418873/www-production/VCE_Chinas-Critical-Mineral-Refinery_Voronoi_12092025-2_1351418ed31a/VCE_Chinas-Critical-Mineral-Refinery_Voronoi_12092025-2_1351418ed31a.jpg?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":15461,"copyright":645,"fieldtype":701,"meta_data":15462,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/w_2560,h_1766,c_scale/f_auto,q_auto/v1766419159/www-production/AdobeStock_1340556299/AdobeStock_1340556299.jpeg?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},"Dec 22, 2025",{"id":15465,"uuid":10515,"name":15466,"slug":15467,"full_slug":15468,"content":15469},133953932286088,"What do Chile’s recent election results mean for the lithium and copper industries?","what-do-chiles-recent-election-results-mean-for-the-lithium-and-copper-industries","article/what-do-chiles-recent-election-results-mean-for-the-lithium-and-copper-industries",{"_uid":15470,"date":15471,"tags":15472,"editor":15476,"content":15480,"excerpt":15546,"featured":51,"reporter":15547,"component":689,"seo_title":15551,"categories":15552,"visibility":2019,"author_company":645,"data_vis_image":15557,"featured_image":15560,"seo_description":15563,"author_full_name":645,"author_job_title":645,"formattedDate":15564},"b0058f1e-69ce-4243-92a4-9f02803038bb","2025-12-15 00:00",[15473,15474,15475],{"slug":988,"name":989},{"slug":564,"name":565},{"slug":13546,"name":13547},[15477],{"slug":1466,"name":1467,"content":15478},{"job_title":1469,"image":15479,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":15481},[15482,15498,15503,15516,15523,15528,15532,15537,15541],{"type":580,"attrs":15483,"content":15484},{"textAlign":49},[15485,15487,15491,15492,15496],{"text":15486,"type":585},"Conservative hardliner José Antonio Kast has been elected president of Chile, winning 58% of the vote. This marks a decisive shift in the country’s political landscape, as a leftist coalition under Gabriel Boric formed the previous government. This shift will have knock-on impacts on the ",{"text":1693,"type":585,"marks":15488},[15489],{"type":590,"attrs":15490},{"href":13199,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":6709,"type":585},{"text":1140,"type":585,"marks":15493},[15494],{"type":590,"attrs":15495},{"href":8485,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":15497,"type":585}," industries, given the country’s importance to international supply and the materials’ role in the country’s economy.",{"type":647,"attrs":15499,"content":15500},{"level":13022,"textAlign":49},[15501],{"text":15502,"type":585},"Chile’s role in global supply",{"type":580,"attrs":15504,"content":15505},{"textAlign":49},[15506,15508,15514],{"text":15507,"type":585},"Chile is a key global supplier of both lithium and copper. According to Benchmark’s Lithium Service, it accounts for 18% of mined ",{"text":15509,"type":585,"marks":15510},"lithium supply",[15511],{"type":590,"attrs":15512},{"href":15513,"uuid":49,"anchor":49,"target":594,"linktype":1570},"https://source.benchmarkminerals.com/article/sustainability-now-a-critical-metric-for-lithium-supply-agreements",{"text":15515,"type":585},", making it the third-largest producer after Australia and China. It also accounts for 15% of refined lithium supply, giving it the second-largest refining capacity behind only China. For copper, Benchmark’s Copper Service shows Chile provides 23% of global mined supply, the largest share worldwide. Its share of refined copper is 6% in a segment largely dominated by China.",{"type":636,"attrs":15517},{"id":15518,"body":15519},"aa0121a5-187a-4aa2-920a-0bb04078c041",[15520],{"id":15521,"_uid":15522,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"26819975","i-b014d9d1-c8de-4bbf-a049-ab5ae4756b8b",{"type":647,"attrs":15524,"content":15525},{"level":13022,"textAlign":49},[15526],{"text":15527,"type":585},"How is Kast expected to change the country’s dynamics?",{"type":647,"attrs":15529,"content":15530},{"level":13022,"textAlign":49},[15531],{"text":8,"type":585},{"type":580,"attrs":15533,"content":15534},{"textAlign":49},[15535],{"text":15536,"type":585},"Kast’s presidency is likely to mark a recalibration rather than a rupture in Chile’s lithium policy, potentially reducing the degree of state involvement in the lithium industry that resulted from Boric’s state-centred National Lithium Strategy. While existing contracts with SQM and Albemarle are expected to be respected, his clear opposition to Boric’s National Lithium Strategy suggests a shift away from the presumption of state control. The rejection of a national lithium company and scepticism towards the SQM–Codelco deal point to a more market-oriented framework, with greater private participation through expertise and capital . This implies the strategy could go “back to the drawing board”, particularly on the role of the state, and the large number of CEOLs (Special Lithium Operating Contracts) yet to be awarded could be used to reopen the sector more decisively to private investment.",{"type":647,"attrs":15538,"content":15539},{"level":13022,"textAlign":49},[15540],{"text":1136,"type":585},{"type":580,"attrs":15542,"content":15543},{"textAlign":49},[15544],{"text":15545,"type":585},"In copper, Kast’s impact is likely to be evolutionary rather than disruptive. He is expected to prioritise investor confidence and a more business-friendly tone internationally, while leaving the state ownership of Codelco intact. That said, political influence over Codelco’s leadership remains significant, and a change in administration could well lead to a replacement of Máximo Pacheco with a figure closer to the new government. The focus could be on improving efficiency, and investment discipline , rather than altering the fundamental role of Codelco or Chile’s long-standing copper model.","Conservative hardliner José Antonio Kast has been elected president of Chile, winning 58% of the vote. This marks a decisive shift in the country’s political landscape, as a leftist coalition under Gabriel Boric formed the previous government. This shift will have knock-on impacts on the lithium and copper industries, given the country’s importance to international […]",[15548],{"slug":1466,"name":1467,"content":15549},{"job_title":1469,"image":15550,"bio":1472,"linkedin":1473},{"filename":1471},"What do Chile’s recent election results mean for the lithium ...",[15553,15554,15555,15556],{"slug":1140,"name":1136},{"slug":1142,"name":1143},{"slug":695,"name":696},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":15558,"copyright":645,"fieldtype":701,"meta_data":15559,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1765809522/www-production/Screenshot-2025-12-15-115634/Screenshot-2025-12-15-115634.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":15561,"copyright":645,"fieldtype":701,"meta_data":15562,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/w_2560,h_1707,c_scale/f_auto,q_auto/v1765809452/www-production/AdobeStock_212060754/AdobeStock_212060754.jpeg?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},"Conservative hardliner José Antonio Kast has been elected president of Chile, winning 58% of the vote. This marks a decisive shift in the country’s political landscape, as a leftist coalition under Gabriel Boric formed the previous...","Dec 15, 2025",{"id":15566,"uuid":8240,"name":15567,"slug":15568,"full_slug":15569,"content":15570},133953956464779,"Purchase taxes on Chinese EVs to increase from 2026","purchase-taxes-on-chinese-evs-to-increase-from-2026","article/purchase-taxes-on-chinese-evs-to-increase-from-2026",{"_uid":15571,"date":15572,"tags":15573,"editor":15577,"content":15581,"excerpt":15654,"featured":50,"reporter":15655,"_editable":15659,"component":689,"seo_title":15567,"categories":15660,"visibility":2019,"author_company":645,"data_vis_image":15662,"featured_image":15665,"seo_description":15668,"author_full_name":645,"author_job_title":645,"formattedDate":15669},"00547017-d55a-47e7-8e39-85fd2b60a3f8","2025-12-11 00:00",[15574,15575,15576],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":13546,"name":13547},[15578],{"slug":9249,"name":9250,"content":15579},{"job_title":9252,"image":15580,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":15582},[15583,15596,15601,15606,15611,15616,15621,15626,15634,15639,15644,15649],{"type":580,"attrs":15584,"content":15585},{"textAlign":49},[15586,15588,15594],{"text":15587,"type":585},"From 2026, new energy vehicles (NEVs) in China will face a 5% purchase tax rate, bringing an end to the decade-long era of full exemptions that have supported China’s EV growth. The revised policy sets the rate at half the standard 10% levied on internal combustion engine (ICE) vehicles but will represent a meaningful cost increase to some buyers who have grown used to paying no purchase tax. From 2026, ",{"text":15589,"type":585,"marks":15590},"technical requirements for plug-in hybrid electric vehicles (PHEVs) will be tightened",[15591],{"type":590,"attrs":15592},{"href":15593,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinas-miit-introduces-tougher-rules-for-evs-from-2026",{"text":15595,"type":585},", signalling Beijing’s intention to steer the market towards more efficient models.",{"type":647,"attrs":15597,"content":15598},{"level":649,"textAlign":49},[15599],{"text":15600,"type":585},"Overview of the tax change",{"type":580,"attrs":15602,"content":15603},{"textAlign":49},[15604],{"text":15605,"type":585},"For EVs priced at RMB300,000 ($42,465) or below (before value added tax), a 5% purchase tax will apply. For vehicles priced above RMB300,000, the purchase tax is first calculated at 10%, from which a maximum of RMB15,000 ($2,123) is subtracted.",{"type":580,"attrs":15607,"content":15608},{"textAlign":49},[15609],{"text":15610,"type":585},"Although this policy change has been known for some time, there is uncertainty over how consumers will react, as price has played an important role in supporting demand in China.",{"type":580,"attrs":15612,"content":15613},{"textAlign":49},[15614],{"text":15615,"type":585},"Several OEMs, including Xiaomi, NIO, and Li Auto, among others, have announced that if customers lock in orders before November or December 2025, they will cover the tax difference, even if delivery or invoicing occurs in 2026.",{"type":647,"attrs":15617,"content":15618},{"level":649,"textAlign":49},[15619],{"text":15620,"type":585},"What are the reasons for this tax change?",{"type":580,"attrs":15622,"content":15623},{"textAlign":49},[15624],{"text":15625,"type":585},"A change of this nature was inevitable, considering EV penetration between January and October 2025 reached 48%. Assuming a 5% purchase tax rate had been in place in 2025, the top five EVs sold in the first 10 months of 2025 would have raised over $1.4 billion in tax revenue. For all vehicles, this would have resulted in well over $10 billion in additional tax receipts. Using Benchmark’s 2026 China forecast, this could increase to over $11.7 billion.",{"type":636,"attrs":15627},{"id":15628,"body":15629},"8f7a59e2-3f4b-4d2e-a161-783b589eccac",[15630],{"id":15631,"_uid":15632,"type":643,"_editable":15633,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"26761265","i-1632cea1-cf18-493d-89f0-b012573d0f57","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-1632cea1-cf18-493d-89f0-b012573d0f57\", \"id\": \"\"}-->",{"type":647,"attrs":15635,"content":15636},{"level":649,"textAlign":49},[15637],{"text":15638,"type":585},"Implications for the future",{"type":580,"attrs":15640,"content":15641},{"textAlign":49},[15642],{"text":15643,"type":585},"An increase in purchase taxes may push consumers to bring forward buying decisions, resulting in a sharp rise in December sales. However, growth rates in October and November have been lacklustre in the EV market as the year-on-year comparison shows supressed growth rates due to a very strong end to 2024 setting a high bar.",{"type":580,"attrs":15645,"content":15646},{"textAlign":49},[15647],{"text":15648,"type":585},"The resulting impact may push automakers back into aggressive pricing strategies to retain market share. However, the government has sought to limit this through anti-involution measures. OEMs in China have also been positioning themselves for further global expansion with the rise of exports continuing to outstrip domestic growth. Developing policies elsewhere, in particular Europe, will move the goalposts again in coming months in relation to local content requirements, setting the scene for a testing 2026 for Chinese manufacturers.",{"type":580,"attrs":15650,"content":15651},{"textAlign":49},[15652],{"text":15653,"type":585},"Longer term, reaching a sustainable taxing regime for a transitioning transportation market is crucial for any market and how consumers initially react can be uncertain. China has shown its flexibility in the past in relation the EV market that it is willing to adapt incentive policies to maintain a smooth transition.","From 2026, new energy vehicles (NEVs) in China will face a 5% purchase tax rate, bringing an end to the decade-long era of full exemptions that have supported China’s EV growth. The revised policy sets the rate at half the standard 10% levied on internal combustion engine (ICE) vehicles but will represent a meaningful cost […]",[15656],{"slug":9249,"name":9250,"content":15657},{"job_title":9252,"image":15658,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"00547017-d55a-47e7-8e39-85fd2b60a3f8\", \"id\": \"\"}-->",[15661],{"slug":692,"name":693},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":15663,"copyright":645,"fieldtype":701,"meta_data":15664,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1765463716/www-production/Screenshot-2025-12-11-130408/Screenshot-2025-12-11-130408.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":15666,"copyright":645,"fieldtype":701,"meta_data":15667,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/w_2560,h_1707,c_scale/f_auto,q_auto/v1765463780/www-production/AdobeStock_279595729/AdobeStock_279595729.jpeg?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},"From 2026, new energy vehicles (NEVs) in China will face a 5% purchase tax rate, bringing an end to the decade-long era of full exemptions that have supported China’s EV growth. The revised policy sets the rate at half the standard 10% levied on ...","Dec 11, 2025",{"id":15671,"uuid":15672,"name":15673,"slug":15674,"full_slug":15675,"content":15676},133953964394636,"52c95fd9-9912-42b7-8b74-f25540e7181b","How ambitious is the UK’s critical mineral strategy?","how-ambitious-is-the-uks-critical-mineral-strategy","article/how-ambitious-is-the-uks-critical-mineral-strategy",{"_uid":15677,"date":15678,"tags":15679,"editor":645,"content":15685,"excerpt":15841,"featured":51,"reporter":15842,"_editable":15846,"component":689,"seo_title":15673,"categories":15847,"visibility":2019,"author_company":645,"data_vis_image":15857,"featured_image":15860,"seo_description":15863,"author_full_name":645,"author_job_title":645,"formattedDate":15864},"4d61b3d2-fe0f-4342-9883-a42685016e3d","2025-12-10 00:00",[15680,15681,15684],{"slug":564,"name":565},{"slug":15682,"name":15683},"uk","UK",{"slug":13546,"name":13547},{"type":577,"content":15686},[15687,15692,15697,15702,15710,15715,15720,15733,15741,15756,15769,15774,15790,15795,15800,15805,15818,15823,15830],{"type":580,"attrs":15688,"content":15689},{"textAlign":49},[15690],{"text":15691,"type":585},"In November, the UK government released its much anticipated critical mineral strategy: Vision 2035. In it, the government defines a list of minerals which it has determined are critical and/or important for growth.",{"type":580,"attrs":15693,"content":15694},{"textAlign":49},[15695],{"text":15696,"type":585},"Within the strategy, the Department for Business and Trade sets out a target that by 2035, 10% of the aggregate annual demand for critical minerals in the UK should be met by domestic production, 20% by recycling and that no more than 60% of critical mineral demand be met by a single country. The strategy specifically sets a higher target for lithium, aiming to produce 50,000 tonnes LCE domestically by 2035.",{"type":580,"attrs":15698,"content":15699},{"textAlign":49},[15700],{"text":15701,"type":585},"To support these goals, the UK wants to increase international collaboration, provide more funding, improve access to finance and further develop the Critical Minerals Intelligence Centre.",{"type":636,"attrs":15703},{"id":15704,"body":15705},"3376cc21-1f4d-4a0a-8194-3ce948b5bcfd",[15706],{"id":15707,"_uid":15708,"type":643,"_editable":15709,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"26587752","i-c4c2ca73-48db-42ab-b4c4-7db74b6119f1","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-c4c2ca73-48db-42ab-b4c4-7db74b6119f1\", \"id\": \"\"}-->",{"type":647,"attrs":15711,"content":15712},{"level":13022,"textAlign":49},[15713],{"text":15714,"type":585},"Can the UK meet these targets?",{"type":580,"attrs":15716,"content":15717},{"textAlign":49},[15718],{"text":15719,"type":585},"On an aggregate level, the UK government states the country is on track to meet 6% of its critical mineral demand from domestic production and 18% from recycling by 2035. Whilst more investment is needed to boost these numbers, the strategy doesn’t look unachievable on this basis.",{"type":580,"attrs":15721,"content":15722},{"textAlign":49},[15723,15725,15731],{"text":15724,"type":585},"Using data from Benchmark’s forecasts, Source analysed how the UK’s production of select battery and energy minerals compares to the demand from the ",{"text":15726,"type":585,"marks":15727},"battery",[15728],{"type":590,"attrs":15729},{"href":15730,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/the-uk-government-returns-to-incentivising-ev-sales",{"text":15732,"type":585}," and magnet sector. Although the targets are aggregate, this analysis shows that significantly more development and investment are needed in the battery upstream to meet growing demand from electric vehicles and energy storage.",{"type":636,"attrs":15734},{"id":15735,"body":15736},"46e74971-11aa-453e-9f66-f7037a5d3180",[15737],{"id":15738,"_uid":15739,"type":643,"_editable":15740,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"26724513","i-065ee560-7855-4441-9a19-eec82b116067","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-065ee560-7855-4441-9a19-eec82b116067\", \"id\": \"\"}-->",{"type":580,"attrs":15742,"content":15743},{"textAlign":49},[15744,15746,15748,15754],{"text":15745,"type":585},"For most minerals in the battery and magnets space, the UK has no production and very few projects beyond the early stage mark. Nickel and lithium are the notable exceptions. ",{"text":15747,"type":585},"For nickel, there is ",{"text":15749,"type":585,"marks":15750},"Vale’s",[15751],{"type":590,"attrs":15752},{"href":15753,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/fireside-chat-with-vale-base-metals-director-of-circularity",{"text":15755,"type":585}," Clydach Nickel Refinery in Wales, and there is a range of lithium projects in Cornwall and the North East.",{"type":580,"attrs":15757,"content":15758},{"textAlign":49},[15759,15761,15767],{"text":15760,"type":585},"In the case of lithium, the data clearly show that whilst the forecast production of lithium falls short of the 50,000 tonne target, if investment can be found to bring ",{"text":15762,"type":585,"marks":15763},"planned projects to fruition",[15764],{"type":590,"attrs":15765},{"href":15766,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/dle-to-play-key-role-in-uk-lithium-market",{"text":15768,"type":585}," it is possible to meet and surpass the target for lithium chemical production.",{"type":580,"attrs":15770,"content":15771},{"textAlign":49},[15772],{"text":15773,"type":585},"On the recycling side, the existing pipeline of recycling projects in the UK is insufficient to meet the 20% target. However, analysis by the Benchmark Recycling Service suggests that the 2035 scrap pool contains sufficient material to meet the targets for nickel, cobalt, and manganese.",{"type":580,"attrs":15775,"content":15776},{"textAlign":49},[15777,15781,15787],{"text":15778,"type":585,"marks":15779},"Benchmark Source subscribers can read more analysis on this and other important policies in the latest ",[15780],{"type":1992},{"text":12327,"type":585,"marks":15782},[15783,15784],{"type":1992},{"type":590,"attrs":15785},{"href":15786,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/publications/briefings/geo-economic-and-policy-briefings/geo-economic-and-policy-briefing-november-2025",{"text":1538,"type":585,"marks":15788},[15789],{"type":1992},{"type":647,"attrs":15791,"content":15792},{"level":13022,"textAlign":49},[15793],{"text":15794,"type":585},"What plans are there to bolster the supply of critical minerals?",{"type":580,"attrs":15796,"content":15797},{"textAlign":49},[15798],{"text":15799,"type":585},"Meeting the domestic production targets will require significant investment from both public and private sectors, though the targets are not legally binding (but politically significant).",{"type":580,"attrs":15801,"content":15802},{"textAlign":49},[15803],{"text":15804,"type":585},"Government funding remains key to derisk domestic and overseas critical mineral projects, with a view to attracting the necessary private capital and, in turn, unlocking future supply. Notably, a new government commitment to allocate up to GBP50 million (US$67 million), channelled through the Department for Business and Trade, has been announced to support early-stage domestic critical minerals projects and to be deployed alongside other existing public funding mechanisms, such as the National Wealth Fund (NWF) and the UK Export Finance (UKEF).",{"type":580,"attrs":15806,"content":15807},{"textAlign":49},[15808,15810,15816],{"text":15809,"type":585},"While the UK can deploy equity support domestically through the NWF, providing equity finance internationally would help to derisk overseas projects and unlock international supply to UK-based downstream players. This requires a widening of the NWF’s mandate, in line with UKEF’s mandate, which has already been expanded, enabling it to support overseas critical minerals projects through guarantees, loans, and insurance. Finally, unlike the US, Canada, and the EU, the UK reportedly has no plans to introduce ",{"text":15811,"type":585,"marks":15812},"price support mechanisms",[15813],{"type":590,"attrs":15814},{"href":15815,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/g7-and-eu-weigh-price-floors-to-counter-chinas-rare-earth-dominance",{"text":15817,"type":585},", such as price floors.",{"type":580,"attrs":15819,"content":15820},{"textAlign":49},[15821],{"text":15822,"type":585},"Although the need for supply diversification through international partnerships is strongly acknowledged, as the UK will remain highly reliant on critical mineral imports, the strategy remains rather vague on a detailed international partnership framework and policy instruments. In this light, active multilateral participation in the G7, the Mineral Security Partnership (MSP), and other fora, as well as the deepening of existing and future bilateral cooperation, will be vital.",{"type":580,"attrs":15824,"content":15825},{"textAlign":49},[15826],{"text":15827,"type":585,"marks":15828},"The analysis in this article draws on the in-depth data collected by our in-house team of experts. To learn more about the services that Benchmark offers, please fill out the form below and one of the team will be in touch.",[15829],{"type":1992},{"type":636,"attrs":15831},{"id":15832,"body":15833},"57418d16-d2d4-431f-bf48-90efe9c358d3",[15834],{"id":1997,"_uid":15835,"_editable":15836,"component":1999,"wrap_in_box":50,"hubspot_form":1997,"redirect_url":15837,"success_file":15838,"default_height":645,"success_message":645,"success_sub_text":645,"hidden_field_values":15840},"i-65da14fe-1d90-42f5-aad4-238cc5deec23","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-65da14fe-1d90-42f5-aad4-238cc5deec23\", \"id\": \"\"}-->",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":15839},{},[],"In November, the UK government released its much anticipated critical mineral strategy: Vision 2035. In it, the government defines a list of minerals which it has determined are critical and/or important for growth. Within the strategy, the Department for Business and Trade sets out a target that by 2035, 10% of the aggregate annual demand […]",[15843],{"slug":1466,"name":1467,"content":15844},{"job_title":1469,"image":15845,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4d61b3d2-fe0f-4342-9883-a42685016e3d\", \"id\": \"\"}-->",[15848,15849,15850,15851,15852,15853,15854,15855,15856],{"slug":2544,"name":115},{"slug":1140,"name":1136},{"slug":1142,"name":1143},{"slug":695,"name":696},{"slug":2627,"name":2628},{"slug":1693,"name":8},{"slug":4962,"name":4963},{"slug":2553,"name":150},{"slug":2900,"name":414},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":15858,"copyright":645,"fieldtype":701,"meta_data":15859,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1765385047/www-production/UK-Critical-Mineral-Strategy-2025@2x/UK-Critical-Mineral-Strategy-2025@2x.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":15861,"copyright":645,"fieldtype":701,"meta_data":15862,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/2f5bfabdcd/bm-uk-parliament-big-bn.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"In November, the UK government released its much anticipated critical mineral strategy: Vision 2035. In it, the government defines a list of minerals which it has determined are critical and/or important for growth. Within the strategy, the ...","Dec 10, 2025",{"id":15866,"uuid":11530,"name":15867,"slug":15868,"full_slug":15869,"content":15870},133953980409999,"BYD gains market share abroad whilst losing domestic share","byd-gains-market-share-abroad-whilst-losing-domestic-share","article/byd-gains-market-share-abroad-whilst-losing-domestic-share",{"_uid":15871,"date":15872,"tags":15873,"editor":15877,"content":15881,"excerpt":15996,"featured":51,"reporter":15997,"_editable":16001,"component":689,"seo_title":15867,"categories":16002,"visibility":2019,"author_company":49,"data_vis_image":16006,"featured_image":16010,"seo_description":15996,"author_full_name":49,"author_job_title":49,"formattedDate":16013},"e7d88abc-869b-4cfe-8392-9955a03299c7","2025-12-03 00:00",[15874,15875,15876],{"slug":1294,"name":1295},{"slug":564,"name":565},{"slug":1291,"name":1292},[15878],{"slug":9249,"name":9250,"content":15879},{"job_title":9252,"image":15880,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":15882},[15883,15904,15909,15917,15922,15927,15940,15945,15950,15958,15977],{"type":580,"attrs":15884,"content":15885},{"textAlign":49},[15886,15888,15894,15896,15902],{"text":15887,"type":585},"BYD’s share of the ",{"text":15889,"type":585,"marks":15890},"Chinese battery and plug-in hybrid electric vehicle",[15891],{"type":590,"attrs":15892},{"href":15893,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/in-charts-the-rise-of-byd",{"text":15895,"type":585}," (BEV&PHEV) ",{"text":15897,"type":585,"marks":15898},"market",[15899],{"type":590,"attrs":15900},{"href":15901,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/global-ev-sales-remain-up-ytd-at-23-following-1-9-million-evs-sold-in-october-2025",{"text":15903,"type":585}," has fallen from 34% in 2024 to 28% year-to-date in 2025.",{"type":580,"attrs":15905,"content":15906},{"textAlign":49},[15907],{"text":15908,"type":585},"By contrast, BYD’s share of the ex-China market has risen from 6% to 8% as the OEM looks to grow its presence in global markets beyond China.",{"type":636,"attrs":15910},{"id":15911,"body":15912},"ca835d33-fed7-45e4-a761-f06dd02adfd3",[15913],{"id":15914,"_uid":15915,"type":643,"_editable":15916,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"26610049","i-ef84297b-b13e-43bc-b562-989ca93205a4","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-ef84297b-b13e-43bc-b562-989ca93205a4\", \"id\": \"\"}-->",{"type":647,"attrs":15918,"content":15919},{"level":13022,"textAlign":49},[15920],{"text":15921,"type":585},"What is driving the fall in BYD’s Chinese market share?",{"type":580,"attrs":15923,"content":15924},{"textAlign":49},[15925],{"text":15926,"type":585},"“BYD’s sliding market share in China is a testament to the increasing competition within the Chinese EV market,” George Whitcombe, an EV research analyst at Benchmark, said. “In many ways, BYD was the first established vehicle manufacturer in China to move heavily into the EV space, and now others are looking to catch up.”",{"type":580,"attrs":15928,"content":15929},{"textAlign":49},[15930,15932,15938],{"text":15931,"type":585},"The biggest competitor to BYD in China is Geely, which has seen its ",{"text":15933,"type":585,"marks":15934},"EV sales almost double year-to-date in China",[15935],{"type":590,"attrs":15936},{"href":15937,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/publications/briefings/automaker-league-tables/ev-automakers-league-table-q3-2025",{"text":15939,"type":585},". Geely’s rise in market share in China almost entirely displaces BYD’s lost share.",{"type":647,"attrs":15941,"content":15942},{"level":13022,"textAlign":49},[15943],{"text":15944,"type":585},"In which ex-China markets is BYD growing?",{"type":580,"attrs":15946,"content":15947},{"textAlign":49},[15948],{"text":15949,"type":585},"BYD is targeting 50% of its sales to come from overseas markets by 2030. So far in 2025, 17% of BYD’s sales have come from these markets, up from 9% in 2024 and 4% in 2023.",{"type":636,"attrs":15951},{"id":15952,"body":15953},"78958b47-7c13-4637-88b3-05f3461f9d4d",[15954],{"id":15955,"_uid":15956,"type":643,"_editable":15957,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"26610913","i-2ea3f50e-2fcf-4c5a-88b1-7e1ba66a9e3c","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-2ea3f50e-2fcf-4c5a-88b1-7e1ba66a9e3c\", \"id\": \"\"}-->",{"type":580,"attrs":15959,"content":15960},{"textAlign":49},[15961,15967,15969,15975],{"text":15962,"type":585,"marks":15963},"In Europe",[15964],{"type":590,"attrs":15965},{"href":15966,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/byd-looks-to-turkey-as-gateway-to-europes-ev-market",{"text":15968,"type":585},", BYD has the highest market share of any Chinese EV producer, ",{"text":15970,"type":585,"marks":15971},"capitalising on Tesla’s falling share",[15972],{"type":590,"attrs":15973},{"href":15974,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/byd-is-overtaking-tesla-in-europe",{"text":15976,"type":585},". So far in 2025, BYD has a 5% market share in Europe, up from 2% in 2024.",{"type":580,"attrs":15978,"content":15979},{"textAlign":49},[15980,15982,15988,15990,15995],{"text":15981,"type":585},"To support its overseas ambitions, ",{"text":15983,"type":585,"marks":15984},"BYD has recently started production",[15985],{"type":590,"attrs":15986},{"href":15987,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/how-chinas-byd-and-catl-came-to-dominate-tier-1-battery-supply",{"text":15989,"type":585}," at new facilities in Thailand, Uzbekistan and ",{"text":13672,"type":585,"marks":15991},[15992],{"type":590,"attrs":15993},{"href":15994,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/byd-builds-battery-supply-chain-in-south-america-with-chile-and-brazil-plants",{"text":1538,"type":585},"BYD’s share of the Chinese battery and plug-in hybrid electric vehicle (BEV&PHEV) market has fallen from 34% in 2024 to 28% year-to-date in 2025. By contrast, BYD’s share of the ex-China market has risen from 6% to 8% as the OEM looks to grow its presence in global markets beyond China. What is driving the […]",[15998],{"slug":9249,"name":9250,"content":15999},{"job_title":9252,"image":16000,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e7d88abc-869b-4cfe-8392-9955a03299c7\", \"id\": \"\"}-->",[16003,16004,16005],{"slug":956,"name":957},{"slug":692,"name":693},{"slug":3379,"name":3380},{"id":49,"alt":16007,"name":645,"focus":645,"title":16007,"source":645,"filename":16008,"copyright":645,"fieldtype":701,"meta_data":16009,"is_external_url":51},"Chart titled: BYD's market share in China is falling, whilst it's share outside of China is on the up. Subtitle: BYD's monthly market share of the the China and Ex-China BEV and PHEV markets","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1764783315/www-production/BYD-market-share@2x/BYD-market-share@2x.png?_i=AA",{"alt":16007,"title":16007,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":16011,"copyright":645,"fieldtype":701,"meta_data":16012,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/w_2560,h_1707,c_scale/f_auto,q_auto/v1764783264/www-production/1-millionth-car/1-millionth-car.jpg?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},"Dec 03, 2025",{"id":16015,"uuid":10758,"name":16016,"slug":16017,"full_slug":16018,"content":16019},133953988225168,"Saudi’s Bisha battery energy storage project uses 30,000 EVs worth of battery minerals","saudis-bisha-battery-energy-storage-project-uses-30000-evs-worth-of-battery-minerals","article/saudis-bisha-battery-energy-storage-project-uses-30000-evs-worth-of-battery-minerals",{"_uid":16020,"date":16021,"tags":16022,"editor":16025,"content":16029,"excerpt":16108,"featured":51,"reporter":16109,"_editable":16113,"component":689,"seo_title":16016,"categories":16114,"visibility":2019,"author_company":49,"data_vis_image":16122,"featured_image":16125,"seo_description":16108,"author_full_name":49,"author_job_title":49,"formattedDate":16128},"7212635a-b218-4eaf-b555-5fb9e174a434","2025-11-28 00:00",[16023,16024],{"slug":564,"name":565},{"slug":4789,"name":451},[16026],{"slug":1466,"name":1467,"content":16027},{"job_title":1469,"image":16028,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":16030},[16031,16044,16049,16068,16075,16080,16097],{"type":580,"attrs":16032,"content":16033},{"textAlign":49},[16034,16036,16042],{"text":16035,"type":585},"Four of the ten largest battery energy stationary storage (BESS) systems are located in ",{"text":16037,"type":585,"marks":16038},"Saudi Arabia",[16039],{"type":590,"attrs":16040},{"href":16041,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/publications/special-issues/1344840",{"text":16043,"type":585},", with the largest of these being the Saudi Electric Company’s grid-scale Bisha project.",{"type":580,"attrs":16045,"content":16046},{"textAlign":49},[16047],{"text":16048,"type":585},"The system uses 2,618MWh of LFP cells from BYD, requiring up to 1,700 tonnes of lithium and 3,000 tonnes of graphite anode material, equivalent to the requirements of 30,000 electric vehicle batteries.",{"type":580,"attrs":16050,"content":16051},{"textAlign":49},[16052,16054,16060,16062,16067],{"text":16053,"type":585},"This highlights the ",{"text":16055,"type":585,"marks":16056},"scale of the battery and material needs",[16057],{"type":590,"attrs":16058},{"href":16059,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/panel-discussion-energy-storage-demand-for-critical-minerals",{"text":16061,"type":585}," of these large energy storage projects. Grid-scale BESS systems, on average, are getting bigger year-on-year; operational BESS projects that came online in 2025 the average capacity was 218MWh, compared to 151MWh in 2024 and 112MWh in 2023 according to ",{"text":16063,"type":585,"marks":16064},"Benchmark’s Battery Energy Stationary Storage Database",[16065],{"type":590,"attrs":16066},{"href":2226,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":16069,"content":16070},{"textAlign":49},[16071],{"type":1847,"attrs":16072},{"id":49,"alt":645,"src":16073,"title":49,"source":49,"copyright":49,"meta_data":16074},"https://res.cloudinary.com/benchmarkminerals/images/w_1024,h_576,c_scale/f_auto,q_auto/v1764342704/www-production/Grid-Scale-BESS-Bisha-V4-2048x1152/Grid-Scale-BESS-Bisha-V4-2048x1152.png?_i=AA",{},{"type":580,"attrs":16076,"content":16077},{"textAlign":49},[16078],{"text":16079,"type":585},"The world’s largest BESS system in operation is the Edwards Sanborn solar and storage project in California with a capacity of 3,300MWh. The largest BESS system under construction, is the UAE’s Masdar solar and storage project which is due to have a capacity of 19,000MWh and set to be commissioned late 2027.",{"type":580,"attrs":16081,"content":16082},{"textAlign":49},[16083,16087,16093],{"text":16084,"type":585,"marks":16085},"The data used in this infographic and article comes from ",[16086],{"type":1992},{"text":16088,"type":585,"marks":16089},"Benchmark’s Battery Energy Stationary Storage (BESS) Service",[16090,16091],{"type":1992},{"type":590,"attrs":16092},{"href":2226,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":16094,"type":585,"marks":16095},". To learn more about Benchmark’s BESS data, fill out the form below and one of the team will be in touch:",[16096],{"type":1992},{"type":636,"attrs":16098},{"id":16099,"body":16100},"e2a5989e-7aff-4d77-983d-1c4e70d91317",[16101],{"id":1997,"_uid":16102,"_editable":16103,"component":1999,"wrap_in_box":50,"hubspot_form":1997,"redirect_url":16104,"success_file":16105,"default_height":645,"success_message":645,"success_sub_text":645,"hidden_field_values":16107},"i-7c187af5-9cfc-489f-b3e4-011574394b24","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-7c187af5-9cfc-489f-b3e4-011574394b24\", \"id\": \"\"}-->",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":16106},{},[],"Four of the ten largest battery energy stationary storage (BESS) systems are located in Saudi Arabia, with the largest of these being the Saudi Electric Company’s grid-scale Bisha project. The system uses 2,618MWh of LFP cells from BYD, requiring up to 1,700 tonnes of lithium and 3,000 tonnes of graphite anode material, equivalent to the […]",[16110],{"slug":1466,"name":1467,"content":16111},{"job_title":1469,"image":16112,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7212635a-b218-4eaf-b555-5fb9e174a434\", \"id\": \"\"}-->",[16115,16116,16117,16118,16119,16120,16121],{"slug":956,"name":957},{"slug":1140,"name":1136},{"slug":1142,"name":1143},{"slug":950,"name":951},{"slug":2627,"name":2628},{"slug":1693,"name":8},{"slug":2897,"name":2898},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":16123,"copyright":645,"fieldtype":701,"meta_data":16124,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/w_2048,h_1152,c_scale/f_auto,q_auto/v1764342698/www-production/Grid-Scale-BESS-Bisha-V4/Grid-Scale-BESS-Bisha-V4.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":16126,"copyright":645,"fieldtype":701,"meta_data":16127,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1764343260/www-production/BYD-KSA-BESS/BYD-KSA-BESS.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},"Nov 28, 2025",{"id":16130,"uuid":12280,"name":16131,"slug":16132,"full_slug":16133,"content":16134},133954027604118,"Automaker exposure to lithium prices highlights need for hedging","automaker-exposure-to-lithium-prices-highlights-need-for-hedging","article/automaker-exposure-to-lithium-prices-highlights-need-for-hedging",{"_uid":16135,"date":16136,"tags":16137,"editor":645,"content":16148,"excerpt":16311,"featured":51,"reporter":16312,"_editable":16316,"component":689,"seo_title":16131,"categories":16317,"visibility":2019,"author_company":49,"data_vis_image":16323,"featured_image":16327,"seo_description":16331,"author_full_name":49,"author_job_title":49,"formattedDate":16332},"72fc6309-aaa8-49b9-a138-0a8b38d65492","2025-11-21 00:00",[16138,16141,16144,16145],{"slug":16139,"name":16140},"benchmark-mineral-intelligence","Benchmark Mineral Intelligence",{"slug":16142,"name":16143},"benchmark-week-2025","Benchmark Week 2025",{"slug":564,"name":565},{"slug":16146,"name":16147},"intercontinental-exchange-ice","Intercontinental Exchange (ICE)",{"type":577,"content":16149},[16150,16174,16202,16220,16228,16233,16245,16250,16261,16266,16273,16278,16283,16288,16293,16300],{"type":580,"attrs":16151,"content":16152},{"textAlign":49},[16153,16155,16159,16161,16167,16168,16172],{"text":16154,"type":585},"By the end of the decade, Benchmark forecasts that ",{"text":1295,"type":585,"marks":16156},[16157],{"type":590,"attrs":16158},{"href":15893,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":16160,"type":585}," will be spending over $2 billion annually on lithium, with others such as ",{"text":16162,"type":585,"marks":16163},"Volkswagen",[16164],{"type":590,"attrs":16165},{"href":16166,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/volkswagen-and-powerco-invest-in-patriot-battery-metals-to-secure-canadian-lithium",{"text":6709,"type":585},{"text":4450,"type":585,"marks":16169},[16170],{"type":590,"attrs":16171},{"href":15974,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":16173,"type":585}," seeing lithium spend rise above $1 billion annually.",{"type":580,"attrs":16175,"content":16176},{"textAlign":49},[16177,16179,16184,16186,16192,16194,16200],{"text":16178,"type":585},"This rise in demand exposes automakers to swings and volatility in the ",{"text":16180,"type":585,"marks":16181},"lithium price",[16182],{"type":590,"attrs":16183},{"href":13702,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":16185,"type":585},". Automakers and battery producers are also highly exposed to cobalt prices, which can change significantly based on policy moves as seen by the ",{"text":16187,"type":585,"marks":16188},"DRC’s cobalt export ban",[16189],{"type":590,"attrs":16190},{"href":16191,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/drc-to-lift-cobalt-export-ban-and-impose-quotas-through-2027",{"text":16193,"type":585}," and subsequent ",{"text":16195,"type":585,"marks":16196},"quota system",[16197],{"type":590,"attrs":16198},{"href":16199,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/cobalt-prices-surge-after-chinas-golden-week-as-drc-export-quotas-fuel-supply-concerns",{"text":16201,"type":585}," this year.",{"type":580,"attrs":16203,"content":16204},{"textAlign":49},[16205,16207,16212,16214,16219],{"text":16206,"type":585},"“Having an ",{"text":16208,"type":585,"marks":16209},"advanced hedging strategy",[16210],{"type":590,"attrs":16211},{"href":13765,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":16213,"type":585}," in place to protect yourself against any unforeseen price movements is absolutely key to the success of these businesses,” Caspar Rawles, Benchmark’s chief operating officer, told attendees at ",{"text":16143,"type":585,"marks":16215},[16216],{"type":590,"attrs":16217},{"href":16218,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/scaling-is-everything-key-takeaways-from-day-2-of-benchmark-week",{"text":1538,"type":585},{"type":636,"attrs":16221},{"id":16222,"body":16223},"84d878e8-e98e-420d-849d-efb142c9a6c4",[16224],{"id":16225,"_uid":16226,"type":643,"_editable":16227,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"26364561","i-bb4997da-29db-4066-976e-7e9b1ac1860a","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-bb4997da-29db-4066-976e-7e9b1ac1860a\", \"id\": \"\"}-->",{"type":647,"attrs":16229,"content":16230},{"level":13022,"textAlign":49},[16231],{"text":16232,"type":585},"How much do lithium and cobalt prices move?",{"type":580,"attrs":16234,"content":16235},{"textAlign":49},[16236,16238,16244],{"text":16237,"type":585},"“Whether you’re a battery materials producer, refiner, or an end-user, you have exposure to these prices going up and down – often quickly,” Mike Wittner, the global head of oil market research at Intercontinental Exchange (ICE), said at ",{"text":16239,"type":585,"marks":16240},"the event",[16241],{"type":590,"attrs":16242},{"href":16243,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/national-security-top-of-mind-during-benchmark-week-day-1",{"text":1538,"type":585},{"type":647,"attrs":16246,"content":16247},{"level":13022,"textAlign":49},[16248],{"text":16249,"type":585},"How can battery supply chain participants hedge?",{"type":580,"attrs":16251,"content":16252},{"textAlign":49},[16253,16259],{"text":16254,"type":585,"marks":16255},"Hedging strategies",[16256],{"type":590,"attrs":16257},{"href":16258,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/growing-need-for-lithium-hedging-to-meet-energy-transition-demand",{"text":16260,"type":585},", whilst frequently used in more mature energy markets such as oil, are not commonly used across the battery materials supply chain.",{"type":580,"attrs":16262,"content":16263},{"textAlign":49},[16264],{"text":16265,"type":585},"“Battery materials, in terms of the market, is relatively immature,” Wittner said. “But there is a need for risk management tools, particularly because the supply contracts […] are in the process of evolving from fixed price to index linked pricing.”",{"type":580,"attrs":16267,"content":16268},{"textAlign":49},[16269],{"type":1847,"attrs":16270},{"id":49,"alt":645,"src":16271,"title":49,"source":49,"copyright":49,"meta_data":16272},"https://res.cloudinary.com/benchmarkminerals/images/w_1024,h_683,c_scale/f_auto,q_auto/v1763728930/www-production/Mike-Wittner-ICE/Mike-Wittner-ICE.jpg?_i=AA",{},{"type":580,"attrs":16274,"content":16275},{"textAlign":49},[16276],{"text":16277,"type":585},"Mike Wittner, global head of oil market research at ICE, discusses ICE Battery Materials Futures at Benchmark Week 2025",{"type":580,"attrs":16279,"content":16280},{"textAlign":49},[16281],{"text":16282,"type":585},"Key to enabling such hedging strategies is the presence of a trusted futures contract with which to hedge. Benchmark Mineral Intelligence’s (BMI) Lithium and Cobalt Futures will launch on Intercontinental Exchange (ICE) on 24 November 2025. These will be cash-settled derivatives over the average of the month, based on Benchmark’s assessments.",{"type":580,"attrs":16284,"content":16285},{"textAlign":49},[16286],{"text":16287,"type":585},"The futures contracts available will be for lithium carbonate, lithium hydroxide, spodumene concentrate and cobalt hydroxide. The contracts will include near term time periods and also extend out through December 2027 with the potential to extend the forward curve out further as the market demands.",{"type":580,"attrs":16289,"content":16290},{"textAlign":49},[16291],{"text":16292,"type":585},"“The trades are cleared at ICE Clear Europe,” Wittner said. “That’s important to the markets, particularly an immature market, because that means we, ICE, are the counterparty. So there’s really almost no counterparty risk.”",{"type":580,"attrs":16294,"content":16295},{"textAlign":49},[16296],{"text":16297,"type":585,"marks":16298},"To learn more about Benchmark’s lithium and cobalt prices, fill out the form below and one of the team will be in touch:",[16299],{"type":1992},{"type":636,"attrs":16301},{"id":16302,"body":16303},"ae34c9f1-bf55-4b9e-9ff0-ed96ec2f148e",[16304],{"id":1997,"_uid":16305,"_editable":16306,"component":1999,"wrap_in_box":50,"hubspot_form":1997,"redirect_url":16307,"success_file":16308,"default_height":645,"success_message":645,"success_sub_text":645,"hidden_field_values":16310},"i-fbf56ac0-c3a9-4143-8341-3f60ac7d21a5","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-fbf56ac0-c3a9-4143-8341-3f60ac7d21a5\", \"id\": \"\"}-->",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":16309},{},[],"By the end of the decade, Benchmark forecasts that BYD will be spending over $2 billion annually on lithium, with others such as Volkswagen and Tesla seeing lithium spend rise above $1 billion annually. This rise in demand exposes automakers to swings and volatility in the lithium price. Automakers and battery producers are also highly […]",[16313],{"slug":1466,"name":1467,"content":16314},{"job_title":1469,"image":16315,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"72fc6309-aaa8-49b9-a138-0a8b38d65492\", \"id\": \"\"}-->",[16318,16319,16320,16321,16322],{"slug":956,"name":957},{"slug":2544,"name":115},{"slug":1142,"name":1143},{"slug":692,"name":693},{"slug":1693,"name":8},{"id":49,"alt":16324,"name":645,"focus":645,"title":16324,"source":645,"filename":16325,"copyright":645,"fieldtype":701,"meta_data":16326,"is_external_url":51},"Major automakers are increasingly exposed to raw material price swings","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1763729356/www-production/Lithium-cobalt-automaker-exposure@2x-1/Lithium-cobalt-automaker-exposure@2x-1.png?_i=AA",{"alt":16324,"title":16324,"source":645,"copyright":645},{"id":16328,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":16329,"copyright":645,"fieldtype":701,"meta_data":16330,"is_external_url":50},129066711562608,"https://a.storyblok.com/f/287943243085208/a0b98e4a9d/bm-collage-prices-5.png",{},"By the end of the decade, Benchmark forecasts that BYD will be spending over $2 billion annually on lithium. This rise in demand exposes automakers to swings and volatility in the lithium price.","Nov 21, 2025",{"id":16334,"uuid":16335,"name":16336,"slug":16337,"full_slug":16338,"content":16339},114839380543822,"88a7f47a-4ba6-4db8-92be-8a97809f7d36","Infographic: Q3 results highlight challenges for major copper miners","infographic-q3-results-highlight-challenges-for-major-copper-miners","article/infographic-q3-results-highlight-challenges-for-major-copper-miners",{"_uid":16340,"date":16341,"tags":16342,"editor":16352,"content":16356,"excerpt":16442,"featured":51,"reporter":16443,"_editable":16447,"component":689,"seo_title":16336,"categories":16448,"visibility":2019,"author_company":49,"data_vis_image":16451,"featured_image":16453,"seo_description":16442,"author_full_name":49,"author_job_title":49,"formattedDate":16456},"143897d2-85f6-4068-a74e-7e0e7affc712","2025-11-18 00:00",[16343,16346,16347,16348,16351],{"slug":16344,"name":16345},"anglo-american","Anglo American",{"slug":15138,"name":15139},{"slug":564,"name":565},{"slug":16349,"name":16350},"freeport-mcmoran","Freeport-McMoRan",{"slug":14616,"name":14617},[16353],{"slug":9249,"name":9250,"content":16354},{"job_title":9252,"image":16355,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":16357},[16358,16378,16383,16390,16408,16413,16424,16431],{"type":580,"attrs":16359,"content":16360},{"textAlign":49},[16361,16363,16368,16370,16376],{"text":16362,"type":585},"In the third quarter of 2025, 18 of the largest 25 ",{"text":1140,"type":585,"marks":16364},[16365],{"type":590,"attrs":16366},{"href":16367,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lme-copper-forward-curve-hits-record-high",{"text":16369,"type":585}," miners reported quarter-on-quarter decreases in their output, including the top four miners. The total Q3 ",{"text":16371,"type":585,"marks":16372},"copper production",[16373],{"type":590,"attrs":16374},{"href":16375,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lme-week-preview-copper-market-faces-tight-supply-record-prices-and-ma-momentum",{"text":16377,"type":585}," reported by the top 25 miners hit 3.72Mt.",{"type":580,"attrs":16379,"content":16380},{"textAlign":49},[16381],{"text":16382,"type":585},"“In the third quarter, many companies saw lower production compared to the previous quarter. However, most did not adjust their guidance, showing confidence in meeting their annual production goals,” said Ivan Llancas, a copper supply analyst at Benchmark. “On the positive side, historically the fourth quarter tends to be a period of stronger output, as mining companies typically ramp up production to reach their year‑end targets.”",{"type":580,"attrs":16384,"content":16385},{"textAlign":49},[16386],{"type":1847,"attrs":16387},{"id":49,"alt":645,"src":16388,"title":49,"source":49,"copyright":49,"meta_data":16389},"https://a.storyblok.com/f/287943243085208/42256cb9d2/bm-q3-copper-production-top-25.png",{},{"type":580,"attrs":16391,"content":16392},{"textAlign":49},[16393,16395,16400,16401,16406],{"text":16394,"type":585},"Amongst the most notable declines are ",{"text":15139,"type":585,"marks":16396},[16397],{"type":590,"attrs":16398},{"href":16399,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/codelco-raise-european-copper-cathode-premium-offers-to-record-levels",{"text":6709,"type":585},{"text":16350,"type":585,"marks":16402},[16403],{"type":590,"attrs":16404},{"href":16405,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/grasberg-supply-shock-to-plunge-refined-copper-market-into-deficit-in-2026-benchmark-analysis-shows",{"text":16407,"type":585},", which saw 10.2% and 5.3% Q-o-Q drops in production, respectively. Both have been affected by operational disruptions that included several fatalities and temporary suspensions of activity.",{"type":580,"attrs":16409,"content":16410},{"textAlign":49},[16411],{"text":16412,"type":585},"Ivanhoe’s operations also remained constrained as dewatering efforts continued, resulting in a 36.4% Q-o-Q decrease – the largest proportional drop from a top 25 miner. Hudbay faced setbacks stemming from social unrest at its Constancia site in Peru and evacuations at its Snow Lake operations in Canada due to wildfires.",{"type":580,"attrs":16414,"content":16415},{"textAlign":49},[16416,16418,16422],{"text":16417,"type":585},"Some producers posted Q-o-Q gains, the largest of which was a 36.1% increase in production posted by Glencore supported by higher grades at its KCC (DRC), Antapaccay (Peru) and Antamina (Peru) operations. Lundin’s stronger quarter (+7.4%) was driven by improved performance at Caserones, Chile while ",{"text":16345,"type":585,"marks":16419},[16420],{"type":590,"attrs":16421},{"href":14638,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":16423,"type":585}," (+5.9%) benefited from higher milling rates and better ore grades at Quellaveco, Peru.",{"type":580,"attrs":16425,"content":16426},{"textAlign":49},[16427],{"text":16428,"type":585,"marks":16429},"To learn more about Benchmark’s copper market coverage please fill out the form below.",[16430],{"type":1992},{"type":636,"attrs":16432},{"id":16433,"body":16434},"5d5f2485-4a99-47a6-b9d6-19b06253fbff",[16435],{"id":1997,"_uid":16436,"_editable":16437,"component":1999,"wrap_in_box":50,"hubspot_form":1997,"redirect_url":16438,"success_file":16439,"default_height":645,"success_message":645,"success_sub_text":645,"hidden_field_values":16441},"i-2a94220b-b3e8-4410-963f-0c57e0143816","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-2a94220b-b3e8-4410-963f-0c57e0143816\", \"id\": \"\"}-->",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":16440},{},[],"In the third quarter of 2025, 18 of the largest 25 copper miners reported quarter-on-quarter decreases in their output, including the top four miners. The total Q3 copper production reported by the top 25 miners hit 3.72Mt. “In the third quarter, many companies saw lower production compared to the previous quarter. However, most did not […]",[16444],{"slug":9249,"name":9250,"content":16445},{"job_title":9252,"image":16446,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"143897d2-85f6-4068-a74e-7e0e7affc712\", \"id\": \"\"}-->",[16449,16450],{"slug":1140,"name":1136},{"slug":1142,"name":1143},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":16388,"copyright":645,"fieldtype":701,"meta_data":16452,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":16454,"copyright":645,"fieldtype":701,"meta_data":16455,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/a0e1de6e6b/bm-glencore-ktanaga-copper-mine-drc2-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Nov 18, 2025",{"id":16458,"uuid":16459,"name":16460,"slug":16461,"full_slug":16462,"content":16463},112466939865112,"386ef17b-16ad-44cf-86d3-8d8edb8b4adf","POSCO forms JV with MinRes for Australian lithium mines","posco-forms-jv-with-minres-for-australian-lithium-mines","article/posco-forms-jv-with-minres-for-australian-lithium-mines",{"_uid":16464,"date":16465,"tags":16466,"editor":16477,"content":16481,"excerpt":16639,"featured":51,"reporter":16640,"_editable":16644,"component":689,"seo_title":16460,"categories":16645,"visibility":697,"author_company":49,"data_vis_image":16648,"featured_image":16651,"seo_description":16639,"author_full_name":49,"author_job_title":49,"formattedDate":16653},"3dd47998-05c8-4414-993f-1f8d2b9db5e9","2025-11-14 00:00",[16467,16468,16469,16472,16475,16476],{"slug":4990,"name":4991},{"slug":564,"name":565},{"slug":16470,"name":16471},"mineral-resources","Mineral Resources",{"slug":16473,"name":16474},"posco","Posco",{"slug":7778,"name":7779},{"slug":5030,"name":5610},[16478],{"slug":1466,"name":1467,"content":16479},{"job_title":1469,"image":16480,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":16482},[16483,16502,16515,16520,16528,16533,16545,16553,16558,16577,16588,16593,16598,16603,16616,16624,16629,16634],{"type":580,"attrs":16484,"content":16485},{"textAlign":49},[16486,16488,16494,16500],{"text":16487,"type":585},"South Korean steel and chemicals giant POSCO has taken a 30% stake in ",{"text":16489,"type":585,"marks":16490},"Australia’s",[16491],{"type":590,"attrs":16492},{"href":16493,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/us-and-australia-sign-landmark-critical-minerals-framework",{"text":16495,"type":585,"marks":16496},"Mineral Resources’ (MinRes)",[16497],{"type":590,"attrs":16498},{"href":16499,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/fireside-chat-with-joshua-thurlow-chief-executive-lithium-mineral-resources",{"text":16501,"type":585}," 50% stakes in the Mt Marion and Wodgina mines for US$765 million.",{"type":580,"attrs":16503,"content":16504},{"textAlign":49},[16505,16507,16513],{"text":16506,"type":585},"Structured as a joint venture, the deal would see MinRes and POSCO hold an overall 35% and 15% of the operations, as well as corresponding rights to spodumene volumes. US lithium major ",{"text":16508,"type":585,"marks":16509},"Albemarle",[16510],{"type":590,"attrs":16511},{"href":16512,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/albemarle-withdraws-liontown-bid-after-australian-billionaire-increases-stake",{"text":16514,"type":585}," at Wodgina and China’s Ganfeng at Mt Marion continue to hold the remaining 50% stakes. MinRes will retain its Mining Services contracts at both sites.",{"type":580,"attrs":16516,"content":16517},{"textAlign":49},[16518],{"text":16519,"type":585},"Benchmark estimates that the deal gives POSCO access to ~145kt spodumene concentrate (6% Li2O, ~21ktpa LCE), for the next few years. Given the two mines operate well below nameplate capacity, this figure will likely rise in a more favourable market.",{"type":636,"attrs":16521},{"id":16522,"body":16523},"6837fcd8-c74b-4751-b1f4-c67a260966b6",[16524],{"id":16525,"_uid":16526,"type":643,"_editable":16527,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"26188938","i-b82323da-696f-44ee-9b82-a009a8968055","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-b82323da-696f-44ee-9b82-a009a8968055\", \"id\": \"\"}-->",{"type":580,"attrs":16529,"content":16530},{"textAlign":49},[16531],{"text":16532,"type":585},"The deal notably does not include MinRes’ Bald Hill asset, placed on Care & Maintenance in late 2024. The deal does not involve Bald Hill, which MinRes continues to own outright.",{"type":580,"attrs":16534,"content":16535},{"textAlign":49},[16536,16538,16544],{"text":16537,"type":585},"This marks the first foray of a South Korean company into direct ownership of Australian lithium assets, though LG Energy Solution is a strategic offtake partner to ",{"text":16539,"type":585,"marks":16540},"Liontown Resources at Kathleen Valley",[16541],{"type":590,"attrs":16542},{"href":16543,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/australian-government-supports-liontown-equity-raise-alongside-chinese-funders",{"text":1538,"type":585},{"type":636,"attrs":16546},{"id":16547,"body":16548},"4289d471-85b3-444b-a815-9e8280af7139",[16549],{"id":16550,"_uid":16551,"type":643,"_editable":16552,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"26188014","i-662744c7-35ae-42b2-8ea2-d6f1e439d45f","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-662744c7-35ae-42b2-8ea2-d6f1e439d45f\", \"id\": \"\"}-->",{"type":647,"attrs":16554,"content":16555},{"level":13022,"textAlign":49},[16556],{"text":16557,"type":585},"How does this fit into POSCO’s lithium portfolio?",{"type":580,"attrs":16559,"content":16560},{"textAlign":49},[16561,16567,16569,16575],{"text":16562,"type":585,"marks":16563},"POSCO, in a JV partnership with Australian lithium producer PLS",[16564],{"type":590,"attrs":16565},{"href":16566,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/sk-on-secures-domestic-lithium-hydroxide-from-posco-pilbara-jv",{"text":16568,"type":585},", also operates a spodumene-to-hydroxide converter in Gwangyang, South Korea (P-PLS), with nameplate capacity of 38kt LCE of ",{"text":16570,"type":585,"marks":16571},"lithium hydroxide",[16572],{"type":590,"attrs":16573},{"href":16574,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/south-korea-cementing-position-as-a-top-ex-china-lithium-hydroxide-producer",{"text":16576,"type":585},". Benchmark forecasts an output of ~15kt LCE in 2025 as the facility ramps up and customers certify the product.",{"type":580,"attrs":16578,"content":16579},{"textAlign":49},[16580,16586],{"text":16581,"type":585,"marks":16582},"PLS’",[16583],{"type":590,"attrs":16584},{"href":16585,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/pilbara-minerals-diversifies-lithium-portfolio-with-latin-resources-acquisition",{"text":16587,"type":585}," Q3 2025 update hinted at subdued 2026 production from the converter. Perhaps in response, the spodumene offtake agreement for PLS’ Pilgangoora material was amended from 250ktpa of concentrate to 150ktpa.",{"type":580,"attrs":16589,"content":16590},{"textAlign":49},[16591],{"text":16592,"type":585},"With the MinRes-POSCO JV set to finalise by summer 2026, this would leave POSCO with total feedstock of around 30kt LCE in 2026, and around 43kt LCE from 2027 onwards, covering P-PLS’ short- and medium-term feedstock needs.",{"type":580,"attrs":16594,"content":16595},{"textAlign":49},[16596],{"text":16597,"type":585},"POSCO also operates three cathode active material (CAM) production facilities in South Korea and China, and is planning further expansions there, as well as Canada. POSCO is expected to see attributable demand of 32kt LCE from these plants in 2025, potentially rising to 47kt LCE by the end of the decade.",{"type":647,"attrs":16599,"content":16600},{"level":13022,"textAlign":49},[16601],{"text":16602,"type":585},"How does the JV with POSCO benefit MinRes?",{"type":580,"attrs":16604,"content":16605},{"textAlign":49},[16606,16608,16614],{"text":16607,"type":585},"MinRes had been struggling with its lithium assets over the past two years since ",{"text":16609,"type":585,"marks":16610},"lithium prices crashed",[16611],{"type":590,"attrs":16612},{"href":16613,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/australian-lithium-supply-cut-by-15-due-to-low-spodumene-prices",{"text":16615,"type":585}," from their 2022/2023 highs by early 2024. Mt Marion and Wodgina have occupied upper-end third-quartile cost curve positions over the past two years, and have been largely cash-negative.",{"type":636,"attrs":16617},{"id":16618,"body":16619},"3641df9c-89e3-4266-9f59-481435d0f4f0",[16620],{"id":16621,"_uid":16622,"type":643,"_editable":16623,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"26236223","i-2d58e28d-fa16-48b5-b557-3eb1d052a937","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-2d58e28d-fa16-48b5-b557-3eb1d052a937\", \"id\": \"\"}-->",{"type":580,"attrs":16625,"content":16626},{"textAlign":49},[16627],{"text":16628,"type":585},"Fundamental issues at the two mines have prevented cost-cutting measures from generating positive cash flows for the business during the downturn. Rumours around a partial or total shedding of lithium assets have circulated for a while.",{"type":580,"attrs":16630,"content":16631},{"textAlign":49},[16632],{"text":16633,"type":585},"With the arrival of POSCO, as well as higher lithium prices, pressure is off MinRes from both a debt and cash flow standpoint. CAPEX-heavy programs include a flotation plant and transition to underground operations at Mt Marion.",{"type":580,"attrs":16635,"content":16636},{"textAlign":49},[16637],{"text":16638,"type":585},"MinRes already had strong life-of-mine mining services contracts at the two sites. These are set to become more lucrative for the company, with 65% of the costs now borne by its JV partners versus 50% previously – an improvement Benchmark estimates could correspond to savings of around $15/t SC6 across its future share of production. ","South Korean steel and chemicals giant POSCO has taken a 30% stake in Australia’s Mineral Resources’ (MinRes) 50% stakes in the Mt Marion and Wodgina mines for US$765 million. Structured as a joint venture, the deal would see MinRes and POSCO hold an overall 35% and 15% of the operations, as well as corresponding rights […]",[16641],{"slug":1466,"name":1467,"content":16642},{"job_title":1469,"image":16643,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3dd47998-05c8-4414-993f-1f8d2b9db5e9\", \"id\": \"\"}-->",[16646,16647],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":16649,"copyright":645,"fieldtype":701,"meta_data":16650,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1763141319/www-production/Copy-of-Cost-curve@2x/Copy-of-Cost-curve@2x.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":2641,"copyright":645,"fieldtype":701,"meta_data":16652,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},"Nov 14, 2025",{"id":16655,"uuid":16656,"name":16657,"slug":16658,"full_slug":16659,"content":16660},111717969889154,"7e29c11d-25fa-49f6-b359-49aa1ad7bb32","Continued Mali unrest could disrupt lithium supply","continued-mali-unrest-could-disrupt-lithium-supply","article/continued-mali-unrest-could-disrupt-lithium-supply",{"_uid":16661,"date":16662,"tags":16663,"editor":16678,"content":16682,"excerpt":16737,"featured":51,"reporter":16738,"_editable":16742,"component":689,"seo_title":16657,"categories":16743,"visibility":697,"author_company":49,"data_vis_image":16747,"featured_image":16750,"seo_description":16737,"author_full_name":49,"author_job_title":49,"formattedDate":16753},"509ebf61-cab6-42b4-8b1a-459edce07b49","2025-11-12 00:00",[16664,16665,16666,16669,16672,16675],{"slug":993,"name":994},{"slug":564,"name":565},{"slug":16667,"name":16668},"ganfeng","Ganfeng Lithium",{"slug":16670,"name":16671},"hainan-mining","Hainan Mining",{"slug":16673,"name":16674},"kodal-minerals","Kodal Minerals",{"slug":16676,"name":16677},"mali","Mali",[16679],{"slug":1466,"name":1467,"content":16680},{"job_title":1469,"image":16681,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":16683},[16684,16689,16694,16699,16704,16709,16714,16719,16727,16732],{"type":580,"attrs":16685,"content":16686},{"textAlign":49},[16687],{"text":16688,"type":585},"Escalating unrest in Mali, as jihadi groups target fuel convoys around the capital Bamako, has led several governments including France and the US to advise their citizens to leave the country. The attacks have created fuel shortages, and raised serious concerns around the military government’s ability to maintain its rule in the country.",{"type":580,"attrs":16690,"content":16691},{"textAlign":49},[16692],{"text":16693,"type":585},"Mali is home to two lithium mines: Ganfeng’s Goulamina mine and the Bougouni mine owned by Kodal Minerals and Hainan Mining, both in the Sikasso region, around 150km South of the capital. The Mali government has direct stakes in both mines. ",{"type":580,"attrs":16695,"content":16696},{"textAlign":49},[16697],{"text":16698,"type":585},"Shipping companies MSC and CMA CGM temporarily suspended cargo shipments bound for Mali last week, though both firms reversed the decision following meetings with Malian government officials.",{"type":580,"attrs":16700,"content":16701},{"textAlign":49},[16702],{"text":16703,"type":585},"Jihadi kidnappings of Chinese, Indian, Emirati, and Egyptian nationals have also added to the pressure on the government this year.",{"type":647,"attrs":16705,"content":16706},{"level":13022,"textAlign":49},[16707],{"text":16708,"type":585},"Are Mali’s lithium mines impacted?",{"type":580,"attrs":16710,"content":16711},{"textAlign":49},[16712],{"text":16713,"type":585},"Benchmark contacts familiar with operations at these mines say that operations are proceeding as normal, for now. On 3 November, Mali’s president General Assimi Goïta officially opened the Bougouni project.",{"type":580,"attrs":16715,"content":16716},{"textAlign":49},[16717],{"text":16718,"type":585},"Although the fuel crisis is concerning for Ganfeng, it has secured fuel supplies from the government allowing it to continue operations. Both Bougouni and Goulamina mines have been guarded by a mix of private security and Malian government forces since an armed attack on the Bougouni mine in August resulted in the death of a security guard.",{"type":636,"attrs":16720},{"id":16721,"body":16722},"82953f4b-4e6e-42f7-ba07-9b6bd5355cd0",[16723],{"id":16724,"_uid":16725,"type":643,"_editable":16726,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"26157532","i-9249ac78-b4da-4769-8dcd-8234bdc833d7","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-9249ac78-b4da-4769-8dcd-8234bdc833d7\", \"id\": \"\"}-->",{"type":580,"attrs":16728,"content":16729},{"textAlign":49},[16730],{"text":16731,"type":585},"While Bougouni and Goulamina mines are located relatively close to the border, haulage of product and fuel could very well be impacted by attacks. Goulamina only recently obtained a temporary export license allowing it to ship a maiden 70kt cargo of spodumene concentrate in September. In October, Bougouni announced it had also started trucking an inaugural 30kt batch of spodumene concentrate to port at San Pedro in Côte d’Ivoire.",{"type":580,"attrs":16733,"content":16734},{"textAlign":49},[16735],{"text":16736,"type":585},"Disruptions to Malian exports would see a tightening of feedstock supply at Chinese converters into the new year. Any further delays at CATL’s Jiangxiawo mine in China could exacerbate this; following a back-dated tax deal struck between CATL and Beijing last week, production is expected to resume there under a new royalty regime by January. Uncertainty around developments in Mali and with Jianxiawo could help buoy prices through to the Chinese Lunar New Year in mid-February.","Escalating unrest in Mali, as jihadi groups target fuel convoys around the capital Bamako, has led several governments including France and the US to advise their citizens to leave the country. The attacks have created fuel shortages, and raised serious concerns around the military government’s ability to maintain its rule in the country. Mali is […]",[16739],{"slug":1466,"name":1467,"content":16740},{"job_title":1469,"image":16741,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"509ebf61-cab6-42b4-8b1a-459edce07b49\", \"id\": \"\"}-->",[16744,16745,16746],{"slug":1142,"name":1143},{"slug":695,"name":696},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":16748,"copyright":645,"fieldtype":701,"meta_data":16749,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1762946958/www-production/Mali-litium-mines-map/Mali-litium-mines-map.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":16751,"copyright":645,"fieldtype":701,"meta_data":16752,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/e9179958b3/bm-dms-drone-jan15a.png",{"alt":645,"title":645,"source":645,"copyright":645},"Nov 12, 2025",{"id":16755,"uuid":16756,"name":16757,"slug":16758,"full_slug":16759,"content":16760},112265503130395,"0f98e80a-79c0-4dc3-af25-d459065cede5","Site visit: Altmin and Sudeep Advanced Material support India’s midstream ambitions","site-visit-altmin-and-sudeep-advanced-material-support-indias-midstream-ambitions","article/site-visit-altmin-and-sudeep-advanced-material-support-indias-midstream-ambitions",{"_uid":16761,"date":16762,"tags":16763,"editor":16778,"content":16782,"excerpt":17112,"featured":51,"reporter":17113,"_editable":17123,"component":689,"seo_title":17124,"categories":17125,"visibility":2019,"author_company":49,"data_vis_image":17130,"featured_image":17133,"seo_description":17136,"author_full_name":49,"author_job_title":49,"formattedDate":17137},"7831505e-c809-4edc-b013-e8bea524ec65","2025-11-03 00:00",[16764,16767,16768,16769,16772,16775],{"slug":16765,"name":16766},"altmin","Altmin",{"slug":6892,"name":6893},{"slug":564,"name":565},{"slug":16770,"name":16771},"india","India",{"slug":16773,"name":16774},"site-visit","Site visit",{"slug":16776,"name":16777},"sudeep-advanced-material","Sudeep Advanced Material",[16779],{"slug":9249,"name":9250,"content":16780},{"job_title":9252,"image":16781,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":16783},[16784,16797,16817,16822,16830,16835,16872,16880,16902,16914,16921,16926,16931,16936,16941,16946,16982,17004,17009,17016,17021,17026,17031,17036,17058,17080,17101],{"type":580,"attrs":16785,"content":16786},{"textAlign":49},[16787,16789,16795],{"text":16788,"type":585},"India’s pipeline of ",{"text":16790,"type":585,"marks":16791},"cathode active material",[16792],{"type":590,"attrs":16793},{"href":16794,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/infographic-regional-trends-in-cathode-production-capacity",{"text":16796,"type":585}," (CAM) production capacity is set to grow more than 50-fold over the next decade. Altmin, Himadri Speciality Chemical, and Epsilon Advanced Materials have the largest pipeline capacities in the country.",{"type":580,"attrs":16798,"content":16799},{"textAlign":49},[16800,16802,16808,16810,16815],{"text":16801,"type":585},"Almost all CAM capacity ",{"text":16803,"type":585,"marks":16804},"under development in India",[16805],{"type":590,"attrs":16806},{"href":16807,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/india-looks-to-aid-domestic-battery-production-for-evs-and-phones",{"text":16809,"type":585}," is for ",{"text":451,"type":585,"marks":16811},[16812],{"type":590,"attrs":16813},{"href":16814,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lfp-leads-ncm-evolves-cathode-2024-year-in-review",{"text":16816,"type":585},", both due to the popularity of the cathode chemistry and also as India’s climate makes storing NCM material challenging.",{"type":580,"attrs":16818,"content":16819},{"textAlign":49},[16820],{"text":16821,"type":585},"Benchmark analyst Aakanksha Raje visited the Telangana site where Altmin intends to build a CAM production facility. It is due to begin operations in 2026 with a capacity of 10,000 tpa of LFP, though the company plans to increase this to 100,000 tpa in the 2030s.",{"type":636,"attrs":16823},{"id":16824,"body":16825},"bf2e5fd4-7909-4e95-b969-4f7a89b1461a",[16826],{"id":16827,"_uid":16828,"type":643,"_editable":16829,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"25869129","i-25e41fda-e48f-445a-b932-efb78d7732a6","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-25e41fda-e48f-445a-b932-efb78d7732a6\", \"id\": \"\"}-->",{"type":647,"attrs":16831,"content":16832},{"level":13022,"textAlign":49},[16833],{"text":16834,"type":585},"India’s up-and-coming battery market",{"type":580,"attrs":16836,"content":16837},{"textAlign":49},[16838,16844,16854,16859,16868],{"text":16839,"type":585,"marks":16840},"Battery demand in India is set to reach 112 GWh by 2030, up from around 30 GWh today. Much of this comes from the ",[16841],{"type":850,"attrs":16842},{"color":16843},"#3C3C39",{"text":16845,"type":585,"marks":16846},"2-&3-wheeler and EV markets",[16847,16850,16853],{"type":590,"attrs":16848},{"href":16849,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/indias-battery-demand-from-electric-cars-set-to-overtake-two-wheelers-by-end-of-decade",{"type":850,"attrs":16851},{"color":16852},"#0969D7",{"type":2871},{"text":16855,"type":585,"marks":16856},", though around a quarter is from ",[16857],{"type":850,"attrs":16858},{"color":16843},{"text":16860,"type":585,"marks":16861},"battery energy storage systems",[16862,16865,16867],{"type":590,"attrs":16863},{"href":16864,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/global-bess-installments-increase-29-y-o-y",{"type":850,"attrs":16866},{"color":16852},{"type":2871},{"text":1538,"type":585,"marks":16869},[16870],{"type":850,"attrs":16871},{"color":16843},{"type":636,"attrs":16873},{"id":16874,"body":16875},"38fdece1-bc2a-4378-9aeb-8168f3f106f0",[16876],{"id":16877,"_uid":16878,"type":643,"_editable":16879,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"25891164","i-601b8fa8-a954-4981-8bde-dcc3f82f0714","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-601b8fa8-a954-4981-8bde-dcc3f82f0714\", \"id\": \"\"}-->",{"type":580,"attrs":16881,"content":16882},{"textAlign":49},[16883,16884,16889,16898],{"text":3628,"type":585},{"text":16885,"type":585,"marks":16886},"India, like most markets outside of China, depends on imported battery cells to meet its demand. Benchmark forecasts the country will produce just 7 GWh of cells by 2030, though it has ",[16887],{"type":850,"attrs":16888},{"color":16843},{"text":16890,"type":585,"marks":16891},"pipeline capacity for over 66 GWh",[16892,16895,16897],{"type":590,"attrs":16893},{"href":16894,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/the-hidden-gigafactories-powering-emerging-markets",{"type":850,"attrs":16896},{"color":16852},{"type":2871},{"text":1538,"type":585,"marks":16899},[16900],{"type":850,"attrs":16901},{"color":16843},{"type":580,"attrs":16903,"content":16904},{"textAlign":49},[16905,16907,16913],{"text":16906,"type":585},"Altmin’s CAM production facility in Balapur, Hyderabad, Telangana is in the same state as the planned 16 GWh gigafactory under development by ",{"text":16908,"type":585,"marks":16909},"Amara Raja Energy & Mobility",[16910],{"type":590,"attrs":16911},{"href":16912,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/indias-amara-raja-batteries-seeks-partner-for-1-16-billion-gigafactory-plant",{"text":1538,"type":585},{"type":580,"attrs":16915,"content":16916},{"textAlign":49},[16917],{"type":1847,"attrs":16918},{"id":49,"alt":645,"src":16919,"title":49,"source":49,"copyright":49,"meta_data":16920},"https://a.storyblok.com/f/287943243085208/082d2c7f71/bm-altmin-cam.jpg",{},{"type":580,"attrs":16922,"content":16923},{"textAlign":49},[16924],{"text":16925,"type":585},"Chemicals from Altmin’s CAM site in Telangana. Photo by Aakanksha Raje.",{"type":580,"attrs":16927,"content":16928},{"textAlign":49},[16929],{"text":16930,"type":585},"Proximity to cell producers is advantageous given the nascent nature of the industry, but does not guarantee success.",{"type":580,"attrs":16932,"content":16933},{"textAlign":49},[16934],{"text":16935,"type":585},"“In India, the midstream projects struggle to come online due insufficient funding, achieving standardised and consistent batches of products and the existing low demand from downstream,” Raje said.",{"type":580,"attrs":16937,"content":16938},{"textAlign":49},[16939],{"text":16940,"type":585},"To date, Altmin has produced coin cells to test its CAM and has sent material out to customers for verification.",{"type":647,"attrs":16942,"content":16943},{"level":13022,"textAlign":49},[16944],{"text":16945,"type":585},"Developing the supply chain",{"type":580,"attrs":16947,"content":16948},{"textAlign":49},[16949,16954,16963,16968,16977],{"text":16950,"type":585,"marks":16951},"In discussions with Raje, Altmin's CEO Anjani Mourya expressed desire to support the government's ",[16952],{"type":850,"attrs":16953},{"color":16843},{"text":16955,"type":585,"marks":16956},"Make In India initiative",[16957,16960,16962],{"type":590,"attrs":16958},{"href":16959,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/india-is-far-behind-in-race-to-build-battery-supply-chain-epsilon-says",{"type":850,"attrs":16961},{"color":16852},{"type":2871},{"text":16964,"type":585,"marks":16965}," by building out a ",[16966],{"type":850,"attrs":16967},{"color":16843},{"text":16969,"type":585,"marks":16970},"locally-focused supply chain",[16971,16974,16976],{"type":590,"attrs":16972},{"href":16973,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/what-do-indias-elections-mean-for-the-lithium-ion-battery-supply-chain",{"type":850,"attrs":16975},{"color":16852},{"type":2871},{"text":16978,"type":585,"marks":16979},". Indeed, for the pilot plant much of the equipment is sourced locally, however Altmin will rely on Chinese equipment for the commercial scale plant.",[16980],{"type":850,"attrs":16981},{"color":16843},{"type":580,"attrs":16983,"content":16984},{"textAlign":49},[16985,16990,16999],{"text":16986,"type":585,"marks":16987},"Altmin sources ",[16988],{"type":850,"attrs":16989},{"color":16843},{"text":16991,"type":585,"marks":16992},"precursor (pCAM) iron phosphate material",[16993,16996,16998],{"type":590,"attrs":16994},{"href":16995,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/south-koreas-5-billion-pcam-and-cathode-building-boom",{"type":850,"attrs":16997},{"color":16852},{"type":2871},{"text":17000,"type":585,"marks":17001}," from Sudeep Advanced Materials (SAM) in Gujarat, India. Raje visited SAM's pilot scale pCAM facility where the company has capacity to produce 200kg per day and is shipping material to customers, including Altmin, for trials.",[17002],{"type":850,"attrs":17003},{"color":16843},{"type":580,"attrs":17005,"content":17006},{"textAlign":49},[17007],{"text":17008,"type":585},"The company claims its dilute phosphoric acid-based process can reduce the carbon emissions of the process down to 4.17 tonnes of CO2 per tonne of material compared to the 14.34 tonnes from conventional processes. Raje also visited SAM’s pharmaceutical facility which operates in a similar automated fashion to the pCAM facility under development.",{"type":580,"attrs":17010,"content":17011},{"textAlign":49},[17012],{"type":1847,"attrs":17013},{"id":49,"alt":645,"src":17014,"title":49,"source":49,"copyright":49,"meta_data":17015},"https://a.storyblok.com/f/287943243085208/0cfbf95f4d/bm-sam-rd.jpg",{},{"type":580,"attrs":17017,"content":17018},{"textAlign":49},[17019],{"text":17020,"type":585},"Sudeep Advanced Materials R&D lab for precursor cathode material. Photo by Aakanksha Raje.",{"type":580,"attrs":17022,"content":17023},{"textAlign":49},[17024],{"text":17025,"type":585},"SAM expects the Gujarat pCAM facility to begin commercial production later this year, ramping up to 35,000 tpa per year by 2027 and 100,000 tpa by 2030. SAM’s process uses sulphate-free premix secured from its inhouse factory.",{"type":647,"attrs":17027,"content":17028},{"level":13022,"textAlign":49},[17029],{"text":17030,"type":585},"Partnering for raw materials",{"type":580,"attrs":17032,"content":17033},{"textAlign":49},[17034],{"text":17035,"type":585},"India doesn’t have much in the way of natural lithium resources, so partnerships with other companies and countries is key for securing feedstock.",{"type":580,"attrs":17037,"content":17038},{"textAlign":49},[17039,17044,17053],{"text":17040,"type":585,"marks":17041},"Coal India, a state-owned coal producer, has been exploring ",[17042],{"type":850,"attrs":17043},{"color":16843},{"text":17045,"type":585,"marks":17046},"lithium resources in Chile and Argentina",[17047,17050,17052],{"type":590,"attrs":17048},{"href":17049,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/rio-tinto-could-be-second-largest-lithium-miner-by-2035",{"type":850,"attrs":17051},{"color":16852},{"type":2871},{"text":17054,"type":585,"marks":17055}," as well as looking to make deals in graphite and rare earths.",[17056],{"type":850,"attrs":17057},{"color":16843},{"type":580,"attrs":17059,"content":17060},{"textAlign":49},[17061,17066,17075],{"text":17062,"type":585,"marks":17063},"Altmin has partnered with Companhia Brasileira de Lítio (CBL) in Brazil and Yacimientos de Litio Bolivianos (YLB) in Bolivia to secure lithium supplies. Earlier this year, the $250 million greenfield lithium refinery under development by CBL was designated as a project under the ",[17064],{"type":850,"attrs":17065},{"color":16843},{"text":17067,"type":585,"marks":17068},"Mineral Security Partnership",[17069,17072,17074],{"type":590,"attrs":17070},{"href":17071,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/minerals-security-partnership-enters-financing-but-know-how-still-the-missing-link",{"type":850,"attrs":17073},{"color":16852},{"type":2871},{"text":17076,"type":585,"marks":17077}," – a global coalition of countries working towards shared mineral resources.",[17078],{"type":850,"attrs":17079},{"color":16843},{"type":580,"attrs":17081,"content":17082},{"textAlign":49},[17083,17088,17096],{"text":17084,"type":585,"marks":17085},"Benchmark provides independent, actionable ",[17086],{"type":850,"attrs":17087},{"color":16843},{"text":17089,"type":585,"marks":17090},"cathode market intelligence",[17091,17093,17095],{"type":590,"attrs":17092},{"href":13965,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":850,"attrs":17094},{"color":16852},{"type":2871},{"text":17097,"type":585,"marks":17098}," covering prices, forecasts and pCAM capacity data. To request more information from our team, fill out the form below:",[17099],{"type":850,"attrs":17100},{"color":16843},{"type":636,"attrs":17102},{"id":17103,"body":17104},"54ee257c-bc64-45b7-a245-66926d5a262f",[17105],{"id":1997,"_uid":17106,"_editable":17107,"component":1999,"wrap_in_box":50,"hubspot_form":1997,"redirect_url":17108,"success_file":17109,"default_height":645,"success_message":645,"success_sub_text":645,"hidden_field_values":17111},"i-33511b2b-a670-4415-853e-bad3fc560ef9","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-33511b2b-a670-4415-853e-bad3fc560ef9\", \"id\": \"\"}-->",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":17110},{},[],"India’s pipeline of cathode active material (CAM) production capacity is set to grow more than 50-fold over the next decade. Altmin, Himadri Speciality Chemical, and Epsilon Advanced Materials have the largest pipeline capacities in the country. Almost all CAM capacity under development in India is for LFP, both due to the popularity of the cathode […]",[17114],{"slug":17115,"name":17116,"content":17117},"aakanksha-raje","Aakanksha Raje",{"job_title":17118,"image":17119,"bio":17121,"linkedin":17122,"markets_covered":298},"Analyst - Cathode",{"filename":17120},"https://a.storyblok.com/f/287943243085208/512x512/f99cb893df/aakanksha-raje.png","Aakanksha is an analyst on the midstream team at Benchmark Mineral Intelligence. She specialises in cathode and pCAM market analysis, with a particular focus on cathode forecasting. She holds a BSc in Geology from the University of Mumbai and an MSc in Geoscience from University College London.","https://www.linkedin.com/in/aakanksha-raje-270455209/","\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7831505e-c809-4edc-b013-e8bea524ec65\", \"id\": \"\"}-->","Site visit: Altmin and Sudeep Advanced Material support India",[17126,17127,17128,17129],{"slug":956,"name":957},{"slug":2623,"name":298},{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":17131,"copyright":645,"fieldtype":701,"meta_data":17132,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1762255735/www-production/Socials-India-CAM-Capacity-pipeline@2x/Socials-India-CAM-Capacity-pipeline@2x.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":17134,"copyright":645,"fieldtype":701,"meta_data":17135,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1c4b55bb97/bm-img-5529.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"India’s pipeline of cathode active material (CAM) production capacity is set to grow more than 50-fold over the next decade. Altmin, Himadri Speciality Chemical, and Epsilon Advanced Materials have the largest pipeline  […]","Nov 03, 2025",{"id":17139,"uuid":17140,"name":17141,"slug":17142,"full_slug":17143,"content":17144},107049246431658,"eea4a449-1f70-4a33-b86f-23ddac7f333b","Infographic: The last 30 years of rare earths mining","infographic-the-last-30-years-of-rare-earths-mining","article/infographic-the-last-30-years-of-rare-earths-mining",{"_uid":17145,"date":17146,"tags":17147,"editor":17153,"content":17157,"excerpt":17259,"featured":51,"reporter":17260,"_editable":17264,"component":689,"seo_title":17141,"categories":17265,"visibility":2019,"author_company":49,"data_vis_image":17268,"featured_image":17270,"seo_description":17272,"author_full_name":49,"author_job_title":49,"formattedDate":17273},"a1694fa8-23f5-4d45-98bc-f0e77dffb8b3","2025-10-29 00:00",[17148,17149,17150,17151,17152],{"slug":16139,"name":16140},{"slug":720,"name":721},{"slug":564,"name":565},{"slug":561,"name":562},{"slug":2480,"name":2481},[17154],{"slug":1466,"name":1467,"content":17155},{"job_title":1469,"image":17156,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":17158},[17159,17171,17179,17192,17213,17234,17239,17248],{"type":580,"attrs":17160,"content":17161},{"textAlign":49},[17162,17164,17169],{"text":17163,"type":585},"Global mined ",{"text":17165,"type":585,"marks":17166},"rare earth supply",[17167],{"type":590,"attrs":17168},{"href":14387,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":17170,"type":585}," in 2024 was six times higher than in 1994, according to an analysis by Benchmark’s Rare Earths Forecast and the United States Geological Survey.",{"type":580,"attrs":17172,"content":17173},{"textAlign":49},[17174],{"type":1847,"attrs":17175},{"id":49,"alt":17176,"src":17177,"title":49,"source":49,"copyright":49,"meta_data":17178},"Visualising 30 years of rare earth production. Chart showing the growth of mined rare earths production between 1994 and 2024 by country. China reaches 270ktpa in 2024 and the US 46ktpa. Total production in 1994 is labelled as 64.5ktpa and in 2024 as 400ktpa","https://a.storyblok.com/f/287943243085208/26cedc39af/bm-30-years-of-rare-earth-production-voro-10242025.png",{},{"type":580,"attrs":17180,"content":17181},{"textAlign":49},[17182,17184,17190],{"text":17183,"type":585},"Back then, China and the US constituted the majority of supply. However, ",{"text":17185,"type":585,"marks":17186},"repeated spills of toxic wastewater",[17187],{"type":590,"attrs":17188},{"href":17189,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/how-is-the-rare-earths-industry-progressing-on-water-and-waste-management",{"text":17191,"type":585}," into the Mojave National Preserve from the Mountain Pass Mine – once the world’s largest – led to legal action in 1997 and the eventual closure of the mine in 2002, bringing to an end the US’s position as a key source of mined rare earths. ",{"type":580,"attrs":17193,"content":17194},{"textAlign":49},[17195,17197,17203,17205,17211],{"text":17196,"type":585},"This, combined with state support for domestic mines, access to cheaper labour, and looser environmental regulations, ",{"text":17198,"type":585,"marks":17199},"paved the way for China",[17200],{"type":590,"attrs":17201},{"href":17202,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/china-tightens-rare-earth-exports-amid-escalating-trade-tensions-with-us",{"text":17204,"type":585}," to capture over 90% market share at the turn of century. China’s share of mine supply didn’t drop below 80% until 2017, when new  mines in Australia and ",{"text":17206,"type":585,"marks":17207},"Myanmar",[17208],{"type":590,"attrs":17209},{"href":17210,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/disruption-in-myanmar-threatens-rare-earth-price-volatility",{"text":17212,"type":585}," began to eat into its dominance.",{"type":580,"attrs":17214,"content":17215},{"textAlign":49},[17216,17218,17224,17226,17232],{"text":17217,"type":585},"Mountain Pass restarted operations in 2017 under the ownership of the newly formed company MP Materials. In 2024 it reached an annual mined output of 45,000 tonnes of total rare earth oxide. This put the US back into the global supply landscape at a time when ",{"text":17219,"type":585,"marks":17220},"rare earth supply chains are increasingly at the heart of global geopolitics",[17221],{"type":590,"attrs":17222},{"href":17223,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/china-tightens-rare-earths-export-controls-ahead-of-us-trade-talks",{"text":17225,"type":585},". In July this year, the ",{"text":17227,"type":585,"marks":17228},"US government entered into a landmark public-private partnership with MP Materials",[17229],{"type":590,"attrs":17230},{"href":17231,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/pentagon-invests-in-mp-materials-in-bid-to-break-chinas-rare-earths-dominance",{"text":17233,"type":585},", marking its first direct equity investment in a domestic critical minerals project.",{"type":580,"attrs":17235,"content":17236},{"textAlign":49},[17237],{"text":17238,"type":585},"In 2024, China accounted for 70% of the world’s rare earths mining with the US and Myanmar in second and third place with 12% and 9% of supply, respectively.",{"type":580,"attrs":17240,"content":17241},{"textAlign":49},[17242,17246],{"text":17243,"type":585,"marks":17244},"As the rare earths industry gains increasing attention from world leaders, Benchmark enables action by providing independent prices, supply and demand analysis, sustainability insights, and more. Contact us using the form below to learn more about Benchmark’s Rare Earths Service",[17245],{"type":1992},{"text":17247,"type":585},":",{"type":636,"attrs":17249},{"id":17250,"body":17251},"6a141cb7-0ad5-4568-80ec-b7136b3dbf91",[17252],{"id":1997,"_uid":17253,"_editable":17254,"component":1999,"wrap_in_box":50,"hubspot_form":1997,"redirect_url":17255,"success_file":17256,"default_height":645,"success_message":645,"success_sub_text":645,"hidden_field_values":17258},"i-89cfc29a-420d-427c-ae5a-4cfc7b9d20d6","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-89cfc29a-420d-427c-ae5a-4cfc7b9d20d6\", \"id\": \"\"}-->",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":17257},{},[],"Global mined rare earth supply in 2024 was six times higher than in 1994, according to an analysis by Benchmark’s Rare Earths Forecast and the United States Geological Survey. Back then, China and the US constituted the majority of supply. However, repeated spills of toxic wastewater into the Mojave National Preserve from the Mountain Pass […]",[17261],{"slug":1466,"name":1467,"content":17262},{"job_title":1469,"image":17263,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a1694fa8-23f5-4d45-98bc-f0e77dffb8b3\", \"id\": \"\"}-->",[17266,17267],{"slug":1142,"name":1143},{"slug":2900,"name":414},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":17177,"copyright":645,"fieldtype":701,"meta_data":17269,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":8172,"copyright":645,"fieldtype":701,"meta_data":17271,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},"Global mined rare earth supply in 2024 was six times higher than in 1994, according to an analysis by Benchmark’s Rare Earths Forecast and the United States Geological Survey. Back then,  […]","Oct 29, 2025",{"id":17275,"uuid":11378,"name":17276,"slug":17277,"full_slug":17278,"content":17279},106713043189330,"How is battery supply chain funding evolving in 2025?","how-is-battery-supply-chain-funding-evolving-in-2025","article/how-is-battery-supply-chain-funding-evolving-in-2025",{"_uid":17280,"date":17281,"tags":17282,"editor":17287,"content":17291,"excerpt":17569,"featured":51,"reporter":17570,"_editable":17574,"component":689,"seo_title":17276,"categories":17575,"visibility":2019,"author_company":49,"data_vis_image":17584,"featured_image":17586,"seo_description":17589,"author_full_name":49,"author_job_title":49,"formattedDate":17590},"d375639c-6e42-4584-bb99-c197f0fcd029","2025-10-23 00:00",[17283,17284],{"slug":564,"name":565},{"slug":17285,"name":17286},"financial-markets","Financial Markets",[17288],{"slug":1466,"name":1467,"content":17289},{"job_title":1469,"image":17290,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":17292},[17293,17341,17348,17353,17358,17363,17396,17401,17450,17485,17490,17512,17517,17551,17558],{"type":580,"attrs":17294,"content":17295},{"textAlign":49},[17296,17301,17310,17315,17323,17328,17337],{"text":17297,"type":585,"marks":17298},"Benchmark has tracked over $50 billion of ",[17299],{"type":850,"attrs":17300},{"color":16843},{"text":17302,"type":585,"marks":17303},"energy transition funding",[17304,17307,17309],{"type":590,"attrs":17305},{"href":17306,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/publications/briefings/energy-transition-capitals/energy-transition-capital-january-2026",{"type":850,"attrs":17308},{"color":16852},{"type":2871},{"text":17311,"type":585,"marks":17312},", throughout 2025 in its ",[17313],{"type":850,"attrs":17314},{"color":16843},{"text":17316,"type":585,"marks":17317},"Energy Transition Capital database",[17318,17320,17322],{"type":590,"attrs":17319},{"href":17306,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":850,"attrs":17321},{"color":16852},{"type":2871},{"text":17324,"type":585,"marks":17325},", with the largest share allocated to the ",[17326],{"type":850,"attrs":17327},{"color":16843},{"text":17329,"type":585,"marks":17330},"battery supply chain",[17331,17334,17336],{"type":590,"attrs":17332},{"href":17333,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/which-companies-control-the-lithium-ion-battery-supply-chain-2",{"type":850,"attrs":17335},{"color":16852},{"type":2871},{"text":1538,"type":585,"marks":17338},[17339],{"type":850,"attrs":17340},{"color":16843},{"type":580,"attrs":17342,"content":17343},{"textAlign":49},[17344],{"type":1847,"attrs":17345},{"id":49,"alt":645,"src":17346,"title":49,"source":49,"copyright":49,"meta_data":17347},"https://a.storyblok.com/f/287943243085208/a0fe8a61be/bm-battery-supply-chain-funding-2.png",{},{"type":580,"attrs":17349,"content":17350},{"textAlign":49},[17351],{"text":17352,"type":585},"The Energy Transition Capital tracks all funding across energy transition markets, for energy storage and mining this includes project financing where publicly available.",{"type":647,"attrs":17354,"content":17355},{"level":13022,"textAlign":49},[17356],{"text":17357,"type":585},"The role of debt, grants, and equity",{"type":647,"attrs":17359,"content":17360},{"level":13022,"textAlign":49},[17361],{"text":17362,"type":585},"Debt",{"type":580,"attrs":17364,"content":17365},{"textAlign":49},[17366,17370,17379,17384,17391],{"text":1005,"type":585,"marks":17367},[17368],{"type":850,"attrs":17369},{"color":16843},{"text":17371,"type":585,"marks":17372},"EV, battery, and battery materials markets",[17373,17376,17378],{"type":590,"attrs":17374},{"href":17375,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/debt-in-the-ev-market-how-is-it-evolving",{"type":850,"attrs":17377},{"color":16852},{"type":2871},{"text":17380,"type":585,"marks":17381}," have matured rapidly over the past few years. As a result, debt is playing an increasingly important role in financing these sectors. The ",[17382],{"type":850,"attrs":17383},{"color":16843},{"text":793,"type":585,"marks":17385},[17386,17388,17390],{"type":590,"attrs":17387},{"href":2226,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":850,"attrs":17389},{"color":16852},{"type":2871},{"text":17392,"type":585,"marks":17393}," and charging industries both saw the majority of their funding come through debt, testament to their growing maturity as the market recognises the increasing bankability of business models and more stable, secure revenue streams.",[17394],{"type":850,"attrs":17395},{"color":16843},{"type":647,"attrs":17397,"content":17398},{"level":13022,"textAlign":49},[17399],{"text":17400,"type":585},"Grants",{"type":580,"attrs":17402,"content":17403},{"textAlign":49},[17404,17409,17418,17423,17432,17437,17445],{"text":17405,"type":585,"marks":17406},"Grants accounted for the majority of funding in the ",[17407],{"type":850,"attrs":17408},{"color":16843},{"text":17410,"type":585,"marks":17411},"battery recycling industry",[17412,17415,17417],{"type":590,"attrs":17413},{"href":17414,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/us-doe-funding-promises-680-million-to-support-domestic-recycling-projects",{"type":850,"attrs":17416},{"color":16852},{"type":2871},{"text":17419,"type":585,"marks":17420},", as well as substantial portions of the ",[17421],{"type":850,"attrs":17422},{"color":16843},{"text":17424,"type":585,"marks":17425},"battery materials and mining",[17426,17429,17431],{"type":590,"attrs":17427},{"href":17428,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/is-the-us-embarking-on-a-critical-mineral-spending-spree",{"type":850,"attrs":17430},{"color":16852},{"type":2871},{"text":17433,"type":585,"marks":17434}," sectors. In previous years, equity funding had dominated recycling, but investor appetite has weakened as the business outlook remains uncertain amid ongoing market challenges. However, governments recognise the strategic importance of ",[17435],{"type":850,"attrs":17436},{"color":16843},{"text":7742,"type":585,"marks":17438},[17439,17442,17444],{"type":590,"attrs":17440},{"href":17441,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/glossary/lithium-ion-battery-recycling",{"type":850,"attrs":17443},{"color":16852},{"type":2871},{"text":17446,"type":585,"marks":17447},", and grants are helping the industry stay afloat ahead of anticipated future revenue streams.",[17448],{"type":850,"attrs":17449},{"color":16843},{"type":580,"attrs":17451,"content":17452},{"textAlign":49},[17453,17458,17467,17472,17481],{"text":17454,"type":585,"marks":17455},"For battery materials and mining, governments are increasingly aware of their reliance on ",[17456],{"type":850,"attrs":17457},{"color":16843},{"text":17459,"type":585,"marks":17460},"China's supply chains",[17461,17464,17466],{"type":590,"attrs":17462},{"href":17463,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/infographic-chinas-lithium-ion-battery-supply-chain-dominance",{"type":850,"attrs":17465},{"color":16852},{"type":2871},{"text":17468,"type":585,"marks":17469},". As a result, grant and equity funding are supporting the development of ",[17470],{"type":850,"attrs":17471},{"color":16843},{"text":17473,"type":585,"marks":17474},"ex-China production capacity",[17475,17478,17480],{"type":590,"attrs":17476},{"href":17477,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/the-evolution-of-chinas-upstream-supply-chain-dominance",{"type":850,"attrs":17479},{"color":16852},{"type":2871},{"text":1538,"type":585,"marks":17482},[17483],{"type":850,"attrs":17484},{"color":16843},{"type":647,"attrs":17486,"content":17487},{"level":13022,"textAlign":49},[17488],{"text":17489,"type":585},"Equity",{"type":580,"attrs":17491,"content":17492},{"textAlign":49},[17493,17498,17507],{"text":17494,"type":585,"marks":17495},"Investor appetite for equity funding remains strong across most markets, as the ",[17496],{"type":850,"attrs":17497},{"color":16843},{"text":17499,"type":585,"marks":17500},"EV and battery sectors",[17501,17504,17506],{"type":590,"attrs":17502},{"href":17503,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/global-ev-sales-reach-20-7-million-units-in-2025-growing-by-20",{"type":850,"attrs":17505},{"color":16852},{"type":2871},{"text":17508,"type":585,"marks":17509}," continue to expand, offering the potential for positive long-term returns.",[17510],{"type":850,"attrs":17511},{"color":16843},{"type":647,"attrs":17513,"content":17514},{"level":13022,"textAlign":49},[17515],{"text":17516,"type":585},"Energy Transition Capital",{"type":580,"attrs":17518,"content":17519},{"textAlign":49},[17520,17525,17534,17539,17547],{"text":17521,"type":585,"marks":17522},"Benchmark's Energy Transition Capital tracker provides monthly data offering insights into debt, equity, and grant markets across the energy transition. It covers funding from start-ups through to ",[17523],{"type":850,"attrs":17524},{"color":16843},{"text":17526,"type":585,"marks":17527},"IPOs and market share price tracking",[17528,17531,17533],{"type":590,"attrs":17529},{"href":17530,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/publications/briefings",{"type":850,"attrs":17532},{"color":16852},{"type":2871},{"text":17535,"type":585,"marks":17536},". For Source subscribers ",[17537],{"type":850,"attrs":17538},{"color":16843},{"text":17540,"type":585,"marks":17541},"click here to see Benchmark's Energy Transition Capital Tracker",[17542,17544,17546],{"type":590,"attrs":17543},{"href":17306,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":850,"attrs":17545},{"color":16852},{"type":2871},{"text":1538,"type":585,"marks":17548},[17549],{"type":850,"attrs":17550},{"color":16843},{"type":580,"attrs":17552,"content":17553},{"textAlign":49},[17554],{"text":17555,"type":585,"marks":17556},"For non subscribers, if you’d like to learn more, submit your details and our team will be in touch:",[17557],{"type":1992},{"type":636,"attrs":17559},{"id":17560,"body":17561},"c5735e5a-9555-4051-b957-aa49f745b8a8",[17562],{"id":1997,"_uid":17563,"_editable":17564,"component":1999,"wrap_in_box":50,"hubspot_form":1997,"redirect_url":17565,"success_file":17566,"default_height":645,"success_message":645,"success_sub_text":645,"hidden_field_values":17568},"i-b77d3aee-b3e5-40a5-a9d4-29e4b71abfbf","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-b77d3aee-b3e5-40a5-a9d4-29e4b71abfbf\", \"id\": \"\"}-->",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":17567},{},[],"Benchmark has tracked over $50 billion of energy transition funding, throughout 2025 in its Energy Transition Capital database, with the largest share allocated to the battery supply chain. The role of debt, grants, and equity Debt The EV, battery, and battery materials markets have matured rapidly over the past few years. As a result, debt is playing an increasingly […]",[17571],{"slug":1466,"name":1467,"content":17572},{"job_title":1469,"image":17573,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d375639c-6e42-4584-bb99-c197f0fcd029\", \"id\": \"\"}-->",[17576,17577,17578,17579,17580,17581,17582,17583],{"slug":956,"name":957},{"slug":959,"name":960},{"slug":1142,"name":1143},{"slug":950,"name":951},{"slug":692,"name":693},{"slug":3379,"name":3380},{"slug":7742,"name":7743},{"slug":14595,"name":14596},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":17346,"copyright":645,"fieldtype":701,"meta_data":17585,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":17587,"copyright":645,"fieldtype":701,"meta_data":17588,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/edd9fcbd6b/bm-adobestock-569678687.jpeg",{"alt":645,"title":645,"source":645,"copyright":645},"Benchmark has tracked over $50 billion of energy transition funding, throughout 2025 in its Energy Transition Capital database, with the largest share allocated to the battery supply chain. The role of debt, grants, and equity Debt The EV, battery,  […]","Oct 23, 2025",{"id":17592,"uuid":17593,"name":17594,"slug":17595,"full_slug":17596,"content":17597},106713837858465,"4d23bf42-2e8f-45e6-b625-a7c7ae1e4514","How battery technology supports mine decarbonisation","how-battery-technology-supports-mine-decarbonisation","article/how-battery-technology-supports-mine-decarbonisation",{"_uid":17598,"date":17599,"tags":17600,"editor":17606,"content":17610,"excerpt":17746,"featured":51,"reporter":17747,"_editable":17751,"component":689,"seo_title":17594,"categories":17752,"visibility":697,"author_company":49,"data_vis_image":17758,"featured_image":17761,"seo_description":17764,"author_full_name":49,"author_job_title":49,"formattedDate":17765},"21cd87f5-9fb7-46c0-83ae-07cef8b9406b","2025-10-21 00:00",[17601,17602,17603],{"slug":564,"name":565},{"slug":5912,"name":5912},{"slug":17604,"name":17605},"esg","ESG",[17607],{"slug":1466,"name":1467,"content":17608},{"job_title":1469,"image":17609,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":17611},[17612,17625,17644,17649,17654,17659,17664,17672,17677,17682,17695,17700,17705,17710,17736,17741],{"type":580,"attrs":17613,"content":17614},{"textAlign":49},[17615,17617,17623],{"text":17616,"type":585},"The mining industry accounted for ~5% of global ",{"text":17618,"type":585,"marks":17619},"carbon emissions",[17620],{"type":590,"attrs":17621},{"href":17622,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/lca",{"text":17624,"type":585}," last year, with roughly half originating from mining vehicles.",{"type":580,"attrs":17626,"content":17627},{"textAlign":49},[17628,17634,17636,17642],{"text":17629,"type":585,"marks":17630},"Electrifying mine sites",[17631],{"type":590,"attrs":17632},{"href":17633,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://rhomotion.com/membership-videos/the-electrification-of-mining-the-new-era/",{"text":17635,"type":585}," offers an opportunity for miners to ",{"text":17637,"type":585,"marks":17638},"cut emissions",[17639],{"type":590,"attrs":17640},{"href":17641,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/benchmarks-lithium-carbon-curves-reveals-10x-emissions-gap-across-top-50-operations",{"text":17643,"type":585}," while also reducing costs. With 30%–50% of a mine’s energy costs attributed to diesel, replacing internal combustion fleets can deliver significant savings.",{"type":580,"attrs":17645,"content":17646},{"textAlign":49},[17647],{"text":17648,"type":585},"“Mining electrification is the silver bullet to decarbonization in mining, it even makes it economically viable,” Joachim Braun, division president of ABB Process Industries, told Benchmark Source on the sidelines of the FT Live Metals and Mining Summit in London earlier in October. “In a lot of cases, you get a lot of additional benefit from this, other than just substituting basically one fuel by another.”",{"type":580,"attrs":17650,"content":17651},{"textAlign":49},[17652],{"text":17653,"type":585},"Members of the International Council on Mining and Metals are targeting net‑zero scope 1 and scope 2 emissions by 2050 or sooner.",{"type":647,"attrs":17655,"content":17656},{"level":13022,"textAlign":49},[17657],{"text":17658,"type":585},"What strategies are there for mine site electrification?",{"type":580,"attrs":17660,"content":17661},{"textAlign":49},[17662],{"text":17663,"type":585},"The electrification of mining vehicles can take several forms, from entirely running on a battery, to being powered via a catenary system. Hybrid approaches also exist, allowing vehicles to switch between battery and catenary operation, or between electric and diesel modes.",{"type":636,"attrs":17665},{"id":17666,"body":17667},"c5e4ae9a-7d6b-45bd-8b00-b8d08c41f74b",[17668],{"id":17669,"_uid":17670,"type":643,"_editable":17671,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"25639363","i-00d4d010-7e69-4958-bfb9-8d1b712b1fe8","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-00d4d010-7e69-4958-bfb9-8d1b712b1fe8\", \"id\": \"\"}-->",{"type":580,"attrs":17673,"content":17674},{"textAlign":49},[17675],{"text":17676,"type":585},"Catenary systems are most effective on fixed routes, such as haul circuits for waste or ore. While they reduce reliance on batteries, they are capital‑intensive and less flexible. Hybrid vehicles that can use both catenary lines and on‑board batteries therefore offer improved operational flexibility without depending entirely on static charging infrastructure.",{"type":580,"attrs":17678,"content":17679},{"textAlign":49},[17680],{"text":17681,"type":585},"Fully battery‑electric vehicles (BEVs) are particularly suited to underground mining, where they lower ventilation costs due to the elimination of exhaust emissions. Charging or battery‑swapping stations underground can further improve productivity.",{"type":580,"attrs":17683,"content":17684},{"textAlign":49},[17685,17687,17693],{"text":17686,"type":585},"Given often remote locations, many mine sites operate their own isolated electricity grids. Switching these to ",{"text":17688,"type":585,"marks":17689},"renewables",[17690],{"type":590,"attrs":17691},{"href":17692,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/can-renewables-help-clean-up-indonesias-nickel-industry",{"text":17694,"type":585}," such as solar or wind power can enable deeper decarbonisation. However, as mining operations typically run 24/7, energy storage is essential to maintain power when generation is low, such as overnight.",{"type":580,"attrs":17696,"content":17697},{"textAlign":49},[17698],{"text":17699,"type":585},"“Mine optimisation looks different with renewable energy,” Braun said. “If you have renewable power sources, then you probably need to put in some intelligence to manage them.”",{"type":647,"attrs":17701,"content":17702},{"level":13022,"textAlign":49},[17703],{"text":17704,"type":585},"What activity has there been in the space this year?",{"type":580,"attrs":17706,"content":17707},{"textAlign":49},[17708],{"text":17709,"type":585},"Australia’s Fortescue Metals signed a US$2.8bn partnership with mine vehicle producer Liebherr includes 360 autonomous battery-electric trucks, 55 electric excavators and 60 battery-powered dozers. Fortescue also has a deal worth $400m with Chinese electric mining vehicle producer XCMG.",{"type":580,"attrs":17711,"content":17712},{"textAlign":49},[17713,17715,17721,17723,17728,17729,17734],{"text":17714,"type":585},"Australian ",{"text":17716,"type":585,"marks":17717},"mining giant BHP",[17718],{"type":590,"attrs":17719},{"href":17720,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/search/tag/bhp",{"text":17722,"type":585}," signed memoranda of understanding  (MoUs) with both ",{"text":1295,"type":585,"marks":17724},[17725],{"type":590,"attrs":17726},{"href":17727,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/search/tag/byd",{"text":6709,"type":585},{"text":2045,"type":585,"marks":17730},[17731],{"type":590,"attrs":17732},{"href":17733,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/search/tag/catl",{"text":17735,"type":585}," to explore mine decarbonisation and electrification solutions in July of this year.",{"type":580,"attrs":17737,"content":17738},{"textAlign":49},[17739],{"text":17740,"type":585},"In August, the Australian Renewable Energy Agency (ARENA) awarded A$9m (US$5.8m) to BluVein to develop its “rail and hammer” dynamic charging system for heavy-haul mining BEVs.",{"type":580,"attrs":17742,"content":17743},{"textAlign":49},[17744],{"text":17745,"type":585},"Switzerland-based ABB signed a partnership with Sumitomo in April this year, following two other partnerships with Japanese firms Hitachi and Komatsu to explore the decarbonisation of mining machinery both in Japan and globally. In October, ABB also announced a collaboration with Sweden’s LKAB on mine automation, electrification and digitisation, including BEV charging and management.","The mining industry accounted for ~5% of global carbon emissions last year, with roughly half originating from mining vehicles. Electrifying mine sites offers an opportunity for miners to cut emissions while also reducing costs. With 30%–50% of a mine’s energy costs attributed to diesel, replacing internal combustion fleets can deliver significant savings. “Mining electrification is […]",[17748],{"slug":1466,"name":1467,"content":17749},{"job_title":1469,"image":17750,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"21cd87f5-9fb7-46c0-83ae-07cef8b9406b\", \"id\": \"\"}-->",[17753,17754,17755,17756,17757],{"slug":956,"name":957},{"slug":959,"name":960},{"slug":950,"name":951},{"slug":692,"name":693},{"slug":14595,"name":14596},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":17759,"copyright":645,"fieldtype":701,"meta_data":17760,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1761041300/www-production/Electrified-mine-site@2x/Electrified-mine-site@2x.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":17762,"copyright":645,"fieldtype":701,"meta_data":17763,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c7ae31f798/bm-minetruck-mt42-sg-trolley-1.jpeg",{"alt":645,"title":645,"source":645,"copyright":645},"The mining industry accounted for ~5% of global carbon emissions last year, with roughly half originating from mining vehicles. Electrifying mine sites offers an opportunity for miners to cut emissions while also reducing costs. With 30%–50%  […]","Oct 21, 2025",{"id":17767,"uuid":17768,"name":17769,"slug":17770,"full_slug":17771,"content":17772},106714315607734,"d5f3b9f9-36ec-4e4b-8560-bb299718424c","DLE to play key role in UK lithium market","dle-to-play-key-role-in-uk-lithium-market","article/dle-to-play-key-role-in-uk-lithium-market",{"_uid":17773,"date":17774,"tags":17775,"editor":17802,"content":17806,"excerpt":17948,"featured":51,"reporter":17949,"_editable":17953,"component":689,"seo_title":17769,"categories":17954,"visibility":697,"author_company":49,"data_vis_image":17957,"featured_image":17960,"seo_description":17948,"author_full_name":49,"author_job_title":49,"formattedDate":17963},"33d174e8-7cdb-464a-bce5-b370bd6e271a","2025-10-16 00:00",[17776,17779,17782,17783,17786,17787,17790,17793,17796,17799],{"slug":17777,"name":17778},"british-lithium","British Lithium",{"slug":17780,"name":17781},"cornish-lithium","Cornish Lithium",{"slug":564,"name":565},{"slug":17784,"name":17785},"dle","DLE",{"slug":1291,"name":1292},{"slug":17788,"name":17789},"evove","Evove",{"slug":17791,"name":17792},"imerys","Imerys",{"slug":17794,"name":17795},"levertonhelm","LevertonHelm",{"slug":17797,"name":17798},"northern-lithium","Northern Lithium",{"slug":17800,"name":17801},"rules-of-origin","Rules of origin",[17803],{"slug":1466,"name":1467,"content":17804},{"job_title":1469,"image":17805,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":17807},[17808,17821,17839,17847,17852,17865,17870,17887,17892,17904,17912,17917,17930,17943],{"type":580,"attrs":17809,"content":17810},{"textAlign":49},[17811,17813,17819],{"text":17812,"type":585},"The UK currently has no operating lithium extraction facilities. However, there are ",{"text":17814,"type":585,"marks":17815},"ambitious plans",[17816],{"type":590,"attrs":17817},{"href":17818,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/the-uks-domestic-lithium-ambitions",{"text":17820,"type":585}," to develop this industry, with 97,000 tonnes LCE per year of nameplate capacity in the pipeline at various stages of funding and development.",{"type":580,"attrs":17822,"content":17823},{"textAlign":49},[17824,17830,17832,17837],{"text":17825,"type":585,"marks":17826},"Direct lithium extraction",[17827],{"type":590,"attrs":17828},{"href":17829,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/publications/special-issues/1320373",{"text":17831,"type":585}," (DLE) from geothermal brines accounts for 60% of this pipeline, according to ",{"text":17833,"type":585,"marks":17834},"Benchmark’s Lithium Forecast",[17835],{"type":590,"attrs":17836},{"href":13199,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":17838,"type":585},". The largest planned DLE facility in the UK is under development by Northern Lithium.",{"type":636,"attrs":17840},{"id":17841,"body":17842},"72363310-cfc6-48a1-b195-f413ac871c0d",[17843],{"id":17844,"_uid":17845,"type":643,"_editable":17846,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"25655810","i-87370bce-03b0-4d95-b3e9-5026f8cf5347","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-87370bce-03b0-4d95-b3e9-5026f8cf5347\", \"id\": \"\"}-->",{"type":647,"attrs":17848,"content":17849},{"level":13022,"textAlign":49},[17850],{"text":17851,"type":585},"Recent developments in the UK’s lithium scene",{"type":580,"attrs":17853,"content":17854},{"textAlign":49},[17855,17857,17863],{"text":17856,"type":585},"Northern Lithium, a UK-based lithium developer, announced this month a partnership to use ",{"text":17858,"type":585,"marks":17859},"Evove’s DLE technology",[17860],{"type":590,"attrs":17861},{"href":17862,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/direct-lithium-extraction-with-evove-2",{"text":17864,"type":585}," in modular systems manufactured by Japanese water treatment company Kurita Water Industries to extract lithium at its County Durham project in the UK.",{"type":580,"attrs":17866,"content":17867},{"textAlign":49},[17868],{"text":17869,"type":585},"If successful, Northern Lithium intends to begin small-scale production of ~500 tonnes LCE per year from 2027 with plans to ramp this up to 20,000 tonnes per year by 2035. The company completed a demonstration for this at the start of the year, and closed a their first £3.45m ($4.64m) tranche of funding an Q1 2025.",{"type":580,"attrs":17871,"content":17872},{"textAlign":49},[17873,17878,17880,17885],{"text":17781,"type":585,"marks":17874},[17875],{"type":590,"attrs":17876},{"href":17877,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/the-missing-middle-uks-first-lithium-refinery-highlights-need-for-domestic-battery-materials",{"text":17879,"type":585},", another UK-based lithium developer, is pursuing both DLE and hard rock lithium extraction in the south-west of England. Last month, they secured £31m ($41.5m) in equity from the National Wealth Fund and £4m ($5.4m) from TechMet, both of which had previously invested in the company. Cornish Lithium Trelavour Lithium project was designated as an ‘MSP Project’ by the ",{"text":17881,"type":585,"marks":17882},"Minerals Security Partnership",[17883],{"type":590,"attrs":17884},{"href":17071,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":17886,"type":585}," earlier this month.",{"type":580,"attrs":17888,"content":17889},{"textAlign":49},[17890],{"text":17891,"type":585},"On the chemical side, all of the mine developers also have plans to convert the lithium they extract into chemicals.",{"type":580,"attrs":17893,"content":17894},{"textAlign":49},[17895,17897,17902],{"text":17896,"type":585},"To date, LevertonHelm is the only operating producer, and at the start of the year ",{"text":17898,"type":585,"marks":17899},"inaugurated a lithium chloride production facility",[17900],{"type":590,"attrs":17901},{"href":17818,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":17903,"type":585},". LevertonHelm is partnered to source some of its feedstock from Cornish Lithium.",{"type":636,"attrs":17905},{"id":17906,"body":17907},"0364dfa3-6d11-48c9-9acd-cf84e0119584",[17908],{"id":17909,"_uid":17910,"type":643,"_editable":17911,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"25659591","i-a6513146-180b-47ef-8953-6f9aaa0a3688","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-a6513146-180b-47ef-8953-6f9aaa0a3688\", \"id\": \"\"}-->",{"type":647,"attrs":17913,"content":17914},{"level":13022,"textAlign":49},[17915],{"text":17916,"type":585},"The importance of domestic lithium sources",{"type":580,"attrs":17918,"content":17919},{"textAlign":49},[17920,17922,17928],{"text":17921,"type":585},"Having domestic sources of lithium is key for both the UK and the wider European market. As part of post-Brexit negotiations, ",{"text":17923,"type":585,"marks":17924},"rules-of-origin requirements",[17925],{"type":590,"attrs":17926},{"href":17927,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/why-the-uk-auto-industry-is-worried-about-rules-of-origin-regulations-in-eu-trade",{"text":17929,"type":585}," were established for electric vehicles (EV).",{"type":580,"attrs":17931,"content":17932},{"textAlign":49},[17933,17935,17941],{"text":17934,"type":585},"From 1 January 2027 ",{"text":17936,"type":585,"marks":17937},"(pushed back from January 2024",[17938],{"type":590,"attrs":17939},{"href":17940,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/eu-delays-brexit-ev-trade-rules-yet-challenges-remain",{"text":17942,"type":585},"), in order for an EV to be traded between the UK and EU, 45% of the value of the EV and 60% of the battery pack must originate in the UK or EU. Failure to comply with this requirement will result in a 10% tariff being applied.",{"type":580,"attrs":17944,"content":17945},{"textAlign":49},[17946],{"text":17947,"type":585},"Given that the battery is the largest cost component of an EV and that the cathode is the highest cost part of the battery, sourcing lithium domestically could help towards these rules.","The UK currently has no operating lithium extraction facilities. However, there are ambitious plans to develop this industry, with 97,000 tonnes LCE per year of nameplate capacity in the pipeline at various stages of funding and development. Direct lithium extraction (DLE) from geothermal brines accounts for 60% of this pipeline, according to Benchmark’s Lithium Forecast. […]",[17950],{"slug":1466,"name":1467,"content":17951},{"job_title":1469,"image":17952,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"33d174e8-7cdb-464a-bce5-b370bd6e271a\", \"id\": \"\"}-->",[17955,17956],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":17958,"copyright":645,"fieldtype":701,"meta_data":17959,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1760605278/www-production/UK-Lithium-chemicals@2x/UK-Lithium-chemicals@2x.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":17961,"copyright":645,"fieldtype":701,"meta_data":17962,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/b5cc15d30a/bm-lithium-samples-2048x1256-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Oct 16, 2025",{"id":17965,"uuid":9146,"name":17966,"slug":17967,"full_slug":17968,"content":17969},106721855757710,"Who were the top cell suppliers in the BESS market in H1 2025?","who-were-the-top-cell-suppliers-in-the-bess-market-in-h1-2025","article/who-were-the-top-cell-suppliers-in-the-bess-market-in-h1-2025",{"_uid":17970,"date":17971,"tags":17972,"editor":17980,"content":17984,"excerpt":18148,"featured":51,"reporter":18149,"_editable":18153,"component":689,"seo_title":17966,"categories":18154,"visibility":2019,"author_company":49,"data_vis_image":18157,"featured_image":18160,"seo_description":18163,"author_full_name":49,"author_job_title":49,"formattedDate":18164},"13e55676-ca60-4498-97cc-9af2c7cd3062","2025-10-14 00:00",[17973,17974,17975,17976,17977,17978,17979],{"slug":3400,"name":946},{"slug":2044,"name":2045},{"slug":720,"name":721},{"slug":564,"name":565},{"slug":4789,"name":451},{"slug":4786,"name":4787},{"slug":7778,"name":7779},[17981],{"slug":9249,"name":9250,"content":17982},{"job_title":9252,"image":17983,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":17985},[17986,18008,18013,18021,18034,18039,18070,18075,18097,18102,18107,18112,18128,18135,18146],{"type":580,"attrs":17987,"content":17988},{"textAlign":49},[17989,17994,18003],{"text":17990,"type":585,"marks":17991},"In the first half of 2025, the global ",[17992],{"type":850,"attrs":17993},{"color":16843},{"text":17995,"type":585,"marks":17996},"BESS battery market",[17997,18000,18002],{"type":590,"attrs":17998},{"href":17999,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/glossary/battery-energy-storage-system",{"type":850,"attrs":18001},{"color":16852},{"type":2871},{"text":18004,"type":585,"marks":18005}," showed clear signs of accelerated growth, with cell shipments in the first six months of 2025 surpassing the total volume of 2023 by over 17%.",[18006],{"type":850,"attrs":18007},{"color":16843},{"type":580,"attrs":18009,"content":18010},{"textAlign":49},[18011],{"text":18012,"type":585},"Explore how the top 10 ESS cell producers has evolved since 2023 in the interactive graphic below.",{"type":636,"attrs":18014},{"id":18015,"body":18016},"f4ef0090-c4b1-4dc6-a6cc-f10d8572caef",[18017],{"id":18018,"_uid":18019,"type":643,"_editable":18020,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"25611853","i-c53f02e9-b63f-4e85-845b-67ba7d10cd22","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-c53f02e9-b63f-4e85-845b-67ba7d10cd22\", \"id\": \"\"}-->",{"type":580,"attrs":18022,"content":18023},{"textAlign":49},[18024,18026,18032],{"text":18025,"type":585},"Previously we examined the top ",{"text":18027,"type":585,"marks":18028},"BESS system integrator ranking to understand how the BESS industry is changing",[18029],{"type":590,"attrs":18030},{"href":18031,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/bess-system-integrator-ranking-in-h1-2025-shows-change-is-on-the-horizon-for-the-industry",{"text":18033,"type":585},". Taking a look at the cell supply landscape shows different trends seen within the BESS industry.  ",{"type":647,"attrs":18035,"content":18036},{"level":13022,"textAlign":49},[18037],{"text":18038,"type":585},"Market acceleration is driving Chinese dominance in cell supply",{"type":580,"attrs":18040,"content":18041},{"textAlign":49},[18042,18051,18056,18065],{"text":18043,"type":585,"marks":18044},"Chinese suppliers continued to dominate",[18045,18048,18050],{"type":590,"attrs":18046},{"href":18047,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/who-supplies-the-world-s-ev-batteries-",{"type":850,"attrs":18049},{"color":16852},{"type":2871},{"text":18052,"type":585,"marks":18053},", with all of the top ten cell suppliers by shipment volume coming from China in H1 2025. In 2023, both Samsung SDI and LG Energy Solution featured among the leading cell suppliers. However, as ",[18054],{"type":850,"attrs":18055},{"color":16843},{"text":18057,"type":585,"marks":18058},"LFP preference became more dominant",[18059,18062,18064],{"type":590,"attrs":18060},{"href":18061,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/ncm-and-lfp-the-battle-for-cathode-chemistry-dominance",{"type":850,"attrs":18063},{"color":16852},{"type":2871},{"text":18066,"type":585,"marks":18067},", Korean battery makers, previously advantaged in NCM, have temporarily fallen out of the global top ten ranking.",[18068],{"type":850,"attrs":18069},{"color":16843},{"type":647,"attrs":18071,"content":18072},{"level":13022,"textAlign":49},[18073],{"text":18074,"type":585},"Competition is driving a less top-heavy market",{"type":580,"attrs":18076,"content":18077},{"textAlign":49},[18078,18083,18092],{"text":18079,"type":585,"marks":18080},"Although the overall market continues to expand, the market share of leading players has steadily declined. In 2023, the combined market share of the top three suppliers was 58%; in 2024, this dropped to 53%, and to just 46% in H1 2025. Despite rapid market growth, competition is intensifying, with more players successfully capturing share. That said, ",[18081],{"type":850,"attrs":18082},{"color":16843},{"text":18084,"type":585,"marks":18085},"CATL remained the largest cell supplier to the market",[18086,18089,18091],{"type":590,"attrs":18087},{"href":18088,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/charting-the-evolution-of-catls-revenue-streams",{"type":850,"attrs":18090},{"color":16852},{"type":2871},{"text":18093,"type":585,"marks":18094},", holding a 22% share in H1 2025.",[18095],{"type":850,"attrs":18096},{"color":16843},{"type":580,"attrs":18098,"content":18099},{"textAlign":49},[18100],{"text":18101,"type":585},"Even so, the cell supplier market still has fewer participants than the system integration segment. This is mainly driven by the low cost of cells, which has lowered entry barriers for new system integrators, and by the fact that it is less capital-intensive to establish a system integration facility than to build a cell manufacturing plant.",{"type":647,"attrs":18103,"content":18104},{"level":13022,"textAlign":49},[18105],{"text":18106,"type":585},"Rankings may change as shipment orders get increasingly large",{"type":580,"attrs":18108,"content":18109},{"textAlign":49},[18110],{"text":18111,"type":585},"At the company level, shipment rankings are closely tied to the delivery of major orders. In 2024, CALB significantly improved its position after supplying cells to Sungrow for a 12.2GWh order in the Middle East. Meanwhile, BYD fell out of the global top five in the first half of 2025, but with the launch of its 6.5GWh project with Grenergy in Chile in the second half of 2025, its ranking is expected to rebound strongly.",{"type":580,"attrs":18113,"content":18114},{"textAlign":49},[18115,18123],{"text":18116,"type":585,"marks":18117},"Benchmark's BESS Service",[18118,18120,18122],{"type":590,"attrs":18119},{"href":2226,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":850,"attrs":18121},{"color":16852},{"type":2871},{"text":18124,"type":585,"marks":18125}," provides unmatched insights into the global battery energy stationary storage (BESS) market with long-term forecasts, monthly project-level data and analysis.",[18126],{"type":850,"attrs":18127},{"color":16843},{"type":580,"attrs":18129,"content":18130},{"textAlign":49},[18131],{"text":18132,"type":585,"marks":18133},"If you’d like to learn more, submit your details and our team will be in touch:",[18134],{"type":1992},{"type":636,"attrs":18136},{"id":18137,"body":18138},"9bee5210-4cde-46bc-a255-455d3093b94e",[18139],{"id":1997,"_uid":18140,"_editable":18141,"component":1999,"wrap_in_box":50,"hubspot_form":1997,"redirect_url":18142,"success_file":18143,"default_height":645,"success_message":645,"success_sub_text":645,"hidden_field_values":18145},"i-ef43d967-d09c-4ade-b3e8-104a8676cee5","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-ef43d967-d09c-4ade-b3e8-104a8676cee5\", \"id\": \"\"}-->",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":18144},{},[],{"type":580,"attrs":18147},{"textAlign":49},"In the first half of 2025, the global BESS battery market showed clear signs of accelerated growth, with cell shipments in the first six months of 2025 surpassing the total volume of 2023 by over 17%. Explore how the top 10 ESS cell producers has evolved since 2023 in the interactive graphic below. Previously we examined the top BESS […]",[18150],{"slug":9249,"name":9250,"content":18151},{"job_title":9252,"image":18152,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"13e55676-ca60-4498-97cc-9af2c7cd3062\", \"id\": \"\"}-->",[18155,18156],{"slug":956,"name":957},{"slug":950,"name":951},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":18158,"copyright":645,"fieldtype":701,"meta_data":18159,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1760449266/www-production/Screenshot-2025-10-14-144044/Screenshot-2025-10-14-144044.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":18161,"copyright":645,"fieldtype":701,"meta_data":18162,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6db38cd132/bm-adobestock-459510793.jpeg",{"alt":645,"title":645,"source":645,"copyright":645},"In the first half of 2025, the global BESS battery market showed clear signs of accelerated growth, with cell shipments in the first six months of 2025 surpassing the total volume of 2023 by over 17%. Explore how the top 10 ESS Cell […]","Oct 14, 2025",{"id":18166,"uuid":18167,"name":18168,"slug":18169,"full_slug":18170,"content":18171},107078614573221,"7dfe05d9-8b11-4b29-a6ea-e246b6fcaf71","What did California’s EV sales penetration look like in 2024?","what-did-californias-ev-sales-penetration-look-like-in-2024","article/what-did-californias-ev-sales-penetration-look-like-in-2024",{"_uid":18172,"date":18173,"tags":18174,"editor":18179,"content":18183,"excerpt":18274,"featured":51,"reporter":18275,"_editable":18279,"component":689,"seo_title":18168,"categories":18280,"visibility":2019,"author_company":49,"data_vis_image":18282,"featured_image":18284,"seo_description":18287,"author_full_name":49,"author_job_title":49,"formattedDate":18288},"d502aa82-3cd1-4a88-b4a3-a6162c20926d","2025-10-13 00:00",[18175,18176],{"slug":564,"name":565},{"slug":18177,"name":18178},"us","US",[18180],{"slug":9249,"name":9250,"content":18181},{"job_title":9252,"image":18182,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":18184},[18185,18207,18214,18219,18224,18229,18234,18239],{"type":580,"attrs":18186,"content":18187},{"textAlign":49},[18188,18193,18202],{"text":18189,"type":585,"marks":18190},"California has led the way in the electrification of the US' vehicle market with one in four of all new vehicle sales in 2024 being an EV, higher than the ",[18191],{"type":850,"attrs":18192},{"color":16843},{"text":18194,"type":585,"marks":18195},"country-level penetration rate of 10%",[18196,18199,18201],{"type":590,"attrs":18197},{"href":18198,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/global-ev-sales-grow-by-27-in-the-opening-seven-months-of-the-year",{"type":850,"attrs":18200},{"color":16852},{"type":2871},{"text":18203,"type":585,"marks":18204},". As the most populous state, it commands a large proportion of the total vehicle market (11%) but this is dwarfed by California's share of the USA's EV market which stood at nearly 29% in 2024.",[18205],{"type":850,"attrs":18206},{"color":16843},{"type":580,"attrs":18208,"content":18209},{"textAlign":49},[18210],{"type":1847,"attrs":18211},{"id":49,"alt":645,"src":18212,"title":49,"source":49,"copyright":49,"meta_data":18213},"https://a.storyblok.com/f/287943243085208/38355abf1f/bm-cali-ev-penetration-top25-1.png",{},{"type":580,"attrs":18215,"content":18216},{"textAlign":49},[18217],{"text":18218,"type":585},"How distributed is the EV uptake within California?",{"type":580,"attrs":18220,"content":18221},{"textAlign":49},[18222],{"text":18223,"type":585},"Looking at California’s EV landscape, two key state-level features stand out:",{"type":580,"attrs":18225,"content":18226},{"textAlign":49},[18227],{"text":18228,"type":585},"Although the Bay Area is clearly a major region for high EV share, the influence has spread widely and counties on the opposite side of the state like El Dorado and Placer, both of which turned Republican in the 2024 election, have an EV share at or above the state average.",{"type":580,"attrs":18230,"content":18231},{"textAlign":49},[18232],{"text":18233,"type":585},"The coastal counties down to Los Angeles, Orange, and San Diego all continue to present a strong EV share above the average for the state, but when comparing them to other key counties in the state you may expect them to have a higher penetration rate.",{"type":580,"attrs":18235,"content":18236},{"textAlign":49},[18237],{"text":18238,"type":585},"In recent years, the EV share of California has begun to stagnate, struggling to push past the 25% mark. Whilst bringing many regions up to a good level of EV share is important, the high population counties around the Bay Area and LA will always be looked on as trailblazers in the space and need to see progress to the next level to lead the way and continue to drive up the state average.",{"type":580,"attrs":18240,"content":18241},{"textAlign":49},[18242,18247,18256,18261,18269],{"text":18243,"type":585,"marks":18244},"California will continue to be crucial to increasing the US EV share as a whole for years to come. Rho Motion's ",[18245],{"type":850,"attrs":18246},{"color":16843},{"text":18248,"type":585,"marks":18249},"Monthly EV & Battery Database and Monthly Sales Assessment",[18250,18253,18255],{"type":590,"attrs":18251},{"href":18252,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/global-ev-sales-over-9-million-in-first-half-of-2025-growing-by-28",{"type":850,"attrs":18254},{"color":16852},{"type":2871},{"text":18257,"type":585,"marks":18258}," follows these key trends, tracking ",[18259],{"type":850,"attrs":18260},{"color":16843},{"text":18262,"type":585,"marks":18263},"BEV and PHEV sales",[18264,18266,18268],{"type":590,"attrs":18265},{"href":17503,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":850,"attrs":18267},{"color":16852},{"type":2871},{"text":18270,"type":585,"marks":18271}," as well as providing country-level penetration rate data.",[18272],{"type":850,"attrs":18273},{"color":16843},"California has led the way in the electrification of the US’ vehicle market with one in four of all new vehicle sales in 2024 being an EV, higher than the country-level penetration rate of 10%. As the most populous state, it commands a large proportion of the total vehicle market (11%) but this is dwarfed […]",[18276],{"slug":9249,"name":9250,"content":18277},{"job_title":9252,"image":18278,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d502aa82-3cd1-4a88-b4a3-a6162c20926d\", \"id\": \"\"}-->",[18281],{"slug":692,"name":693},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":18212,"copyright":645,"fieldtype":701,"meta_data":18283,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":18285,"copyright":645,"fieldtype":701,"meta_data":18286,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/315c34e937/bm-adobestock-569003361-editorial-use-only.jpeg",{"alt":645,"title":645,"source":645,"copyright":645},"California has led the way in the electrification of the US’ vehicle market with one in four of all new vehicle sales in 2024 being an EV, higher than the country-level penetration rate of 10%. As the most populous state, it commands a large proportion[…]","Oct 13, 2025",{"id":18290,"uuid":18291,"name":18292,"slug":18293,"full_slug":18294,"content":18295},107079455977781,"759287a8-220f-43f8-a847-3b9d88a135d1","Record EV sales in the US as tax credit disappears","record-ev-sales-in-the-us-as-tax-credit-disappears","article/record-ev-sales-in-the-us-as-tax-credit-disappears",{"_uid":18296,"date":18297,"tags":18298,"editor":18302,"content":18306,"excerpt":18534,"featured":51,"reporter":18535,"_editable":18539,"component":689,"seo_title":18292,"categories":18540,"visibility":2019,"author_company":49,"data_vis_image":18543,"featured_image":18546,"seo_description":18549,"author_full_name":49,"author_job_title":49,"formattedDate":18550},"17c0c460-2004-47ad-9cde-ce2ddb185178","2025-10-10 00:00",[18299,18300,18301],{"slug":564,"name":565},{"slug":4449,"name":4450},{"slug":561,"name":562},[18303],{"slug":1466,"name":1467,"content":18304},{"job_title":1469,"image":18305,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":18307},[18308,18343,18364,18369,18374,18379,18401,18409,18414,18419,18427,18432,18467,18501,18522],{"type":580,"attrs":18309,"content":18310},{"textAlign":49},[18311,18316,18325,18330,18339],{"text":18312,"type":585,"marks":18313},"US ",[18314],{"type":850,"attrs":18315},{"color":16843},{"text":18317,"type":585,"marks":18318},"battery electric (BEV) & plug-in hybrid (PHEV)",[18319,18322,18324],{"type":590,"attrs":18320},{"href":18321,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/glossary/ev-battery",{"type":850,"attrs":18323},{"color":16852},{"type":2871},{"text":18326,"type":585,"marks":18327}," sales hit record highs in August and September 2025 as consumers rushed to purchase vehicles before the federal tax credit expired. The New Clean Vehicle Credit (30D) and Qualified Commercial Clean Vehicle Credit (45W) were both eliminated on 30 September 2025, following changes introduced in the ",[18328],{"type":850,"attrs":18329},{"color":16843},{"text":18331,"type":585,"marks":18332},"One, Big, Beautiful Bill Act (OBBBA)",[18333,18336,18338],{"type":590,"attrs":18334},{"href":18335,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/what-does-the-big-beautiful-bill-mean-for-the-ev-battery-and-critical-minerals",{"type":850,"attrs":18337},{"color":16852},{"type":2871},{"text":1538,"type":585,"marks":18340},[18341],{"type":850,"attrs":18342},{"color":16843},{"type":580,"attrs":18344,"content":18345},{"textAlign":49},[18346,18351,18360],{"text":18347,"type":585,"marks":18348},"Until its repeal, the credit provided up to $7,500 per vehicle. The federal incentive had been a key driver of robust EV demand throughout 2025. After the July announcement that the program would end, consumer interest surged, culminating in ",[18349],{"type":850,"attrs":18350},{"color":16843},{"text":18352,"type":585,"marks":18353},"record-breaking sales in the final two months before the credit's expiration",[18354,18357,18359],{"type":590,"attrs":18355},{"href":18356,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/us-records-strongest-month-for-ev-sales-in-august-as-tax-credits-near-expiry",{"type":850,"attrs":18358},{"color":16852},{"type":2871},{"text":1538,"type":585,"marks":18361},[18362],{"type":850,"attrs":18363},{"color":16843},{"type":580,"attrs":18365,"content":18366},{"textAlign":49},[18367],{"text":18368,"type":585},"How important were the credits?",{"type":580,"attrs":18370,"content":18371},{"textAlign":49},[18372],{"text":18373,"type":585},"The EPA reported that in 2025, 20 BEVs and one PHEV qualified for the 30D tax credit, representing 55% of all electric vehicle sales in the first nine months of the year. To be eligible, buyers had to meet income limits, purchase the vehicle for personal use, and primarily operate it within the US.",{"type":580,"attrs":18375,"content":18376},{"textAlign":49},[18377],{"text":18378,"type":585},"The 45W credit also offered up to $7,500 per vehicle for models weighing less than 14,000lbs. Unlike the 30D credit, 45W was aimed at business and fleet buyers, with no cap on the number of credits a company could claim. The structure of the 45W credit allowed automakers to extend their benefits to customers through leasing arrangements. Under this approach, the OEM claims the commercial tax credit and can reduce the lease price—effectively passing part or all of the incentive on to consumers. This loophole has fueled a surge in EV leasing since 2023.",{"type":580,"attrs":18380,"content":18381},{"textAlign":49},[18382,18387,18396],{"text":18383,"type":585,"marks":18384},"Notably, leased vehicles under 45W were not subject to the ",[18385],{"type":850,"attrs":18386},{"color":16843},{"text":18388,"type":585,"marks":18389},"strict sourcing or assembly requirements tied to battery components or critical minerals",[18390,18393,18395],{"type":590,"attrs":18391},{"href":18392,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/what-policy-levers-does-the-us-use-to-limit-chinese-ev-competition",{"type":850,"attrs":18394},{"color":16852},{"type":2871},{"text":18397,"type":585,"marks":18398},". Nor did they need to be built in North America—significantly expanding the range of EVs eligible for the full credit.",[18399],{"type":850,"attrs":18400},{"color":16843},{"type":636,"attrs":18402},{"id":18403,"body":18404},"ecdc19a8-524e-4c7f-92b3-bf279df3712c",[18405],{"id":18406,"_uid":18407,"type":643,"_editable":18408,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"25528105","i-7efb3d6b-32e6-4d78-b874-930ce919275f","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-7efb3d6b-32e6-4d78-b874-930ce919275f\", \"id\": \"\"}-->",{"type":580,"attrs":18410,"content":18411},{"textAlign":49},[18412],{"text":18413,"type":585},"Although the 30D tax credit applied to only 21 BEV and PHEV models in 2025, the 45W leasing provision enabled many more EVs to benefit from federal incentives. Combining the effects of both programs, we estimate that over 90% of all EVs purchased in 2025 received some form of tax credit support.",{"type":580,"attrs":18415,"content":18416},{"textAlign":49},[18417],{"text":18418,"type":585},"How have OEMs performed in the US in Q3 2025?",{"type":636,"attrs":18420},{"id":18421,"body":18422},"0c4da5ca-867d-4d85-9196-636e3e923239",[18423],{"id":18424,"_uid":18425,"type":643,"_editable":18426,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"25527949","i-8047058e-047c-4ab5-a200-b22d22479dae","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-8047058e-047c-4ab5-a200-b22d22479dae\", \"id\": \"\"}-->",{"type":580,"attrs":18428,"content":18429},{"textAlign":49},[18430],{"text":18431,"type":585},"How will EV sales perform in the US in Q4 2025 and beyond?",{"type":580,"attrs":18433,"content":18434},{"textAlign":49},[18435,18440,18448,18453,18462],{"text":18436,"type":585,"marks":18437},"Following a record-breaking quarter for EV sales in the US, ",[18438],{"type":850,"attrs":18439},{"color":16843},{"text":18441,"type":585,"marks":18442},"demand is expected to decline sharply in Q4 2025",[18443,18445,18447],{"type":590,"attrs":18444},{"href":17503,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":850,"attrs":18446},{"color":16852},{"type":2871},{"text":18449,"type":585,"marks":18450}," as both consumers and businesses lose access to the federal tax credits that had supported purchases. Several automakers have introduced short-term strategies to soften the impact, such as ",[18451],{"type":850,"attrs":18452},{"color":16843},{"text":18454,"type":585,"marks":18455},"General Motors' dealer stock incentives, allowing credits to be claimed on pre-purchased inventory, or Hyundai's price reductions",[18456,18459,18461],{"type":590,"attrs":18457},{"href":18458,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/record-monthly-ev-sales-breaking-the-two-million-mark",{"type":850,"attrs":18460},{"color":16852},{"type":2871},{"text":18463,"type":585,"marks":18464}," to maintain competitiveness.",[18465],{"type":850,"attrs":18466},{"color":16843},{"type":580,"attrs":18468,"content":18469},{"textAlign":49},[18470,18475,18484,18489,18497],{"text":18471,"type":585,"marks":18472},"However, these temporary measures are unlikely to offset the structural challenges facing US electric vehicle production. Persistent high manufacturing costs, modest federal tailpipe emissions standards, and ",[18473],{"type":850,"attrs":18474},{"color":16843},{"text":18476,"type":585,"marks":18477},"rising tariffs on vehicles and components",[18478,18481,18483],{"type":590,"attrs":18479},{"href":18480,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/trump-automotive-tariffs-whats-at-risk-for-the-ev-industry",{"type":850,"attrs":18482},{"color":16852},{"type":2871},{"text":18485,"type":585,"marks":18486}," continue to constrain profitability and discourage investment in domestic electrification. As a result, ",[18487],{"type":850,"attrs":18488},{"color":16843},{"text":18490,"type":585,"marks":18491},"many OEMs such as GM, Mercedes-Benz, VW and Nissan are scaling back EV production plans heading into 2026",[18492,18494,18496],{"type":590,"attrs":18493},{"href":18458,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":850,"attrs":18495},{"color":16852},{"type":2871},{"text":1538,"type":585,"marks":18498},[18499],{"type":850,"attrs":18500},{"color":16843},{"type":580,"attrs":18502,"content":18503},{"textAlign":49},[18504,18509,18517],{"text":18505,"type":585,"marks":18506},"This data and insight are sourced from ",[18507],{"type":850,"attrs":18508},{"color":16843},{"text":18510,"type":585,"marks":18511},"Benchmark's EV & Battery Database",[18512,18514,18516],{"type":590,"attrs":18513},{"href":3851,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":850,"attrs":18515},{"color":16852},{"type":2871},{"text":18518,"type":585,"marks":18519},", which provides subscribers with:",[18520],{"type":850,"attrs":18521},{"color":16843},{"type":580,"attrs":18523,"content":18524},{"textAlign":49},[18525,18527,18533],{"text":18526,"type":585},"To see the full scope of Benchmark’s EV & Battery Service, including a long-term market forecast, ",{"text":18528,"type":585,"marks":18529},"find more information here",[18530],{"type":590,"attrs":18531},{"href":18532,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://eu1.hubs.ly/H0nDFLw0",{"text":1538,"type":585},"US battery electric (BEV) & plug-in hybrid (PHEV) sales hit record highs in August and September 2025 as consumers rushed to purchase vehicles before the federal tax credit expired. The New Clean Vehicle Credit (30D) and Qualified Commercial Clean Vehicle Credit (45W) were both eliminated on 30 September 2025, following changes introduced in the One, […]",[18536],{"slug":1466,"name":1467,"content":18537},{"job_title":1469,"image":18538,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"17c0c460-2004-47ad-9cde-ce2ddb185178\", \"id\": \"\"}-->",[18541,18542],{"slug":956,"name":957},{"slug":692,"name":693},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":18544,"copyright":645,"fieldtype":701,"meta_data":18545,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1760101519/www-production/US-EV-sales-septemeber/US-EV-sales-septemeber.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":18547,"copyright":645,"fieldtype":701,"meta_data":18548,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7742b1cf80/bm-adobestock-1603307447-editorial-use-only.jpeg",{"alt":645,"title":645,"source":645,"copyright":645},"US battery electric (BEV) & plug-in hybrid (PHEV) sales hit record highs in August and September 2025 as consumers rushed to purchase vehicles before the federal tax credit expired. The New Clean Vehicle Credit (30D) and  […]","Oct 10, 2025",{"id":18552,"uuid":9940,"name":18553,"slug":18554,"full_slug":18555,"content":18556},106707119733491,"Q3 2025 Black Mass Price Review: China lifts black mass import restrictions","q3-2025-black-mass-price-review-china-lifts-black-mass-import-restrictions","article/q3-2025-black-mass-price-review-china-lifts-black-mass-import-restrictions",{"_uid":18557,"date":18558,"tags":18559,"editor":18569,"content":18573,"excerpt":18705,"featured":50,"reporter":18706,"_editable":18710,"component":689,"seo_title":18553,"categories":18711,"visibility":697,"author_company":49,"data_vis_image":18714,"featured_image":18717,"seo_description":18705,"author_full_name":49,"author_job_title":49,"formattedDate":18719},"efb81537-dec7-42c0-9bf9-fabda5ac49d4","2025-10-08 00:00",[18560,18561,18562,18565,18566,18567,18568],{"slug":6892,"name":6893},{"slug":7745,"name":373},{"slug":18563,"name":18564},"black-mass-prices","Black mass prices",{"slug":720,"name":721},{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":1720,"name":1721},[18570],{"slug":9249,"name":9250,"content":18571},{"job_title":9252,"image":18572,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":18574},[18575,18588,18593,18601,18606,18631,18642,18647,18654,18662,18669,18683,18697],{"type":580,"attrs":18576,"content":18577},{"textAlign":49},[18578,18580,18586],{"text":18579,"type":585},"Black mass markets in Q3 2025 were largely shaped by ",{"text":18581,"type":585,"marks":18582},"China’s",[18583],{"type":590,"attrs":18584},{"href":18585,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/infographic-how-much-of-the-recycling-industry-does-china-control",{"text":18587,"type":585}," lifting of import restrictions on 1 August, which re‑routed trade flows. Outside of China, this has created a two-tier market divided by compliance with Chinese custom’s quality controls. Compliant material commanded high premiums (79%–84%), while producers of non‑compliant batches struggled to clear material, trading at lower payables (70%–75%).",{"type":580,"attrs":18589,"content":18590},{"textAlign":49},[18591],{"text":18592,"type":585},"Despite China’s relaxation of its black mass import ban, the country’s stringent policing of imports kept liquidity relatively subdued. Those companies importing material did so in small volumes, often using subsidiaries or partners to avoid scrutiny and focusing primarily on high quality batches from production scrap feedstock.",{"type":636,"attrs":18594},{"id":18595,"body":18596},"c6636775-ce92-4d7b-80d1-405006000b73",[18597],{"id":18598,"_uid":18599,"type":643,"_editable":18600,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"25447387","i-4792d280-dd54-4b10-8e65-be3662b238c3","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-4792d280-dd54-4b10-8e65-be3662b238c3\", \"id\": \"\"}-->",{"type":647,"attrs":18602,"content":18603},{"level":13022,"textAlign":49},[18604],{"text":18605,"type":585},"Key trends by chemistry",{"type":580,"attrs":18607,"content":18608},{"textAlign":49},[18609,18611,18616,18618,18622,18623,18629],{"text":18610,"type":585},"Across chemistries, ",{"text":18612,"type":585,"marks":18613},"NCM payables",[18614],{"type":590,"attrs":18615},{"href":14570,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":18617,"type":585}," held firm globally this quarter, supported by stable-to-bullish ",{"text":2544,"type":585,"marks":18619},[18620],{"type":590,"attrs":18621},{"href":16191,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":6709,"type":585},{"text":18624,"type":585,"marks":18625},"nickel prices",[18626],{"type":590,"attrs":18627},{"href":18628,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/nickel-prices-q3-2025-review-china-restocking-lifts-sulphate-and-mhp-as-lme-oversupply-persists",{"text":18630,"type":585},", as well as robust Asian demand. LCO recovered from earlier lows as virgin cobalt metal and chemical prices rose due to the extension of the DRC’s export ban.",{"type":580,"attrs":18632,"content":18633},{"textAlign":49},[18634,18640],{"text":18635,"type":585,"marks":18636},"LFP black mass",[18637],{"type":590,"attrs":18638},{"href":18639,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/lfp-recycling-unlocked-powering-the-circular-economy-future",{"text":18641,"type":585}," prices, by contrast, rose at the start of the quarter due to concerns of hard rock supply tightening, elevating the price of lithium chemicals in China. However, as these fears subsided, lithium chemical prices dipped, squeezing the margins at processors, in turn causing a drop in the price for LFP black mass.",{"type":647,"attrs":18643,"content":18644},{"level":13022,"textAlign":49},[18645],{"text":18646,"type":585},"Key regional trends in black mass prices in Q3",{"type":580,"attrs":18648,"content":18649},{"textAlign":49},[18650,18652],{"text":18651,"type":585},"China:",{"text":18653,"type":585}," China’s import ban removal hasn’t flooded the market as many expected, since cautious procurement, strict compliance requirements, and customs scrutiny tempered import volumes. Moreover, margins at hydrometallurgical plants remained weak, primarily due to declines in lithium chemical prices. This put operations under pressure, especially those handling LFP black mass",{"type":636,"attrs":18655},{"id":18656,"body":18657},"0fa4ad5d-ded3-49b9-a692-27ac4c9cc64f",[18658],{"id":18659,"_uid":18660,"type":643,"_editable":18661,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"25506751","i-f9f30414-a971-4589-8985-7c4398fc4306","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-f9f30414-a971-4589-8985-7c4398fc4306\", \"id\": \"\"}-->",{"type":580,"attrs":18663,"content":18664},{"textAlign":49},[18665,18667],{"text":18666,"type":585},"Rest of Asia (ex China):",{"text":18668,"type":585}," In the seaborne Asia market, two bands of payables have emerged due to Chinese import rule compliance. Otherwise, the market has become increasingly structured by upgrading practices, including blending and crude hydrometallurgy, amongst others.",{"type":580,"attrs":18670,"content":18671},{"textAlign":49},[18672,18674,18676,18681],{"text":18673,"type":585},"North America:",{"text":18675,"type":585}," An increasingly constrained market dominated by quality differentiation has emerged. ",{"text":18677,"type":585,"marks":18678},"US material is favoured for consistency and quality over Europe",[18679],{"type":590,"attrs":18680},{"href":14497,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":18682,"type":585},", but greater demand has been capped by high freight costs, political instability, and batch variance. Supply has been restricted as some operations went offline and many producers have opted to withhold material in the hope that prices improve towards the end of 2025. Uncertainty surrounding policy is hindering expansion, investment, and large commercial deals.",{"type":580,"attrs":18684,"content":18685},{"textAlign":49},[18686,18688,18690,18695],{"text":18687,"type":585},"Europe:",{"text":18689,"type":585}," European payable levels were volatile this quarter, hinging on the availability of production scrap sourced material. The waste vs product gap re‑emerged because overseas buyers increasingly favoured higher quality product classified material that would be more likely to pass Chinese customs, elevating product status black mass payables. Furthermore, many buyers were unable to meet the logistical and cost hurdles of ",{"text":18691,"type":585,"marks":18692},"shipping hazardous waste classified material",[18693],{"type":590,"attrs":18694},{"href":14552,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":18696,"type":585},", putting downward pressure on these payables.",{"type":636,"attrs":18698},{"id":18699,"body":18700},"70e806e4-6f88-41f6-bc3e-17967cff91a5",[18701],{"id":18702,"_uid":18703,"type":643,"_editable":18704,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"25509309","i-b70a07ba-3634-4489-b90f-8d2a018c59a0","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-b70a07ba-3634-4489-b90f-8d2a018c59a0\", \"id\": \"\"}-->","Black mass markets in Q3 2025 were largely shaped by China’s lifting of import restrictions on 1 August, which re‑routed trade flows. Outside of China, this has created a two-tier market divided by compliance with Chinese custom’s quality controls. Compliant material commanded high premiums (79%–84%), while producers of non‑compliant batches struggled to clear material, trading […]",[18707],{"slug":9249,"name":9250,"content":18708},{"job_title":9252,"image":18709,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"efb81537-dec7-42c0-9bf9-fabda5ac49d4\", \"id\": \"\"}-->",[18712,18713],{"slug":7742,"name":7743},{"slug":14595,"name":14596},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":18715,"copyright":645,"fieldtype":701,"meta_data":18716,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1759923353/www-production/Socials-Q3-black-mass-payables-China@2x-2/Socials-Q3-black-mass-payables-China@2x-2.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":14601,"copyright":645,"fieldtype":701,"meta_data":18718,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},"Oct 08, 2025",{"id":18721,"uuid":18722,"name":18723,"slug":18724,"full_slug":18725,"content":18726},107080243601872,"1c9627e0-9756-4054-8000-4dad71359cb9","How does UK EV sales penetration vary across the country?","how-does-uk-ev-sale-penetration-vary-across-the-country","article/how-does-uk-ev-sale-penetration-vary-across-the-country",{"_uid":18727,"date":18728,"tags":18729,"editor":18732,"content":18736,"excerpt":18876,"featured":50,"reporter":18877,"_editable":18881,"component":689,"seo_title":18723,"categories":18882,"visibility":2019,"author_company":49,"data_vis_image":18884,"featured_image":18886,"seo_description":18889,"author_full_name":49,"author_job_title":49,"formattedDate":18890},"a019c17d-dde2-46d4-97c9-365c235b3503","2025-09-26 00:00",[18730,18731],{"slug":564,"name":565},{"slug":15682,"name":15683},[18733],{"slug":9249,"name":9250,"content":18734},{"job_title":9252,"image":18735,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":18737},[18738,18746,18780,18787,18792,18797,18802,18807,18812,18817,18822,18827,18832,18844,18849,18860,18872,18874],{"type":580,"attrs":18739,"content":18740},{"textAlign":49},[18741],{"text":18742,"type":585,"marks":18743},"The UK's EV penetration rate reached 25% of all new passenger car and light duty vehicle sales in 2024, placing it firmly ahead of other major Western automotive markets, such as the US, Germany, and France.",[18744],{"type":850,"attrs":18745},{"color":16843},{"type":580,"attrs":18747,"content":18748},{"textAlign":49},[18749,18754,18762,18767,18776],{"text":18750,"type":585,"marks":18751},"But this figure is still a long way behind the adoption of ",[18752],{"type":850,"attrs":18753},{"color":16843},{"text":18755,"type":585,"marks":18756},"the most advanced regions, particularly China and Northern Europe",[18757,18759,18761],{"type":590,"attrs":18758},{"href":18198,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":850,"attrs":18760},{"color":16852},{"type":2871},{"text":18763,"type":585,"marks":18764},", according to ",[18765],{"type":850,"attrs":18766},{"color":16843},{"text":18768,"type":585,"marks":18769},"Rho Motion's National-level EV penetration rate figures",[18770,18773,18775],{"type":590,"attrs":18771},{"href":18772,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/rho-motion",{"type":850,"attrs":18774},{"color":16852},{"type":2871},{"text":1538,"type":585,"marks":18777},[18778],{"type":850,"attrs":18779},{"color":16843},{"type":580,"attrs":18781,"content":18782},{"textAlign":49},[18783],{"type":1847,"attrs":18784},{"id":49,"alt":645,"src":18785,"title":49,"source":49,"copyright":49,"meta_data":18786},"https://a.storyblok.com/f/287943243085208/3ca518e76f/bm-uk-ev-penetration-wlondon-3.png",{},{"type":580,"attrs":18788,"content":18789},{"textAlign":49},[18790],{"text":18791,"type":585},"Which cities have the highest EV uptake?",{"type":580,"attrs":18793,"content":18794},{"textAlign":49},[18795],{"text":18796,"type":585},"Inner London and Leeds lead the way with EV sales penetration above 40%. In Inner London, there are clear drivers: low mileage requirements, the congestion charge and the Ultra Low Emission Zone are all incentives for drivers to turn towards electric.",{"type":580,"attrs":18798,"content":18799},{"textAlign":49},[18800],{"text":18801,"type":585},"A mass rollout of on-street lamppost charge points has also made recharging an easier prospect for the high proportion of residents with access only to on-street parking. Each of the top 5 London boroughs by EV share sits well above the national level of 25%.",{"type":580,"attrs":18803,"content":18804},{"textAlign":49},[18805],{"text":18806,"type":585},"What drives Leeds’ EV demand?",{"type":580,"attrs":18808,"content":18809},{"textAlign":49},[18810],{"text":18811,"type":585},"The city of Leeds has looked to increase EV adoption in the city over the past few years with campaigns such as #LeedsByExample. Additionally, the roll out of charging infrastructure in the city has been successful with hundreds of points available, aiding EV adoption.",{"type":580,"attrs":18813,"content":18814},{"textAlign":49},[18815],{"text":18816,"type":585},"However, in the UK, regional data can sometimes be skewed by the registrations of large firms that register vehicles all in one place; this can distort the data in some places and lead to outliers. While private residents of Leeds may well be progressing the city’s EV share, there aren’t as many obvious drivers as somewhere like London.",{"type":580,"attrs":18818,"content":18819},{"textAlign":49},[18820],{"text":18821,"type":585},"Other regions lagging behind",{"type":580,"attrs":18823,"content":18824},{"textAlign":49},[18825],{"text":18826,"type":585},"But, most cities fall below the national level, with some still just half of the 25% – showing more needs to be done to reach the highest levels of EV adoption via local support and enablement. Furthermore, the challenge will increase once high-achieving areas reach saturation and have a lesser effect on pulling up the national average.",{"type":580,"attrs":18828,"content":18829},{"textAlign":49},[18830],{"text":18831,"type":585},"The UK EV market in 2025",{"type":580,"attrs":18833,"content":18834},{"textAlign":49},[18835,18837,18842],{"text":18836,"type":585},"The UK market has shown strong growth so far this year, a 31% increase from January to August compared to the same period last year. In July 2025, ",{"text":18838,"type":585,"marks":18839},"the government reintroduced a subsidy scheme",[18840],{"type":590,"attrs":18841},{"href":15730,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":18843,"type":585}," aimed at subsidising vehicles at the lower end of the price spectrum. Additionally, at the start of the year the government introduced guidelines for cross-pavement charging solutions as well as setting aside funding, a move that will make the installation of chargers more widespread and aid EV adoption.",{"type":647,"attrs":18845,"content":18846},{"level":13022,"textAlign":49},[18847],{"text":18848,"type":585},"More Information",{"type":580,"attrs":18850,"content":18851},{"textAlign":49},[18852,18858],{"text":18853,"type":585,"marks":18854},"Rho Motion’s Monthly EV & Battery Database and Monthly Sales Assessment",[18855],{"type":590,"attrs":18856},{"href":18857,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://rhomotion.com/research/ev-battery-database/",{"text":18859,"type":585}," tracks BEV and PHEV sales as well as providing country-level penetration rate data.",{"type":580,"attrs":18861,"content":18862},{"textAlign":49},[18863,18865,18871],{"text":18864,"type":585},"The UK EV market will take centre stage at our upcoming Benchmark Summit London. This free one-day event, held on 15 October during LME Week, will bring together policy, finance, and industry leaders to explore how best to drive success in the energy transition. ",{"text":18866,"type":585,"marks":18867},"Register here",[18868],{"type":590,"attrs":18869},{"href":18870,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/events/summitlondon",{"text":1538,"type":585},{"type":580,"attrs":18873},{"textAlign":49},{"type":580,"attrs":18875},{"textAlign":49},"The UK’s EV penetration rate reached 25% of all new passenger car and light duty vehicle sales in 2024, placing it firmly ahead of other major Western automotive markets, such as the US, Germany, and France. But this figure is still a long way behind the adoption of the most advanced regions, particularly China and […]",[18878],{"slug":9249,"name":9250,"content":18879},{"job_title":9252,"image":18880,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a019c17d-dde2-46d4-97c9-365c235b3503\", \"id\": \"\"}-->",[18883],{"slug":692,"name":693},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":18785,"copyright":645,"fieldtype":701,"meta_data":18885,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":18887,"copyright":645,"fieldtype":701,"meta_data":18888,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/f2c9cecbd3/bm-adobestock-482617019.jpeg",{"alt":645,"title":645,"source":645,"copyright":645},"The UK’s EV penetration rate reached 25% of all new passenger car and light duty vehicle sales in 2024, placing it firmly ahead of other major Western automotive markets, such as the US, Germany, and France. But this figure is still a long way behind […]","Sep 26, 2025",{"id":18892,"uuid":5698,"name":18893,"slug":18894,"full_slug":18895,"content":18896},107081035023046,"Africa sees largest lithium supply growth of any region in 2025","africa-sees-largest-lithium-supply-growth-of-any-region-in-2025","article/africa-sees-largest-lithium-supply-growth-of-any-region-in-2025",{"_uid":18897,"date":18898,"tags":18899,"editor":18918,"content":18922,"excerpt":19183,"featured":51,"reporter":19184,"_editable":19188,"component":689,"seo_title":18893,"categories":19189,"visibility":2019,"author_company":49,"data_vis_image":19192,"featured_image":19195,"seo_description":19183,"author_full_name":49,"author_job_title":49,"formattedDate":19198},"562c0602-b2b1-4687-ada6-64e4cbae4378","2025-09-24 00:00",[18900,18901,18902,18903,18904,18907,18908,18911,18914,18915],{"slug":993,"name":994},{"slug":16139,"name":16140},{"slug":564,"name":565},{"slug":16667,"name":16668},{"slug":18905,"name":18906},"giga-africa-2025","Giga Africa 2025",{"slug":16676,"name":16677},{"slug":18909,"name":18910},"our-next-energy-one","Our Next Energy (ONE)",{"slug":18912,"name":18913},"sichuan-union-shine-new-energy","Sichuan Union Shine New Energy",{"slug":5030,"name":5610},{"slug":18916,"name":18917},"worley","Worley",[18919],{"slug":1466,"name":1467,"content":18920},{"job_title":1469,"image":18921,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":18923},[18924,18937,18955,18976,18981,18989,18994,18999,19004,19011,19016,19021,19034,19039,19044,19064,19069,19076,19081,19086,19091,19096,19101,19106,19125,19130,19135,19142,19147,19154,19165,19172],{"type":580,"attrs":18925,"content":18926},{"textAlign":49},[18927,18929,18935],{"text":18928,"type":585},"Africa is the largest source of new lithium supply in 2025 with new ",{"text":18930,"type":585,"marks":18931},"supply from the region",[18932],{"type":590,"attrs":18933},{"href":18934,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/africas-lithium-supply-to-treble-this-year-china-dominates-region",{"text":18936,"type":585}," exceeding that of the rest of the world combined, Adam Megginson, a lithium analyst at Benchmark, told attendees at the Giga Africa event in Marrakech, Morocco this week. ",{"type":580,"attrs":18938,"content":18939},{"textAlign":49},[18940,18942,18947,18948,18953],{"text":18941,"type":585},"The bulk of this new supply comes from ",{"text":3521,"type":585,"marks":18943},[18944],{"type":590,"attrs":18945},{"href":18946,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/zimbabwe-africas-lithium-heartland",{"text":6709,"type":585},{"text":16677,"type":585,"marks":18949},[18950],{"type":590,"attrs":18951},{"href":18952,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/mali-set-to-become-africas-second-largest-lithium-producer-in-2025",{"text":18954,"type":585},", though South Africa and Nigeria are also notable contributors.",{"type":580,"attrs":18956,"content":18957},{"textAlign":49},[18958,18960,18966,18968,18974],{"text":18959,"type":585},"However, the key challenge for African countries is capturing a greater share of the value chain by processing more of the raw minerals domestically. Several African nations have taken steps to ban unprocessed ores from being ",{"text":18961,"type":585,"marks":18962},"exported",[18963],{"type":590,"attrs":18964},{"href":18965,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/african-lithium-exports-climb-as-chinese-owned-mines-go-online",{"text":18967,"type":585},", with ",{"text":18969,"type":585,"marks":18970},"Zimbabwe being the first in 2022",[18971],{"type":590,"attrs":18972},{"href":18973,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/zimbabwes-lithium-ore-export-ban-highlights-africas-lithium-potential",{"text":18975,"type":585}," and Namibia following suit in 2023.",{"type":580,"attrs":18977,"content":18978},{"textAlign":49},[18979],{"text":18980,"type":585},"“The justification is clear, it captured more of the added value in the country,” Megginson said. “But the side effect is that it has raised the capex requirement for projects in both countries.”",{"type":636,"attrs":18982},{"id":18983,"body":18984},"a1df4f9f-5f16-459c-8981-6376d1edb372",[18985],{"id":18986,"_uid":18987,"type":643,"_editable":18988,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"25282173","i-67317889-6f8b-4045-aaad-74084e1ffc29","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-67317889-6f8b-4045-aaad-74084e1ffc29\", \"id\": \"\"}-->",{"type":647,"attrs":18990,"content":18991},{"level":13022,"textAlign":49},[18992],{"text":18993,"type":585},"Capturing the value chain",{"type":580,"attrs":18995,"content":18996},{"textAlign":49},[18997],{"text":18998,"type":585},"Zimbabwe’s Secretary for the Ministry of Mines and Mining Development, Pfungwa Kunaka, explained that although the country currently processes lithium up to the concentrate stage, the next step is to reach the sulphate level domestically.",{"type":580,"attrs":19000,"content":19001},{"textAlign":49},[19002],{"text":19003,"type":585},"“I know this is still a level which is far away from getting us to battery manufacturing. But for us, we view that as a good start,” Kunaka told Giga Africa attendees. “What we need to address as a country is the infrastructure for producing lithium batteries.”",{"type":580,"attrs":19005,"content":19006},{"textAlign":49},[19007],{"type":1847,"attrs":19008},{"id":49,"alt":645,"src":19009,"title":49,"source":49,"copyright":49,"meta_data":19010},"https://a.storyblok.com/f/287943243085208/486c009173/bm-pfungwa-kunaka-zimbabwe-giga-africa-2025.jpg",{},{"type":580,"attrs":19012,"content":19013},{"textAlign":49},[19014],{"text":19015,"type":585},"Secretary for the Ministry of Mines and Mining Development in Zimbabwe, Pfungwa Kunaka, speaking at Giga Africa about why to invest in Africa. Photo credit: Jens Reiterer",{"type":580,"attrs":19017,"content":19018},{"textAlign":49},[19019],{"text":19020,"type":585},"Downstream participants also see benefits in Africa capturing more of the value chain across the critical mineral space, not just for lithium.",{"type":580,"attrs":19022,"content":19023},{"textAlign":49},[19024,19026,19032],{"text":19025,"type":585},"“The supply chain already has deep roots in Africa. What’s not yet rooted [is] the processing of materials” said Mujeeb Ijaz, founder of ",{"text":19027,"type":585,"marks":19028},"Our Next Energy",[19029],{"type":590,"attrs":19030},{"href":19031,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/the-importance-of-energy-storage-to-africas-growth",{"text":19033,"type":585},". “Vertical integration of supply chains and compressing margins is the way forward.”",{"type":647,"attrs":19035,"content":19036},{"level":13022,"textAlign":49},[19037],{"text":19038,"type":585},"Challenges in Africa",{"type":580,"attrs":19040,"content":19041},{"textAlign":49},[19042],{"text":19043,"type":585},"A challenge often facing miners, chemical producers and manufacturers in Africa is infrastructure.",{"type":580,"attrs":19045,"content":19046},{"textAlign":49},[19047,19049,19054,19056,19062],{"text":19048,"type":585},"Xiaoshen Wang, CEO and Vice Chairman of ",{"text":16668,"type":585,"marks":19050},[19051],{"type":590,"attrs":19052},{"href":19053,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/the-view-from-china-exclusive-interview-with-ganfeng-lithium",{"text":19055,"type":585},", told delegates that its ",{"text":19057,"type":585,"marks":19058},"Goulamina mine in Mali",[19059],{"type":590,"attrs":19060},{"href":19061,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/ganfeng-doubles-pilbara-offtake-and-ups-mali-mine-stake-in-bid-for-spodumene",{"text":19063,"type":585},", “is not an easy project, the power supply is tight” and that “diesel in Mali is very expensive.”",{"type":580,"attrs":19065,"content":19066},{"textAlign":49},[19067],{"text":19068,"type":585},"As such, Ganfeng is looking to electrify the mine, replacing diesel trucks and generators with electricity from renewable sources. Wang says this will both reduce costs and improve emissions.",{"type":580,"attrs":19070,"content":19071},{"textAlign":49},[19072],{"type":1847,"attrs":19073},{"id":49,"alt":645,"src":19074,"title":49,"source":49,"copyright":49,"meta_data":19075},"https://a.storyblok.com/f/287943243085208/dc36aaed65/bm-xiaoshen-wang-ganfeng-lithium-2.jpg",{},{"type":580,"attrs":19077,"content":19078},{"textAlign":49},[19079],{"text":19080,"type":585},"Xiaoshen Wang (Ganfeng Lithium) presenting at Giga Africa. Photo credit: Jens Reiterer",{"type":580,"attrs":19082,"content":19083},{"textAlign":49},[19084],{"text":19085,"type":585},"Key to this is the addition of solar power generation on site, a sentiment echoed by Mervyn Stevens of engineering, procurement, and construction specialist Worley.",{"type":580,"attrs":19087,"content":19088},{"textAlign":49},[19089],{"text":19090,"type":585},"“Wherever cogeneration is an option, that is a key one [to bring costs down],” Stevens said.",{"type":580,"attrs":19092,"content":19093},{"textAlign":49},[19094],{"text":19095,"type":585},"The availability of reagents is also a potential bottleneck for African projects, so generating these on site can alleviate this problem and bring other benefits.",{"type":580,"attrs":19097,"content":19098},{"textAlign":49},[19099],{"text":19100,"type":585},"“Our suggestion is to construct and manage the sulphuric acid plant,” Diana Fu, Chief Marketing Officer at Sichuan Union Shine New Energy, told attendees. “Because when you are operating to produce a lithium carbonate or lithium hydroxide site, then you need to use the sulphuric acid right at the same time, and the waste heat can be useful for the electricity power generation.”",{"type":647,"attrs":19102,"content":19103},{"level":13022,"textAlign":49},[19104],{"text":19105,"type":585},"The global context",{"type":580,"attrs":19107,"content":19108},{"textAlign":49},[19109,19111,19116,19118,19123],{"text":19110,"type":585},"Australia, the largest producer of hard rock lithium saw its mined lithium output fall in 2025 with mines placed into ",{"text":19112,"type":585,"marks":19113},"care and maintenance",[19114],{"type":590,"attrs":19115},{"href":16613,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":19117,"type":585}," amidst ",{"text":19119,"type":585,"marks":19120},"falling lithium prices",[19121],{"type":590,"attrs":19122},{"href":13812,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":19124,"type":585}," and short term oversupply.",{"type":580,"attrs":19126,"content":19127},{"textAlign":49},[19128],{"text":19129,"type":585},"Although 2025 has seen challenges for lithium miners, the broader demand picture is positive, with lithium demand from batteries increasing by around a quarter this year presenting ample opportunity for African countries to contribute.",{"type":580,"attrs":19131,"content":19132},{"textAlign":49},[19133],{"text":19134,"type":585},"As Adam Panayi, chief research officer at Benchmark, said at the event: “Find another commodity market with 25% growth in a bad year.”",{"type":580,"attrs":19136,"content":19137},{"textAlign":49},[19138],{"type":1847,"attrs":19139},{"id":49,"alt":645,"src":19140,"title":49,"source":49,"copyright":49,"meta_data":19141},"https://a.storyblok.com/f/287943243085208/c611c4b00e/bm-adam-p-giga-africa.jpg",{},{"type":580,"attrs":19143,"content":19144},{"textAlign":49},[19145],{"text":19146,"type":585},"Adam Panayi presenting at Giga Africa. Photo credit: Jens Reiterer",{"type":580,"attrs":19148,"content":19149},{"textAlign":49},[19150],{"text":19151,"type":585,"marks":19152},"Benchmark’s Lithium Forecast has taken a major step forward with the addition of enhanced long-term pricing and project-specific incentive prices, providing a practical and actionable view of future supply costs.",[19153],{"type":1992},{"type":580,"attrs":19155,"content":19156},{"textAlign":49},[19157,19161],{"text":19158,"type":585,"marks":19159},"A key feature of this price model is unparalleled coverage of emerging opportunities and projects in regions such as ",[19160],{"type":1992},{"text":19162,"type":585,"marks":19163},"Nigeria, South Africa, and Namibia.",[19164],{"type":1992},{"type":580,"attrs":19166,"content":19167},{"textAlign":49},[19168],{"text":19169,"type":585,"marks":19170},"Utilise Benchmark’s Lithium Forecast to stay at the forefront of Africa’s lithium surge. Submit your details below to request more information from our team.",[19171],{"type":1992},{"type":636,"attrs":19173},{"id":19174,"body":19175},"9c8800a2-d34c-432d-9ccd-85ce70c34593",[19176],{"id":1997,"_uid":19177,"_editable":19178,"component":1999,"wrap_in_box":50,"hubspot_form":1997,"redirect_url":19179,"success_file":19180,"default_height":645,"success_message":645,"success_sub_text":645,"hidden_field_values":19182},"i-f395d825-cd42-4867-8083-2341c58a1c25","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-f395d825-cd42-4867-8083-2341c58a1c25\", \"id\": \"\"}-->",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":19181},{},[],"Africa is the largest source of new lithium supply in 2025 with new supply from the region exceeding that of the rest of the world combined, Adam Megginson, a lithium analyst at Benchmark, told attendees at the Giga Africa event in Marrakech, Morocco this week. The bulk of this new supply comes from Zimbabwe and […]",[19185],{"slug":1466,"name":1467,"content":19186},{"job_title":1469,"image":19187,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"562c0602-b2b1-4687-ada6-64e4cbae4378\", \"id\": \"\"}-->",[19190,19191],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":19193,"copyright":645,"fieldtype":701,"meta_data":19194,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1758738265/www-production/New-lithium@2x/New-lithium@2x.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":19196,"copyright":645,"fieldtype":701,"meta_data":19197,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/f969ce77e1/bm-african-lithium-pnel-giga-africa-high-res.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Sep 24, 2025",{"id":19200,"uuid":19201,"name":19202,"slug":19203,"full_slug":19204,"content":19205},107082463794253,"c9c1276a-6b0e-406c-9d6f-c1d0caacd130","Battery choices and EV cost, how do they vary in the EV market?","battery-choices-and-ev-cost-how-do-they-vary-in-the-ev-market","article/battery-choices-and-ev-cost-how-do-they-vary-in-the-ev-market",{"_uid":19206,"date":19207,"tags":19208,"editor":19213,"content":19217,"excerpt":19401,"featured":50,"reporter":19402,"_editable":19406,"component":689,"seo_title":19202,"categories":19407,"visibility":697,"author_company":49,"data_vis_image":19410,"featured_image":19413,"seo_description":19416,"author_full_name":49,"author_job_title":49,"formattedDate":19417},"d2daf8cb-f4ad-4839-b8d8-1ff33968a749","2025-09-17 00:00",[19209,19210,19211,19212],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":1720,"name":1721},[19214],{"slug":9249,"name":9250,"content":19215},{"job_title":9252,"image":19216,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":19218},[19219,19240,19245,19253,19258,19270,19275,19283,19288,19293,19298,19303,19311,19358,19363,19399],{"type":580,"attrs":19220,"content":19221},{"textAlign":49},[19222,19227,19235],{"text":19223,"type":585,"marks":19224},"Price remains one of the largest factors influencing EV adoption. The biggest contributor to the price of a ",[19225],{"type":850,"attrs":19226},{"color":16843},{"text":19228,"type":585,"marks":19229},"battery electric vehicle (BEV)",[19230,19232,19234],{"type":590,"attrs":19231},{"href":18321,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":850,"attrs":19233},{"color":16852},{"type":2871},{"text":19236,"type":585,"marks":19237}," is its battery, which in turn is influenced by the pack size and chemistry. How do these factors correlate with regional pricing?",[19238],{"type":850,"attrs":19239},{"color":16843},{"type":580,"attrs":19241,"content":19242},{"textAlign":49},[19243],{"text":19244,"type":585},"How much more are EVs compared to ICE vehicles regionally?",{"type":636,"attrs":19246},{"id":19247,"body":19248},"5a84ddf2-e8f1-4352-9a06-52198ba1fe34",[19249],{"id":19250,"_uid":19251,"type":643,"_editable":19252,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"25062838","i-b39d149a-5549-4013-a206-fc074f11ec23","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-b39d149a-5549-4013-a206-fc074f11ec23\", \"id\": \"\"}-->",{"type":580,"attrs":19254,"content":19255},{"textAlign":49},[19256],{"text":19257,"type":585},"When looking at the sales-weighted average base price of the top 15 BEV and internal combustion engine (ICE) vehicles in each region, North American consumers currently pay the most for a BEV at ~$48,000, a 46% premium over an ICE alternative. In Europe, a BEV costs less, at ~$40,000, but the premium relative to ICE vehicles is far higher at 82%.",{"type":580,"attrs":19259,"content":19260},{"textAlign":49},[19261,19263,19269],{"text":19262,"type":585},"China, by contrast, sees BEVs averaging ~$15,000. This is close to parity with ICE alternatives, with just a 6% premium according to",{"text":19264,"type":585,"marks":19265}," Rho Motion’s Q3 EV & Battery Forecast",[19266],{"type":590,"attrs":19267},{"href":19268,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://rhomotion.com/research/ev-production-quarterly-outlook/",{"text":1538,"type":585},{"type":647,"attrs":19271,"content":19272},{"level":13022,"textAlign":49},[19273],{"text":19274,"type":585},"Bigger batteries mean bigger costs",{"type":636,"attrs":19276},{"id":19277,"body":19278},"d4b9a7db-61bd-4b1a-bdb7-b355e986a613",[19279],{"id":19280,"_uid":19281,"type":643,"_editable":19282,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"25061354","i-9d719c27-bdc7-41d1-84f6-2241c2d227fa","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-9d719c27-bdc7-41d1-84f6-2241c2d227fa\", \"id\": \"\"}-->",{"type":580,"attrs":19284,"content":19285},{"textAlign":49},[19286],{"text":19287,"type":585},"The larger the battery capacity, the higher the upfront cost, which in turn can push the cost of a BEV up.",{"type":580,"attrs":19289,"content":19290},{"textAlign":49},[19291],{"text":19292,"type":585},"In Europe, 50% of BEV sales this year had batteries between 5–70kWh, while in North America the same range accounted for just 8% of sales. In China, the same segment accounted for 75% of sales.",{"type":580,"attrs":19294,"content":19295},{"textAlign":49},[19296],{"text":19297,"type":585},"At the higher end of the spectrum, 70–100kWh packs represented 48% of sales in Europe, over 70% in North America, and just 24% in China. Looking higher still the US shows a clear preference for even larger batteries, as more than 20% of BEVs sold this year had packs exceeding 100kWh, compared to just a few percent in Europe and China. These regional pack size disparities give some indication to why BEV-ICE premiums vary so much.",{"type":647,"attrs":19299,"content":19300},{"level":13022,"textAlign":49},[19301],{"text":19302,"type":585},"Nickel vs LFP, a key price driver?",{"type":636,"attrs":19304},{"id":19305,"body":19306},"afdeca60-7168-4679-9b33-c3b7e6661881",[19307],{"id":19308,"_uid":19309,"type":643,"_editable":19310,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"25066867","i-cc892aa6-c322-401f-a707-8660fad1126e","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-cc892aa6-c322-401f-a707-8660fad1126e\", \"id\": \"\"}-->",{"type":580,"attrs":19312,"content":19313},{"textAlign":49},[19314,19319,19327,19332,19341,19345,19353],{"text":19315,"type":585,"marks":19316},"Pack chemistry is another clear price driver, with more expensive ",[19317],{"type":850,"attrs":19318},{"color":16843},{"text":19320,"type":585,"marks":19321},"nickel-based chemistries",[19322,19324,19326],{"type":590,"attrs":19323},{"href":18061,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":850,"attrs":19325},{"color":16852},{"type":2871},{"text":19328,"type":585,"marks":19329}," dominant in Europe and North America, compared to the ",[19330],{"type":850,"attrs":19331},{"color":16843},{"text":19333,"type":585,"marks":19334},"cheaper LFP",[19335,19338,19340],{"type":590,"attrs":19336},{"href":19337,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/how-do-sodium-ion-batteries-compare-to-lfp",{"type":850,"attrs":19339},{"color":16852},{"type":2871},{"text":14640,"type":585,"marks":19342},[19343],{"type":850,"attrs":19344},{"color":16843},{"text":19346,"type":585,"marks":19347},"China's BEV market is overwhelmingly dominated by LFP batteries",[19348,19350,19352],{"type":590,"attrs":19349},{"href":18321,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":850,"attrs":19351},{"color":16852},{"type":2871},{"text":19354,"type":585,"marks":19355}," allowing manufacturers to produce lower-cost BEVs.",[19356],{"type":850,"attrs":19357},{"color":16843},{"type":647,"attrs":19359,"content":19360},{"level":13022,"textAlign":49},[19361],{"text":19362,"type":585},"Other factors to consider",{"type":580,"attrs":19364,"content":19365},{"textAlign":49},[19366,19371,19380,19385,19394],{"text":19367,"type":585,"marks":19368},"While pack size and chemistry remain key drivers of regional pricing, other factors are equally important. In China, ",[19369],{"type":850,"attrs":19370},{"color":16843},{"text":19372,"type":585,"marks":19373},"carmakers benefit from shorter supply chains and economies of scale",[19374,19377,19379],{"type":590,"attrs":19375},{"href":19376,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/visualising-battery-players-earnings",{"type":850,"attrs":19378},{"color":16852},{"type":2871},{"text":19381,"type":585,"marks":19382},", which can cut production costs. They also face intense domestic price competition, forcing OEMs to operate on thinner margins. By contrast, ",[19383],{"type":850,"attrs":19384},{"color":16843},{"text":19386,"type":585,"marks":19387},"European and North American manufacturers rely on longer supply chains",[19388,19391,19393],{"type":590,"attrs":19389},{"href":19390,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/making-sense-of-the-energy-transitions-most-complex-supply-chains",{"type":850,"attrs":19392},{"color":16852},{"type":2871},{"text":19395,"type":585,"marks":19396}," and lack China's scale advantages, dynamics that can continue to keep prices high.",[19397],{"type":850,"attrs":19398},{"color":16843},{"type":580,"attrs":19400},{"textAlign":49},"Price remains one of the largest factors influencing EV adoption. The biggest contributor to the price of a battery electric vehicle (BEV) is its battery, which in turn is influenced by the pack size and chemistry. How do these factors correlate with regional pricing? How much more are EVs compared to ICE vehicles regionally? When […]",[19403],{"slug":9249,"name":9250,"content":19404},{"job_title":9252,"image":19405,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d2daf8cb-f4ad-4839-b8d8-1ff33968a749\", \"id\": \"\"}-->",[19408,19409],{"slug":956,"name":957},{"slug":692,"name":693},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":19411,"copyright":645,"fieldtype":701,"meta_data":19412,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1757598928/www-production/Screenshot-2025-09-11-145448/Screenshot-2025-09-11-145448.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":19414,"copyright":645,"fieldtype":701,"meta_data":19415,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/aaf4d725ab/bm-adobestock-335360739-scaled.jpeg",{"alt":645,"title":645,"source":645,"copyright":645},"Price remains one of the largest factors influencing EV adoption. The biggest contributor to the price of a battery electric vehicle (BEV) is its battery, which in turn is influenced by the pack size and chemistry. How do these factors correlate with[…]","Sep 17, 2025",{"id":19419,"uuid":19420,"name":19421,"slug":19422,"full_slug":19423,"content":19424},112398856725143,"9c544faa-5cf7-4532-aa33-a6af515c8091","China announces new two-year plan for the auto sector","china-announces-new-two-year-plan-for-the-auto-sector","article/china-announces-new-two-year-plan-for-the-auto-sector",{"_uid":19425,"date":19426,"tags":19427,"editor":19431,"content":19435,"excerpt":19552,"featured":51,"reporter":19553,"_editable":19557,"component":689,"seo_title":19421,"categories":19558,"visibility":697,"author_company":49,"data_vis_image":19562,"featured_image":19565,"seo_description":19567,"author_full_name":49,"author_job_title":49,"formattedDate":19568},"74202338-f490-4b76-b409-af721606b880","2025-09-16 00:00",[19428,19429,19430],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":13546,"name":13547},[19432],{"slug":1466,"name":1467,"content":19433},{"job_title":1469,"image":19434,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":19436},[19437,19458,19493,19501,19518],{"type":580,"attrs":19438,"content":19439},{"textAlign":49},[19440,19445,19453],{"text":19441,"type":585,"marks":19442},"Eight Chinese government departments have jointly issued a two-year plan aimed at stabilising the ",[19443],{"type":850,"attrs":19444},{"color":16843},{"text":19446,"type":585,"marks":19447},"country's domestic auto sector",[19448,19450,19452],{"type":590,"attrs":19449},{"href":17503,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":850,"attrs":19451},{"color":16852},{"type":2871},{"text":19454,"type":585,"marks":19455},". The plan sets out more than 60 measures across four areas: boosting demand, strengthening supply chains, optimising the business environment, and deepening cooperation.",[19456],{"type":850,"attrs":19457},{"color":16843},{"type":580,"attrs":19459,"content":19460},{"textAlign":49},[19461,19466,19474,19479,19488],{"text":19462,"type":585,"marks":19463},"Targets under the plan include 32.3m vehicle sales (including exports) in 2025, including ~15.5m ",[19464],{"type":850,"attrs":19465},{"color":16843},{"text":19467,"type":585,"marks":19468},"new energy vehicles (NEVs, including battery electric vehicles and plug-in hybrids)",[19469,19471,19473],{"type":590,"attrs":19470},{"href":17503,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":850,"attrs":19472},{"color":16852},{"type":2871},{"text":19475,"type":585,"marks":19476},". The plan also calls for steady growth in vehicle exports and a 6% increase in value added from the vehicle manufacturing industry. More than 700,000 NEVs are to be deployed across sectors such as public transport, taxis, and ",[19477],{"type":850,"attrs":19478},{"color":16843},{"text":19480,"type":585,"marks":19481},"logistics",[19482,19485,19487],{"type":590,"attrs":19483},{"href":19484,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/growth-in-chinas-heavy-duty-electric-truck-sales-is-outpacing-the-passenger-car-market",{"type":850,"attrs":19486},{"color":16852},{"type":2871},{"text":19489,"type":585,"marks":19490}," in 25 pilot cities.",[19491],{"type":850,"attrs":19492},{"color":16843},{"type":636,"attrs":19494},{"id":19495,"body":19496},"215e3a04-71cc-48d5-beb8-367a117a0ad0",[19497],{"id":19498,"_uid":19499,"type":643,"_editable":19500,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"25153390","i-e8385caf-5966-4aba-80e1-fa792031730f","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-e8385caf-5966-4aba-80e1-fa792031730f\", \"id\": \"\"}-->",{"type":580,"attrs":19502,"content":19503},{"textAlign":49},[19504,19513],{"text":19505,"type":585,"marks":19506},"State subsidies for the purchase of NEVs",[19507,19510,19512],{"type":590,"attrs":19508},{"href":19509,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/what-does-the-post-subsidy-china-ev-market-look-like",{"type":850,"attrs":19511},{"color":16852},{"type":2871},{"text":19514,"type":585,"marks":19515}," were due to expire at the end of 2025, however the plan suggests that the subsidies should stay in place to further increase EV uptake.",[19516],{"type":850,"attrs":19517},{"color":16843},{"type":580,"attrs":19519,"content":19520},{"textAlign":49},[19521,19526,19534,19539,19547],{"text":19522,"type":585,"marks":19523},"Beyond 2025, robust cell demand is expected to continue. The Chinese government has announced a target of 180GW of installed capacity in the ",[19524],{"type":850,"attrs":19525},{"color":16843},{"text":19527,"type":585,"marks":19528},"energy storage system (ESS) sector",[19529,19531,19533],{"type":590,"attrs":19530},{"href":13323,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":850,"attrs":19532},{"color":16852},{"type":2871},{"text":19535,"type":585,"marks":19536}," between 2025 and 2027. ",[19537],{"type":850,"attrs":19538},{"color":16843},{"text":19540,"type":585,"marks":19541},"CATL has also raised its 2026 cell production forecast from 1,000GWh to 1,300GWh",[19542,19544,19546],{"type":590,"attrs":19543},{"href":14952,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":850,"attrs":19545},{"color":16852},{"type":2871},{"text":19548,"type":585,"marks":19549},", underscoring expectations of sustained battery demand.",[19550],{"type":850,"attrs":19551},{"color":16843},"Eight Chinese government departments have jointly issued a two-year plan aimed at stabilising the country’s domestic auto sector. The plan sets out more than 60 measures across four areas: boosting demand, strengthening supply chains, optimising the business environment, and deepening cooperation. Targets under the plan include 32.3m vehicle sales (including exports) in 2025, including ~15.5m […]",[19554],{"slug":1466,"name":1467,"content":19555},{"job_title":1469,"image":19556,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"74202338-f490-4b76-b409-af721606b880\", \"id\": \"\"}-->",[19559,19560,19561],{"slug":956,"name":957},{"slug":692,"name":693},{"slug":695,"name":696},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":19563,"copyright":645,"fieldtype":701,"meta_data":19564,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1758038976/www-production/China-EV-sales@2x-1/China-EV-sales@2x-1.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":8320,"copyright":645,"fieldtype":701,"meta_data":19566,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},"Eight Chinese government departments have jointly issued a two-year plan aimed at stabilising the country’s domestic auto sector. The plan sets out more than 60 measures across four areas: boosting demand, strengthening  […]","Sep 16, 2025",{"id":19570,"uuid":19571,"name":19572,"slug":19573,"full_slug":19574,"content":19575},107082984928470,"892e6b93-79f4-442f-90ed-c033a0717838","Debt in the EV market, how is it evolving?","debt-in-the-ev-market-how-is-it-evolving","article/debt-in-the-ev-market-how-is-it-evolving",{"_uid":19576,"date":19426,"tags":19577,"editor":19580,"content":19584,"excerpt":19728,"featured":51,"reporter":19729,"_editable":19733,"component":689,"seo_title":19572,"categories":19734,"visibility":2019,"author_company":49,"data_vis_image":19736,"featured_image":19739,"seo_description":19742,"author_full_name":49,"author_job_title":49,"formattedDate":19568},"253f2a36-b12a-4d84-b344-5d1c633a7ed1",[19578,19579],{"slug":564,"name":565},{"slug":17285,"name":17286},[19581],{"slug":9249,"name":9250,"content":19582},{"job_title":9252,"image":19583,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":19585},[19586,19608,19615,19623,19628,19645,19667,19672,19693,19698,19703,19708,19726],{"type":580,"attrs":19587,"content":19588},{"textAlign":49},[19589,19594,19603],{"text":19590,"type":585,"marks":19591},"To expand any industry, ",[19592],{"type":850,"attrs":19593},{"color":16843},{"text":19595,"type":585,"marks":19596},"financing is essential. This can come in the form of equity, debt, or grants",[19597,19600,19602],{"type":590,"attrs":19598},{"href":19599,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/how-is-battery-supply-chain-funding-evolving-in-2025",{"type":850,"attrs":19601},{"color":16852},{"type":2871},{"text":19604,"type":585,"marks":19605},". The balance between these changes over time and reflects how market players evolve. The EV industry has grown rapidly over the last seven years, and the debt landscape for individual companies has shifted significantly.",[19606],{"type":850,"attrs":19607},{"color":16843},{"type":580,"attrs":19609,"content":19610},{"textAlign":49},[19611],{"text":19612,"type":585,"marks":19613},"Here we look at the debt-to-capital ratio – a measure of how much of a company’s total capital is funded by debt – across a selection of EV players.",[19614],{"type":1992},{"type":636,"attrs":19616},{"id":19617,"body":19618},"569b410a-bcc9-4135-a618-c798db2e7f6e",[19619],{"id":19620,"_uid":19621,"type":643,"_editable":19622,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24987524","i-3377f477-9628-419b-9e24-8bf86f8ecd73","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-3377f477-9628-419b-9e24-8bf86f8ecd73\", \"id\": \"\"}-->",{"type":647,"attrs":19624,"content":19625},{"level":13022,"textAlign":49},[19626],{"text":19627,"type":585},"Falling debt for BYD and Tesla",{"type":580,"attrs":19629,"content":19630},{"textAlign":49},[19631,19640],{"text":19632,"type":585,"marks":19633},"Tesla and BYD are two prominent players that have seen debt fall and stabilise in recent years",[19634,19637,19639],{"type":590,"attrs":19635},{"href":19636,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/when-will-the-ev-market-reach-profitability",{"type":850,"attrs":19638},{"color":16852},{"type":2871},{"text":19641,"type":585,"marks":19642},". In Q1 2021, Tesla and BYD had debt-to-capital ratios of 33.8% and 48.7%, respectively. By Q2 2025 these had dropped to 14.4% and 14.9%.",[19643],{"type":850,"attrs":19644},{"color":16843},{"type":580,"attrs":19646,"content":19647},{"textAlign":49},[19648,19653,19662],{"text":19649,"type":585,"marks":19650},"Debt within these companies has dropped as ",[19651],{"type":850,"attrs":19652},{"color":16843},{"text":19654,"type":585,"marks":19655},"revenue from sales has allowed stronger profitability",[19656,19659,19661],{"type":590,"attrs":19657},{"href":19658,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/catl-posts-record-results-as-efficiency-and-capacity-expansion-drive-profit-growth",{"type":850,"attrs":19660},{"color":16852},{"type":2871},{"text":19663,"type":585,"marks":19664}," and the ability to reduce debt. Leverage was key during the high-growth phases of these companies, helping to build out facilities and brand image. Both have now scaled to more financially mature organisations and are no longer reliant on debt. However, reports in 2025 emerged stating that BYD has a high proportion of \"hidden debt\" within its supply chain, suggesting it is more reliant on debt than its balance sheet shows.",[19665],{"type":850,"attrs":19666},{"color":16843},{"type":580,"attrs":19668,"content":19669},{"textAlign":49},[19670],{"text":19671,"type":585},"Increasing debt for Xpeng, Rivian, and Nio",{"type":580,"attrs":19673,"content":19674},{"textAlign":49},[19675,19680,19688],{"text":19676,"type":585,"marks":19677},"Although Xpeng, Rivian, and Nio post sales in the thousands, ",[19678],{"type":850,"attrs":19679},{"color":16843},{"text":19681,"type":585,"marks":19682},"they are all still loss-making companies",[19683,19685,19687],{"type":590,"attrs":19684},{"href":19636,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":850,"attrs":19686},{"color":16852},{"type":2871},{"text":19689,"type":585,"marks":19690},". They continue to rely on debt to fund operations and growth, putting pressure on the financial health of these companies. If revenue growth does not accelerate, debt-to-capital ratios will continue to rise. While high ratios are not automatically negative, it can increase the risk of insolvency.",[19691],{"type":850,"attrs":19692},{"color":16843},{"type":647,"attrs":19694,"content":19695},{"level":13022,"textAlign":49},[19696],{"text":19697,"type":585},"Stable debt for Li Auto and Seres Auto",{"type":580,"attrs":19699,"content":19700},{"textAlign":49},[19701],{"text":19702,"type":585},"Li Auto and Seres Auto have comparatively stable debt levels but at opposite ends of the spectrum. Li Auto’s consistently low debt-to-capital ratios reflect a strategy of prioritising equity funding. In 2020, it listed on the NASDAQ raising $1 billion, followed in 2021 by a Hong Kong raising $1.5 billion, and in 2022 it raised a further $2 billion from a stock offering on the NASDAQ. These funding rounds allowed it to expand with a limited debt reliance.",{"type":580,"attrs":19704,"content":19705},{"textAlign":49},[19706],{"text":19707,"type":585},"Conversely, Seres Group, which owns the AITO brand, has operated a highly leveraged business model, with its debt-to-capital ratio siting over 60% for four of the last 18 quarters. However, the group raised $700 million in a recent funding round as it looks to reduce its debt-to-capital ratio and fund further expansion through equity rather than debt.",{"type":580,"attrs":19709,"content":19710},{"textAlign":49},[19711,19713,19717,19719,19724],{"text":19712,"type":585},"To read more about this see our ",{"text":17516,"type":585,"marks":19714},[19715],{"type":590,"attrs":19716},{"href":17530,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":19718,"type":585}," & ",{"text":19720,"type":585,"marks":19721},"Profitability Heatmap",[19722],{"type":590,"attrs":19723},{"href":17530,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":19725,"type":585}," briefings. ",{"type":580,"attrs":19727},{"textAlign":49},"To expand any industry, financing is essential. This can come in the form of equity, debt, or grants. The balance between these changes over time and reflects how market players evolve. The EV industry has grown rapidly over the last seven years, and the debt landscape for individual companies has shifted significantly. Here we look […]",[19730],{"slug":9249,"name":9250,"content":19731},{"job_title":9252,"image":19732,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"253f2a36-b12a-4d84-b344-5d1c633a7ed1\", \"id\": \"\"}-->",[19735],{"slug":692,"name":693},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":19737,"copyright":645,"fieldtype":701,"meta_data":19738,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1757500651/www-production/Screenshot-2025-09-08-150124/Screenshot-2025-09-08-150124.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":19740,"copyright":645,"fieldtype":701,"meta_data":19741,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/46870b0bb8/bm-adobestock-1442093561-scaled.jpeg",{"alt":645,"title":645,"source":645,"copyright":645},"To expand any industry, financing is essential. This can come in the form of equity, debt, or grants. The balance between these changes over time and reflects how market players evolve. The EV industry has grown rapidly […]",{"id":19744,"uuid":9637,"name":19745,"slug":19746,"full_slug":19747,"content":19748},112398861623960,"Inobat’s planned Spanish gigafactory gains state support","inobats-planned-spanish-gigafactory-gains-state-support","article/inobats-planned-spanish-gigafactory-gains-state-support",{"_uid":19749,"date":19750,"tags":19751,"editor":19761,"content":19765,"excerpt":19863,"featured":51,"reporter":19864,"_editable":19868,"component":689,"seo_title":19745,"categories":19869,"visibility":697,"author_company":49,"data_vis_image":19872,"featured_image":19875,"seo_description":19863,"author_full_name":49,"author_job_title":49,"formattedDate":19878},"8d1c55bf-5776-4a1f-bfa6-edc1715ec797","2025-09-15 00:00",[19752,19753,19754,19755,19758],{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":1303,"name":1304},{"slug":19756,"name":19757},"inobat","Inobat",{"slug":19759,"name":19760},"spain","Spain",[19762],{"slug":1466,"name":1467,"content":19763},{"job_title":1469,"image":19764,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":19766},[19767,19772,19784,19789,19794,19807,19819,19827,19832,19837,19842],{"type":580,"attrs":19768,"content":19769},{"textAlign":49},[19770],{"text":19771,"type":585},"Slovakian cell developer Inobat has secured state support for its planned gigafactory in Valladolid, Spain.",{"type":580,"attrs":19773,"content":19774},{"textAlign":49},[19775,19777,19783],{"text":19776,"type":585},"The support consists of a EUR 53.8m ($63.3m) grant and EUR 456,000 ($537,000) loan funded by the ",{"text":19778,"type":585,"marks":19779},"EU’s Recovery and Resilience Facility",[19780],{"type":590,"attrs":19781},{"href":19782,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/stellantis-secures-e133-million-from-spain-for-potential-gigafactory",{"text":1538,"type":585},{"type":580,"attrs":19785,"content":19786},{"textAlign":49},[19787],{"text":19788,"type":585},"This project brings Spain’s gigafactory pipeline to six facilities, though the country does not yet have any operational cell production. Inobat says its Spanish gigafactory will begin at 32GWh capacity in 2027 and reach “full capacity” by 2029.",{"type":647,"attrs":19790,"content":19791},{"level":13022,"textAlign":49},[19792],{"text":19793,"type":585},"Spain supports EV industry",{"type":580,"attrs":19795,"content":19796},{"textAlign":49},[19797,19799,19805],{"text":19798,"type":585},"Spain has a well-developed electric vehicle production industry, with Stellantis, Mercedes, Ford, and Volkswagen amongst the ",{"text":19800,"type":585,"marks":19801},"largest EV  producers",[19802],{"type":590,"attrs":19803},{"href":19804,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/publications/briefings/automaker-league-tables/ev-automakers-league-table-h1-2025",{"text":19806,"type":585}," in the country.",{"type":580,"attrs":19808,"content":19809},{"textAlign":49},[19810,19812,19818],{"text":19811,"type":585},"The country’s gigafactory production capacity, however, currently sits at zero. Several gigafactory projects are in the pipeline at varying levels of development, including a 50GWh facility under construction by Envision AESC, though this looks to have stalled. The world’s largest cell producer, ",{"text":19813,"type":585,"marks":19814},"CATL, is planning a 50GWh joint venture facility with Stellantis",[19815],{"type":590,"attrs":19816},{"href":19817,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/stellantis-catl-jv-to-bolster-europes-lfp-build-out",{"text":1538,"type":585},{"type":636,"attrs":19820},{"id":19821,"body":19822},"bdfcef22-691e-4b61-9de8-ad86c4f9246e",[19823],{"id":19824,"_uid":19825,"type":643,"_editable":19826,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"25135732","i-4bb955c1-263f-4b9d-b745-a637b6b8ff69","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-4bb955c1-263f-4b9d-b745-a637b6b8ff69\", \"id\": \"\"}-->",{"type":580,"attrs":19828,"content":19829},{"textAlign":49},[19830],{"text":19831,"type":585},"Inobat’s Spanish facility is supported by a grant and loan from PERTE VEC, an EU-supported scheme to develop EV battery production projects in Spain. Other gigafactory projects supported by the scheme include Ford, Envision, and Basquevolt.",{"type":580,"attrs":19833,"content":19834},{"textAlign":49},[19835],{"text":19836,"type":585},"The PERTE VEC programme is funded by the EU’s Recovery and Resilience Facility, established to support EU countries after the Covid-19 pandemic. However, in 2024 the European Court of Auditors reported delays in the disbursement of funds to member states.",{"type":647,"attrs":19838,"content":19839},{"level":13022,"textAlign":49},[19840],{"text":19841,"type":585},"Inobat’s pipeline",{"type":580,"attrs":19843,"content":19844},{"textAlign":49},[19845,19847,19853,19855,19861],{"text":19846,"type":585},"The Valladolid project, requiring investment of EUR712m ($838m), is the third large-scale facility in Inobat’s pipeline. The company is also planning a ",{"text":19848,"type":585,"marks":19849},"32GWh factory in Serbia",[19850],{"type":590,"attrs":19851},{"href":19852,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lithium-central-to-new-serbia-eu-strategic-partnership",{"text":19854,"type":585}," and a 40GWh joint venture facility in ",{"text":19856,"type":585,"marks":19857},"Slovakia with Gotion",[19858],{"type":590,"attrs":19859},{"href":19860,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lfp-begins-to-make-inroads-into-europes-lithium-ion-ecosystem",{"text":19862,"type":585},". Inobat’s only operational facility is a 2GWh pilot plant in Slovakia.","Slovakian cell developer Inobat has secured state support for its planned gigafactory in Valladolid, Spain. The support consists of a EUR 53.8m ($63.3m) grant and EUR 456,000 ($537,000) loan funded by the EU’s Recovery and Resilience Facility. This project brings Spain’s gigafactory pipeline to six facilities, though the country does not yet have any operational […]",[19865],{"slug":1466,"name":1467,"content":19866},{"job_title":1469,"image":19867,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8d1c55bf-5776-4a1f-bfa6-edc1715ec797\", \"id\": \"\"}-->",[19870,19871],{"slug":956,"name":957},{"slug":3379,"name":3380},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":19873,"copyright":645,"fieldtype":701,"meta_data":19874,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1757956753/www-production/Spain-gigafactories/Spain-gigafactories.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":19876,"copyright":645,"fieldtype":701,"meta_data":19877,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/04afdcf605/bm-adobestock-613574428-307009e82e.jpeg",{"alt":645,"title":645,"source":645,"copyright":645},"Sep 15, 2025",{"id":19880,"uuid":9651,"name":19881,"slug":19882,"full_slug":19883,"content":19884},112398866416281,"Europe’s cathode scene set to diversify as supply increases","europes-cathode-scene-set-to-diversify-as-supply-increases","article/europes-cathode-scene-set-to-diversify-as-supply-increases",{"_uid":19885,"date":19886,"tags":19887,"editor":19898,"content":19902,"excerpt":20021,"featured":51,"reporter":20022,"_editable":20026,"component":689,"seo_title":19881,"categories":20027,"visibility":697,"author_company":49,"data_vis_image":20030,"featured_image":20033,"seo_description":20021,"author_full_name":49,"author_job_title":49,"formattedDate":20036},"ef00a954-01bb-4af4-818a-cb13fed8b560","2025-09-12 00:00",[19888,19889,19892,19893,19894,19895],{"slug":6892,"name":6893},{"slug":19890,"name":19891},"basf","BASF",{"slug":720,"name":721},{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":19896,"name":19897},"umicore","Umicore",[19899],{"slug":1466,"name":1467,"content":19900},{"job_title":1469,"image":19901,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":19903},[19904,19917,19922,19930,19935,19947,19952,19957,19970,19978,19983,19988,19993,19998,20003,20008,20013],{"type":580,"attrs":19905,"content":19906},{"textAlign":49},[19907,19909,19915],{"text":19908,"type":585},"Europe’s ",{"text":19910,"type":585,"marks":19911},"cathode active material supply",[19912],{"type":590,"attrs":19913},{"href":19914,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/giga-europe-2025-panel-discussion-evs-and-battery-manufacturing-the-outlook-for-cathodes-anodes-and-battery-gigafactories",{"text":19916,"type":585}," is set to increase 360% between 2025 and 2030, supported by a growing number of facilities owned by non-European companies.",{"type":580,"attrs":19918,"content":19919},{"textAlign":49},[19920],{"text":19921,"type":585},"Despite this growth, Benchmark forecasts that European CAM supply will remain lower than the region’s cell production, meaning gigafactories will depend on imports.",{"type":636,"attrs":19923},{"id":19924,"body":19925},"ab49e660-5415-4db7-9ed0-0780cd0ec159",[19926],{"id":19927,"_uid":19928,"type":643,"_editable":19929,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"25097068","i-a503fea2-4d8f-4ac6-a6c9-60ae89f67c37","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-a503fea2-4d8f-4ac6-a6c9-60ae89f67c37\", \"id\": \"\"}-->",{"type":647,"attrs":19931,"content":19932},{"level":13022,"textAlign":49},[19933],{"text":19934,"type":585},"Europe’s cathode scene today",{"type":580,"attrs":19936,"content":19937},{"textAlign":49},[19938,19940,19945],{"text":19939,"type":585},"The key European players dominating the cathode market in the region today are ",{"text":19897,"type":585,"marks":19941},[19942],{"type":590,"attrs":19943},{"href":19944,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/umicore-delays-battery-material-expansion-plans-as-short-term-pressures-bite",{"text":19946,"type":585}," and BASF. Combined, these two companies account for three-quarters of European CAM production in 2025.",{"type":580,"attrs":19948,"content":19949},{"textAlign":49},[19950],{"text":19951,"type":585},"Earlier this year, BASF signed an agreement to cooperate with CATL on CAM supplies. BASF also recently renewed a long term CAM supply agreement with a non-disclosed third-party customer. The material will be supplied from BASF’s operational plant in Schwarzheide, Germany.",{"type":647,"attrs":19953,"content":19954},{"level":13022,"textAlign":49},[19955],{"text":19956,"type":585},"The evolution of Europe’s cathode industry",{"type":580,"attrs":19958,"content":19959},{"textAlign":49},[19960,19962,19968],{"text":19961,"type":585},"Although BASF and Umicore are set to increase their CAM production out to 2030 and beyond, the largest sources of new supply will come from Asian and ",{"text":19963,"type":585,"marks":19964},"Chinese producers",[19965],{"type":590,"attrs":19966},{"href":19967,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/ningbo-ronbay-to-enter-cathode-production-in-europe-with-polish-factory",{"text":19969,"type":585}," which are looking to expand beyond their domestic markets.",{"type":636,"attrs":19971},{"id":19972,"body":19973},"39dfd81c-2821-411c-9bbc-30c6f9f74fac",[19974],{"id":19975,"_uid":19976,"type":643,"_editable":19977,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"25046014","i-290a0bb0-63b0-403d-8890-d0b1485e74c6","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-290a0bb0-63b0-403d-8890-d0b1485e74c6\", \"id\": \"\"}-->",{"type":580,"attrs":19979,"content":19980},{"textAlign":49},[19981],{"text":19982,"type":585},"For example, South Korean-based EcoPro Battery Materials is building a 108ktpa CAM facility in Debrecen, Hungary with the first 54ktpa phase to begin NCA production in 2026 (delayed from 2025). A second phase for NCM is set to begin production in 2027.",{"type":580,"attrs":19984,"content":19985},{"textAlign":49},[19986],{"text":19987,"type":585},"China’s Huayou Cobalt is also building a facility in Hungary. Set to be operational from 2029, it has a planned high-nickel NCM capacity of 75ktpa.",{"type":580,"attrs":19989,"content":19990},{"textAlign":49},[19991],{"text":19992,"type":585},"The largest CAM facility in Europe’s pipeline is a 360ktpa in Finland. The first phase has a capacity of 60ktpa NCM. A highly speculative second phase could see 300ktpa of LMFP (lithium manganese iron phosphate) CAM production. The project is being planned by the Finnish Minerals Group in collaboration with China’s Easpring.",{"type":647,"attrs":19994,"content":19995},{"level":13022,"textAlign":49},[19996],{"text":19997,"type":585},"European companies focus on NCM",{"type":580,"attrs":19999,"content":20000},{"textAlign":49},[20001],{"text":20002,"type":585},"The European market has historically preferred NCM-based cells over LFP as the former can provide greater range when deployed in an EV. As such the large majority of the region’s gigafactories are primarily geared towards NCM cell production and the CAM manufactures followed suit.",{"type":580,"attrs":20004,"content":20005},{"textAlign":49},[20006],{"text":20007,"type":585},"By contrast, Chinese companies have developed extensive experience in LFP production. The chemistry is forecast to account for 11% of the region’s CAM production in 2030.",{"type":580,"attrs":20009,"content":20010},{"textAlign":49},[20011],{"text":20012,"type":585},"The majority of this LFP CAM production is forecast to come from Hunan Yuneng, a Chinese company which is developing a production facility in Extremadura, Spain. A second Chinese company, Wanhua Chemical, announced in September 2025 its plans to build a 30ktpa LFP facility in Hungary with pilot production scheduled for 2026.",{"type":636,"attrs":20014},{"id":20015,"body":20016},"58da3366-f881-43b7-808a-57787d594eaf",[20017],{"id":20018,"_uid":20019,"type":643,"_editable":20020,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"25097599","i-cff84b5a-503b-434e-8f27-432efe658fe0","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-cff84b5a-503b-434e-8f27-432efe658fe0\", \"id\": \"\"}-->","Europe’s cathode active material supply is set to increase 360% between 2025 and 2030, supported by a growing number of facilities owned by non-European companies. Despite this growth, Benchmark forecasts that European CAM supply will remain lower than the region’s cell production, meaning gigafactories will depend on imports. Europe’s cathode scene today The key European […]",[20023],{"slug":1466,"name":1467,"content":20024},{"job_title":1469,"image":20025,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ef00a954-01bb-4af4-818a-cb13fed8b560\", \"id\": \"\"}-->",[20028,20029],{"slug":956,"name":957},{"slug":2623,"name":298},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":20031,"copyright":645,"fieldtype":701,"meta_data":20032,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1757688925/www-production/Socials-Europe-cell-and-CAM-vs-demand@2x-1/Socials-Europe-cell-and-CAM-vs-demand@2x-1.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":20034,"copyright":645,"fieldtype":701,"meta_data":20035,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/65f660c61f/bm-6396-cathode-active-materials-plant-in-schwarzheide-germany-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Sep 12, 2025",{"id":20038,"uuid":5246,"name":20039,"slug":20040,"full_slug":20041,"content":20042},112398890422942,"Infographic: The state of play of next-generation battery capacity in 2025","infographic-the-state-of-play-of-next-generation-battery-capacity-in-2025","article/infographic-the-state-of-play-of-next-generation-battery-capacity-in-2025",{"_uid":20043,"date":20044,"tags":20045,"editor":20056,"content":20060,"excerpt":20195,"featured":51,"reporter":20196,"_editable":20200,"component":689,"seo_title":20039,"categories":20201,"visibility":2019,"author_company":49,"data_vis_image":20204,"featured_image":20206,"seo_description":20195,"author_full_name":49,"author_job_title":49,"formattedDate":20209},"4365ec75-4977-461b-9cbf-5594441adf7b","2025-09-09 00:00",[20046,20047,20048,20049,20050,20053],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":561,"name":562},{"slug":2480,"name":2481},{"slug":20051,"name":20052},"solid-state","Solid-state",{"slug":20054,"name":20055},"sodium-ion-batteries","Sodium Ion Batteries",[20057],{"slug":9249,"name":9250,"content":20058},{"job_title":9252,"image":20059,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":20061},[20062,20074,20087,20095,20113,20118,20132,20152,20165,20177,20184],{"type":580,"attrs":20063,"content":20064},{"textAlign":49},[20065,20067,20073],{"text":20066,"type":585},"The next-generation battery landscape has progressed from start-up to scale-up, with more than 250GWh of pipeline capacity expected to be installed by the end of 2025 across a variety of emerging technologies, according to ",{"text":20068,"type":585,"marks":20069},"Benchmark’s New Technology Service",[20070],{"type":590,"attrs":20071},{"href":20072,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/new-technology",{"text":1538,"type":585},{"type":580,"attrs":20075,"content":20076},{"textAlign":49},[20077,20079,20085],{"text":20078,"type":585},"China has a dominant position in the two most developed of these technologies: sodium ion and solid-state. The country is using its existing expertise in lithium ion cell production, as well as ",{"text":20080,"type":585,"marks":20081},"state support",[20082],{"type":590,"attrs":20083},{"href":20084,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinas-battery-industry-unites-in-effort-to-extend-dominance-to-solid-state",{"text":20086,"type":585},", to push for significant capacity buildout ahead of demand being fully realised.",{"type":580,"attrs":20088,"content":20089},{"textAlign":49},[20090],{"type":1847,"attrs":20091},{"id":49,"alt":20092,"src":20093,"title":49,"source":49,"copyright":49,"meta_data":20094},"Infographic titled Next-gen battery capacity by the end of 202. The chart shows 122.9 GWh of sodium ion production and 90.8 GWh of solid-state battery production both dominated by China. 28.3 GWh of redox-flow batteries is 40% China. 10 GWh of Other technologies is 70% the US.","https://a.storyblok.com/f/287943243085208/bc245454ac/bm-benchmark-19-next-gen-battery-capacity-voro-3.jpg",{},{"type":580,"attrs":20096,"content":20097},{"textAlign":49},[20098,20104,20106,20111],{"text":20099,"type":585,"marks":20100},"Sodium ion batteries",[20101],{"type":590,"attrs":20102},{"href":20103,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/sodium-ion-pipeline-dominated-by-unproven-cell-producers",{"text":20105,"type":585}," take top spot for installed production capacity, with 123GWh expected to be online by the end of the year. The technology aims to compete with ",{"text":20107,"type":585,"marks":20108},"lithium ion batteries on cost",[20109],{"type":590,"attrs":20110},{"href":19337,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":20112,"type":585}," and safety, especially in battery energy storage systems. ",{"type":580,"attrs":20114,"content":20115},{"textAlign":49},[20116],{"text":20117,"type":585},"However, low utilisation rates and depressed lithium raw material and cell prices present critical commercialisation challenges, which must be overcome for widespread adoption.",{"type":580,"attrs":20119,"content":20120},{"textAlign":49},[20121,20125],{"text":20122,"type":585,"marks":20123},"Watch: ",[20124],{"type":1992},{"text":20126,"type":585,"marks":20127},"Sodium ion batteries: Hype vs reality on the road to commercialisation",[20128,20129],{"type":1992},{"type":590,"attrs":20130},{"href":20131,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/sodium-ion-batteries-hype-vs-reality-on-the-road-to-commercialisation",{"type":580,"attrs":20133,"content":20134},{"textAlign":49},[20135,20137,20143,20145,20151],{"text":20136,"type":585},"Over 95% of installed sodium ion battery capacity is in China. The country is also home to four-fifths of the ",{"text":20138,"type":585,"marks":20139},"solid-state battery capacity",[20140],{"type":590,"attrs":20141},{"href":20142,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/where-is-chinas-solid-state-battery-industry-developing",{"text":20144,"type":585}," planned for operation by the end of 2025, which is set to reach 91GWh globally. Solid-state batteries promise higher energy density, faster charging, and reduced risk of battery fires, though high initial cost means this technology will likely first be applied in the ",{"text":20146,"type":585,"marks":20147},"premium EV segment",[20148],{"type":590,"attrs":20149},{"href":20150,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/incumbent-oems-double-down-on-solid-state-in-2025",{"text":1538,"type":585},{"type":580,"attrs":20153,"content":20154},{"textAlign":49},[20155,20157,20163],{"text":20156,"type":585},"Other next-generation battery technologies are less concentrated in China. Sizable amounts of production capacity for ",{"text":20158,"type":585,"marks":20159},"redox-flow batteries",[20160],{"type":590,"attrs":20161},{"href":20162,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinese-battery-energy-storage-market-to-triple-by-2033",{"text":20164,"type":585},", which store energy in liquid electrolytes, is located in Australia (28%), the US (15%), and Saudi Arabia (11%), in addition to China (40%). Nearly 30GWh of redox-flow battery production capacity is set to be online by the end of this year.",{"type":580,"attrs":20166,"content":20167},{"textAlign":49},[20168,20170,20175],{"text":20169,"type":585},"The US dominates the capacity pipeline for more niche next-generation technologies including ",{"text":5907,"type":585,"marks":20171},[20172],{"type":590,"attrs":20173},{"href":20174,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/stellantis-backed-lyten-to-build-1-billion-lithium-sulphur-gigafactory-in-us",{"text":20176,"type":585},", metal-air, and other lithium metal batteries. The country is set to account for 70% of the 10GWh global market for these technologies by the end of 2025.",{"type":580,"attrs":20178,"content":20179},{"textAlign":49},[20180],{"text":20181,"type":585,"marks":20182},"As the global energy landscape rapidly evolves, emerging battery technologies are poised to reshape markets and unlock new commercial potential. Benchmark’s New Technology Service identifies the key disruptors and technology trends driving this transformation. To learn more fill out the form below:",[20183],{"type":1992},{"type":636,"attrs":20185},{"id":20186,"body":20187},"cb8c0ed5-79c3-4f70-864f-15f28ee4b167",[20188],{"id":1997,"_uid":20189,"_editable":20190,"component":1999,"wrap_in_box":50,"hubspot_form":1997,"redirect_url":20191,"success_file":20192,"default_height":645,"success_message":645,"success_sub_text":645,"hidden_field_values":20194},"i-8cad45ea-29d3-4d8a-8753-7c97ed8dd234","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-8cad45ea-29d3-4d8a-8753-7c97ed8dd234\", \"id\": \"\"}-->",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":20193},{},[],"The next-generation battery landscape has progressed from start-up to scale-up, with more than 250GWh of pipeline capacity expected to be installed by the end of 2025 across a variety of emerging technologies, according to Benchmark’s New Technology Service. China has a dominant position in the two most developed of these technologies: sodium ion and solid-state. […]",[20197],{"slug":9249,"name":9250,"content":20198},{"job_title":9252,"image":20199,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4365ec75-4977-461b-9cbf-5594441adf7b\", \"id\": \"\"}-->",[20202,20203],{"slug":956,"name":957},{"slug":959,"name":960},{"id":49,"alt":20092,"name":645,"focus":645,"title":20092,"source":645,"filename":20093,"copyright":645,"fieldtype":701,"meta_data":20205,"is_external_url":51},{"alt":20092,"title":20092,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":20207,"copyright":645,"fieldtype":701,"meta_data":20208,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/e0c40b0f08/bm-solidpower-day1-08-jpg.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Sep 09, 2025",{"id":20211,"uuid":20212,"name":20213,"slug":20214,"full_slug":20215,"content":20216},112398909477540,"728bf2c2-e712-429a-b3b7-2740e6c4e7f0","US records strongest month for EV sales in August as tax credits near expiry","us-records-strongest-month-for-ev-sales-in-august-as-tax-credits-near-expiry","article/us-records-strongest-month-for-ev-sales-in-august-as-tax-credits-near-expiry",{"_uid":20217,"date":20218,"tags":20219,"editor":20222,"content":20226,"excerpt":20293,"featured":51,"reporter":20294,"_editable":20298,"component":689,"seo_title":20213,"categories":20299,"visibility":2019,"author_company":49,"data_vis_image":20302,"featured_image":20305,"seo_description":20293,"author_full_name":49,"author_job_title":49,"formattedDate":20308},"049598e3-ffb9-43ef-b4d1-aed53984ae19","2025-09-08 00:00",[20220,20221],{"slug":564,"name":565},{"slug":18177,"name":18178},[20223],{"slug":9249,"name":9250,"content":20224},{"job_title":9252,"image":20225,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":20227},[20228,20240,20245,20250,20258,20263,20268,20273,20278,20283,20288],{"type":580,"attrs":20229,"content":20230},{"textAlign":49},[20231,20233,20238],{"text":20232,"type":585},"The US electric vehicle (EV) market posted its highest-ever monthly sales in August, with over 175,000 units sold, according to ",{"text":20234,"type":585,"marks":20235},"Rho Motion’s EV & Battery Database",[20236],{"type":590,"attrs":20237},{"href":18857,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":20239,"type":585},". This follows July 2025, which was the third-strongest month on record, and surpasses the previous record set in December 2024 by over 15,000 units. Consequently, sales in the country are up 10% in the first eight months of the year. The surge reflects a consumer pull-forward effect, as buyers move ahead of the expiry of federal tax credits in September, following the passage of the “One Big Beautiful Bill Act” (OBBBA) in July.",{"type":647,"attrs":20241,"content":20242},{"level":13022,"textAlign":49},[20243],{"text":20244,"type":585},"How is the market playing out?",{"type":580,"attrs":20246,"content":20247},{"textAlign":49},[20248],{"text":20249,"type":585},"Under the OBBBA, from 30 September the 30D purchase credit and the 45W leasing credit – both worth up to $7,500 on eligible EVs – will end. Consumers have accelerated purchases to take advantage of the incentives, with 30D-eligible models leading the growth.",{"type":636,"attrs":20251},{"id":20252,"body":20253},"19f254ab-b875-4d9e-9a01-2ca18cdb66e2",[20254],{"id":20255,"_uid":20256,"type":643,"_editable":20257,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24990808","i-e3216132-912f-4ef3-a5de-51e86c8e6b82","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-e3216132-912f-4ef3-a5de-51e86c8e6b82\", \"id\": \"\"}-->",{"type":580,"attrs":20259,"content":20260},{"textAlign":49},[20261],{"text":20262,"type":585},"Many OEMs registered record sales in July and August. The Honda Prologue logged its best-ever month with more than 9,300 units sold, while the Ioniq 5 had its two strongest months yet over the period. The Chevrolet Equinox also exceeded its previous monthly record by close to 30%.",{"type":580,"attrs":20264,"content":20265},{"textAlign":49},[20266],{"text":20267,"type":585},"Similarly companies have posted their strongest ever months for BEV sales. GM sold more than 19,000 BEVs in July and 21,000 in August, surpassing its previous record of 16,000 in a single month. Hyundai–Kia likewise reported a record month in the US with more than 15,000 BEVs sold.",{"type":647,"attrs":20269,"content":20270},{"level":13022,"textAlign":49},[20271],{"text":20272,"type":585},"What comes next?",{"type":580,"attrs":20274,"content":20275},{"textAlign":49},[20276],{"text":20277,"type":585},"Sales are expected to show continued unseasonal strength in September, but Benchmark analysts expect a slowdown once the tax credits expire, as future demand has effectively been pulled forward. “Our EV sales expectation for the year is completely flat” commented Will Roberts, Automotive Research Lead at Rho Motion.",{"type":580,"attrs":20279,"content":20280},{"textAlign":49},[20281],{"text":20282,"type":585},"“There’s high uncertainty of how big the EV sales drop off will be in Q4.” Roberts continued.",{"type":580,"attrs":20284,"content":20285},{"textAlign":49},[20286],{"text":20287,"type":585},"Other markets that had EV subsidies removed saw substantial drops. For example, Germany’s EV market fell 19% in 2024 compared to 2023 following the removal of subsidies.",{"type":580,"attrs":20289,"content":20290},{"textAlign":49},[20291],{"text":20292,"type":585},"Automakers are already adjusting to this expected dip. VW has announced plans to scale back ID.4 production in the US from October, while GM will cut output at several EV facilities.","The US electric vehicle (EV) market posted its highest-ever monthly sales in August, with over 175,000 units sold, according to Rho Motion’s EV & Battery Database. This follows July 2025, which was the third-strongest month on record, and surpasses the previous record set in December 2024 by over 15,000 units. Consequently, sales in the country […]",[20295],{"slug":9249,"name":9250,"content":20296},{"job_title":9252,"image":20297,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"049598e3-ffb9-43ef-b4d1-aed53984ae19\", \"id\": \"\"}-->",[20300,20301],{"slug":956,"name":957},{"slug":692,"name":693},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":20303,"copyright":645,"fieldtype":701,"meta_data":20304,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1757321546/www-production/Screenshot-2025-09-08-095155/Screenshot-2025-09-08-095155.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":20306,"copyright":645,"fieldtype":701,"meta_data":20307,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/9055269383/bm-adobestock-1564214430.jpeg",{"alt":645,"title":645,"source":645,"copyright":645},"Sep 08, 2025",{"id":20310,"uuid":20311,"name":20312,"slug":20313,"full_slug":20314,"content":20315},112398947459757,"c1644320-7c94-4d4f-bb95-84c83a37b380","Growth in China’s heavy-duty electric truck sales is outpacing the passenger car market","growth-in-chinas-heavy-duty-electric-truck-sales-is-outpacing-the-passenger-car-market","article/growth-in-chinas-heavy-duty-electric-truck-sales-is-outpacing-the-passenger-car-market",{"_uid":20316,"date":20317,"tags":20318,"editor":20321,"content":20325,"excerpt":20394,"featured":51,"reporter":20395,"_editable":20399,"component":689,"seo_title":20312,"categories":20400,"visibility":697,"author_company":49,"data_vis_image":20404,"featured_image":20407,"seo_description":20394,"author_full_name":49,"author_job_title":49,"formattedDate":20410},"b93bf8b3-69d0-4bde-ab78-93ab107236ba","2025-08-29 00:00",[20319,20320],{"slug":720,"name":721},{"slug":564,"name":565},[20322],{"slug":1466,"name":1467,"content":20323},{"job_title":1469,"image":20324,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":20326},[20327,20332,20340,20345,20350,20355,20363,20368,20373,20381,20386,20391],{"type":580,"attrs":20328,"content":20329},{"textAlign":49},[20330],{"text":20331,"type":585},"Lithium-ion battery demand is still primarily driven by passenger EVs and the energy storage sector. However, China’s heavy-duty truck segment (16 tonne and above) is showing how this dynamic could shift, with growth in recent years proving exceptionally strong. Between 2023 and 2024, heavy-duty electric truck sales rose 134%. Data from H1 2025 shows the market grew a further 173%, with expansion expected to continue along a similar trajectory.",{"type":636,"attrs":20333},{"id":20334,"body":20335},"42cce456-309a-4adf-ac36-2c13b78d0478",[20336],{"id":20337,"_uid":20338,"type":643,"_editable":20339,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24873015","i-9201a46f-3422-44cd-9208-fcc5b772ba6e","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-9201a46f-3422-44cd-9208-fcc5b772ba6e\", \"id\": \"\"}-->",{"type":580,"attrs":20341,"content":20342},{"textAlign":49},[20343],{"text":20344,"type":585},"Why does this matter in the EV market?",{"type":580,"attrs":20346,"content":20347},{"textAlign":49},[20348],{"text":20349,"type":585},"Although monthly sales remain in the tens of thousands – a fraction of passenger car volumes – battery sizes for heavy-duty vehicles are significantly larger. Some pack sizes exceed 600kWh, over 10 times the average passenger car battery pack. This means even relatively low sales volumes can exert a substantial impact on overall battery demand.",{"type":580,"attrs":20351,"content":20352},{"textAlign":49},[20353],{"text":20354,"type":585},"Taking the average unweighted battery capacity of heavy-duty trucks entering the market this year compared with passenger cars sold this year (475kWh vs 61kWh) shows that one heavy-duty truck has the potential to represent the equivalent demand of almost eight passenger cars. This underpins the importance the heavy-duty market can play in overall battery demand.",{"type":636,"attrs":20356},{"id":20357,"body":20358},"7e814334-c5c5-418f-83e5-065c66adc7ac",[20359],{"id":20360,"_uid":20361,"type":643,"_editable":20362,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24871541","i-516505ef-c8f5-4280-afb1-85cd54dddd72","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-516505ef-c8f5-4280-afb1-85cd54dddd72\", \"id\": \"\"}-->",{"type":580,"attrs":20364,"content":20365},{"textAlign":49},[20366],{"text":20367,"type":585},"Battery swapping has cemented itself in the industry",{"type":580,"attrs":20369,"content":20370},{"textAlign":49},[20371],{"text":20372,"type":585},"In 2024, battery-swapping models accounted for 36% of heavy-duty electric truck sales, a slight decline from 2023. In H1 2025 this fell further to 34%, despite sales increasing 140% y-o-y. The reduction in share suggests alternative charging remains favoured by many operators, but the strong growth overall highlights the important role battery-swapping heavy-duty vehicles continue to play in China’s transition to electric trucking. Battery swapping may be favoured in situations where quick turnaround is essential, or in remote areas where access to high-powered grid connections is limited.",{"type":636,"attrs":20374},{"id":20375,"body":20376},"d91ebc10-ddaa-4627-8f32-c8ad9e0be518",[20377],{"id":20378,"_uid":20379,"type":643,"_editable":20380,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24873168","i-c76ad1f2-8555-4838-8a56-81abca60d301","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-c76ad1f2-8555-4838-8a56-81abca60d301\", \"id\": \"\"}-->",{"type":580,"attrs":20382,"content":20383},{"textAlign":49},[20384],{"text":20385,"type":585},"The market in context",{"type":580,"attrs":20387,"content":20388},{"textAlign":49},[20389],{"text":20390,"type":585},"Backed by government subsidies, lower operating costs, and expanding charging and swapping infrastructure, China demonstrates the scale of electrification potential in heavy-duty transport. While adoption outside China is unlikely to accelerate at the same pace, demand across commercial vehicle segments is expected to rise rapidly in the coming years proving an increasingly important battery demand segment. ",{"type":580,"attrs":20392,"content":20393},{"textAlign":49},[],"Lithium-ion battery demand is still primarily driven by passenger EVs and the energy storage sector. However, China’s heavy-duty truck segment (16 tonne and above) is showing how this dynamic could shift, with growth in recent years proving exceptionally strong. Between 2023 and 2024, heavy-duty electric truck sales rose 134%. Data from H1 2025 shows the market grew a further 173%, with expansion expected to […]",[20396],{"slug":1466,"name":1467,"content":20397},{"job_title":1469,"image":20398,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b93bf8b3-69d0-4bde-ab78-93ab107236ba\", \"id\": \"\"}-->",[20401,20402,20403],{"slug":956,"name":957},{"slug":959,"name":960},{"slug":692,"name":693},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":20405,"copyright":645,"fieldtype":701,"meta_data":20406,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1756460584/www-production/Screenshot-2025-08-28-153050/Screenshot-2025-08-28-153050.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":20408,"copyright":645,"fieldtype":701,"meta_data":20409,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5e6109c6a6/bm-adobestock-1385255173-scaled.jpeg",{"alt":645,"title":645,"source":645,"copyright":645},"Aug 29, 2025",{"id":20412,"uuid":5293,"name":20413,"slug":20414,"full_slug":20415,"content":20416},112398957736672,"BESS system integrator ranking in H1 2025 shows change is on the horizon for the industry","bess-system-integrator-ranking-in-h1-2025-shows-change-is-on-the-horizon-for-the-industry","article/bess-system-integrator-ranking-in-h1-2025-shows-change-is-on-the-horizon-for-the-industry",{"_uid":20417,"date":20418,"tags":20419,"editor":20422,"content":20426,"excerpt":20516,"featured":51,"reporter":20517,"component":689,"seo_title":20413,"categories":20521,"visibility":2019,"author_company":49,"data_vis_image":20524,"featured_image":20527,"seo_description":20516,"author_full_name":49,"author_job_title":49,"formattedDate":20530},"cf087c4d-ce56-4e39-b2b7-6b63b341e961","2025-08-28 00:00",[20420,20421],{"slug":10295,"name":10296},{"slug":564,"name":565},[20423],{"slug":9249,"name":9250,"content":20424},{"job_title":9252,"image":20425,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":20427},[20428,20440,20445,20452,20457,20462,20467,20472,20477,20489,20494,20499,20504],{"type":580,"attrs":20429,"content":20430},{"textAlign":49},[20431,20433,20438],{"text":20432,"type":585},"A recent BESS system integrator ranking from Rho Motion demonstrates how the ",{"text":20434,"type":585,"marks":20435},"energy storage industry",[20436],{"type":590,"attrs":20437},{"href":2226,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":20439,"type":585}," is rapidly evolving as it grows. From 2023 to 2024, BESS shipments grew by 79%, and growth in 2025 is expected to be bigger. Data from the first half of 2025 (H1 2025) shows shipments have already surpassed the total for 2023 by 25%, highlighting the rapid pace of industry growth.",{"type":580,"attrs":20441,"content":20442},{"textAlign":49},[20443],{"text":20444,"type":585},"At the same time, as the industry expands and new players enter the market, smaller companies are steadily capturing market share. Meanwhile, the competitive dynamic is shifting between vertically integrated cell-and-system players and dedicated system manufacturers.",{"type":636,"attrs":20446},{"id":20447,"body":20448},"76d89e5d-8468-4579-8a56-46b5bba71553",[20449],{"id":20450,"_uid":20451,"type":643,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24794327","i-292dfda3-52ae-44a3-80b1-d0bf7ef7e86c",{"type":647,"attrs":20453,"content":20454},{"level":13022,"textAlign":49},[20455],{"text":20456,"type":585},"A market increasingly fragmented",{"type":580,"attrs":20458,"content":20459},{"textAlign":49},[20460],{"text":20461,"type":585},"In 2023 the top ten players accounted for 82% of the market, compared to 77% in H1 2025. Although the market remains relatively top-heavy, these dynamics are shifting as smaller players outside of the top five capture an increasingly larger portion of the market.",{"type":580,"attrs":20463,"content":20464},{"textAlign":49},[20465],{"text":20466,"type":585},"As well as this, market share across top players is becoming more balanced. In 2023, the leading player, CATL, held 20% of market share, compared with only 6% for the fifth-ranked, CRRC. In H1 2025, this gap narrowed to 14% and 9% respectively between Sungrow Power and BYD, ranked first and fifth. A lead that is far less pronounced as the landscape becomes more competitive.",{"type":647,"attrs":20468,"content":20469},{"level":13022,"textAlign":49},[20470],{"text":20471,"type":585},"System integration ability is proving more important",{"type":580,"attrs":20473,"content":20474},{"textAlign":49},[20475],{"text":20476,"type":585},"The competitive importance of system integrators has risen significantly as the market advantage of cell manufacturers has shown signs of weakening.",{"type":580,"attrs":20478,"content":20479},{"textAlign":49},[20480,20482,20487],{"text":20481,"type":585},"In 2023, cell makers accounted for at least 40% of BESS shipments, largely due to the surge in LFP ",{"text":20483,"type":585,"marks":20484},"cell prices",[20485],{"type":590,"attrs":20486},{"href":11391,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":20488,"type":585}," in 2022. This gave cell players the advantage of being able to produce systems at lower costs, since cells made up the largest cost component of BESS systems.",{"type":580,"attrs":20490,"content":20491},{"textAlign":49},[20492],{"text":20493,"type":585},"By H1 2025, cell manufacturers’ share in the system market had dropped to below 30%. This shift has been fuelled by falling cell prices and the expansion of the battery industry, which has brought in more players and broadened the range of options available to BESS system producers, allowing them to compete more with vertically integrated players.",{"type":580,"attrs":20495,"content":20496},{"textAlign":49},[20497],{"text":20498,"type":585},"However, it is worth noting the growing importance of quality. As BESS players gain more experience operating projects, companies are increasingly recognising that, beyond initial costs, system integration capability plays a crucial role in long-term profitability. Factors such as operating lifetime, maintenance expenses, and insurance premiums all improve significantly with better system integration.",{"type":647,"attrs":20500,"content":20501},{"level":13022,"textAlign":49},[20502],{"text":20503,"type":585},"Cell supply sees more specialised players",{"type":580,"attrs":20505,"content":20506},{"textAlign":49},[20507,20509,20514],{"text":20508,"type":585},"On the cell side CATL continues to dominate the market but more specialised BESS cell players are taking market share. In H1 2025, Hithium and EVE Energy joined CATL in the top three ",{"text":4539,"type":585,"marks":20510},[20511],{"type":590,"attrs":20512},{"href":20513,"uuid":49,"anchor":49,"target":594,"linktype":1570},"https://source.benchmarkminerals.com/article/who-were-the-top-cell-suppliers-in-the-bess-market-in-h1-2025",{"text":20515,"type":585}," for the BESS market overtaking the likes of BYD, which has steadily fallen to fifth position for BESS cell supply. H1 also saw nine cell players ship over 10 GWh of BESS cells.","A recent BESS system integrator ranking from Rho Motion demonstrates how the energy storage industry is rapidly evolving as it grows. From 2023 to 2024, BESS shipments grew by 79%, and growth in 2025 is expected to be bigger. Data from the first half of 2025 (H1 2025) shows shipments have already surpassed the total […]",[20518],{"slug":9249,"name":9250,"content":20519},{"job_title":9252,"image":20520,"bio":9255,"linkedin":9256},{"filename":9254},[20522,20523],{"slug":956,"name":957},{"slug":950,"name":951},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":20525,"copyright":645,"fieldtype":701,"meta_data":20526,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1756372680/www-production/image-18-1/image-18-1.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":20528,"copyright":645,"fieldtype":701,"meta_data":20529,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/b5bfb05c57/bm-adobestock-1377471510.jpeg",{"alt":645,"title":645,"source":645,"copyright":645},"Aug 28, 2025",{"id":20532,"uuid":7877,"name":20533,"slug":20534,"full_slug":20535,"content":20536},112398972994455,"Chinese presence in Tier 1 increases further with CALB, EVE, SVOLT, and Gotion","chinese-presence-in-tier-1-increases-further-with-calb-eve-svolt-and-gotion","article/chinese-presence-in-tier-1-increases-further-with-calb-eve-svolt-and-gotion",{"_uid":20537,"date":20538,"tags":20539,"editor":20548,"content":20552,"excerpt":20616,"featured":51,"reporter":20617,"_editable":20621,"component":689,"seo_title":20533,"categories":20622,"visibility":697,"author_company":49,"data_vis_image":20625,"featured_image":20628,"seo_description":20616,"author_full_name":49,"author_job_title":49,"formattedDate":20631},"5759ddc4-1860-4a5e-9ebd-4862b9c9977b","2025-08-26 00:00",[20540,20541,20542,20543,20544,20545],{"slug":4464,"name":4465},{"slug":720,"name":721},{"slug":564,"name":565},{"slug":4458,"name":4459},{"slug":4461,"name":4462},{"slug":20546,"name":20547},"svolt","SVOLT",[20549],{"slug":9249,"name":9250,"content":20550},{"job_title":9252,"image":20551,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":20553},[20554,20559,20567,20571,20576,20580,20585,20589,20594,20598,20603,20608],{"type":580,"attrs":20555,"content":20556},{"textAlign":49},[20557],{"text":20558,"type":585},"Benchmark has promoted Chinese cell producers CALB, EVE Energy, SVOLT, and Gotion to Tier 1 status. This follows sufficient evidence that these companies have met the offtake requirements to qualify as Tier 1 producers. Namely, they have been assessed as supplying multiple multinational passenger EV OEMs outside the Chinese market.",{"type":636,"attrs":20560},{"id":20561,"body":20562},"38db2d1e-6e8c-4cae-98d4-a691be8c4552",[20563],{"id":20564,"_uid":20565,"type":643,"_editable":20566,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24841875","i-35654368-ada0-4e92-89d1-3294e45ef0ec","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-35654368-ada0-4e92-89d1-3294e45ef0ec\", \"id\": \"\"}-->",{"type":647,"attrs":20568,"content":20569},{"level":13022,"textAlign":49},[20570],{"text":4465,"type":585},{"type":580,"attrs":20572,"content":20573},{"textAlign":49},[20574],{"text":20575,"type":585},"CALB has an active capacity of 185 GWh. Its nine operational projects are based in China, with a tenth project in Portugal currently in the groundworks phase. This project is slated to come online in 2028 with a capacity of 15 GWh. CALB has a total cell pipeline capacity of 460 GWh by 2030. The company manufactures cells for both EV and BESS markets, focusing on LFP and nickel cobalt manganese (NCM) chemistries.",{"type":647,"attrs":20577,"content":20578},{"level":13022,"textAlign":49},[20579],{"text":4459,"type":585},{"type":580,"attrs":20581,"content":20582},{"textAlign":49},[20583],{"text":20584,"type":585},"EVE Energy has 19 projects either operational or in the pipeline. Whilst primarily based in China, the company has announced cell production plans in Hungary, Malaysia, and the US. Its operational capacity is 205 GWh, which is set to expand to 386 GWh by 2030. The company produces NCM, LFP, and lithium cobalt oxide (LCO) cells, for EV, BESS, and Portables markets.",{"type":647,"attrs":20586,"content":20587},{"level":13022,"textAlign":49},[20588],{"text":20547,"type":585},{"type":580,"attrs":20590,"content":20591},{"textAlign":49},[20592],{"text":20593,"type":585},"SVOLT has a 2030 pipeline capacity of 318 GWh. The company has 10 operational projects and a further project completed and ready to begin production later this year. This will increase its 2025 capacity to 226 GWh. SVOLT’s customer base includes German automaker BMW and Chinese OEM Great Wall Motors.",{"type":647,"attrs":20595,"content":20596},{"level":13022,"textAlign":49},[20597],{"text":4462,"type":585},{"type":580,"attrs":20599,"content":20600},{"textAlign":49},[20601],{"text":20602,"type":585},"Gotion is also predominantly based in China but has recently expanded internationally, with projects announced in Vietnam, the US, Slovakia, and Morocco. In June 2024, Gotion announced the first cell facility in Africa, targeting 100 GWh at a site in Kenitra, Morocco. Satellite analysis via Benchmark’s Verified service has observed that this project is in the groundworks phase. Benchmark expects the facility to come online in 2026 with an initial capacity of 20 GWh. Gotion’s 2030 cell pipeline capacity is 401 GWh.",{"type":580,"attrs":20604,"content":20605},{"textAlign":49},[20606],{"text":20607,"type":585},"Chinese-owned companies represent 4,096 GWh (74%) of global Tier 1 cell capacity by 2030. This dominance reflects China’s extensive cell manufacturing experience, supported by strong government policy and funding.",{"type":636,"attrs":20609},{"id":20610,"body":20611},"0d0a21b1-4479-4871-a026-0256adc512e8",[20612],{"id":20613,"_uid":20614,"type":643,"_editable":20615,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24841227","i-5741c8c1-2a37-489e-aa2c-661af4b5b56a","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-5741c8c1-2a37-489e-aa2c-661af4b5b56a\", \"id\": \"\"}-->","Benchmark has promoted Chinese cell producers CALB, EVE Energy, SVOLT, and Gotion to Tier 1 status. This follows sufficient evidence that these companies have met the offtake requirements to qualify as Tier 1 producers. Namely, they have been assessed as supplying multiple multinational passenger EV OEMs outside the Chinese market. CALB CALB has an active […]",[20618],{"slug":9249,"name":9250,"content":20619},{"job_title":9252,"image":20620,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"5759ddc4-1860-4a5e-9ebd-4862b9c9977b\", \"id\": \"\"}-->",[20623,20624],{"slug":956,"name":957},{"slug":3379,"name":3380},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":20626,"copyright":645,"fieldtype":701,"meta_data":20627,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1756224474/www-production/Socials-New-Tier-1@2x/Socials-New-Tier-1@2x.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":20629,"copyright":645,"fieldtype":701,"meta_data":20630,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1a95ffdd7f/bm-svolt-featured-image.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Aug 26, 2025",{"id":20633,"uuid":20634,"name":20635,"slug":20636,"full_slug":20637,"content":20638},112398983136291,"84c76965-c659-4132-99f8-51138c521c8d","How many rare earths are needed to produce EV motors?","how-many-rare-earths-are-needed-to-produce-ev-motors","article/how-many-rare-earths-are-needed-to-produce-ev-motors",{"_uid":20639,"date":20640,"tags":20641,"editor":20647,"content":20651,"excerpt":20745,"featured":51,"reporter":20746,"_editable":20750,"component":689,"seo_title":20635,"categories":20751,"visibility":2019,"author_company":49,"data_vis_image":20756,"featured_image":20758,"seo_description":20745,"author_full_name":49,"author_job_title":49,"formattedDate":20761},"cdf368ab-c3ca-4ce8-a4f8-ac1c6ebf4454","2025-08-21 00:00",[20642,20643,20646],{"slug":564,"name":565},{"slug":20644,"name":20645},"ev-motors","EV Motors",{"slug":2480,"name":2481},[20648],{"slug":9249,"name":9250,"content":20649},{"job_title":9252,"image":20650,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":20652},[20653,20672,20679,20684,20689,20702,20707,20720,20724,20742],{"type":580,"attrs":20654,"content":20655},{"textAlign":49},[20656,20658,20662,20664,20670],{"text":20657,"type":585},"As EV sales have risen, the need for EV motors has also grown, translating into increased demand for ",{"text":12372,"type":585,"marks":20659},[20660],{"type":590,"attrs":20661},{"href":14387,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":20663,"type":585},". In 2024, 37kt of rare earth demand was tracked within the ",{"text":20665,"type":585,"marks":20666},"EV motors market",[20667],{"type":590,"attrs":20668},{"href":20669,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/the-importance-of-evs-to-the-rare-earths-market",{"text":20671,"type":585},", a 32% increase from the previous year. In 2025, this demand is expected to increase 16% to 43kt.",{"type":580,"attrs":20673,"content":20674},{"textAlign":49},[20675],{"type":1847,"attrs":20676},{"id":49,"alt":645,"src":20677,"title":49,"source":49,"copyright":49,"meta_data":20678},"https://a.storyblok.com/f/287943243085208/db3b872132/bm-benchmark-15-rare-earths-needed-to-produce-ev-motors-voro-08282025-1.jpg",{},{"type":647,"attrs":20680,"content":20681},{"level":13022,"textAlign":49},[20682],{"text":20683,"type":585},"How are rare earths are used in EV motors?",{"type":580,"attrs":20685,"content":20686},{"textAlign":49},[20687],{"text":20688,"type":585},"There are four main types of EV motors in the market: Permanent Magnet Synchronous Motors (PMSMs), Asynchronous/Induction Motors, Electrically Excited Synchronous Motors, and Axial Flux Motors. Of these, only PMSMs and Axial Flux Motors both use rare earth permanent magnets.",{"type":580,"attrs":20690,"content":20691},{"textAlign":49},[20692,20694,20700],{"text":20693,"type":585},"In 2024, these two motor types accounted for over 86% of the EV motor market. The most common magnets used are made by combining neodymium with iron and boron to create neodymium-iron-boron (NdFeB) magnets. Additional rare earth elements, such as dysprosium and ",{"text":20695,"type":585,"marks":20696},"terbium",[20697],{"type":590,"attrs":20698},{"href":20699,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/terbium-prices-spike-following-china-rare-earths-export-ban",{"text":20701,"type":585},", are often added to help the magnets retain their magnetic strength (coercivity) under high temperatures. As a result, the bulk of rare earth demand from EV motors is driven by these three elements: neodymium, dysprosium and terbium.",{"type":647,"attrs":20703,"content":20704},{"level":13022,"textAlign":49},[20705],{"text":20706,"type":585},"How will rare earth demand from EV motors evolve?",{"type":580,"attrs":20708,"content":20709},{"textAlign":49},[20710,20712,20718],{"text":20711,"type":585},"While some OEMs have signalled intentions to ",{"text":20713,"type":585,"marks":20714},"transition away from PMSMs",[20715],{"type":590,"attrs":20716},{"href":20717,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/opinion-tesla-cutting-rare-earths-brings-new-competitive-dynamic-to-ev-motors",{"text":20719,"type":585}," to magnet-free motor designs, PMSMs have firmly established themselves as the longstanding dominant technology in the EV motor industry. While other new designs such as Hybrid Excited Permanent Magnet Motors aim to reduce rare earth content in electric motors; PMSMs are expected to remain a cornerstone of future developments, ensuring that rare earth demand from EV motors continues to grow.",{"type":647,"attrs":20721,"content":20722},{"level":13022,"textAlign":49},[20723],{"text":15420,"type":585},{"type":580,"attrs":20725,"content":20726},{"textAlign":49},[20727,20729,20735,20737,20741],{"text":20728,"type":585},"For more information on the EV motors market see ",{"text":20730,"type":585,"marks":20731},"here",[20732],{"type":590,"attrs":20733},{"href":20734,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://rhomotion.com/research/#ev-motors-&-systems",{"text":20736,"type":585},", or for more information on the rare earth market see ",{"text":20730,"type":585,"marks":20738},[20739],{"type":590,"attrs":20740},{"href":7973,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":20743,"content":20744},{"textAlign":49},[],"As EV sales have risen, the need for EV motors has also grown, translating into increased demand for rare earths. In 2024, 37kt of rare earth demand was tracked within the EV motors market, a 32% increase from the previous year. In 2025, this demand is expected to increase 16% to 43kt. How are rare […]",[20747],{"slug":9249,"name":9250,"content":20748},{"job_title":9252,"image":20749,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"cdf368ab-c3ca-4ce8-a4f8-ac1c6ebf4454\", \"id\": \"\"}-->",[20752,20753,20754,20755],{"slug":956,"name":957},{"slug":1142,"name":1143},{"slug":692,"name":693},{"slug":2900,"name":414},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":20677,"copyright":645,"fieldtype":701,"meta_data":20757,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":20759,"copyright":645,"fieldtype":701,"meta_data":20760,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6c4a8c3e71/bm-adobestock-283063095.jpeg",{"alt":645,"title":645,"source":645,"copyright":645},"Aug 21, 2025",{"id":20763,"uuid":20764,"name":20765,"slug":20766,"full_slug":20767,"content":20768},112398992708743,"a561f161-9fa0-448c-afad-bf72f3620d1c","Is the US reducing its reliance on Chinese made cells?","is-the-us-reducing-its-reliance-on-chinese-made-cells","article/is-the-us-reducing-its-reliance-on-chinese-made-cells",{"_uid":20769,"date":20770,"tags":20771,"editor":20777,"content":20781,"excerpt":20855,"featured":51,"reporter":20856,"_editable":20860,"component":689,"seo_title":20765,"categories":20861,"visibility":697,"author_company":49,"data_vis_image":20865,"featured_image":20868,"seo_description":20855,"author_full_name":49,"author_job_title":49,"formattedDate":20871},"e8fb69c8-d688-48be-9e0f-653b2ad70249","2025-08-19 00:00",[20772,20773,20774,20775,20776],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":11355,"name":11356},{"slug":7778,"name":7779},{"slug":561,"name":562},[20778],{"slug":1466,"name":1467,"content":20779},{"job_title":1469,"image":20780,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":20782},[20783,20788,20796,20803,20808,20813,20818,20823,20828,20833,20838,20842,20847,20852],{"type":580,"attrs":20784,"content":20785},{"textAlign":49},[20786],{"text":20787,"type":585},"Lithium ion battery imports are an important part of the US’ domestic BESS industry. Historically, China has been the largest source of imported cells to the US, however this trend appears to be changing as US imports from China have fallen drastically in recent months.",{"type":636,"attrs":20789},{"id":20790,"body":20791},"f46f1410-7a54-4099-a013-613ebac438f9",[20792],{"id":20793,"_uid":20794,"type":643,"_editable":20795,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24698673","i-921547c8-ea9a-4359-84ac-f6794d3365be","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-921547c8-ea9a-4359-84ac-f6794d3365be\", \"id\": \"\"}-->",{"type":647,"attrs":20797,"content":20798},{"level":13022,"textAlign":49},[20799,20801],{"text":20800,"type":585},"Why are China imports falling",{"text":20802,"type":585},"?",{"type":580,"attrs":20804,"content":20805},{"textAlign":49},[20806],{"text":20807,"type":585},"From its peak in December 2024, imports from China dropped 73% to June 2025. In June a total of $537.9 million worth of batteries were imported, down from a peak of $1.97 billion in December 2024. This fall has largely been driven by policy and tariff changes.",{"type":580,"attrs":20809,"content":20810},{"textAlign":49},[20811],{"text":20812,"type":585},"Head of Research at Rho Motion Iola Hughes commented “Following Trump’s win in early November and the anticipation that tariffs would follow once he entered office, we saw a significant pre-buying of BESS cells, but since February these levels have fallen significantly.”",{"type":580,"attrs":20814,"content":20815},{"textAlign":49},[20816],{"text":20817,"type":585},"The tariffs have had a more weighted effect on the BESS industry in the US, which is heavily reliant on Chinese LFP cells. In April tariffs on Chinese BESS cells reached 156% amid a mounting trade war but following a trade truce tariffs for BESS now sits at 41% and will remain so until November. Despite this, in June imports of Chinese cells fell to levels last seen in April 2022.",{"type":647,"attrs":20819,"content":20820},{"level":13022,"textAlign":49},[20821],{"text":20822,"type":585},"Are imports from elsewhere plugging the gap?",{"type":580,"attrs":20824,"content":20825},{"textAlign":49},[20826],{"text":20827,"type":585},"Imports from Japan and South Korea have seen a rise in recent months, in H1 2025 Japan lithium ion battery imports increased 65% compared to the same period in 2024, while South Korean imports rose 123%. For the US BESS industry supply of non-Chinese LFP cells remains limited, which threatens BESS players’ ability to adhere to more stringent tax credit rules laid out in the recent OBBBA.",{"type":580,"attrs":20829,"content":20830},{"textAlign":49},[20831],{"text":20832,"type":585},"It is worth noting that lithium ion imports from China are up 2% in H1 2025 compared to the same period in 2024.",{"type":647,"attrs":20834,"content":20835},{"level":13022,"textAlign":49},[20836],{"text":20837,"type":585},"Have you read? ",{"type":647,"attrs":20839,"content":20840},{"level":13022,"textAlign":49},[20841],{"text":20272,"type":585},{"type":580,"attrs":20843,"content":20844},{"textAlign":49},[20845],{"text":20846,"type":585},"The US BESS sector finds itself at a crossroads. While cell inventories have been built up over recent months, they will need to be replenished in the near future. This could leave US players facing the prospect of absorbing elevated cell costs just as the market braces for further policy headwinds with the threat of higher tariffs.",{"type":580,"attrs":20848,"content":20849},{"textAlign":49},[20850],{"text":20851,"type":585},"As Hughes explained “The ongoing Section 232 investigation into Critical Minerals and the scheduled 301 tariff increase from 7.5% to 25% in 2026 could make today’s 41% rate look like the best deal the industry will get.”",{"type":580,"attrs":20853,"content":20854},{"textAlign":49},[],"Lithium ion battery imports are an important part of the US’ domestic BESS industry. Historically, China has been the largest source of imported cells to the US, however this trend appears to be changing as US imports from China have fallen drastically in recent months. Why are China imports falling? From its peak in December […]",[20857],{"slug":1466,"name":1467,"content":20858},{"job_title":1469,"image":20859,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e8fb69c8-d688-48be-9e0f-653b2ad70249\", \"id\": \"\"}-->",[20862,20863,20864],{"slug":956,"name":957},{"slug":950,"name":951},{"slug":695,"name":696},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":20866,"copyright":645,"fieldtype":701,"meta_data":20867,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1755610965/www-production/Screenshot-2025-08-19-144117/Screenshot-2025-08-19-144117.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":20869,"copyright":645,"fieldtype":701,"meta_data":20870,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/78cacafdf2/bm-adobestock-65063906.jpeg",{"alt":645,"title":645,"source":645,"copyright":645},"Aug 19, 2025",{"id":20873,"uuid":4643,"name":20874,"slug":20875,"full_slug":20876,"content":20877},112398997509359,"Charting the evolution of CATL’s revenue streams","charting-the-evolution-of-catls-revenue-streams","article/charting-the-evolution-of-catls-revenue-streams",{"_uid":20878,"date":20879,"tags":20880,"editor":20886,"content":20890,"excerpt":20995,"featured":51,"reporter":20996,"_editable":21000,"component":689,"seo_title":20874,"categories":21001,"visibility":2019,"author_company":49,"data_vis_image":21005,"featured_image":21008,"seo_description":21011,"author_full_name":49,"author_job_title":49,"formattedDate":21012},"3c73a109-1cbd-4d66-b8e0-94b3eaa0f1c1","2025-08-18 00:00",[20881,20882,20883],{"slug":2044,"name":2045},{"slug":564,"name":565},{"slug":20884,"name":20885},"energy-transition-financials","Energy Transition Financials",[20887],{"slug":1466,"name":1467,"content":20888},{"job_title":1469,"image":20889,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":20891},[20892,20905,20913,20918,20923,20928,20933,20938,20949,20954,20959,20964,20972,20977,20982],{"type":580,"attrs":20893,"content":20894},{"textAlign":49},[20895,20897,20903],{"text":20896,"type":585},"Founded in 2011, CATL is the world’s largest lithium ion battery supplier, controlling just under a ",{"text":20898,"type":585,"marks":20899},"third of the global market in 2024, according to Rho Motion",[20900],{"type":590,"attrs":20901},{"href":20902,"uuid":49,"anchor":49,"target":1492,"linktype":1570},"https://rhomotion.com/news/the-year-of-the-terawatt-hour-who-deployed-the-most-batteries-in-2024/",{"text":20904,"type":585},". Examining how CATL’s revenue mix has shifted over time provides insight into the battery industry’s development and future direction.",{"type":636,"attrs":20906},{"id":20907,"body":20908},"9c1970f6-a325-4818-8f8c-91a5d3498a6f",[20909],{"id":20910,"_uid":20911,"type":643,"_editable":20912,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24686425","i-0e7055d5-3735-404f-abf1-e1f0e06a6bb5","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-0e7055d5-3735-404f-abf1-e1f0e06a6bb5\", \"id\": \"\"}-->",{"type":647,"attrs":20914,"content":20915},{"level":13022,"textAlign":49},[20916],{"text":20917,"type":585},"What did CATL’s revenue split look like pre-2020?",{"type":580,"attrs":20919,"content":20920},{"textAlign":49},[20921],{"text":20922,"type":585},"In 2017, CATL generated around $2.5 billion from EV battery sales, accounting for over 83% of its total revenue. By contrast, Battery Energy Storage Systems (BESS) sales totalled just $2.3 million, less than 1% of total revenue. By 2020, BESS revenue had grown to $282 million, representing around 4% of total turnover. Over the same period, EV battery revenue increased by over 130% to $5.7 billion, making up 78% of all revenue. The remainder came from subsidiary operations, smaller business lines such as battery components and services.",{"type":647,"attrs":20924,"content":20925},{"level":13022,"textAlign":49},[20926],{"text":20927,"type":585},"How did CATL change as business from 2020 to 2023?",{"type":580,"attrs":20929,"content":20930},{"textAlign":49},[20931],{"text":20932,"type":585},"The early 2020s demonstrated the speed at which battery markets could expand, and CATL’s ability to dominate them. From 2020 to 2022, the company’s income streams became noticeably more diverse. In 2021, revenue from “Battery Materials and Recycling” reached $2.1 billion, while “Battery Mineral Resources” contributed $324 million.",{"type":580,"attrs":20934,"content":20935},{"textAlign":49},[20936],{"text":20937,"type":585},"Although these were significant additions to the business, the BESS segment emerged as CATL’s fastest growing income stream, accounting for over 10% of revenue in 2021 and 13% in 2022. ",{"type":580,"attrs":20939,"content":20940},{"textAlign":49},[20941,20943],{"text":20942,"type":585},"Read: ",{"text":20944,"type":585,"marks":20945},"How do profit margins vary across key battery producers? ",[20946],{"type":590,"attrs":20947},{"href":20948,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/how-do-profit-margins-vary-across-key-battery-producers",{"type":647,"attrs":20950,"content":20951},{"level":13022,"textAlign":49},[20952],{"text":20953,"type":585},"Why did revenue slowdown from 2023 to 2024?",{"type":580,"attrs":20955,"content":20956},{"textAlign":49},[20957],{"text":20958,"type":585},"Revenue growth slowed markedly in 2023: total sales rose just 16%, compared with 142% the previous year. From 2023 to 2024, overall sales volumes increased, but revenue fell by 11% due to declining cell prices, partly a result of lower raw material costs and increasing market competition.",{"type":580,"attrs":20960,"content":20961},{"textAlign":49},[20962],{"text":20963,"type":585},"However, during the preceding phase of rapid expansion, CATL integrated vertically across the supply chain and further diversified its income streams. By 2024, EV battery sales still represented the bulk of the business, 70% of total revenue, but the contribution from other segments was steadily rising.",{"type":636,"attrs":20965},{"id":20966,"body":20967},"b2d32ed3-46ef-4b4a-80cd-c0e2a3a0f31d",[20968],{"id":20969,"_uid":20970,"type":643,"_editable":20971,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24686549","i-a289f240-5830-44b3-a0fa-c9a842038e5d","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-a289f240-5830-44b3-a0fa-c9a842038e5d\", \"id\": \"\"}-->",{"type":647,"attrs":20973,"content":20974},{"level":13022,"textAlign":49},[20975],{"text":20976,"type":585},"Will revenue growth return?",{"type":580,"attrs":20978,"content":20979},{"textAlign":49},[20980],{"text":20981,"type":585},"Looking ahead, EV batteries are expected to remain CATL’s primary revenue driver. Nevertheless, the rapid five-year expansion of the BESS market has highlighted its growing importance within the company’s portfolio.",{"type":580,"attrs":20983,"content":20984},{"textAlign":49},[20985,20987,20993],{"text":20986,"type":585},"CATL is already benefiting from economies of scale and vertical integration, ",{"text":20988,"type":585,"marks":20989},"enabling it to improve product margins",[20990],{"type":590,"attrs":20991},{"href":20992,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/publications/briefings/profitability-heatmaps/energy-transition-profitability-heatmap",{"text":20994,"type":585},". Revenues across all segments are expected to show strong growth in coming years with H1 2025 results being the best indicator to how CATL will continue in the future.  ","Founded in 2011, CATL is the world’s largest lithium ion battery supplier, controlling just under a third of the global market in 2024, according to Rho Motion. Examining how CATL’s revenue mix has shifted over time provides insight into the battery industry’s development and future direction. What did CATL’s revenue split look like pre-2020? In 2017, CATL generated around $2.5 […]",[20997],{"slug":1466,"name":1467,"content":20998},{"job_title":1469,"image":20999,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3c73a109-1cbd-4d66-b8e0-94b3eaa0f1c1\", \"id\": \"\"}-->",[21002,21003,21004],{"slug":956,"name":957},{"slug":950,"name":951},{"slug":692,"name":693},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":21006,"copyright":645,"fieldtype":701,"meta_data":21007,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1755512887/www-production/Screenshot-2025-08-18-112736/Screenshot-2025-08-18-112736.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":21009,"copyright":645,"fieldtype":701,"meta_data":21010,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/cf793343db/bm-adobestock-604280482-editorial-use-only-1-scaled.jpeg",{"alt":645,"title":645,"source":645,"copyright":645},"Founded in 2011, CATL is the world’s largest lithium ion battery supplier, controlling just under a third of the global market in 2024, according to Rho Motion. Examining how CATL’s revenue mix has shifted over time provides insight into the..","Aug 18, 2025",{"id":21014,"uuid":21015,"name":21016,"slug":21017,"full_slug":21018,"content":21019},112399002207500,"2970785e-fbca-41ed-89a0-e9c871288e13","Visualising Africa’s Battery Storage Pipeline","visualising-africas-battery-storage-pipeline","article/visualising-africas-battery-storage-pipeline",{"_uid":21020,"date":21021,"tags":21022,"editor":21025,"content":21029,"excerpt":21089,"featured":51,"reporter":21090,"_editable":21094,"component":689,"seo_title":21016,"categories":21095,"visibility":2019,"author_company":49,"data_vis_image":21097,"featured_image":21100,"seo_description":21089,"author_full_name":49,"author_job_title":49,"formattedDate":21103},"52bc2ded-af9b-4330-aa2f-51a56e95c5da","2025-08-15 00:00",[21023,21024],{"slug":993,"name":994},{"slug":564,"name":565},[21026],{"slug":1466,"name":1467,"content":21027},{"job_title":1469,"image":21028,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":21030},[21031,21036,21041,21048,21053,21058,21063,21068,21073,21077],{"type":580,"attrs":21032,"content":21033},{"textAlign":49},[21034],{"text":21035,"type":585},"The Battery Energy Storage System (BESS) market is currently the fastest growing segment of global battery demand, with y-o-y growth of 53% in 2024, according to Rho Motion’s BESS database. This expansion has been partly fuelled by falling cell costs along with flexibility demand, which together have enabled BESS to gain a foothold in emerging battery markets.",{"type":580,"attrs":21037,"content":21038},{"textAlign":49},[21039],{"text":21040,"type":585},"In Africa, the number of operational and planned energy storage projects has increased in recent years, driven by the growing affordability of renewable energy across the continent and the continued decline in battery prices.",{"type":580,"attrs":21042,"content":21043},{"textAlign":49},[21044],{"type":1847,"attrs":21045},{"id":49,"alt":645,"src":21046,"title":49,"source":49,"copyright":49,"meta_data":21047},"https://a.storyblok.com/f/287943243085208/5220d662bb/bm-bess-marketin-in-africa-voro-08152025-1.png",{},{"type":647,"attrs":21049,"content":21050},{"level":13022,"textAlign":49},[21051],{"text":21052,"type":585},"What is currently operational?",{"type":580,"attrs":21054,"content":21055},{"textAlign":49},[21056],{"text":21057,"type":585},"South Africa has the largest operational capacity of grid scale projects in Africa, accounting for over 86% of the total operational projects the region. The largest of these projects is the Northern Cape Province, Kenhardt solar and storage project with a 1.14GWh capacity. This is far larger than the other operational projects that have a relatively small average capacity of ~20MWh. Outside South Africa, operational projects are dotted around the continent, from Mozambique to Cote d’Ivoire.  ",{"type":647,"attrs":21059,"content":21060},{"level":13022,"textAlign":49},[21061],{"text":21062,"type":585},"What does the future hold?",{"type":580,"attrs":21064,"content":21065},{"textAlign":49},[21066],{"text":21067,"type":585},"The BESS capacity pipeline for the continent is strong, with South Africa playing a key role in driving the industry forward, as it works to tackle load shedding and grid instability. Beyond South Africa, Morocco and Egypt hold the next largest grid-scale capacity pipelines. Meanwhile, new large-scale projects are being announced further afield, laying the foundations for an expanding African energy storage sector.",{"type":580,"attrs":21069,"content":21070},{"textAlign":49},[21071],{"text":21072,"type":585},"While grid-scale storage is an important segment of the BESS industry, behind the meter (BTM) will also play a role across the continent. Driven by persistent grid instability, the absence of grid connections in many areas, and the continued decline in cell and renewable energy costs, some area’s energy needs will be met by microgrids with the use of smaller batteries.",{"type":647,"attrs":21074,"content":21075},{"level":13022,"textAlign":49},[21076],{"text":15420,"type":585},{"type":580,"attrs":21078,"content":21079},{"textAlign":49},[21080,21082,21088],{"text":21081,"type":585},"Africa is increasingly in the spotlight when looking at the global battery supply chain. In September 2025 Benchmark is hosting Giga Africa in Marrakech, Morocco. To explore unmatched analysis, market insight, and networking opportunities ",{"text":21083,"type":585,"marks":21084},"click here",[21085],{"type":590,"attrs":21086},{"href":21087,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://benchmarkevents.benchmarkminerals.com/gigaafrica",{"text":1538,"type":585},"The Battery Energy Storage System (BESS) market is currently the fastest growing segment of global battery demand, with y-o-y growth of 53% in 2024, according to Rho Motion’s BESS database. This expansion has been partly fuelled by falling cell costs along with flexibility demand, which together have enabled BESS to gain a foothold in emerging […]",[21091],{"slug":1466,"name":1467,"content":21092},{"job_title":1469,"image":21093,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"52bc2ded-af9b-4330-aa2f-51a56e95c5da\", \"id\": \"\"}-->",[21096],{"slug":950,"name":951},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":21098,"copyright":645,"fieldtype":701,"meta_data":21099,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1755184578/www-production/BESS-Marketin-in-Africa_Voro_08132025-1_451369daa9/BESS-Marketin-in-Africa_Voro_08132025-1_451369daa9.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":21101,"copyright":645,"fieldtype":701,"meta_data":21102,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/e87dd46a3f/bm-adobestock-825228285-scaled.jpeg",{"alt":645,"title":645,"source":645,"copyright":645},"Aug 15, 2025",{"id":21105,"uuid":6917,"name":21106,"slug":21107,"full_slug":21108,"content":21109},112399007089989,"Southeast Asia expected to see uptick in BESS deployments with Indonesia’s new BESS mandate","southeast-asia-expected-to-see-uptick-in-bess-deployments-with-indonesias-new-bess-mandate","article/southeast-asia-expected-to-see-uptick-in-bess-deployments-with-indonesias-new-bess-mandate",{"_uid":21110,"date":21111,"tags":21112,"editor":21119,"content":21123,"excerpt":21184,"featured":51,"reporter":21185,"_editable":21189,"component":689,"seo_title":21106,"categories":21190,"visibility":2019,"author_company":49,"data_vis_image":21193,"featured_image":21196,"seo_description":21184,"author_full_name":49,"author_job_title":49,"formattedDate":21199},"0b7fde4e-bd66-4a0c-a7e0-d27a864f5994","2025-08-14 00:00",[21113,21114,21115,21118],{"slug":564,"name":565},{"slug":6028,"name":6029},{"slug":21116,"name":21117},"southeast-asia","Southeast Asia",{"slug":723,"name":724},[21120],{"slug":9249,"name":9250,"content":21121},{"job_title":9252,"image":21122,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":21124},[21125,21130,21135,21140,21145,21150,21155,21160,21168,21181],{"type":580,"attrs":21126,"content":21127},{"textAlign":49},[21128],{"text":21129,"type":585},"The Indonesian government has announced a new program in which it aims to build 320GWh of BESS across the country. It will include the deployment of 80GW of solar alongside this, aiming to provide 80,000 villages with microgrids comprising of 1MW of solar and 4MWh of BESS.",{"type":580,"attrs":21131,"content":21132},{"textAlign":49},[21133],{"text":21134,"type":585},"First projects expected to come online soon",{"type":580,"attrs":21136,"content":21137},{"textAlign":49},[21138],{"text":21139,"type":585},"The primary purpose of the initiative is to extend reliable and affordable electricity to rural areas nationwide, creating opportunities for productive economic growth. Management and operation of the solar-storage microgrids will be handled by a village-level cooperative Merah Putih, which targets bringing online the first 10,000 villages by August 2025. No date has been announced for the completion of all the projects and no mention has been made about project funding. Stakeholders have warned that the biggest potential bottleneck for the overall project is site selection and labour.",{"type":580,"attrs":21141,"content":21142},{"textAlign":49},[21143],{"text":21144,"type":585},"How does this fit in with Indonesia’s BESS landscape?",{"type":580,"attrs":21146,"content":21147},{"textAlign":49},[21148],{"text":21149,"type":585},"Currently Indonesia has a handful of operational BESS projects, all of which are sized less than 20MWh. Iola Hughes Head of Research at Rho Motion commented “The country has several larger projects in its pipeline, including the large-scale 8GWh Riau Islands Hybrid Megaproject, however, is it at a very early stage of its energy storage journey.”",{"type":580,"attrs":21151,"content":21152},{"textAlign":49},[21153],{"text":21154,"type":585},"“The ambitious PV and storage plan would significantly advance the country to be a leader in the region and a significant source for battery demand,” Hughes continued.",{"type":580,"attrs":21156,"content":21157},{"textAlign":49},[21158],{"text":21159,"type":585},"The Southeast Asia storage landscape",{"type":636,"attrs":21161},{"id":21162,"body":21163},"43a2326d-57d9-4bc0-8747-19dd728dd0a8",[21164],{"id":21165,"_uid":21166,"type":643,"_editable":21167,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24681750","i-ef913f46-432f-4ef9-9676-2a5ae435a771","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-ef913f46-432f-4ef9-9676-2a5ae435a771\", \"id\": \"\"}-->",{"type":580,"attrs":21169,"content":21170},{"textAlign":49},[21171,21173,21179],{"text":21172,"type":585},"Across Southeast Asia, the Philippines is currently the clear market leader with over 1GWh of BESS online, with other countries having limited large scale storage capacity online. In ",{"text":21174,"type":585,"marks":21175},"Rho Motion’s Q3 BESS Forecast ",[21176],{"type":590,"attrs":21177},{"href":21178,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://rhomotion.com/research/battery-energy-stationary-storage-forecast/",{"text":21180,"type":585},"the region sees close to 60GWh installed over the next 5 years. The Indonesian policy has potential to greatly accelerate this.",{"type":580,"attrs":21182,"content":21183},{"textAlign":49},[],"The Indonesian government has announced a new program in which it aims to build 320GWh of BESS across the country. It will include the deployment of 80GW of solar alongside this, aiming to provide 80,000 villages with microgrids comprising of 1MW of solar and 4MWh of BESS. First projects expected to come online soon The […]",[21186],{"slug":9249,"name":9250,"content":21187},{"job_title":9252,"image":21188,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0b7fde4e-bd66-4a0c-a7e0-d27a864f5994\", \"id\": \"\"}-->",[21191,21192],{"slug":956,"name":957},{"slug":950,"name":951},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":21194,"copyright":645,"fieldtype":701,"meta_data":21195,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1755185355/www-production/Screenshot-2025-08-14-162850/Screenshot-2025-08-14-162850.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":21197,"copyright":645,"fieldtype":701,"meta_data":21198,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/a5de2812eb/bm-adobestock-806139356-scaled.jpeg",{"alt":645,"title":645,"source":645,"copyright":645},"Aug 14, 2025",{"id":21201,"uuid":21202,"name":21203,"slug":21204,"full_slug":21205,"content":21206},112399021626871,"b1f77af8-7515-4f97-86f0-6181da187a00","Italy approves new EV subsidies","italy-approves-new-ev-subsides","article/italy-approves-new-ev-subsides",{"_uid":21207,"date":21208,"tags":21209,"editor":21214,"content":21218,"excerpt":21276,"featured":51,"reporter":21277,"_editable":21281,"component":689,"seo_title":21203,"categories":21282,"visibility":697,"author_company":49,"data_vis_image":21284,"featured_image":21287,"seo_description":21276,"author_full_name":49,"author_job_title":49,"formattedDate":21290},"9d160743-77d6-44f4-820c-daa433bfaa75","2025-08-12 00:00",[21210,21211],{"slug":564,"name":565},{"slug":21212,"name":21213},"italy","Italy",[21215],{"slug":1466,"name":1467,"content":21216},{"job_title":1469,"image":21217,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":21219},[21220,21232,21237,21245,21250,21255,21260,21271],{"type":580,"attrs":21221,"content":21222},{"textAlign":49},[21223,21225,21230],{"text":21224,"type":585},"Italy has approved a new package of subsidies worth nearly EUR597million ($692.8 million), in an effort to boost electric vehicle (EV) sales. This follows the ",{"text":21226,"type":585,"marks":21227},"UK reinstating EV subsidies in July ",[21228],{"type":590,"attrs":21229},{"href":15730,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":21231,"type":585},"and Germany launching a new incentives plan. Under the Italian scheme, individuals will be eligible for grants of up to EUR11,000 ($12,760) to purchase a passenger vehicle, while small businesses can receive as much as EUR20,000 ($23,200) toward the purchase of an electric commercial vehicle.",{"type":647,"attrs":21233,"content":21234},{"level":13022,"textAlign":49},[21235],{"text":21236,"type":585},"Subsidies aimed at urban areas with ranging support",{"type":636,"attrs":21238},{"id":21239,"body":21240},"26c0fdf8-0ea8-4335-a943-8a2e0de07354",[21241],{"id":21242,"_uid":21243,"type":643,"_editable":21244,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24646975","i-561e1f43-87cd-4780-83e4-e91fdc2a3834","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-561e1f43-87cd-4780-83e4-e91fdc2a3834\", \"id\": \"\"}-->",{"type":580,"attrs":21246,"content":21247},{"textAlign":49},[21248],{"text":21249,"type":585},"The scheme is funded by the National Recovery and Resilience Plan, part of the EU’s post pandemic stimulus package, and will be made available to people and small businesses in urban areas with over 50,000 inhabitants. This is with the aim of reducing urban air pollution.",{"type":580,"attrs":21251,"content":21252},{"textAlign":49},[21253],{"text":21254,"type":585},"For individuals the scheme will offer grants of up to EUR9,000 ($10,440) or EUR11,000 for the purchase of an electric passenger car depending on the person’s income. For businesses it provides up to EUR20,000 for the purchase of a commercial vehicle, covering up to 30% of the purchase price.",{"type":647,"attrs":21256,"content":21257},{"level":13022,"textAlign":49},[21258],{"text":21259,"type":585},"How does this fit in with the broader market?",{"type":580,"attrs":21261,"content":21262},{"textAlign":49},[21263,21265,21269],{"text":21264,"type":585},"The news comes as the European EV market grew 30% from January to July 2025 compared to the same period in 2024 according to ",{"text":20234,"type":585,"marks":21266},[21267],{"type":590,"attrs":21268},{"href":18857,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":21270,"type":585},". During the same period, Italy’s market grew 39% outperforming the regional average.",{"type":580,"attrs":21272,"content":21273},{"textAlign":49},[21274],{"text":21275,"type":585},"However, Italy’s EV market remains smaller than other economies in the region, with its penetration rate sitting at 11% year to date. This is lower than the likes of the UK, Germany, or Belgium, all of which have penetration rates over 20%.  ","Italy has approved a new package of subsidies worth nearly EUR597million ($692.8 million), in an effort to boost electric vehicle (EV) sales. This follows the UK reinstating EV subsidies in July and Germany launching a new incentives plan. Under the Italian scheme, individuals will be eligible for grants of up to EUR11,000 ($12,760) to purchase a […]",[21278],{"slug":1466,"name":1467,"content":21279},{"job_title":1469,"image":21280,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9d160743-77d6-44f4-820c-daa433bfaa75\", \"id\": \"\"}-->",[21283],{"slug":692,"name":693},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":21285,"copyright":645,"fieldtype":701,"meta_data":21286,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1755005913/www-production/Screenshot-2025-08-12-143806_1346915d0001/Screenshot-2025-08-12-143806_1346915d0001.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":21288,"copyright":645,"fieldtype":701,"meta_data":21289,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/ca29e8e73b/bm-adobestock-1408044942-scaled.jpeg",{"alt":645,"title":645,"source":645,"copyright":645},"Aug 12, 2025",{"id":21292,"uuid":9673,"name":21293,"slug":21294,"full_slug":21295,"content":21296},112467328076023,"Has BYD overtaken Tesla in Europe?","byd-is-overtaking-tesla-in-europe","article/byd-is-overtaking-tesla-in-europe",{"_uid":21297,"date":21298,"tags":21299,"editor":21305,"content":21309,"excerpt":21362,"featured":51,"reporter":21363,"_editable":21367,"component":689,"seo_title":21293,"categories":21368,"visibility":697,"author_company":49,"data_vis_image":21371,"featured_image":21374,"seo_description":21362,"author_full_name":49,"author_job_title":49,"formattedDate":21377},"cc28bb19-0512-4a99-a1fd-6ea24a1f3c0e","2025-08-11 00:00",[21300,21301,21302,21303,21304],{"slug":1294,"name":1295},{"slug":720,"name":721},{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":4449,"name":4450},[21306],{"slug":1466,"name":1467,"content":21307},{"job_title":1469,"image":21308,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":21310},[21311,21316,21324,21329,21334,21342,21347,21352,21357],{"type":580,"attrs":21312,"content":21313},{"textAlign":49},[21314],{"text":21315,"type":585},"BYD’s European electric vehicle (EV) sales in the first half of this year jumped more than five-fold compared to the same period last year according to Rho Motion’s EV & Battery Database. Over the same period, Tesla’s vehicle sales in Europe fell 28%. As a result, BYD is fast approaching Tesla in terms of unit sales. BYD was the ninth largest OEM in Europe’s EV market in H1 while Tesla remained just ahead at seventh. By comparison, Tesla and BYD held third and 13th positions, respectively, after the first six months of 2024.",{"type":636,"attrs":21317},{"id":21318,"body":21319},"fdc5918f-93e5-49e4-8da2-d757c7a44958",[21320],{"id":21321,"_uid":21322,"type":643,"_editable":21323,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24598346","i-7aa420a9-4f12-4a39-80c3-5325e551a19e","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-7aa420a9-4f12-4a39-80c3-5325e551a19e\", \"id\": \"\"}-->",{"type":647,"attrs":21325,"content":21326},{"level":13022,"textAlign":49},[21327],{"text":21328,"type":585},"Where is BYD making up ground?",{"type":580,"attrs":21330,"content":21331},{"textAlign":49},[21332],{"text":21333,"type":585},"There are multiple markets in Europe where BYD has sold more vehicles so far in 2025 than Tesla. In Spain and Italy, BYD has outperformed Tesla by 2,839 and 3,058 units respectively. In the UK and Germany, Europe’s two largest EV markets, BYD is catching up with Tesla having sold 3,824 and 2,559 fewer units respectively compared to Tesla. However, in three months of year so far BYD outperformed Tesla in total sales in the UK while it outperformed Tesla in two months of the year so far in Germany.",{"type":636,"attrs":21335},{"id":21336,"body":21337},"159af9a0-0768-471c-9f95-aa6ca187befb",[21338],{"id":21339,"_uid":21340,"type":643,"_editable":21341,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24626563","i-16537595-ac76-4601-b010-7711c242f397","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-16537595-ac76-4601-b010-7711c242f397\", \"id\": \"\"}-->",{"type":647,"attrs":21343,"content":21344},{"level":13022,"textAlign":49},[21345],{"text":21346,"type":585},"What is causing the reverse of fortunes?",{"type":580,"attrs":21348,"content":21349},{"textAlign":49},[21350],{"text":21351,"type":585},"“BYD closing the gap on Tesla in Europe is a story about Tesla’s decline as much as it is about BYD’s rise. Tesla has experienced significant YTD decreases in key European markets, such as France and Germany,” Geroge Whitcombe, EV sales analyst at Rho Motion, commented. “This is largely driven by Musk’s political involvement with divisive political parties and leaders.”",{"type":580,"attrs":21353,"content":21354},{"textAlign":49},[21355],{"text":21356,"type":585},"A refresh of the Model Y at the start of 2025 may explain some of the drop in unit sales during the early months of the year. However, Tesla’s continued weak performance in Europe suggests that its challenges go beyond temporary disruptions caused by changes to production. While BYD’s growth has come from a low base, it is now competing with established European brands in the EV market. It outperformed Skoda, Renault and SEAT in terms of EV sales in the first half of 2025 and fell just short of Audi and Volvo.",{"type":580,"attrs":21358,"content":21359},{"textAlign":49},[21360],{"text":21361,"type":585},"BYD’s growth in Europe has not been fueled by unusually low prices but instead by large model availability that continues to grow and through the sale of PHEVs in light of the EU’s tariffs on Chinese made BEVs. BYD’s PHEV Seal U was the bestselling PHEV in Europe in the first six months of 2025, outselling its nearest competitor by 37% the VW Tiguan.","BYD’s European electric vehicle (EV) sales in the first half of this year jumped more than five-fold compared to the same period last year according to Rho Motion’s EV & Battery Database. Over the same period, Tesla’s vehicle sales in Europe fell 28%. As a result, BYD is fast approaching Tesla in terms of unit […]",[21364],{"slug":1466,"name":1467,"content":21365},{"job_title":1469,"image":21366,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"cc28bb19-0512-4a99-a1fd-6ea24a1f3c0e\", \"id\": \"\"}-->",[21369,21370],{"slug":956,"name":957},{"slug":692,"name":693},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":21372,"copyright":645,"fieldtype":701,"meta_data":21373,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1754910070/www-production/Screenshot-2025-08-11-120037/Screenshot-2025-08-11-120037.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":21375,"copyright":645,"fieldtype":701,"meta_data":21376,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6fc77abfaa/bm-adobestock-915152141-editorial-use-only.jpeg",{"alt":645,"title":645,"source":645,"copyright":645},"Aug 11, 2025",{"id":21379,"uuid":21380,"name":21381,"slug":21382,"full_slug":21383,"content":21384},112467337767361,"4e0a7643-385b-44bd-8f1a-ca651abe0277","Australian government supports Liontown equity raise, alongside Chinese funders","australian-government-supports-liontown-equity-raise-alongside-chinese-funders","article/australian-government-supports-liontown-equity-raise-alongside-chinese-funders",{"_uid":21385,"date":21386,"tags":21387,"editor":21395,"content":21399,"excerpt":21522,"featured":51,"reporter":21523,"_editable":21527,"component":689,"seo_title":21381,"categories":21528,"visibility":697,"author_company":49,"data_vis_image":21531,"featured_image":21535,"seo_description":21522,"author_full_name":49,"author_job_title":49,"formattedDate":21539},"f3995765-8fa1-49b3-a7ca-ba39a7bdd57a","2025-08-08 00:00",[21388,21389,21390,21393,21394],{"slug":4990,"name":4991},{"slug":564,"name":565},{"slug":21391,"name":21392},"liontown","Liontown",{"slug":1458,"name":1459},{"slug":5030,"name":5610},[21396],{"slug":1466,"name":1467,"content":21397},{"job_title":1469,"image":21398,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":21400},[21401,21406,21418,21423,21431,21436,21441,21453,21458,21463,21471,21476,21488,21501,21506],{"type":580,"attrs":21402,"content":21403},{"textAlign":49},[21404],{"text":21405,"type":585},"Australian lithium miner Liontown Resources has raised AUD316 million (US$206 mn) in equity. This includes investments from the Australian government and major Chinese lithium chemical producer Canmax.",{"type":580,"attrs":21407,"content":21408},{"textAlign":49},[21409,21411,21417],{"text":21410,"type":585},"The funds will support the ramp up of Liontown’s Kathleen Valley spodumene mine which ",{"text":21412,"type":585,"marks":21413},"began operations last year",[21414],{"type":590,"attrs":21415},{"href":21416,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/liontowns-kathleen-valley-produces-first-spodumene-concentrate-amid-uncertain-market-conditions",{"text":1538,"type":585},{"type":580,"attrs":21419,"content":21420},{"textAlign":49},[21421],{"text":21422,"type":585},"This comes following a recovery in spodumene prices, which traded  below $700/tonne between 23 May and 23 July this year. At $700/t, Benchmark analysis suggests that ~30% of hard rock producers, including Kathleen Valley, are loss making.",{"type":636,"attrs":21424},{"id":21425,"body":21426},"4cb06350-2142-4a6c-a0dc-b666c2f52769",[21427],{"id":21428,"_uid":21429,"type":643,"_editable":21430,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24601657","i-b0a4931d-14bb-4448-be96-2291f40290d0","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-b0a4931d-14bb-4448-be96-2291f40290d0\", \"id\": \"\"}-->",{"type":647,"attrs":21432,"content":21433},{"level":13022,"textAlign":49},[21434],{"text":21435,"type":585},"What is the significance of the funding sources?",{"type":580,"attrs":21437,"content":21438},{"textAlign":49},[21439],{"text":21440,"type":585},"Through the National Reconstruction Fund Corporation, the Australian government is backing Liontown with AUD50 mn (US$32.6 m) of investment. This highlights that the government is taking critical minerals seriously and is backing this up through significant investment.",{"type":580,"attrs":21442,"content":21443},{"textAlign":49},[21444,21446,21451],{"text":21445,"type":585},"Government investment into critical mineral projects is key for the development of supply chains in the West as it improves the bankability of assets for private investors. This follows the ",{"text":21447,"type":585,"marks":21448},"US Department of Defense’s partnership with MP Materials",[21449],{"type":590,"attrs":21450},{"href":17231,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":21452,"type":585}," for rare earths production.",{"type":580,"attrs":21454,"content":21455},{"textAlign":49},[21456],{"text":21457,"type":585},"It is also notable that Canmax led a further AUD50 mn investment through a separate placement with other institutional investors.",{"type":580,"attrs":21459,"content":21460},{"textAlign":49},[21461],{"text":21462,"type":585},"Hancock Resources, one of Liontown’s key investors, did not participate in the funding round.",{"type":636,"attrs":21464},{"id":21465,"body":21466},"dcaed657-95a9-4159-b17e-9f15bded85b3",[21467],{"id":21468,"_uid":21469,"type":643,"_editable":21470,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24600865","i-500cbea2-d943-4936-ba2d-7250e8b11ebe","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-500cbea2-d943-4936-ba2d-7250e8b11ebe\", \"id\": \"\"}-->",{"type":647,"attrs":21472,"content":21473},{"level":13022,"textAlign":49},[21474],{"text":21475,"type":585},"What does Liontown’s equity raise mean for the lithium market?",{"type":580,"attrs":21477,"content":21478},{"textAlign":49},[21479,21481,21486],{"text":21480,"type":585},"Given the oversupply of the broader lithium market, Benchmark believes that some lithium mines would need to ",{"text":21482,"type":585,"marks":21483},"come offline",[21484],{"type":590,"attrs":21485},{"href":16613,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":21487,"type":585}," to re-balance the market and give further upward support to prices.",{"type":580,"attrs":21489,"content":21490},{"textAlign":49},[21491,21493,21499],{"text":21492,"type":585},"Unlike the ",{"text":21494,"type":585,"marks":21495},"previous downcycle in 2020",[21496],{"type":590,"attrs":21497},{"href":21498,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/publications/special-issues/1346054",{"text":21500,"type":585},", the current bear market is characterised by stronger balance sheets, more fund raising opportunities, and sees large players holding strategic investments in lithium projects. For example, LG and Ford are both strategic investors into Liontown and so have a vested interest in Kathleen Valley staying online, even if loss making at current prices.",{"type":580,"attrs":21502,"content":21503},{"textAlign":49},[21504],{"text":21505,"type":585},"That said, before this investment round, without a positive cash-flow, Kathleen Valley was at risk of coming offline, given the challenging price environment. However, with the latest equity raise, which includes both governmental and institutional investments, it is unlikely that Kathleen Valley will be taken offline.",{"type":580,"attrs":21507,"content":21508},{"textAlign":49},[21509,21513,21519],{"text":21510,"type":585,"marks":21511},"Download Benchmark’s Special Issue explaining ",[21512],{"type":1992},{"text":21514,"type":585,"marks":21515},"Why This Lithium Market Isn’t Like 2020",[21516,21517],{"type":1992},{"type":590,"attrs":21518},{"href":21498,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585,"marks":21520},[21521],{"type":1992},"Australian lithium miner Liontown Resources has raised AUD316 million (US$206 mn) in equity. This includes investments from the Australian government and major Chinese lithium chemical producer Canmax. The funds will support the ramp up of Liontown’s Kathleen Valley spodumene mine which began operations last year. This comes following a recovery in spodumene prices, which traded […]",[21524],{"slug":1466,"name":1467,"content":21525},{"job_title":1469,"image":21526,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f3995765-8fa1-49b3-a7ca-ba39a7bdd57a\", \"id\": \"\"}-->",[21529,21530],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":21532,"name":645,"focus":645,"title":21532,"source":645,"filename":21533,"copyright":645,"fieldtype":701,"meta_data":21534,"is_external_url":51},"Chart titled: Liontown shares performing well amongst lithium peers","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1754665887/www-production/Liontown-lithium-share-index@2x/Liontown-lithium-share-index@2x.png?_i=AA",{"alt":21532,"title":21532,"source":645,"copyright":645},{"id":49,"alt":21536,"name":645,"focus":645,"title":21536,"source":645,"filename":21537,"copyright":645,"fieldtype":701,"meta_data":21538,"is_external_url":51},"Kathleen Valley lithium mine by Liontown","https://a.storyblok.com/f/287943243085208/8fcf283a21/bm-250328-liontown-019.jpg",{"alt":21536,"title":21536,"source":645,"copyright":645},"Aug 08, 2025",{"id":21541,"uuid":7952,"name":21542,"slug":21543,"full_slug":21544,"content":21545},112467360627642,"Rare earth prices show regional bifurcation following export restrictions imposed by China","rare-earth-prices-show-regional-bifurcation-following-export-restrictions-imposed-by-china","article/rare-earth-prices-show-regional-bifurcation-following-export-restrictions-imposed-by-china",{"_uid":21546,"date":21547,"tags":21548,"editor":21553,"content":21557,"excerpt":21699,"featured":51,"reporter":21700,"_editable":21704,"component":689,"seo_title":21542,"categories":21705,"visibility":2019,"author_company":49,"data_vis_image":21708,"featured_image":21712,"seo_description":21699,"author_full_name":49,"author_job_title":49,"formattedDate":21716},"f8e95cfa-b392-4db8-8948-0966d1276004","2025-08-06 00:00",[21549,21550],{"slug":564,"name":565},{"slug":21551,"name":21552},"rare-earth-prices","rare earth prices",[21554],{"slug":1466,"name":1467,"content":21555},{"job_title":1469,"image":21556,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":21558},[21559,21570,21578,21583,21588,21593,21598,21606,21611,21623,21628,21633,21638,21643,21650,21664,21681,21688],{"type":580,"attrs":21560,"content":21561},{"textAlign":49},[21562,21564,21569],{"text":21563,"type":585},"Ex-China prices of heavy rare earth oxides (HREO) are significantly higher than those in the domestic Chinese market following ",{"text":21565,"type":585,"marks":21566},"China’s export restrictions",[21567],{"type":590,"attrs":21568},{"href":17202,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":636,"attrs":21571},{"id":21572,"body":21573},"6beb8309-42e8-4003-9e33-66ad37c3b00f",[21574],{"id":21575,"_uid":21576,"type":643,"_editable":21577,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24551260","i-ec8ccf1d-9db3-4778-92d0-6a9e8930ecb5","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-ec8ccf1d-9db3-4778-92d0-6a9e8930ecb5\", \"id\": \"\"}-->",{"type":647,"attrs":21579,"content":21580},{"level":13022,"textAlign":49},[21581],{"text":21582,"type":585},"What is driving this bifurcation?",{"type":580,"attrs":21584,"content":21585},{"textAlign":49},[21586],{"text":21587,"type":585},"The European market remains highly constrained for the HREOs currently subject to China’s export restrictions. Spot market activity is sporadic, with buyers only accepting offers when absolutely necessary due to the high prices.",{"type":580,"attrs":21589,"content":21590},{"textAlign":49},[21591],{"text":21592,"type":585},"Prices for HREOs continue to demand a significant premium compared to the Chinese domestic market, with Benchmark assessing Dy oxide (CIF Europe) at $800/kg and Tb oxide (CIF Europe) at $3,625/kg.",{"type":580,"attrs":21594,"content":21595},{"textAlign":49},[21596],{"text":21597,"type":585},"Month-on-month European HREO prices moved upwards as China’s export restrictions are placing greater demand on ex-China supplies. In China, however, prices held steady in July.",{"type":636,"attrs":21599},{"id":21600,"body":21601},"f6a7c167-7c2d-449c-8daf-25dd414aa586",[21602],{"id":21603,"_uid":21604,"type":643,"_editable":21605,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24537251","i-5bfebe91-e854-40c4-8cb3-aa3b5ab74a22","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-5bfebe91-e854-40c4-8cb3-aa3b5ab74a22\", \"id\": \"\"}-->",{"type":647,"attrs":21607,"content":21608},{"level":13022,"textAlign":49},[21609],{"text":21610,"type":585},"How are light rare earth prices moving?",{"type":580,"attrs":21612,"content":21613},{"textAlign":49},[21614,21616,21621],{"text":21615,"type":585},"Prices for light rare earth oxides (LREOs) in China increased month-on-month in July 2025, driven by tight spot supply amidst bullish market sentiment. In mid-July, ",{"text":21617,"type":585,"marks":21618},"MP Materials announced a definitive deal with the US Department of Defense",[21619],{"type":590,"attrs":21620},{"href":17231,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":21622,"type":585},", which included a minimum price floor of $110/kg for PrNd. This likely marks a long term dynamic, with the DoD indicating it will make further, similar deals in this space.",{"type":580,"attrs":21624,"content":21625},{"textAlign":49},[21626],{"text":21627,"type":585},"Outside of China, PrNd prices tend to track prices in the domestic Chinese market. The North American market responded quickly to price increases in China and the delta  between the two prices is primarily due to shipping and handling costs. Meanwhile, Europe has been slower to respond, leading to a PrNd price 5% below China.",{"type":647,"attrs":21629,"content":21630},{"level":13022,"textAlign":49},[21631],{"text":21632,"type":585},"What could impact the market in the coming months?",{"type":580,"attrs":21634,"content":21635},{"textAlign":49},[21636],{"text":21637,"type":585},"In July, China quietly issued its first rare earth mining and smelting quotas of the year, though has not publicly released what levels these are set at. This low-key approach is part of China’s continued efforts to tightly control its rare earths supply chain.",{"type":580,"attrs":21639,"content":21640},{"textAlign":49},[21641],{"text":21642,"type":585},"It is likely that the impacts of this quota will further contribute to a bullish market sentiment over the next few months.",{"type":580,"attrs":21644,"content":21645},{"textAlign":49},[21646],{"text":21647,"type":585,"marks":21648},"Benchmark is delighted to bring ex-China rare earth price coverage to the market as industry stakeholders scale-up localised production.",[21649],{"type":1992},{"type":580,"attrs":21651,"content":21652},{"textAlign":49},[21653,21660],{"text":21654,"type":585,"marks":21655},"European and North American Rare Earth oxide prices",[21656,21657],{"type":1992},{"type":590,"attrs":21658},{"href":21659,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/benchmark-to-launch-ex-china-rare-earth-prices",{"text":21661,"type":585,"marks":21662}," are now included in our Rare Earths Price Assessment, published every month along with rolling market commentary on supply/demand dynamics.",[21663],{"type":1992},{"type":580,"attrs":21665,"content":21666},{"textAlign":49},[21667,21671,21677],{"text":21668,"type":585,"marks":21669},"Our wider ",[21670],{"type":1992},{"text":21672,"type":585,"marks":21673},"Rare Earths intelligence",[21674,21675],{"type":1992},{"type":590,"attrs":21676},{"href":7973,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":21678,"type":585,"marks":21679}," spans a comprehensive market Forecast and Sustainability Report.",[21680],{"type":1992},{"type":580,"attrs":21682,"content":21683},{"textAlign":49},[21684],{"text":21685,"type":585,"marks":21686},"Submit your details below to request more information from our team.",[21687],{"type":1992},{"type":636,"attrs":21689},{"id":21690,"body":21691},"519e8e11-588a-4545-8d2c-df5d145d876e",[21692],{"id":1997,"_uid":21693,"_editable":21694,"component":1999,"wrap_in_box":50,"hubspot_form":1997,"redirect_url":21695,"success_file":21696,"default_height":645,"success_message":645,"success_sub_text":645,"hidden_field_values":21698},"i-be6c7ed0-d16c-4d43-9023-f616c7f78867","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-be6c7ed0-d16c-4d43-9023-f616c7f78867\", \"id\": \"\"}-->",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":21697},{},[],"Ex-China prices of heavy rare earth oxides (HREO) are significantly higher than those in the domestic Chinese market following China’s export restrictions. What is driving this bifurcation? The European market remains highly constrained for the HREOs currently subject to China’s export restrictions. Spot market activity is sporadic, with buyers only accepting offers when absolutely necessary […]",[21701],{"slug":1466,"name":1467,"content":21702},{"job_title":1469,"image":21703,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f8e95cfa-b392-4db8-8948-0966d1276004\", \"id\": \"\"}-->",[21706,21707],{"slug":1142,"name":1143},{"slug":2900,"name":414},{"id":49,"alt":21709,"name":645,"focus":645,"title":21709,"source":645,"filename":21710,"copyright":645,"fieldtype":701,"meta_data":21711,"is_external_url":51},"Chart titled Rare earth prices split along regional lines","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1754476994/www-production/REE-Prices-Candle-stick@2x-3/REE-Prices-Candle-stick@2x-3.png?_i=AA",{"alt":21709,"title":21709,"source":645,"copyright":645},{"id":49,"alt":21713,"name":645,"focus":645,"title":21713,"source":645,"filename":21714,"copyright":645,"fieldtype":701,"meta_data":21715,"is_external_url":51},"Rare earth elements and minerals loaded on cargo ship in China","https://a.storyblok.com/f/287943243085208/c4990e09ed/bm-shutterstock-1589940898.jpg",{"alt":21713,"title":21713,"source":645,"copyright":645},"Aug 06, 2025",{"id":21718,"uuid":21719,"name":21720,"slug":21721,"full_slug":21722,"content":21723},112467384667771,"5bf393e7-43b7-4435-9ce3-26b3fec82ccc","Sodium ion pipeline dominated by unproven cell producers","sodium-ion-pipeline-dominated-by-unproven-cell-producers","article/sodium-ion-pipeline-dominated-by-unproven-cell-producers",{"_uid":21724,"date":21725,"tags":21726,"editor":21731,"content":21735,"excerpt":21874,"featured":51,"reporter":21875,"_editable":21879,"component":689,"seo_title":21720,"categories":21880,"visibility":2019,"author_company":49,"data_vis_image":21883,"featured_image":21886,"seo_description":21874,"author_full_name":49,"author_job_title":49,"formattedDate":21890},"dfb5648f-79a3-4b52-ae00-88baaf60d65d","2025-07-30 00:00",[21727,21728,21729,21730],{"slug":1294,"name":1295},{"slug":2044,"name":2045},{"slug":564,"name":565},{"slug":20054,"name":20055},[21732],{"slug":1466,"name":1467,"content":21733},{"job_title":1469,"image":21734,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":21736},[21737,21773,21778,21783,21791,21796,21808,21813,21821,21833,21838,21851,21859],{"type":580,"attrs":21738,"content":21739},{"textAlign":49},[21740,21742,21748,21750,21755,21757,21763,21765,21771],{"text":21741,"type":585},"Two-thirds of the 2035 ",{"text":21743,"type":585,"marks":21744},"sodium ion pipeline capacity",[21745],{"type":590,"attrs":21746},{"href":21747,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/mine-to-grid-sodium-ion",{"text":21749,"type":585}," is from Tier 3 producers, the ",{"text":21751,"type":585,"marks":21752},"Benchmark Gigafactory Database",[21753],{"type":590,"attrs":21754},{"href":11391,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":21756,"type":585}," shows. Just 10% of capacity is from ",{"text":21758,"type":585,"marks":21759},"Tier 1 producers",[21760],{"type":590,"attrs":21761},{"href":21762,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/catl-gears-up-for-mass-market-sodium-ion-batteries",{"text":21764,"type":585}," – those who have ",{"text":21766,"type":585,"marks":21767},"proven their ability",[21768],{"type":590,"attrs":21769},{"href":21770,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lack-of-tier-1-experience-risks-sodium-ion-battery-production-ramp-up",{"text":21772,"type":585}," to produce battery cells at scale for customers outside of China.",{"type":580,"attrs":21774,"content":21775},{"textAlign":49},[21776],{"text":21777,"type":585},"The reverse trend is true for lithium ion batteries, with 42% of capacity being from Tier 1 producers and 21% from Tier 3.",{"type":580,"attrs":21779,"content":21780},{"textAlign":49},[21781],{"text":21782,"type":585},"As Tier 3 producers have yet to prove their ability to manufacture battery cells at scale, and at the quality needed for multiple customers, this highlights that much of the sodium ion manufacturing pipeline faces additional risks on top of the technological challenges associated with commercialising new battery technologies.",{"type":636,"attrs":21784},{"id":21785,"body":21786},"8f32f303-6f28-477a-a7e4-d8cd7374993a",[21787],{"id":21788,"_uid":21789,"type":643,"_editable":21790,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24436983","i-125b8c1c-5325-464f-a916-733fc3687b1a","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-125b8c1c-5325-464f-a916-733fc3687b1a\", \"id\": \"\"}-->",{"type":647,"attrs":21792,"content":21793},{"level":13022,"textAlign":49},[21794],{"text":21795,"type":585},"Who are the top sodium ion players?",{"type":580,"attrs":21797,"content":21798},{"textAlign":49},[21799,21801,21806],{"text":21800,"type":585},"BYD and ",{"text":2045,"type":585,"marks":21802},[21803],{"type":590,"attrs":21804},{"href":21805,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/catl-releases-freevoy-lithium-sodium-ion-hybrid-battery",{"text":21807,"type":585}," are currently the only Tier 1 cell producers with pipeline sodium ion facilities.",{"type":580,"attrs":21809,"content":21810},{"textAlign":49},[21811],{"text":21812,"type":585},"BYD is reported to have begun production of sodium ion batteries at the first line of its 30 GWh capacity sodium ion gigafactory in Qinghai, China. The facility is operated as a joint venture with Huaihai Holding Group. Through analysis of satellite imagery, Benchmark has confirmed the facility is complete and that activity is taking place.",{"type":636,"attrs":21814},{"id":21815,"body":21816},"7c53abb4-82df-4cc2-a592-331dbbcde0e5",[21817],{"id":21818,"_uid":21819,"type":643,"_editable":21820,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24440933","i-f24fb68b-981d-40b3-b3ad-a0e3c89be160","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-f24fb68b-981d-40b3-b3ad-a0e3c89be160\", \"id\": \"\"}-->",{"type":580,"attrs":21822,"content":21823},{"textAlign":49},[21824,21826,21831],{"text":21825,"type":585},"This will be among the largest sodium ion gigafactories when it reaches full capacity, alongside ",{"text":21827,"type":585,"marks":21828},"CATL’s 25 GWh facility",[21829],{"type":590,"attrs":21830},{"href":21762,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":21832,"type":585}," that came online in China last year.",{"type":580,"attrs":21834,"content":21835},{"textAlign":49},[21836],{"text":21837,"type":585},"The largest facilities in the sodium ion cell pipeline come from Tier 3 producers, Peak Energy (US) and Inner Mongolia Xinjin New Energy Technology (China), both of which have 50 GWh sodium ion gigafactories in the very early stages of planning. Overall, Tier 3 producers have 390 GWh of capacity in the pipeline for 2030.",{"type":580,"attrs":21839,"content":21840},{"textAlign":49},[21841,21843,21849],{"text":21842,"type":585},"However, as ",{"text":21844,"type":585,"marks":21845},"Tier 3 producers",[21846],{"type":590,"attrs":21847},{"href":21848,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/new-entrants-drive-sodium-ion-battery-capacity-growth",{"text":21850,"type":585},", they have significant development work required from technical, supply chain and manufacturing standpoints to prove they can compete with incumbent cell producers on performance and cost at the gigascale.",{"type":636,"attrs":21852},{"id":21853,"body":21854},"560a897a-b3c0-4a98-88dc-854520f7bce3",[21855],{"id":21856,"_uid":21857,"type":643,"_editable":21858,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24435345","i-6de150de-9f9a-470a-baa2-23cd29ecf99c","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-6de150de-9f9a-470a-baa2-23cd29ecf99c\", \"id\": \"\"}-->",{"type":580,"attrs":21860,"content":21861},{"textAlign":49},[21862,21866,21873],{"text":21863,"type":585,"marks":21864},"Join Benchmark on Tuesday 19 August for the free-to-attend Webinar, ",[21865],{"type":1992},{"text":21867,"type":585,"marks":21868},"Sodium ion Batteries: Hype vs Reality on the Road to Commercialisation",[21869,21872],{"type":590,"attrs":21870},{"href":21871,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/events/sodium-ion-batteries-hype-vs-reality-on-the-road-to-commercialisation",{"type":1992},{"text":1538,"type":585},"Two-thirds of the 2035 sodium ion pipeline capacity is from Tier 3 producers, the Benchmark Gigafactory Database shows. Just 10% of capacity is from Tier 1 producers – those who have proven their ability to produce battery cells at scale for customers outside of China. The reverse trend is true for lithium ion batteries, with […]",[21876],{"slug":1466,"name":1467,"content":21877},{"job_title":1469,"image":21878,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"dfb5648f-79a3-4b52-ae00-88baaf60d65d\", \"id\": \"\"}-->",[21881,21882],{"slug":956,"name":957},{"slug":3379,"name":3380},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":21884,"copyright":645,"fieldtype":701,"meta_data":21885,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1753864125/www-production/Tier-capacity-2035-sodium-lithium-ion@2x/Tier-capacity-2035-sodium-lithium-ion@2x.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":21887,"name":645,"focus":645,"title":21887,"source":645,"filename":21888,"copyright":645,"fieldtype":701,"meta_data":21889,"is_external_url":51},"Sodium ion battery cells on a pile of salt","https://a.storyblok.com/f/287943243085208/4a0baef41b/bm-sodium-ion-batteries.jpg",{"alt":21887,"title":21887,"source":645,"copyright":645},"Jul 30, 2025",{"id":21892,"uuid":21893,"name":21894,"slug":21895,"full_slug":21896,"content":21897},112467399348138,"dd5cc0ca-55e4-45c5-9b45-45e858a59fc0","Sovereign Wealth Funds support the Middle East’s pivot to clean energy supply chains","sovereign-wealth-funds-support-the-middle-easts-pivot-to-clean-energy-supply-chains","article/sovereign-wealth-funds-support-the-middle-easts-pivot-to-clean-energy-supply-chains",{"_uid":21898,"date":21899,"tags":21900,"editor":21910,"content":21914,"excerpt":22095,"featured":51,"reporter":22096,"_editable":22100,"component":689,"seo_title":21894,"categories":22101,"visibility":2019,"author_company":49,"data_vis_image":22105,"featured_image":22109,"seo_description":22095,"author_full_name":49,"author_job_title":49,"formattedDate":22113},"2dc5264f-aa5b-4456-94cc-e03311e1d95a","2025-07-23 00:00",[21901,21902,21903,21904,21906,21909],{"slug":993,"name":994},{"slug":564,"name":565},{"slug":2659,"name":1791},{"slug":21905,"name":16037},"saudi-arabia",{"slug":21907,"name":21908},"uae","UAE",{"slug":13546,"name":13547},[21911],{"slug":1466,"name":1467,"content":21912},{"job_title":1469,"image":21913,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":21915},[21916,21928,21948,21953,21961,21966,21971,21991,21996,22001,22009,22014,22019,22027,22032,22037,22049,22062,22078],{"type":580,"attrs":21917,"content":21918},{"textAlign":49},[21919,21921,21926],{"text":21920,"type":585},"Middle Eastern countries, especially the Gulf states, are beginning to ",{"text":21922,"type":585,"marks":21923},"pivot their economies away from oil",[21924],{"type":590,"attrs":21925},{"href":16041,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":21927,"type":585}," and towards clean energy supply chains.",{"type":580,"attrs":21929,"content":21930},{"textAlign":49},[21931,21933,21939,21940,21946],{"text":21932,"type":585},"Assisting in this transition are the region’s Sovereign Wealth Funds (SWFs) which are increasingly investing in ",{"text":21934,"type":585,"marks":21935},"critical minerals",[21936],{"type":590,"attrs":21937},{"href":21938,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/how-saudi-arabia-and-morocco-are-shaping-the-ev-battery-supply-chain",{"text":6709,"type":585},{"text":21941,"type":585,"marks":21942},"downstream energy transition",[21943],{"type":590,"attrs":21944},{"href":21945,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/catl-masdar-partner-for-worlds-largest-solar-power-battery-storage-project",{"text":21947,"type":585}," projects.",{"type":580,"attrs":21949,"content":21950},{"textAlign":49},[21951],{"text":21952,"type":585},"SWFs in the Middle East and North Africa (MENA) region manage over $5 trillion of assets with those based in Saudi Arabia and the United Arab Emirates accounting for two-thirds of this.",{"type":636,"attrs":21954},{"id":21955,"body":21956},"d266835d-78b0-435d-aa40-4636090cd2da",[21957],{"id":21958,"_uid":21959,"type":643,"_editable":21960,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"23561528","i-30bc4d4c-b366-44ef-841a-8883b5c6b3ab","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-30bc4d4c-b366-44ef-841a-8883b5c6b3ab\", \"id\": \"\"}-->",{"type":647,"attrs":21962,"content":21963},{"level":13022,"textAlign":49},[21964],{"text":21965,"type":585},"Which funds are investing in the energy transition?",{"type":580,"attrs":21967,"content":21968},{"textAlign":49},[21969],{"text":21970,"type":585},"Many Middle Eastern SWFs have invested in critical mineral and energy transition projects both domestically and internationally.",{"type":580,"attrs":21972,"content":21973},{"textAlign":49},[21974,21976,21982,21984,21990],{"text":21975,"type":585},"For example, ",{"text":21977,"type":585,"marks":21978},"Saudi Arabia’s",[21979],{"type":590,"attrs":21980},{"href":21981,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/how-is-saudi-arabias-critical-mineral-drive-progressing",{"text":21983,"type":585}," Public Investment Fund (PIF) is a majority shareholder of US-based Lucid Motors having invested $1 billion into the automaker. Manara Minerals, a JV between PIF and Ma’aden which invests in global mining assets in emerging markets, ",{"text":21985,"type":585,"marks":21986},"invested $2.5 billion for a 10% stake in Vale Base Metals",[21987],{"type":590,"attrs":21988},{"href":21989,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/saudi-arabia-enters-nickel-and-copper-mining-through-vale-deal-lithium-could-be-next",{"text":1538,"type":585},{"type":580,"attrs":21992,"content":21993},{"textAlign":49},[21994],{"text":21995,"type":585},"The Qatar Investment Authority (QIA) is the largest institutional investor in the global mining company Glencore and invested $180 million in TechMet, a US/Ireland company which invests in critical mineral projects around the world.",{"type":580,"attrs":21997,"content":21998},{"textAlign":49},[21999],{"text":22000,"type":585},"Technology developers have also attracted SWF capital. Ascend Elements received investment from both QIA and Oman’s SWF, the OMan Investment Authority (OIA). QIA also invested in solid-state innovator QuantumScape and OIA has invested in silicon anode developer Group14.",{"type":580,"attrs":22002,"content":22003},{"textAlign":49},[22004],{"type":1847,"attrs":22005},{"id":49,"alt":22006,"src":22007,"title":49,"source":49,"copyright":49,"meta_data":22008},"Table showing the key investments by Middle Eastern Sovereign Wealth Funds into the clean energy and minerals space","https://a.storyblok.com/f/287943243085208/413913ce5d/bm-mena-table-150dpi.png",{},{"type":647,"attrs":22010,"content":22011},{"level":13022,"textAlign":49},[22012],{"text":22013,"type":585},"Why are Middle Eastern SWFs investing in global energy transition projects?",{"type":580,"attrs":22015,"content":22016},{"textAlign":49},[22017],{"text":22018,"type":585},"Gulf State economies derive much of their GDP from oil revenues. For Saudi Arabia, hydrocarbon contributions account for almost half its GDP.",{"type":636,"attrs":22020},{"id":22021,"body":22022},"1e1ce75b-538f-4412-b591-53136faa24a2",[22023],{"id":22024,"_uid":22025,"type":643,"_editable":22026,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"23612785","i-21bc61ea-717a-4313-9435-2a7dfab848ba","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-21bc61ea-717a-4313-9435-2a7dfab848ba\", \"id\": \"\"}-->",{"type":580,"attrs":22028,"content":22029},{"textAlign":49},[22030],{"text":22031,"type":585},"But as the global energy transition continues apace, there is a growing need for these countries to diversify their economies away from oil.",{"type":580,"attrs":22033,"content":22034},{"textAlign":49},[22035],{"text":22036,"type":585}," “Access to critical minerals is a matter of national security and that, in part, explains the involvement of Sovereign Wealth Funds,” Jim Rutherford, director at Manara Minerals, said at the London Indaba in June. “These [Middle Eastern] countries are thinking of life beyond oil.”",{"type":580,"attrs":22038,"content":22039},{"textAlign":49},[22040,22042,22048],{"text":22041,"type":585},"The size of the Middle East’s SWFs allows them to make long term investments in regions that many Western companies are more wary of investing in, such as ",{"text":22043,"type":585,"marks":22044},"mineral rich African countries",[22045],{"type":590,"attrs":22046},{"href":22047,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/how-africa-can-fully-unlock-its-strategic-potential-in-the-global-energy-transition",{"text":1538,"type":585},{"type":580,"attrs":22050,"content":22051},{"textAlign":49},[22052,22054,22060],{"text":22053,"type":585},"“Certainly the equity markets, I think especially traditionally those based in London, who’ve invested in the African mineral space have dried up to an extent,” ",{"text":22055,"type":585,"marks":22056},"Brian Menell",[22057],{"type":590,"attrs":22058},{"href":22059,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/this-is-a-lull-before-a-10-year-bull-market-qa-with-techmets-ceo-brian-menell",{"text":22061,"type":585},", CEO of TechMet, said at the Indaba. “I think that there are certainly new pockets of capital that are coming to the market. The Middle East, for example, has been incredibly active in this space and incredibly active across Africa.”",{"type":580,"attrs":22063,"content":22064},{"textAlign":49},[22065,22069,22075],{"text":22066,"type":585,"marks":22067},"Learn more about the Middle East and North Africa’s pivot towards the energy transition space in our ",[22068],{"type":1992},{"text":22070,"type":585,"marks":22071},"free-to-read Special Issue, Beyond Oil",[22072,22073],{"type":1992},{"type":590,"attrs":22074},{"href":16041,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585,"marks":22076},[22077],{"type":1992},{"type":580,"attrs":22079,"content":22080},{"textAlign":49},[22081,22085,22091],{"text":22082,"type":585,"marks":22083},"And, to learn more about the role of Africa in the space, sign up for the inaugural ",[22084],{"type":1992},{"text":22086,"type":585,"marks":22087},"Benchmark Giga Africa",[22088,22089],{"type":1992},{"type":590,"attrs":22090},{"href":21087,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":22092,"type":585,"marks":22093}," event taking place in Morocco 22–24 September 2025.",[22094],{"type":1992},"Middle Eastern countries, especially the Gulf states, are beginning to pivot their economies away from oil and towards clean energy supply chains. Assisting in this transition are the region’s Sovereign Wealth Funds (SWFs) which are increasingly investing in critical minerals and downstream energy transition projects. SWFs in the Middle East and North Africa (MENA) region […]",[22097],{"slug":1466,"name":1467,"content":22098},{"job_title":1469,"image":22099,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"2dc5264f-aa5b-4456-94cc-e03311e1d95a\", \"id\": \"\"}-->",[22102,22103,22104],{"slug":956,"name":957},{"slug":1142,"name":1143},{"slug":695,"name":696},{"id":49,"alt":22106,"name":645,"focus":645,"title":22106,"source":645,"filename":22107,"copyright":645,"fieldtype":701,"meta_data":22108,"is_external_url":51},"Middle Eastern and North African Sovereign Wealth Funds","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1753269422/www-production/MENA-SWF-v2-1/MENA-SWF-v2-1.png?_i=AA",{"alt":22106,"title":22106,"source":645,"copyright":645},{"id":49,"alt":22110,"name":645,"focus":645,"title":22110,"source":645,"filename":22111,"copyright":645,"fieldtype":701,"meta_data":22112,"is_external_url":51},"Public Investment Fund tower in Saudi Arabia","https://a.storyblok.com/f/287943243085208/fc40f899db/bm-saudi-arabia-public-investment-fund-tower.jpg",{"alt":22110,"title":22110,"source":645,"copyright":645},"Jul 23, 2025",{"id":22115,"uuid":22116,"name":22117,"slug":22118,"full_slug":22119,"content":22120},112467409109108,"42de7493-e037-44da-9117-f9247b2ca660","Benchmark debuts cell price forecast as US’ LFP pipeline surges","benchmark-debuts-cell-price-forecast-as-us-lfp-pipeline-surges","article/benchmark-debuts-cell-price-forecast-as-us-lfp-pipeline-surges",{"_uid":22121,"date":22122,"tags":22123,"editor":22137,"content":22141,"excerpt":22373,"featured":51,"reporter":22374,"_editable":22378,"component":689,"seo_title":22117,"categories":22379,"visibility":2019,"author_company":49,"data_vis_image":22382,"featured_image":22386,"seo_description":22373,"author_full_name":49,"author_job_title":49,"formattedDate":22388},"24f33843-5cea-43ba-9a45-a7127c153a92","2025-07-22 00:00",[22124,22126,22129,22130,22133,22134,22135,22136],{"slug":14093,"name":22125},"Announcement",{"slug":22127,"name":22128},"battery-prices","Battery Prices",{"slug":16139,"name":16140},{"slug":22131,"name":22132},"cell-costs","Cell costs",{"slug":720,"name":721},{"slug":564,"name":565},{"slug":4789,"name":451},{"slug":561,"name":562},[22138],{"slug":9249,"name":9250,"content":22139},{"job_title":9252,"image":22140,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":22142},[22143,22155,22175,22180,22193,22198,22222,22230,22243,22248,22261,22281,22286,22294,22299,22304,22309,22329,22337,22345],{"type":580,"attrs":22144,"content":22145},{"textAlign":49},[22146,22148,22154],{"text":22147,"type":585},"US-made lithium iron phosphate (LFP) cell prices are forecast to be 56% higher than their Chinese equivalents in 2025, according to the new ",{"text":22149,"type":585,"marks":22150},"Benchmark Cell Price Forecast",[22151],{"type":590,"attrs":22152},{"href":22153,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/battery-gigafactory/data-reports/forecasts",{"text":1538,"type":585},{"type":580,"attrs":22156,"content":22157},{"textAlign":49},[22158,22160,22166,22168,22173],{"text":22159,"type":585},"Although the build out of domestic LFP cell production lines is expected close this price gap somewhat, US dependence on ",{"text":22161,"type":585,"marks":22162},"LFP cathode active material (CAM) imports",[22163],{"type":590,"attrs":22164},{"href":22165,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/us-doe-targets-lfp-cathode-capacity-but-battery-mismatch-remains",{"text":22167,"type":585}," limits its ability to close the price gap completely, as Chinese CAM is ",{"text":22169,"type":585,"marks":22170},"subject to tariffs",[22171],{"type":590,"attrs":22172},{"href":18480,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":22174,"type":585}," and also makes production facilities ineligible for 45X production tax credits.",{"type":647,"attrs":22176,"content":22177},{"level":13022,"textAlign":49},[22178],{"text":22179,"type":585},"What is the status of LFP cell production in the US?",{"type":580,"attrs":22181,"content":22182},{"textAlign":49},[22183,22185,22191],{"text":22184,"type":585},"Envision AESC became the first battery manufacturer in North America to begin commercial scale LFP production earlier in 2025, retrofitting its legacy facility in Smyrna, Tennessee, to support the company’s ",{"text":22186,"type":585,"marks":22187},"local BESS",[22188],{"type":590,"attrs":22189},{"href":22190,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/in-charts-what-impact-could-tariffs-have-on-battery-energy-storage-system-prices-in-the-us",{"text":22192,"type":585}," customers, primarily Fluence Energy.",{"type":580,"attrs":22194,"content":22195},{"textAlign":49},[22196],{"text":22197,"type":585},"But the driving force behind the growth in US LFP gigafactories in Q2 was the EV market.",{"type":580,"attrs":22199,"content":22200},{"textAlign":49},[22201,22203,22204,22206,22212,22214,22220],{"text":22202,"type":585},"On the 14",{"text":5219,"type":585},{"text":22205,"type":585}," July, General Motors (GM) formally revealed plans to add production lines capable of manufacturing lithium iron phosphate (LFP) batteries at its 40 GWh ",{"text":22207,"type":585,"marks":22208},"gigafactory joint venture",[22209],{"type":590,"attrs":22210},{"href":22211,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/us-set-for-largest-ever-annual-gigafactory-capacity-increase-in-2025",{"text":22213,"type":585}," with LGES in Tennessee. GM has also committed to adding LFP production lines to its LGES JV facility in Warren, Ohio. Production of LFP will begin concurrently with nickel cobalt manganese (NCM) cell production in 2027 at its under-development ",{"text":22215,"type":585,"marks":22216},"plant with Samsung SDI",[22217],{"type":590,"attrs":22218},{"href":22219,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/gm-and-samsung-sdi-finalise-battery-jv-signalling-demand-confidence",{"text":22221,"type":585},", in New Carlisle, Indiana.",{"type":636,"attrs":22223},{"id":22224,"body":22225},"98f25f61-b681-4ca6-9654-c50ae910fd68",[22226],{"id":22227,"_uid":22228,"type":643,"_editable":22229,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24330631","i-9db584ea-d53e-466b-b0b9-a786fb813fda","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-9db584ea-d53e-466b-b0b9-a786fb813fda\", \"id\": \"\"}-->",{"type":580,"attrs":22231,"content":22232},{"textAlign":49},[22233,22235,22241],{"text":22234,"type":585},"The shift in strategy from GM and others could address this key supply gap, and combat the now ",{"text":22236,"type":585,"marks":22237},"unavoidable tariffs",[22238],{"type":590,"attrs":22239},{"href":22240,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinese-aam-imports-into-the-us-face-160-tariff-following-antidumping-investigation-ruling",{"text":22242,"type":585}," imposed by the Trump Administration.",{"type":647,"attrs":22244,"content":22245},{"level":13022,"textAlign":49},[22246],{"text":22247,"type":585},"How are tariffs impacting cell pricing?",{"type":580,"attrs":22249,"content":22250},{"textAlign":49},[22251,22253,22259],{"text":22252,"type":585},"From 2026, the ",{"text":22254,"type":585,"marks":22255},"tariff",[22256],{"type":590,"attrs":22257},{"href":22258,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/the-trade-war-begins-what-does-it-mean-evs-batteries-and-critical-minerals",{"text":22260,"type":585}," on imported Chinese cells will rise to 82.4% due to the Section 301 investigation. This will begin to make US’ LFP cells cost competitive, despite lower domestic prices in China.",{"type":580,"attrs":22262,"content":22263},{"textAlign":49},[22264,22266,22272,22273,22279],{"text":22265,"type":585},"As of 2025, LFP manufacturing plants in the US are relying on ",{"text":22267,"type":585,"marks":22268},"South Korean AAM",[22269],{"type":590,"attrs":22270},{"href":22271,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/south-korea-to-support-anode-players-to-secure-domestic-supply",{"text":6709,"type":585},{"text":22274,"type":585,"marks":22275},"Indonesian CAM",[22276],{"type":590,"attrs":22277},{"href":22278,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinas-lopal-to-supply-lfp-cathode-material-to-fords-us-battery-plant",{"text":22280,"type":585},", subject to 25% and 32% reciprocal rate import tariffs respectively. There is the potential for these rates to drop with further negotiation, reducing LFP costs more.",{"type":580,"attrs":22282,"content":22283},{"textAlign":49},[22284],{"text":22285,"type":585},"When considering Chinese company profitability, Benchmark understands that many Chinese manufacturers capture higher margins when exporting to overseas markets, often having agreements in place with state entities to subsidise production costs at domestic facilities,  meaning they can sell at or below production costs in China.",{"type":636,"attrs":22287},{"id":22288,"body":22289},"c0d05e10-062c-4f01-b2fb-ce42c674a160",[22290],{"id":22291,"_uid":22292,"type":643,"_editable":22293,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24331205","i-37619722-9de2-4852-bc17-7e9065463507","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-37619722-9de2-4852-bc17-7e9065463507\", \"id\": \"\"}-->",{"type":580,"attrs":22295,"content":22296},{"textAlign":49},[22297],{"text":22298,"type":585},"As the situation stands, LFP production in the US is unlikely to be eligible for production tax credits under 45X due to the majority of cathode active material originating from China. Currently US LFP cell prices are forecasted to remain over 40% higher than those originating in China out to 2030.",{"type":580,"attrs":22300,"content":22301},{"textAlign":49},[22302],{"text":22303,"type":585},"Whilst tariffs on Chinese cells will close that gap and benefit US cell manufacturers, enabling tax credit eligibility through the build out of domestic CAM production would further enhance the benefits of onshoring cell production.",{"type":647,"attrs":22305,"content":22306},{"level":13022,"textAlign":49},[22307],{"text":22308,"type":585},"Benchmark debuts cell price forecast",{"type":580,"attrs":22310,"content":22311},{"textAlign":49},[22312,22317,22324],{"text":22313,"type":585,"marks":22314},"In order for OEMs to develop the strategies required to compete on a global scale, an understanding of future cell price trends is essential. As of Q2 2025, Benchmark Mineral Intelligence is pleased to announce the launch of its ",[22315,22316],{"type":1992},{"type":1992},{"text":22318,"type":585,"marks":22319},"Battery Cell Price Forecast",[22320,22322,22323],{"type":590,"attrs":22321},{"href":22153,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"type":1992},{"text":22325,"type":585,"marks":22326},", included as part of Benchmark’s Battery & Gigafactory Forecast subscription.",[22327,22328],{"type":1992},{"type":1992},{"type":580,"attrs":22330,"content":22331},{"textAlign":49},[22332],{"text":22333,"type":585,"marks":22334},"This service will provide market participants, OEMs, and investors with Benchmark’s expert battery cell price forecasts, based upon analysis that centres on regional production costs, bill of material (BoM) changes, market fundamentals, and policy developments.",[22335,22336],{"type":1992},{"type":1992},{"type":580,"attrs":22338,"content":22339},{"textAlign":49},[22340],{"text":22341,"type":585,"marks":22342},"The tool provides EXW price forecasts for 43 battery grades through to 2030, configured around cell technology, format, and region. The accompanying report covers wider market analyses around movements and trends in major cell chemistries and pivotal policy developments in the space.",[22343,22344],{"type":1992},{"type":1992},{"type":580,"attrs":22346,"content":22347},{"textAlign":49},[22348,22356,22361,22368],{"text":22349,"type":585,"marks":22350},"Contact us",[22351,22354,22355],{"type":590,"attrs":22352},{"href":22353,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/contact",{"type":1992},{"type":1992},{"text":22357,"type":585,"marks":22358}," to learn more or request a free demonstration of Benchmark’s complete ",[22359,22360],{"type":1992},{"type":1992},{"text":22362,"type":585,"marks":22363},"Battery & Gigafactory Forecast",[22364,22366,22367],{"type":590,"attrs":22365},{"href":22153,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"type":1992},{"text":22369,"type":585,"marks":22370},", including price and cost tools.",[22371,22372],{"type":1992},{"type":1992},"US-made lithium iron phosphate (LFP) cell prices are forecast to be 56% higher than their Chinese equivalents in 2025, according to the new Benchmark Cell Price Forecast. Although the build out of domestic LFP cell production lines is expected close this price gap somewhat, US dependence on LFP cathode active material (CAM) imports limits its […]",[22375],{"slug":9249,"name":9250,"content":22376},{"job_title":9252,"image":22377,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"24f33843-5cea-43ba-9a45-a7127c153a92\", \"id\": \"\"}-->",[22380,22381],{"slug":956,"name":957},{"slug":3379,"name":3380},{"id":49,"alt":22383,"name":645,"focus":645,"title":22383,"source":645,"filename":22384,"copyright":645,"fieldtype":701,"meta_data":22385,"is_external_url":51},"The US has nearly 200 GWh of LFP capacity in its 2030 pipeline","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1753199675/www-production/US-LFP-map@2x-1/US-LFP-map@2x-1.png?_i=AA",{"alt":22383,"title":22383,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":11214,"copyright":645,"fieldtype":701,"meta_data":22387,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},"Jul 22, 2025",{"id":22390,"uuid":22391,"name":22392,"slug":22393,"full_slug":22394,"content":22395},112467418599742,"507128fc-ab4c-4838-9f9a-7f1db8953bbf","Indonesian nickel smelters face soaring ore costs amid domestic supply crunch","indonesian-nickel-smelters-face-soaring-ore-costs-amid-domestic-supply-crunch","article/indonesian-nickel-smelters-face-soaring-ore-costs-amid-domestic-supply-crunch",{"_uid":22396,"date":22397,"live":50,"tags":22398,"editor":22404,"content":22408,"excerpt":22544,"featured":51,"reporter":22545,"_editable":22549,"component":689,"seo_title":22550,"categories":22551,"visibility":697,"author_company":645,"data_vis_image":22554,"featured_image":22557,"seo_description":22560,"author_full_name":645,"author_job_title":645,"formattedDate":22561},"cc054e11-603f-4061-b959-358810f2f01f","2025-07-21 00:00",[22399,22400,22401],{"slug":564,"name":565},{"slug":6028,"name":6029},{"slug":22402,"name":22403},"philippines","Philippines",[22405],{"slug":1466,"name":1467,"content":22406},{"job_title":1469,"image":22407,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":22409},[22410,22415,22441,22459,22470,22475,22480,22485,22493,22498,22503,22511,22516,22521,22526,22531],{"type":580,"attrs":22411,"content":22412},{"textAlign":49},[22413],{"text":22414,"type":585},"Indonesia’s nickel smelters are paying an increasingly steep premium to secure nickel ore, as a domestic supply crunch squeezes the industry’s margins. Benchmark notes the premium for some grades, based on data from Mysteel, is approaching 100% over the government’s benchmark price, known as the Harga Patokan Mineral (HPM).",{"type":580,"attrs":22416,"content":22417},{"textAlign":49},[22418,22420,22426,22431,22433,22439],{"text":22419,"type":585},"This supply tightness is driven by rising demand from Indonesian operations—including both newly commissioned High Pressure Acid Leach (HPAL) plants and rotary kiln electric furnaces (RKEFs)—as well as a slowdown in the approval ",{"text":22421,"type":585,"marks":22422},"of Indonesia’s mining quotas",[22423],{"type":590,"attrs":22424},{"href":22425,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/nickel-market-faces-uncertainty-amid-indonesias-mining-quota-adjustments",{"text":22427,"type":585,"marks":22428},"earlier in the year",[22429],{"type":590,"attrs":22430},{"href":22425,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":22432,"type":585},". Compounding this, ",{"text":22434,"type":585,"marks":22435},"heavy rains in the Sulawesi region",[22436],{"type":590,"attrs":22437},{"href":22438,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/hpal-waste-management-in-the-spotlight-after-indonesian-landslide",{"text":22440,"type":585},", a major nickel-producing area of the country, have disrupted nickel ore production this year.",{"type":580,"attrs":22442,"content":22443},{"textAlign":49},[22444,22446,22452,22454],{"text":22445,"type":585},"In particular, the elevated premium is sharply impacting operating margins for non-integrated nickel smelters, which have already faced pressure from falling London Metal Exchange (LME) prices and ",{"text":22447,"type":585,"marks":22448},"Indonesia’s recent hike in royalty rates",[22449],{"type":590,"attrs":22450},{"href":22451,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/battey-targeted-nickel-favoured-in-indonesias-royalty-hike",{"text":22453,"type":585},". Benchmark notes that HPAL operations, targeted at supplying the battery industry, continue to maintain healthy margins and ",{"text":22455,"type":585,"marks":22456},"benefit from a preferential rate under the new royalty regime.",[22457],{"type":590,"attrs":22458},{"href":22451,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":580,"attrs":22460,"content":22461},{"textAlign":49},[22462,22468],{"text":22463,"type":585,"marks":22464},"Benchmark’s newly released Nickel Cost Model",[22465],{"type":590,"attrs":22466},{"href":22467,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/nickel/data-reports/forecasts",{"text":22469,"type":585}," shows that ore purchasing costs for non-integrated RKEFs are on average 28% higher (~$1,200/tonne) than those of integrated smelters.",{"type":647,"attrs":22471,"content":22472},{"level":13022,"textAlign":49},[22473],{"text":22474,"type":585},"Philippines provides supply lifeline",{"type":580,"attrs":22476,"content":22477},{"textAlign":49},[22478],{"text":22479,"type":585},"With domestic ore in short supply, Indonesian smelters have increasingly turned to the Philippines to secure feed. ",{"type":580,"attrs":22481,"content":22482},{"textAlign":49},[22483],{"text":22484,"type":585},"In 2024, Indonesia imported over 10 million tonnes of nickel ore to counteract the shortfall in domestic supply, representing a 270% increase on the previous year. This trend has accelerated further in 2025, with imports up 279% y-o-y between January-May.",{"type":636,"attrs":22486},{"id":22487,"body":22488},"0f308a37-1e44-4b76-be31-0eb98347099e",[22489],{"id":22490,"_uid":22491,"type":643,"_editable":22492,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24300550","i-18450c07-5447-4495-ba62-ac02b31dcc42","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-18450c07-5447-4495-ba62-ac02b31dcc42\", \"id\": \"\"}-->",{"type":580,"attrs":22494,"content":22495},{"textAlign":49},[22496],{"text":22497,"type":585},"Notably, Weda Bay, home to the industrial park (IWIP) accounts for the vast majority of the ore imports from the Philippines. ",{"type":580,"attrs":22499,"content":22500},{"textAlign":49},[22501],{"text":22502,"type":585},"This reflects not just volume needs but also ore quality: operations at Weda Bay blend imported ore to balance high silicon-magnesium (Si-Mg) levels in local ore, essential for RKEFs to reduce the viscosity and melting points of the ore (thus minimising processing requirements and electricity costs).",{"type":636,"attrs":22504},{"id":22505,"body":22506},"c0cce572-2016-4152-8f93-ff75880420b0",[22507],{"id":22508,"_uid":22509,"type":643,"_editable":22510,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24300707","i-53a99a32-bc44-43f6-9eb7-87ec5aa62d13","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-53a99a32-bc44-43f6-9eb7-87ec5aa62d13\", \"id\": \"\"}-->",{"type":647,"attrs":22512,"content":22513},{"level":13022,"textAlign":49},[22514],{"text":22515,"type":585},"Indonesia plans mining quota adjustment",{"type":580,"attrs":22517,"content":22518},{"textAlign":49},[22519],{"text":22520,"type":585},"To curb the nickel market’s mounting surplus, Indonesia’s Ministry of Energy and Mineral Resources announced in mid-July that it will revert to annual reviews of RKAB mining quotas (from the current three-year cycle) to better control its resources, in a bid to support benchmark nickel prices and maintain the industry’s margins.",{"type":580,"attrs":22522,"content":22523},{"textAlign":49},[22524],{"text":22525,"type":585},"Despite rising costs, medium-term demand for nickel ore shows little sign of slowing. But a steady decline in Indonesian ore grades, driven by the depletion of higher-grade deposits, is set to place additional strain on domestic supply. ",{"type":580,"attrs":22527,"content":22528},{"textAlign":49},[22529],{"text":22530,"type":585},"To sustain the projected growth in refined output, Indonesia’s nickel industry must expand domestic exploration or face an increased reliance on ore imports.",{"type":580,"attrs":22532,"content":22533},{"textAlign":49},[22534,22540],{"text":22535,"type":585,"marks":22536},"Benchmark’s Nickel Forecast",[22537,22539],{"type":590,"attrs":22538},{"href":13975,"uuid":49,"anchor":49,"target":1492,"linktype":1570},{"type":1992},{"text":22541,"type":585,"marks":22542}," provides a forward-looking view of supply, demand, costs and prices out to 2040 to guide strategic planning.",[22543],{"type":1992},"Indonesia’s nickel smelters are paying an increasingly steep premium to secure nickel ore, as a domestic supply crunch squeezes the industry’s margins. Benchmark notes the premium for some grades, based on data from Mysteel, is approaching 100% over the government’s benchmark price, known as the Harga Patokan Mineral (HPM). This supply tightness is driven by […]",[22546],{"slug":1466,"name":1467,"content":22547},{"job_title":1469,"image":22548,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"cc054e11-603f-4061-b959-358810f2f01f\", \"id\": \"\"}-->","Indonesian nickel smelters face soaring ore costs amid domestic..",[22552,22553],{"slug":1142,"name":1143},{"slug":2553,"name":150},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":22555,"copyright":645,"fieldtype":701,"meta_data":22556,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1753114182/www-production/Indonesias-Weda-Bay-accounts-for-the-majority-of-Philippine-nickel-ore-imports-in-2025@2x-2/Indonesias-Weda-Bay-accounts-for-the-majority-of-Philippine-nickel-ore-imports-in-2025@2x-2.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":22558,"copyright":645,"fieldtype":701,"meta_data":22559,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/aa78691cce/bm-shutterstock-1754009414.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Indonesia’s nickel smelters are paying an increasingly steep premium to secure nickel ore, as a domestic supply crunch squeezes the industry’s margins. Benchmark notes the premium for some grades, based on data from Mysteel ...","Jul 21, 2025",{"id":22563,"uuid":11678,"name":22564,"slug":22565,"full_slug":22566,"content":22567},112467423437219,"Chinese AAM imports into the US face 160% tariff following antidumping investigation ruling","chinese-aam-imports-into-the-us-face-160-tariff-following-antidumping-investigation-ruling","article/chinese-aam-imports-into-the-us-face-160-tariff-following-antidumping-investigation-ruling",{"_uid":22568,"date":22569,"tags":22570,"editor":22575,"content":22579,"excerpt":22712,"featured":51,"reporter":22713,"_editable":22717,"component":689,"seo_title":22564,"categories":22718,"visibility":2019,"author_company":49,"data_vis_image":22722,"featured_image":22725,"seo_description":22712,"author_full_name":49,"author_job_title":49,"formattedDate":22728},"4e858962-7631-4e33-bb2e-f9f7c3394bcd","2025-07-18 00:00",[22571,22572,22573,22574],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":8333,"name":8334},{"slug":561,"name":562},[22576],{"slug":1466,"name":1467,"content":22577},{"job_title":1469,"image":22578,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":22580},[22581,22589,22602,22610,22615,22620,22633,22641,22646,22651,22656,22661,22666,22674,22679,22684,22696,22704],{"type":580,"attrs":22582,"content":22583},{"textAlign":49},[22584,22586,22587],{"text":22585,"type":585},"On 17",{"text":5219,"type":585},{"text":22588,"type":585}," July, the US Department of Commerce (DOC) issued a preliminary determination that China is dumping graphite anode active material (AAM) into the US market, resulting in an antidumping (AD) tariff of 93.5% for the majority of Chinese AAM imports, including material contained in lithium ion batteries.",{"type":580,"attrs":22590,"content":22591},{"textAlign":49},[22592,22594,22600],{"text":22593,"type":585},"This anti-dumping duty comes on top of the ",{"text":22595,"type":585,"marks":22596},"raft of other tariff measures",[22597],{"type":590,"attrs":22598},{"href":22599,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/tariffs-and-countervailing-duties-narrow-us-china-anode-cost-gap",{"text":22601,"type":585}," already implemented against imports of Chinese AAM. Combined, these tariffs total 160% for most Chinese AAM imported into the US.",{"type":636,"attrs":22603},{"id":22604,"body":22605},"1f0609f7-0c00-4ade-bd11-7a4c4626db8e",[22606],{"id":22607,"_uid":22608,"type":643,"_editable":22609,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24298061","i-6db52d53-8a50-455e-bab7-9dfa3103ff1b","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-6db52d53-8a50-455e-bab7-9dfa3103ff1b\", \"id\": \"\"}-->",{"type":647,"attrs":22611,"content":22612},{"level":13022,"textAlign":49},[22613],{"text":22614,"type":585},"How do the tariffs impact AAM and cell costs?",{"type":580,"attrs":22616,"content":22617},{"textAlign":49},[22618],{"text":22619,"type":585},"The cost of Chinese AAM jumps from ~$3,700/tonne to $9,300/tonne, once tariff measures are applied. By comparison, US-made AAM costs around ~$5,400/t, making domestic material over 40% cheaper.",{"type":580,"attrs":22621,"content":22622},{"textAlign":49},[22623,22625,22631],{"text":22624,"type":585},"This marks an advantage for ",{"text":22626,"type":585,"marks":22627},"US anode aspirants",[22628],{"type":590,"attrs":22629},{"href":22630,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/epsilon-receives-115-million-in-tax-credits-as-us-seeks-anode-material-security",{"text":22632,"type":585}," looking to onshore production as they are likely to see greater interest from investors and cell makers, given the more balanced cost landscape. However, given the current limited availability of commercial-scale domestic AAM, cell makers will likely absorb these higher associated costs in the near term, which could dampen demand.",{"type":636,"attrs":22634},{"id":22635,"body":22636},"f6ed8ca3-fa44-4d29-bb42-c39a7d0b21e0",[22637],{"id":22638,"_uid":22639,"type":643,"_editable":22640,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24298402","i-1757868c-c791-41fa-975b-029d69136730","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-1757868c-c791-41fa-975b-029d69136730\", \"id\": \"\"}-->",{"type":647,"attrs":22642,"content":22643},{"level":13022,"textAlign":49},[22644],{"text":22645,"type":585},"How much Chinese AAM does the US import?",{"type":580,"attrs":22647,"content":22648},{"textAlign":49},[22649],{"text":22650,"type":585},"From January 2022 to December 2024, direct Chinese exports to the USA averaged ~2,500 tonnes per month (tpm) of coated spherical purified graphite (CSPG) and ~5,800 tpm of synthetic graphite (Note: some material within the HS code may fall outside battery markets).",{"type":580,"attrs":22652,"content":22653},{"textAlign":49},[22654],{"text":22655,"type":585},"In 2025, average export volumes fell sharply to ~1,400 tpm for CSPG and 4,421 tpm for synthetic graphite. May CSPG exports dropped to 0 and synthetic graphite to 600 tonnes, roughly 1% of China’s global synthetic export share.",{"type":580,"attrs":22657,"content":22658},{"textAlign":49},[22659],{"text":22660,"type":585},"Meanwhile, Indonesia’s AAM exports to the US, which were previously non-existent, now average above 1,000 tpm, driven by BTR shifting exports from China to its Indonesian plant. BTR plans to double that plant’s capacity to 160 ktpa by the end of the year to serve South Korean, US and European buyers.",{"type":580,"attrs":22662,"content":22663},{"textAlign":49},[22664],{"text":22665,"type":585},"This trend of Chinese overseas expansion is likely to continue as companies seek ways to circumvent trade restrictions targeting China. However, governments are increasingly closing loopholes, such as the DOC determining that BTR and CATL could not prove independence from the Chinese Communist Party.",{"type":636,"attrs":22667},{"id":22668,"body":22669},"1428cab1-4bdd-49a1-913b-52de03ca7d88",[22670],{"id":22671,"_uid":22672,"type":643,"_editable":22673,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24299536","i-8425ba5b-c307-47b0-b8e9-b909e6ea3522","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-8425ba5b-c307-47b0-b8e9-b909e6ea3522\", \"id\": \"\"}-->",{"type":647,"attrs":22675,"content":22676},{"level":13022,"textAlign":49},[22677],{"text":22678,"type":585},"Who will be impacted by this?",{"type":580,"attrs":22680,"content":22681},{"textAlign":49},[22682],{"text":22683,"type":585},"The new duties also cover AAM contained in imported battery cells. Whilst the share of Chinese cells used in US EVs has fallen notably in recent years, due to earlier tariffs and Inflation Reduction Act (IRA) incentives, limiting the direct impact on the EV sector, the US BESS market remains heavily reliant on Chinese cells—over 90% of which is still sourced from China.",{"type":580,"attrs":22685,"content":22686},{"textAlign":49},[22687,22689,22694],{"text":22688,"type":585},"The exclusion of finalised downstream products (e.g. ",{"text":22690,"type":585,"marks":22691},"BESS containers",[22692],{"type":590,"attrs":22693},{"href":22190,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":22695,"type":585},") from the scope of the tariff, means this ruling will disproportionately impact domestic system manufacturers, who will face the tariff on their battery imports, compared to Chinese system manufacturers who export finished systems.",{"type":580,"attrs":22697,"content":22698},{"textAlign":49},[22699,22701,22702],{"text":22700,"type":585},"A final ruling is due on 5",{"text":5219,"type":585},{"text":22703,"type":585}," December, which may adjust the rates. Until then, US Customs and Border Protection will collect deposits at the preliminary dumping rates.",{"type":636,"attrs":22705},{"id":22706,"body":22707},"3deeed57-f3ad-439c-b0dc-32d293987793",[22708],{"id":22709,"_uid":22710,"type":643,"_editable":22711,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24298936","i-c339912d-d0cb-4f06-9f2f-008891fce3f4","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-c339912d-d0cb-4f06-9f2f-008891fce3f4\", \"id\": \"\"}-->","On 17th July, the US Department of Commerce (DOC) issued a preliminary determination that China is dumping graphite anode active material (AAM) into the US market, resulting in an antidumping (AD) tariff of 93.5% for the majority of Chinese AAM imports, including material contained in lithium ion batteries. This anti-dumping duty comes on top of […]",[22714],{"slug":1466,"name":1467,"content":22715},{"job_title":1469,"image":22716,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4e858962-7631-4e33-bb2e-f9f7c3394bcd\", \"id\": \"\"}-->",[22719,22720,22721],{"slug":2162,"name":261},{"slug":956,"name":957},{"slug":2627,"name":2628},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":22723,"copyright":645,"fieldtype":701,"meta_data":22724,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1752850026/www-production/Anode-tariffs@2x/Anode-tariffs@2x.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":22726,"copyright":645,"fieldtype":701,"meta_data":22727,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/e2dfc578ba/bm-us-department-of-commerce.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Jul 18, 2025",{"id":22730,"uuid":22731,"name":22732,"slug":22733,"full_slug":22734,"content":22735},112467428061804,"1e7ad44a-3297-461c-8920-a0a00c5a585c","Eight lithium mines in Yichun, Jiangxi found to have permit issues","eight-lithium-mines-in-yichun-jiangxi-found-to-have-permit-issues","article/eight-lithium-mines-in-yichun-jiangxi-found-to-have-permit-issues",{"_uid":22736,"date":22737,"tags":22738,"editor":22742,"content":22746,"excerpt":22797,"featured":51,"reporter":22798,"_editable":22802,"component":689,"seo_title":22732,"categories":22803,"visibility":697,"author_company":49,"data_vis_image":22806,"featured_image":22809,"seo_description":22797,"author_full_name":49,"author_job_title":49,"formattedDate":22811},"4d731f4e-51d5-4801-bec1-b05c8a59122e","2025-07-17 00:00",[22739,22740,22741],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":1458,"name":1459},[22743],{"slug":9249,"name":9250,"content":22744},{"job_title":9252,"image":22745,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":22747},[22748,22753,22766,22774,22779,22784,22789],{"type":580,"attrs":22749,"content":22750},{"textAlign":49},[22751],{"text":22752,"type":585},"In mid-July, the Yichun Natural Resource Bureau published an official notification stating that it had found issues within the permit approval documents of eight lithium mines during a recent audit.",{"type":580,"attrs":22754,"content":22755},{"textAlign":49},[22756,22758,22764],{"text":22757,"type":585},"Amongst the mines in question are those belonging to major Chinese lithium producers and other key players, ",{"text":22759,"type":585,"marks":22760},"including CATL",[22761],{"type":590,"attrs":22762},{"href":22763,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/what-could-catl-restarting-its-chinese-lithium-mine-mean-for-the-market",{"text":22765,"type":585},". In its initial response, the Bureau has requested the companies to submit additional documents to proceed with the audit process. ",{"type":636,"attrs":22767},{"id":22768,"body":22769},"5e188a2d-2334-4ea6-a2af-3dda640f35b3",[22770],{"id":22771,"_uid":22772,"type":643,"_editable":22773,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24280791","i-0cb14678-1679-4db7-a3b4-a37d0de4db90","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-0cb14678-1679-4db7-a3b4-a37d0de4db90\", \"id\": \"\"}-->",{"type":580,"attrs":22775,"content":22776},{"textAlign":49},[22777],{"text":22778,"type":585},"According to the Bureau, the submitted documentation reveals that some lepidolite mines were classified as porcelain stone mines and the reported volumes of mined material were much lower than in reality. If a mine fails the audit, it will either need to either stop production or pay a financial penalty.",{"type":580,"attrs":22780,"content":22781},{"textAlign":49},[22782],{"text":22783,"type":585},"These possible outcomes could impact China’s lithium supply pipeline, and potentially destabilise near-term and future prices. However, market participants believe the Chinese government will fix the discrepancies in the permitting documents and may demand up-front tax payments in return, minimising the risk of price volatility.",{"type":580,"attrs":22785,"content":22786},{"textAlign":49},[22787],{"text":22788,"type":585},"Two of the impacted companies have told Benchmark that their production has not yet been affected, and that submitting the new documentation will take several weeks.",{"type":636,"attrs":22790},{"id":22791,"body":22792},"f3de9c66-8d7d-433e-b31c-d1c91b5419d0",[22793],{"id":22794,"_uid":22795,"type":643,"_editable":22796,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24281328","i-077bace3-5041-4067-8683-efaff17e160a","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-077bace3-5041-4067-8683-efaff17e160a\", \"id\": \"\"}-->","In mid-July, the Yichun Natural Resource Bureau published an official notification stating that it had found issues within the permit approval documents of eight lithium mines during a recent audit. Amongst the mines in question are those belonging to major Chinese lithium producers and other key players, including CATL. In its initial response, the Bureau […]",[22799],{"slug":9249,"name":9250,"content":22800},{"job_title":9252,"image":22801,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4d731f4e-51d5-4801-bec1-b05c8a59122e\", \"id\": \"\"}-->",[22804,22805],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":22807,"copyright":645,"fieldtype":701,"meta_data":22808,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1752760785/www-production/China-mined-lithium@2x/China-mined-lithium@2x.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":6012,"copyright":645,"fieldtype":701,"meta_data":22810,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},"Jul 17, 2025",{"id":22813,"uuid":22814,"name":22815,"slug":22816,"full_slug":22817,"content":22818},112467452249189,"0155ca99-9f4b-4d7e-b14e-57b1fb36e081","Can the US copper tariff address domestic supply gap?","can-the-us-copper-tariff-address-domestic-supply-gaps","article/can-the-us-copper-tariff-address-domestic-supply-gaps",{"_uid":22819,"date":22820,"tags":22821,"editor":22825,"content":22829,"excerpt":22900,"featured":50,"reporter":22901,"_editable":22905,"component":689,"seo_title":22815,"categories":22906,"visibility":2019,"author_company":49,"data_vis_image":22910,"featured_image":22912,"seo_description":22900,"author_full_name":49,"author_job_title":49,"formattedDate":22915},"ddc7a3b0-6634-4ad2-9cbf-515d700de59b","2025-07-15 00:00",[22822,22823,22824],{"slug":564,"name":565},{"slug":561,"name":562},{"slug":13546,"name":13547},[22826],{"slug":9249,"name":9250,"content":22827},{"job_title":9252,"image":22828,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":22830},[22831,22843,22848,22855,22860,22865,22877,22882,22889],{"type":580,"attrs":22832,"content":22833},{"textAlign":49},[22834,22836,22841],{"text":22835,"type":585},"Last week, ",{"text":22837,"type":585,"marks":22838},"President Donald Trump announced the US would impose a 50% tariff on copper imports",[22839],{"type":590,"attrs":22840},{"href":14097,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":22842,"type":585},", in a move that promises to shake-up global copper trade flows.",{"type":580,"attrs":22844,"content":22845},{"textAlign":49},[22846],{"text":22847,"type":585},"The tariff, which is due to enter force from early August, aims to bolster US copper production by prioritising domestic supply over foreign imports, thus reducing the US’s reliance on imports, which amounted to 45% of demand in 2024. ",{"type":580,"attrs":22849,"content":22850},{"textAlign":49},[22851],{"type":1847,"attrs":22852},{"id":49,"alt":645,"src":22853,"title":49,"source":49,"copyright":49,"meta_data":22854},"https://a.storyblok.com/f/287943243085208/350d8da209/bm-benchmark-16-voro-3-1345473b928d.jpg",{},{"type":580,"attrs":22856,"content":22857},{"textAlign":49},[22858],{"text":22859,"type":585},"Benchmark data in the above infographic demonstrates that the deficit in refined copper supply is primarily a function of a lack of US smelting capacity, rather than a shortfall of raw materials.",{"type":580,"attrs":22861,"content":22862},{"textAlign":49},[22863],{"text":22864,"type":585},"In fact, the US is a net exporter of copper scrap and concentrates, which combined could more than offset the 720 kt of refined copper imported last year. But this is contingent on additional smelting capacity being built to process the material.",{"type":580,"attrs":22866,"content":22867},{"textAlign":49},[22868,22870,22875],{"text":22869,"type":585},"Although investment in new smelting capacity is more straightforward than at the mining level, the tariff is unlikely to immediately resolve this issue. Investors will be hesitant to make large-scale, multi-year commitments on the back of a policy that may well be reversed in four years time. Indeed, the ",{"text":22871,"type":585,"marks":22872},"Trump administration’s recent roll back of Biden-era tax incentives",[22873],{"type":590,"attrs":22874},{"href":18335,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":22876,"type":585}," for clean energy-projects and electric vehicles is only likely to reinforce this view.",{"type":580,"attrs":22878,"content":22879},{"textAlign":49},[22880],{"text":22881,"type":585},"Therefore, the copper tariff is unlikely to significantly boost US refined supply in the short term. Rather, its more immediate effect will likely be higher copper prices in the US market and, ultimately, higher costs for American consumers.",{"type":580,"attrs":22883,"content":22884},{"textAlign":49},[22885],{"text":22886,"type":585,"marks":22887},"The data in this infographic is derived from the Benchmark Copper Service. To learn more about Benchmark’s copper market coverage fill out the form below.",[22888],{"type":1992},{"type":636,"attrs":22890},{"id":22891,"body":22892},"b6f1ba3d-8850-4dfd-83cb-ffee4d9e7303",[22893],{"id":1997,"_uid":22894,"_editable":22895,"component":1999,"wrap_in_box":50,"hubspot_form":1997,"redirect_url":22896,"success_file":22897,"default_height":645,"success_message":645,"success_sub_text":645,"hidden_field_values":22899},"i-eaf3620d-cd0b-48a5-af01-d6dc4909728c","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-eaf3620d-cd0b-48a5-af01-d6dc4909728c\", \"id\": \"\"}-->",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":22898},{},[],"Last week, President Donald Trump announced the US would impose a 50% tariff on copper imports, in a move that promises to shake-up global copper trade flows. The tariff, which is due to enter force from early August, aims to bolster US copper production by prioritising domestic supply over foreign imports, thus reducing the US’s […]",[22902],{"slug":9249,"name":9250,"content":22903},{"job_title":9252,"image":22904,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ddc7a3b0-6634-4ad2-9cbf-515d700de59b\", \"id\": \"\"}-->",[22907,22908,22909],{"slug":1140,"name":1136},{"slug":1142,"name":1143},{"slug":695,"name":696},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":22853,"copyright":645,"fieldtype":701,"meta_data":22911,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":22913,"copyright":645,"fieldtype":701,"meta_data":22914,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4f602b3c80/bm-shutterstock-2155478019.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Jul 15, 2025",{"id":22917,"uuid":22918,"name":22919,"slug":22920,"full_slug":22921,"content":22922},112467476301607,"e4260e79-a2ff-4909-b994-ac271af15882","The evolution of China’s upstream supply chain dominance","the-evolution-of-chinas-upstream-supply-chain-dominance","article/the-evolution-of-chinas-upstream-supply-chain-dominance",{"_uid":22923,"date":22924,"tags":22925,"editor":22929,"content":22933,"excerpt":23042,"featured":51,"reporter":23043,"_editable":23047,"component":689,"seo_title":22919,"categories":23048,"visibility":2019,"author_company":49,"data_vis_image":23057,"featured_image":23059,"seo_description":23042,"author_full_name":49,"author_job_title":49,"formattedDate":23062},"8b225d00-c0d5-44bd-bee0-07f2272c2175","2025-07-11 00:00",[22926,22927,22928],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":561,"name":562},[22930],{"slug":1466,"name":1467,"content":22931},{"job_title":1469,"image":22932,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":22934},[22935,22940,22945,22958,22963,22970,22975,22980,22985,22997,23002,23007,23012,23024,23031],{"type":580,"attrs":22936,"content":22937},{"textAlign":49},[22938],{"text":22939,"type":585},"In 2019, Benchmark’s Simon Moores told the US Senate, “we are in the midst of a global battery arms race.”",{"type":580,"attrs":22941,"content":22942},{"textAlign":49},[22943],{"text":22944,"type":585},"Critical mineral mining and refining was emphasised as a key battleground in this race, with Moores saying “those that control these supply chains will hold the balance of industrial power for the 21st century in the auto and energy industries.”",{"type":580,"attrs":22946,"content":22947},{"textAlign":49},[22948,22950,22956],{"text":22949,"type":585},"Especially in critical mineral refining, this balance of power is heavily  skewed towards China due to the ",{"text":22951,"type":585,"marks":22952},"scale of investment",[22953],{"type":590,"attrs":22954},{"href":22955,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/the-us-and-china-ramp-up-funding-for-domestic-critical-mineral-exploration",{"text":22957,"type":585}," at this critical point in the supply chain.",{"type":580,"attrs":22959,"content":22960},{"textAlign":49},[22961],{"text":22962,"type":585},"How has China’s dominance evolved since Moores’ speech? Are other countries gaining market share in the upstream? And, is the US still a “bystander” as Moores said in 2019?",{"type":580,"attrs":22964,"content":22965},{"textAlign":49},[22966],{"type":1847,"attrs":22967},{"id":49,"alt":645,"src":22968,"title":49,"source":49,"copyright":49,"meta_data":22969},"https://a.storyblok.com/f/287943243085208/e7c1cb1a64/bm-china-usa-row-2018-2025-1-13453935e18b.png",{},{"type":647,"attrs":22971,"content":22972},{"level":13022,"textAlign":49},[22973],{"text":22974,"type":585},"China gains ground domestically and internationally",{"type":580,"attrs":22976,"content":22977},{"textAlign":49},[22978],{"text":22979,"type":585},"Critical mineral supply chains are highly-concentrated within China. This trend has only continued since 2018, with China gaining ground in several minerals.",{"type":580,"attrs":22981,"content":22982},{"textAlign":49},[22983],{"text":22984,"type":585},"One area in which domestic production has lost significant market share is nickel refining, in which the country dropped 16 percentage points between 2019 and 2025, partly due to Indonesia banning nickel ore exports.",{"type":580,"attrs":22986,"content":22987},{"textAlign":49},[22988,22990,22996],{"text":22989,"type":585},"In response, China invested heavily in ",{"text":22991,"type":585,"marks":22992},"Indonesia’s nickel sector",[22993],{"type":590,"attrs":22994},{"href":22995,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/is-indonesias-nickel-boom-at-risk-from-shifting-policy",{"text":1538,"type":585},{"type":580,"attrs":22998,"content":22999},{"textAlign":49},[23000],{"text":23001,"type":585},"China has also invested heavily in cobalt mines in the Democratic Republic of the Congo.",{"type":647,"attrs":23003,"content":23004},{"level":13022,"textAlign":49},[23005],{"text":23006,"type":585},"Is the US still a bystander?",{"type":580,"attrs":23008,"content":23009},{"textAlign":49},[23010],{"text":23011,"type":585},"Across battery raw material markets, the US accounts for just 0–2% of global mined and refined supply.",{"type":580,"attrs":23013,"content":23014},{"textAlign":49},[23015,23017,23022],{"text":23016,"type":585},"However, a ",{"text":23018,"type":585,"marks":23019},"US success story can be found in rare earths",[23020],{"type":590,"attrs":23021},{"href":17231,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":23023,"type":585},", a key family of elements for electric vehicle motors and defence applications.",{"type":580,"attrs":23025,"content":23026},{"textAlign":49},[23027],{"text":23028,"type":585,"marks":23029},"To learn more about Benchmark’s services across the whole supply chain from mine to grid, fill out the form below and one of the team will be in touch.",[23030],{"type":1992},{"type":636,"attrs":23032},{"id":23033,"body":23034},"5a13b857-7302-4503-98a1-cd1e64c2f472",[23035],{"id":1997,"_uid":23036,"_editable":23037,"component":1999,"wrap_in_box":50,"hubspot_form":1997,"redirect_url":23038,"success_file":23039,"default_height":645,"success_message":645,"success_sub_text":645,"hidden_field_values":23041},"i-00a3209a-b030-4d66-8340-dec764ee4565","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-00a3209a-b030-4d66-8340-dec764ee4565\", \"id\": \"\"}-->",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":23040},{},[],"In 2019, Benchmark’s Simon Moores told the US Senate, “we are in the midst of a global battery arms race.” Critical mineral mining and refining was emphasised as a key battleground in this race, with Moores saying “those that control these supply chains will hold the balance of industrial power for the 21st century in […]",[23044],{"slug":1466,"name":1467,"content":23045},{"job_title":1469,"image":23046,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8b225d00-c0d5-44bd-bee0-07f2272c2175\", \"id\": \"\"}-->",[23049,23050,23051,23052,23053,23054,23055,23056],{"slug":2544,"name":115},{"slug":1142,"name":1143},{"slug":695,"name":696},{"slug":2627,"name":2628},{"slug":1693,"name":8},{"slug":4962,"name":4963},{"slug":2553,"name":150},{"slug":2900,"name":414},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":22968,"copyright":645,"fieldtype":701,"meta_data":23058,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":23060,"copyright":645,"fieldtype":701,"meta_data":23061,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/186cf2a280/bm-us-china.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Jul 11, 2025",{"id":23064,"uuid":23065,"name":23066,"slug":23067,"full_slug":23068,"content":23069},112467485210708,"ae821283-ebef-4746-b580-f69702714515","President Trump announces 50% tariff on copper","president-trump-set-to-impose-50-tariff-on-copper","article/president-trump-set-to-impose-50-tariff-on-copper",{"_uid":23070,"date":23071,"tags":23072,"editor":23076,"content":23080,"excerpt":23299,"featured":51,"reporter":23300,"_editable":23304,"component":689,"seo_title":23066,"categories":23305,"visibility":2019,"author_company":49,"data_vis_image":23309,"featured_image":23312,"seo_description":23299,"author_full_name":49,"author_job_title":49,"formattedDate":23315},"1acec126-122b-4d71-a7f7-e9bb35e82070","2025-07-09 00:00",[23073,23074,23075],{"slug":564,"name":565},{"slug":561,"name":562},{"slug":13546,"name":13547},[23077],{"slug":1466,"name":1467,"content":23078},{"job_title":1469,"image":23079,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":23081},[23082,23090,23095,23100,23105,23110,23115,23120,23125,23133,23138,23143,23148,23153,23158,23166,23171,23179,23184,23189,23194,23199,23204,23212,23217,23222,23227,23232,23237,23242,23250,23255,23260,23265,23272,23288],{"type":580,"attrs":23083,"content":23084},{"textAlign":49},[23085,23087,23088],{"text":23086,"type":585},"On Tuesday 8",{"text":5219,"type":585},{"text":23089,"type":585}," July, President Donald Trump announced the US intends to place a 50% tariff on copper imports into the country. Despite this proclamation, there has yet to be an official written announcement or many additional details.",{"type":580,"attrs":23091,"content":23092},{"textAlign":49},[23093],{"text":23094,"type":585},"Sources that spoke to Benchmark in the wake of the announcement noted surprise at the size of the tariff, which many had expected to be closer to 25%.",{"type":580,"attrs":23096,"content":23097},{"textAlign":49},[23098],{"text":23099,"type":585},"The 50% tariff is set to come into force by late July or early August, a statement from US secretary of commerce Howard Lutnick stated. There remain, however, important details that require further clarification. Such as whether cathodes, semi-products, scrap, and other parts of the copper market will be included under the umbrella definition of “copper.”",{"type":580,"attrs":23101,"content":23102},{"textAlign":49},[23103],{"text":23104,"type":585},"This uncertainty was highlighted by Maximo Pacheco, the chairman of Chile’s CODELCO, who told Reuters there was a lack of clarity on what products and nations would be affected by the tariff. Under previous commodity tariffs some nations have been granted exemptions. For example, the UK has a part exemption from steel tariffs.",{"type":580,"attrs":23106,"content":23107},{"textAlign":49},[23108],{"text":23109,"type":585},"“As usual [with Trump], there are still some big unknowns,” said one European copper smelter.",{"type":647,"attrs":23111,"content":23112},{"level":13022,"textAlign":49},[23113],{"text":23114,"type":585},"Exchange prices move sharply",{"type":580,"attrs":23116,"content":23117},{"textAlign":49},[23118],{"text":23119,"type":585},"Despite the uncertainty, the market has responded quickly to President Trump’s remarks. The CME/LME arbitrage widened on Wednesday morning – standing at $2,820, up 143% since Monday.",{"type":580,"attrs":23121,"content":23122},{"textAlign":49},[23123],{"text":23124,"type":585},"This arbitrage doesn’t, however, reflect a 50% delta to the LME price – showing the market is still pricing in some uncertainty. Rather, the current arbitrage represents around 30% of the LME price, showing there is some expectation the tariff may not be 50% or may have some exemptions.",{"type":636,"attrs":23126},{"id":23127,"body":23128},"c4eb3143-e09c-4f97-8140-36cf6b96085f",[23129],{"id":23130,"_uid":23131,"type":643,"_editable":23132,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24160458","i-9046b521-2e3e-4062-bb6c-c53c96efff20","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-9046b521-2e3e-4062-bb6c-c53c96efff20\", \"id\": \"\"}-->",{"type":580,"attrs":23134,"content":23135},{"textAlign":49},[23136],{"text":23137,"type":585},"“The market is still saying that the tariff won’t be 50%,” said one miner noting that uncertainty continued despite Trumps statement.",{"type":580,"attrs":23139,"content":23140},{"textAlign":49},[23141],{"text":23142,"type":585},"The COMEX copper price is a duty inclusive price, unlike the LME which a duty-free price. This means that any tariff should be directly reflected in the COMEX price, explaining the 13% uptick in the COMEX price on Tuesday to an all-time high.",{"type":647,"attrs":23144,"content":23145},{"level":13022,"textAlign":49},[23146],{"text":23147,"type":585},"US copper imports to slow?",{"type":580,"attrs":23149,"content":23150},{"textAlign":49},[23151],{"text":23152,"type":585},"One of the main affects of the uncertainty surrounding tariffs – prior to yesterday’s announcement – was huge flows of copper into the US; in an effort to front-load supply and take advantage of the broad LME-CME arbitrage.",{"type":580,"attrs":23154,"content":23155},{"textAlign":49},[23156],{"text":23157,"type":585},"These deliveries are now likely to slow, with various sources telling Benchmark they don’t believe material will be able to be shipped to the US in time to avoid tariffs on arrival. Shipments from Chile can take upwards of 20 days and could well arrive after the tariff is implemented. EU sources also noted that shipments from Europe would not likely arrive in time to meet the deadline.",{"type":636,"attrs":23159},{"id":23160,"body":23161},"a5260a2e-cc72-4013-8711-f2298a46b526",[23162],{"id":23163,"_uid":23164,"type":643,"_editable":23165,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24161002","i-0e0e364a-c3a2-4682-acde-b3b37ceab490","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-0e0e364a-c3a2-4682-acde-b3b37ceab490\", \"id\": \"\"}-->",{"type":580,"attrs":23167,"content":23168},{"textAlign":49},[23169],{"text":23170,"type":585},"Meanwhile, some sources noted that Mexican and Canadian copper may still be able to make it to the US in time. Others noted that some participants may take a risk on shipments already being loaded, but that it’s likely US imports of copper would begin to slow.",{"type":636,"attrs":23172},{"id":23173,"body":23174},"ac1dea58-155c-4a62-80c0-311a90ae2d54",[23175],{"id":23176,"_uid":23177,"type":643,"_editable":23178,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24160596","i-c722f62d-6b71-4f61-af8e-af3cf9901dea","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-c722f62d-6b71-4f61-af8e-af3cf9901dea\", \"id\": \"\"}-->",{"type":580,"attrs":23180,"content":23181},{"textAlign":49},[23182],{"text":23183,"type":585},"As a result of front-loading, the US has imported an enormous amount of excess copper over the last few months. In the first four months of 2025, the US imported 461 kt of copper, 232kt and 148kt more than the same periods in 2024 and 2023 respectively.",{"type":647,"attrs":23185,"content":23186},{"level":13022,"textAlign":49},[23187],{"text":23188,"type":585},"LME copper falls on tariff news",{"type":580,"attrs":23190,"content":23191},{"textAlign":49},[23192],{"text":23193,"type":585},"This expectation of slowing imports has caused the LME price and forward curve to move significantly. The LME contract was in a cash-to-three month backwardation before the announcement, which has now fallen significantly. ",{"type":580,"attrs":23195,"content":23196},{"textAlign":49},[23197],{"text":23198,"type":585},"The cash-to-three month was flat on Wednesday morning, from an $80 backwardation on Monday. The LME cash price also fell significantly, down to $9,579.5 – a drop of 2.7% since Tuesday.",{"type":580,"attrs":23200,"content":23201},{"textAlign":49},[23202],{"text":23203,"type":585},"Multiple market sources noted the declining backwardation implied some participants did not think it would be possible to book and ship copper to the US before the tariff enters force – removing support for the cash LME price, which had been buoyed by the scramble to front-load units into the US ahead of tariffs.",{"type":636,"attrs":23205},{"id":23206,"body":23207},"28096e5b-f7c1-4926-a7e3-4fba0c3784f0",[23208],{"id":23209,"_uid":23210,"type":643,"_editable":23211,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24161172","i-c3117ccd-a39c-4103-85a7-fd0969ba5012","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-c3117ccd-a39c-4103-85a7-fd0969ba5012\", \"id\": \"\"}-->",{"type":580,"attrs":23213,"content":23214},{"textAlign":49},[23215],{"text":23216,"type":585},"Imports to the US are likely to be impacted significantly, with sources in the rest of the world telling benchmark they expect looser market conditions globally and lower premiums following the announcement.",{"type":580,"attrs":23218,"content":23219},{"textAlign":49},[23220],{"text":23221,"type":585},"“The European market won’t be as tight after summer,” said one European copper smelter.",{"type":580,"attrs":23223,"content":23224},{"textAlign":49},[23225],{"text":23226,"type":585},"“I think starting in September European premiums will start to go down,” said the European trader source.",{"type":647,"attrs":23228,"content":23229},{"level":13022,"textAlign":49},[23230],{"text":23231,"type":585},"Sources skeptical of positive impacts",{"type":580,"attrs":23233,"content":23234},{"textAlign":49},[23235],{"text":23236,"type":585},"A 50% tariff will have significant ramifications for the cost of copper in the US, as there is insufficient domestic production to cover demand. Designed ostensibly to favour domestic supply over foreign sources, the short-term effect of the tariff will be to drive up prices for US consumers of refined copper, who will need to pay a 50% premium to the global market to import material.",{"type":580,"attrs":23238,"content":23239},{"textAlign":49},[23240],{"text":23241,"type":585},"In 2024, the US exported 843 kt of copper contained in scrap and concentrates but imported a net 720 kt of cathodes. This was due to the US having insufficient smelter capacity to process enough copper to support its needs.",{"type":636,"attrs":23243},{"id":23244,"body":23245},"4737d517-bc4f-49bd-b5c9-7b30167d2428",[23246],{"id":23247,"_uid":23248,"type":643,"_editable":23249,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24160810","i-470148da-87b8-4c05-99c9-d48f8678b70a","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-470148da-87b8-4c05-99c9-d48f8678b70a\", \"id\": \"\"}-->",{"type":580,"attrs":23251,"content":23252},{"textAlign":49},[23253],{"text":23254,"type":585},"The US has some idled smelter capacity, namely the ASARCO Hayden smelter, however even if re-opened the US would still need to import refined copper. Were the smelter to be restarted, the ramp up would take a significant period of time due to having been closed for several years.",{"type":580,"attrs":23256,"content":23257},{"textAlign":49},[23258],{"text":23259,"type":585},"Sources told Benchmark that companies are unlikely to make multi-year investment decisions based on what could be a transitory tariff.",{"type":580,"attrs":23261,"content":23262},{"textAlign":49},[23263],{"text":23264,"type":585},"“You can’t set a ten-year investment plan on the basis of tariffs,” said the European trader source. This view reflects statements made in the industry before yesterdays news, including by noted BHP CEO Mike Henry.",{"type":580,"attrs":23266,"content":23267},{"textAlign":49},[23268],{"text":23269,"type":585,"marks":23270},"Benchmark’s Copper Service provides exclusive access to unparalleled intelligence with our comprehensive Copper Forecast out to 2050, plus a weekly Copper Briefing bringing clarity to rapidly changing market dynamics.",[23271],{"type":1992},{"type":580,"attrs":23273,"content":23274},{"textAlign":49},[23275,23279,23285],{"text":23276,"type":585,"marks":23277},"Submit your details below to learn more, and sign up for Benchmark’s free Copper Newsletter ",[23278],{"type":1992},{"text":20730,"type":585,"marks":23280},[23281,23284],{"type":590,"attrs":23282},{"href":23283,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/newsletters",{"type":1992},{"text":1538,"type":585,"marks":23286},[23287],{"type":1992},{"type":636,"attrs":23289},{"id":23290,"body":23291},"22cdedae-daca-48ad-8e3a-5671feb0fadb",[23292],{"id":1997,"_uid":23293,"_editable":23294,"component":1999,"wrap_in_box":50,"hubspot_form":1997,"redirect_url":23295,"success_file":23296,"default_height":645,"success_message":645,"success_sub_text":645,"hidden_field_values":23298},"i-7b51ee8f-e881-406d-aeb2-47cfa2574db1","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-7b51ee8f-e881-406d-aeb2-47cfa2574db1\", \"id\": \"\"}-->",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":23297},{},[],"On Tuesday 8th July, President Donald Trump announced the US intends to place a 50% tariff on copper imports into the country. Despite this proclamation, there has yet to be an official written announcement or many additional details. Sources that spoke to Benchmark in the wake of the announcement noted surprise at the size of […]",[23301],{"slug":1466,"name":1467,"content":23302},{"job_title":1469,"image":23303,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1acec126-122b-4d71-a7f7-e9bb35e82070\", \"id\": \"\"}-->",[23306,23307,23308],{"slug":1140,"name":1136},{"slug":1142,"name":1143},{"slug":695,"name":696},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":23310,"copyright":645,"fieldtype":701,"meta_data":23311,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1752070586/www-production/Copper-has-flowed-into-US-warehouses-ahead-of-the-tariff-announcement@2x_134530567cbb/Copper-has-flowed-into-US-warehouses-ahead-of-the-tariff-announcement@2x_134530567cbb.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":23313,"copyright":645,"fieldtype":701,"meta_data":23314,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6f93deea6d/bm-trade-picture1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Jul 09, 2025",{"id":23317,"uuid":23318,"name":23319,"slug":23320,"full_slug":23321,"content":23322},112467495348710,"54edd9fc-32f9-4d0d-a708-620c1819df11","Pet coke prices rise in June as production wanes","pet-coke-prices-rise-in-june-as-production-wanes","article/pet-coke-prices-rise-in-june-as-production-wanes",{"_uid":23323,"date":23324,"tags":23325,"editor":23331,"content":23335,"excerpt":23449,"featured":51,"reporter":23450,"_editable":23454,"component":689,"seo_title":23319,"categories":23455,"visibility":697,"author_company":49,"data_vis_image":23459,"featured_image":23462,"seo_description":23449,"author_full_name":49,"author_job_title":49,"formattedDate":23465},"380efb44-70f3-4924-8a0a-d2311acdf1f3","2025-07-07 00:00",[23326,23327,23330],{"slug":564,"name":565},{"slug":23328,"name":23329},"graphite-prices","Graphite prices",{"slug":2633,"name":12958},[23332],{"slug":1466,"name":1467,"content":23333},{"job_title":1469,"image":23334,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":23336},[23337,23365,23378,23386,23391,23396,23404,23409,23414,23419,23424,23437],{"type":580,"attrs":23338,"content":23339},{"textAlign":49},[23340,23342,23348,23350,23356,23358,23364],{"text":23341,"type":585},"Improved demand from battery synthetic graphite anode producers and low inventories at the supply level saw ",{"text":23343,"type":585,"marks":23344},"prices",[23345],{"type":590,"attrs":23346},{"href":23347,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/publications/briefings/raw-material-prices/raw-material-prices-03-07-2025",{"text":23349,"type":585}," of ",{"text":23351,"type":585,"marks":23352},"petroleum-based coke",[23353],{"type":590,"attrs":23354},{"href":23355,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/non-needle-pet-coke-prices-rally-amid-chinese-new-year-restocking",{"text":23357,"type":585}," (pet coke) rise 3% this month following a 16% price drop last month, as ",{"text":23359,"type":585,"marks":23360},"assessed by Benchmark",[23361],{"type":590,"attrs":23362},{"href":23363,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/synthetic-graphite/data-reports/price-assessments",{"text":1538,"type":585},{"type":580,"attrs":23366,"content":23367},{"textAlign":49},[23368,23370,23376],{"text":23369,"type":585},"A growing preference from anode producers to purchase pet coke over ",{"text":23371,"type":585,"marks":23372},"the more expensive needle pet coke",[23373],{"type":590,"attrs":23374},{"href":23375,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/pet-coke-prices-rise-as-anode-players-seek-cheaper-feedstock",{"text":23377,"type":585}," also contributed to the price increase.",{"type":636,"attrs":23379},{"id":23380,"body":23381},"eb77f0ef-4f51-45ef-ac88-e42e65ad43ff",[23382],{"id":23383,"_uid":23384,"type":643,"_editable":23385,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24089164","i-b0b25bbd-19a7-45cd-8c31-376d6c9f6537","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-b0b25bbd-19a7-45cd-8c31-376d6c9f6537\", \"id\": \"\"}-->",{"type":647,"attrs":23387,"content":23388},{"level":13022,"textAlign":49},[23389],{"text":23390,"type":585},"What are the supply and demand trends for pet coke?",{"type":580,"attrs":23392,"content":23393},{"textAlign":49},[23394],{"text":23395,"type":585},"Although imports of pet coke into China have increased year-on-year, the total availability of materials has decreased due to a reduction in pet coke production.",{"type":636,"attrs":23397},{"id":23398,"body":23399},"f8ba989d-d87d-4fdb-9818-cb4ae11286e3",[23400],{"id":23401,"_uid":23402,"type":643,"_editable":23403,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"24120021","i-790e9856-2882-4f1d-ad31-3ec84a1dad20","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-790e9856-2882-4f1d-ad31-3ec84a1dad20\", \"id\": \"\"}-->",{"type":580,"attrs":23405,"content":23406},{"textAlign":49},[23407],{"text":23408,"type":585},"Benchmark analysis shows that Chinese pet coke production has decreased for two reasons:",{"type":580,"attrs":23410,"content":23411},{"textAlign":49},[23412],{"text":23413,"type":585},"Benchmark anticipates that production will continue to decrease further in the second half of 2025.",{"type":580,"attrs":23415,"content":23416},{"textAlign":49},[23417],{"text":23418,"type":585},"On the demand side, the market activity has been moderate, with stable demand from the steel and graphite electrode markets. However, market sentiment shows strong demand from anode producers to secure cheaper materials, therefore, demand for pet coke in 2025 is expected to be positive.",{"type":647,"attrs":23420,"content":23421},{"level":13022,"textAlign":49},[23422],{"text":23423,"type":585},"What are the trends for needle pet coke?",{"type":580,"attrs":23425,"content":23426},{"textAlign":49},[23427,23429,23435],{"text":23428,"type":585},"Prices for ",{"text":23430,"type":585,"marks":23431},"needle coke",[23432],{"type":590,"attrs":23433},{"href":23434,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/ex-china-needle-coke-shortage-could-hold-back-anode-buildout",{"text":23436,"type":585}," stayed unchanged under bearish demand from anode producers and steady demand from the steel and electrode markets expected throughout the second half of 2025.",{"type":580,"attrs":23438,"content":23439},{"textAlign":49},[23440,23442,23448],{"text":23441,"type":585},"On the supply side, needle coke producers fulfilled their orders without procuring extra materials, as large inventories were available. Nonetheless, needle coke producers were not willing to lower prices as they produce materials at or near a loss.From January to April 2025, needle coke output increased by up to 70% y-o-y, and is forecast to increase further throughout 2025. Coupled with growing inventories at supply levels, the total supply is expected to stay in overcapacity, according to the ",{"text":23443,"type":585,"marks":23444},"Benchmark Synthetic Graphite Forecast",[23445],{"type":590,"attrs":23446},{"href":23447,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/synthetic-graphite/data-reports/forecasts",{"text":1538,"type":585},"Improved demand from battery synthetic graphite anode producers and low inventories at the supply level saw prices of petroleum-based coke (pet coke) rise 3% this month following a 16% price drop last month, as assessed by Benchmark. A growing preference from anode producers to purchase pet coke over the more expensive needle pet coke also […]",[23451],{"slug":1466,"name":1467,"content":23452},{"job_title":1469,"image":23453,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"380efb44-70f3-4924-8a0a-d2311acdf1f3\", \"id\": \"\"}-->",[23456,23457,23458],{"slug":2162,"name":261},{"slug":1142,"name":1143},{"slug":2627,"name":2628},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":23460,"copyright":645,"fieldtype":701,"meta_data":23461,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1751901901/www-production/Pet-coke-production-and-imports@2x-2/Pet-coke-production-and-imports@2x-2.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":23463,"copyright":645,"fieldtype":701,"meta_data":23464,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/928285ffbc/bm-hedging-prices.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Jul 07, 2025",{"id":23467,"uuid":23468,"name":23469,"slug":23470,"full_slug":23471,"content":23472},112467552402705,"ebdad688-c46e-4541-951c-b898eb4d72c6","Chevron enters US lithium space with DLE acquisitions","chevron-enters-us-lithium-space-with-dle-acquisitions","article/chevron-enters-us-lithium-space-with-dle-acquisitions",{"_uid":23473,"date":23474,"tags":23475,"editor":23483,"content":23487,"excerpt":23624,"featured":51,"reporter":23625,"_editable":23629,"component":689,"seo_title":23469,"categories":23630,"visibility":697,"author_company":49,"data_vis_image":23633,"featured_image":23636,"seo_description":23624,"author_full_name":49,"author_job_title":49,"formattedDate":23639},"947c1e65-3aeb-4ee0-bcff-e99863b628f9","2025-06-23 00:00",[23476,23479,23480,23481,23482],{"slug":23477,"name":23478},"chevron","Chevron",{"slug":564,"name":565},{"slug":17784,"name":17785},{"slug":1720,"name":1721},{"slug":561,"name":562},[23484],{"slug":9249,"name":9250,"content":23485},{"job_title":9252,"image":23486,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":23488},[23489,23510,23515,23536,23544,23549,23554,23566,23579,23584,23589,23594,23599,23607],{"type":580,"attrs":23490,"content":23491},{"textAlign":49},[23492,23494,23500,23502,23508],{"text":23493,"type":585},"US-based Chevron has entered the ",{"text":23495,"type":585,"marks":23496},"US lithium space",[23497],{"type":590,"attrs":23498},{"href":23499,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/building-a-secure-lithium-supply-chain-in-north-america",{"text":23501,"type":585}," through the acquisition of two ",{"text":23503,"type":585,"marks":23504},"direct lithium extraction",[23505],{"type":590,"attrs":23506},{"href":23507,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/rise-of-dle-will-open-up-new-sources-of-lithium-supply-this-decade",{"text":23509,"type":585}," (DLE) leasehold positions from TerraVolta Resources and East Texas Natural Resources (ETNR).",{"type":580,"attrs":23511,"content":23512},{"textAlign":49},[23513],{"text":23514,"type":585},"The leaseholds are located across 125,000 acres in the Smackover Formation in Arkansas and eastern Texas.",{"type":580,"attrs":23516,"content":23517},{"textAlign":49},[23518,23520,23526,23528,23534],{"text":23519,"type":585},"This acquisition follows in the footsteps of fellow ",{"text":23521,"type":585,"marks":23522},"US oil giant ExxonMobil",[23523],{"type":590,"attrs":23524},{"href":23525,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/exxon-aiming-for-multiple-lithium-projects-this-decade",{"text":23527,"type":585},", which is developing a 100,000 tonne LCE (lithium carbonate equivalent) DLE project also in the Smackover Formation. Norway’s ",{"text":23529,"type":585,"marks":23530},"Equinor, another oil major",[23531],{"type":590,"attrs":23532},{"href":23533,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/equinor-takes-stake-in-standard-lithium-smackover-direct-lithium-extraction-projects",{"text":23535,"type":585},", is also developing a DLE project in the Smackover Formation in partnership with Standard Lithium.",{"type":636,"attrs":23537},{"id":23538,"body":23539},"d9a3d434-27ca-439c-a33b-e3b3f00fb6c5",[23540],{"id":23541,"_uid":23542,"type":643,"_editable":23543,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"23866606","i-fee17b43-db19-488c-aba0-8a9b0db25e06","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-fee17b43-db19-488c-aba0-8a9b0db25e06\", \"id\": \"\"}-->",{"type":647,"attrs":23545,"content":23546},{"level":13022,"textAlign":49},[23547],{"text":23548,"type":585},"What projects has Chevron acquired?",{"type":580,"attrs":23550,"content":23551},{"textAlign":49},[23552],{"text":23553,"type":585},"The most developed position Chevron has acquired is the $1 billion Project Liberty Owl which was under development by TerraVolta. The project is slated to have a capacity of 25,000 tonnes LCE per year and has a tentative construction start date of 2028/29.",{"type":580,"attrs":23555,"content":23556},{"textAlign":49},[23557,23559,23564],{"text":23558,"type":585},"TerraVolta is partly owned by the Energy & Minerals Group (EMG), which also has a $24 million stake in Cornish Lithium, a ",{"text":23560,"type":585,"marks":23561},"UK-based lithium company",[23562],{"type":590,"attrs":23563},{"href":17818,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":23565,"type":585}," developing a DLE project in Cornwall.",{"type":580,"attrs":23567,"content":23568},{"textAlign":49},[23569,23571,23577],{"text":23570,"type":585},"Liberty Owl received a $225 million award from the US Department of Energy in September 2024. In February 2025 it was selected as a ",{"text":23572,"type":585,"marks":23573},"FAST-41 project",[23574],{"type":590,"attrs":23575},{"href":23576,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/how-is-mine-development-progressing-under-trump-2-0",{"text":23578,"type":585}," giving it access to streamlined permitting which may see it complete regulatory requirements by 2028.",{"type":580,"attrs":23580,"content":23581},{"textAlign":49},[23582],{"text":23583,"type":585},"The ETNR lease is significantly less developed with no associated technology, capacity, or construction start date. The company started buying brine leases in Texas in 2023.",{"type":647,"attrs":23585,"content":23586},{"level":13022,"textAlign":49},[23587],{"text":23588,"type":585},"How do DLE costs compare to other forms of lithium extraction?",{"type":580,"attrs":23590,"content":23591},{"textAlign":49},[23592],{"text":23593,"type":585},"Although DLE projects promise very low operating costs, Benchmark analysis shows they are the most expensive in terms of capital expenditure. Financing costs can make it difficult for juniors to develop projects to maturity.",{"type":580,"attrs":23595,"content":23596},{"textAlign":49},[23597],{"text":23598,"type":585},"Oil and gas majors, on the other hand, have relevant expertise in drilling and fluid management as well as cheaper access to capital, making them better positioned to finance such projects.",{"type":636,"attrs":23600},{"id":23601,"body":23602},"120450cb-2bfc-4b00-98ab-3b7fe8fc1c43",[23603],{"id":23604,"_uid":23605,"type":643,"_editable":23606,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"23865350","i-bedd0a8b-66ca-4cde-b752-25e317476c7f","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-bedd0a8b-66ca-4cde-b752-25e317476c7f\", \"id\": \"\"}-->",{"type":580,"attrs":23608,"content":23609},{"textAlign":49},[23610,23614,23620],{"text":23611,"type":585,"marks":23612},"Learn more about the role DLE has to play in the lithium industry in this ",[23613],{"type":1992},{"text":23615,"type":585,"marks":23616},"Special Issue",[23617,23618],{"type":1992},{"type":590,"attrs":23619},{"href":17829,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":23621,"type":585,"marks":23622}," by Benchmark.",[23623],{"type":1992},"US-based Chevron has entered the US lithium space through the acquisition of two direct lithium extraction (DLE) leasehold positions from TerraVolta Resources and East Texas Natural Resources (ETNR). The leaseholds are located across 125,000 acres in the Smackover Formation in Arkansas and eastern Texas. This acquisition follows in the footsteps of fellow US oil giant […]",[23626],{"slug":9249,"name":9250,"content":23627},{"job_title":9252,"image":23628,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"947c1e65-3aeb-4ee0-bcff-e99863b628f9\", \"id\": \"\"}-->",[23631,23632],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":23634,"copyright":645,"fieldtype":701,"meta_data":23635,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1750673871/www-production/Redacted-Lithium-capex@2x/Redacted-Lithium-capex@2x.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":23637,"copyright":645,"fieldtype":701,"meta_data":23638,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/3e72fdb1f8/bm-chevron-texas-hq-1344368b37c7.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Jun 23, 2025",{"id":23641,"uuid":10705,"name":23642,"slug":23643,"full_slug":23644,"content":23645},112467600137499,"Zimbabwe to ban lithium concentrate exports from 2027","zimbabwe-to-ban-lithium-concentrate-exports-from-2027","article/zimbabwe-to-ban-lithium-concentrate-exports-from-2027",{"_uid":23646,"date":23647,"tags":23648,"editor":23651,"content":23655,"excerpt":23734,"featured":51,"reporter":23735,"_editable":23739,"component":689,"seo_title":23642,"categories":23740,"visibility":697,"author_company":49,"data_vis_image":23743,"featured_image":23746,"seo_description":23734,"author_full_name":49,"author_job_title":49,"formattedDate":23749},"b4fe085b-3d0c-46b1-acbe-7cb75205d49d","2025-06-12 00:00",[23649,23650],{"slug":564,"name":565},{"slug":3520,"name":3521},[23652],{"slug":1466,"name":1467,"content":23653},{"job_title":1469,"image":23654,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":23656},[23657,23667,23679,23687,23695,23707,23712,23717,23729],{"type":580,"attrs":23658,"content":23659},{"textAlign":49},[23660,23665],{"text":23661,"type":585,"marks":23662},"Zimbabwe’s government",[23663],{"type":590,"attrs":23664},{"href":18946,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":23666,"type":585}," will ban lithium concentrate exports from 2027, as it pushes for greater domestic downstream development. ",{"type":580,"attrs":23668,"content":23669},{"textAlign":49},[23670,23672,23677],{"text":23671,"type":585},"There are five operating lithium mines in Zimbabwe, all operated by ",{"text":23673,"type":585,"marks":23674},"Chinese companies",[23675],{"type":590,"attrs":23676},{"href":18934,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":23678,"type":585},":  Chengxin Lithium, Sinomine Resource, Huayou Cobalt, Yahua Group and Tsingshan Group. Combined these assets have a total designed capacity of 290 ktpa LCE (lithium carbonate equivalent).",{"type":636,"attrs":23680},{"id":23681,"body":23682},"ef8b9fb0-b73c-4128-8ffb-f17e19054d81",[23683],{"id":23684,"_uid":23685,"type":643,"_editable":23686,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"23729239","i-4d61c40e-d9ca-462b-b49a-82aaaae2d5f0","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-4d61c40e-d9ca-462b-b49a-82aaaae2d5f0\", \"id\": \"\"}-->",{"type":636,"attrs":23688},{"id":23689,"body":23690},"d0b96fb1-2b8b-47c6-a02e-747c48924838",[23691],{"id":23692,"_uid":23693,"type":643,"_editable":23694,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"23729923","i-2302fc53-218c-42d9-9179-2f9218605408","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-2302fc53-218c-42d9-9179-2f9218605408\", \"id\": \"\"}-->",{"type":580,"attrs":23696,"content":23697},{"textAlign":49},[23698,23700,23705],{"text":23699,"type":585},"The move to ban lithium concentrates builds on Zimbabwe’s ",{"text":23701,"type":585,"marks":23702},"lithium ore export ban implemented in December 2022",[23703],{"type":590,"attrs":23704},{"href":18973,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":23706,"type":585},". Similar policies enacted in 2014 and 2020 in Indonesia banning nickel ore exports have resulted in greater domestic added-value and attracted investment.",{"type":647,"attrs":23708,"content":23709},{"level":13022,"textAlign":49},[23710],{"text":23711,"type":585},"What are Zimbabwe’s lithium processing plans?",{"type":580,"attrs":23713,"content":23714},{"textAlign":49},[23715],{"text":23716,"type":585},"Sinomine and Huayou are confirmed to be building lithium sulphate processing plants, while there are others still in the planning stage. Sinomine is targeting 30ktpa lithium sulphate capacity whilst Huayou has 50 ktpa capacity planned. ",{"type":580,"attrs":23718,"content":23719},{"textAlign":49},[23720,23722,23727],{"text":23721,"type":585},"Petalite concentrate grades are usually between 3.5% and 4.5%, which is lower than that of spodumene. The petalite operations of Sinomine and Huayou have been put in Care and Maintenance on the back of ",{"text":23723,"type":585,"marks":23724},"declining lithium prices",[23725],{"type":590,"attrs":23726},{"href":13765,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":23728,"type":585},". Therefore, building lithium sulphate processing plants could be a win-win game for both Chinese companies and the Zimbabwe government.",{"type":580,"attrs":23730,"content":23731},{"textAlign":49},[23732],{"text":23733,"type":585},"Given the long distances and high transportation fees in Zimbabwe, processing concentrate into lithium sulphate will largely reduce the overall cost of lithium chemicals and help to improve the profitability of lithium producers.","Zimbabwe’s government will ban lithium concentrate exports from 2027, as it pushes for greater domestic downstream development. There are five operating lithium mines in Zimbabwe, all operated by Chinese companies: Chengxin Lithium, Sinomine Resource, Huayou Cobalt, Yahua Group and Tsingshan Group. Combined these assets have a total designed capacity of 290 ktpa LCE (lithium carbonate […]",[23736],{"slug":1466,"name":1467,"content":23737},{"job_title":1469,"image":23738,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b4fe085b-3d0c-46b1-acbe-7cb75205d49d\", \"id\": \"\"}-->",[23741,23742],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":23744,"copyright":645,"fieldtype":701,"meta_data":23745,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1749740853/www-production/Social-friendly-Zimbabwes-lithium-concentrate-output-by-ore-type@2x/Social-friendly-Zimbabwes-lithium-concentrate-output-by-ore-type@2x.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":23747,"copyright":645,"fieldtype":701,"meta_data":23748,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/554e369eb1/bm-arcadia-mine-zimbabwe.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Jun 12, 2025",{"id":23751,"uuid":3439,"name":23752,"slug":23753,"full_slug":23754,"content":23755},112467653582221,"How will data centres impact battery demand?","how-will-data-centres-impact-battery-demand","article/how-will-data-centres-impact-battery-demand",{"_uid":23756,"date":23757,"tags":23758,"editor":23760,"content":23764,"excerpt":23810,"featured":50,"reporter":23811,"_editable":23815,"component":689,"seo_title":23752,"categories":23816,"visibility":2019,"author_company":49,"data_vis_image":23819,"featured_image":23821,"seo_description":23810,"author_full_name":49,"author_job_title":49,"formattedDate":23824},"9d45b8d6-5ab0-41e9-9e1f-b118cf1b5a1c","2025-05-28 00:00",[23759],{"slug":564,"name":565},[23761],{"slug":1466,"name":1467,"content":23762},{"job_title":1469,"image":23763,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":23765},[23766,23771,23778,23783,23795,23800,23805],{"type":580,"attrs":23767,"content":23768},{"textAlign":49},[23769],{"text":23770,"type":585},"The past few years have seen a rapid growth in the rollout and usage of artificial intelligence (AI), particularly in the areas of large language models and generative AI. As this power-hungry industry grows, data centre specific electricity demand will increase, consequently Battery energy storage systems (BESS) will play a role in providing and guaranteeing this power demand.",{"type":580,"attrs":23772,"content":23773},{"textAlign":49},[23774],{"type":1847,"attrs":23775},{"id":49,"alt":645,"src":23776,"title":49,"source":49,"copyright":49,"meta_data":23777},"https://a.storyblok.com/f/287943243085208/4b1bb984df/bm-bess-q2-infographic.jpg",{},{"type":647,"attrs":23779,"content":23780},{"level":13022,"textAlign":49},[23781],{"text":23782,"type":585},"How will increasing power demand affect battery deployments?",{"type":580,"attrs":23784,"content":23785},{"textAlign":49},[23786,23788,23793],{"text":23787,"type":585},"According to ",{"text":23789,"type":585,"marks":23790},"Rho Motion’s Q2 2025 Battery Energy Stationary Storage Forecas",[23791],{"type":590,"attrs":23792},{"href":21178,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":23794,"type":585},"t global data centre electricity demand is expected to increase over 180% through to 2030, with a large proportion of this will come from the US. While many data centres will secure power through solar and wind deployments, primarily through PPAs. The use of renewables to help power data centres will lend itself to BESS deployments. Consequently, we expect there to be increased BESS demand specifically for data centres.",{"type":647,"attrs":23796,"content":23797},{"level":13022,"textAlign":49},[23798],{"text":23799,"type":585},"Where will the most demand be?",{"type":580,"attrs":23801,"content":23802},{"textAlign":49},[23803],{"text":23804,"type":585},"The US is expected to account for over half of the additional BESS demand, largely as a result of its dominance in the data centre space. China will be the next biggest region, while countries such as the UK and Germany will also see growth as they build out data centre capacity.",{"type":580,"attrs":23806,"content":23807},{"textAlign":49},[23808],{"text":23809,"type":585},"Most of these additional deployments will be grid scale BESS, but uninterrupted power supply (UPS) and behind the meter (BTM) BESS will also play an important role in providing back up power.","The past few years have seen a rapid growth in the rollout and usage of artificial intelligence (AI), particularly in the areas of large language models and generative AI. As this power-hungry industry grows, data centre specific electricity demand will increase, consequently Battery energy storage systems (BESS) will play a role in providing and guaranteeing […]",[23812],{"slug":1466,"name":1467,"content":23813},{"job_title":1469,"image":23814,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9d45b8d6-5ab0-41e9-9e1f-b118cf1b5a1c\", \"id\": \"\"}-->",[23817,23818],{"slug":956,"name":957},{"slug":950,"name":951},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":23776,"copyright":645,"fieldtype":701,"meta_data":23820,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":23822,"copyright":645,"fieldtype":701,"meta_data":23823,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/0c4d6e3626/bm-adobestock-700453557-scaled.jpeg",{"alt":645,"title":645,"source":645,"copyright":645},"May 28, 2025",{"id":23826,"uuid":23827,"name":23828,"slug":23829,"full_slug":23830,"content":23831},112467648441739,"3e2a0e8c-7cfe-4083-9800-663570d8a7f3","Infographic: Regional trends in cathode production capacity","infographic-regional-trends-in-cathode-production-capacity","article/infographic-regional-trends-in-cathode-production-capacity",{"_uid":23832,"date":23757,"tags":23833,"editor":23843,"content":23847,"excerpt":23961,"featured":50,"reporter":23962,"_editable":23966,"component":689,"seo_title":23828,"categories":23967,"visibility":2019,"author_company":49,"data_vis_image":23970,"featured_image":23972,"seo_description":23961,"author_full_name":49,"author_job_title":49,"formattedDate":23824},"aff7b70e-abfe-4425-bdbd-ad3420f7a601",[23834,23835,23836,23837,23838,23839,23840,23841,23842],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":11355,"name":11356},{"slug":4789,"name":451},{"slug":4786,"name":4787},{"slug":1720,"name":1721},{"slug":7778,"name":7779},{"slug":2480,"name":2481},[23844],{"slug":9249,"name":9250,"content":23845},{"job_title":9252,"image":23846,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":23848},[23849,23859,23872,23884,23897,23912,23930,23937,23942,23950],{"type":580,"attrs":23850,"content":23851},{"textAlign":49},[23852,23854,23858],{"text":23853,"type":585},"Global cathode active material (CAM) production capacity is set to grow 178% between 2024 and 2030, as ",{"text":23359,"type":585,"marks":23855},[23856],{"type":590,"attrs":23857},{"href":13965,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":23860,"content":23861},{"textAlign":49},[23862,23864,23870],{"text":23863,"type":585},"The bulk of this ",{"text":23865,"type":585,"marks":23866},"capacity is in China",[23867],{"type":590,"attrs":23868},{"href":23869,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/four-provinces-produce-over-half-of-chinas-cathode-output",{"text":23871,"type":585},", with the country accounting for 87% of capacity in 2024, falling slightly to 84% by 2030.",{"type":580,"attrs":23873,"content":23874},{"textAlign":49},[23875,23877,23882],{"text":23876,"type":585},"In China, the predominant cathode chemistry is ",{"text":23878,"type":585,"marks":23879},"lithium iron phosphate",[23880],{"type":590,"attrs":23881},{"href":16814,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":23883,"type":585}," (LFP) driven in part by the country’s appetite for cheaper electric vehicles. LFP is set to account for three-quarters of China’s CAM capacity by 2030.",{"type":580,"attrs":23885,"content":23886},{"textAlign":49},[23887,23889,23895],{"text":23888,"type":585},"Outside of China, the largest proportion of CAM production capacity is for ",{"text":23890,"type":585,"marks":23891},"nickel cobalt manganese",[23892],{"type":590,"attrs":23893},{"href":23894,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/impact-of-drcs-cobalt-export-ban-seen-in-cathode-prices",{"text":23896,"type":585}," (NCM) chemistries, at 60% in 2030. NCM chemistries are more suited to longer-range EVs than LFP, albeit at a higher cost.",{"type":580,"attrs":23898,"content":23899},{"textAlign":49},[23900,23905,23906,23910],{"text":1721,"type":585,"marks":23901},[23902],{"type":590,"attrs":23903},{"href":23904,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/opinion-us-midstream-needs-to-accelerate-in-an-america-first-world",{"text":6709,"type":585},{"text":1292,"type":585,"marks":23907},[23908],{"type":590,"attrs":23909},{"href":19817,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":23911,"type":585}," currently have low levels of CAM production capacity, but are set to see compound annual growth rates of 101% and 57%, respectively, between 2024 and 2030.",{"type":580,"attrs":23913,"content":23914},{"textAlign":49},[23915,23920,23922,23928],{"text":7779,"type":585,"marks":23916},[23917],{"type":590,"attrs":23918},{"href":23919,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/ecopro-bm-latest-cathode-producer-to-mull-capacity-cut",{"text":23921,"type":585}," has the largest CAM production capacity outside of China and is set to maintain this position with a 6% compound annual growth rate over the same period. South Korean and Japanese companies are focusing their ",{"text":23923,"type":585,"marks":23924},"capacity expansions overseas",[23925],{"type":590,"attrs":23926},{"href":23927,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/ford-scales-back-ev-plans-with-exit-from-canadian-cathode-project",{"text":23929,"type":585}," in North America and Europe, more so than domestically.",{"type":580,"attrs":23931,"content":23932},{"textAlign":49},[23933],{"type":1847,"attrs":23934},{"id":49,"alt":645,"src":23935,"title":49,"source":49,"copyright":49,"meta_data":23936},"https://a.storyblok.com/f/287943243085208/60e70f3b1e/bm-battery-chemistry-preferences-by-market-20250505.jpg",{},{"type":580,"attrs":23938,"content":23939},{"textAlign":49},[23940],{"text":23941,"type":585},"Chart showing cathode active material (CAM) production capacity by region and cathode chemistry (green = LFP, blue = NCM, white = other)",{"type":580,"attrs":23943,"content":23944},{"textAlign":49},[23945,23949],{"text":23946,"type":585,"marks":23947},"The data in this article and infographic comes from Benchmark’s Cathode Price Assessment. To find out more, fill in this form below and one of the team will be in touch",[23948],{"type":1992},{"text":17247,"type":585},{"type":636,"attrs":23951},{"id":23952,"body":23953},"4cd09cf0-a123-4ef8-96e8-ab0cf37f3bd1",[23954],{"id":1997,"_uid":23955,"_editable":23956,"component":1999,"wrap_in_box":50,"hubspot_form":1997,"redirect_url":23957,"success_file":23958,"default_height":645,"success_message":645,"success_sub_text":645,"hidden_field_values":23960},"i-4e9d5b55-fd7d-4f42-a8ba-d4bde7a48f65","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-4e9d5b55-fd7d-4f42-a8ba-d4bde7a48f65\", \"id\": \"\"}-->",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":23959},{},[],"Global cathode active material (CAM) production capacity is set to grow 178% between 2024 and 2030, as assessed by Benchmark. The bulk of this capacity is in China, with the country accounting for 87% of capacity in 2024, falling slightly to 84% by 2030. In China, the predominant cathode chemistry is lithium iron phosphate (LFP) […]",[23963],{"slug":9249,"name":9250,"content":23964},{"job_title":9252,"image":23965,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"aff7b70e-abfe-4425-bdbd-ad3420f7a601\", \"id\": \"\"}-->",[23968,23969],{"slug":956,"name":957},{"slug":2623,"name":298},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":23935,"copyright":645,"fieldtype":701,"meta_data":23971,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":23973,"copyright":645,"fieldtype":701,"meta_data":23974,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/42d94a4aff/bm-cathode-picture.jpg",{"alt":645,"title":645,"source":645,"copyright":645},{"id":23976,"uuid":5035,"name":23977,"slug":23978,"full_slug":23979,"content":23980},112467658714510,"Direct spodumene hedging becomes essential amid lithium market decoupling","direct-spodumene-hedging-becomes-essential-amid-lithium-market-decoupling","article/direct-spodumene-hedging-becomes-essential-amid-lithium-market-decoupling",{"_uid":23981,"date":23982,"tags":23983,"editor":23988,"content":23992,"excerpt":24113,"featured":51,"reporter":24114,"_editable":24118,"component":689,"seo_title":23977,"categories":24119,"visibility":2019,"author_company":49,"data_vis_image":24122,"featured_image":24126,"seo_description":24113,"author_full_name":49,"author_job_title":49,"formattedDate":24128},"0e0350c5-f618-451c-a024-29b19d6fdf08","2025-05-23 00:00",[23984,23985,23986,23987],{"slug":4990,"name":4991},{"slug":16139,"name":16140},{"slug":564,"name":565},{"slug":1458,"name":1459},[23989],{"slug":1466,"name":1467,"content":23990},{"job_title":1469,"image":23991,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":23993},[23994,24007,24019,24024,24032,24051,24056,24061,24066,24071,24082,24087,24095,24102],{"type":580,"attrs":23995,"content":23996},{"textAlign":49},[23997,23999,24005],{"text":23998,"type":585},"Historically, spodumene closely tracked lithium chemical prices, allowing some market participants to hedge exposure via lithium futures. However, after years of tight linkage between spodumene and lithium chemical prices, the ",{"text":24000,"type":585,"marks":24001},"global lithium market is undergoing a structural shift",[24002],{"type":590,"attrs":24003},{"href":24004,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/low-prices-spark-mergers-and-closures-lithium-2024-in-review",{"text":24006,"type":585},", reshaping how producers, converters, and investors manage risk.",{"type":580,"attrs":24008,"content":24009},{"textAlign":49},[24010,24012,24017],{"text":24011,"type":585},"Benchmark Mineral Intelligence’s spodumene FOB Australia grade was assessed at $655 per tonne on 21 May 2025, reflecting an almost 23% decrease since the start of the year. Whilst Australian producers had established some degree of price discipline earlier in the year, stymying the downward price trend, competition from cheaper and often lower grade ",{"text":24013,"type":585,"marks":24014},"feedstocks from Africa",[24015],{"type":590,"attrs":24016},{"href":18946,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":24018,"type":585}," have made such price protection strategies tougher to maintain. In recent weeks, spot activity on an FOB Australia basis has seen a renewed surge in liquidity with multiple spot trades concluding in recent days at below $700 per tonne. ",{"type":580,"attrs":24020,"content":24021},{"textAlign":49},[24022],{"text":24023,"type":585},"Whilst the spodumene supply landscape is indeed diversifying with increased product availability out of Africa, Australia will continue to provide the lion’s share of spot liquidity to the market.",{"type":636,"attrs":24025},{"id":24026,"body":24027},"395ac5a6-2319-4e68-a320-3f2d9a045332",[24028],{"id":24029,"_uid":24030,"type":643,"_editable":24031,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"23352056","i-1782f362-4cc0-4c64-8eca-fbe0c9ddf922","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-1782f362-4cc0-4c64-8eca-fbe0c9ddf922\", \"id\": \"\"}-->",{"type":580,"attrs":24033,"content":24034},{"textAlign":49},[24035,24041,24043,24049],{"text":24036,"type":585,"marks":24037},"Benchmark Mineral Intelligence (BMI) with the Intercontinental Exchange",[24038],{"type":590,"attrs":24039},{"href":24040,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/announcements/ice-signs-major-agreement-with-benchmark-mineral-intelligence-bmi-to-bring-lithium-to-worlds-biggest-energy-exchange",{"text":24042,"type":585}," (ICE) will be ",{"text":24044,"type":585,"marks":24045},"launching its spodumene concentrate futures contract",[24046],{"type":590,"attrs":24047},{"href":24048,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/bmi-ice-the-next-stage-in-lithium-price-transparency",{"text":24050,"type":585}," on an FOB Australia basis, aligning with the prevailing contract structures of the physical market. ",{"type":580,"attrs":24052,"content":24053},{"textAlign":49},[24054],{"text":24055,"type":585},"Index linked contracts between miners and refiners, mostly in China, utilise a combination of Benchmark’s flagship FOB Australia spodumene index and CIF Asia or EXW China lithium chemical indexes. ",{"type":580,"attrs":24057,"content":24058},{"textAlign":49},[24059],{"text":24060,"type":585},"“Around 9% of the spodumene mined globally in 2024 – or slightly less than 60,000 tonnes – was traded on a spot basis,” commented Daniel Fletcher-Manuel, Benchmarks director of indexing and derivatives. ",{"type":580,"attrs":24062,"content":24063},{"textAlign":49},[24064],{"text":24065,"type":585},"“With more than 500,000 tonnes of spodumene trading on long term contracts, and with prices today being so weak, we expect to see substantial hedging interest from spodumene miners in the months and years ahead. They’re unlikely to want to address the issue of price risk by adopting unnecessary basis risk by hedging to terms and grades which are not reflected in their physical contracts,” he added.",{"type":580,"attrs":24067,"content":24068},{"textAlign":49},[24069],{"text":24070,"type":585},"Meanwhile, lithium carbonate spot prices on a CIF Asia basis have decreased on a year-to-date basis by 21% and lithium hydroxide by just 13%. ",{"type":580,"attrs":24072,"content":24073},{"textAlign":49},[24074,24075,24080],{"text":1005,"type":585},{"text":24076,"type":585,"marks":24077},"once-stable correlation between spodumene and its downstream chemicals",[24078],{"type":590,"attrs":24079},{"href":13812,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":24081,"type":585}," has become more volatile, introducing significant basis risk for those hedging spodumene with lithium chemical futures. ",{"type":580,"attrs":24083,"content":24084},{"textAlign":49},[24085],{"text":24086,"type":585},"“All of this points to the fact that the BMI-ICE futures contracts, settled against BMI’s FOB Australia spodumene concentrate index is the natural choice for miners, refiners and automakers looking to hedge their physical risk whilst accepting minimal basis risk,”  remarked Fletcher-Manuel.",{"type":636,"attrs":24088},{"id":24089,"body":24090},"ff3989aa-4acc-4d2e-a78e-baa2b196e0d0",[24091],{"id":24092,"_uid":24093,"type":643,"_editable":24094,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"23353336","i-4e6a41af-0f3d-4558-b909-d50d23199588","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-4e6a41af-0f3d-4558-b909-d50d23199588\", \"id\": \"\"}-->",{"type":580,"attrs":24096,"content":24097},{"textAlign":49},[24098],{"text":24099,"type":585,"marks":24100},"If you’d like to learn more about Benchmark’s suite of lithium services, fill out the form below and one of the team will be in touch:",[24101],{"type":1992},{"type":636,"attrs":24103},{"id":24104,"body":24105},"15613062-dec4-4736-9fb5-1aaa13ec0d59",[24106],{"id":1997,"_uid":24107,"_editable":24108,"component":1999,"wrap_in_box":50,"hubspot_form":1997,"redirect_url":24109,"success_file":24110,"default_height":645,"success_message":645,"success_sub_text":645,"hidden_field_values":24112},"i-4facae17-fbae-4377-8641-1f4787f1599b","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-4facae17-fbae-4377-8641-1f4787f1599b\", \"id\": \"\"}-->",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":24111},{},[],"Historically, spodumene closely tracked lithium chemical prices, allowing some market participants to hedge exposure via lithium futures. However, after years of tight linkage between spodumene and lithium chemical prices, the global lithium market is undergoing a structural shift, reshaping how producers, converters, and investors manage risk. Benchmark Mineral Intelligence’s spodumene FOB Australia grade was assessed […]",[24115],{"slug":1466,"name":1467,"content":24116},{"job_title":1469,"image":24117,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0e0350c5-f618-451c-a024-29b19d6fdf08\", \"id\": \"\"}-->",[24120,24121],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":24123,"name":645,"focus":645,"title":24123,"source":645,"filename":24124,"copyright":645,"fieldtype":701,"meta_data":24125,"is_external_url":51},"Australia is set to remain largest source of spodumene in 2025","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1748014714/www-production/Australia-spod@2x/Australia-spod@2x.png?_i=AA",{"alt":24123,"title":24123,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":5185,"copyright":645,"fieldtype":701,"meta_data":24127,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},"May 23, 2025",{"id":24130,"uuid":24131,"name":24132,"slug":24133,"full_slug":24134,"content":24135},112467664002447,"582643f2-1c02-4997-a05a-a5320f9814b4","Tariffs and countervailing duties narrow US-China anode cost gap","tariffs-and-countervailing-duties-narrow-us-china-anode-cost-gap","article/tariffs-and-countervailing-duties-narrow-us-china-anode-cost-gap",{"_uid":24136,"date":24137,"tags":24138,"editor":24144,"content":24148,"excerpt":24274,"featured":51,"reporter":24275,"_editable":24279,"component":689,"seo_title":24132,"categories":24280,"visibility":697,"author_company":49,"data_vis_image":24285,"featured_image":24288,"seo_description":24274,"author_full_name":49,"author_job_title":49,"formattedDate":24291},"d5c56df9-cbd4-403c-a660-91994069acff","2025-05-22 00:00",[24139,24140,24141,24142,24143],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":8333,"name":8334},{"slug":561,"name":562},{"slug":13546,"name":13547},[24145],{"slug":9249,"name":9250,"content":24146},{"job_title":9252,"image":24147,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":24149},[24150,24171,24183,24188,24193,24198,24211,24219,24231,24236,24244,24249,24254,24259,24264,24269],{"type":580,"attrs":24151,"content":24152},{"textAlign":49},[24153,24155,24161,24163,24169],{"text":24154,"type":585},"Chinese anode active material (AAM) producers have received ",{"text":24156,"type":585,"marks":24157},"unfair government subsidies",[24158],{"type":590,"attrs":24159},{"href":24160,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/china-tightens-graphite-export-controls-to-the-us",{"text":24162,"type":585}," according to a preliminary ruling from the US Department of Commerce (DOC) released on 20 May 2025, ",{"text":24164,"type":585,"marks":24165},"following a petition from the American Active Anode Material Producers",[24166],{"type":590,"attrs":24167},{"href":24168,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/us-graphite-players-tariff-petition-wins-preliminary-itc-trade-case-ruling",{"text":24170,"type":585}," (AAAMP) at the end of last year.",{"type":580,"attrs":24172,"content":24173},{"textAlign":49},[24174,24176,24181],{"text":24175,"type":585},"The DOC has suggested a countervailing measure (CVM) duty of 6.55% be set for most AAM producers exporting from China to the US, including anode major BTR. This duty is on top of a raft of existing ",{"text":8333,"type":585,"marks":24177},[24178],{"type":590,"attrs":24179},{"href":24180,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/automakers-face-challenges-as-tariffs-threaten-north-american-trade",{"text":24182,"type":585}," and applies to AAM imported into the US independently, part of a compound or as part of a cell. Combined, these tariffs add up to 61.55% for most Chinese anode exporters.",{"type":580,"attrs":24184,"content":24185},{"textAlign":49},[24186],{"text":24187,"type":585},"Benchmark analysis shows that these tariffs could lead to US-made AAM being cost competitive with that made in China.",{"type":580,"attrs":24189,"content":24190},{"textAlign":49},[24191],{"text":24192,"type":585},"The companies of Huzhou Kaijin New Energy Technology and Shanghai Shaosheng Knitted Sweat have separately been set at a subsidy rate of 721%, as they declined to cooperate, though these companies do not currently export AAM directly into the US market.",{"type":647,"attrs":24194,"content":24195},{"level":13022,"textAlign":49},[24196],{"text":24197,"type":585},"What impact will the tariffs have on AAM costs?",{"type":580,"attrs":24199,"content":24200},{"textAlign":49},[24201,24203,24209],{"text":24202,"type":585},"Prior to President Trump starting his second term, AAM imported into the US from China was subject to the modified ",{"text":24204,"type":585,"marks":24205},"Section 301 tariff reinstated at 25%",[24206],{"type":590,"attrs":24207},{"href":24208,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/why-has-the-us-reinstated-tariffs-on-natural-graphite",{"text":24210,"type":585}," in June 2024 under the Biden Administration. Under the Trump Administration, a further 36.55% of tariffs have been imposed on the material, including the CVM duty",{"type":636,"attrs":24212},{"id":24213,"body":24214},"195d3d98-d719-4584-8017-3e0ed2921b5a",[24215],{"id":24216,"_uid":24217,"type":643,"_editable":24218,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"23328673","i-e2377298-09c8-4d8a-9a10-406267ba513e","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-e2377298-09c8-4d8a-9a10-406267ba513e\", \"id\": \"\"}-->",{"type":580,"attrs":24220,"content":24221},{"textAlign":49},[24222,24224,24229],{"text":24223,"type":585},"Without tariffs, the average C2 costs for Chinese AAM are $4,019 per tonne, as assessed by ",{"text":13060,"type":585,"marks":24225},[24226],{"type":590,"attrs":24227},{"href":24228,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/synthetic-graphite/data-reports/forecast",{"text":24230,"type":585},". The addition of tariffs brings the total landed cost of AAM imported in the US (Port of New York or Port of New Jersey) from China to $6,800 per tonne.",{"type":580,"attrs":24232,"content":24233},{"textAlign":49},[24234],{"text":24235,"type":585},"This compares to a production cost of $5,259 per tonne at US AAM producer Anovion’s Sanborn facility in New York. This indicates the tariffs could allow US producers to be cost competitive with China, likely leading to greater demand for domestic material from OEMs.",{"type":636,"attrs":24237},{"id":24238,"body":24239},"617477eb-894b-4438-9d82-5fe66fa5569a",[24240],{"id":24241,"_uid":24242,"type":643,"_editable":24243,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"23329344","i-55160685-0d42-4f7c-9b57-fa0235c20489","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-55160685-0d42-4f7c-9b57-fa0235c20489\", \"id\": \"\"}-->",{"type":647,"attrs":24245,"content":24246},{"level":13022,"textAlign":49},[24247],{"text":24248,"type":585},"How will this impact cell prices?",{"type":580,"attrs":24250,"content":24251},{"textAlign":49},[24252],{"text":24253,"type":585},"These higher AAM costs will likely be passed on further downstream. Under these increased incurred costs on the anode side, cell prices are likely to rise by nearly 3% compared to pre-February levels, including 0.4% from the CVM duties.",{"type":580,"attrs":24255,"content":24256},{"textAlign":49},[24257],{"text":24258,"type":585},"There is potential for stalling EV adoption and discouraging some cell makers from committing to regional expansion. The policy could act as a double-edged sword—supporting reshoring efforts, but at the risk of softening demand due to inflated cost structures. ",{"type":647,"attrs":24260,"content":24261},{"level":13022,"textAlign":49},[24262],{"text":24263,"type":585},"What happens next?",{"type":580,"attrs":24265,"content":24266},{"textAlign":49},[24267],{"text":24268,"type":585},"The AAAMP also petitioned the US International Trade Commission (ITC) which has a separate antidumping investigation underway. Its preliminary decision was originally expected by May 27, 2025, but was delayed to no later than July 16, 2025 under a formal request by AAAMP, which argued that additional time was needed for US trade authorities to review industry responses and issue supplemental questionnaires before making a preliminary ruling.",{"type":580,"attrs":24270,"content":24271},{"textAlign":49},[24272],{"text":24273,"type":585},"Anti-dumping investigations typically result in higher tariff levels than with CVM and so could bring the cost of material imported into the US from China up further, heightening the impacts already seen.","Chinese anode active material (AAM) producers have received unfair government subsidies according to a preliminary ruling from the US Department of Commerce (DOC) released on 20 May 2025, following a petition from the American Active Anode Material Producers (AAAMP) at the end of last year. The DOC has suggested a countervailing measure (CVM) duty of […]",[24276],{"slug":9249,"name":9250,"content":24277},{"job_title":9252,"image":24278,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d5c56df9-cbd4-403c-a660-91994069acff\", \"id\": \"\"}-->",[24281,24282,24283,24284],{"slug":2162,"name":261},{"slug":956,"name":957},{"slug":695,"name":696},{"slug":2627,"name":2628},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":24286,"copyright":645,"fieldtype":701,"meta_data":24287,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1748439043/www-production/AAM-Tariffs@2x/AAM-Tariffs@2x.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":24289,"copyright":645,"fieldtype":701,"meta_data":24290,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1093d2c339/bm-btr-anode.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"May 22, 2025",{"id":24293,"uuid":24294,"name":24295,"slug":24296,"full_slug":24297,"content":24298},112467674111377,"e1c7c678-bfa0-4a5b-8b0a-3554d111f318","Rio Tinto on track to be second largest lithium miner by 2035","rio-tinto-could-be-second-largest-lithium-miner-by-2035","article/rio-tinto-could-be-second-largest-lithium-miner-by-2035",{"_uid":24299,"date":24300,"tags":24301,"editor":24307,"content":24311,"excerpt":24495,"featured":51,"reporter":24496,"_editable":24500,"component":689,"seo_title":24295,"categories":24501,"visibility":2019,"author_company":49,"data_vis_image":24504,"featured_image":24508,"seo_description":24495,"author_full_name":49,"author_job_title":49,"formattedDate":24511},"a2fb63a9-a289-4cbc-9c69-7f27934580a2","2025-05-21 00:00",[24302,24303,24304,24305,24306],{"slug":8532,"name":8533},{"slug":988,"name":989},{"slug":15138,"name":15139},{"slug":564,"name":565},{"slug":8535,"name":8536},[24308],{"slug":9249,"name":9250,"content":24309},{"job_title":9252,"image":24310,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":24312},[24313,24332,24337,24350,24358,24363,24376,24381,24386,24399,24404,24416,24421,24429,24434,24447,24459,24464,24469,24474,24481,24492],{"type":580,"attrs":24314,"content":24315},{"textAlign":49},[24316,24318,24324,24326,24331],{"text":24317,"type":585},"Mining giant ",{"text":24319,"type":585,"marks":24320},"Rio Tinto could become the second largest lithium miner",[24321],{"type":590,"attrs":24322},{"href":24323,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/will-rio-tintos-move-entice-other-mining-majors-into-lithium",{"text":24325,"type":585}," globally following its acquisition of a minority (49.99%) stake in a joint venture with Chilean state miner, Codelco, to develop a 50,000 tonne lithium carbonate equivalent (LCE) project on the Maricunga salt flats in ",{"text":24327,"type":585,"marks":24328},"Chile’s Atacama region",[24329],{"type":590,"attrs":24330},{"href":15272,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":24333,"content":24334},{"textAlign":49},[24335],{"text":24336,"type":585},"Rio Tinto will contribute $900 million to the project, spread over multiple tranches until 2030.",{"type":580,"attrs":24338,"content":24339},{"textAlign":49},[24340,24342,24348],{"text":24341,"type":585},"Further bolstering the Anglo-Australian company’s lithium ambitions is the Argentinian government’s approval of its $2.5 billion Rincon project. This is the first mining project to be approved under ",{"text":24343,"type":585,"marks":24344},"Argentina’s incentive regime for large investments",[24345],{"type":590,"attrs":24346},{"href":24347,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/argentinas-economic-reform-bill-offers-copper-and-lithium-mining-incentives",{"text":24349,"type":585}," (RIGI).",{"type":636,"attrs":24351},{"id":24352,"body":24353},"a9d4eba3-b2a8-48da-aa4c-32371a6154c7",[24354],{"id":24355,"_uid":24356,"type":643,"_editable":24357,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"23302732","i-4acb873a-ca8f-4f43-81aa-0c7ff97141fa","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-4acb873a-ca8f-4f43-81aa-0c7ff97141fa\", \"id\": \"\"}-->",{"type":647,"attrs":24359,"content":24360},{"level":13022,"textAlign":49},[24361],{"text":24362,"type":585},"Rio Tinto’s lithium rise",{"type":580,"attrs":24364,"content":24365},{"textAlign":49},[24366,24368,24374],{"text":24367,"type":585},"Rio Tinto produced its first lithium at the Rincon project in ",{"text":24369,"type":585,"marks":24370},"Argentina’s Salta province",[24371],{"type":590,"attrs":24372},{"href":24373,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/the-state-of-argentinas-lithium-sector",{"text":24375,"type":585}," in November 2024 from the 3,000 tonne LCE starter plant. In December 2024, the company announced a $2.5 billion investment to develop the 57,000 expansion facility.",{"type":580,"attrs":24377,"content":24378},{"textAlign":49},[24379],{"text":24380,"type":585},"The project uses direct lithium extraction (DLE), which the company says improves water conservation and reduces waste.",{"type":580,"attrs":24382,"content":24383},{"textAlign":49},[24384],{"text":24385,"type":585},"The RIGI framework provides tax benefits to companies and is designed to improve stability for long-term projects.",{"type":580,"attrs":24387,"content":24388},{"textAlign":49},[24389,24391,24397],{"text":24390,"type":585},"The largest boost to Rio Tinto’s lithium pipeline came when it finalised the ",{"text":24392,"type":585,"marks":24393},"acquisition of Arcadium Lithium",[24394],{"type":590,"attrs":24395},{"href":24396,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/rio-tinto-commits-to-buy-arcadium-lithium-for-6-7-billion",{"text":24398,"type":585}," in March 2025.",{"type":580,"attrs":24400,"content":24401},{"textAlign":49},[24402],{"text":24403,"type":585},"This gave it access to the Hombre Muerto project, also in Argentina, which has been operational since 1997. The first phase has a 22,000 tonne LCE capacity and a 10,000 tonne LCE expansion came online last year. An additional 70,000 tonne LCE is planned through several more expansions.",{"type":580,"attrs":24405,"content":24406},{"textAlign":49},[24407,24409,24414],{"text":24408,"type":585},"Rio Tinto is also the ",{"text":24410,"type":585,"marks":24411},"Jadar hardrock project in Serbia",[24412],{"type":590,"attrs":24413},{"href":19852,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":24415,"type":585}," though this has faced significant setbacks due to local protests against its development.",{"type":580,"attrs":24417,"content":24418},{"textAlign":49},[24419],{"text":24420,"type":585},"The first phase (20,000 tonnes LCE) of the Maricunga project with Codelco is due online in 2030 and will use evaporation techniques. The second phase (30,000 tonnes LCE) will use DLE.",{"type":636,"attrs":24422},{"id":24423,"body":24424},"5a460593-cd5d-46df-811b-2b771f396fe1",[24425],{"id":24426,"_uid":24427,"type":643,"_editable":24428,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"23295902","i-a0a7adbf-3056-4587-bd42-50f4b2ba4f74","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-a0a7adbf-3056-4587-bd42-50f4b2ba4f74\", \"id\": \"\"}-->",{"type":647,"attrs":24430,"content":24431},{"level":13022,"textAlign":49},[24432],{"text":24433,"type":585},"Codelco supports Chile’s ambitions",{"type":580,"attrs":24435,"content":24436},{"textAlign":49},[24437,24439,24445],{"text":24438,"type":585},"As a state-owned miner, Codelco is fundamental to Chile’s lithium ambitions to ",{"text":24440,"type":585,"marks":24441},"reverse the decline in its share",[24442],{"type":590,"attrs":24443},{"href":24444,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/argentina-challenges-chile-for-top-lithium-spot-in-south-america",{"text":24446,"type":585}," of the global lithium market.",{"type":580,"attrs":24448,"content":24449},{"textAlign":49},[24450,24452,24457],{"text":24451,"type":585},"In 2030, ",{"text":24453,"type":585,"marks":24454},"Codelco will take a 50.01% stake in SQM’s Salar de Atacama project",[24455],{"type":590,"attrs":24456},{"href":15164,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":24458,"type":585},"—the largest lithium mine in the country. Although this project currently uses traditional evaporation methods, SQM and Codelco aim to utilise DLE technology in the future.",{"type":580,"attrs":24460,"content":24461},{"textAlign":49},[24462],{"text":24463,"type":585},"Codelco was also recently awarded a special lithium operating contract (CEOL) by the Chilean government to jointly develop a DLE project on the Ascotan salt flat with French miner Eramet and Chilean chemicals producer Quiborax. ",{"type":580,"attrs":24465,"content":24466},{"textAlign":49},[24467],{"text":24468,"type":585},"Although the extensive portfolios of Rio Tinto and Codelco could create synergies, there is also a risk of resources being stretched too thin and neither have significant experience in operating commercial lithium assets.",{"type":580,"attrs":24470,"content":24471},{"textAlign":49},[24472],{"text":24473,"type":585},"“The main challenge is in prioritisation,” said Federico Gay, Benchmark’s principal lithium analyst. “There are many fronts open for both companies, in a moment when justifying large investments for lithium is challenging.”",{"type":580,"attrs":24475,"content":24476},{"textAlign":49},[24477],{"text":24478,"type":585,"marks":24479},"Submit your details below to request more information about Benchmark’s industry-leading lithium intelligence, including Price Assessments, Forecasts, Sustainability Reports and Consultancy services.",[24480],{"type":1992},{"type":636,"attrs":24482},{"id":24483,"body":24484},"9e50c280-5674-41b8-97fa-59dd0ab2b198",[24485],{"id":1997,"_uid":24486,"_editable":24487,"component":1999,"wrap_in_box":50,"hubspot_form":1997,"redirect_url":24488,"success_file":24489,"default_height":645,"success_message":645,"success_sub_text":645,"hidden_field_values":24491},"i-753a650a-cc3a-48dc-97a0-68e74ea30d4c","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-753a650a-cc3a-48dc-97a0-68e74ea30d4c\", \"id\": \"\"}-->",{"id":645,"url":645,"linktype":595,"fieldtype":2001,"cached_url":645},{"id":49,"alt":49,"name":645,"focus":49,"title":49,"source":49,"filename":645,"copyright":49,"fieldtype":701,"meta_data":24490},{},[],{"type":580,"attrs":24493,"content":24494},{"textAlign":49},[],"Mining giant Rio Tinto could become the second largest lithium miner globally following its acquisition of a minority (49.99%) stake in a joint venture with Chilean state miner, Codelco, to develop a 50,000 tonne lithium carbonate equivalent (LCE) project on the Maricunga salt flats in Chile’s Atacama region. Rio Tinto will contribute $900 million to […]",[24497],{"slug":9249,"name":9250,"content":24498},{"job_title":9252,"image":24499,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a2fb63a9-a289-4cbc-9c69-7f27934580a2\", \"id\": \"\"}-->",[24502,24503],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":24505,"name":645,"focus":645,"title":24505,"source":645,"filename":24506,"copyright":645,"fieldtype":701,"meta_data":24507,"is_external_url":51},"Rio Tinto could be number two lithium miner by 2035","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1747823486/www-production/Rio-Tinto-position-lithium-2035@2x/Rio-Tinto-position-lithium-2035@2x.png?_i=AA",{"alt":24505,"title":24505,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":24509,"copyright":645,"fieldtype":701,"meta_data":24510,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7cfb5f9df7/bm-salar-de-maricunga-2.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"May 21, 2025",{"id":24513,"uuid":9927,"name":24514,"slug":24515,"full_slug":24516,"content":24517},112467678911891,"Infographic: How much of the battery recycling industry does China control?","infographic-how-much-of-the-recycling-industry-does-china-control","article/infographic-how-much-of-the-recycling-industry-does-china-control",{"_uid":24518,"date":24519,"tags":24520,"editor":24527,"content":24531,"excerpt":24619,"featured":51,"reporter":24620,"_editable":24624,"component":689,"seo_title":24514,"categories":24625,"visibility":2019,"author_company":49,"data_vis_image":24628,"featured_image":24630,"seo_description":24619,"author_full_name":49,"author_job_title":49,"formattedDate":24633},"cd8bb851-f791-42ce-a237-b50329ec9b2e","2025-05-16 00:00",[24521,24522,24523,24524,24525,24526],{"slug":6892,"name":6893},{"slug":720,"name":721},{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":1720,"name":1721},{"slug":2480,"name":2481},[24528],{"slug":9249,"name":9250,"content":24529},{"job_title":9252,"image":24530,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":24532},[24533,24545,24553,24558,24563,24575,24587,24592,24603],{"type":580,"attrs":24534,"content":24535},{"textAlign":49},[24536,24538,24544],{"text":24537,"type":585},"As the largest producer and user of lithium ion batteries, China dominates the global battery supply chain, including the ",{"text":24539,"type":585,"marks":24540},"emerging industry of recycling",[24541],{"type":590,"attrs":24542},{"href":24543,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/recyclers-feel-the-squeeze-recycling-2024-in-review",{"text":1538,"type":585},{"type":580,"attrs":24546,"content":24547},{"textAlign":49},[24548],{"type":1847,"attrs":24549},{"id":49,"alt":24550,"src":24551,"title":49,"source":49,"copyright":49,"meta_data":24552},"Visualising China's battery recycling dominance. Chart shows that in 2025 China is forecast to account for 78% of pre-treatment capacity and 89% of black mass refining capacity","https://a.storyblok.com/f/287943243085208/c7608f4397/bm-benchmark-14-chinas-battery-recycling-dominance-voro-1.jpg",{},{"type":647,"attrs":24554,"content":24555},{"level":13022,"textAlign":49},[24556],{"text":24557,"type":585},"How are batteries recycled?",{"type":580,"attrs":24559,"content":24560},{"textAlign":49},[24561],{"text":24562,"type":585},"The first stage of the battery recycling process is the collection of scrap from battery production facilities or end-of-life batteries. Given that China has the largest electric vehicle market and is forecast to account for 85% of 2025 battery production, China’s recycling industry has ready access to substantial volumes of feedstock.",{"type":580,"attrs":24564,"content":24565},{"textAlign":49},[24566,24568,24573],{"text":24567,"type":585},"The collected scrap is then pre-treated, typically through a mechanical shredding process, to ",{"text":24569,"type":585,"marks":24570},"produce a material known as black mass",[24571],{"type":590,"attrs":24572},{"href":14570,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":24574,"type":585},". This material contains lithium, nickel, cobalt and other valuable battery minerals.",{"type":580,"attrs":24576,"content":24577},{"textAlign":49},[24578,24580,24586],{"text":24579,"type":585},"Outside of China, pre-treatment is the stage for which many regions have primarily built capacity. For example, of the 38 operational recycling assets in Europe, ",{"text":24581,"type":585,"marks":24582},"28 focus on pre-treatment only",[24583],{"type":590,"attrs":24584},{"href":24585,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/bmw-partners-with-sk-for-battery-recycling-in-europe",{"text":1538,"type":585},{"type":580,"attrs":24588,"content":24589},{"textAlign":49},[24590],{"text":24591,"type":585},"The black mass is then refined into chemicals for use in the production of new battery cathode materials. Some refiners convert black mass directly into pre-cathode active material (pCAM), whereas others produce chemicals that may need further refining before they are ready to be used in CAM or pCAM production processes.",{"type":580,"attrs":24593,"content":24594},{"textAlign":49},[24595,24597,24601],{"text":24596,"type":585},"China and South Korea both have large overcapacities of refining capacity, meaning they must source feedstock from other regions such as ",{"text":14493,"type":585,"marks":24598},[24599],{"type":590,"attrs":24600},{"href":14497,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":24602,"type":585}," which have a deficit of refining capacity.",{"type":580,"attrs":24604,"content":24605},{"textAlign":49},[24606,24610,24616],{"text":24607,"type":585,"marks":24608},"To find out more about Benchmark’s recycling data, ",[24609],{"type":1992},{"text":21083,"type":585,"marks":24611},[24612,24615],{"type":590,"attrs":24613},{"href":24614,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/recycling/portal",{"type":1992},{"text":1538,"type":585,"marks":24617},[24618],{"type":1992},"As the largest producer and user of lithium ion batteries, China dominates the global battery supply chain, including the emerging industry of recycling. How are batteries recycled? The first stage of the battery recycling process is the collection of scrap from battery production facilities or end-of-life batteries. Given that China has the largest electric vehicle […]",[24621],{"slug":9249,"name":9250,"content":24622},{"job_title":9252,"image":24623,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"cd8bb851-f791-42ce-a237-b50329ec9b2e\", \"id\": \"\"}-->",[24626,24627],{"slug":7742,"name":7743},{"slug":14595,"name":14596},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":24551,"copyright":645,"fieldtype":701,"meta_data":24629,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":24631,"copyright":645,"fieldtype":701,"meta_data":24632,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/41d4ca2e40/bm-adobestock-764761877.jpeg",{"alt":645,"title":645,"source":645,"copyright":645},"May 16, 2025",{"id":24635,"uuid":24636,"name":24637,"slug":24638,"full_slug":24639,"content":24640},112467707755935,"37f56d4f-9c55-4995-acef-842dd648536a","US considers “minerals-for-security” deal with the DRC","us-considers-minerals-for-security-deal-with-the-drc","article/us-considers-minerals-for-security-deal-with-the-drc",{"_uid":24641,"date":24642,"tags":24643,"editor":24647,"content":24651,"excerpt":24807,"featured":51,"reporter":24808,"_editable":24812,"component":689,"seo_title":24637,"categories":24813,"visibility":697,"author_company":49,"data_vis_image":24819,"featured_image":24823,"seo_description":24807,"author_full_name":49,"author_job_title":49,"formattedDate":24826},"901e40ca-d600-49e5-8431-5681756c8501","2025-05-09 00:00",[24644,24645,24646],{"slug":564,"name":565},{"slug":982,"name":983},{"slug":13546,"name":13547},[24648],{"slug":9249,"name":9250,"content":24649},{"job_title":9252,"image":24650,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":24652},[24653,24670,24675,24688,24693,24706,24711,24716,24724,24729,24734,24742,24747,24752,24757,24762,24769,24774,24786],{"type":580,"attrs":24654,"content":24655},{"textAlign":49},[24656,24657,24663,24665,24669],{"text":1005,"type":585},{"text":24658,"type":585,"marks":24659},"US is looking to play a larger role",[24660],{"type":590,"attrs":24661},{"href":24662,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/downloads/special-issues/1342127",{"text":24664,"type":585}," in the critical minerals sector of the Democratic Republic of the Congo (DRC). The country is a key source of cobalt for battery production and has a growing presence in the ",{"text":1529,"type":585,"marks":24666},[24667],{"type":590,"attrs":24668},{"href":18934,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":24671,"content":24672},{"textAlign":49},[24673],{"text":24674,"type":585},"The US plans to use its significant geopolitical sway to push toward this goal. The US will meet with Congolese and Rwandan officials with the aim of agreeing on the final draft of a peace accord, to end the conflict between the DRC and the Rwanda-backed M23 rebel group.",{"type":580,"attrs":24676,"content":24677},{"textAlign":49},[24678,24680,24686],{"text":24679,"type":585},"Following a similar “minerals-for-security” ",{"text":24681,"type":585,"marks":24682},"strategy deployed with Ukraine",[24683],{"type":590,"attrs":24684},{"href":24685,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/us-and-ukraine-clinch-historic-critical-minerals-agreement",{"text":24687,"type":585},", the US insists that bilateral economic agreements must be signed before any peace accord. These agreements would see the US invest billions of dollars into DRC mining and infrastructure projects as well as Rwandan projects.",{"type":580,"attrs":24689,"content":24690},{"textAlign":49},[24691],{"text":24692,"type":585},"In a move towards greater US presence in DRC minerals, US-based KoBold Metals announced in May it had agreed on a framework to buy AVZ Minerals’ stake in the sizeable Manono lithium project in the DRC. The agreement is being developed alongside the ongoing peace and economic discussions.",{"type":580,"attrs":24694,"content":24695},{"textAlign":49},[24696,24698,24704],{"text":24697,"type":585},"“For the Trump Administration, getting access to strategic greenfield critical minerals projects in the DRC, like the Manono lithium project, is one of the central priorities in securing a minerals-for-security deal with the DRC and Rwanda, as existing projects in the Copperbelt region are ",{"text":24699,"type":585,"marks":24700},"dominated mainly by Chinese companies",[24701],{"type":590,"attrs":24702},{"href":24703,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinas-drc-dominance-threatens-us-de-risking-efforts",{"text":24705,"type":585},",” said Bryan Bille, principal policy and geopolitics analyst at Benchmark.",{"type":647,"attrs":24707,"content":24708},{"level":13022,"textAlign":49},[24709],{"text":24710,"type":585},"How can DRC lithium impact the market?",{"type":580,"attrs":24712,"content":24713},{"textAlign":49},[24714],{"text":24715,"type":585},"The DRC is home to the Manono lithium development. The development was split into the Manono and Manono North projects following a legal dispute over ownership. The projects are forecast to have a combined spodumene concentrate output of one million tonnes, equivalent to ~140,000 tonnes per year (lithium carbonate equivalent) making it one of the largest spodumene mines.",{"type":636,"attrs":24717},{"id":24718,"body":24719},"07eb0f07-f52d-42b4-8ce8-ddd1683d6b1a",[24720],{"id":24721,"_uid":24722,"type":643,"_editable":24723,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"23086730","i-8d90535f-b7dd-4a68-a938-9a019d23edcb","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-8d90535f-b7dd-4a68-a938-9a019d23edcb\", \"id\": \"\"}-->",{"type":580,"attrs":24725,"content":24726},{"textAlign":49},[24727],{"text":24728,"type":585},"The Manono lithium deposit is high quality, and although transport logistics could double operating costs, Benchmark’s view is that the deposit will still be cost competitive globally. Costs could further be reduced through partnership with the US.",{"type":580,"attrs":24730,"content":24731},{"textAlign":49},[24732],{"text":24733,"type":585},"If the Manono projects are developed at an accelerated rate, it could worsen current surpluses and push the forecast deficit back from 2029 into next decade.",{"type":636,"attrs":24735},{"id":24736,"body":24737},"6cf6cda9-4de0-4bde-9bd0-3bf7b62d0de6",[24738],{"id":24739,"_uid":24740,"type":643,"_editable":24741,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"23075967","i-3dd970b5-3f2a-4197-9f2b-7936a2c1444c","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-3dd970b5-3f2a-4197-9f2b-7936a2c1444c\", \"id\": \"\"}-->",{"type":580,"attrs":24743,"content":24744},{"textAlign":49},[24745],{"text":24746,"type":585},"KoBold is looking to buy the stake currently held by Australian miner AVZ which holds 51% in the Manono project. The rest of the project is owned by Cominiere (25%) and CATL (24%). Currently forecast to begin production in 2035, this deal could bring that date forward.",{"type":580,"attrs":24748,"content":24749},{"textAlign":49},[24750],{"text":24751,"type":585},"KoBold says that if the deal goes ahead, it will enable the company to invest over $1 billion in the asset, helping to push forward its development and unlock a key lithium resource for the US and other Western markets.",{"type":580,"attrs":24753,"content":24754},{"textAlign":49},[24755],{"text":24756,"type":585},"China’s Zijin Mining was granted a license for Manono North in 2023, and holds a majority stake in the project with the rest held by Cominiere.",{"type":580,"attrs":24758,"content":24759},{"textAlign":49},[24760],{"text":24761,"type":585},"Benchmark satellite analysis shows that significant work on the Manono North is underway, potentially in line with production starting in 2026 or 2027.",{"type":580,"attrs":24763,"content":24764},{"textAlign":49},[24765],{"type":1847,"attrs":24766},{"id":49,"alt":645,"src":24767,"title":49,"source":49,"copyright":49,"meta_data":24768},"https://a.storyblok.com/f/287943243085208/cd76e0c4d4/bm-zijin-manono-northeast-lithium-010.png",{},{"type":647,"attrs":24770,"content":24771},{"level":13022,"textAlign":49},[24772],{"text":24773,"type":585},"What is the role of China in the DRC?",{"type":580,"attrs":24775,"content":24776},{"textAlign":49},[24777,24779,24784],{"text":24778,"type":585},"Through its Belt and Road Initiative (BRI), ",{"text":24780,"type":585,"marks":24781},"China has invested billions",[24782],{"type":590,"attrs":24783},{"href":18965,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":24785,"type":585}," of dollars in the DRC’s assets and infrastructure, giving China a significant hold over the country’s critical minerals ecosystem.",{"type":580,"attrs":24787,"content":24788},{"textAlign":49},[24789,24791,24797,24799,24805],{"text":24790,"type":585},"The “minerals-for-security” deal is just the latest move by the US to get a foothold in the otherwise China-dominated region. A key tool for the US to gain a foothold in the DRC and ",{"text":24792,"type":585,"marks":24793},"Africa more broadly",[24794],{"type":590,"attrs":24795},{"href":24796,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/zimbabwe-africas-lithium-heartland?_branch_match_id=1544413264717313927&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWdwzz9XW0SHIKCEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAq3asA0gAAAA%3D",{"text":24798,"type":585}," is the ",{"text":24800,"type":585,"marks":24801},"Lobito Corridor Project",[24802],{"type":590,"attrs":24803},{"href":24804,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/us-proposal-for-trans-africa-corridor-targets-copper-and-cobalt-supply-chains",{"text":24806,"type":585},". This rail infrastructure project aims to significantly reduce transportation times across the African Copperbelt.","The US is looking to play a larger role in the critical minerals sector of the Democratic Republic of the Congo (DRC). The country is a key source of cobalt for battery production and has a growing presence in the lithium market. The US plans to use its significant geopolitical sway to push toward this […]",[24809],{"slug":9249,"name":9250,"content":24810},{"job_title":9252,"image":24811,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"901e40ca-d600-49e5-8431-5681756c8501\", \"id\": \"\"}-->",[24814,24815,24816,24817,24818],{"slug":2544,"name":115},{"slug":1140,"name":1136},{"slug":1142,"name":1143},{"slug":695,"name":696},{"slug":1693,"name":8},{"id":49,"alt":24820,"name":645,"focus":645,"title":24820,"source":645,"filename":24821,"copyright":645,"fieldtype":701,"meta_data":24822,"is_external_url":51},"Activity seen at Manono North lithium project","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1746795074/www-production/Zijin_Manono_Northeast_Lithium_0.8-1/Zijin_Manono_Northeast_Lithium_0.8-1.png?_i=AA",{"alt":24820,"title":24820,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":24824,"copyright":645,"fieldtype":701,"meta_data":24825,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7d9f45d1e1/bm-rochedure.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"May 09, 2025",{"id":24828,"uuid":24829,"name":24830,"slug":24831,"full_slug":24832,"content":24833},112467736825308,"2394c027-5ccc-4fd6-b3c5-579e3719e337","Chile accelerates state-led lithium strategy with new salt flat projects","chile-accelerates-state-led-lithium-strategy-with-new-salt-flat-projects","article/chile-accelerates-state-led-lithium-strategy-with-new-salt-flat-projects",{"_uid":24834,"date":24835,"tags":24836,"editor":24840,"content":24844,"excerpt":24963,"featured":50,"reporter":24964,"_editable":24968,"component":689,"seo_title":24830,"categories":24969,"visibility":697,"author_company":49,"data_vis_image":24972,"featured_image":24975,"seo_description":24963,"author_full_name":49,"author_job_title":49,"formattedDate":24978},"f2fc35cc-5f48-492b-839d-b5d0f0c7504b","2025-05-02 00:00",[24837,24838,24839],{"slug":988,"name":989},{"slug":564,"name":565},{"slug":8538,"name":8539},[24841],{"slug":1466,"name":1467,"content":24842},{"job_title":1469,"image":24843,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":24845},[24846,24859,24864,24877,24897,24905,24910,24923,24931,24935,24940,24945,24950,24955],{"type":580,"attrs":24847,"content":24848},{"textAlign":49},[24849,24851,24857],{"text":24850,"type":585},"In April 2025, Chile’s Mining Ministry accepted applications from companies for three new lithium flat projects in the country, as part of its ",{"text":24852,"type":585,"marks":24853},"National Lithium Strategy first launched in 2023",[24854],{"type":590,"attrs":24855},{"href":24856,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/what-does-chiles-national-lithium-strategy-mean-for-albemarle-and-sqm?_branch_match_id=1544413244209314044&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWj%2FILjqgoKfY2Ck6yrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAVnEsIEgAAAA%3D",{"text":24858,"type":585},". The projects will be operated through public-private joint ventures in which the Chilean government has a majority stake.",{"type":580,"attrs":24860,"content":24861},{"textAlign":49},[24862],{"text":24863,"type":585},"The projects are to be licensed through Special Lithium Operating Contracts (CEOLs), which fast track projects associated with companies with proven cash reserves, technology, and experience.",{"type":580,"attrs":24865,"content":24866},{"textAlign":49},[24867,24869,24875],{"text":24868,"type":585},"Chile’s state-led resource ownership model is attracting global interest: over 50 companies have ",{"text":24870,"type":585,"marks":24871},"expressed interest",[24872],{"type":590,"attrs":24873},{"href":24874,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/sqm-and-codelco-confirm-chilean-lithium-partnership?_branch_match_id=1544413251403940247&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWN0rxNfGJsPQyCk6yrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAkjJFkUgAAAA%3D",{"text":24876,"type":585}," in the newly opened salt flats, with further tenders and partnerships expected through 2025.",{"type":580,"attrs":24878,"content":24879},{"textAlign":49},[24880,24882,24888,24890,24895],{"text":24881,"type":585},"Chile’s National Lithium Strategy aims to reassert the country’s position as a global leader in lithium production, whilst welcoming private investment. The strategy requires projects to use ",{"text":24883,"type":585,"marks":24884},"more sustainable technologies",[24885],{"type":590,"attrs":24886},{"href":24887,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/equinor-takes-stake-in-standard-lithium-smackover-direct-lithium-extraction-projects?_branch_match_id=1544413239495712691&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWd3bKDcjIC0738k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAQOPJ10gAAAA%3D",{"text":24889,"type":585},", such as ",{"text":23503,"type":585,"marks":24891},[24892],{"type":590,"attrs":24893},{"href":24894,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/downloads/special-issues/1320373",{"text":24896,"type":585}," (DLE), to reduce water usage and minimise the environmental impact by removing the need for large evaporation ponds.",{"type":636,"attrs":24898},{"id":24899,"body":24900},"d551d026-2602-4346-9287-276a1da4e1c5",[24901],{"id":24902,"_uid":24903,"type":643,"_editable":24904,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"22965797","i-6c7b233d-bda3-406d-9c22-afb8634a3c94","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-6c7b233d-bda3-406d-9c22-afb8634a3c94\", \"id\": \"\"}-->",{"type":647,"attrs":24906,"content":24907},{"level":13022,"textAlign":49},[24908],{"text":24909,"type":585},"Who will operate the new projects?",{"type":580,"attrs":24911,"content":24912},{"textAlign":49},[24913,24915,24921],{"text":24914,"type":585},"These new contracts come on the heels of the landmark joint venture between state-owned ",{"text":24916,"type":585,"marks":24917},"Codelco and SQM",[24918],{"type":590,"attrs":24919},{"href":24920,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/byd-rio-tinto-among-shortlisted-developers-for-chiles-altoandinos-lithium-opportunity?_branch_match_id=1544413232004405950&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWT0wNKYsKM%2FcyCk6yrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAlLHFbkgAAAA%3D",{"text":24922,"type":585},", Chile’s biggest lithium producer. That deal was finalised in early 2025 after months of regulatory review and set the tone for this next wave of projects.",{"type":636,"attrs":24924},{"id":24925,"body":24926},"16613a2c-507e-438b-9f8a-cd8638a2dda4",[24927],{"id":24928,"_uid":24929,"type":643,"_editable":24930,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"22932168","i-76c0bd21-ca82-451b-9797-4f46934470b7","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-76c0bd21-ca82-451b-9797-4f46934470b7\", \"id\": \"\"}-->",{"type":647,"attrs":24932,"content":24933},{"level":13022,"textAlign":49},[24934],{"text":24263,"type":585},{"type":580,"attrs":24936,"content":24937},{"textAlign":49},[24938],{"text":24939,"type":585},"Following consultations with indigenous communities, and assuming the applicants accept any other conditions, the contracts will be signed. A public tender  will open if the applicants decline to sign the contracts.",{"type":580,"attrs":24941,"content":24942},{"textAlign":49},[24943],{"text":24944,"type":585},"After that, getting projects off the ground quickly is key. Timing matters, and Chile needs to move before the market gets crowded or new technologies change the game.",{"type":580,"attrs":24946,"content":24947},{"textAlign":49},[24948],{"text":24949,"type":585},"Then there’s the challenge of making these state-private partnerships work in real life—balanacing government oversight with the speed and flexibility companies need.",{"type":580,"attrs":24951,"content":24952},{"textAlign":49},[24953],{"text":24954,"type":585},"Finally, Chile needs to keep local communities on board whilst meeting high environmental standards as projects scale up. Initial steps have been positive, with community agreements in place and cleaner technologies being tested, but keeping that trust will take real, ongoing transparency.",{"type":636,"attrs":24956},{"id":24957,"body":24958},"75b836ca-bc11-432a-8a13-757f5598ee44",[24959],{"id":24960,"_uid":24961,"type":643,"_editable":24962,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"22933146","i-f71f010c-c01d-4a63-969c-4a0947c4b14a","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-f71f010c-c01d-4a63-969c-4a0947c4b14a\", \"id\": \"\"}-->","In April 2025, Chile’s Mining Ministry accepted applications from companies for three new lithium flat projects in the country, as part of its National Lithium Strategy first launched in 2023. The projects will be operated through public-private joint ventures in which the Chilean government has a majority stake. The projects are to be licensed through […]",[24965],{"slug":1466,"name":1467,"content":24966},{"job_title":1469,"image":24967,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f2fc35cc-5f48-492b-839d-b5d0f0c7504b\", \"id\": \"\"}-->",[24970,24971],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":24973,"copyright":645,"fieldtype":701,"meta_data":24974,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1746197660/www-production/Global-lithium-scene-2020-2030@2x-1/Global-lithium-scene-2020-2030@2x-1.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":24976,"copyright":645,"fieldtype":701,"meta_data":24977,"is_external_url":51},"https://wp-admin.benchmarkminerals.com/app/uploads/lithium-atacama-scaled.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"May 02, 2025",{"id":24980,"uuid":5323,"name":24981,"slug":24982,"full_slug":24983,"content":24984},112467783142924,"CATL gears up for mass market sodium ion batteries","catl-gears-up-for-mass-market-sodium-ion-batteries","article/catl-gears-up-for-mass-market-sodium-ion-batteries",{"_uid":24985,"date":24986,"tags":24987,"editor":24992,"content":24996,"excerpt":25126,"featured":51,"reporter":25127,"_editable":25131,"component":689,"seo_title":24981,"categories":25132,"visibility":697,"author_company":49,"data_vis_image":25136,"featured_image":25140,"seo_description":25126,"author_full_name":49,"author_job_title":49,"formattedDate":25143},"1646ee35-6369-4c1b-8cd2-ac8e6d1d85a6","2025-04-24 00:00",[24988,24989,24990,24991],{"slug":2044,"name":2045},{"slug":720,"name":721},{"slug":564,"name":565},{"slug":20054,"name":20055},[24993],{"slug":9249,"name":9250,"content":24994},{"job_title":9252,"image":24995,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":24997},[24998,25003,25008,25021,25029,25034,25047,25060,25065,25073,25078,25083,25088,25093,25098,25103,25116,25121],{"type":580,"attrs":24999,"content":25000},{"textAlign":49},[25001],{"text":25002,"type":585},"CATL will begin mass production of its next-generation sodium ion batteries for passenger electric vehicle (EV) applications in December this year under the brand name Naxtra.",{"type":580,"attrs":25004,"content":25005},{"textAlign":49},[25006],{"text":25007,"type":585},"The battery could compete with mid-range lithium iron phosphate (LFP) on an energy density basis, with a purported energy density of 175 Wh/kg.",{"type":580,"attrs":25009,"content":25010},{"textAlign":49},[25011,25013,25019],{"text":25012,"type":585},"“CATL’s announcement represents one of the ",{"text":25014,"type":585,"marks":25015},"highest reported energy densities",[25016],{"type":590,"attrs":25017},{"href":25018,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/new-entrants-drive-sodium-ion-battery-capacity-growth?_branch_match_id=1544413169052187117&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWLy5wMw0sN8nK9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUABshu2EgAAAA%3D",{"text":25020,"type":585}," for sodium-ion technology to date,” said Varnika Agarwal, a battery analyst at Rho Motion. “However, CATL did not disclose the cost of the Naxtra EV cell, which is very important, as at current lithium prices, sodium ion cell prices are higher than LFP.”",{"type":636,"attrs":25022},{"id":25023,"body":25024},"048ec6e4-e461-4af3-9052-2ecf88d6b2bc",[25025],{"id":25026,"_uid":25027,"type":643,"_editable":25028,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"22804690","i-0ea159b1-12d3-49c5-8cda-7ac0d0f38f13","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-0ea159b1-12d3-49c5-8cda-7ac0d0f38f13\", \"id\": \"\"}-->",{"type":647,"attrs":25030,"content":25031},{"level":13022,"textAlign":49},[25032],{"text":25033,"type":585},"Can sodium ion compete with LFP on price?",{"type":580,"attrs":25035,"content":25036},{"textAlign":49},[25037,25039,25045],{"text":25038,"type":585},"Sodium ion batteries are often touted as ",{"text":25040,"type":585,"marks":25041},"low cost alternatives",[25042],{"type":590,"attrs":25043},{"href":25044,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/how-do-sodium-ion-batteries-compare-to-lfp?_branch_match_id=1544413185472797406&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWL8%2FzyIuqMHEsDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAyNf6VUgAAAA%3D",{"text":25046,"type":585}," to lithium ion batteries with the added advantage of not using as many critical minerals such as lithium and cobalt.",{"type":580,"attrs":25048,"content":25049},{"textAlign":49},[25050,25052,25058],{"text":25051,"type":585},"However, with LFP ",{"text":25053,"type":585,"marks":25054},"cell prices having fallen so low",[25055],{"type":590,"attrs":25056},{"href":25057,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/battery-cell-prices-reach-all-time-low-in-september-as-lfp-falls-below-60-per-kwh-level?_branch_match_id=1544413177004787966&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWN%2FNwtUz1cnEy9E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUACxsgE0gAAAA%3D",{"text":25059,"type":585}," whilst also improving in energy density and cycle life, sodium ion cells are not currently able to compete on cost.",{"type":580,"attrs":25061,"content":25062},{"textAlign":49},[25063],{"text":25064,"type":585},"Helping to drive the LFP cell price down is an oversupply of LFP cells in the market with significantly more capacity than required to meet demand.",{"type":636,"attrs":25066},{"id":25067,"body":25068},"40dc02e3-ce65-4886-be63-9028558f7aae",[25069],{"id":25070,"_uid":25071,"type":643,"_editable":25072,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"22811602","i-e07b3a05-8b94-4f3b-bb22-ad4d715aa63c","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-e07b3a05-8b94-4f3b-bb22-ad4d715aa63c\", \"id\": \"\"}-->",{"type":647,"attrs":25074,"content":25075},{"level":13022,"textAlign":49},[25076],{"text":25077,"type":585},"Beyond price, what can sodium ion compete in?",{"type":580,"attrs":25079,"content":25080},{"textAlign":49},[25081],{"text":25082,"type":585},"At CATL’s Tech Day 2025 event, the company leaned into the benefits of sodium-ion batteries performance in low temperature environments, demonstrating the performance of its Naxtra batteries at temperatures as low as −40°C.",{"type":580,"attrs":25084,"content":25085},{"textAlign":49},[25086],{"text":25087,"type":585},"“The difficult environment for cost competitiveness means that sodium-ion batteries will have to rely on benefits like this, along with high temperature stability and potential improvements in safety, to build early market demand,” said Rory McNulty, product director for new technology at Benchmark.",{"type":647,"attrs":25089,"content":25090},{"level":13022,"textAlign":49},[25091],{"text":25092,"type":585},"Are sodium ion batteries ready for mass market penetration?",{"type":580,"attrs":25094,"content":25095},{"textAlign":49},[25096],{"text":25097,"type":585},"CATL claims that sodium ion batteries will account for as much as half the demand forecast for LFP by 2030, however Benchmark views this to be an overly bullish outlook.",{"type":580,"attrs":25099,"content":25100},{"textAlign":49},[25101],{"text":25102,"type":585},"Although CATL’s announcement places it as the best performing sodium ion battery from an energy density perspective, there is still a long way to go to reach the 200 Wh/kg target the company has previously set.",{"type":580,"attrs":25104,"content":25105},{"textAlign":49},[25106,25108,25114],{"text":25107,"type":585},"CATL’s Naxtra passenger EV battery will first appear in Changan NEVO vehicles and some GAC EV models using CATL’s Choco-SEB battery swapping platform. It may also replace the 160 Wh/kg sodium ion battery found in ",{"text":25109,"type":585,"marks":25110},"CATL’s Freevoy",[25111],{"type":590,"attrs":25112},{"href":25113,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/catl-releases-freevoy-lithium-sodium-ion-hybrid-battery?_branch_match_id=1544413164524417280&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9y%2BzDI6MNHUsDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAPbFb%2FEgAAAA%3D",{"text":25115,"type":585}," lithium-sodium hybrid battery packs.",{"type":580,"attrs":25117,"content":25118},{"textAlign":49},[25119],{"text":25120,"type":585},"In addition to passenger EV applications, CATL’s Naxtra brand will also include a 24V heavy-duty sodium ion battery, designed to be a longer-lasting replacement to the lead-acid starter battery in trucks. Mass production of that battery is set to begin as early as June this year.",{"type":580,"attrs":25122,"content":25123},{"textAlign":49},[25124],{"text":25125,"type":585},"“If the technology was ready to go mass market, it would be applied as the sole powertrain, rather than as an auxiliary system or in support of lithium-ion battery cells,” McNulty said.","CATL will begin mass production of its next-generation sodium ion batteries for passenger electric vehicle (EV) applications in December this year under the brand name Naxtra. The battery could compete with mid-range lithium iron phosphate (LFP) on an energy density basis, with a purported energy density of 175 Wh/kg. “CATL’s announcement represents one of the […]",[25128],{"slug":9249,"name":9250,"content":25129},{"job_title":9252,"image":25130,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1646ee35-6369-4c1b-8cd2-ac8e6d1d85a6\", \"id\": \"\"}-->",[25133,25134,25135],{"slug":956,"name":957},{"slug":959,"name":960},{"slug":3379,"name":3380},{"id":49,"alt":25137,"name":645,"focus":645,"title":25137,"source":645,"filename":25138,"copyright":645,"fieldtype":701,"meta_data":25139,"is_external_url":51},"Chart titled: CATL's Naxtra sodium ion battery is competitive with mid-range LFP cells. Subtitle: Energy densities (Wh/kg) for sodium ion batteries by select companies","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1745485670/www-production/Sodium-ion-energy-density@2x-5/Sodium-ion-energy-density@2x-5.png?_i=AA",{"alt":25137,"title":25137,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":25141,"copyright":645,"fieldtype":701,"meta_data":25142,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/56ced82eb3/bm-shutterstock-2533509499.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Apr 24, 2025",{"id":25145,"uuid":25146,"name":25147,"slug":25148,"full_slug":25149,"content":25150},112467817012757,"a5dcf5da-6012-4e8a-b259-9f7c65f43a40","In Charts: What impact could tariffs have on battery energy storage system prices in the US?","in-charts-what-impact-could-tariffs-have-on-battery-energy-storage-system-prices-in-the-us","article/in-charts-what-impact-could-tariffs-have-on-battery-energy-storage-system-prices-in-the-us",{"_uid":25151,"date":25152,"tags":25153,"editor":25159,"content":25163,"excerpt":25237,"featured":51,"reporter":25238,"_editable":25242,"component":689,"seo_title":25147,"categories":25243,"visibility":697,"author_company":49,"data_vis_image":25247,"featured_image":25250,"seo_description":25237,"author_full_name":49,"author_job_title":49,"formattedDate":25253},"5ec7f2e3-e863-49fd-8b93-f37bf9a6afac","2025-04-16 00:00",[25154,25155,25156,25157,25158],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":8333,"name":8334},{"slug":561,"name":562},{"slug":13546,"name":13547},[25160],{"slug":9249,"name":9250,"content":25161},{"job_title":9252,"image":25162,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":25164},[25165,25178,25183,25191,25196,25201,25209,25214,25219,25224,25229],{"type":580,"attrs":25166,"content":25167},{"textAlign":49},[25168,25170,25176],{"text":25169,"type":585},"The average price for Chinese battery energy storage systems sold in the US could return to 2022 levels, following ",{"text":25171,"type":585,"marks":25172},"President Trump’s Liberation Day ",[25173],{"type":590,"attrs":25174},{"href":25175,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/the-trade-war-begins-what-does-it-mean-evs-batteries-and-critical-minerals?_branch_match_id=1544413097548700849&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz01Jy%2FXNNQp2Ck6yrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAeEW9WUgAAAA%3D",{"text":25177,"type":585},"tariffs.",{"type":580,"attrs":25179,"content":25180},{"textAlign":49},[25181],{"text":25182,"type":585},"Tariffs on imports of such systems are set to reach nearly 200% next year, with the bulk coming from Trump’s so-called ‘reciprocal tariffs’.",{"type":636,"attrs":25184},{"id":25185,"body":25186},"c7787cb3-19e6-4407-926f-a3523d98fc8b",[25187],{"id":25188,"_uid":25189,"type":643,"_editable":25190,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"22661280","i-1be229dc-2ae8-4c3d-9de7-325cb6de7acc","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-1be229dc-2ae8-4c3d-9de7-325cb6de7acc\", \"id\": \"\"}-->",{"type":647,"attrs":25192,"content":25193},{"level":13022,"textAlign":49},[25194],{"text":25195,"type":585},"How will this impact system prices?",{"type":580,"attrs":25197,"content":25198},{"textAlign":49},[25199],{"text":25200,"type":585},"Assuming the US applies an additional 25% tariff on China for its use of Venezuelan oil, Benchmark and Rho Motion forecast that the average price of a Chinese-made BESS sold in the US could rise above the 2022 average price of $340 per kilowatt-hour reached when lithium prices skyrocketed.",{"type":636,"attrs":25202},{"id":25203,"body":25204},"ad3f8f73-6536-4c0a-9b76-6f62e119c1d1",[25205],{"id":25206,"_uid":25207,"type":643,"_editable":25208,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"22648741","i-ab466686-bc2d-455c-9d79-9e1e5f3157a0","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-ab466686-bc2d-455c-9d79-9e1e5f3157a0\", \"id\": \"\"}-->",{"type":647,"attrs":25210,"content":25211},{"level":13022,"textAlign":49},[25212],{"text":25213,"type":585},"Could the tariffs be absorbed?",{"type":580,"attrs":25215,"content":25216},{"textAlign":49},[25217],{"text":25218,"type":585},"The average price of a BESS made and sold in China at the end of 2024 was close to half the average price of an equivalent Chinese BESS sold in the US. This means there is headroom for BESS producers to absorb some of the costs of the tariffs, but not all.",{"type":647,"attrs":25220,"content":25221},{"level":13022,"textAlign":49},[25222],{"text":25223,"type":585},"Can domestic supply meet demand?",{"type":580,"attrs":25225,"content":25226},{"textAlign":49},[25227],{"text":25228,"type":585},"Although these tariffs will certainly put US-based LFP cell producers in high demand, the country does not have production at a scale sufficient to meet its domestic BESS demand.",{"type":636,"attrs":25230},{"id":25231,"body":25232},"86cfec09-0f4d-4ae9-ac01-f58f32a6bd6b",[25233],{"id":25234,"_uid":25235,"type":643,"_editable":25236,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"22672171","i-106b39cf-40f1-48a4-8a14-12bbae7291ed","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-106b39cf-40f1-48a4-8a14-12bbae7291ed\", \"id\": \"\"}-->","The average price for Chinese battery energy storage systems sold in the US could return to 2022 levels, following President Trump’s Liberation Day tariffs. Tariffs on imports of such systems are set to reach nearly 200% next year, with the bulk coming from Trump’s so-called ‘reciprocal tariffs’. How will this impact system prices? Assuming the […]",[25239],{"slug":9249,"name":9250,"content":25240},{"job_title":9252,"image":25241,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"5ec7f2e3-e863-49fd-8b93-f37bf9a6afac\", \"id\": \"\"}-->",[25244,25245,25246],{"slug":956,"name":957},{"slug":950,"name":951},{"slug":695,"name":696},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":25248,"copyright":645,"fieldtype":701,"meta_data":25249,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1744795784/www-production/BESS-Tariffs@2x/BESS-Tariffs@2x.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":25251,"copyright":645,"fieldtype":701,"meta_data":25252,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/f2d111b22e/bm-shutterstock-2384104795-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Apr 16, 2025",{"id":25255,"uuid":25256,"name":25257,"slug":25258,"full_slug":25259,"content":25260},112467812232723,"4a04eb39-d37e-4163-b178-faf4bbc24f90","US launches Section 232 investigation into critical minerals imports","us-launches-section-232-investigation-into-imports-of-critical-minerals-and-rare-earths","article/us-launches-section-232-investigation-into-imports-of-critical-minerals-and-rare-earths",{"_uid":25261,"date":25152,"tags":25262,"editor":25268,"content":25272,"excerpt":25387,"featured":51,"reporter":25388,"_editable":25392,"component":689,"seo_title":25257,"categories":25393,"visibility":2019,"author_company":49,"data_vis_image":25396,"featured_image":25399,"seo_description":25387,"author_full_name":49,"author_job_title":49,"formattedDate":25253},"97a18e41-0a12-419a-ad53-54fe22f87667",[25263,25264,25265,25266,25267],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":12229,"name":12230},{"slug":561,"name":562},{"slug":13546,"name":13547},[25269],{"slug":9249,"name":9250,"content":25270},{"job_title":9252,"image":25271,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":25273},[25274,25279,25284,25292,25312,25317,25322,25327,25332,25337,25345,25356,25361,25366,25373],{"type":580,"attrs":25275,"content":25276},{"textAlign":49},[25277],{"text":25278,"type":585},"The Trump administration has ordered a probe into imports of processed critical minerals and rare earth elements (REEs), which underpin US national and economic security. This move marks the latest effort to address US supply chain vulnerabilities and reduce strategic dependence on China.",{"type":580,"attrs":25280,"content":25281},{"textAlign":49},[25282],{"text":25283,"type":585},"“The investigation highlights growing US concerns over its reliance on China for processed minerals and REEs, especially amid escalating trade tensions,” said Bryan Bille, principal policy and geopolitical analyst at Benchmark.",{"type":636,"attrs":25285},{"id":25286,"body":25287},"7c5c58b6-1d78-467c-8366-9b73012450d2",[25288],{"id":25289,"_uid":25290,"type":643,"_editable":25291,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"22688067","i-86a480c1-2c27-4407-968d-38f75a8d9abf","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-86a480c1-2c27-4407-968d-38f75a8d9abf\", \"id\": \"\"}-->",{"type":580,"attrs":25293,"content":25294},{"textAlign":49},[25295,25297,25303,25305,25311],{"text":25296,"type":585},"It follows Beijing’s decision to impose export restrictions on medium and heavy REEs and permanent magnets, ",{"text":25298,"type":585,"marks":25299},"critical to US defence technologies",[25300],{"type":590,"attrs":25301},{"href":25302,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/china-tightens-rare-earth-exports-amid-escalating-trade-tensions-with-us?_branch_match_id=1544413107876104904&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWd0suKjQpzTB2Ck6yrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA6W85fkgAAAA%3D",{"text":25304,"type":585},", last week. A Section 232 investigation was previously used by President Trump to impose a 25% global tariff on steel and aluminum, as well as to examine ",{"text":25306,"type":585,"marks":25307},"copper imports earlier this year",[25308],{"type":590,"attrs":25309},{"href":25310,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/president-trump-orders-probe-into-copper-imports?_branch_match_id=1544413120896863169&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWt3CvDIxIzCg3C0qyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAlOQVM0gAAAA%3D",{"text":1538,"type":585},{"type":580,"attrs":25313,"content":25314},{"textAlign":49},[25315],{"text":25316,"type":585},"A final report is expected within 180 days, outlining policy recommendations that could include tariffs and import restrictions on critical minerals and REEs, or expanded federal support for domestic production, processing, and recycling capacity.",{"type":647,"attrs":25318,"content":25319},{"level":13022,"textAlign":49},[25320],{"text":25321,"type":585},"US lacks domestic processing capabilities",{"type":580,"attrs":25323,"content":25324},{"textAlign":49},[25325],{"text":25326,"type":585},"The US has limited capacity for extracting and processing raw materials used in batteries. Imports of key battery inputs— copper, nickel, cobalt, lithium, natural graphite, and synthetic graphite—were valued at  $11.7 billion in 2024, according to Benchmark analysis.",{"type":580,"attrs":25328,"content":25329},{"textAlign":49},[25330],{"text":25331,"type":585},"Chile is a key source of copper and lithium imports, accounting for 70% and 60% of the total imports, respectively. Meanwhile, China is the predominant source of flake and synthetic graphite imports, as well as REEs.",{"type":580,"attrs":25333,"content":25334},{"textAlign":49},[25335],{"text":25336,"type":585},"Even where domestic mining does exist, such as for copper and REEs, the US lacks sufficient processing infrastructure and remains dependent on other countries, particularly China, to upgrade the material.",{"type":636,"attrs":25338},{"id":25339,"body":25340},"cfdec8bf-e5e0-4728-b687-eec5f0a79155",[25341],{"id":25342,"_uid":25343,"type":643,"_editable":25344,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"22690632","i-98d5646a-f8aa-4c16-a9e5-29d8f25600cb","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-98d5646a-f8aa-4c16-a9e5-29d8f25600cb\", \"id\": \"\"}-->",{"type":580,"attrs":25346,"content":25347},{"textAlign":49},[25348,25350],{"text":25349,"type":585},"Tariffs alone will not address structural limitations in the medium to long term. Permitting delays are a major obstacle to bringing new domestic mining and processing capacity online, and have been a ",{"text":25351,"type":585,"marks":25352},"key area of focus for the Trump administration.",[25353],{"type":590,"attrs":25354},{"href":25355,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/trump-executive-order-to-accelerate-us-critical-mineral-push?_branch_match_id=1544413115965890420&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWTy4uiDAzN8o3DkqyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAWldDL0gAAAA%3D",{"type":580,"attrs":25357,"content":25358},{"textAlign":49},[25359],{"text":25360,"type":585},"To de-risk projects and attract private investment, especially in the current low-price, high-volatility environment, additional policy support is needed. This may include government-backed offtake agreements to incentivise domestic processing projects, as well as temporary price support mechanisms.",{"type":580,"attrs":25362,"content":25363},{"textAlign":49},[25364],{"text":25365,"type":585},"Despite efforts to boost local mining, the US will continue to rely on imports of critical minerals to meet growing domestic demand, particularly for nickel, cobalt, and graphite. This underscores the need for expanded investment and diplomatic engagement in foreign strategic mineral projects in resource-rich regions.",{"type":580,"attrs":25367,"content":25368},{"textAlign":49},[25369],{"text":25370,"type":585,"marks":25371},"Benchmark’s Giga USA conference will bring government, industry and finance together in Washington DC to debrief ever-evolving US policy and examine the road ahead for North America’s EV battery supply chain.",[25372],{"type":1992},{"type":580,"attrs":25374,"content":25375},{"textAlign":49},[25376,25383],{"text":25377,"type":585,"marks":25378},"Purchase your Early Bird tickets",[25379,25382],{"type":590,"attrs":25380},{"href":25381,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://benchmarkevents.benchmarkminerals.com/gigausa2025/home",{"type":1992},{"text":25384,"type":585,"marks":25385}," and join us on 3-4 June.",[25386],{"type":1992},"The Trump administration has ordered a probe into imports of processed critical minerals and rare earth elements (REEs), which underpin US national and economic security. This move marks the latest effort to address US supply chain vulnerabilities and reduce strategic dependence on China. “The investigation highlights growing US concerns over its reliance on China for […]",[25389],{"slug":9249,"name":9250,"content":25390},{"job_title":9252,"image":25391,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"97a18e41-0a12-419a-ad53-54fe22f87667\", \"id\": \"\"}-->",[25394,25395],{"slug":1142,"name":1143},{"slug":695,"name":696},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":25397,"copyright":645,"fieldtype":701,"meta_data":25398,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1744815369/www-production/snapshot-1744813914725@2x/snapshot-1744813914725@2x.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":25400,"copyright":645,"fieldtype":701,"meta_data":25401,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/8d36ef7062/bm-exports.jpg",{"alt":645,"title":645,"source":645,"copyright":645},{"id":25403,"uuid":8780,"name":25404,"slug":25405,"full_slug":25406,"content":25407},112467855109830,"In Charts: The Rise of BYD","in-charts-the-rise-of-byd","article/in-charts-the-rise-of-byd",{"_uid":25408,"date":25409,"live":50,"tags":25410,"editor":25414,"content":25418,"excerpt":25441,"featured":50,"reporter":25442,"_editable":25446,"component":689,"seo_title":25404,"categories":25447,"visibility":697,"author_company":645,"data_vis_image":25453,"featured_image":25456,"seo_description":25459,"author_full_name":645,"author_job_title":645,"formattedDate":25460},"2cfce87e-4e2d-4b69-a665-3fcb222705ae","2025-04-04 00:00",[25411,25412,25413],{"slug":1294,"name":1295},{"slug":720,"name":721},{"slug":564,"name":565},[25415],{"slug":1466,"name":1467,"content":25416},{"job_title":1469,"image":25417,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":25419},[25420,25425,25430,25432,25439],{"type":580,"attrs":25421,"content":25422},{"textAlign":49},[25423],{"text":25424,"type":585},"BYD stock has increased 32% so far this year and the its annual sales have topped $100 billion for the first time.",{"type":580,"attrs":25426,"content":25427},{"textAlign":49},[25428],{"text":25429,"type":585},"This interactive chart-based story uses data sourced from across the Benchmark and Rho Motion’s suite of products to explore the rise of BYD.",{"type":580,"attrs":25431},{"textAlign":49},{"type":636,"attrs":25433},{"id":25434,"body":25435},"975e069d-8d21-4bb5-bff3-8cc2e189df77",[25436],{"id":25437,"_uid":25438,"type":595,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"3016429","i-fa3890a9-ad58-453e-aa5a-006077948e96",{"type":580,"attrs":25440},{"textAlign":49},"BYD stock has increased 32% so far this year and the its annual sales have topped $100 billion for the first time. This interactive chart-based story uses data sourced from across the Benchmark and Rho Motion’s suite of products to explore the rise of BYD.",[25443],{"slug":1466,"name":1467,"content":25444},{"job_title":1469,"image":25445,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"2cfce87e-4e2d-4b69-a665-3fcb222705ae\", \"id\": \"\"}-->",[25448,25449,25450,25451,25452],{"slug":956,"name":957},{"slug":959,"name":960},{"slug":2623,"name":298},{"slug":692,"name":693},{"slug":3379,"name":3380},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":25454,"copyright":645,"fieldtype":701,"meta_data":25455,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1743778736/www-production/BYD-Tesla-and-all-by-battery-maker@2x/BYD-Tesla-and-all-by-battery-maker@2x.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":25457,"copyright":645,"fieldtype":701,"meta_data":25458,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/69428aff9b/bm-byd-car-factory-2.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"BYD stock has increased 32% so far this year and the its annual sales have topped $100 billion for the first time. This interactive chart-based story uses data sourced from across the Benchmark and Rho Motion’s suite of products to explore the rise of BYD","Apr 04, 2025",{"id":25462,"uuid":25463,"name":25464,"slug":25465,"full_slug":25466,"content":25467},112467864743988,"f77c9596-51e0-44aa-a15b-40a82917ea97","In Charts:  How much must battery mineral supply grow to meet demand?","in-charts-how-much-must-battery-mineral-supply-grow-to-meet-demand","article/in-charts-how-much-must-battery-mineral-supply-grow-to-meet-demand",{"_uid":25468,"date":25469,"tags":25470,"editor":25472,"content":25476,"excerpt":25539,"featured":51,"reporter":25540,"_editable":25544,"component":689,"seo_title":25464,"categories":25545,"visibility":697,"author_company":49,"data_vis_image":25552,"featured_image":25555,"seo_description":25539,"author_full_name":49,"author_job_title":49,"formattedDate":25558},"b0ed3c1b-3602-4046-a9a0-260b552b8b69","2025-04-02 00:00",[25471],{"slug":564,"name":565},[25473],{"slug":9249,"name":9250,"content":25474},{"job_title":9252,"image":25475,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":25477},[25478,25483,25488,25496,25501,25506,25511,25516,25521,25529,25534],{"type":580,"attrs":25479,"content":25480},{"textAlign":49},[25481],{"text":25482,"type":585},"Global lithium supply will need to nearly quadruple to meet battery demand projections by 2040, the latest analysis from Benchmark shows. ",{"type":580,"attrs":25484,"content":25485},{"textAlign":49},[25486],{"text":25487,"type":585},"Synthetic graphite and lithium will require the highest absolute growth during the forecast period, while high-purity manganese sulfate (HPMSM) will require the most significant relative expansion by 2030.",{"type":636,"attrs":25489},{"id":25490,"body":25491},"2ebfb2fd-97b7-408e-bc69-ad35e056aa76",[25492],{"id":25493,"_uid":25494,"type":643,"_editable":25495,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21117373","i-81eb87fb-79f5-49e3-b525-6b63984fed83","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-81eb87fb-79f5-49e3-b525-6b63984fed83\", \"id\": \"\"}-->",{"type":580,"attrs":25497,"content":25498},{"textAlign":49},[25499],{"text":25500,"type":585},"All battery mineral markets are due to be transformed as miners race to meet demand projections over the coming decade. Rapidly rising global electric vehicle (EV) adoption rates and the build out of stationary storage (BESS) infrastructure, to support the global energy transition, are set to accelerate battery demand growth over the forecast period.",{"type":580,"attrs":25502,"content":25503},{"textAlign":49},[25504],{"text":25505,"type":585},"However, the current low-price environment is disincentivising upstream investment in new supply and leading miners to curtail production at existing mines, particularly in the West, creating future supply risk that could complicate supply growth trajectories.",{"type":647,"attrs":25507,"content":25508},{"level":13022,"textAlign":49},[25509],{"text":25510,"type":585},"Where will new supply come from?",{"type":580,"attrs":25512,"content":25513},{"textAlign":49},[25514],{"text":25515,"type":585},"Each battery raw material has a unique supply profile—requiring investment in different resource-rich corners of the globe. Despite the Democratic Republic of Congo (DRC) capturing the lion’s share of global cobalt supply (76% in 2024), Indonesia is set to be the largest source of incremental cobalt supply growth (52% of total supply growth) through to 2035. ",{"type":580,"attrs":25517,"content":25518},{"textAlign":49},[25519],{"text":25520,"type":585},"Likewise, Indonesia will be the major source of total nickel incremental supply growth (82%), while supply additions in the lithium market will be more geographically spread across different regions, with Argentina (17%), the US (16%), and China (14%) leading the pack.",{"type":636,"attrs":25522},{"id":25523,"body":25524},"07500e7a-453f-44b2-9ec4-54affef4d352",[25525],{"id":25526,"_uid":25527,"type":643,"_editable":25528,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21146611","i-34197782-773f-4c73-8e5f-7faee6ca4f23","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-34197782-773f-4c73-8e5f-7faee6ca4f23\", \"id\": \"\"}-->",{"type":580,"attrs":25530,"content":25531},{"textAlign":49},[25532],{"text":25533,"type":585},"China is set to compose the largest share of incremental supply growth for natural graphite (28%), synthetic graphite (77%), and high purity manganese sulphate (55%). ",{"type":580,"attrs":25535,"content":25536},{"textAlign":49},[25537],{"text":25538,"type":585},"As China grows its share of supply in these markets, it will pose supply security challenges for the European Union (EU) and the US, both of which are undergoing wide-ranging critical mineral supply chain de-risking efforts.","Global lithium supply will need to nearly quadruple to meet battery demand projections by 2040, the latest analysis from Benchmark shows. Synthetic graphite and lithium will require the highest absolute growth during the forecast period, while high-purity manganese sulfate (HPMSM) will require the most significant relative expansion by 2030. All battery mineral markets are due […]",[25541],{"slug":9249,"name":9250,"content":25542},{"job_title":9252,"image":25543,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b0ed3c1b-3602-4046-a9a0-260b552b8b69\", \"id\": \"\"}-->",[25546,25547,25548,25549,25550,25551],{"slug":2544,"name":115},{"slug":1142,"name":1143},{"slug":2627,"name":2628},{"slug":1693,"name":8},{"slug":4962,"name":4963},{"slug":2553,"name":150},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":25553,"copyright":645,"fieldtype":701,"meta_data":25554,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1743612569/www-production/Briefing-and-resources-Supply-growth-Index@2x/Briefing-and-resources-Supply-growth-Index@2x.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":25556,"copyright":645,"fieldtype":701,"meta_data":25557,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d0a32e42e2/bm-lithium-mine.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Apr 02, 2025",{"id":25560,"uuid":7562,"name":25561,"slug":25562,"full_slug":25563,"content":25564},112467879284793,"EU strategic projects could help progress on CRMA goals","eu-strategic-projects-could-help-progress-on-crma-goals","article/eu-strategic-projects-could-help-progress-on-crma-goals",{"_uid":25565,"date":25566,"tags":25567,"editor":25573,"content":25577,"excerpt":25730,"featured":51,"reporter":25731,"_editable":25735,"component":689,"seo_title":25561,"categories":25736,"visibility":697,"author_company":49,"data_vis_image":25744,"featured_image":25747,"seo_description":25730,"author_full_name":49,"author_job_title":49,"formattedDate":25750},"ef30b310-cc07-4d28-ae2f-cefc0a75239d","2025-03-27 00:00",[25568,25569,25570,25571,25572],{"slug":7392,"name":7393},{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":1303,"name":1304},{"slug":13546,"name":13547},[25574],{"slug":1466,"name":1467,"content":25575},{"job_title":1469,"image":25576,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":25578},[25579,25592,25597,25610,25631,25639,25644,25649,25654,25666,25671,25676,25681,25689,25694,25699,25712,25717],{"type":580,"attrs":25580,"content":25581},{"textAlign":49},[25582,25584,25590],{"text":25583,"type":585},"Benchmark’s analysis shows that with the ",{"text":25585,"type":585,"marks":25586},"exception of lithium",[25587],{"type":590,"attrs":25588},{"href":25589,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/europes-lithium-chemical-production-far-exceeds-its-mined-supply?_branch_match_id=1544412961741859729&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz%2FdODjfKzYkwCUqyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAzjU%2F30gAAAA%3D",{"text":25591,"type":585}," and nickel mining, the European Union is forecast to fall short of the 2030 domestic battery mineral goals laid out in its Critical Raw Materials Act (CRMA).",{"type":580,"attrs":25593,"content":25594},{"textAlign":49},[25595],{"text":25596,"type":585},"This comes as Brussels announced this week a list of 47 projects it has deemed strategic in helping the bloc improve domestic sourcing of critical minerals. Of these, 31 pertain to battery minerals either in the extraction, processing or recycling stage.",{"type":580,"attrs":25598,"content":25599},{"textAlign":49},[25600,25602,25608],{"text":25601,"type":585},"These projects will benefit from “",{"text":25603,"type":585,"marks":25604},"streamlined permitting",[25605],{"type":590,"attrs":25606},{"href":25607,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/eu-plans-support-for-automakers-with-contentious-regulatory-shake-up?_branch_match_id=1544412969696122396&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWD8twLffNcI4wCUqyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAT77%2FFEgAAAA%3D",{"text":25609,"type":585},"”, in which the permit-granting process will take no more than 27 months for extraction projects and no more than 15 months for processing and recycling projects.",{"type":580,"attrs":25611,"content":25612},{"textAlign":49},[25613,25615,25621,25623,25629],{"text":25614,"type":585},"“Critical raw materials play a central role in the EU Commission’s policy agenda to boost ",{"text":25616,"type":585,"marks":25617},"European green industrial competitiveness",[25618],{"type":590,"attrs":25619},{"href":25620,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/eu-sets-out-economic-competitiveness-plan?_branch_match_id=1544412946562643763&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWD80rcS0vK4gwCUqyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAZ2LkQkgAAAA%3D",{"text":25622,"type":585}," and bridge the gap with ",{"text":25624,"type":585,"marks":25625},"countries like China",[25626],{"type":590,"attrs":25627},{"href":25628,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/can-us-and-european-policy-tackle-chinas-ev-dominance?_branch_match_id=1544412954113225776&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWd%2FINd00MDAk3CUqyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUATv5aIUgAAAA%3D",{"text":25630,"type":585},". These strategic projects are an important step to secure domestic CRM supply to bolster CRM supply security,” said Bryan Bille, a policy and geoeconomics analyst at Benchmark.",{"type":636,"attrs":25632},{"id":25633,"body":25634},"4cc9d474-3708-4b41-945e-0e23ac3c3af0",[25635],{"id":25636,"_uid":25637,"type":643,"_editable":25638,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"22304755","i-aae2aa24-3a78-4e24-8392-c4a3248223e6","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-aae2aa24-3a78-4e24-8392-c4a3248223e6\", \"id\": \"\"}-->",{"type":580,"attrs":25640,"content":25641},{"textAlign":49},[25642],{"text":25643,"type":585},"The EU expects the selected projects to require an overall capital investment of €22.5 billion ($24.3 billion), from both public and private sources. The projects will have access to “coordinated support” on finance and connecting with off-takers.",{"type":647,"attrs":25645,"content":25646},{"level":13022,"textAlign":49},[25647],{"text":25648,"type":585},"How do the projects support the EU’s goals?",{"type":580,"attrs":25650,"content":25651},{"textAlign":49},[25652],{"text":25653,"type":585},"The strategic projects have been selected as the EU has assessed them as playing a key role in the bloc meeting the targets laid out in the Critical Raw Materials Act.",{"type":580,"attrs":25655,"content":25656},{"textAlign":49},[25657,25659,25665],{"text":25658,"type":585},"This Act aims for the bloc to support 10% of its critical minerals demand in 2030 through domestic mining, 40% through domestic processing and ",{"text":25660,"type":585,"marks":25661},"25% through recycling",[25662],{"type":590,"attrs":25663},{"href":25664,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/eu-classifies-black-mass-as-hazardous-waste-to-reduce-critical-mineral-leakage?_branch_match_id=1544412927820896521&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWL8%2BwdDYPiww3CUqyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAscplP0gAAAA%3D",{"text":1538,"type":585},{"type":580,"attrs":25667,"content":25668},{"textAlign":49},[25669],{"text":25670,"type":585},"Benchmark forecasts that the EU is currently on track to achieve this target for mined lithium and nickel, but is set to fall short on the other battery minerals and stages of the value chain.",{"type":580,"attrs":25672,"content":25673},{"textAlign":49},[25674],{"text":25675,"type":585},"However, supporting the strategic projects announced this week could significantly boost progress towards the goals.",{"type":580,"attrs":25677,"content":25678},{"textAlign":49},[25679],{"text":25680,"type":585},"The EU claims that the strategic projects announced this week will enable it to meet many of these goals. For example, the EU says that the nickel projects are expected to contribute over 40% of the bloc’s mined and processed nickel demands.",{"type":636,"attrs":25682},{"id":25683,"body":25684},"6530ced2-a205-45bb-86a9-3bab94aee8ce",[25685],{"id":25686,"_uid":25687,"type":643,"_editable":25688,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"22303476","i-3f6cc40c-8b33-470b-ac2f-b3edfff23c5e","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-3f6cc40c-8b33-470b-ac2f-b3edfff23c5e\", \"id\": \"\"}-->",{"type":647,"attrs":25690,"content":25691},{"level":13022,"textAlign":49},[25692],{"text":25693,"type":585},"What about non-domestic strategic projects?",{"type":580,"attrs":25695,"content":25696},{"textAlign":49},[25697],{"text":25698,"type":585},"The CRMA also set out a goal that the EU should be less than 65% reliant on a single country to meet the demand for any one of the critical minerals.",{"type":580,"attrs":25700,"content":25701},{"textAlign":49},[25702,25704,25710],{"text":25703,"type":585},"To meet this goal will require that the EU sources ",{"text":25705,"type":585,"marks":25706},"minerals from outside of member countries",[25707],{"type":590,"attrs":25708},{"href":25709,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/mercosur-trade-pact-promises-to-boost-eu-critical-mineral-supply-chains?_branch_match_id=1544412974191769585&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWj3QLc8z1Nww3CUqyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAjEm3sUgAAAA%3D",{"text":25711,"type":585},", especially for cobalt in which the Democratic Republic of Congo (DRC) is the major supplier of mined material and China dominates in the processing.",{"type":580,"attrs":25713,"content":25714},{"textAlign":49},[25715],{"text":25716,"type":585},"“The EU will need to get non-EU supply to reach the production targets, especially for minerals like cobalt,” Bille said. “So this underlines the importance of the non-EU strategic projects which are not public yet.”",{"type":580,"attrs":25718,"content":25719},{"textAlign":49},[25720,25722,25728],{"text":25721,"type":585},"The European Commission says it received 46 applications for ",{"text":25723,"type":585,"marks":25724},"strategic projects outside of the EU",[25725],{"type":590,"attrs":25726},{"href":25727,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/will-the-eu-copy-chinas-playbook-on-foreign-investments?_branch_match_id=1544412936835999706&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWdw7x805OyoswCUqyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAdV4zRkgAAAA%3D",{"text":25729,"type":585}," and the decision on these will be made at a later stage.","Benchmark’s analysis shows that with the exception of lithium and nickel mining, the European Union is forecast to fall short of the 2030 domestic battery mineral goals laid out in its Critical Raw Materials Act (CRMA). This comes as Brussels announced this week a list of 47 projects it has deemed strategic in helping the […]",[25732],{"slug":1466,"name":1467,"content":25733},{"job_title":1469,"image":25734,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ef30b310-cc07-4d28-ae2f-cefc0a75239d\", \"id\": \"\"}-->",[25737,25738,25739,25740,25741,25742,25743],{"slug":2544,"name":115},{"slug":1142,"name":1143},{"slug":695,"name":696},{"slug":2627,"name":2628},{"slug":1693,"name":8},{"slug":4962,"name":4963},{"slug":2553,"name":150},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":25745,"copyright":645,"fieldtype":701,"meta_data":25746,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1743081753/www-production/CRMA-Q1-2025@2x-3/CRMA-Q1-2025@2x-3.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":25748,"copyright":645,"fieldtype":701,"meta_data":25749,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/3bf7ca4792/bm-p066188-843164-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Mar 27, 2025",{"id":25752,"uuid":25753,"name":25754,"slug":25755,"full_slug":25756,"content":25757},112467884191802,"612b4180-5bc2-4b15-8467-547ff55811d0","Chart: Can the US meet its critical mineral needs domestically?","chart-can-the-us-meet-its-critical-mineral-needs-domestically","article/chart-can-the-us-meet-its-critical-mineral-needs-domestically",{"_uid":25758,"date":25759,"tags":25760,"editor":25764,"content":25768,"excerpt":25926,"featured":51,"reporter":25927,"_editable":25931,"component":689,"seo_title":25754,"categories":25932,"visibility":2019,"author_company":49,"data_vis_image":25942,"featured_image":25945,"seo_description":25926,"author_full_name":49,"author_job_title":49,"formattedDate":25948},"4bbe731d-0826-4bb2-b5a5-bc19a248db50","2025-03-26 00:00",[25761,25762,25763],{"slug":564,"name":565},{"slug":561,"name":562},{"slug":13546,"name":13547},[25765],{"slug":9249,"name":9250,"content":25766},{"job_title":9252,"image":25767,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":25769},[25770,25775,25794,25807,25812,25820,25825,25838,25851,25872,25877,25882,25904],{"type":580,"attrs":25771,"content":25772},{"textAlign":49},[25773],{"text":25774,"type":585},"Benchmark analysis shows that the US will fall short of meeting most of its critical mineral needs, even if all announced projects come online as planned.",{"type":580,"attrs":25776,"content":25777},{"textAlign":49},[25778,25780,25785,25787,25793],{"text":25779,"type":585},"Especially in ",{"text":2544,"type":585,"marks":25781},[25782],{"type":590,"attrs":25783},{"href":25784,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/us-government-progresses-north-american-cobalt-supply-chain-with-20-million-award-to-canadas-electra-battery-materials?_branch_match_id=1544412904548151979&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWTwsvCvV2CszxDEyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA4p2OzUgAAAA%3D",{"text":25786,"type":585},", nickel and graphite, the US needs significantly more investment if it is to meet a greater proportion of its ",{"text":25788,"type":585,"marks":25789},"needs domestically",[25790],{"type":590,"attrs":25791},{"href":25792,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/could-trump-pursue-friendshoring-to-counter-china?_branch_match_id=1544412896883005043&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWd6nITDXJsMw3DkqyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAwqIVnEgAAAA%3D",{"text":1538,"type":585},{"type":580,"attrs":25795,"content":25796},{"textAlign":49},[25797,25799,25805],{"text":25798,"type":585},"This comes as US President Donald Trump is placing critical minerals under an ever stronger spotlight with the ",{"text":25800,"type":585,"marks":25801},"Executive Order he signed earlier in March",[25802],{"type":590,"attrs":25803},{"href":25804,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/trump-executive-order-to-accelerate-us-critical-mineral-push?_branch_match_id=1544412884392183655&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWTy4uiDAzN8o3DkqyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAWldDL0gAAAA%3D",{"text":25806,"type":585}," to speed up permitting and accelerate public and private investments.",{"type":580,"attrs":25808,"content":25809},{"textAlign":49},[25810],{"text":25811,"type":585},"“The Executive Order injects much-needed momentum into US critical mineral production,” said Andrew Miller, Benchmark’s chief executive. “But in addition to accelerating project development, the US needs to grow the supply pipeline itself to truly reduce import dependence.”",{"type":636,"attrs":25813},{"id":25814,"body":25815},"174b20e8-ad19-46e0-9eb6-c502ffe2e415",[25816],{"id":25817,"_uid":25818,"type":643,"_editable":25819,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"22294383","i-21e3bdc4-3153-4107-91f5-c4f40a3ae7a2","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-21e3bdc4-3153-4107-91f5-c4f40a3ae7a2\", \"id\": \"\"}-->",{"type":647,"attrs":25821,"content":25822},{"level":13022,"textAlign":49},[25823],{"text":25824,"type":585},"What role can policy play?",{"type":580,"attrs":25826,"content":25827},{"textAlign":49},[25828,25830,25836],{"text":25829,"type":585},"In the US, the last five years have been especially active on the ",{"text":25831,"type":585,"marks":25832},"policy front",[25833],{"type":590,"attrs":25834},{"href":25835,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/trump-2-0-us-election-policy-implications-for-the-ev-supply-chain?_branch_match_id=1544412892500228395&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWzwoyz0tON83xDEyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAISoTAEgAAAA%3D",{"text":25837,"type":585}," for promoting domestic critical mineral exploration and production.",{"type":580,"attrs":25839,"content":25840},{"textAlign":49},[25841,25843,25849],{"text":25842,"type":585},"The Biden Administration’s ",{"text":25844,"type":585,"marks":25845},"Inflation Reduction Act",[25846],{"type":590,"attrs":25847},{"href":25848,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/biden-administration-raced-to-protect-clean-energy-loans?_branch_match_id=1544412914012291477&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBMQ6AIAwF0BvBbmIcOIGOLgZMpQ1QyIfg5tl9j8dofbE2kN5cPFIRJfjcjW%2FNZNFkj3kiynR1D9sHeggQjVdAfTthdYxa6AcRMg%2BjSAAAAA%3D%3D",{"text":25850,"type":585}," and Bipartisan Infrastructure Law offered grants, loans and tax incentives for many projects along the battery supply chain.",{"type":580,"attrs":25852,"content":25853},{"textAlign":49},[25854,25856,25862,25864,25870],{"text":25855,"type":585},"Although the ",{"text":25857,"type":585,"marks":25858},"Trump Administration",[25859],{"type":590,"attrs":25860},{"href":25861,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/what-do-president-trumps-executive-orders-mean-for-critical-minerals?_branch_match_id=1544412879872573872&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBQQqAIBAF0BvpPoiQtm3qAqHxS1Fn5Cu06%2By9F8dofbI2QK5YPXNNAvrSjW%2FNlCTZEuq2Q5zuYfmIG2SS5wzUt4PzGqkVP3Bw9cVIAAAA",{"text":25863,"type":585}," is looking to dismantle some aspects of these laws, it is still ",{"text":25865,"type":585,"marks":25866},"pursuing the overall aim",[25867],{"type":590,"attrs":25868},{"href":25869,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/opinion-election-plot-twist-trump-and-musk-to-oversee-great-us-battery-boom-in-red-states?_branch_match_id=1544412909519961537&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWtzAMcw0KSMo28E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAA%2BDsVEgAAAA%3D",{"text":25871,"type":585}," of improving supply chain security. In comparison to Biden’s policies, Trump’s have a stronger focus on the upstream elements of the supply chain.",{"type":580,"attrs":25873,"content":25874},{"textAlign":49},[25875],{"text":25876,"type":585},"The Executive Order passed earlier this month, invokes the Defense Production Act to provide funding support for domestic critical mineral projects. It also aims to expedite the permitting process.",{"type":580,"attrs":25878,"content":25879},{"textAlign":49},[25880],{"text":25881,"type":585},"However, although permitting is a key bottle neck for scaling critical mineral projects in the US, resolving those issues is not a panacea given that most critical minerals in the US are in a deficit even if all announced projects come online as planned.",{"type":580,"attrs":25883,"content":25884},{"textAlign":49},[25885,25888,25892,25896,25900],{"text":12270,"type":585,"marks":25886},[25887],{"type":1992},{"text":25889,"type":585,"marks":25890},"Giga USA 2025",[25891],{"type":1992},{"text":25893,"type":585,"marks":25894},", taking place ",[25895],{"type":1992},{"text":25897,"type":585,"marks":25898},"3-4 June in Washington, D.C.",[25899],{"type":1992},{"text":25901,"type":585,"marks":25902},", we will be joined by policymakers shaping critical legislation, industry leaders spearheading innovation, and investors fuelling domestic growth, united in the mission to strengthen the North American battery supply chain.",[25903],{"type":1992},{"type":580,"attrs":25905,"content":25906},{"textAlign":49},[25907,25914,25918,25922],{"text":25908,"type":585,"marks":25909},"Register now",[25910,25913],{"type":590,"attrs":25911},{"href":25912,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://benchmarkevents.benchmarkminerals.com/gigausa25",{"type":1992},{"text":25915,"type":585,"marks":25916}," with our Early Bird offer",[25917],{"type":1992},{"text":25919,"type":585,"marks":25920},", available until ",[25921],{"type":1992},{"text":25923,"type":585,"marks":25924},"April 25th.",[25925],{"type":1992},"Benchmark analysis shows that the US will fall short of meeting most of its critical mineral needs, even if all announced projects come online as planned. Especially in cobalt, nickel and graphite, the US needs significantly more investment if it is to meet a greater proportion of its needs domestically. This comes as US President […]",[25928],{"slug":9249,"name":9250,"content":25929},{"job_title":9252,"image":25930,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4bbe731d-0826-4bb2-b5a5-bc19a248db50\", \"id\": \"\"}-->",[25933,25934,25935,25936,25937,25938,25939,25940,25941],{"slug":2544,"name":115},{"slug":1142,"name":1143},{"slug":695,"name":696},{"slug":2627,"name":2628},{"slug":1693,"name":8},{"slug":4962,"name":4963},{"slug":2553,"name":150},{"slug":2897,"name":2898},{"slug":2900,"name":414},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":25943,"copyright":645,"fieldtype":701,"meta_data":25944,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1743000967/www-production/US-CRM-s_d@2x-5/US-CRM-s_d@2x-5.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":25946,"copyright":645,"fieldtype":701,"meta_data":25947,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5769cb7e5e/bm-p20250207dt-0103-54325856884-o-9b3947-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Mar 26, 2025",{"id":25950,"uuid":7540,"name":25951,"slug":25952,"full_slug":25953,"content":25954},112467917820077,"EU classifies black mass as hazardous waste to reduce critical mineral leakage","eu-classifies-black-mass-as-hazardous-waste-to-reduce-critical-mineral-leakage","article/eu-classifies-black-mass-as-hazardous-waste-to-reduce-critical-mineral-leakage",{"_uid":25955,"date":25956,"tags":25957,"editor":25962,"content":25966,"excerpt":26086,"featured":50,"reporter":26087,"_editable":26091,"component":689,"seo_title":25951,"categories":26092,"visibility":697,"author_company":49,"data_vis_image":26096,"featured_image":26099,"seo_description":26086,"author_full_name":49,"author_job_title":49,"formattedDate":26102},"db9549e5-6828-4fc3-b5f3-1a3940544cf4","2025-03-18 00:00",[25958,25959,25960,25961],{"slug":7745,"name":373},{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":1303,"name":1304},[25963],{"slug":1466,"name":1467,"content":25964},{"job_title":1469,"image":25965,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":25967},[25968,25988,26000,26012,26020,26025,26030,26038,26043,26048,26053,26058,26063,26068,26076,26081],{"type":580,"attrs":25969,"content":25970},{"textAlign":49},[25971,25973,25978,25980,25986],{"text":25972,"type":585},"Black mass will be categorised as a hazardous waste in the ",{"text":1304,"type":585,"marks":25974},[25975],{"type":590,"attrs":25976},{"href":25977,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/bmw-partners-with-sk-for-battery-recycling-in-europe?_branch_match_id=1544412814191959724&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBQQqAIBQFwBvpPogWXiBatgmNZ4r6ladgq87eTBij9UVrB7lDsUwlCmhzV7Y1laMkbV5iDn%2Fuh9s%2BwoOM8lyOdXZwNYG14Acx6DVESAAAAA%3D%3D",{"text":25979,"type":585}," following the bloc’s decision to update the List of Waste as part of its recent ",{"text":25981,"type":585,"marks":25982},"industrial strategy for the automotive sector",[25983],{"type":590,"attrs":25984},{"href":25985,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/eu-plans-support-for-automakers-with-contentious-regulatory-shake-up?_branch_match_id=1544412801057994017&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWdws1Nyl2rXB3DUqyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAohyn30gAAAA%3D",{"text":25987,"type":585},". Under the Basel Convention hazardous waste can only be exported to OECD countries.",{"type":580,"attrs":25989,"content":25990},{"textAlign":49},[25991,25993,25998],{"text":25992,"type":585},"This change unifies how ",{"text":7521,"type":585,"marks":25994},[25995],{"type":590,"attrs":25996},{"href":25997,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/what-is-black-mass-and-how-is-it-priced?_branch_match_id=1544412796603544133&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWtywJCInIrsgx9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAEusdjkgAAAA%3D",{"text":25999,"type":585}," is handled as previously the material was shipped as both a product and a waste depending on the country, seller and quality of material.",{"type":580,"attrs":26001,"content":26002},{"textAlign":49},[26003,26005,26010],{"text":26004,"type":585},"However, although this brings clarity, ",{"text":1292,"type":585,"marks":26006},[26007],{"type":590,"attrs":26008},{"href":26009,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/is-europe-ambitious-enough-on-recycling?_branch_match_id=1544412806262832205&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWzy91Myx3KjctCUiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAP09e7kgAAAA%3D",{"text":26011,"type":585}," has a large overcapacity of pre-treatment facilities, which produce black mass, and insufficient capacity for refining that material into battery chemicals.",{"type":636,"attrs":26013},{"id":26014,"body":26015},"097477bc-09f1-4868-8fc4-10a1ef6b5ef6",[26016],{"id":26017,"_uid":26018,"type":643,"_editable":26019,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"22172038","i-d7aa6b43-fe68-4147-bd86-1342022d8fde","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-d7aa6b43-fe68-4147-bd86-1342022d8fde\", \"id\": \"\"}-->",{"type":580,"attrs":26021,"content":26022},{"textAlign":49},[26023],{"text":26024,"type":585},"The implementation of the waste codes will take place over 18 months to give industry sufficient time to prepare.",{"type":647,"attrs":26026,"content":26027},{"level":13022,"textAlign":49},[26028],{"text":26029,"type":585},"How could changing the black mass classification impact prices?",{"type":636,"attrs":26031},{"id":26032,"body":26033},"0df78fc5-c336-4052-9277-7c9a31b0bb81",[26034],{"id":26035,"_uid":26036,"type":643,"_editable":26037,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"22054486","i-4b747510-1635-480e-b348-ca2e9882ffdd","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-4b747510-1635-480e-b348-ca2e9882ffdd\", \"id\": \"\"}-->",{"type":580,"attrs":26039,"content":26040},{"textAlign":49},[26041],{"text":26042,"type":585},"“European black mass payables remain in a bifurcated state, with product-classified material trading at a premium to waste-classified black mass primarily due to greater ease in shipping this material,” said Frederick Bloomfield, a black mass pricing analyst at Benchmark.",{"type":580,"attrs":26044,"content":26045},{"textAlign":49},[26046],{"text":26047,"type":585},"As such, classifying all black mass as waste will likely result in European black mass trading at overall lower payables.",{"type":580,"attrs":26049,"content":26050},{"textAlign":49},[26051],{"text":26052,"type":585},"Further, given the restriction of exports to OECD countries, there could be further downward pressure on payables as fewer buyers vie for material. ",{"type":647,"attrs":26054,"content":26055},{"level":13022,"textAlign":49},[26056],{"text":26057,"type":585},"What is the state of Europe’s recycling industry?",{"type":580,"attrs":26059,"content":26060},{"textAlign":49},[26061],{"text":26062,"type":585},"The majority of recycling facilities in Europe are set up to produce black mass from waste batteries, but not to process this material further. As such, most black mass produced in Europe is still likely to be exported to Asia.",{"type":580,"attrs":26064,"content":26065},{"textAlign":49},[26066],{"text":26067,"type":585},"“From the buy-side market participants have expressed apprehension towards the Commission’s update to HS codes due to the EU’s current lack of black mass refining capacity,” Bloomfield said.",{"type":636,"attrs":26069},{"id":26070,"body":26071},"064bd020-bdd4-4ccd-8cb5-3f8a7e76da2e",[26072],{"id":26073,"_uid":26074,"type":643,"_editable":26075,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"22110886","i-45085ad7-e5fb-4d20-ae68-59a35a6f4578","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-45085ad7-e5fb-4d20-ae68-59a35a6f4578\", \"id\": \"\"}-->",{"type":580,"attrs":26077,"content":26078},{"textAlign":49},[26079],{"text":26080,"type":585},"Within the policy documentation, the European Commission is yet to provide a chemical definition of black mass to provide clarity as to when it becomes a product.",{"type":580,"attrs":26082,"content":26083},{"textAlign":49},[26084],{"text":26085,"type":585},"“The ambiguity is leading to uncertainty amongst some recyclers regarding the classification of certain recycled intermediates,” Bloomfield said. “Chemical content definitions similar to that set to be adopted in China could make it more watertight.”","Black mass will be categorised as a hazardous waste in the European Union following the bloc’s decision to update the List of Waste as part of its recent industrial strategy for the automotive sector. Under the Basel Convention hazardous waste can only be exported to OECD countries. This change unifies how black mass is handled […]",[26088],{"slug":1466,"name":1467,"content":26089},{"job_title":1469,"image":26090,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"db9549e5-6828-4fc3-b5f3-1a3940544cf4\", \"id\": \"\"}-->",[26093,26094,26095],{"slug":1142,"name":1143},{"slug":7742,"name":7743},{"slug":14595,"name":14596},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":26097,"copyright":645,"fieldtype":701,"meta_data":26098,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1742301250/www-production/European-blackmass-price-payables@2x-2/European-blackmass-price-payables@2x-2.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":26100,"copyright":645,"fieldtype":701,"meta_data":26101,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1bfd16bc38/bm-p90581208-highres.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Mar 18, 2025",{"id":26104,"uuid":26105,"name":26106,"slug":26107,"full_slug":26108,"content":26109},112467922718894,"4fd0ab97-e39f-4be7-b872-2ada836dc365","Even the slowest adopting group of provinces in China sees strong EV uptake","even-the-slowest-adopting-group-of-provinces-in-china-sees-strong-ev-uptake","article/even-the-slowest-adopting-group-of-provinces-in-china-sees-strong-ev-uptake",{"_uid":26110,"date":26111,"tags":26112,"editor":26117,"content":26121,"excerpt":26238,"featured":50,"reporter":26239,"_editable":26243,"component":689,"seo_title":26106,"categories":26244,"visibility":697,"author_company":49,"data_vis_image":26248,"featured_image":26251,"seo_description":26238,"author_full_name":49,"author_job_title":49,"formattedDate":26253},"196a36ae-b563-47bb-ae20-0bcf34859927","2025-03-14 00:00",[26113,26114,26115,26116],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":4096,"name":4097},{"slug":13546,"name":13547},[26118],{"slug":9249,"name":9250,"content":26119},{"job_title":9252,"image":26120,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":26122},[26123,26142,26154,26159,26167,26172,26177,26182,26187,26195,26200,26205,26210,26218,26223,26228,26233],{"type":580,"attrs":26124,"content":26125},{"textAlign":49},[26126,26128,26134,26135,26141],{"text":26127,"type":585},"Electric vehicle uptake across China is higher than much of the West, with even the slowest adapting group of provinces seeing penetration rates of 29% in 2024, according to an analysis by ",{"text":26129,"type":585,"marks":26130},"Benchmark",[26131],{"type":590,"attrs":26132},{"href":26133,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts",{"text":6709,"type":585},{"text":26136,"type":585,"marks":26137},"Rho Motion",[26138],{"type":590,"attrs":26139},{"href":26140,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://rhomotion.com/about-us/",{"text":1538,"type":585},{"type":580,"attrs":26143,"content":26144},{"textAlign":49},[26145,26147,26152],{"text":26146,"type":585},"This compares to penetration rates of 21% and 10% in ",{"text":1292,"type":585,"marks":26148},[26149],{"type":590,"attrs":26150},{"href":26151,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/eu-more-than-halves-proposed-imports-duties-on-tesla-evs-made-in-china?_branch_match_id=1544412786244733488&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWdw%2BKcLZwzinI9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAEY8ggUgAAAA%3D",{"text":26153,"type":585}," and the US.",{"type":580,"attrs":26155,"content":26156},{"textAlign":49},[26157],{"text":26158,"type":585},"Policy initiatives, competition and availability of low priced EVs all contribute to China’s success at ensuring all its provinces benefit from strong EV uptake, according to Zoe Zhang, a research analyst at Rho Motion.",{"type":636,"attrs":26160},{"id":26161,"body":26162},"6a75c830-84cc-4ab1-89a6-47419e295245",[26163],{"id":26164,"_uid":26165,"type":643,"_editable":26166,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"22097571","i-102d9aae-2a9e-4171-8d7f-86b94fc4c828","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-102d9aae-2a9e-4171-8d7f-86b94fc4c828\", \"id\": \"\"}-->",{"type":647,"attrs":26168,"content":26169},{"level":13022,"textAlign":49},[26170],{"text":26171,"type":585},"China’s trade-in policy boosts EV uptake",{"type":580,"attrs":26173,"content":26174},{"textAlign":49},[26175],{"text":26176,"type":585},"In April 2024, China initiated a policy in which buyers of a new EV could trade in their older car in exchange for a subsidy of between RMB7,000 and RMB10,000 to boost its fledgling consumer demand.",{"type":580,"attrs":26178,"content":26179},{"textAlign":49},[26180],{"text":26181,"type":585},"The subsidy amount doubled in August 2024, and at the start of this year was extended with the range of cars eligible for the scheme widened.",{"type":580,"attrs":26183,"content":26184},{"textAlign":49},[26185],{"text":26186,"type":585},"Since China ended its broad ranging EV subsidies in 2022, this trade-in scheme is the last country-wide scheme financially incentivising EV purchases.",{"type":636,"attrs":26188},{"id":26189,"body":26190},"5f484143-4642-4453-a03d-f7866d15cfa5",[26191],{"id":26192,"_uid":26193,"type":643,"_editable":26194,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"22114028","i-ec6b5414-7682-4398-984a-9ce36386b08f","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-ec6b5414-7682-4398-984a-9ce36386b08f\", \"id\": \"\"}-->",{"type":580,"attrs":26196,"content":26197},{"textAlign":49},[26198],{"text":26199,"type":585},"The greatest increase in penetration rates was seen in the so-called D Provinces which include Tibet, Heilongjiang and Gansu. These provinces have challenging environmental factors such as very low temperatures and mountains which typically slow EV uptake.",{"type":647,"attrs":26201,"content":26202},{"level":13022,"textAlign":49},[26203],{"text":26204,"type":585},"EVs in China are at price parity with ICE vehicles",{"type":580,"attrs":26206,"content":26207},{"textAlign":49},[26208],{"text":26209,"type":585},"China’s well known subsidisation of EV manufacturers, along with high competition from the country’s many automakers has driven down EV prices.",{"type":636,"attrs":26211},{"id":26212,"body":26213},"3c182cd5-59ec-41c9-b58b-ae9e9c9ffcdd",[26214],{"id":26215,"_uid":26216,"type":643,"_editable":26217,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"22113695","i-8e7c3ba8-9386-438b-bf03-5d3456e7973a","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-8e7c3ba8-9386-438b-bf03-5d3456e7973a\", \"id\": \"\"}-->",{"type":580,"attrs":26219,"content":26220},{"textAlign":49},[26221],{"text":26222,"type":585},"This, coupled with the trade-in policy, boosts the attractiveness of purchasing an EV to Chinese consumers even in the country’s poorer provinces.",{"type":580,"attrs":26224,"content":26225},{"textAlign":49},[26226],{"text":26227,"type":585},"“The cheaper EV is mainly down to competition within the country,” Zhang said. “There are so many OEMs in China and they’re really trying to compete with each other.”",{"type":580,"attrs":26229,"content":26230},{"textAlign":49},[26231],{"text":26232,"type":585},"Beyond lowering the price, competition between automakers also increases the range of features available in these lower price vehicles.",{"type":580,"attrs":26234,"content":26235},{"textAlign":49},[26236],{"text":26237,"type":585},"“We see a lot of news regarding how much automakers are going to invest in making the EVs more intelligent,” Zhang said. “BYD announced that they’re going to make their cars more intelligent, more autonomous, down to even their cheaper priced cars.”","Electric vehicle uptake across China is higher than much of the West, with even the slowest adapting group of provinces seeing penetration rates of 29% in 2024, according to an analysis by Benchmark and Rho Motion. This compares to penetration rates of 21% and 10% in Europe and the US. Policy initiatives, competition and availability […]",[26240],{"slug":9249,"name":9250,"content":26241},{"job_title":9252,"image":26242,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"196a36ae-b563-47bb-ae20-0bcf34859927\", \"id\": \"\"}-->",[26245,26246,26247],{"slug":956,"name":957},{"slug":692,"name":693},{"slug":695,"name":696},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":26249,"copyright":645,"fieldtype":701,"meta_data":26250,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1741966255/www-production/Chinese-penetration-rates@2x-3/Chinese-penetration-rates@2x-3.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":8320,"copyright":645,"fieldtype":701,"meta_data":26252,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},"Mar 14, 2025",{"id":26255,"uuid":26256,"name":26257,"slug":26258,"full_slug":26259,"content":26260},112467937095862,"0d684008-0166-43fd-a510-1a1ebdab7f1c","What does Northvolt’s bankruptcy mean for Europe’s battery ambitions?","what-does-northvolts-bankruptcy-mean-for-europes-battery-ambitions","article/what-does-northvolts-bankruptcy-mean-for-europes-battery-ambitions",{"_uid":26261,"date":26262,"tags":26263,"editor":26272,"content":26276,"excerpt":26418,"featured":51,"reporter":26419,"_editable":26423,"component":689,"seo_title":26257,"categories":26424,"visibility":2019,"author_company":49,"data_vis_image":26427,"featured_image":26430,"seo_description":26418,"author_full_name":49,"author_job_title":49,"formattedDate":26433},"f9448c7f-26eb-4db8-858c-d8137c2d960e","2025-03-12 00:00",[26264,26265,26266,26269],{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":26267,"name":26268},"northvolt","Northvolt",{"slug":26270,"name":26271},"sweden","Sweden",[26273],{"slug":9249,"name":9250,"content":26274},{"job_title":9252,"image":26275,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":26277},[26278,26299,26304,26315,26336,26341,26349,26354,26364,26369,26381,26386,26394,26401,26411],{"type":580,"attrs":26279,"content":26280},{"textAlign":49},[26281,26283,26289,26291,26297],{"text":26282,"type":585},"Once heralded as ",{"text":26284,"type":585,"marks":26285},"Europe’s best shot",[26286],{"type":590,"attrs":26287},{"href":26288,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/europes-last-shot-can-europe-act-fast-enough-to-compete-in-the-battery-supply-chain?_branch_match_id=1544412720059143784&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWT8yI9PMt8SsI8U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA20l6m0gAAAA%3D",{"text":26290,"type":585}," at competing in the global battery industry, Northvolt has filed for bankruptcy in Sweden. This follows ",{"text":26292,"type":585,"marks":26293},"its bankruptcy filing in the US",[26294],{"type":590,"attrs":26295},{"href":26296,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/northvolt-files-for-bankruptcy-in-us-as-ceo-steps-down?_branch_match_id=1544412732429520754&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWT6syda2o8CgI8U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA9HEV%2FEgAAAA%3D",{"text":26298,"type":585}," last November.",{"type":580,"attrs":26300,"content":26301},{"textAlign":49},[26302],{"text":26303,"type":585},"Northvolt’s hopes at securing further investment to support its operations fell through on Wednesday, following the company’s struggles to ramp up production at its gigafactory in Skellefteå, Sweden, beyond one gigawatt-hour despite a planned capacity of 16 GWh. This led BMW to cancel a $2 billion supply contract in June last year.",{"type":580,"attrs":26305,"content":26306},{"textAlign":49},[26307,26313],{"text":26308,"type":585,"marks":26309},"Plans to integrate cathode",[26310],{"type":590,"attrs":26311},{"href":26312,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/northvolt-halts-european-cathode-plans-to-refocus-on-batteries?_branch_match_id=1544412707145061313&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWzzUxjvBzrox0C0qyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA2cWxCUgAAAA%3D",{"text":26314,"type":585}," and precursor production were also shuttered last year as the company focused its efforts on cell production.",{"type":580,"attrs":26316,"content":26317},{"textAlign":49},[26318,26320,26326,26328,26334],{"text":26319,"type":585},"This is a major blow for ",{"text":26321,"type":585,"marks":26322},"Europe’s gigafactory ambitions",[26323],{"type":590,"attrs":26324},{"href":26325,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/european-2030-battery-pipeline-falls-176-gwh-this-year-amid-ev-slowdown?_branch_match_id=1544412745806899703&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWN%2FQ2z6g0Nc%2FP9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA57dqK0gAAAA%3D",{"text":26327,"type":585}," as Northvolt was the largest ",{"text":26329,"type":585,"marks":26330},"tier 1 cell producer owned by a European company",[26331],{"type":590,"attrs":26332},{"href":26333,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinese-companies-will-account-for-80-of-europes-lfp-cell-supply-but-can-ex-chinese-catch-up?_branch_match_id=1544412727611032177&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWTzIIyTIJcskN80%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAmQG3V0gAAAA%3D",{"text":26335,"type":585}," by announced capacity.",{"type":580,"attrs":26337,"content":26338},{"textAlign":49},[26339],{"text":26340,"type":585},"“One potential contribution to Northvolt’s struggles were the broad ambitions across multiple steps of the supply chain, which were difficult to manage for a startup, and remaining homegrown producers in Europe seem to be wary of following that model,” said Evan Hartley, research manager at Benchmark.",{"type":636,"attrs":26342},{"id":26343,"body":26344},"a18f0e43-cbaa-4e0b-863f-a38ef49d0242",[26345],{"id":26346,"_uid":26347,"type":643,"_editable":26348,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"22068751","i-5a3f3993-dceb-498b-b40b-2e77285f48ed","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-5a3f3993-dceb-498b-b40b-2e77285f48ed\", \"id\": \"\"}-->",{"type":647,"attrs":26350,"content":26351},{"level":13022,"textAlign":49},[26352],{"text":26353,"type":585},"What does this mean for Europe?",{"type":580,"attrs":26355,"content":26356},{"textAlign":49},[26357,26362],{"text":15962,"type":585,"marks":26358},[26359],{"type":590,"attrs":26360},{"href":26361,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/eu-plans-support-for-automakers-with-contentious-regulatory-shake-up?_branch_match_id=1544412715511271766&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWdws1Nyl2rXB3DUqyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAohyn30gAAAA%3D",{"text":26363,"type":585},", Northvolt is also developing Northvolt Drei in Germany with a planned capacity of 60 GWh.",{"type":580,"attrs":26365,"content":26366},{"textAlign":49},[26367],{"text":26368,"type":585},"Though Northvolt’s German developments are technically beyond the scope of the bankruptcy filing in Sweden, it is likely confidence in the project will fall and risk of it failing has increased.",{"type":580,"attrs":26370,"content":26371},{"textAlign":49},[26372,26374,26380],{"text":26373,"type":585},"Although Europe’s battery pipeline is set to more than double between 2025 and 2030, even without Northvolt’s gigafactories, much of this comes from ",{"text":26375,"type":585,"marks":26376},"Asian cell producers",[26377],{"type":590,"attrs":26378},{"href":26379,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinese-owned-companies-to-produce-one-third-of-european-battery-cells-by-2030?_branch_match_id=1544412740847824230&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBwQnAIAwF0I305qFQenAARxCVtIomhq%2FQW2fve3VvXYe1maRUTujchJDGMknVjCbdOnXFU5gc8vWBbgKaPDFjvotw%2BorJ9APwRxTnSAAAAA%3D%3D",{"text":1538,"type":585},{"type":580,"attrs":26382,"content":26383},{"textAlign":49},[26384],{"text":26385,"type":585},"“Europe has a maturing battery industry, and has seen impressive investment in LFP battery capacity in the past year, indicating that the region is following trends in advanced markets in Asia,” Hartley said. “However, the majority of that capacity is owned or has involvement from Chinese or South Korean manufacturers, with Northvolt having represented the largest homegrown ambitions.”",{"type":636,"attrs":26387},{"id":26388,"body":26389},"a9d9fa9d-a26a-487c-8145-2d40f1c9b5af",[26390],{"id":26391,"_uid":26392,"type":643,"_editable":26393,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"22069182","i-81362d17-ed67-4b9b-8d0c-c494f9117e62","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-81362d17-ed67-4b9b-8d0c-c494f9117e62\", \"id\": \"\"}-->",{"type":580,"attrs":26395,"content":26396},{"textAlign":49},[26397],{"text":26398,"type":585,"marks":26399},"Benchmark provides a full spectrum of world-leading market intelligence for lithium ion battery cells, including monthly prices, capacity assessments, market forecasts to 2040 with a dynamic lithium ion battery cost model, and Benchmark’s Battery Emissions Analyser.",[26400],{"type":1992},{"type":580,"attrs":26402,"content":26403},{"textAlign":49},[26404],{"text":26405,"type":585,"marks":26406},"Explore Benchmark’s prices, data and analysis providing a complete view of the lithium ion battery market.",[26407,26408],{"type":1992},{"type":590,"attrs":26409},{"href":26410,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/lithium-ion-batteries/portal/",{"type":580,"attrs":26412,"content":26413},{"textAlign":49},[26414],{"text":26415,"type":585,"marks":26416},"For more information, please fill out this form and out team will get in touch:",[26417],{"type":1992},"Once heralded as Europe’s best shot at competing in the global battery industry, Northvolt has filed for bankruptcy in Sweden. This follows its bankruptcy filing in the US last November. Northvolt’s hopes at securing further investment to support its operations fell through on Wednesday, following the company’s struggles to ramp up production at its gigafactory […]",[26420],{"slug":9249,"name":9250,"content":26421},{"job_title":9252,"image":26422,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f9448c7f-26eb-4db8-858c-d8137c2d960e\", \"id\": \"\"}-->",[26425,26426],{"slug":956,"name":957},{"slug":3379,"name":3380},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":26428,"copyright":645,"fieldtype":701,"meta_data":26429,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1741787884/www-production/Socials-version-Northvolt-Europe@2x/Socials-version-Northvolt-Europe@2x.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":26431,"copyright":645,"fieldtype":701,"meta_data":26432,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/f36f6a8f99/bm-drone-ett-2024-11-10-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Mar 12, 2025",{"id":26435,"uuid":26436,"name":26437,"slug":26438,"full_slug":26439,"content":26440},112467947147454,"ccdee5e1-f65f-4ae8-8114-70570da6f6ae","Can the EU use next-gen battery tech to leapfrog China?","can-the-eu-use-next-gen-battery-tech-to-leapfrog-china","article/can-the-eu-use-next-gen-battery-tech-to-leapfrog-china",{"_uid":26441,"date":26442,"tags":26443,"editor":26450,"content":26454,"excerpt":26611,"featured":51,"reporter":26612,"_editable":26616,"component":689,"seo_title":26437,"categories":26617,"visibility":697,"author_company":49,"data_vis_image":26622,"featured_image":26625,"seo_description":26611,"author_full_name":49,"author_job_title":49,"formattedDate":26628},"7853f90b-a8c0-41bb-9e97-ec91e0d4b7c2","2025-03-11 00:00",[26444,26445,26446,26447,26448,26449],{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":1303,"name":1304},{"slug":20051,"name":20052},{"slug":20054,"name":20055},{"slug":13546,"name":13547},[26451],{"slug":1466,"name":1467,"content":26452},{"job_title":1469,"image":26453,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":26455},[26456,26476,26481,26486,26491,26496,26517,26522,26535,26543,26548,26560,26565,26578,26583,26588,26593,26598,26603],{"type":580,"attrs":26457,"content":26458},{"textAlign":49},[26459,26461,26467,26469,26475],{"text":26460,"type":585},"The European Union’s recent ",{"text":26462,"type":585,"marks":26463},"Industrial Action Plan for the European automotive sector",[26464],{"type":590,"attrs":26465},{"href":26466,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/eu-plans-support-for-automakers-with-contentious-regulatory-shake-up?_branch_match_id=1544412677819866925&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWdws1Nyl2rXB3DUqyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAohyn30gAAAA%3D",{"text":26468,"type":585}," placed a strong focus on the role next-generation battery technologies can play in making the bloc ",{"text":26470,"type":585,"marks":26471},"internationally competitive in the space",[26472],{"type":590,"attrs":26473},{"href":26474,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/china-leads-production-but-the-west-is-catching-up-new-battery-technology-2024-in-review?_branch_match_id=1544412673308562984&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9ylzKzD1jwiKCEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAitH%2FQkgAAAA%3D",{"text":1538,"type":585},{"type":580,"attrs":26477,"content":26478},{"textAlign":49},[26479],{"text":26480,"type":585},"Between 2025 and 2027, €350 million ($377 million) will be invested into next-generation technology and recycling innovation through the BATT4EU partnership programme. This, in turn, is funded through €1 billion ($1.1 billion) of Horizon Europe joint public and private investment set aside for the automotive sector.",{"type":580,"attrs":26482,"content":26483},{"textAlign":49},[26484],{"text":26485,"type":585},"However, this comes amid growing investment from governments across the world also looking to boost their next-generation battery technology ambitions.",{"type":580,"attrs":26487,"content":26488},{"textAlign":49},[26489],{"text":26490,"type":585},"“The EU can’t compete by sitting on the fence,” said Rory McNulty, Benchmark’s product director for new technology. “If it wants to be a notable force in the battery supply and value chains then it needs to be bold and targeted with its moves.”",{"type":647,"attrs":26492,"content":26493},{"level":13022,"textAlign":49},[26494],{"text":26495,"type":585},"What is the state of Europe’s next-generation scene?",{"type":580,"attrs":26497,"content":26498},{"textAlign":49},[26499,26501,26507,26509,26515],{"text":26500,"type":585},"France was the first to commercialise a ",{"text":26502,"type":585,"marks":26503},"solid-state battery",[26504],{"type":590,"attrs":26505},{"href":26506,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/solid-state-batteries-bring-new-supply-chain-opportunities-challenges-and-potential-bottlenecks?_branch_match_id=1544412663807233255&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWDzEJKgmzjHQsDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAPQUVs0gAAAA%3D",{"text":26508,"type":585}," with a ",{"text":26510,"type":585,"marks":26511},"lithium metal anode",[26512],{"type":590,"attrs":26513},{"href":26514,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/are-lithium-metal-batteries-an-opportunity-for-the-west?_branch_match_id=1544412687316565003&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWLzb0DM3KM842D0yyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAKOc5fEgAAAA%3D",{"text":26516,"type":585}," for automotive applications, however with other battery technologies Europe has yet to make such a strong mark.",{"type":580,"attrs":26518,"content":26519},{"textAlign":49},[26520],{"text":26521,"type":585},"Although the region has several next-generation projects in the pipeline, more investment is needed to bring these to fruition. The funds referenced in the Action Plan are mostly preexisting pots, with added clarity on how they will be spent.",{"type":580,"attrs":26523,"content":26524},{"textAlign":49},[26525,26527,26533],{"text":26526,"type":585},"In 2023, Taiwanese solid-state cell producer ",{"text":26528,"type":585,"marks":26529},"Prologium announced a €5.2 billion ($5.7 billion)",[26530],{"type":590,"attrs":26531},{"href":26532,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/prologiums-e5-2-billion-french-plant-advances-commercialisation-of-solid-state-batteries?_branch_match_id=1544412692162144216&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWTzHLznR38890DEyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAgv5h%2B0gAAAA%3D",{"text":26534,"type":585}," plan to build a 48 gigawatt-hour solid-state gigafactory in Dunkirk, France. Set to come online in 2026, this is set to be the largest such facility in Europe.",{"type":636,"attrs":26536},{"id":26537,"body":26538},"4eb13e63-810e-46fe-93f1-fd763d4cce5e",[26539],{"id":26540,"_uid":26541,"type":643,"_editable":26542,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21986529","i-c038c327-b581-4cf2-8acf-ab373fecce86","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-c038c327-b581-4cf2-8acf-ab373fecce86\", \"id\": \"\"}-->",{"type":647,"attrs":26544,"content":26545},{"level":13022,"textAlign":49},[26546],{"text":26547,"type":585},"Where does Europe fit in the global next-generation picture?",{"type":580,"attrs":26549,"content":26550},{"textAlign":49},[26551,26553,26559],{"text":26552,"type":585},"Although France was the first to commercialise polymer solid-state batteries for automotive applications, Europe is forecast to quickly be losing ground in the ",{"text":26554,"type":585,"marks":26555},"solid-state space to China",[26556],{"type":590,"attrs":26557},{"href":26558,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/where-is-chinas-solid-state-battery-industry-developing?_branch_match_id=1544412696716194154&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9%2FVwLsn0CHMsDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAkdx2L0gAAAA%3D",{"text":1538,"type":585},{"type":580,"attrs":26561,"content":26562},{"textAlign":49},[26563],{"text":26564,"type":585},"The EU’s positioning in the next-generation technology scene comes as other countries look to stake their place in the industry, too.",{"type":580,"attrs":26566,"content":26567},{"textAlign":49},[26568,26570,26576],{"text":26569,"type":585},"Last year, ",{"text":26571,"type":585,"marks":26572},"China unveiled its All-Solid-State Innovation Platform",[26573],{"type":590,"attrs":26574},{"href":26575,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinas-battery-industry-unites-in-effort-to-extend-dominance-to-solid-state?_branch_match_id=1544412668623467259&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWd690KbDMDncsDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAhziMIEgAAAA%3D",{"text":26577,"type":585}," (CASIP) which pulls together industry heavyweights who would normally be competing, such as BYD and CATL, to work together on developing technology.",{"type":580,"attrs":26579,"content":26580},{"textAlign":49},[26581],{"text":26582,"type":585},"“Despite the EU’s policy narrative about leapfrogging China in the development of next generation battery technologies, the market reality shows this will be challenging, given China’s forecast dominant position, especially for sodium-ion,” said Bryan Bille, principal policy and geopolitical analyst at Benchmark.",{"type":580,"attrs":26584,"content":26585},{"textAlign":49},[26586],{"text":26587,"type":585},"Significant investments are flowing into next-generation technologies, too. In 2024, China announced $830 million in funding to specifically develop solid-state batteries, and Japan has $1.2 billion for next-generation technologies.",{"type":580,"attrs":26589,"content":26590},{"textAlign":49},[26591],{"text":26592,"type":585},"Under the Biden administration, the US Departments of Energy and Defense have awarded grants and loans to several next-generation battery companies.",{"type":580,"attrs":26594,"content":26595},{"textAlign":49},[26596],{"text":26597,"type":585},"Although the €350 million from the EU is a welcome step into investing into the battery technologies of tomorrow, more will be needed for the bloc to be internationally competitive.",{"type":580,"attrs":26599,"content":26600},{"textAlign":49},[26601],{"text":26602,"type":585},"“Other countries have already invested significant capital into making the leap between large-scale R&D and pilot production facilities,” McNulty said. “Ambitious investment in the EU to do the same is long overdue.”",{"type":636,"attrs":26604},{"id":26605,"body":26606},"53dacc39-6c53-424a-bacf-aaa736b376fe",[26607],{"id":26608,"_uid":26609,"type":643,"_editable":26610,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"22031774","i-4240f2c7-c30c-488b-a82c-b689ccc9f8af","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-4240f2c7-c30c-488b-a82c-b689ccc9f8af\", \"id\": \"\"}-->","The European Union’s recent Industrial Action Plan for the European automotive sector placed a strong focus on the role next-generation battery technologies can play in making the bloc internationally competitive in the space. Between 2025 and 2027, €350 million ($377 million) will be invested into next-generation technology and recycling innovation through the BATT4EU partnership programme. […]",[26613],{"slug":1466,"name":1467,"content":26614},{"job_title":1469,"image":26615,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7853f90b-a8c0-41bb-9e97-ec91e0d4b7c2\", \"id\": \"\"}-->",[26618,26619,26620,26621],{"slug":956,"name":957},{"slug":959,"name":960},{"slug":695,"name":696},{"slug":2164,"name":2165},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":26623,"copyright":645,"fieldtype":701,"meta_data":26624,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1741713173/www-production/Europe-Next-Gen@2x-3/Europe-Next-Gen@2x-3.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":26626,"copyright":645,"fieldtype":701,"meta_data":26627,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5accc848bd/bm-gallerie8.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Mar 11, 2025",{"id":26630,"uuid":26631,"name":26632,"slug":26633,"full_slug":26634,"content":26635},112467957997760,"2e6f89d2-3b0a-40e6-84a8-383484d86ef3","Nickel mining industry sees improvement in gender balance disclosure","nickel-mining-industry-sees-improvement-in-gender-balance-disclosure","article/nickel-mining-industry-sees-improvement-in-gender-balance-disclosure",{"_uid":26636,"date":26637,"tags":26638,"editor":26647,"content":26651,"excerpt":26736,"featured":51,"reporter":26737,"_editable":26741,"component":689,"seo_title":26632,"categories":26742,"visibility":2019,"author_company":49,"data_vis_image":26749,"featured_image":26751,"seo_description":26736,"author_full_name":49,"author_job_title":49,"formattedDate":26754},"47501f4c-0cd5-42d7-b8ef-89dd06f460fc","2025-03-06 00:00",[26639,26640,26643,26646],{"slug":564,"name":565},{"slug":26641,"name":26642},"gender-equality","Gender equality",{"slug":26644,"name":26645},"international-womens-day","International Women's Day",{"slug":17604,"name":17605},[26648],{"slug":1466,"name":1467,"content":26649},{"job_title":1469,"image":26650,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":26652},[26653,26665,26686,26691,26699,26704,26709,26714,26721,26726,26731],{"type":580,"attrs":26654,"content":26655},{"textAlign":49},[26656,26657,26663],{"text":1005,"type":585},{"text":26658,"type":585,"marks":26659},"nickel mining industry",[26660],{"type":590,"attrs":26661},{"href":26662,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/how-should-the-nickel-industry-define-sustainability?_branch_match_id=1544412643748162135&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWN40yiEzKyikqD0qyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAt8wcWkgAAAA%3D",{"text":26664,"type":585}," has significantly improved its gender balance reporting practices compared to this time last year.",{"type":580,"attrs":26666,"content":26667},{"textAlign":49},[26668,26670,26676,26678,26684],{"text":26669,"type":585},"Reporting on workforce ",{"text":26671,"type":585,"marks":26672},"gender balance",[26673],{"type":590,"attrs":26674},{"href":26675,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/women-make-up-less-than-a-third-of-lithium-mining-boards?_branch_match_id=1544412635284504395&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWDzTxK4kwMCssD0qyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAxba1zEgAAAA%3D",{"text":26677,"type":585}," is a ",{"text":26679,"type":585,"marks":26680},"key element of overall environmental, social and governance performance",[26681],{"type":590,"attrs":26682},{"href":26683,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/infographic-key-sustainability-considerations-for-battery-critical-minerals?_branch_match_id=1544412649979408474&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz8jz9Am3zC0qD0qyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA6HXnyEgAAAA%3D",{"text":26685,"type":585}," in the mining industry.",{"type":580,"attrs":26687,"content":26688},{"textAlign":49},[26689],{"text":26690,"type":585},"“You can’t manage what you don’t measure,” said Sarah Colbourn, Benchmark’s head of sustainability. “As with any topic when it comes to sustainability, transparency is key.”",{"type":636,"attrs":26692},{"id":26693,"body":26694},"41299930-ed13-4941-b09b-f021de7b7cbb",[26695],{"id":26696,"_uid":26697,"type":643,"_editable":26698,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21968265","i-04447ed5-2f88-4276-9b79-c3e336b2429f","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-04447ed5-2f88-4276-9b79-c3e336b2429f\", \"id\": \"\"}-->",{"type":647,"attrs":26700,"content":26701},{"level":13022,"textAlign":49},[26702],{"text":26703,"type":585},"What is the gender distribution of operating miners’ workforces?",{"type":580,"attrs":26705,"content":26706},{"textAlign":49},[26707],{"text":26708,"type":585},"Compared to this time last year, the average workforce gender balance of operating miners which disclose these statistics has remained largely unchanged.",{"type":580,"attrs":26710,"content":26711},{"textAlign":49},[26712],{"text":26713,"type":585},"“A gender-balanced workforce is key from an equality perspective, but also for companies themselves as it helps support diversity of voices and perspectives,” Colbourn said.",{"type":580,"attrs":26715,"content":26716},{"textAlign":49},[26717],{"type":1847,"attrs":26718},{"id":49,"alt":645,"src":26719,"title":49,"source":49,"copyright":49,"meta_data":26720},"https://a.storyblok.com/f/287943243085208/5b32524a6e/bm-gender-balance2x-3.png",{},{"type":580,"attrs":26722,"content":26723},{"textAlign":49},[26724],{"text":26725,"type":585},"Advancing gender equality is one of the United Nations sustainable development goals (SDG).",{"type":580,"attrs":26727,"content":26728},{"textAlign":49},[26729],{"text":26730,"type":585},"BHP is one nickel miner that has set ambitious goals to improve the gender balance of its workforce. In 2016 the company’s work force was 18% female. By 2024 this had risen to 37%.",{"type":580,"attrs":26732,"content":26733},{"textAlign":49},[26734],{"text":26735,"type":585},"“Mining is a male-dominated industry, and year on year we are seeing progress, though, of course, there is more to be done,” Colbourn said. “At a time when there are reports of labour shortages in mining, bolstering diversity is increasingly key.”","The nickel mining industry has significantly improved its gender balance reporting practices compared to this time last year. Reporting on workforce gender balance is a key element of overall environmental, social and governance performance in the mining industry. “You can’t manage what you don’t measure,” said Sarah Colbourn, Benchmark’s head of sustainability. “As with any […]",[26738],{"slug":1466,"name":1467,"content":26739},{"job_title":1469,"image":26740,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"47501f4c-0cd5-42d7-b8ef-89dd06f460fc\", \"id\": \"\"}-->",[26743,26744,26745,26746,26747,26748],{"slug":2544,"name":115},{"slug":1142,"name":1143},{"slug":2627,"name":2628},{"slug":1693,"name":8},{"slug":2553,"name":150},{"slug":14595,"name":14596},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":26719,"copyright":645,"fieldtype":701,"meta_data":26750,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":26752,"copyright":645,"fieldtype":701,"meta_data":26753,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/a9379c2f9f/bm-bhp-nickel-west-smelter.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Mar 06, 2025",{"id":26756,"uuid":26757,"name":26758,"slug":26759,"full_slug":26760,"content":26761},112467969421512,"4a11a29c-4613-406a-85fb-ba4fd549d2c5","Does North America have enough lithium metal for its next-gen battery ambitions?","does-north-america-have-enough-lithium-metal-for-its-next-gen-battery-ambitions","article/does-north-america-have-enough-lithium-metal-for-its-next-gen-battery-ambitions",{"_uid":26762,"date":26763,"tags":26764,"editor":26777,"content":26781,"excerpt":26947,"featured":50,"reporter":26948,"_editable":26952,"component":689,"seo_title":26758,"categories":26953,"visibility":697,"author_company":49,"data_vis_image":26959,"featured_image":26962,"seo_description":26947,"author_full_name":49,"author_job_title":49,"formattedDate":26965},"43a03f22-7e05-4fba-bd93-6315aef9cdee","2025-03-05 00:00",[26765,26767,26770,26771,26772,26775,26776],{"slug":26766,"name":16508},"albemarle",{"slug":26768,"name":26769},"arcadium-lithium","Arcadium Lithium",{"slug":720,"name":721},{"slug":564,"name":565},{"slug":26773,"name":26774},"lithium-metal","Lithium metal",{"slug":1720,"name":1721},{"slug":20051,"name":20052},[26778],{"slug":9249,"name":9250,"content":26779},{"job_title":9252,"image":26780,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":26782},[26783,26803,26808,26813,26818,26823,26835,26848,26856,26861,26874,26882,26894,26899,26904,26909,26914,26919,26924,26929,26942],{"type":580,"attrs":26784,"content":26785},{"textAlign":49},[26786,26788,26794,26796,26802],{"text":26787,"type":585},"Significant investment into lithium metal production will be needed if North America’s planned production of ",{"text":26789,"type":585,"marks":26790},"lithium metal batteries",[26791],{"type":590,"attrs":26792},{"href":26793,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/are-lithium-metal-batteries-an-opportunity-for-the-west?_branch_match_id=1544412576328943195&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWLzb0DM3KM842D0yyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAKOc5fEgAAAA%3D",{"text":26795,"type":585}," is to be met with domestically sourced anode material, according to ",{"text":26797,"type":585,"marks":26798},"Benchmark’s Solid-state Batteries Forecast",[26799],{"type":590,"attrs":26800},{"href":26801,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/solid-state/data-reports/forecast",{"text":1538,"type":585},{"type":580,"attrs":26804,"content":26805},{"textAlign":49},[26806],{"text":26807,"type":585},"In such batteries, lithium metal is used in place of the graphite found in more traditional lithium ion battery anodes, leading to significant improvements in energy density.",{"type":580,"attrs":26809,"content":26810},{"textAlign":49},[26811],{"text":26812,"type":585},"But producing battery grade lithium metal at scale is highly technical with challenges from both an engineering and safety perspective.",{"type":580,"attrs":26814,"content":26815},{"textAlign":49},[26816],{"text":26817,"type":585},"“Significant capacity expansion will be required before the turn of the decade to support lithium metal battery commercialisation if these emerging technologies are successful,” said Rory McNulty, Benchmark’s product director for new technology.",{"type":647,"attrs":26819,"content":26820},{"level":13022,"textAlign":49},[26821],{"text":26822,"type":585},"How does lithium metal supply compare to North America’s next-generation ambitions?",{"type":580,"attrs":26824,"content":26825},{"textAlign":49},[26826,26828,26834],{"text":26827,"type":585},"In the immediate term, North America’s 250 tonnes of lithium metal ingot production capacity is sufficient to meet the needs of its ",{"text":26829,"type":585,"marks":26830},"next-generation battery producers",[26831],{"type":590,"attrs":26832},{"href":26833,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/next-gen-battery-developers-licensing-technology-to-oems-enables-scale?_branch_match_id=1544412580899889930&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWT0339TeqKs9yDEyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA90HGHUgAAAA%3D",{"text":1538,"type":585},{"type":580,"attrs":26836,"content":26837},{"textAlign":49},[26838,26840,26846],{"text":26839,"type":585},"However, North American lithium metal battery production is set to increase 30-fold between 2025 and 2035, ",{"text":26841,"type":585,"marks":26842},"far outstripping the capacity",[26843],{"type":590,"attrs":26844},{"href":26845,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lithium-metal-deficit-could-limit-next-generation-battery-development-this-year?_branch_match_id=1544412612747460113&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWN%2FfwKrNMMc02D0yyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAgYDFbEgAAAA%3D",{"text":26847,"type":585}," of domestic lithium metal producers.",{"type":636,"attrs":26849},{"id":26850,"body":26851},"dfb2abfb-1371-4d98-bc3f-30198bdc6937",[26852],{"id":26853,"_uid":26854,"type":643,"_editable":26855,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21927957","i-699928a7-1549-4bd5-92d4-3fe538f0a43b","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-699928a7-1549-4bd5-92d4-3fe538f0a43b\", \"id\": \"\"}-->",{"type":647,"attrs":26857,"content":26858},{"level":13022,"textAlign":49},[26859],{"text":26860,"type":585},"What is China’s position in the lithium metal market?",{"type":580,"attrs":26862,"content":26863},{"textAlign":49},[26864,26866,26872],{"text":26865,"type":585},"Although North America is the second largest lithium metal producing region, ",{"text":26867,"type":585,"marks":26868},"China dominates",[26869],{"type":590,"attrs":26870},{"href":26871,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/where-is-chinas-solid-state-battery-industry-developing?_branch_match_id=1544412624795458036&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9%2FVwLsn0CHMsDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAkdx2L0gAAAA%3D",{"text":26873,"type":585}," announced capacity.",{"type":636,"attrs":26875},{"id":26876,"body":26877},"39639032-be7e-4671-a383-5e7ac32ceb9c",[26878],{"id":26879,"_uid":26880,"type":643,"_editable":26881,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21940724","i-d6dbbaa9-c80c-4ce9-b844-3e4d6762e67e","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-d6dbbaa9-c80c-4ce9-b844-3e4d6762e67e\", \"id\": \"\"}-->",{"type":580,"attrs":26883,"content":26884},{"textAlign":49},[26885,26887,26892],{"text":26886,"type":585},"“Announced capacity expansion plans in ",{"text":721,"type":585,"marks":26888},[26889],{"type":590,"attrs":26890},{"href":26891,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinas-battery-industry-unites-in-effort-to-extend-dominance-to-solid-state?_branch_match_id=1544412566965425781&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWd690KbDMDncsDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAhziMIEgAAAA%3D",{"text":26893,"type":585}," far exceed those of producers outside of China, indicating less regulatory and permitting hurdles to capacity expansion,” McNulty said.",{"type":580,"attrs":26895,"content":26896},{"textAlign":49},[26897],{"text":26898,"type":585},"Watch Benchmark’s Rory McNulty discussChina’s approach to scaling lithium metal production.",{"type":647,"attrs":26900,"content":26901},{"level":13022,"textAlign":49},[26902],{"text":26903,"type":585},"What are the challenges with scaling lithium metal production?",{"type":580,"attrs":26905,"content":26906},{"textAlign":49},[26907],{"text":26908,"type":585},"Lithium metal is produced through molten salt electrolysis of a mixture of lithium chloride and potassium chloride, followed by vacuum distillation to reach battery-grade level purity. This first stage of this process produces significant quantities of chlorine gas.",{"type":580,"attrs":26910,"content":26911},{"textAlign":49},[26912],{"text":26913,"type":585},"“On a small scale the chlorine gas can be used to make industrial bleach,” McNulty said. “But on a large scale, the toxic and corrosive nature of the gas poses a safety concern which presents a considerable hurdle for permitting.”",{"type":580,"attrs":26915,"content":26916},{"textAlign":49},[26917],{"text":26918,"type":585},"The energy density of a lithium metal battery increases as the thickness of the lithium metal foil decreases, though producing ever thinner foils at scale is extremely challenging for the industry.",{"type":580,"attrs":26920,"content":26921},{"textAlign":49},[26922],{"text":26923,"type":585},"“The bottleneck is high throughput within the strict requirements of next-gen lithium metal anodes, namely a thickness below 20 microns and less than one micron surface variance,” McNulty said.",{"type":647,"attrs":26925,"content":26926},{"level":13022,"textAlign":49},[26927],{"text":26928,"type":585},"Can innovation help North America compete?",{"type":580,"attrs":26930,"content":26931},{"textAlign":49},[26932,26934,26940],{"text":26933,"type":585},"Helping North America to compete with China, ",{"text":26935,"type":585,"marks":26936},"innovations in the region",[26937],{"type":590,"attrs":26938},{"href":26939,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/china-leads-production-but-the-west-is-catching-up-new-battery-technology-2024-in-review?_branch_match_id=1544412571843297549&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9ylzKzD1jwiKCEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAitH%2FQkgAAAA%3D",{"text":26941,"type":585}," could help to overcome some of the challenges associated with lithium metal production.",{"type":580,"attrs":26943,"content":26944},{"textAlign":49},[26945],{"text":26946,"type":585},"“Such innovations could enable a technological leap for North American players,” McNulty said, adding that “supply and offtake agreements are more important than announced capacity.”","Significant investment into lithium metal production will be needed if North America’s planned production of lithium metal batteries is to be met with domestically sourced anode material, according to Benchmark’s Solid-state Batteries Forecast. In such batteries, lithium metal is used in place of the graphite found in more traditional lithium ion battery anodes, leading to […]",[26949],{"slug":9249,"name":9250,"content":26950},{"job_title":9252,"image":26951,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"43a03f22-7e05-4fba-bd93-6315aef9cdee\", \"id\": \"\"}-->",[26954,26955,26956,26957,26958],{"slug":2162,"name":261},{"slug":956,"name":957},{"slug":959,"name":960},{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":26960,"copyright":645,"fieldtype":701,"meta_data":26961,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1741183440/www-production/North-America-vs-China-Lithium-Metal-Capacity@2x/North-America-vs-China-Lithium-Metal-Capacity@2x.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":26963,"copyright":645,"fieldtype":701,"meta_data":26964,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/83604999e1/bm-arcadium-lithium-foil-13368699e7d5.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Mar 05, 2025",{"id":26967,"uuid":12678,"name":26968,"slug":26969,"full_slug":26970,"content":26971},112467974373586,"Lithium chemical prices fall as inventory builds","lithium-chemical-prices-fall-as-inventory-builds","article/lithium-chemical-prices-fall-as-inventory-builds",{"_uid":26972,"date":26973,"tags":26974,"editor":26978,"content":26982,"excerpt":27136,"featured":51,"reporter":27137,"_editable":27141,"component":689,"seo_title":26968,"categories":27142,"visibility":2019,"author_company":49,"data_vis_image":27146,"featured_image":27148,"seo_description":27136,"author_full_name":49,"author_job_title":49,"formattedDate":27151},"a04379bd-decb-40ca-9285-6a21e2e595ad","2025-03-03 00:00",[26975,26976,26977],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":1458,"name":1459},[26979],{"slug":9249,"name":9250,"content":26980},{"job_title":9252,"image":26981,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":26983},[26984,26997,27002,27014,27019,27026,27031,27051,27056,27061,27068,27073,27084,27089,27094,27101,27128],{"type":580,"attrs":26985,"content":26986},{"textAlign":49},[26987,26989,26995],{"text":26988,"type":585},"Lithium chemical producers and traders are increasing their lithium stocks as ",{"text":26990,"type":585,"marks":26991},"Chinese supply",[26992],{"type":590,"attrs":26993},{"href":26994,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinese-lithium-miners-zijin-and-zangge-consolidate-in-1-87-billion-deal?_branch_match_id=1544412533990902001&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWD8mI8ihISnbKD0yyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAKocqA0gAAAA%3D",{"text":26996,"type":585}," ramps up after a slow period due to annual maintenance operations.",{"type":580,"attrs":26998,"content":26999},{"textAlign":49},[27000],{"text":27001,"type":585},"Inventory is also building due to a larger than expected seasonal dip in January electric vehicle sales in China.",{"type":580,"attrs":27003,"content":27004},{"textAlign":49},[27005,27007,27013],{"text":27006,"type":585},"Market participants told Benchmark that they anticipate chemical inventory levels to rise further next month as converters work through improving availability of spodumene and ",{"text":27008,"type":585,"marks":27009},"mica feedstocks in the country",[27010],{"type":590,"attrs":27011},{"href":27012,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/the-growing-role-of-chinese-mica-in-the-lithium-market?_branch_match_id=1544412546512091420&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz05x8whOybcoCEyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAnpAALUgAAAA%3D",{"text":1538,"type":585},{"type":580,"attrs":27015,"content":27016},{"textAlign":49},[27017],{"text":27018,"type":585},"“We are seeing a rise in inventory levels of both lithium chemicals and cathode materials, driven by a ramp up of production post Chinese New Year and a slow-down of demand amid uncertainty sparked by US tariffs,” said Alex Albinski, a lithium analyst at Benchmark.",{"type":580,"attrs":27020,"content":27021},{"textAlign":49},[27022],{"type":1847,"attrs":27023},{"id":49,"alt":645,"src":27024,"title":49,"source":49,"copyright":49,"meta_data":27025},"https://a.storyblok.com/f/287943243085208/293275ac41/bm-lithium-and-cathode-inventory2x-1.png",{},{"type":647,"attrs":27027,"content":27028},{"level":13022,"textAlign":49},[27029],{"text":27030,"type":585},"What impact is this having on prices?",{"type":580,"attrs":27032,"content":27033},{"textAlign":49},[27034,27036,27042,27044,27050],{"text":27035,"type":585},"Increased inventory levels are exerting ",{"text":27037,"type":585,"marks":27038},"downward pressure on lithium chemical prices",[27039],{"type":590,"attrs":27040},{"href":27041,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/low-prices-spark-mergers-and-closures-lithium-2024-in-review?_branch_match_id=1544412541611897898&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz3YJ9ityNDQpCUiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAJ2vQLEgAAAA%3D",{"text":27043,"type":585},". This is despite processors already contending with reduced margins due to ",{"text":27045,"type":585,"marks":27046},"relatively high spodumene prices compared to chemical prices",[27047],{"type":590,"attrs":27048},{"href":27049,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/spodumene-prices-pressure-processors?_branch_match_id=1544412552476360163&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWTw1NqfQzzrUsDEqyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAoZeOcUgAAAA%3D",{"text":1538,"type":585},{"type":580,"attrs":27052,"content":27053},{"textAlign":49},[27054],{"text":27055,"type":585},"This fall in chemical prices is despite pressure from global spodumene producers, aiming to maintain price discipline.",{"type":580,"attrs":27057,"content":27058},{"textAlign":49},[27059],{"text":27060,"type":585},"“We have seen a push from some of the Australian spodumene majors to maintain prices at current levels, however on the flip side, current chemicals prices in China are limiting margin for conversion,” Albinski said.",{"type":580,"attrs":27062,"content":27063},{"textAlign":49},[27064],{"type":1847,"attrs":27065},{"id":49,"alt":645,"src":27066,"title":49,"source":49,"copyright":49,"meta_data":27067},"https://a.storyblok.com/f/287943243085208/bf78a05e38/bm-spodumene-relative-to-chemicals-03-03-252x.png",{},{"type":647,"attrs":27069,"content":27070},{"level":13022,"textAlign":49},[27071],{"text":27072,"type":585},"Where is inventory building up?",{"type":580,"attrs":27074,"content":27075},{"textAlign":49},[27076,27077,27082],{"text":23787,"type":585},{"text":27078,"type":585,"marks":27079},"Benchmark’s Monthly Lithium Inventory Tracker",[27080],{"type":590,"attrs":27081},{"href":13199,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":27083,"type":585},", chemical inventories are building both at chemical producers and converters and at traders and exchanges. ",{"type":580,"attrs":27085,"content":27086},{"textAlign":49},[27087],{"text":27088,"type":585},"In contrast, chemical inventories are falling at cathode manufacturers, as these players look to draw down existing stock to produce cathode material without replacement of chemicals amid a more uncertain near-term demand outlook.",{"type":580,"attrs":27090,"content":27091},{"textAlign":49},[27092],{"text":27093,"type":585},"Meanwhile, cathode producers are struggling to sell this finished cathode active material onto cell producers, who are trying to work through CAM inventory rather than purchase more, given expectations of weak end-user battery demand. ",{"type":580,"attrs":27095,"content":27096},{"textAlign":49},[27097],{"text":27098,"type":585,"marks":27099},"Benchmark’s new Lithium Inventory Tracker provides monthly insight into stocks of lithium chemicals and cathode active material inventory in China.",[27100],{"type":1992},{"type":580,"attrs":27102,"content":27103},{"textAlign":49},[27104,27108,27114,27117,27124],{"text":27105,"type":585,"marks":27106},"Now included as part of ",[27107],{"type":1992},{"text":1565,"type":585,"marks":27109},[27110,27113],{"type":590,"attrs":27111},{"href":27112,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/lithium/data-reports/price-assessments",{"type":1992},{"text":6709,"type":585,"marks":27115},[27116],{"type":1992},{"text":27118,"type":585,"marks":27119},"Forecast",[27120,27123],{"type":590,"attrs":27121},{"href":27122,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/lithium/data-reports/forecast",{"type":1992},{"text":27125,"type":585,"marks":27126}," subscriptions, this additional data enriches the picture of near-term supply-demand dynamics by bringing clarity to how chemical and cathode inventory levels are changing across the main points in the supply chain.",[27127],{"type":1992},{"type":580,"attrs":27129,"content":27130},{"textAlign":49},[27131,27135],{"text":27132,"type":585,"marks":27133},"To find out more about the Lithium Inventory Tracker and the wider Price Assessment or Forecast subscriptions, fill out the form below",[27134],{"type":1992},{"text":17247,"type":585},"Lithium chemical producers and traders are increasing their lithium stocks as Chinese supply ramps up after a slow period due to annual maintenance operations. Inventory is also building due to a larger than expected seasonal dip in January electric vehicle sales in China. Market participants told Benchmark that they anticipate chemical inventory levels to rise […]",[27138],{"slug":9249,"name":9250,"content":27139},{"job_title":9252,"image":27140,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a04379bd-decb-40ca-9285-6a21e2e595ad\", \"id\": \"\"}-->",[27143,27144,27145],{"slug":2623,"name":298},{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":27024,"copyright":645,"fieldtype":701,"meta_data":27147,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":27149,"copyright":645,"fieldtype":701,"meta_data":27150,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/308fb1abd9/bm-sal-del-hombre-muerto-carbonate-plant-scaled-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Mar 03, 2025",{"id":27153,"uuid":4372,"name":27154,"slug":27155,"full_slug":27156,"content":27157},112467979481299,"Infographic: Chinese brand share in overseas EV sales","infographic-share-chinese-brands-in-overseas-ev-sales","article/infographic-share-chinese-brands-in-overseas-ev-sales",{"_uid":27158,"date":27159,"tags":27160,"editor":27163,"content":27167,"excerpt":27260,"featured":50,"reporter":27261,"_editable":27265,"component":689,"seo_title":27154,"categories":27266,"visibility":2019,"author_company":49,"data_vis_image":27269,"featured_image":27271,"seo_description":27260,"author_full_name":49,"author_job_title":49,"formattedDate":27274},"cd0525ea-fa00-47f4-b51d-a52dc1ffcb25","2025-02-28 00:00",[27161,27162],{"slug":720,"name":721},{"slug":564,"name":565},[27164],{"slug":1466,"name":1467,"content":27165},{"job_title":1469,"image":27166,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":27168},[27169,27174,27186,27191,27198,27203,27224,27229,27234,27239,27244],{"type":580,"attrs":27170,"content":27171},{"textAlign":49},[27172],{"text":27173,"type":585},"Penetration of Chinese electric vehicle (EV) brands into overseas markets varies around the world and is dictated by geopolitics as well as the strength of domestic EV production.",{"type":580,"attrs":27175,"content":27176},{"textAlign":49},[27177,27179,27184],{"text":27178,"type":585},"However, uptake in many North American and European countries remains low. By contrast, in Brazil, Thailand and ",{"text":6029,"type":585,"marks":27180},[27181],{"type":590,"attrs":27182},{"href":27183,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/indonesia-expands-presence-in-ev-supply-chain-with-chinese-cathode-and-anode-plants?_branch_match_id=1544412512137358880&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW98x1TrXwT8%2FPCkyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAnYTwSUgAAAA%3D",{"text":27185,"type":585},", at least three-quarters of EV sales are for Chinese models.",{"type":580,"attrs":27187,"content":27188},{"textAlign":49},[27189],{"text":27190,"type":585},"“Chinese brands have firmly established themselves in the global EV market, leveraging a strong domestic foundation to expand internationally,” said Charles Lester, data manager at Rho Motion. “China’s EV industry is not only growing but also reshaping global competition through sheer operational scale and cost advantages.”",{"type":580,"attrs":27192,"content":27193},{"textAlign":49},[27194],{"type":1847,"attrs":27195},{"id":49,"alt":645,"src":27196,"title":49,"source":49,"copyright":49,"meta_data":27197},"https://a.storyblok.com/f/287943243085208/46f7e1a143/bm-chinese-ev-market-share-overseas.webp",{},{"type":647,"attrs":27199,"content":27200},{"level":13022,"textAlign":49},[27201],{"text":27202,"type":585},"What causes the difference in overseas Chinese EV uptake?",{"type":580,"attrs":27204,"content":27205},{"textAlign":49},[27206,27208,27214,27216,27222],{"text":27207,"type":585},"“The expansion of Chinese EV brands is heavily influenced by global trade policies,” Lester said. “A 100% tariff in ",{"text":27209,"type":585,"marks":27210},"the US",[27211],{"type":590,"attrs":27212},{"href":27213,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/trump-2-0-us-election-policy-implications-for-the-ev-supply-chain?_branch_match_id=1544412504646379272&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWzwoyz0tON83xDEyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAISoTAEgAAAA%3D",{"text":27215,"type":585}," and Canada has effectively shut out Chinese OEMs, while the ",{"text":27217,"type":585,"marks":27218},"EU’s mixed tariffs",[27219],{"type":590,"attrs":27220},{"href":27221,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/eu-more-than-halves-proposed-imports-duties-on-tesla-evs-made-in-china?_branch_match_id=1544412520221214497&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWdw%2BKcLZwzinI9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAEY8ggUgAAAA%3D",{"text":27223,"type":585},"—reaching up to an additional 35.3%—will slow their penetration in Europe throughout 2025.”",{"type":580,"attrs":27225,"content":27226},{"textAlign":49},[27227],{"text":27228,"type":585},"European policymakers are also more open to Chinese involvement in their supply chains than their US counterparts and several have set up production lines in the region.",{"type":580,"attrs":27230,"content":27231},{"textAlign":49},[27232],{"text":27233,"type":585},"“In contrast, Chinese EVs continue to dominate markets across Latin America and Southeast Asia, where fewer trade barriers and cost competitiveness drive adoption,” Lester said.",{"type":647,"attrs":27235,"content":27236},{"level":13022,"textAlign":49},[27237],{"text":27238,"type":585},"China’s strength in the battery supply chain",{"type":580,"attrs":27240,"content":27241},{"textAlign":49},[27242],{"text":27243,"type":585},"Beyond strength in EV production, China dominates in the mid and downstream of the battery supply chain, as well the processing of battery chemicals.",{"type":580,"attrs":27245,"content":27246},{"textAlign":49},[27247,27251,27257],{"text":27248,"type":585,"marks":27249},"This data is taken from Rho Motion’s EV Sales Quarterly Outlook. To find out more, and to request a demo of the report, ",[27250],{"type":1992},{"text":21083,"type":585,"marks":27252},[27253,27256],{"type":590,"attrs":27254},{"href":27255,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://rhomotion.com/research/ev-sales-quarterly-outlook/",{"type":1992},{"text":1538,"type":585,"marks":27258},[27259],{"type":1992},"Penetration of Chinese electric vehicle (EV) brands into overseas markets varies around the world and is dictated by geopolitics as well as the strength of domestic EV production. However, uptake in many North American and European countries remains low. By contrast, in Brazil, Thailand and Indonesia, at least three-quarters of EV sales are for Chinese […]",[27262],{"slug":1466,"name":1467,"content":27263},{"job_title":1469,"image":27264,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"cd0525ea-fa00-47f4-b51d-a52dc1ffcb25\", \"id\": \"\"}-->",[27267,27268],{"slug":956,"name":957},{"slug":692,"name":693},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":27196,"copyright":645,"fieldtype":701,"meta_data":27270,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":27272,"copyright":645,"fieldtype":701,"meta_data":27273,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/9be46bc557/bm-2023-byd-belux-dolphin-action-008-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Feb 28, 2025",{"id":27276,"uuid":27277,"name":27278,"slug":27279,"full_slug":27280,"content":27281},112467984236756,"c5262915-d3d4-4b3c-b660-818906c613ab","President Trump orders probe into copper imports","president-trump-orders-probe-into-copper-imports","article/president-trump-orders-probe-into-copper-imports",{"_uid":27282,"date":27283,"tags":27284,"editor":27288,"content":27292,"excerpt":27451,"featured":51,"reporter":27452,"_editable":27456,"component":689,"seo_title":27278,"categories":27457,"visibility":2019,"author_company":49,"data_vis_image":27460,"featured_image":27463,"seo_description":27451,"author_full_name":49,"author_job_title":49,"formattedDate":27466},"45172b83-2e70-4833-98a9-bca2aaeca312","2025-02-27 00:00",[27285,27286,27287],{"slug":564,"name":565},{"slug":8333,"name":8334},{"slug":561,"name":562},[27289],{"slug":1466,"name":1467,"content":27290},{"job_title":1469,"image":27291,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":27293},[27294,27307,27327,27332,27343,27348,27353,27358,27363,27371,27376,27381,27386,27391,27399,27404,27409,27414,27419,27427,27432,27439],{"type":580,"attrs":27295,"content":27296},{"textAlign":49},[27297,27299,27305],{"text":27298,"type":585},"President Trump this week signed an executive order to ",{"text":27300,"type":585,"marks":27301},"investigate copper imports into the US",[27302],{"type":590,"attrs":27303},{"href":27304,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/president-trumps-policies-send-mixed-signals-for-copper?_branch_match_id=1544412493894522805&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz8ywTM7xqMrxDEyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUApoYRsUgAAAA%3D",{"text":27306,"type":585},", citing “significant vulnerabilities” and “increasing reliance on foreign sources”.",{"type":580,"attrs":27308,"content":27309},{"textAlign":49},[27310,27311,27317,27319,27325],{"text":1005,"type":585},{"text":27312,"type":585,"marks":27313},"executive order",[27314],{"type":590,"attrs":27315},{"href":27316,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/what-do-president-trumps-executive-orders-mean-for-critical-minerals?_branch_match_id=1544412484488521242&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBQQqAIBAF0BvpPoiQtm3qAqHxS1Fn5Cu06%2By9F8dofbI2QK5YPXNNAvrSjW%2FNlCTZEuq2Q5zuYfmIG2SS5wzUt4PzGqkVP3Bw9cVIAAAA",{"text":27318,"type":585}," does not come as a surprise to the market, who have been anticipating tariffs on copper imports since ",{"text":27320,"type":585,"marks":27321},"Trump imposed tariffs",[27322],{"type":590,"attrs":27323},{"href":27324,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/trump-2-0-us-election-policy-implications-for-the-ev-supply-chain?_branch_match_id=1544412489127605669&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWzwoyz0tON83xDEyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAISoTAEgAAAA%3D",{"text":27326,"type":585}," on aluminium and steel earlier this month. The exact mechanism by which any impacts will be mitigated will be decided within 270 days.",{"type":580,"attrs":27328,"content":27329},{"textAlign":49},[27330],{"text":27331,"type":585},"However, although an import tariff would benefit domestic copper producers, Benchmark’s view is that tariffs may not result in more domestic production.",{"type":580,"attrs":27333,"content":27334},{"textAlign":49},[27335,27337,27341],{"text":27336,"type":585},"“Trump envisages these tariffs will incentivise more domestic production, but that’s definitely much easier said than done,” said Piotr Ortonowski, copper research lead analyst at Benchmark. “The trouble is that ",{"text":27338,"type":585,"marks":27339},"permitting ",[27340],{"type":1992},{"text":27342,"type":585},"in the US has been, by far and away, the biggest obstacle to bringing new mine capacity online.”",{"type":647,"attrs":27344,"content":27345},{"level":13022,"textAlign":49},[27346],{"text":27347,"type":585},"What is the US’ trade balance on copper?",{"type":580,"attrs":27349,"content":27350},{"textAlign":49},[27351],{"text":27352,"type":585},"The US relies on imports to meet half of its domestic refined copper demand, according to Benchmark’s Copper Forecast. The largest exporter of copper to the US is Chile, followed by Canada.",{"type":580,"attrs":27354,"content":27355},{"textAlign":49},[27356],{"text":27357,"type":585},"Given Trump’s move to place significant tariffs on Canada, a copper tariff on top of this would be significant. However, it is yet unclear exactly how a potential tariff would be implemented.",{"type":580,"attrs":27359,"content":27360},{"textAlign":49},[27361],{"text":27362,"type":585},"Although China is the largest producer of refined copper, the US imports very little from the country due to pre-existing tariffs. Overall, the US is a net exporter of copper to China primarily in the form of copper scrap.",{"type":636,"attrs":27364},{"id":27365,"body":27366},"f7183080-7ef6-4426-bcba-56c58067c16c",[27367],{"id":27368,"_uid":27369,"type":643,"_editable":27370,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21832503","i-8ee289c8-32c2-4e40-8462-c654144105e7","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-8ee289c8-32c2-4e40-8462-c654144105e7\", \"id\": \"\"}-->",{"type":647,"attrs":27372,"content":27373},{"level":13022,"textAlign":49},[27374],{"text":27375,"type":585},"How could a copper import tariff impact domestic production?",{"type":580,"attrs":27377,"content":27378},{"textAlign":49},[27379],{"text":27380,"type":585},"If a tariff on copper imports were to be imposed, this would no doubt benefit domestic copper producers. However, the US already has a sizeable pipeline of copper projects, with permitting acting as a major bottleneck.",{"type":580,"attrs":27382,"content":27383},{"textAlign":49},[27384],{"text":27385,"type":585},"Previously, Trump has said his administration will try to streamline the permitting process.",{"type":580,"attrs":27387,"content":27388},{"textAlign":49},[27389],{"text":27390,"type":585},"“However, even if all of these operations got the green light overnight,  taking the example of a greenfield copper mine, it would take on average, around four years to go from the start of construction to first production,” Ortonowski said. “Nothing is going to happen overnight.”",{"type":636,"attrs":27392},{"id":27393,"body":27394},"ef9ace8e-c07d-4408-9af2-994cf67062b1",[27395],{"id":27396,"_uid":27397,"type":643,"_editable":27398,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21831248","i-579bee1a-9243-4161-9374-5ade2708bed8","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-579bee1a-9243-4161-9374-5ade2708bed8\", \"id\": \"\"}-->",{"type":580,"attrs":27400,"content":27401},{"textAlign":49},[27402],{"text":27403,"type":585},"Even if mines came online, there is currently insufficient domestic smelting and refining capacity to keep that copper within US borders.",{"type":647,"attrs":27405,"content":27406},{"level":13022,"textAlign":49},[27407],{"text":27408,"type":585},"What impact would a tariff have on copper prices?",{"type":580,"attrs":27410,"content":27411},{"textAlign":49},[27412],{"text":27413,"type":585},"The impact tariffs could have on the market is already being felt. Traders have been baking tariff assumptions into the price of US copper as seen by the price differential between the more globally focused London Metal Exchange and the US focused Comex.",{"type":580,"attrs":27415,"content":27416},{"textAlign":49},[27417],{"text":27418,"type":585},"“As soon as rumours of these tariffs emerged, we started to see the arbitrage between the Comex and the LME price shoot up,” Ortonowski said.",{"type":636,"attrs":27420},{"id":27421,"body":27422},"f57ee693-797f-466f-9c94-919e406da884",[27423],{"id":27424,"_uid":27425,"type":643,"_editable":27426,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21832309","i-589224e1-5572-4588-9eaf-3df904baabba","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-589224e1-5572-4588-9eaf-3df904baabba\", \"id\": \"\"}-->",{"type":580,"attrs":27428,"content":27429},{"textAlign":49},[27430],{"text":27431,"type":585},"“So bottom line is, these tariffs will be inflationary,” Ortonowski said. “Yes, they may incentivise domestic production in the medium to long term, but that will certainly take quite a long time to bring about.” ",{"type":580,"attrs":27433,"content":27434},{"textAlign":49},[27435],{"text":27436,"type":585,"marks":27437},"Benchmark’s new Copper Service is coming soon, and will include a quarterly market forecast supplemented by monthly and weekly analysis of supply-demand dynamics.",[27438],{"type":1992},{"type":580,"attrs":27440,"content":27441},{"textAlign":49},[27442,27447],{"text":27443,"type":585,"marks":27444},"In the meantime, if you’d like to learn more about the market insights Benchmark covers, sign up to our Copper Newsletter ",[27445,27446],{"type":1992},{"type":1992},{"text":27448,"type":585,"marks":27449},"via the form below:",[27450],{"type":1992},"President Trump this week signed an executive order to investigate copper imports into the US, citing “significant vulnerabilities” and “increasing reliance on foreign sources”. The executive order does not come as a surprise to the market, who have been anticipating tariffs on copper imports since Trump imposed tariffs on aluminium and steel earlier this month. […]",[27453],{"slug":1466,"name":1467,"content":27454},{"job_title":1469,"image":27455,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"45172b83-2e70-4833-98a9-bca2aaeca312\", \"id\": \"\"}-->",[27458,27459],{"slug":1140,"name":1136},{"slug":1142,"name":1143},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":27461,"copyright":645,"fieldtype":701,"meta_data":27462,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1740591691/www-production/Us-copper-imports_exports@2x/Us-copper-imports_exports@2x.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":27464,"copyright":645,"fieldtype":701,"meta_data":27465,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7b06f3db01/bm-rt-kennecott-aerial-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Feb 27, 2025",{"id":27468,"uuid":27469,"name":27470,"slug":27471,"full_slug":27472,"content":27473},112467988922581,"0e27b8bd-31ef-4ccc-9f84-fe47a6556010","The importance of EVs to the rare earths market","the-importance-of-evs-to-the-rare-earths-market","article/the-importance-of-evs-to-the-rare-earths-market",{"_uid":27474,"date":27475,"tags":27476,"editor":27478,"content":27482,"excerpt":27549,"featured":50,"reporter":27550,"_editable":27554,"component":689,"seo_title":27470,"categories":27555,"visibility":697,"author_company":49,"data_vis_image":27559,"featured_image":27562,"seo_description":27549,"author_full_name":49,"author_job_title":49,"formattedDate":27565},"4a6a0934-f39c-44e0-9918-61bf551fb580","2025-02-26 00:00",[27477],{"slug":564,"name":565},[27479],{"slug":9249,"name":9250,"content":27480},{"job_title":9252,"image":27481,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":27483},[27484,27496,27501,27506,27511,27516,27524,27529,27534,27542],{"type":580,"attrs":27485,"content":27486},{"textAlign":49},[27487,27489,27495],{"text":27488,"type":585},"The electric vehicle market is the fastest growing demand sector for rare earth permanent magnets (REPM), according to ",{"text":27490,"type":585,"marks":27491},"Benchmark’s Rare Earths Forecast",[27492],{"type":590,"attrs":27493},{"href":27494,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/rare-earths/data-reports/forecast",{"text":1538,"type":585},{"type":580,"attrs":27497,"content":27498},{"textAlign":49},[27499],{"text":27500,"type":585},"Demand for such magnets is set to grow at a compound average growth rate of 15% per year between 2024 and 2030, compared to a 9% CAGR for the overall REPM market.",{"type":580,"attrs":27502,"content":27503},{"textAlign":49},[27504],{"text":27505,"type":585},"“As the global push for decarbonization accelerates, the demand for magnetic rare earth oxides—critical for EV motors—continues to rise,” said Neha Mukherjee, a rare earths analyst at Benchmark. “With stricter emission policies and regulations shaping the market, the rare earth sector is entering a phase of heightened strategic importance, where supply chain security and policy interventions will play a crucial role in determining the market’s market balance and price environment.”",{"type":647,"attrs":27507,"content":27508},{"level":13022,"textAlign":49},[27509],{"text":27510,"type":585},"What are the key markets for REPM?",{"type":580,"attrs":27512,"content":27513},{"textAlign":49},[27514],{"text":27515,"type":585},"Rare earth permanent magnets have a multitude of uses. Electric vehicle motors, consumer electronics such as air conditioners, industrial motors, and wind energy are the primary markets for these magnets, with EVs accounting for the largest share.",{"type":636,"attrs":27517},{"id":27518,"body":27519},"905e9464-9151-42f7-a047-4eca7f8a135c",[27520],{"id":27521,"_uid":27522,"type":643,"_editable":27523,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21807234","i-4df8835a-704a-4912-ab73-67712b37d073","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-4df8835a-704a-4912-ab73-67712b37d073\", \"id\": \"\"}-->",{"type":647,"attrs":27525,"content":27526},{"level":13022,"textAlign":49},[27527],{"text":27528,"type":585},"Where do magnets fit into rare earth oxide demand?",{"type":580,"attrs":27530,"content":27531},{"textAlign":49},[27532],{"text":27533,"type":585},"As with the magnets, the rare earth oxides from which they are made also have several applications. The REPM market is the largest demand sector for rare earths, though polishing powders and catalysts for petroleum refining are also large markets.",{"type":636,"attrs":27535},{"id":27536,"body":27537},"967cc906-5bb7-482a-9a0c-5751f97d2688",[27538],{"id":27539,"_uid":27540,"type":643,"_editable":27541,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21811363","i-8d609243-bcb2-46ba-8470-0d5a2873cbb3","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-8d609243-bcb2-46ba-8470-0d5a2873cbb3\", \"id\": \"\"}-->",{"type":580,"attrs":27543,"content":27544},{"textAlign":49},[27545],{"text":27546,"type":585,"marks":27547},"Watch Benchmark and Rho Motion analysts discuss the mine to grid supply chain for motors here.",[27548],{"type":1992},"The electric vehicle market is the fastest growing demand sector for rare earth permanent magnets (REPM), according to Benchmark’s Rare Earths Forecast. Demand for such magnets is set to grow at a compound average growth rate of 15% per year between 2024 and 2030, compared to a 9% CAGR for the overall REPM market. “As […]",[27551],{"slug":9249,"name":9250,"content":27552},{"job_title":9252,"image":27553,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4a6a0934-f39c-44e0-9918-61bf551fb580\", \"id\": \"\"}-->",[27556,27557,27558],{"slug":1142,"name":1143},{"slug":692,"name":693},{"slug":2900,"name":414},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":27560,"copyright":645,"fieldtype":701,"meta_data":27561,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1740584320/www-production/REPM-demand@2x-1/REPM-demand@2x-1.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":27563,"copyright":645,"fieldtype":701,"meta_data":27564,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/54c4c1b6e6/bm-electric-motor-rotor-with-permanent-magnet.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Feb 26, 2025",{"id":27567,"uuid":27568,"name":27569,"slug":27570,"full_slug":27571,"content":27572},112467998413015,"c5469bc0-66d7-44d0-ba10-fa6fc1c1443b","What could the temporary DRC cobalt export ban mean for the market?","what-could-the-temporary-drc-cobalt-export-ban-mean-for-the-market","article/what-could-the-temporary-drc-cobalt-export-ban-mean-for-the-market",{"_uid":27573,"date":27574,"tags":27575,"editor":27580,"content":27584,"excerpt":27719,"featured":51,"reporter":27720,"_editable":27724,"component":689,"seo_title":27569,"categories":27725,"visibility":2019,"author_company":49,"data_vis_image":27729,"featured_image":27732,"seo_description":27719,"author_full_name":49,"author_job_title":49,"formattedDate":27735},"1029a0d5-35cd-4d7f-bd80-82b107a25ec3","2025-02-24 00:00",[27576,27577,27578,27579],{"slug":10844,"name":10845},{"slug":564,"name":565},{"slug":982,"name":983},{"slug":13546,"name":13547},[27581],{"slug":1466,"name":1467,"content":27582},{"job_title":1469,"image":27583,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":27585},[27586,27599,27611,27616,27621,27624,27631,27636,27641,27646,27659,27664,27669,27674,27681,27686,27691,27696,27703],{"type":580,"attrs":27587,"content":27588},{"textAlign":49},[27589,27591,27597],{"text":27590,"type":585},"Exports of cobalt from the ",{"text":27592,"type":585,"marks":27593},"Democratic Republic of the Congo (DRC)",[27594],{"type":590,"attrs":27595},{"href":27596,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/what-does-drcs-election-mean-for-copper-and-cobalt-supply?_branch_match_id=1544412473930877082&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWd04uTTVJD3U29E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA71oGsEgAAAA%3D",{"text":27598,"type":585}," are to be halted for four months in a bid to counter persistent oversupply in the cobalt market according to a statement by Arecoms, a government body responsible for regulation of the mining industry in the country.",{"type":580,"attrs":27600,"content":27601},{"textAlign":49},[27602,27604,27610],{"text":27603,"type":585},"The DRC is by far the largest miner of cobalt, accounting for over three-quarters of supply in 2024, as assessed by ",{"text":27605,"type":585,"marks":27606},"Benchmark’s Cobalt Forecast",[27607],{"type":590,"attrs":27608},{"href":27609,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/cobalt/data-reports/forecast",{"text":1538,"type":585},{"type":580,"attrs":27612,"content":27613},{"textAlign":49},[27614],{"text":27615,"type":585},"The cobalt market has been significantly oversupplied for several years, with Benchmark forecasting supply to be 110% of demand this year.",{"type":580,"attrs":27617,"content":27618},{"textAlign":49},[27619],{"text":27620,"type":585},"“The DRC export ban has been put in place to try to align supply with demand amid the current low price environment,” said Will Talbot, a research manager at Benchmark. “Low prices clearly do not work in the DRC’s favour as it receives royalties from cobalt sales.”",{"type":580,"attrs":27622,"content":27623},{"textAlign":49},[],{"type":580,"attrs":27625,"content":27626},{"textAlign":49},[27627],{"type":1847,"attrs":27628},{"id":49,"alt":645,"src":27629,"title":49,"source":49,"copyright":49,"meta_data":27630},"https://a.storyblok.com/f/287943243085208/52e507e930/bm-cobalt-supply2x-2.png",{},{"type":580,"attrs":27632,"content":27633},{"textAlign":49},[27634],{"text":27635,"type":585},"The export ban came into effect on 22 February 2025 and will be reviewed after three months with the potential to lengthen the ban a further if deemed necessary.",{"type":647,"attrs":27637,"content":27638},{"level":13022,"textAlign":49},[27639],{"text":27640,"type":585},"What impact could the export halt have on the market?",{"type":580,"attrs":27642,"content":27643},{"textAlign":49},[27644],{"text":27645,"type":585},"Benchmark expects that smaller producers with less access to financing and high cobalt-to-copper ratios will be the hardest hit by the export ban.",{"type":580,"attrs":27647,"content":27648},{"textAlign":49},[27649,27651,27657],{"text":27650,"type":585},"“We would not expect this ban to materially impact the supply-demand balance unless larger producers such as ERG and Glencore shut down production,” Talbot said, noting that the ",{"text":27652,"type":585,"marks":27653},"largest producer in the country, CMOC",[27654],{"type":590,"attrs":27655},{"href":27656,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/cmoc-supply-ramp-up-drives-cobalt-market-to-its-lowest-ebb-cobalt-2024-in-review?_branch_match_id=1544412467795081891&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWTzErzXdPNTKpDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAW%2BT9XEgAAAA%3D",{"text":27658,"type":585},", “can likely ride out the storm as it did in 2023 when its TFM asset faced an export ban.”",{"type":580,"attrs":27660,"content":27661},{"textAlign":49},[27662],{"text":27663,"type":585},"The DRC halting exports of cobalt for four months could shrink the forecast oversupply for this year, though the extent of this will depend on whether producers curtail production or increase stocks.",{"type":580,"attrs":27665,"content":27666},{"textAlign":49},[27667],{"text":27668,"type":585},"“As this is an export ban rather than a production quota, this may simply increase the stock level and delay somewhat the supply overhang,” Talbot said. “Conversely, it may encourage more producers to curtail cobalt production, in which case there could be a material decline in supply which would eat into stocks.”",{"type":580,"attrs":27670,"content":27671},{"textAlign":49},[27672],{"text":27673,"type":585},"The oversupply seen in the cobalt market since 2022 has allowed for significant inventory levels to build up.",{"type":580,"attrs":27675,"content":27676},{"textAlign":49},[27677],{"type":1847,"attrs":27678},{"id":49,"alt":645,"src":27679,"title":49,"source":49,"copyright":49,"meta_data":27680},"https://a.storyblok.com/f/287943243085208/17fe2f66d8/bm-cobalt-s-d2x-1.png",{},{"type":647,"attrs":27682,"content":27683},{"level":13022,"textAlign":49},[27684],{"text":27685,"type":585},"How has oversupply impacted cobalt prices?",{"type":580,"attrs":27687,"content":27688},{"textAlign":49},[27689],{"text":27690,"type":585},"The continued oversupply has pushed down on cobalt hydroxide prices (CIF Asia) which hit highs of $34.50 per pound ($76,000/tonne) in April 2022.",{"type":580,"attrs":27692,"content":27693},{"textAlign":49},[27694],{"text":27695,"type":585},"“The low price environment poses significant challenges to producers as well as the government, which relies on the income from royalties on cobalt exports,” said Roman Aubry, a cobalt pricing analyst at Benchmark. “With a temporary export ban in place it is clear the DRC is hoping to maximise the value of the minerals crossing its borders.”",{"type":580,"attrs":27697,"content":27698},{"textAlign":49},[27699],{"type":1847,"attrs":27700},{"id":49,"alt":645,"src":27701,"title":49,"source":49,"copyright":49,"meta_data":27702},"https://a.storyblok.com/f/287943243085208/58c647c10b/bm-cobalt-prices2x-3.png",{},{"type":580,"attrs":27704,"content":27705},{"textAlign":49},[27706,27709,27715],{"text":5543,"type":585,"marks":27707},[27708],{"type":1992},{"text":27710,"type":585,"marks":27711},"Benchmark’s Cobalt Forecast, Price Assessment and LCA reports",[27712,27714],{"type":590,"attrs":27713},{"href":15397,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"text":27716,"type":585,"marks":27717},", fill out the form below and one of our team will be in touch.",[27718],{"type":1992},"Exports of cobalt from the Democratic Republic of the Congo (DRC) are to be halted for four months in a bid to counter persistent oversupply in the cobalt market according to a statement by Arecoms, a government body responsible for regulation of the mining industry in the country. The DRC is by far the largest […]",[27721],{"slug":1466,"name":1467,"content":27722},{"job_title":1469,"image":27723,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1029a0d5-35cd-4d7f-bd80-82b107a25ec3\", \"id\": \"\"}-->",[27726,27727,27728],{"slug":2544,"name":115},{"slug":1142,"name":1143},{"slug":695,"name":696},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":27730,"copyright":645,"fieldtype":701,"meta_data":27731,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1740417679/www-production/Cobalt-supply@2x-1/Cobalt-supply@2x-1.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":27733,"copyright":645,"fieldtype":701,"meta_data":27734,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/41e0851e75/bm-etoile-mine-3.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Feb 24, 2025",{"id":27737,"uuid":5354,"name":27738,"slug":27739,"full_slug":27740,"content":27741},112468003135704,"Chinese battery energy storage market to triple by 2033","chinese-battery-energy-storage-market-to-triple-by-2033","article/chinese-battery-energy-storage-market-to-triple-by-2033",{"_uid":27742,"date":27743,"tags":27744,"editor":27751,"content":27755,"excerpt":27869,"featured":50,"reporter":27870,"_editable":27874,"component":689,"seo_title":27738,"categories":27875,"visibility":697,"author_company":49,"data_vis_image":27879,"featured_image":27882,"seo_description":27869,"author_full_name":49,"author_job_title":49,"formattedDate":27885},"b66622ea-a4bb-4369-9526-4eaa6e9406dd","2025-02-21 00:00",[27745,27746,27747,27750],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":27748,"name":27749},"energy-storage","Energy storage",{"slug":13546,"name":13547},[27752],{"slug":1466,"name":1467,"content":27753},{"job_title":1469,"image":27754,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":27756},[27757,27776,27781,27794,27807,27815,27820,27825,27830,27835,27840,27845,27850,27861],{"type":580,"attrs":27758,"content":27759},{"textAlign":49},[27760,27761,27767,27769,27775],{"text":1005,"type":585},{"text":27762,"type":585,"marks":27763},"Chinese battery energy storage market",[27764],{"type":590,"attrs":27765},{"href":27766,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinese-tier-2-producers-double-down-on-energy-storage-market-amid-ev-competition?_branch_match_id=1544412454441538995&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWL%2FbKrQw1zclMDEqyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA1HiOKEgAAAA%3D",{"text":27768,"type":585}," is set to triple between 2024 and 2033, according to ",{"text":27770,"type":585,"marks":27771},"Rho Motion’s BESS Outlook",[27772],{"type":590,"attrs":27773},{"href":27774,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://rhomotion.com/research/battery-energy-stationary-storage-quarterly-outlook/",{"text":1538,"type":585},{"type":580,"attrs":27777,"content":27778},{"textAlign":49},[27779],{"text":27780,"type":585},"By 2033, it is forecast that 90% of China’s BESS installations will be grid-scale storage. Most grid scale systems will be standalone, continuing the falling market share of renewable-paired storage systems.",{"type":580,"attrs":27782,"content":27783},{"textAlign":49},[27784,27786,27792],{"text":27785,"type":585},"This trend is set to be solidified as China’s central government recently set out a rule prohibiting provinces from mandating that new ",{"text":27787,"type":585,"marks":27788},"renewable energy installations be paired with battery energy storage systems",[27789],{"type":590,"attrs":27790},{"href":27791,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/catl-masdar-partner-for-worlds-largest-solar-power-battery-storage-project?_branch_match_id=1544412434503643226&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWNzJKigwsK3TOD0yyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUALLLulUgAAAA%3D",{"text":27793,"type":585}," (BESS).",{"type":580,"attrs":27795,"content":27796},{"textAlign":49},[27797,27799,27805],{"text":27798,"type":585},"“China’s grid BESS market has been the major driver of growth in recent years, accounting for 70% of ",{"text":27800,"type":585,"marks":27801},"global deployments in 2024",[27802],{"type":590,"attrs":27803},{"href":27804,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/western-australia-awards-1-billion-in-contracts-for-battery-energy-storage-includes-catl?_branch_match_id=1544412447014147150&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBQQqAIBAF0BvpPogW3qALxFiTM6ijfIWgRWfvPZmzj8X7yHZKJeSqxqAyHPXuilr212uWQlba4%2FaBbwbU0hHRnsFYg6BV%2FgHN22c4SAAAAA%3D%3D",{"text":27806,"type":585},".” said Iola Hughes, role at Rho Motion. “Despite this, the market has suffered from low utilisation rates and profits.”",{"type":636,"attrs":27808},{"id":27809,"body":27810},"657f6209-1a1f-4a77-987b-ef9fff0175f2",[27811],{"id":27812,"_uid":27813,"type":643,"_editable":27814,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21735203","i-bb66e526-0f4e-4493-b38c-c423c4935805","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-bb66e526-0f4e-4493-b38c-c423c4935805\", \"id\": \"\"}-->",{"type":647,"attrs":27816,"content":27817},{"level":13022,"textAlign":49},[27818],{"text":27819,"type":585},"How has grid-scale storage evolved in China?",{"type":580,"attrs":27821,"content":27822},{"textAlign":49},[27823],{"text":27824,"type":585},"Xinjiang province was the first in China to mandate pairing a BESS to all new renewable energy projects. Many other provinces followed suit, either requiring or encouraging renewable developers to pair their installations with batteries.",{"type":580,"attrs":27826,"content":27827},{"textAlign":49},[27828],{"text":27829,"type":585},"China’s ruling to prohibit mandating paired storage is in part due to the shortcomings of such policies. To avoid penalties for failing to comply with the rules, many renewable developers deployed poor quality battery systems and operated the batteries at low utilisation rates.",{"type":580,"attrs":27831,"content":27832},{"textAlign":49},[27833],{"text":27834,"type":585},"Now, China wants to shift away from mandates to market-led reforms.",{"type":580,"attrs":27836,"content":27837},{"textAlign":49},[27838],{"text":27839,"type":585},"“The new policy from the NRDC and NEA has the potential to significantly impact China’s BESS market in the coming years,” Hughes said. “It will give BESS operators and renewable energy producers the ability to establish long term supply contracts or sell power directly to the grid, at market determined prices, improving utilisation rate and offering higher profit.”",{"type":647,"attrs":27841,"content":27842},{"level":13022,"textAlign":49},[27843],{"text":27844,"type":585},"What chemistries does China use for grid-scale BESS?",{"type":580,"attrs":27846,"content":27847},{"textAlign":49},[27848],{"text":27849,"type":585},"In 2024, 97% of grid-scale BESS installations used lithium ion batteries, 99% of which used lithium iron phosphate cathodes.",{"type":580,"attrs":27851,"content":27852},{"textAlign":49},[27853,27855,27860],{"text":27854,"type":585},"Other battery chemistries beyond lithium ion are emerging as key technologies for China’s grid-scale BESS market, namely flow batteries and ",{"text":5241,"type":585,"marks":27856},[27857],{"type":590,"attrs":27858},{"href":27859,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/what-role-can-sodium-ion-batteries-play-in-energy-storage?_branch_match_id=1544412442406702889&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWNwop9XPJsnAsDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAuCBF7UgAAAA%3D",{"text":1538,"type":585},{"type":636,"attrs":27862},{"id":27863,"body":27864},"e276c3b0-f801-4eb3-b37e-e315fd15cdd1",[27865],{"id":27866,"_uid":27867,"type":643,"_editable":27868,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21734852","i-beb4fd27-4b63-425b-91c4-bcd22bd94881","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-beb4fd27-4b63-425b-91c4-bcd22bd94881\", \"id\": \"\"}-->","The Chinese battery energy storage market is set to triple between 2024 and 2033, according to Rho Motion’s BESS Outlook. By 2033, it is forecast that 90% of China’s BESS installations will be grid-scale storage. Most grid scale systems will be standalone, continuing the falling market share of renewable-paired storage systems. This trend is set […]",[27871],{"slug":1466,"name":1467,"content":27872},{"job_title":1469,"image":27873,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b66622ea-a4bb-4369-9526-4eaa6e9406dd\", \"id\": \"\"}-->",[27876,27877,27878],{"slug":956,"name":957},{"slug":950,"name":951},{"slug":3379,"name":3380},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":27880,"copyright":645,"fieldtype":701,"meta_data":27881,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1740132158/www-production/Socials-Chinese-BESS-demand-to-triple-by-2033@2x/Socials-Chinese-BESS-demand-to-triple-by-2033@2x.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":27883,"copyright":645,"fieldtype":701,"meta_data":27884,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5b4ef3c8f9/bm-shutterstock-2255564093-4-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Feb 21, 2025",{"id":27887,"uuid":27888,"name":27889,"slug":27890,"full_slug":27891,"content":27892},112468007817433,"f5f9e9ac-0ebb-4c88-a08d-3518f5f97c08","Spodumene prices pressure processors","spodumene-prices-pressure-processors","article/spodumene-prices-pressure-processors",{"_uid":27893,"date":27894,"tags":27895,"editor":27899,"content":27903,"excerpt":28002,"featured":50,"reporter":28003,"_editable":28007,"component":689,"seo_title":27889,"categories":28008,"visibility":697,"author_company":49,"data_vis_image":28011,"featured_image":28014,"seo_description":28002,"author_full_name":49,"author_job_title":49,"formattedDate":28017},"85ee6841-ba7c-492d-8bc5-c8ebfa881438","2025-02-20 00:00",[27896,27897,27898],{"slug":564,"name":565},{"slug":1458,"name":1459},{"slug":5030,"name":5610},[27900],{"slug":9249,"name":9250,"content":27901},{"job_title":9252,"image":27902,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":27904},[27905,27930,27943,27948,27961,27969,27974,27979,27984,27989,27994],{"type":580,"attrs":27906,"content":27907},{"textAlign":49},[27908,27914,27916,27922,27924,27929],{"text":27909,"type":585,"marks":27910},"Spodumene prices",[27911],{"type":590,"attrs":27912},{"href":27913,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/low-prices-spark-mergers-and-closures-lithium-2024-in-review?_branch_match_id=1544412414812976768&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz3YJ9ityNDQpCUiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAJ2vQLEgAAAA%3D",{"text":27915,"type":585}," are relatively high compared to ",{"text":27917,"type":585,"marks":27918},"lithium chemical prices",[27919],{"type":590,"attrs":27920},{"href":27921,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lfp-uptake-and-flexible-production-lines-keep-lithium-carbonate-prices-above-hydroxide?_branch_match_id=1544412407064098077&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWD0%2FyrDCOirTMD0iyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAmLA7S0gAAAA%3D",{"text":27923,"type":585},", putting pressure on chemical producers, according to ",{"text":1565,"type":585,"marks":27925},[27926],{"type":590,"attrs":27927},{"href":27928,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/lithium/lithium-prices/table",{"text":1538,"type":585},{"type":580,"attrs":27931,"content":27932},{"textAlign":49},[27933,27935,27941],{"text":27934,"type":585},"However, this week ",{"text":27936,"type":585,"marks":27937},"spodumene prices",[27938],{"type":590,"attrs":27939},{"href":27940,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/spodumene-prices-soften-to-three-year-low-amid-weak-lithium-chemical-prices?_branch_match_id=1544412424376785682&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBMQ6AIBAEwB9Bb2IsrMUnGDCn4MFBFpTOtzPjWyt10tqRnD5ZcApCsLEqW4qKQVibZ2M279d3t%2Fygi4Ag9%2BGQeyXMq0dONADCkDwpSAAAAA%3D%3D",{"text":27942,"type":585}," ticked down 2.3%, the second week of falling spodumene concentrate prices following a two-month period of no decline.",{"type":580,"attrs":27944,"content":27945},{"textAlign":49},[27946],{"text":27947,"type":585},"Despite this correction, the ratio of spodumene prices to lithium chemical prices remains above last year’s average, as it has been since the end of November 2024.",{"type":580,"attrs":27949,"content":27950},{"textAlign":49},[27951,27953,27959],{"text":27952,"type":585},"“This is driven by a tighter feedstock supply picture in China and ",{"text":27954,"type":585,"marks":27955},"Australian spodumene majors",[27956],{"type":590,"attrs":27957},{"href":27958,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/australian-lithium-supply-cut-by-15-due-to-low-spodumene-prices?_branch_match_id=1544412419695925230&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWjyhx8UoMyzR180%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA6UsK%2F0gAAAA%3D",{"text":27960,"type":585}," maintaining price discipline,” said Alex Albinski, a lithium pricing analyst at Benchmark.",{"type":636,"attrs":27962},{"id":27963,"body":27964},"1924c8dd-9b2a-48c1-a696-ba61d37963e4",[27965],{"id":27966,"_uid":27967,"type":643,"_editable":27968,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21728158","i-6535fedb-1b4d-49d9-90d7-2459cb827f3f","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-6535fedb-1b4d-49d9-90d7-2459cb827f3f\", \"id\": \"\"}-->",{"type":647,"attrs":27970,"content":27971},{"level":13022,"textAlign":49},[27972],{"text":27973,"type":585},"What impact is this having on the market?",{"type":580,"attrs":27975,"content":27976},{"textAlign":49},[27977],{"text":27978,"type":585},"The disconnect between spodumene concentrate prices and the price of lithium chemicals has put pressure on chemical producers who will be working with a reduced margin.",{"type":580,"attrs":27980,"content":27981},{"textAlign":49},[27982],{"text":27983,"type":585},"However, this does not mean that spodumene miners are sitting happy as they are forced to maintain price discipline despite chemical producers pushing for a reduction in feedstock prices.",{"type":580,"attrs":27985,"content":27986},{"textAlign":49},[27987],{"text":27988,"type":585},"“We are seeing price discipline from a lot of the Australian spodumene majors,” Albinski said. “Some operations are not too far away from cost and are therefore reluctant to decrease prices.”",{"type":580,"attrs":27990,"content":27991},{"textAlign":49},[27992],{"text":27993,"type":585},"Despite this discipline, there are signs that the pressure from chemical producers is moving the needle.",{"type":580,"attrs":27995,"content":27996},{"textAlign":49},[27997],{"type":1847,"attrs":27998},{"id":49,"alt":27999,"src":28000,"title":49,"source":49,"copyright":49,"meta_data":28001},"Spodumene prices tick down slightly in response to pressure from chemical producers","https://a.storyblok.com/f/287943243085208/0feffb6086/bm-spodumene-and-chemical-prices-20-feb-2025-usd2x.png",{},"Spodumene prices are relatively high compared to lithium chemical prices, putting pressure on chemical producers, according to Benchmark’s Lithium Price Assessment. However, this week spodumene prices ticked down 2.3%, the second week of falling spodumene concentrate prices following a two-month period of no decline. Despite this correction, the ratio of spodumene prices to lithium chemical […]",[28004],{"slug":9249,"name":9250,"content":28005},{"job_title":9252,"image":28006,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"85ee6841-ba7c-492d-8bc5-c8ebfa881438\", \"id\": \"\"}-->",[28009,28010],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":28012,"copyright":645,"fieldtype":701,"meta_data":28013,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1740057069/www-production/Copy-of-Spodumene-relative-to-chemicals@2x-1/Copy-of-Spodumene-relative-to-chemicals@2x-1.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":28015,"copyright":645,"fieldtype":701,"meta_data":28016,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/a6a6b2af41/bm-the-tianqi-lithium-hydroxide-plant-at-kwinana.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Feb 20, 2025",{"id":28019,"uuid":28020,"name":28021,"slug":28022,"full_slug":28023,"content":28024},112468012826842,"744252de-ab26-4fc6-89a7-3ddacae9a578","Will 2027 be the year of the solid-state electric vehicle battery?","will-2027-be-the-year-of-the-solid-state-electric-vehicle-battery","article/will-2027-be-the-year-of-the-solid-state-electric-vehicle-battery",{"_uid":28025,"date":28026,"tags":28027,"editor":28031,"content":28035,"excerpt":28197,"featured":51,"reporter":28198,"_editable":28202,"component":689,"seo_title":28021,"categories":28203,"visibility":2019,"author_company":49,"data_vis_image":28207,"featured_image":28210,"seo_description":28197,"author_full_name":49,"author_job_title":49,"formattedDate":28213},"c4e89063-57b0-4d75-9adb-b760679a2c1a","2025-02-19 00:00",[28028,28029,28030],{"slug":1294,"name":1295},{"slug":564,"name":565},{"slug":20051,"name":20052},[28032],{"slug":1466,"name":1467,"content":28033},{"job_title":1469,"image":28034,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":28036},[28037,28050,28063,28076,28089,28094,28114,28119,28127,28139,28144,28149,28154,28159,28172,28180],{"type":580,"attrs":28038,"content":28039},{"textAlign":49},[28040,28042,28048],{"text":28041,"type":585},"This decade is key for ",{"text":28043,"type":585,"marks":28044},"major automakers and OEMs",[28045],{"type":590,"attrs":28046},{"href":28047,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/next-gen-battery-developers-licensing-technology-to-oems-enables-scale?_branch_match_id=1544412380303922643&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWT0339TeqKs9yDEyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA90HGHUgAAAA%3D",{"text":28049,"type":585}," looking to commercialise solid-state batteries in electric vehicle applications.",{"type":580,"attrs":28051,"content":28052},{"textAlign":49},[28053,28055,28061],{"text":28054,"type":585},"Over the past year, several incumbent battery cell producers and ",{"text":28056,"type":585,"marks":28057},"automakers have committed to a demonstration",[28058],{"type":590,"attrs":28059},{"href":28060,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/china-leads-production-but-the-west-is-catching-up-new-battery-technology-2024-in-review?_branch_match_id=1544412375685129780&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9ylzKzD1jwiKCEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAitH%2FQkgAAAA%3D",{"text":28062,"type":585}," of solid-state electric vehicles by 2027 with large-scale production by 2030.",{"type":580,"attrs":28064,"content":28065},{"textAlign":49},[28066,28068,28074],{"text":28067,"type":585},"Both of the world’s largest battery makers, ",{"text":28069,"type":585,"marks":28070},"CATL and BYD",[28071],{"type":590,"attrs":28072},{"href":28073,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinas-battery-industry-unites-in-effort-to-extend-dominance-to-solid-state?_branch_match_id=1544412361449763926&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWd690KbDMDncsDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAhziMIEgAAAA%3D",{"text":28075,"type":585}," are committed to producing demonstration solid-state vehicles this decade, whilst BYD recently said it was targeting 2030 for mass production.",{"type":580,"attrs":28077,"content":28078},{"textAlign":49},[28079,28081,28087],{"text":28080,"type":585},"“Solid-state technologies are in the middle of a four to six year qualification cycle, so these timelines match up well with forecast commercial delivery timelines,” said ",{"text":28082,"type":585,"marks":28083},"Rory McNulty",[28084],{"type":590,"attrs":28085},{"href":28086,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/scale-up-approaches-for-solid-state-battery-development?_branch_match_id=1544412370742341210&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBQQqAIBAF0BvpPogIT2CblqE15TA6yldo19l7L43R%2BmRtJD1TCZDCSgi5m9CayaxiZfPsrp1XH5cPdBPA%2BhwR9e2E2SXUQj8lOUsfSAAAAA%3D%3D",{"text":28088,"type":585},", Benchmark’s Product Director for New Technology.",{"type":647,"attrs":28090,"content":28091},{"level":13022,"textAlign":49},[28092],{"text":28093,"type":585},"Which companies are committing to solid-state technology this decade?",{"type":580,"attrs":28095,"content":28096},{"textAlign":49},[28097,28098,28104,28106,28112],{"text":25855,"type":585},{"text":28099,"type":585,"marks":28100},"technologies being qualified today",[28101],{"type":590,"attrs":28102},{"href":28103,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/stellantis-targets-2026-for-solid-state-battery-ev-using-factorial-energys-technology?_branch_match_id=1544412393780737836&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWDwvMrArwj3AsDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAlElP%2BEgAAAA%3D",{"text":28105,"type":585}," won’t be seen in commercial cars for at least a few years, the end of 2024 saw ",{"text":28107,"type":585,"marks":28108},"several Chinese players",[28109],{"type":590,"attrs":28110},{"href":28111,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/where-is-chinas-solid-state-battery-industry-developing?_branch_match_id=1544412365995797067&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9%2FVwLsn0CHMsDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAkdx2L0gAAAA%3D",{"text":28113,"type":585}," roll out vehicles with semi-solid-state batteries using traditional anode materials.",{"type":580,"attrs":28115,"content":28116},{"textAlign":49},[28117],{"text":28118,"type":585},"“With more expected in 2025, this may have been a catalyst for some of the recent timeline announcements we are seeing,” McNulty said.",{"type":580,"attrs":28120,"content":28121},{"textAlign":49},[28122],{"type":1847,"attrs":28123},{"id":49,"alt":28124,"src":28125,"title":49,"source":49,"copyright":49,"meta_data":28126},"This decade is key for solid-state EV commercialisation","https://a.storyblok.com/f/287943243085208/ae40e42d21/bm-ev-commercialisation.png",{},{"type":580,"attrs":28128,"content":28129},{"textAlign":49},[28130,28132,28138],{"text":28131,"type":585},"Although automotive timelines represent the industry’s ambition to make the most of the performance gains of solid-state batteries this decade, it is the cell makers who will ",{"text":28133,"type":585,"marks":28134},"ultimately enable this",[28135],{"type":590,"attrs":28136},{"href":28137,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/solid-state-batteries-bring-new-supply-chain-opportunities-challenges-and-potential-bottlenecks?_branch_match_id=1544412355192180870&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWDzEJKgmzjHQsDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAPQUVs0gAAAA%3D",{"text":1538,"type":585},{"type":580,"attrs":28140,"content":28141},{"textAlign":49},[28142],{"text":28143,"type":585},"Samsung, LG Energy Solution, CATL, EVE Energy, and Sunwoda are amongst the largest cell makers that have committed to 2027 to produce solid-state batteries at least at the demonstration scale.",{"type":647,"attrs":28145,"content":28146},{"level":13022,"textAlign":49},[28147],{"text":28148,"type":585},"What solid-state technologies are these companies using?",{"type":580,"attrs":28150,"content":28151},{"textAlign":49},[28152],{"text":28153,"type":585},"The solid-state batteries currently deployed in vehicular applications use semi-solid-state technologies in which a small quantity of liquid electrolyte is added to improve the contact of the anode and cathode to the solid electrolyte.",{"type":580,"attrs":28155,"content":28156},{"textAlign":49},[28157],{"text":28158,"type":585},"They also use more traditional anode materials such as graphite or graphite-silicon composites, meaning the energy density gains aren’t as large as they could be.",{"type":580,"attrs":28160,"content":28161},{"textAlign":49},[28162,28164,28170],{"text":28163,"type":585},"“The key differentiator for technologies undergoing qualification today, is that they are looking to employ ",{"text":28165,"type":585,"marks":28166},"next-generation anode materials",[28167],{"type":590,"attrs":28168},{"href":28169,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/are-lithium-metal-batteries-an-opportunity-for-the-west?_branch_match_id=1544412385544875147&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWLzb0DM3KM842D0yyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAKOc5fEgAAAA%3D",{"text":28171,"type":585},", which could provide a really significant leap in energy density,” McNulty said.",{"type":636,"attrs":28173},{"id":28174,"body":28175},"f79eb868-4122-42e7-ab70-c16c4653728a",[28176],{"id":28177,"_uid":28178,"type":643,"_editable":28179,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21690901","i-ea7703e7-4f86-4a5b-b29d-406bc725a603","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-ea7703e7-4f86-4a5b-b29d-406bc725a603\", \"id\": \"\"}-->",{"type":580,"attrs":28181,"content":28182},{"textAlign":49},[28183,28187,28194],{"text":28184,"type":585,"marks":28185},"To learn more about trends in emerging battery technologies, download Benchmark’s free special issue, ",[28186],{"type":1992},{"text":28188,"type":585,"marks":28189},"Cheaper, Better, and Smaller: The Future of Battery Technology",[28190,28191],{"type":1992},{"type":590,"attrs":28192},{"href":28193,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/downloads/special-issues/1332445",{"text":1538,"type":585,"marks":28195},[28196],{"type":1992},"This decade is key for major automakers and OEMs looking to commercialise solid-state batteries in electric vehicle applications. Over the past year, several incumbent battery cell producers and automakers have committed to a demonstration of solid-state electric vehicles by 2027 with large-scale production by 2030. Both of the world’s largest battery makers, CATL and BYD […]",[28199],{"slug":1466,"name":1467,"content":28200},{"job_title":1469,"image":28201,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c4e89063-57b0-4d75-9adb-b760679a2c1a\", \"id\": \"\"}-->",[28204,28205,28206],{"slug":956,"name":957},{"slug":959,"name":960},{"slug":692,"name":693},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":28208,"copyright":645,"fieldtype":701,"meta_data":28209,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1739979098/www-production/Solid-state-by-anode-2025-2035@2x/Solid-state-by-anode-2025-2035@2x.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":28211,"copyright":645,"fieldtype":701,"meta_data":28212,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/0dcb0b41c0/bm-dodge-charger-daytona-03-2.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Feb 19, 2025",{"id":28215,"uuid":28216,"name":28217,"slug":28218,"full_slug":28219,"content":28220},112468037038303,"2f662ef9-8005-4e7d-8967-59bebf177ddd","In Charts: US’ LFP cell pipeline lags behind Europe’s","in-charts-us-lfp-cell-pipeline-lags-behind-europes","article/in-charts-us-lfp-cell-pipeline-lags-behind-europes",{"_uid":28221,"date":28222,"tags":28223,"editor":28228,"content":28232,"excerpt":28359,"featured":51,"reporter":28360,"_editable":28364,"component":689,"seo_title":28217,"categories":28365,"visibility":697,"author_company":49,"data_vis_image":28368,"featured_image":28371,"seo_description":28359,"author_full_name":49,"author_job_title":49,"formattedDate":28374},"ad9405ca-3c85-47fe-85b6-3f2b2e85c454","2025-02-13 00:00",[28224,28225,28226,28227],{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":4789,"name":451},{"slug":561,"name":562},[28229],{"slug":1466,"name":1467,"content":28230},{"job_title":1469,"image":28231,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":28233},[28234,28260,28272,28277,28285,28290,28325,28330,28338,28356],{"type":580,"attrs":28235,"content":28236},{"textAlign":49},[28237,28243,28245,28250,28252,28258],{"text":28238,"type":585,"marks":28239},"Europe’s 2030 pipeline",[28240],{"type":590,"attrs":28241},{"href":28242,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lfp-begins-to-make-inroads-into-europes-lithium-ion-ecosystem?_branch_match_id=1544412286802527787&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWD3FOzQrLN87P9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAUG8XiEgAAAA%3D",{"text":28244,"type":585}," for lithium iron phosphate (LFP) cell production is almost double that of ",{"text":27209,"type":585,"marks":28246},[28247],{"type":590,"attrs":28248},{"href":28249,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/who-owns-the-usas-gigafactories?_branch_match_id=1544412264042934745&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWrwjxCvOrTCvI9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA%2B0e93kgAAAA%3D",{"text":28251,"type":585}," following the ",{"text":28253,"type":585,"marks":28254},"cancellation of US projects",[28255],{"type":590,"attrs":28256},{"href":28257,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/2024-sees-highest-gigafactory-capacity-cancellations-on-record?_branch_match_id=1544412247111872238&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWT8x1DvGyyMkK80%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA48FI70gAAAA%3D",{"text":28259,"type":585}," by Freyr and Kore Power.",{"type":580,"attrs":28261,"content":28262},{"textAlign":49},[28263,28265,28271],{"text":28264,"type":585},"The projects accounted for 22% of the US’ LFP pipeline, according to ",{"text":28266,"type":585,"marks":28267},"Benchmark’s Gigafactory Assessment",[28268],{"type":590,"attrs":28269},{"href":28270,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/lithium-ion-batteries/data-reports/market-assessments",{"text":1538,"type":585},{"type":580,"attrs":28273,"content":28274},{"textAlign":49},[28275],{"text":28276,"type":585},"“Europe’s LFP pipeline has not traditionally been ahead of the US’, but 2024 saw a number of major automakers adapt their European strategies to be more LFP focused, striving for lower cost vehicles, and in light of increased competition from Chinese EVs,” said Evan Hartley, research manager at Benchmark.",{"type":636,"attrs":28278},{"id":28279,"body":28280},"f489a272-6fdb-4cf5-82cc-17d4ec08c46a",[28281],{"id":28282,"_uid":28283,"type":643,"_editable":28284,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21595210","i-71b2bebc-a7a7-4fad-93ca-bc9e16381702","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-71b2bebc-a7a7-4fad-93ca-bc9e16381702\", \"id\": \"\"}-->",{"type":647,"attrs":28286,"content":28287},{"level":13022,"textAlign":49},[28288],{"text":28289,"type":585},"Asian producers fill Tier 1 supply",{"type":580,"attrs":28291,"content":28292},{"textAlign":49},[28293,28294,28300,28302,28308,28310,28316,28318,28323],{"text":1935,"type":585},{"text":28295,"type":585,"marks":28296},"both Europe",[28297],{"type":590,"attrs":28298},{"href":28299,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinese-owned-companies-to-produce-one-third-of-european-battery-cells-by-2030?_branch_match_id=1544412271778698513&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBwQnAIAwF0I305qFQenAARxCVtIomhq%2FQW2fve3VvXYe1maRUTujchJDGMknVjCbdOnXFU5gc8vWBbgKaPDFjvotw%2BorJ9APwRxTnSAAAAA%3D%3D",{"text":28301,"type":585}," and the US, all ",{"text":28303,"type":585,"marks":28304},"Tier 1 production",[28305],{"type":590,"attrs":28306},{"href":28307,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/which-companies-control-the-lithium-ion-battery-supply-chain-2?_branch_match_id=1544412254969849686&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWTyv0qQxxSSrI9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAY2%2BaQEgAAAA%3D",{"text":28309,"type":585}," is associated with the same three cell producers: ",{"text":28311,"type":585,"marks":28312},"China’s CATL",[28313],{"type":590,"attrs":28314},{"href":28315,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/ford-to-build-3-5-billion-us-lfp-battery-plant-using-catl-technology?_branch_match_id=1544412259396518779&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWT87LqjI3zs%2FJ9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAKdS2rkgAAAA%3D",{"text":28317,"type":585}," and Envision, and South Korea’s ",{"text":11348,"type":585,"marks":28319},[28320],{"type":590,"attrs":28321},{"href":28322,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lges-lfp-commitment-grows-with-renault-group-battery-cell-deal?_branch_match_id=1544412279462444214&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWN85yinKKjMzP9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAOfRYK0gAAAA%3D",{"text":28324,"type":585}," (LGES).",{"type":580,"attrs":28326,"content":28327},{"textAlign":49},[28328],{"text":28329,"type":585},"“Whilst traditionally the South Korean cell players have focused on nickel based cell chemistries, LGES have begun to produce LFP batteries globally, with Samsung and SK On potentially targeting similar production by 2026, pending successful domestic commercialisation,” Hartley said.",{"type":636,"attrs":28331},{"id":28332,"body":28333},"87211190-77ed-4c0f-88eb-76a5cd94fd15",[28334],{"id":28335,"_uid":28336,"type":643,"_editable":28337,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21596995","i-49104527-7019-4a0a-bd7e-c46ef9f0ad17","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-49104527-7019-4a0a-bd7e-c46ef9f0ad17\", \"id\": \"\"}-->",{"type":580,"attrs":28339,"content":28340},{"textAlign":49},[28341,28345,28352],{"text":28342,"type":585,"marks":28343},"Watch expert analysts from Benchmark and Rho Motion discuss the LFP supply chain in ",[28344],{"type":1992},{"text":28346,"type":585,"marks":28347},"this episode of the Mine to Grid",[28348,28349],{"type":1992},{"type":590,"attrs":28350},{"href":28351,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/mine-to-grid-lfp-2",{"text":28353,"type":585,"marks":28354}," video series.",[28355],{"type":1992},{"type":580,"attrs":28357,"content":28358},{"textAlign":49},[],"Europe’s 2030 pipeline for lithium iron phosphate (LFP) cell production is almost double that of the US following the cancellation of US projects by Freyr and Kore Power. The projects accounted for 22% of the US’ LFP pipeline, according to Benchmark’s Gigafactory Assessment. “Europe’s LFP pipeline has not traditionally been ahead of the US’, but […]",[28361],{"slug":1466,"name":1467,"content":28362},{"job_title":1469,"image":28363,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ad9405ca-3c85-47fe-85b6-3f2b2e85c454\", \"id\": \"\"}-->",[28366,28367],{"slug":956,"name":957},{"slug":3379,"name":3380},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":28369,"copyright":645,"fieldtype":701,"meta_data":28370,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1739444759/www-production/Tier-1-LFP-US-and-Europe-by-producer@2x/Tier-1-LFP-US-and-Europe-by-producer@2x.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":28372,"copyright":645,"fieldtype":701,"meta_data":28373,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1652b2226d/bm-lg-energy-solution-michigan-usa.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Feb 13, 2025",{"id":28376,"uuid":28377,"name":28378,"slug":28379,"full_slug":28380,"content":28381},112468046561506,"3994dd50-44f0-4d27-ac25-2f1fbbb0ef21","What could CATL restarting its Chinese lithium mine mean for the market?","what-could-catl-restarting-its-chinese-lithium-mine-mean-for-the-market","article/what-could-catl-restarting-its-chinese-lithium-mine-mean-for-the-market",{"_uid":28382,"date":28383,"tags":28384,"editor":28389,"content":28393,"excerpt":28477,"featured":51,"reporter":28478,"_editable":28482,"component":689,"seo_title":28378,"categories":28483,"visibility":697,"author_company":49,"data_vis_image":28486,"featured_image":28488,"seo_description":28477,"author_full_name":49,"author_job_title":49,"formattedDate":28491},"aa26ecfb-2aec-4dbb-aab5-d39694bbbaf1","2025-02-11 00:00",[28385,28386,28387,28388],{"slug":2044,"name":2045},{"slug":720,"name":721},{"slug":564,"name":565},{"slug":1458,"name":1459},[28390],{"slug":9249,"name":9250,"content":28391},{"job_title":9252,"image":28392,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":28394},[28395,28416,28421,28426,28439,28446,28451,28456,28464,28469],{"type":580,"attrs":28396,"content":28397},{"textAlign":49},[28398,28400,28406,28408,28414],{"text":28399,"type":585},"CATL’s Jianxiawo ",{"text":28401,"type":585,"marks":28402},"mica mine",[28403],{"type":590,"attrs":28404},{"href":28405,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/the-growing-role-of-chinese-mica-in-the-lithium-market?_branch_match_id=1544412236725434078&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz05x8whOybcoCEyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAnpAALUgAAAA%3D",{"text":28407,"type":585}," in Jiangxi, China is rumoured to be ",{"text":28409,"type":585,"marks":28410},"resuming operations",[28411],{"type":590,"attrs":28412},{"href":28413,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/what-does-the-reported-shutdown-of-catls-mine-mean-for-the-lithium-market?_branch_match_id=1544412232417366955&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWT3NJ8ip1szQvCEyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAJARBzkgAAAA%3D",{"text":28415,"type":585},", potentially weakening price support for lithium.",{"type":580,"attrs":28417,"content":28418},{"textAlign":49},[28419],{"text":28420,"type":585},"Through conversations with contacts, Benchmark understands that the local government has asked CATL to resume operations in a bid to increase local tax revenues and support jobs.",{"type":580,"attrs":28422,"content":28423},{"textAlign":49},[28424],{"text":28425,"type":585},"A final decision on whether to restart the mine has yet to be made. Both parties are understood by Benchmark to be negotiating favorable policies such as cheaper electricity and lower royalties.",{"type":580,"attrs":28427,"content":28428},{"textAlign":49},[28429,28431,28437],{"text":28430,"type":585},"CATL’s integrated plant at the site is also expected to resume operation once the mine restarts. Additionally, the company’s ",{"text":28432,"type":585,"marks":28433},"joint refinery operation with Lopal",[28434],{"type":590,"attrs":28435},{"href":28436,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lopal-signs-rmb-7-billion-lfp-supply-agreement-with-catl?_branch_match_id=1544412227586028263&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWD47MK8%2B2KHauDEyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA2vsb9EgAAAA%3D",{"text":28438,"type":585}," in the province is also reported to be resuming operations.",{"type":580,"attrs":28440,"content":28441},{"textAlign":49},[28442],{"type":1847,"attrs":28443},{"id":49,"alt":645,"src":28444,"title":49,"source":49,"copyright":49,"meta_data":28445},"https://a.storyblok.com/f/287943243085208/883c40c63d/bm-carbonate-price-annotated-with-jianxiawo-feb-10-20252x-1-1.png",{},{"type":580,"attrs":28447,"content":28448},{"textAlign":49},[28449],{"text":28450,"type":585},"“Lithium carbonate prices haven’t improved much since Jianxiawo was put into care and maintenance. As such, the mine is unlikely to be profitable when it reopens,” said Adam Megginson, a lithium price analyst at Benchmark. “This is less of a concern for a vertically integrated miner like CATL, which can make up for losses upstream with its more profitable downstream operations”",{"type":580,"attrs":28452,"content":28453},{"textAlign":49},[28454],{"text":28455,"type":585},"Benchmark’s analysis of the site through satellite imagery shows minimal activity at the site with some minor activities happening around the administrative and processing areas, potentially indicative of preparation work. As yet, there are no clear visual indicators of resumed mining operations.",{"type":636,"attrs":28457},{"id":28458,"body":28459},"06bdeac3-92ac-4813-afad-83059938f6d1",[28460],{"id":28461,"_uid":28462,"type":643,"_editable":28463,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21570280","i-cddc36cd-0ca5-4ab9-8afa-e7bb55c1200f","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-cddc36cd-0ca5-4ab9-8afa-e7bb55c1200f\", \"id\": \"\"}-->",{"type":647,"attrs":28465,"content":28466},{"level":13022,"textAlign":49},[28467],{"text":28468,"type":585},"What impact could this have on the market?",{"type":636,"attrs":28470},{"id":28471,"body":28472},"c9aed719-6c1b-4b05-b923-c1d1fd17219f",[28473],{"id":28474,"_uid":28475,"type":643,"_editable":28476,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21557259","i-9b286038-c4c2-4c08-ae94-6be9cb6bbd49","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-9b286038-c4c2-4c08-ae94-6be9cb6bbd49\", \"id\": \"\"}-->","CATL’s Jianxiawo mica mine in Jiangxi, China is rumoured to be resuming operations, potentially weakening price support for lithium. Through conversations with contacts, Benchmark understands that the local government has asked CATL to resume operations in a bid to increase local tax revenues and support jobs. A final decision on whether to restart the mine […]",[28479],{"slug":9249,"name":9250,"content":28480},{"job_title":9252,"image":28481,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"aa26ecfb-2aec-4dbb-aab5-d39694bbbaf1\", \"id\": \"\"}-->",[28484,28485],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":28444,"copyright":645,"fieldtype":701,"meta_data":28487,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":28489,"copyright":645,"fieldtype":701,"meta_data":28490,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4280a70002/bm-catl-headquarters-3.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Feb 11, 2025",{"id":28493,"uuid":28494,"name":28495,"slug":28496,"full_slug":28497,"content":28498},112468065583334,"61534669-df78-418a-9a3b-dfb8d74ce94c","US graphite players’ tariff petition wins preliminary ITC trade case ruling","us-graphite-players-tariff-petition-wins-preliminary-itc-trade-case-ruling","article/us-graphite-players-tariff-petition-wins-preliminary-itc-trade-case-ruling",{"_uid":28499,"date":28500,"tags":28501,"editor":28506,"content":28510,"excerpt":28661,"featured":51,"reporter":28662,"_editable":28666,"component":689,"seo_title":28495,"categories":28667,"visibility":697,"author_company":49,"data_vis_image":28672,"featured_image":28676,"seo_description":28661,"author_full_name":49,"author_job_title":49,"formattedDate":28679},"9e3ca5c3-2890-4c73-aab0-09dd25e7bcb9","2025-02-06 00:00",[28502,28503,28504,28505],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":8333,"name":8334},{"slug":561,"name":562},[28507],{"slug":1466,"name":1467,"content":28508},{"job_title":1469,"image":28509,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":28511},[28512,28524,28537,28542,28550,28555,28560,28565,28578,28586,28615,28620,28628,28633,28638,28643,28648,28653],{"type":580,"attrs":28513,"content":28514},{"textAlign":49},[28515,28517,28522],{"text":28516,"type":585},"The US International Trade Commission (ITC) has made a preliminary determination that ",{"text":721,"type":585,"marks":28518},[28519],{"type":590,"attrs":28520},{"href":28521,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/china-graphite-export-restrictions-could-hinder-ex-china-anode-development?_branch_match_id=1544412195859805169&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWDzYrLAw0zA0z9E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA1vU5xEgAAAA%3D",{"text":28523,"type":585}," has suppressed the establishment of the US graphite industry through the export of artificially cheap anode material.",{"type":580,"attrs":28525,"content":28526},{"textAlign":49},[28527,28529,28535],{"text":28528,"type":585},"This follows a petition filed by the American Active Anode Material Producers (AAAMP) on 17 December 2024, which sought to impose tariffs as high as 920% on ",{"text":28530,"type":585,"marks":28531},"graphite imports from China",[28532],{"type":590,"attrs":28533},{"href":28534,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/china-tightens-graphite-export-controls-to-the-us?_branch_match_id=1544412170894745027&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9%2FFOCSjxq0hOCUiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAQ8S84kgAAAA%3D",{"text":28536,"type":585}," which it accused of “malicious trade practices.”",{"type":580,"attrs":28538,"content":28539},{"textAlign":49},[28540],{"text":28541,"type":585},"The anode material covered by this proceeding includes synthetic and natural, with or without coating. Moreover, it is included irrespective of whether it is imported independently, as part of a compound or within a battery.",{"type":636,"attrs":28543},{"id":28544,"body":28545},"9209307f-e2e0-4d31-a914-a7491504e375",[28546],{"id":28547,"_uid":28548,"type":643,"_editable":28549,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21483081","i-9c4fa353-3424-4c7f-837c-e85e78014935","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-9c4fa353-3424-4c7f-837c-e85e78014935\", \"id\": \"\"}-->",{"type":647,"attrs":28551,"content":28552},{"level":13022,"textAlign":49},[28553],{"text":28554,"type":585},"What impact could these tariffs have?",{"type":580,"attrs":28556,"content":28557},{"textAlign":49},[28558],{"text":28559,"type":585},"Should tariffs be imposed as a result of this case, it could have notable impacts on automakers.",{"type":647,"attrs":28561,"content":28562},{"level":13022,"textAlign":49},[28563],{"text":28564,"type":585},"Can US anode players supply domestic automakers?",{"type":580,"attrs":28566,"content":28567},{"textAlign":49},[28568,28570,28576],{"text":28569,"type":585},"The US is heavily reliant on imports for battery-grade graphite and ",{"text":28571,"type":585,"marks":28572},"anode materials",[28573],{"type":590,"attrs":28574},{"href":28575,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/north-americas-anode-push-accelerates-with-nouveau-monde-gm-deal?_branch_match_id=1544412175340425275&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWD8h2NUovdXZODkyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAZ5aO%2F0gAAAA%3D",{"text":28577,"type":585},", with China dominating the available supply.",{"type":636,"attrs":28579},{"id":28580,"body":28581},"c5369f0e-b4f0-4da9-a2c9-794bdf5e0c13",[28582],{"id":28583,"_uid":28584,"type":643,"_editable":28585,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21485354","i-dbb27d14-134e-4e9e-81b1-50150d341140","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-dbb27d14-134e-4e9e-81b1-50150d341140\", \"id\": \"\"}-->",{"type":580,"attrs":28587,"content":28588},{"textAlign":49},[28589,28591,28597,28599,28605,28607,28613],{"text":28590,"type":585},"Despite US government efforts to ",{"text":28592,"type":585,"marks":28593},"increase investment into the onshoring",[28594],{"type":590,"attrs":28595},{"href":28596,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/novonix-inks-offtake-with-powerco-amid-supply-chain-diversification?_branch_match_id=1544412163525018746&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWj%2FRNN%2FHzM%2FfJD0iyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAjyZp5EgAAAA%3D",{"text":28598,"type":585}," of the ",{"text":28600,"type":585,"marks":28601},"domestic anode supply chain",[28602],{"type":590,"attrs":28603},{"href":28604,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/epsilon-receives-115-million-in-tax-credits-as-us-seeks-anode-material-security?_branch_match_id=1544412188045900106&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWLwi1yPYKc3bOD0yyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAgHdZSEgAAAA%3D",{"text":28606,"type":585},", domestic ",{"text":28608,"type":585,"marks":28609},"supply of material",[28610],{"type":590,"attrs":28611},{"href":28612,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/syrahs-anode-material-production-start-in-us-sets-stage-for-localised-supply?_branch_match_id=1544412200394807638&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWd63KLvc2rAqvCkyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUABmFkP0gAAAA%3D",{"text":28614,"type":585}," remains minimal.",{"type":580,"attrs":28616,"content":28617},{"textAlign":49},[28618],{"text":28619,"type":585},"Recognising this, the Inflation Reduction Act included a temporary exemption for graphite from its 2027 sourcing restrictions to accommodate the lack of domestic production.",{"type":636,"attrs":28621},{"id":28622,"body":28623},"edee1d04-09ae-434b-a814-71c4e9c7b258",[28624],{"id":28625,"_uid":28626,"type":643,"_editable":28627,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21440372","i-317856e4-863c-4beb-ab58-466e7bcc88f5","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-317856e4-863c-4beb-ab58-466e7bcc88f5\", \"id\": \"\"}-->",{"type":647,"attrs":28629,"content":28630},{"level":13022,"textAlign":49},[28631],{"text":28632,"type":585},"Why has the AAAMP called for these tariffs?",{"type":580,"attrs":28634,"content":28635},{"textAlign":49},[28636],{"text":28637,"type":585},"“There is overwhelming evidence that China dumps artificially cheap graphite into global markets, which is made possible by state-sponsored policies and massive subsidies,” said Erik Olson, a spokesperson for AAAMP. “Without trade relief from the US government, the domestic graphite industry is in peril.”",{"type":580,"attrs":28639,"content":28640},{"textAlign":49},[28641],{"text":28642,"type":585},"Many Chinese players, especially those in lower tiers, are struggling to break even in the current low price market, Benchmark’s analysis shows. Given China’s low labour costs, inexpensive electricity, and robust infrastructure, if Chinese firms are struggling, North American competitors will face an even steeper uphill battle.",{"type":580,"attrs":28644,"content":28645},{"textAlign":49},[28646],{"text":28647,"type":585},"As well as state support, the AAAMP claimed lower cost Chinese material was enabled by low or no wage protections and a lack of environmental stewardship.",{"type":580,"attrs":28649,"content":28650},{"textAlign":49},[28651],{"text":28652,"type":585},"The case will now proceed in front of both the ITC and US Department of Commerce (DoC) under the jurisdiction of the antidumping and countervailing duty statutes.",{"type":636,"attrs":28654},{"id":28655,"body":28656},"ff3c85bd-c63f-45d7-ae61-c67730e14f7d",[28657],{"id":28658,"_uid":28659,"type":643,"_editable":28660,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21441758","i-f765870a-3181-4248-8d55-0732ad45b75f","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-f765870a-3181-4248-8d55-0732ad45b75f\", \"id\": \"\"}-->","The US International Trade Commission (ITC) has made a preliminary determination that China has suppressed the establishment of the US graphite industry through the export of artificially cheap anode material. This follows a petition filed by the American Active Anode Material Producers (AAAMP) on 17 December 2024, which sought to impose tariffs as high as […]",[28663],{"slug":1466,"name":1467,"content":28664},{"job_title":1469,"image":28665,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9e3ca5c3-2890-4c73-aab0-09dd25e7bcb9\", \"id\": \"\"}-->",[28668,28669,28670,28671],{"slug":2162,"name":261},{"slug":956,"name":957},{"slug":1142,"name":1143},{"slug":2627,"name":2628},{"id":49,"alt":28673,"name":645,"focus":645,"title":28673,"source":645,"filename":28674,"copyright":645,"fieldtype":701,"meta_data":28675,"is_external_url":51},"A 920% tariff on anode materials could add 67% to the cost of cell","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1738841442/www-production/Socials-version-Cell-cost-AAM-tariffs@2x/Socials-version-Cell-cost-AAM-tariffs@2x.png?_i=AA",{"alt":28673,"title":28673,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":28677,"copyright":645,"fieldtype":701,"meta_data":28678,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/02023e5e64/bm-china-tightens-graphite-export-controls-to-the-us.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Feb 06, 2025",{"id":28681,"uuid":28682,"name":28683,"slug":28684,"full_slug":28685,"content":28686},112468075139304,"d65e2587-50bc-4bc1-b1a1-42924ced2aa0","WeLion places significant order for solid-state separators from Semcorp","welion-places-significant-order-for-solid-state-separators-from-semcorp","article/welion-places-significant-order-for-solid-state-separators-from-semcorp",{"_uid":28687,"date":28688,"tags":28689,"editor":28699,"content":28703,"excerpt":28827,"featured":51,"reporter":28828,"_editable":28832,"component":689,"seo_title":28683,"categories":28833,"visibility":697,"author_company":49,"data_vis_image":28835,"featured_image":28838,"seo_description":28827,"author_full_name":49,"author_job_title":49,"formattedDate":28841},"53896c31-a243-4e4b-8ac7-77ae61e5d62d","2025-02-05 00:00",[28690,28691,28692,28695,28698],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":28693,"name":28694},"semcorp","Semcorp",{"slug":28696,"name":28697},"welion","WeLion",{"slug":20051,"name":20052},[28700],{"slug":9249,"name":9250,"content":28701},{"job_title":9252,"image":28702,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":28704},[28705,28718,28723,28751,28756,28764,28776,28789,28794,28799,28804,28809,28814],{"type":580,"attrs":28706,"content":28707},{"textAlign":49},[28708,28710,28716],{"text":28709,"type":585},"In January 2025, ",{"text":28711,"type":585,"marks":28712},"Chinese solid-state producer",[28713],{"type":590,"attrs":28714},{"href":28715,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/where-is-chinas-solid-state-battery-industry-developing?_branch_match_id=1544412080640359444&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9%2FVwLsn0CHMsDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAkdx2L0gAAAA%3D",{"text":28717,"type":585}," WeLion signed a long term supply agreement to source 80% of its membrane and electrolyte needs from Semcorp.",{"type":580,"attrs":28719,"content":28720},{"textAlign":49},[28721],{"text":28722,"type":585},"The agreement specifies a minimum order quantity of 300 million square metres of membranes and 100 tonnes of solid electrolyte from the Chinese separator giant over the next six years, equivalent to tens of gigawatt-hours (GWh) of cells.",{"type":580,"attrs":28724,"content":28725},{"textAlign":49},[28726,28728,28734,28736,28742,28744,28749],{"text":28727,"type":585},"“It looks like ",{"text":28729,"type":585,"marks":28730},"solid-state, and semi-solid-state",[28731],{"type":590,"attrs":28732},{"href":28733,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/in-charts-solid-state-batteries-and-the-route-to-commercialisation?_branch_match_id=1544412053648241009&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9wlzTck2DMx0DEyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUANgTnk0gAAAA%3D",{"text":28735,"type":585},", is here to stay in China and big ",{"text":28737,"type":585,"marks":28738},"OEMs are getting involved",[28739],{"type":590,"attrs":28740},{"href":28741,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/next-gen-battery-developers-licensing-technology-to-oems-enables-scale?_branch_match_id=1544412076125817851&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWT0339TeqKs9yDEyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA90HGHUgAAAA%3D",{"text":28743,"type":585}," in the prospects,” said ",{"text":28082,"type":585,"marks":28745},[28746],{"type":590,"attrs":28747},{"href":28748,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/scale-up-approaches-for-solid-state-battery-development?_branch_match_id=1544412059303359031&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBQQqAIBAF0BvpPogIT2CblqE15TA6yldo19l7L43R%2BmRtJD1TCZDCSgi5m9CayaxiZfPsrp1XH5cPdBPA%2BhwR9e2E2SXUQj8lOUsfSAAAAA%3D%3D",{"text":28750,"type":585},", Benchmark’s product director for new technology. “Small, agile start-ups working with industry leaders like Semcorp is a great way to streamline and optimise a technology.”",{"type":647,"attrs":28752,"content":28753},{"level":13022,"textAlign":49},[28754],{"text":28755,"type":585},"What is the status of WeLion’s solid-state plans?",{"type":636,"attrs":28757},{"id":28758,"body":28759},"e279bef7-6c88-4c54-b36e-99abf4e7ebc0",[28760],{"id":28761,"_uid":28762,"type":643,"_editable":28763,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21447719","i-fc3a871e-a651-432e-8aa6-903af7fe892d","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-fc3a871e-a651-432e-8aa6-903af7fe892d\", \"id\": \"\"}-->",{"type":580,"attrs":28765,"content":28766},{"textAlign":49},[28767,28769,28775],{"text":28768,"type":585},"WeLion produces solid-state batteries with high-nickel ternary cathode materials paired with either lithium metal or silicon-based anodes. Currently, their technology is semi-solid-state with a liquid electrolyte component used to increase the interfacial contact between the electrodes and ",{"text":28770,"type":585,"marks":28771},"oxide-based solid electrolyte",[28772],{"type":590,"attrs":28773},{"href":28774,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/solid-state-batteries-bring-new-supply-chain-opportunities-challenges-and-potential-bottlenecks?_branch_match_id=1544412063816286239&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWDzEJKgmzjHQsDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAPQUVs0gAAAA%3D",{"text":1538,"type":585},{"type":580,"attrs":28777,"content":28778},{"textAlign":49},[28779,28781,28787],{"text":28780,"type":585},"The company has a partnership with ",{"text":28782,"type":585,"marks":28783},"automaker Nio",[28784],{"type":590,"attrs":28785},{"href":28786,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/is-2024-the-year-of-solid-state-battery-powered-evs?_branch_match_id=1544412085345705195&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWLyv08zaNNHAsDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUARGeNjEgAAAA%3D",{"text":28788,"type":585},", which began mass production of its electric vehicle using WeLion’s solid-state cells in 2024.",{"type":580,"attrs":28790,"content":28791},{"textAlign":49},[28792],{"text":28793,"type":585},"The company has ambitions to progress to an all-solid-state battery in the future, eliminating the liquid component.",{"type":647,"attrs":28795,"content":28796},{"level":13022,"textAlign":49},[28797],{"text":28798,"type":585},"How does the Semcorp order compare to WeLion’s forecast production?",{"type":580,"attrs":28800,"content":28801},{"textAlign":49},[28802],{"text":28803,"type":585},"The minimum order amount in the Semcorp supply agreement is expected to support more than 25 GWh of production between 2025 and 2030, assuming the amount of separator material needed for WeLion’s solid-state batteries is similar to that of traditional lithium ion batteries. ",{"type":580,"attrs":28805,"content":28806},{"textAlign":49},[28807],{"text":28808,"type":585},"Given that WeLion has agreed that 80% of its material requirements will come from Semcorp, this suggests the company is expecting to produce at least 31 GWh of cells between 2025 and 2030.",{"type":580,"attrs":28810,"content":28811},{"textAlign":49},[28812],{"text":28813,"type":585},"For Semcorp, this forecast suggests WeLion would be looking to order significantly more than the minimum order quantity.",{"type":580,"attrs":28815,"content":28816},{"textAlign":49},[28817,28819,28825],{"text":28818,"type":585},"“Semcorp is a leader in the traditional lithium-ion battery separator market, so this isn’t a make or break order for them,” McNulty said, “but it is an exciting first foothold into an ",{"text":28820,"type":585,"marks":28821},"emerging industry that the Chinese government has committed",[28822],{"type":590,"attrs":28823},{"href":28824,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinas-battery-industry-unites-in-effort-to-extend-dominance-to-solid-state?_branch_match_id=1544412071651209136&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWd690KbDMDncsDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAhziMIEgAAAA%3D",{"text":28826,"type":585}," significant capital and focus to over the next five years.”","In January 2025, Chinese solid-state producer WeLion signed a long term supply agreement to source 80% of its membrane and electrolyte needs from Semcorp. The agreement specifies a minimum order quantity of 300 million square metres of membranes and 100 tonnes of solid electrolyte from the Chinese separator giant over the next six years, equivalent […]",[28829],{"slug":9249,"name":9250,"content":28830},{"job_title":9252,"image":28831,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"53896c31-a243-4e4b-8ac7-77ae61e5d62d\", \"id\": \"\"}-->",[28834],{"slug":956,"name":957},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":28836,"copyright":645,"fieldtype":701,"meta_data":28837,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1738679054/www-production/WeLion-Forecast@2x/WeLion-Forecast@2x.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":28839,"copyright":645,"fieldtype":701,"meta_data":28840,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/b990cd3443/bm-welion-hq-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Feb 05, 2025",{"id":28843,"uuid":28844,"name":28845,"slug":28846,"full_slug":28847,"content":28848},112468089250027,"b78b135e-06d0-45b0-a8e0-f88cb1abe672","How the world reached 1 TWh of battery production","how-the-world-reached-1-twh-of-battery-production","article/how-the-world-reached-1-twh-of-battery-production",{"_uid":28849,"date":28850,"tags":28851,"editor":28854,"content":28858,"excerpt":28911,"featured":51,"reporter":28912,"_editable":28916,"component":689,"seo_title":28845,"categories":28917,"visibility":697,"author_company":49,"data_vis_image":28920,"featured_image":28924,"seo_description":28911,"author_full_name":49,"author_job_title":49,"formattedDate":28927},"490a6aad-517e-468a-a116-b11a08a0aad8","2025-02-04 00:00",[28852,28853],{"slug":720,"name":721},{"slug":564,"name":565},[28855],{"slug":9249,"name":9250,"content":28856},{"job_title":9252,"image":28857,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":28859},[28860,28873,28878,28890,28901,28906],{"type":580,"attrs":28861,"content":28862},{"textAlign":49},[28863,28865,28871],{"text":28864,"type":585},"China has dominated global battery supply since ",{"text":28866,"type":585,"marks":28867},"Benchmark’s Lithium ion Battery Database",[28868],{"type":590,"attrs":28869},{"href":28870,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/lithium-ion-batteries/data-reports/forecast",{"text":28872,"type":585}," began, accounting for 59% of production in 2015.",{"type":580,"attrs":28874,"content":28875},{"textAlign":49},[28876],{"text":28877,"type":585},"In 2023, when global battery production reached one terawatt hour, Chinese companies were responsible for 84% of supply.",{"type":580,"attrs":28879,"content":28880},{"textAlign":49},[28881,28883,28889],{"text":28882,"type":585},"Chinese companies make up three of the top five largest companies by market share, these being CATL, BYD, and EVE Energy. CATL and BYD combined production accounted for 49% of supply in 2023, according to ",{"text":28884,"type":585,"marks":28885},"analysis by Benchmark",[28886],{"type":590,"attrs":28887},{"href":28888,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/which-companies-control-the-lithium-ion-battery-supply-chain-2?_branch_match_id=1544412012505405112&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWTyv0qQxxSSrI9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAY2%2BaQEgAAAA%3D",{"text":1538,"type":585},{"type":580,"attrs":28891,"content":28892},{"textAlign":49},[28893,28895,28900],{"text":28894,"type":585},"China’s battery market is in surplus and expected to remain so for the next ten years, according to Benchmark’s ",{"text":28896,"type":585,"marks":28897},"Lithium ion Battery Database",[28898],{"type":590,"attrs":28899},{"href":28870,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":28902,"content":28903},{"textAlign":49},[28904],{"text":28905,"type":585},"However, Chinese companies’ ability to supply global markets may be inhibited by supply chain localisation policies. In May 2024, the US increased the tariff on Chinese electric vehicle lithium ion batteries from 7.5% to 25%.",{"type":580,"attrs":28907,"content":28908},{"textAlign":49},[28909],{"text":28910,"type":585},"Sustainability criteria may also lessen the appeal of Chinese cells overseas. For example, the European Union’s (EU) New Batteries Regulation requires batteries sold in the EU to disclose their carbon footprint from February 2025 and eventually meet minimum recycled content requirements.","China has dominated global battery supply since Benchmark’s Lithium ion Battery Database began, accounting for 59% of production in 2015. In 2023, when global battery production reached one terawatt hour, Chinese companies were responsible for 84% of supply. Chinese companies make up three of the top five largest companies by market share, these being CATL, […]",[28913],{"slug":9249,"name":9250,"content":28914},{"job_title":9252,"image":28915,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"490a6aad-517e-468a-a116-b11a08a0aad8\", \"id\": \"\"}-->",[28918,28919],{"slug":956,"name":957},{"slug":3379,"name":3380},{"id":49,"alt":28921,"name":645,"focus":645,"title":28921,"source":645,"filename":28922,"copyright":645,"fieldtype":701,"meta_data":28923,"is_external_url":51},"How battery production reached 1 TWh","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1738679534/www-production/1-TWh-production-static-2030@2x/1-TWh-production-static-2030@2x.png?_i=AA",{"alt":28921,"title":28921,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":28925,"copyright":645,"fieldtype":701,"meta_data":28926,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7615121d5e/bm-road-to-1-twh.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Feb 04, 2025",{"id":28929,"uuid":28930,"name":28931,"slug":28932,"full_slug":28933,"content":28934},112468093989101,"14e1a592-fb6d-4b82-ae34-bd6d4bdb0345","France leads Europe’s solid-state efforts","france-leads-europes-solid-state-efforts","article/france-leads-europes-solid-state-efforts",{"_uid":28935,"date":28936,"tags":28937,"editor":28950,"content":28954,"excerpt":29083,"featured":50,"reporter":29084,"_editable":29088,"component":689,"seo_title":28931,"categories":29089,"visibility":697,"author_company":49,"data_vis_image":29092,"featured_image":29096,"seo_description":29083,"author_full_name":49,"author_job_title":49,"formattedDate":29099},"7dd7375c-e396-4e1c-8e33-ffa3da64d240","2025-01-31 00:00",[28938,28941,28942,28943,28946,28949],{"slug":28939,"name":28940},"blue-solutions","Blue Solutions",{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":28944,"name":28945},"france","France",{"slug":28947,"name":28948},"prologium","ProLogium",{"slug":20051,"name":20052},[28951],{"slug":9249,"name":9250,"content":28952},{"job_title":9252,"image":28953,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":28955},[28956,28975,28987,29000,29012,29020,29025,29038,29050,29055,29060,29065,29070],{"type":580,"attrs":28957,"content":28958},{"textAlign":49},[28959,28961,28967,28969,28974],{"text":28960,"type":585},"France is at the heart of Europe’s ",{"text":28962,"type":585,"marks":28963},"solid-state battery efforts",[28964],{"type":590,"attrs":28965},{"href":28966,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/china-leads-production-but-the-west-is-catching-up-new-battery-technology-2024-in-review?_branch_match_id=1544411981601558800&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9ylzKzD1jwiKCEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAitH%2FQkgAAAA%3D",{"text":28968,"type":585},",  representing over 90% of the region’s forecast 18 gigawatt-hours of production in 2030 according to ",{"text":28970,"type":585,"marks":28971},"Benchmark’s Solid-State and Lithium Metal Battery Forecast",[28972],{"type":590,"attrs":28973},{"href":26801,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":28976,"content":28977},{"textAlign":49},[28978,28980,28986],{"text":28979,"type":585},"Currently Blue Solutions leads the charge in France, having been the first company globally to commercialise a solid-state lithium metal battery for use in ",{"text":28981,"type":585,"marks":28982},"vehicular applications",[28983],{"type":590,"attrs":28984},{"href":28985,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/is-2024-the-year-of-solid-state-battery-powered-evs?_branch_match_id=1544412001100823923&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWLyv08zaNNHAsDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUARGeNjEgAAAA%3D",{"text":1538,"type":585},{"type":580,"attrs":28988,"content":28989},{"textAlign":49},[28990,28992,28998],{"text":28991,"type":585},"The largest planned solid-state gigafactory in the country is a 48 gigawatt hours (GWh) facility in development by ",{"text":28993,"type":585,"marks":28994},"Taiwanese solid-state innovator ProLogium",[28995],{"type":590,"attrs":28996},{"href":28997,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/prologiums-e5-2-billion-french-plant-advances-commercialisation-of-solid-state-batteries?_branch_match_id=1544411993608152098&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWTzHLznR38890DEyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAgv5h%2B0gAAAA%3D",{"text":28999,"type":585},". The company recently received its permits and construction is set to commence later in the year.",{"type":580,"attrs":29001,"content":29002},{"textAlign":49},[29003,29005,29010],{"text":29004,"type":585},"“Securing these permits is a huge step towards large-scale European manufacture of solid-state batteries,” said ",{"text":28082,"type":585,"marks":29006},[29007],{"type":590,"attrs":29008},{"href":29009,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/scale-up-approaches-for-solid-state-battery-development?_branch_match_id=1544411966555449554&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBQQqAIBAF0BvpPogIT2CblqE15TA6yldo19l7L43R%2BmRtJD1TCZDCSgi5m9CayaxiZfPsrp1XH5cPdBPA%2BhwR9e2E2SXUQj8lOUsfSAAAAA%3D%3D",{"text":29011,"type":585},", Benchmark’s product director for new technologies.",{"type":636,"attrs":29013},{"id":29014,"body":29015},"af76f53b-e348-4c24-878d-ff6926c14ea6",[29016],{"id":29017,"_uid":29018,"type":643,"_editable":29019,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21385309","i-cff0542b-63f8-4744-9a36-66f29d289e03","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-cff0542b-63f8-4744-9a36-66f29d289e03\", \"id\": \"\"}-->",{"type":647,"attrs":29021,"content":29022},{"level":13022,"textAlign":49},[29023],{"text":29024,"type":585},"What solid-state developments are happening in France?",{"type":580,"attrs":29026,"content":29027},{"textAlign":49},[29028,29030,29036],{"text":29029,"type":585},"Currently, Blue Solutions operates the only ",{"text":29031,"type":585,"marks":29032},"commercial scale",[29033],{"type":590,"attrs":29034},{"href":29035,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/in-charts-solid-state-batteries-and-the-route-to-commercialisation?_branch_match_id=1544411974203505141&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9wlzTck2DMx0DEyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUANgTnk0gAAAA%3D",{"text":29037,"type":585}," solid-state battery production facility in France.",{"type":580,"attrs":29039,"content":29040},{"textAlign":49},[29041,29043,29048],{"text":29042,"type":585},"ProLogium, which currently operates a GWh-scale facility in Taiwan, intends to start construction of its Dunkirk gigafactory this year. ",{"text":29044,"type":585,"marks":29045},"Benchmark anticipates",[29046],{"type":590,"attrs":29047},{"href":26801,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":29049,"type":585}," full production will commence from 2027.",{"type":580,"attrs":29051,"content":29052},{"textAlign":49},[29053],{"text":29054,"type":585},"“When ProLogium announced its 48 GWh, €5.2 billion gigafactory it was, and still is, the largest solid-state battery capacity expansion project in the world,” McNulty said. “The company has already secured a grant of up to €1.5 billion from the European Commission towards this goal, advancing plans from speculative to tangible.”",{"type":647,"attrs":29056,"content":29057},{"level":13022,"textAlign":49},[29058],{"text":29059,"type":585},"What is going on in the rest of Europe?",{"type":580,"attrs":29061,"content":29062},{"textAlign":49},[29063],{"text":29064,"type":585},"Outside of France, there are commercial-scale plants under construction or development in Germany, the Netherlands, and the UK. ",{"type":580,"attrs":29066,"content":29067},{"textAlign":49},[29068],{"text":29069,"type":585},"The only operating solid-state facility is Ilika’s pilot scale facility in the UK. The company is targeting gigawatt-scale production for 2025.",{"type":580,"attrs":29071,"content":29072},{"textAlign":49},[29073,29075,29081],{"text":29074,"type":585},"The largest facility in Europe’s pipeline outside of France is the 20 GWh capacity gigafactory ",{"text":29076,"type":585,"marks":29077},"planned by QuantumScape",[29078],{"type":590,"attrs":29079},{"href":29080,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/next-gen-battery-developers-licensing-technology-to-oems-enables-scale?_branch_match_id=1544411985964249305&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWT0339TeqKs9yDEyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA90HGHUgAAAA%3D",{"text":29082,"type":585}," in Germany in collaboration with Volkswagen’s PowerCo which is planned to come online in 2028.","France is at the heart of Europe’s solid-state battery efforts, representing over 90% of the region’s forecast 18 gigawatt-hours of production in 2030 according to Benchmark’s Solid-State and Lithium Metal Battery Forecast. Currently Blue Solutions leads the charge in France, having been the first company globally to commercialise a solid-state lithium metal battery for use […]",[29085],{"slug":9249,"name":9250,"content":29086},{"job_title":9252,"image":29087,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7dd7375c-e396-4e1c-8e33-ffa3da64d240\", \"id\": \"\"}-->",[29090,29091],{"slug":956,"name":957},{"slug":959,"name":960},{"id":49,"alt":29093,"name":645,"focus":645,"title":29093,"source":645,"filename":29094,"copyright":645,"fieldtype":701,"meta_data":29095,"is_external_url":51},"France is the centre of Europe's solid-state scene","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1738679353/www-production/Europe-solid-state@2x-1/Europe-solid-state@2x-1.png?_i=AA",{"alt":29093,"title":29093,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":29097,"copyright":645,"fieldtype":701,"meta_data":29098,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/9b03d61f41/bm-image-12.png",{"alt":645,"title":645,"source":645,"copyright":645},"Jan 31, 2025",{"id":29101,"uuid":6971,"name":29102,"slug":29103,"full_slug":29104,"content":29105},112468113228024,"How could China’s proposed technology export restrictions impact cathode expansions overseas?","how-could-chinas-proposed-technology-export-restrictions-impact-cathode-expansions-overseas","article/how-could-chinas-proposed-technology-export-restrictions-impact-cathode-expansions-overseas",{"_uid":29106,"date":29107,"tags":29108,"editor":29116,"content":29120,"excerpt":29286,"featured":51,"reporter":29287,"_editable":29291,"component":689,"seo_title":29102,"categories":29292,"visibility":697,"author_company":49,"data_vis_image":29295,"featured_image":29299,"seo_description":29286,"author_full_name":49,"author_job_title":49,"formattedDate":29302},"4c36bbd3-7f4c-430f-bf54-e2fbefb1b874","2025-01-30 00:00",[29109,29110,29111,29112,29113],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":10568,"name":10569},{"slug":4789,"name":451},{"slug":29114,"name":29115},"lopal","Lopal",[29117],{"slug":1466,"name":1467,"content":29118},{"job_title":1469,"image":29119,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":29121},[29122,29142,29155,29168,29173,29178,29186,29191,29210,29223,29228,29233,29238,29258,29266,29271,29276,29281],{"type":580,"attrs":29123,"content":29124},{"textAlign":49},[29125,29127,29132,29134,29140],{"text":29126,"type":585},"Just two companies are consistently producing the advanced form of ",{"text":23878,"type":585,"marks":29128},[29129],{"type":590,"attrs":29130},{"href":29131,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/mine-to-grid-lfp-2?_branch_match_id=1544411923178950724&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWTy7KdIso8nWqDEyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUALHeP1kgAAAA%3D",{"text":29133,"type":585}," (LFP) cathode material that ",{"text":29135,"type":585,"marks":29136},"China has proposed  technology export restrictions",[29137],{"type":590,"attrs":29138},{"href":29139,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/china-proposes-restrictions-on-lithium-and-cathode-technology-exports?_branch_match_id=1544411901809742252&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWDzIz8KlIjMq1DEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAROyygkgAAAA%3D",{"text":29141,"type":585}," on.",{"type":580,"attrs":29143,"content":29144},{"textAlign":49},[29145,29147,29153],{"text":29146,"type":585},"Fulin Precision (also known as Jiangxi Shenghua) and Hunan Yuneng have the technology and capability to consistently produce this advanced ",{"text":29148,"type":585,"marks":29149},"LFP cathode active material",[29150],{"type":590,"attrs":29151},{"href":29152,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lfp-leads-ncm-evolves-cathode-2024-year-in-review?_branch_match_id=1544411906358798923&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWzy1wCXcvNM61DEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAsscbDEgAAAA%3D",{"text":29154,"type":585},", known as generation IV LFP.",{"type":580,"attrs":29156,"content":29157},{"textAlign":49},[29158,29160,29166],{"text":29159,"type":585},"The proposed restrictions do not necessarily prevent the export of the ",{"text":29161,"type":585,"marks":29162},"cathode material",[29163],{"type":590,"attrs":29164},{"href":29165,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinese-lfp-cathode-prices-more-than-halve-in-a-year-as-cell-makers-flex-power?_branch_match_id=1544411931555366803&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW964K8zdOK83J9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUArGjRkkgAAAA%3D",{"text":29167,"type":585},", but instead focus on the technology required to produce them.",{"type":580,"attrs":29169,"content":29170},{"textAlign":49},[29171],{"text":29172,"type":585},"“The ban of the new technology would mean that Chinese LFP producers can not produce Gen IV LFP outside China, but they can export this product to the offshore cell producers,” said Harry Tinker, a senior cathode analyst at Benchmark.",{"type":580,"attrs":29174,"content":29175},{"textAlign":49},[29176],{"text":29177,"type":585},"LFP cathode materials can be divided into generations, with the fourth generation being the most advanced available commercially to date with a higher energy density and faster charging capabilities than previous generations. Further generations are in development and would also fall under the purview of the restrictions.",{"type":636,"attrs":29179},{"id":29180,"body":29181},"664003cc-2574-4e21-ba4c-90dc52d40f7c",[29182],{"id":29183,"_uid":29184,"type":643,"_editable":29185,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21355818","i-0087c17a-99e0-435d-987f-fabf2b005824","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-0087c17a-99e0-435d-987f-fabf2b005824\", \"id\": \"\"}-->",{"type":647,"attrs":29187,"content":29188},{"level":13022,"textAlign":49},[29189],{"text":29190,"type":585},"Does generation IV material represent a significant amount of production for these companies?",{"type":580,"attrs":29192,"content":29193},{"textAlign":49},[29194,29196,29202,29203,29208],{"text":29195,"type":585},"Fulin is the sole supplier of generation IV LFP material for CATL’s Shenxing Battery. Lopal has supply contracts with ",{"text":29197,"type":585,"marks":29198},"Ford’s Michigan, US LFP cell facility",[29199],{"type":590,"attrs":29200},{"href":29201,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinas-lopal-to-supply-lfp-cathode-material-to-fords-us-battery-plant?_branch_match_id=1544411917483004243&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWd%2FMwtTTKMHfOD0yyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAeJD3TUgAAAA%3D",{"text":12828,"type":585},{"text":2045,"type":585,"marks":29204},[29205],{"type":590,"attrs":29206},{"href":29207,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lopal-signs-rmb-7-billion-lfp-supply-agreement-with-catl?_branch_match_id=1544411894492752948&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWD47MK8%2B2KHauDEyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA2vsb9EgAAAA%3D",{"text":29209,"type":585}," and LG Energy Solution.",{"type":580,"attrs":29211,"content":29212},{"textAlign":49},[29213,29215,29221],{"text":29214,"type":585},"Benchmark’s contacts say that ",{"text":29216,"type":585,"marks":29217},"Lopal’s output",[29218],{"type":590,"attrs":29219},{"href":29220,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lopal-first-chinese-company-to-build-lfp-battery-cathode-plant-outside-of-china?_branch_match_id=1544411936065744729&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBQQqAIBAF0BvpPogWnqAuEBqjTuooXyFq0dl9L47R%2BqK1I7lisUiFhWBzV7Y1lVmS%2Fg4Or%2FH13t32gzwBLOF0qE8nrCaiFprgmspCSAAAAA%3D%3D",{"text":29222,"type":585}," is not at the level to be considered generation IV and that Fulin is the most consistent at producing this type of cathode material.",{"type":580,"attrs":29224,"content":29225},{"textAlign":49},[29226],{"text":29227,"type":585},"Dynanonic, Wanrun and Anda Technology are amongst other cathode producers understood to have developed generation IV products but are yet to start mass production.",{"type":647,"attrs":29229,"content":29230},{"level":13022,"textAlign":49},[29231],{"text":29232,"type":585},"What international expansion plans do these companies have?",{"type":580,"attrs":29234,"content":29235},{"textAlign":49},[29236],{"text":29237,"type":585},"Fulin has not announced plans to produce LFP cathode materials overseas and so will likely be unaffected by the proposed technology export ban.",{"type":580,"attrs":29239,"content":29240},{"textAlign":49},[29241,29243,29249,29251,29256],{"text":29242,"type":585},"Other companies with generation IV capabilities in operation or under development do, however, ",{"text":29244,"type":585,"marks":29245},"have plans overseas",[29246],{"type":590,"attrs":29247},{"href":29248,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/hunan-yuneng-expands-global-footprint-with-spanish-lfp-cathode-plant?_branch_match_id=1544411940437458782&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9%2FMwtDQOCszO9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAU8Eq8UgAAAA%3D",{"text":29250,"type":585},". If the proposed restrictions come into place, it could ",{"text":29252,"type":585,"marks":29253},"limit these companies",[29254],{"type":590,"attrs":29255},{"href":29220,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":29257,"type":585}," from producing advanced LFP cathode materials at these facilities.",{"type":636,"attrs":29259},{"id":29260,"body":29261},"eb1f6230-fbf5-4df8-ba2f-6184d4f30fbc",[29262],{"id":29263,"_uid":29264,"type":643,"_editable":29265,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21369063","i-da4f56a6-de7c-4d42-bfca-ccd7a94a7ce9","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-da4f56a6-de7c-4d42-bfca-ccd7a94a7ce9\", \"id\": \"\"}-->",{"type":580,"attrs":29267,"content":29268},{"textAlign":49},[29269],{"text":29270,"type":585},"“The proposed restrictions may lead to slower Chinese LFP investment in other countries, if those producers are targeting the high end EV market,” Tinker said.",{"type":647,"attrs":29272,"content":29273},{"level":13022,"textAlign":49},[29274],{"text":29275,"type":585},"What is the specific technology that would be restricted?",{"type":580,"attrs":29277,"content":29278},{"textAlign":49},[29279],{"text":29280,"type":585},"The proposal from China sets out specific thresholds for what cathode production technologies would be restricted. The higher calendered density of generation IV LFP cathode materials increases the energy density and enables faster charging due to improved conductivity.",{"type":580,"attrs":29282,"content":29283},{"textAlign":49},[29284],{"text":29285,"type":585},"The proposed restrictions also cover technologies used in the production of the precursor materials for LFP and LMFP, such as iron phosphate or ferromanganese phosphate.","Just two companies are consistently producing the advanced form of lithium iron phosphate (LFP) cathode material that China has proposed technology export restrictions on. Fulin Precision (also known as Jiangxi Shenghua) and Hunan Yuneng have the technology and capability to consistently produce this advanced LFP cathode active material, known as generation IV LFP. The proposed […]",[29288],{"slug":1466,"name":1467,"content":29289},{"job_title":1469,"image":29290,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4c36bbd3-7f4c-430f-bf54-e2fbefb1b874\", \"id\": \"\"}-->",[29293,29294],{"slug":956,"name":957},{"slug":2623,"name":298},{"id":49,"alt":29296,"name":645,"focus":645,"title":29296,"source":645,"filename":29297,"copyright":645,"fieldtype":701,"meta_data":29298,"is_external_url":51},"China's proposed LFP technology export restrictions could limit overseas expansion plans","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1738170369/www-production/Gen-IV-LFP-overseas@2x/Gen-IV-LFP-overseas@2x.png?_i=AA",{"alt":29296,"title":29296,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":29300,"copyright":645,"fieldtype":701,"meta_data":29301,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/ac49c43a63/bm-china-rare-earths-proposed-export-ban-benchmark.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Jan 30, 2025",{"id":29304,"uuid":29305,"name":29306,"slug":29307,"full_slug":29308,"content":29309},112468108447991,"ecf5f1d5-2641-47a0-8816-c8fedc3b1c8c","How many mines are needed for the energy transition?","how-many-mines-are-needed-for-the-energy-transition","article/how-many-mines-are-needed-for-the-energy-transition",{"_uid":29310,"date":29107,"tags":29311,"editor":29313,"content":29317,"excerpt":29386,"featured":51,"reporter":29387,"_editable":29391,"component":689,"seo_title":29306,"categories":29392,"visibility":2019,"author_company":49,"data_vis_image":29402,"featured_image":29405,"seo_description":29386,"author_full_name":49,"author_job_title":49,"formattedDate":29302},"6e9ccff6-effc-481c-946c-105361de587a",[29312],{"slug":564,"name":565},[29314],{"slug":9249,"name":9250,"content":29315},{"job_title":9252,"image":29316,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":29318},[29319,29324,29331,29342,29347,29359,29371,29376,29381],{"type":580,"attrs":29320,"content":29321},{"textAlign":49},[29322],{"text":29323,"type":585},"To meet the increasing demand for batteries for the energy transition 293 new mines would need to be built by 2030, according to analysis by Benchmark.",{"type":580,"attrs":29325,"content":29326},{"textAlign":49},[29327],{"type":1847,"attrs":29328},{"id":49,"alt":645,"src":29329,"title":49,"source":49,"copyright":49,"meta_data":29330},"https://a.storyblok.com/f/287943243085208/7d9b201130/bm-mines-needed-voronoi-01202025-1-133203407c0f.jpg",{},{"type":580,"attrs":29332,"content":29333},{"textAlign":49},[29334,29336,29341],{"text":29335,"type":585},"Lithium likely poses the most pressing bottleneck for the industry, with 52 lithium mines needed by the end of the decade. Though it is second to copper in terms of the number of new mines required, supply must more than double relative to current levels, according to ",{"text":17833,"type":585,"marks":29337},[29338],{"type":590,"attrs":29339},{"href":29340,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/lithium/data-reports/forecast/",{"text":1538,"type":585},{"type":580,"attrs":29343,"content":29344},{"textAlign":49},[29345],{"text":29346,"type":585},"To meet demand for copper, used in a range of applications, from batteries to wires, 61 new mines are needed by 2030.",{"type":580,"attrs":29348,"content":29349},{"textAlign":49},[29350,29352,29358],{"text":29351,"type":585},"For High Purity Manganese Sulphate Monohydrate, supply needs to more than triple in five years and 21 plants must come online, according to Benchmark’s ",{"text":29353,"type":585,"marks":29354},"Manganese Sulphate Market Outlook",[29355],{"type":590,"attrs":29356},{"href":29357,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/manganese/data-reports/forecast",{"text":1538,"type":585},{"type":580,"attrs":29360,"content":29361},{"textAlign":49},[29362,29363,29369],{"text":2077,"type":585},{"text":29364,"type":585,"marks":29365},"Capital Tracker",[29366],{"type":590,"attrs":29367},{"href":29368,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/",{"text":29370,"type":585}," shows $285 billion of investment is required to bring sufficient critical raw materials online by 2030. ",{"type":580,"attrs":29372,"content":29373},{"textAlign":49},[29374],{"text":29375,"type":585},"Though many of these markets are currently in a state of oversupply, the forecast deficits are substantially higher than current surpluses. This presents an issue, where the necessary investment in raw materials to ensure adequate future supply is discouraged by the current low price environment.",{"type":580,"attrs":29377,"content":29378},{"textAlign":49},[29379],{"text":29380,"type":585},"Anode, cathode, and cell capacity can be brought online in less than five years but raw material supply can take as long as 25 years to come online.",{"type":580,"attrs":29382,"content":29383},{"textAlign":49},[29384],{"text":29385,"type":585},"Additionally, Western nations are taking steps to derisk their supply chains from China. Supply in many of these raw materials markets is driven primarily by Chinese production, meaning more investment is needed from Western countries to secure supply to meet domestic demand.","To meet the increasing demand for batteries for the energy transition 293 new mines would need to be built by 2030, according to analysis by Benchmark. Lithium likely poses the most pressing bottleneck for the industry, with 52 lithium mines needed by the end of the decade. Though it is second to copper in terms […]",[29388],{"slug":9249,"name":9250,"content":29389},{"job_title":9252,"image":29390,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6e9ccff6-effc-481c-946c-105361de587a\", \"id\": \"\"}-->",[29393,29394,29395,29396,29397,29398,29399,29400,29401],{"slug":2544,"name":115},{"slug":1140,"name":1136},{"slug":1142,"name":1143},{"slug":2627,"name":2628},{"slug":1693,"name":8},{"slug":4962,"name":4963},{"slug":2553,"name":150},{"slug":2897,"name":2898},{"slug":2900,"name":414},{"id":49,"alt":29403,"name":645,"focus":645,"title":29403,"source":645,"filename":29329,"copyright":645,"fieldtype":701,"meta_data":29404,"is_external_url":51},"Infographic showing each critical energy transition metal as a circle with current supply and how much is needed to come online by 2030 to meet demand",{"alt":29403,"title":29403,"source":645,"copyright":645},{"id":49,"alt":29406,"name":645,"focus":645,"title":29406,"source":645,"filename":29407,"copyright":645,"fieldtype":701,"meta_data":29408,"is_external_url":51},"Deep excavation hole of an open pit mine for rare earth elements","https://a.storyblok.com/f/287943243085208/372ab4a754/bm-rareearthsupply2024myanmar.jpeg",{"alt":29406,"title":29406,"source":645,"copyright":645},{"id":29410,"uuid":29411,"name":29412,"slug":29413,"full_slug":29414,"content":29415},112468122693882,"83284bdc-c0e4-4d80-b25a-be359ec5628d","Nickel prices tentatively recover on LME as Indonesia confirms quotas","nickel-prices-tentatively-recover-on-lme-as-indonesia-confirms-quotas","article/nickel-prices-tentatively-recover-on-lme-as-indonesia-confirms-quotas",{"_uid":29416,"date":29417,"tags":29418,"editor":29422,"content":29426,"excerpt":29520,"featured":51,"reporter":29521,"_editable":29525,"component":689,"seo_title":29412,"categories":29526,"visibility":697,"author_company":49,"data_vis_image":29529,"featured_image":29532,"seo_description":29520,"author_full_name":49,"author_job_title":49,"formattedDate":29534},"b1f9b03d-6141-4151-be47-cdb7be99244b","2025-01-28 00:00",[29419,29420,29421],{"slug":564,"name":565},{"slug":6028,"name":6029},{"slug":6025,"name":6026},[29423],{"slug":1466,"name":1467,"content":29424},{"job_title":1469,"image":29425,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":29427},[29428,29433,29438,29443,29450,29455,29462,29467,29472,29477,29482,29495,29500,29505,29510,29515],{"type":580,"attrs":29429,"content":29430},{"textAlign":49},[29431],{"text":29432,"type":585},"Nickel prices on the London Metal Exchange (LME) recovered after the Indonesian government announced lower nickel ore mining quotas for 2025.",{"type":580,"attrs":29434,"content":29435},{"textAlign":49},[29436],{"text":29437,"type":585},"Prices peaked at $15,850 per tonne on 21 January 2025, having been at $15,000 at the start of the month, marking a 6% rise.",{"type":580,"attrs":29439,"content":29440},{"textAlign":49},[29441],{"text":29442,"type":585},"Though rumours had circulated of the quota being as low as 150 million tonnes earlier in January, the final figure is closer to 200 million. ",{"type":580,"attrs":29444,"content":29445},{"textAlign":49},[29446],{"type":1847,"attrs":29447},{"id":49,"alt":645,"src":29448,"title":49,"source":49,"copyright":49,"meta_data":29449},"https://a.storyblok.com/f/287943243085208/53f2cbddaf/bm-lme-nickel-prices-show-signs-of-recovery2x.png",{},{"type":580,"attrs":29451,"content":29452},{"textAlign":49},[29453],{"text":29454,"type":585},"Indonesian government officials indicated they want to maintain nickel metal prices between $16,000 and $18,000 per tonne to sustain profitability whilst attracting investment into nickel-based cathodes.",{"type":580,"attrs":29456,"content":29457},{"textAlign":49},[29458],{"type":1847,"attrs":29459},{"id":49,"alt":645,"src":29460,"title":49,"source":49,"copyright":49,"meta_data":29461},"https://a.storyblok.com/f/287943243085208/9f175cb4f8/bm-indonesian-nickel-exports-rise-amidst-tightening-ore-quotas2x-5-1331944a87d8.png",{},{"type":580,"attrs":29463,"content":29464},{"textAlign":49},[29465],{"text":29466,"type":585},"The movement, however, has not affected nickel prices for battery chemicals. Benchmark’s nickel sulphate EXW China and MHP CIF Asia prices have remained mostly flat over January as both sulphate and cathode producers go offline for the Spring Festival. ",{"type":580,"attrs":29468,"content":29469},{"textAlign":49},[29470],{"text":29471,"type":585},"“Given that Chinese nickel sulphate prices, for the most part, have decoupled from the LME since 2022, it is unlikely that short term fluctuations in the metal price will affect nickel sulphate prices,” said Spencer Ingall, price analyst at Benchmark.",{"type":580,"attrs":29473,"content":29474},{"textAlign":49},[29475],{"text":29476,"type":585},"“However, with the majority of Chinese nickel sulphate being produced from Indonesian MHP, a reduced refining capacity may balance the oversupplied sulphate market, providing price support for struggling Chinese sulphate refiners,” he added. ",{"type":647,"attrs":29478,"content":29479},{"level":13022,"textAlign":49},[29480],{"text":29481,"type":585},"What impact will Indonesia’s nickel quotas have?",{"type":580,"attrs":29483,"content":29484},{"textAlign":49},[29485,29487,29493],{"text":29486,"type":585},"In 2024, Indonesian ",{"text":29488,"type":585,"marks":29489},"imports of nickel ore from the Philippines",[29490],{"type":590,"attrs":29491},{"href":29492,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/nickel-market-faces-uncertainty-amid-indonesias-mining-quota-adjustments?_branch_match_id=1544411867858305395&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWD3XycUwPMS3OD0yyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAI5kFHkgAAAA%3D",{"text":29494,"type":585}," rose 24-fold between January and October, as local refiners sought to sustain output. Imports from the Philippines, as well as New Caledonia, will likely continue to offset some of the losses.",{"type":580,"attrs":29496,"content":29497},{"textAlign":49},[29498],{"text":29499,"type":585},"As well as importing ore, miners could opt to tap higher nickel grades or utilise existing stockpiles.",{"type":580,"attrs":29501,"content":29502},{"textAlign":49},[29503],{"text":29504,"type":585},"The estimated shortfall means it is likely there will be a cut to refined nickel production unless the quota is expanded from current levels. Mining quotas were revised throughout 2024, so adjustments for 2025 remain possible.",{"type":647,"attrs":29506,"content":29507},{"level":13022,"textAlign":49},[29508],{"text":29509,"type":585},"Why has Indonesia placed quotas on nickel ore production?",{"type":580,"attrs":29511,"content":29512},{"textAlign":49},[29513],{"text":29514,"type":585},"A feature of the Work Plan and Budget (RKAB), Indonesia’s nickel ore production quotas were introduced in 2023 to curb illegal mining, improve environmental standards, and ensure responsible resource management amid concerns over premature resource depletion.",{"type":580,"attrs":29516,"content":29517},{"textAlign":49},[29518],{"text":29519,"type":585},"The quotas are provided on a company-specific basis and consider resource-reserve estimates as well as sustainability and logistics considerations.","Nickel prices on the London Metal Exchange (LME) recovered after the Indonesian government announced lower nickel ore mining quotas for 2025. Prices peaked at $15,850 per tonne on 21 January 2025, having been at $15,000 at the start of the month, marking a 6% rise. Though rumours had circulated of the quota being as low […]",[29522],{"slug":1466,"name":1467,"content":29523},{"job_title":1469,"image":29524,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b1f9b03d-6141-4151-be47-cdb7be99244b\", \"id\": \"\"}-->",[29527,29528],{"slug":1142,"name":1143},{"slug":2553,"name":150},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":29530,"copyright":645,"fieldtype":701,"meta_data":29531,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1738059326/www-production/Indonesian-nickel-exports-rise-amidst-tightening-ore-quotas@2x-3_1331928129ad/Indonesian-nickel-exports-rise-amidst-tightening-ore-quotas@2x-3_1331928129ad.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":15122,"copyright":645,"fieldtype":701,"meta_data":29533,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},"Jan 28, 2025",{"id":29536,"uuid":29537,"name":29538,"slug":29539,"full_slug":29540,"content":29541},112468132679943,"8ed3e611-8d7d-4b5c-a637-75ae622bb787","Lopal signs RMB 7 billion LFP supply agreement with CATL","lopal-signs-rmb-7-billion-lfp-supply-agreement-with-catl","article/lopal-signs-rmb-7-billion-lfp-supply-agreement-with-catl",{"_uid":29542,"date":29543,"tags":29544,"editor":29550,"content":29554,"excerpt":29692,"featured":50,"reporter":29693,"_editable":29697,"component":689,"seo_title":29538,"categories":29698,"visibility":697,"author_company":49,"data_vis_image":29703,"featured_image":29706,"seo_description":29692,"author_full_name":49,"author_job_title":49,"formattedDate":29709},"dcf45f4c-4bbb-49b7-abaa-f0d51770d594","2025-01-27 00:00",[29545,29546,29547,29548,29549],{"slug":2044,"name":2045},{"slug":720,"name":721},{"slug":564,"name":565},{"slug":4789,"name":451},{"slug":29114,"name":29115},[29551],{"slug":1466,"name":1467,"content":29552},{"job_title":1469,"image":29553,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":29555},[29556,29567,29580,29601,29606,29614,29619,29627,29648,29653,29658,29679,29684],{"type":580,"attrs":29557,"content":29558},{"textAlign":49},[29559,29565],{"text":29560,"type":585,"marks":29561},"Chinese cathode material",[29562],{"type":590,"attrs":29563},{"href":29564,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/china-proposes-restrictions-on-lithium-and-cathode-technology-exports?_branch_match_id=1544411804193647015&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWDzIz8KlIjMq1DEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAROyygkgAAAA%3D",{"text":29566,"type":585}," producer Lopal has signed a RMB 7 billion ($963 million) deal to supply CATL with lithium iron phosphate (LFP) cathode material in 2025.",{"type":580,"attrs":29568,"content":29569},{"textAlign":49},[29570,29572,29578],{"text":29571,"type":585},"In addition to purchasing cathode material, CATL will supply Lopal with lithium materials such as ",{"text":29573,"type":585,"marks":29574},"mica concentrate",[29575],{"type":590,"attrs":29576},{"href":29577,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/the-growing-role-of-chinese-mica-in-the-lithium-market?_branch_match_id=1544411834481216232&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz05x8whOybcoCEyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAnpAALUgAAAA%3D",{"text":29579,"type":585}," or lithium carbonate up to a value of RMB 1.32 billion ($182 million).",{"type":580,"attrs":29581,"content":29582},{"textAlign":49},[29583,29585,29591,29593,29599],{"text":29584,"type":585},"Lopal is the world’s fourth largest producer of LFP cathode materials, according to ",{"text":29586,"type":585,"marks":29587},"Benchmark’s Cathode Forecast",[29588],{"type":590,"attrs":29589},{"href":29590,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/cathode/data-reports/forecast",{"text":29592,"type":585},". The company also has ",{"text":29594,"type":585,"marks":29595},"agreements to supply Ford",[29596],{"type":590,"attrs":29597},{"href":29598,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinas-lopal-to-supply-lfp-cathode-material-to-fords-us-battery-plant?_branch_match_id=1544411814263553859&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWd%2FMwtTTKMHfOD0yyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAeJD3TUgAAAA%3D",{"text":29600,"type":585}," and LG Energy Solution with LFP cathode material.",{"type":580,"attrs":29602,"content":29603},{"textAlign":49},[29604],{"text":29605,"type":585},"The agreement continues the ongoing supply relationship between Lopal and CATL.",{"type":636,"attrs":29607},{"id":29608,"body":29609},"3484cae6-7c9a-4a11-80c0-fe4539adfddf",[29610],{"id":29611,"_uid":29612,"type":643,"_editable":29613,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21299599","i-36ab2306-779a-4245-9fe2-8109a0df7f54","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-36ab2306-779a-4245-9fe2-8109a0df7f54\", \"id\": \"\"}-->",{"type":647,"attrs":29615,"content":29616},{"level":13022,"textAlign":49},[29617],{"text":29618,"type":585},"Where does Lopal fit in China’s cathode material industry?",{"type":636,"attrs":29620},{"id":29621,"body":29622},"3f5f2ced-a7af-4d3f-b90c-ecf9cd0ff8be",[29623],{"id":29624,"_uid":29625,"type":643,"_editable":29626,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21298401","i-28d1e473-a5c0-49e9-a881-9ab0f6033e2f","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-28d1e473-a5c0-49e9-a881-9ab0f6033e2f\", \"id\": \"\"}-->",{"type":580,"attrs":29628,"content":29629},{"textAlign":49},[29630,29632,29638,29640,29646],{"text":29631,"type":585},"In addition to Chinese LFP production facilities, ",{"text":29633,"type":585,"marks":29634},"Lopal also operates a facility in Indonesia",[29635],{"type":590,"attrs":29636},{"href":29637,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lopal-first-chinese-company-to-build-lfp-battery-cathode-plant-outside-of-china?_branch_match_id=1544411822285335444&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBQQqAIBAF0BvpPogWnqAuEBqjTuooXyFq0dl9L47R%2BqK1I7lisUiFhWBzV7Y1lVmS%2Fg4Or%2FH13t32gzwBLOF0qE8nrCaiFprgmspCSAAAAA%3D%3D",{"text":29639,"type":585},". It is from this facility that the company will supply ",{"text":29641,"type":585,"marks":29642},"Ford’s Michigan plant",[29643],{"type":590,"attrs":29644},{"href":29645,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/ford-to-build-3-5-billion-us-lfp-battery-plant-using-catl-technology?_branch_match_id=1544411797610728118&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWT87LqjI3zs%2FJ9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAKdS2rkgAAAA%3D",{"text":29647,"type":585}," with LFP material.",{"type":647,"attrs":29649,"content":29650},{"level":13022,"textAlign":49},[29651],{"text":29652,"type":585},"Where will the lithium come from?",{"type":580,"attrs":29654,"content":29655},{"textAlign":49},[29656],{"text":29657,"type":585},"CATL will provide lithium to Lopal with a procurement limit set at RMB 1.32 billion ($182 million). The supply agreement does not specify which mines or refineries the material will come from.",{"type":580,"attrs":29659,"content":29660},{"textAlign":49},[29661,29663,29669,29671,29677],{"text":29662,"type":585},"Last year, the company put its ",{"text":29664,"type":585,"marks":29665},"Jianxiawo mine into care and maintenance",[29666],{"type":590,"attrs":29667},{"href":29668,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/what-does-the-reported-shutdown-of-catls-mine-mean-for-the-lithium-market?_branch_match_id=1544411826814734733&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWT3NJ8ip1szQvCEyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAJARBzkgAAAA%3D",{"text":29670,"type":585}," amid ",{"text":29672,"type":585,"marks":29673},"low lithium prices",[29674],{"type":590,"attrs":29675},{"href":29676,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/low-prices-spark-mergers-and-closures-lithium-2024-in-review?_branch_match_id=1544411809867961488&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz3YJ9ityNDQpCUiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAJ2vQLEgAAAA%3D",{"text":29678,"type":585},". The only fully operating lithium mine in which CATL has a level of ownership of is Huaqiao Dagang Porcelain in which the company has a 30% stake.",{"type":580,"attrs":29680,"content":29681},{"textAlign":49},[29682],{"text":29683,"type":585},"In addition to mines, CATL has invested in lithium chemical processing plants as well. This includes a 30% stake in a lithium carbonate production facility in Yichun, Jiangxi operated by Lopal who owns the remaining 70% stake.",{"type":580,"attrs":29685,"content":29686},{"textAlign":49},[29687],{"type":1847,"attrs":29688},{"id":49,"alt":29689,"src":29690,"title":49,"source":49,"copyright":49,"meta_data":29691},"Battery-grade lithium carbonate prices have fallen 19% y-o-y in China. LFP cathode prices fell 18% in the same period","https://a.storyblok.com/f/287943243085208/442387cbac/bm-carbonate-and-lfp-prices-china2x-4.png",{},"Chinese cathode material producer Lopal has signed a RMB 7 billion ($963 million) deal to supply CATL with lithium iron phosphate (LFP) cathode material in 2025. In addition to purchasing cathode material, CATL will supply Lopal with lithium materials such as mica concentrate or lithium carbonate up to a value of RMB 1.32 billion ($182 […]",[29694],{"slug":1466,"name":1467,"content":29695},{"job_title":1469,"image":29696,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"dcf45f4c-4bbb-49b7-abaa-f0d51770d594\", \"id\": \"\"}-->",[29699,29700,29701,29702],{"slug":956,"name":957},{"slug":2623,"name":298},{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":29704,"copyright":645,"fieldtype":701,"meta_data":29705,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1738753224/www-production/Chinas-top-five-LFP-cathode-active-material-producers-2025-and-2030@2x-1/Chinas-top-five-LFP-cathode-active-material-producers-2025-and-2030@2x-1.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":29707,"copyright":645,"fieldtype":701,"meta_data":29708,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/8dd59d7759/bm-catl-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Jan 27, 2025",{"id":29711,"uuid":29712,"name":29713,"slug":29714,"full_slug":29715,"content":29716},114841632967398,"9d2b951e-12e7-4dc1-9947-895c36c488fb","BMW partners with SK for battery recycling in Europe","bmw-partners-with-sk-for-battery-recycling-in-europe","article/bmw-partners-with-sk-for-battery-recycling-in-europe",{"_uid":29717,"date":29718,"tags":29719,"editor":29729,"content":29733,"excerpt":29890,"featured":51,"reporter":29891,"_editable":29895,"component":689,"seo_title":29713,"categories":29896,"visibility":697,"author_company":49,"data_vis_image":29899,"featured_image":29902,"seo_description":29890,"author_full_name":49,"author_job_title":49,"formattedDate":29905},"c7a1b7e0-319e-4211-a9b9-ff5e2cfeae84","2025-01-16 00:00",[29720,29721,29724,29725,29726],{"slug":7745,"name":373},{"slug":29722,"name":29723},"bmw","BMW",{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":29727,"name":29728},"sk-ecoplant","SK ecoplant",[29730],{"slug":1466,"name":1467,"content":29731},{"job_title":1469,"image":29732,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":29734},[29735,29748,29760,29765,29770,29790,29795,29814,29822,29827,29832,29837,29849,29854,29864,29872,29877],{"type":580,"attrs":29736,"content":29737},{"textAlign":49},[29738,29740,29746],{"text":29739,"type":585},"BMW announced this week a long-term partnership with South Korean ",{"text":29741,"type":585,"marks":29742},"battery recycler",[29743],{"type":590,"attrs":29744},{"href":29745,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/recyclers-feel-the-squeeze-recycling-2024-in-review?_branch_match_id=1544393787120707848&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWNwhJNzHxz8h0DEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAv4TmwEgAAAA%3D",{"text":29747,"type":585}," SK tes, a subsidiary of SK Ecoplant, in which the automaker will send scrap batteries to SK tes’ plant in Rotterdam, Netherlands.",{"type":580,"attrs":29749,"content":29750},{"textAlign":49},[29751,29753,29758],{"text":29752,"type":585},"However, the Rotterdam plant only pretreats battery scrap, producing ",{"text":7521,"type":585,"marks":29754},[29755],{"type":590,"attrs":29756},{"href":29757,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/what-is-black-mass-and-how-is-it-priced?_branch_match_id=1544393828606773286&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWtywJCInIrsgx9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAEusdjkgAAAA%3D",{"text":29759,"type":585},"—the material containing critical battery minerals such as lithium, nickel and cobalt.",{"type":580,"attrs":29761,"content":29762},{"textAlign":49},[29763],{"text":29764,"type":585},"Processing of this material into battery chemicals will take place “in the global SK tes network,” Diana Schaidnagel, a spokesperson for BMW, confirmed to Benchmark Source.",{"type":647,"attrs":29766,"content":29767},{"level":13022,"textAlign":49},[29768],{"text":29769,"type":585},"Where is European black mass processed?",{"type":580,"attrs":29771,"content":29772},{"textAlign":49},[29773,29775,29781,29783,29789],{"text":29774,"type":585},"Very little ",{"text":29776,"type":585,"marks":29777},"black mass produced in Europe",[29778],{"type":590,"attrs":29779},{"href":29780,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/is-europe-ambitious-enough-on-recycling?_branch_match_id=1544393852680412987&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWzy91Myx3KjctCUiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAP09e7kgAAAA%3D",{"text":29782,"type":585}," can actually be converted into battery chemicals in the region as two-thirds of battery recycling facilities only carry out the pretreatment stage in which the batteries are shredded, according to ",{"text":29784,"type":585,"marks":29785},"Benchmark’s Recycling Forecast",[29786],{"type":590,"attrs":29787},{"href":29788,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/recycling/data-reports/forecast",{"text":1538,"type":585},{"type":580,"attrs":29791,"content":29792},{"textAlign":49},[29793],{"text":29794,"type":585},"“The under capacity issue in Europe is expected to continue at least in the short term,” said Jie Xu, a recycling analyst at Rho Motion. “This is part of the reason black mass is being shipped overseas for further processing.”",{"type":580,"attrs":29796,"content":29797},{"textAlign":49},[29798,29804,29806,29812],{"text":29799,"type":585,"marks":29800},"Asia has an abundance of hydrometallurgical capacity",[29801],{"type":590,"attrs":29802},{"href":29803,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/critical-mass-asian-demand-for-north-american-scrap-sees-recycler-prices-spike?_branch_match_id=1544393822019681205&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBwQ2AIAwF0I3ghAcT48EBHMGAqZRAC%2Fkl8ebsvsdzDlu9T6Q3S0SVooTYzMUxXCta%2FTJr4CAtnGn%2FQA8BRfOV0F8jbAejC%2F26SmqmSAAAAA%3D%3D",{"text":29805,"type":585}," and are therefore competing for ",{"text":29807,"type":585,"marks":29808},"black mass from Europe",[29809],{"type":590,"attrs":29810},{"href":29811,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/black-mass-hits-policy-mainstream-2023-in-review?_branch_match_id=1544393797629966850&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWN3Et8jDxCosoCUiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAgtTKtkgAAAA%3D",{"text":29813,"type":585}," and North America, especially as those regions are still developing their black mass processing capabilities.",{"type":636,"attrs":29815},{"id":29816,"body":29817},"54cb7ab7-4468-4357-8eb6-897b7ed9afb1",[29818],{"id":29819,"_uid":29820,"type":643,"_editable":29821,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21163330","i-4a758356-204f-4092-8284-c06c20873c82","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-4a758356-204f-4092-8284-c06c20873c82\", \"id\": \"\"}-->",{"type":580,"attrs":29823,"content":29824},{"textAlign":49},[29825],{"text":29826,"type":585},"The announcement is part of BMW’s closed-loop recycling program that started in China in 2022. The SK tes partnership targets the European market with BMW planning to expand the program to the US in 2026.",{"type":647,"attrs":29828,"content":29829},{"level":13022,"textAlign":49},[29830],{"text":29831,"type":585},"What role do automakers play in Europe’s recycling scene?",{"type":580,"attrs":29833,"content":29834},{"textAlign":49},[29835],{"text":29836,"type":585},"In addition to its partnership with SK tes, BMW plans to investigate direct recycling at its Cell Recycling Competence Centre under construction in Kirchroth in the Lower Bavaria region of Germany. Direct recycling is a process that recovers and regenerates battery components (such as the cathode or anode) without breaking down the chemical structures.",{"type":580,"attrs":29838,"content":29839},{"textAlign":49},[29840,29842,29848],{"text":29841,"type":585},"BMW are not the only ",{"text":29843,"type":585,"marks":29844},"automaker building out recycling plans in Europe",[29845],{"type":590,"attrs":29846},{"href":29847,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/automakers-ramp-up-recycling-plans-as-volvo-and-catl-agree-partnership?_branch_match_id=1544393834744597158&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWLzNODkw3qqxIDkyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAXYMybUgAAAA%3D",{"text":17247,"type":585},{"type":647,"attrs":29850,"content":29851},{"level":13022,"textAlign":49},[29852],{"text":29853,"type":585},"How important are cell makers to Europe’s recycling industry?",{"type":580,"attrs":29855,"content":29856},{"textAlign":49},[29857,29859,29863],{"text":29858,"type":585},"Until 2031, cell makers are set to be the primary source of battery scrap for recyclers in Europe, according to ",{"text":29784,"type":585,"marks":29860},[29861],{"type":590,"attrs":29862},{"href":29788,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":636,"attrs":29865},{"id":29866,"body":29867},"ec8c65bb-52eb-47cf-b106-a8a826fa5c78",[29868],{"id":29869,"_uid":29870,"type":643,"_editable":29871,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21171386","i-a9c51d3a-6a4a-4d51-9755-2e10fe9b53d6","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-a9c51d3a-6a4a-4d51-9755-2e10fe9b53d6\", \"id\": \"\"}-->",{"type":580,"attrs":29873,"content":29874},{"textAlign":49},[29875],{"text":29876,"type":585},"CATL’s battery recycling subsidiary Brunp is looking to set up a recycling facility in Europe, potentially in Hungary near CATL’s Debrecen gigafactory.",{"type":580,"attrs":29878,"content":29879},{"textAlign":49},[29880,29882,29888],{"text":29881,"type":585},"Northvolt had a partnership with Norsk Hydro through their joint venture recycling company Hydrovolt. In January 2025, Norsk Hydro acquired Northvolt’s share of the JV following the ",{"text":29883,"type":585,"marks":29884},"cell maker’s financial difficulties",[29885],{"type":590,"attrs":29886},{"href":29887,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/northvolt-files-for-bankruptcy-in-us-as-ceo-steps-down?_branch_match_id=1544393847226974021&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWT6syda2o8CgI8U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA9HEV%2FEgAAAA%3D",{"text":29889,"type":585},". Hydrovolt will continue to collaborate with Northvolt’s Swedish recycling operation Revolt.","BMW announced this week a long-term partnership with South Korean battery recycler SK tes, a subsidiary of SK Ecoplant, in which the automaker will send scrap batteries to SK tes’ plant in Rotterdam, Netherlands. However, the Rotterdam plant only pretreats battery scrap, producing black mass—the material containing critical battery minerals such as lithium, nickel and […]",[29892],{"slug":1466,"name":1467,"content":29893},{"job_title":1469,"image":29894,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c7a1b7e0-319e-4211-a9b9-ff5e2cfeae84\", \"id\": \"\"}-->",[29897,29898],{"slug":7742,"name":7743},{"slug":14595,"name":14596},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":29900,"copyright":645,"fieldtype":701,"meta_data":29901,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1737022113/www-production/Europe-battery-scrap-pool-2023-2030-Q4/Europe-battery-scrap-pool-2023-2030-Q4.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":29903,"copyright":645,"fieldtype":701,"meta_data":29904,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/90beb8f6a9/bm-bmw-sk-tes.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Jan 16, 2025",{"id":29907,"uuid":29908,"name":29909,"slug":29910,"full_slug":29911,"content":29912},114841649756906,"0104d68e-9ff6-45f6-b259-a3b4f3229719","Four provinces produce over half of China’s cathode output","four-provinces-produce-over-half-of-chinas-cathode-output","article/four-provinces-produce-over-half-of-chinas-cathode-output",{"_uid":29913,"date":29914,"tags":29915,"editor":29922,"content":29926,"excerpt":30025,"featured":51,"reporter":30026,"_editable":30030,"component":689,"seo_title":29909,"categories":30031,"visibility":697,"author_company":49,"data_vis_image":30034,"featured_image":30037,"seo_description":30025,"author_full_name":49,"author_job_title":49,"formattedDate":30040},"721589f0-1f5c-4974-b79e-ec625d1879b1","2025-01-14 00:00",[29916,29917,29918,29919],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":4789,"name":451},{"slug":29920,"name":29921},"sichuan","Sichuan",[29923],{"slug":1466,"name":1467,"content":29924},{"job_title":1469,"image":29925,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":29927},[29928,29946,29954,29959,29970,29983,29988,29993,30005,30017],{"type":580,"attrs":29929,"content":29930},{"textAlign":49},[29931,29933,29939,29941,29945],{"text":29932,"type":585},"Just four provinces accounted for over half of China’s ",{"text":29934,"type":585,"marks":29935},"cathode active material production in 2024",[29936],{"type":590,"attrs":29937},{"href":29938,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lfp-leads-ncm-evolves-cathode-2024-year-in-review?_branch_match_id=1544393766494262259&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWzy1wCXcvNM61DEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAsscbDEgAAAA%3D",{"text":29940,"type":585}," and are set to continue to do so out to 2030, according to ",{"text":29586,"type":585,"marks":29942},[29943],{"type":590,"attrs":29944},{"href":29590,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":636,"attrs":29947},{"id":29948,"body":29949},"87e20197-5b96-4659-b544-f3b54a6265fe",[29950],{"id":29951,"_uid":29952,"type":643,"_editable":29953,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21144577","i-67187b43-0560-491e-bff8-1d96f131cba5","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-67187b43-0560-491e-bff8-1d96f131cba5\", \"id\": \"\"}-->",{"type":647,"attrs":29955,"content":29956},{"level":13022,"textAlign":49},[29957],{"text":29958,"type":585},"Which provinces produce the most cathode active material?",{"type":580,"attrs":29960,"content":29961},{"textAlign":49},[29962,29964,29968],{"text":29963,"type":585},"Sichuan is a popular location in part due to its sizable lithium industry. ",{"text":17833,"type":585,"marks":29965},[29966],{"type":590,"attrs":29967},{"href":27122,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":29969,"type":585}," shows that 30% of the country’s 2024  lithium chemical production was in the province. Additionally, the province has lower cost, clean energy from hydropower, low labour costs and access to government incentives.",{"type":580,"attrs":29971,"content":29972},{"textAlign":49},[29973,29975,29981],{"text":29974,"type":585},"The largest cathode producer in Sichuan is ",{"text":29976,"type":585,"marks":29977},"Hunan Yuneng New Energy Battery Materials",[29978],{"type":590,"attrs":29979},{"href":29980,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/hunan-yuneng-expands-global-footprint-with-spanish-lfp-cathode-plant?_branch_match_id=1544393746936928544&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9%2FMwtDQOCszO9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAU8Eq8UgAAAA%3D",{"text":29982,"type":585},", though CATL also has major investments in the province.",{"type":580,"attrs":29984,"content":29985},{"textAlign":49},[29986],{"text":29987,"type":585},"The majority of other provinces in China also have some level of cathode production, though many represent less than 1% of the country’s production.",{"type":647,"attrs":29989,"content":29990},{"level":13022,"textAlign":49},[29991],{"text":29992,"type":585},"What cathode material types does China produce?",{"type":580,"attrs":29994,"content":29995},{"textAlign":49},[29996,29998,30003],{"text":29997,"type":585},"Within China, ",{"text":23878,"type":585,"marks":29999},[30000],{"type":590,"attrs":30001},{"href":30002,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinese-lfp-cathode-prices-more-than-halve-in-a-year-as-cell-makers-flex-power?_branch_match_id=1544393737424124876&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW964K8zdOK83J9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUArGjRkkgAAAA%3D",{"text":30004,"type":585}," (LFP) cathode chemistries dominate production.",{"type":580,"attrs":30006,"content":30007},{"textAlign":49},[30008,30010,30016],{"text":30009,"type":585},"China’s strength in LFP cathode materials means it represented 99% of production globally last year. Notably, the country is looking to ",{"text":30011,"type":585,"marks":30012},"restrict exports of advanced LFP cathode technologies",[30013],{"type":590,"attrs":30014},{"href":30015,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/china-proposes-restrictions-on-lithium-and-cathode-technology-exports?_branch_match_id=1544393757132871579&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWDzIz8KlIjMq1DEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAROyygkgAAAA%3D",{"text":1538,"type":585},{"type":636,"attrs":30018},{"id":30019,"body":30020},"bf854144-cab9-4bb8-9aa9-27052db01f92",[30021],{"id":30022,"_uid":30023,"type":643,"_editable":30024,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21146570","i-a9a3417a-2ca8-42f2-b766-083fc457f806","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-a9a3417a-2ca8-42f2-b766-083fc457f806\", \"id\": \"\"}-->","Just four provinces accounted for over half of China’s cathode active material production in 2024 and are set to continue to do so out to 2030, according to Benchmark’s Cathode Forecast. Which provinces produce the most cathode active material? Sichuan is a popular location in part due to its sizable lithium industry. Benchmark’s Lithium Forecast […]",[30027],{"slug":1466,"name":1467,"content":30028},{"job_title":1469,"image":30029,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"721589f0-1f5c-4974-b79e-ec625d1879b1\", \"id\": \"\"}-->",[30032,30033],{"slug":956,"name":957},{"slug":2623,"name":298},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":30035,"copyright":645,"fieldtype":701,"meta_data":30036,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1736857749/www-production/China-cathode-province-map-2024-2030@2x-1/China-cathode-province-map-2024-2030@2x-1.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":30038,"copyright":645,"fieldtype":701,"meta_data":30039,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/23af354620/bm-sichuan-dam.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Jan 14, 2025",{"id":30042,"uuid":10677,"name":30043,"slug":30044,"full_slug":30045,"content":30046},112468234998153,"Mali set to become Africa’s second largest lithium producer in 2025","mali-set-to-become-africas-second-largest-lithium-producer-in-2025","article/mali-set-to-become-africas-second-largest-lithium-producer-in-2025",{"_uid":30047,"date":30048,"tags":30049,"editor":30056,"content":30060,"excerpt":30148,"featured":51,"reporter":30149,"_editable":30153,"component":689,"seo_title":30043,"categories":30154,"visibility":697,"author_company":49,"data_vis_image":30157,"featured_image":30160,"seo_description":30148,"author_full_name":49,"author_job_title":49,"formattedDate":30163},"d66ef3ef-af21-4f4f-b393-5469100de993","2025-01-09 00:00",[30050,30051,30052,30053,30054,30055],{"slug":993,"name":994},{"slug":720,"name":721},{"slug":564,"name":565},{"slug":16667,"name":16668},{"slug":16676,"name":16677},{"slug":5030,"name":5610},[30057],{"slug":9249,"name":9250,"content":30058},{"job_title":9252,"image":30059,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":30061},[30062,30078,30086,30098,30118,30123,30128,30133,30138,30143],{"type":580,"attrs":30063,"content":30064},{"textAlign":49},[30065,30067,30072,30073,30077],{"text":30066,"type":585},"Mali is set to become the second largest lithium miner in Africa this year behind ",{"text":3521,"type":585,"marks":30068},[30069],{"type":590,"attrs":30070},{"href":30071,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/zimbabwe-africas-lithium-heartland?_branch_match_id=1544411616265311640&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWdwzz9XW0SHIKCEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAq3asA0gAAAA%3D",{"text":18763,"type":585},{"text":17833,"type":585,"marks":30074},[30075],{"type":590,"attrs":30076},{"href":27122,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":636,"attrs":30079},{"id":30080,"body":30081},"9eed3013-e601-4a02-99dc-714d76c66316",[30082],{"id":30083,"_uid":30084,"type":643,"_editable":30085,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"20837912","i-a1165e85-c282-4965-ac45-0ec013ee689b","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-a1165e85-c282-4965-ac45-0ec013ee689b\", \"id\": \"\"}-->",{"type":580,"attrs":30087,"content":30088},{"textAlign":49},[30089,30091,30097],{"text":30090,"type":585},"The jump in Mali’s position in Africa’s lithium scene is thanks to the Goulamina spodumene mine coming online towards the ",{"text":30092,"type":585,"marks":30093},"end of 2024",[30094],{"type":590,"attrs":30095},{"href":30096,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/low-prices-spark-mergers-and-closures-lithium-2024-in-review?_branch_match_id=1544411625263658888&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz3YJ9ityNDQpCUiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAJ2vQLEgAAAA%3D",{"text":1538,"type":585},{"type":580,"attrs":30099,"content":30100},{"textAlign":49},[30101,30103,30108,30110,30116],{"text":30102,"type":585},"The mine is wholly owned by ",{"text":16668,"type":585,"marks":30104},[30105],{"type":590,"attrs":30106},{"href":30107,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/we-believe-africa-will-be-the-next-good-opportunity-for-lithium-qa-with-wang-xiaoshen-of-ganfeng-lithium?_branch_match_id=1544411620735843756&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWDykrLgwLLUnz90%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAQmOXJkgAAAA%3D",{"text":30109,"type":585}," after the ",{"text":30111,"type":585,"marks":30112},"Chinese company",[30113],{"type":590,"attrs":30114},{"href":30115,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/africas-lithium-supply-to-treble-this-year-china-dominates-region?_branch_match_id=1544411630082274590&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBQQqAIBAF0BvpLiKIFh7AI4QOYyPqKF%2BhXWfvPVlrzMPayErSAkrLygh1mjCGqVmL3dwuRJq8j9cHTgxkfe6I%2Fk7G6QS98Q%2FWigvTSAAAAA%3D%3D",{"text":30117,"type":585}," bought out Australian miner Leo Lithium’s stake in November last year.",{"type":580,"attrs":30119,"content":30120},{"textAlign":49},[30121],{"text":30122,"type":585},"Mali’s mining code allows the government to take up to a 10% stake in mining projects in the country. An additional 20% stake can be purchased by the government within the first two years of commercial production.",{"type":647,"attrs":30124,"content":30125},{"level":13022,"textAlign":49},[30126],{"text":30127,"type":585},"What is the future of lithium mining in Mali?",{"type":580,"attrs":30129,"content":30130},{"textAlign":49},[30131],{"text":30132,"type":585},"The government does not currently hold a stake in the Goulamina mine, though has begun the process to do so.",{"type":580,"attrs":30134,"content":30135},{"textAlign":49},[30136],{"text":30137,"type":585},"A second lithium mine is due to come online in the country this year.",{"type":580,"attrs":30139,"content":30140},{"textAlign":49},[30141],{"text":30142,"type":585},"Bougouni is operated by the UK’s Kodal Minerals who jointly own the asset (49%) with China’s Hainan Mining (51%). Output from the mine will feed Hainan Mining’s lithium hydroxide plant in China. The Malian government will take 35% equity in the mine.",{"type":580,"attrs":30144,"content":30145},{"textAlign":49},[30146],{"text":30147,"type":585},"Both the Goulamina and Bougouni mines are in the Sikasso region in the south of Mali.","Mali is set to become the second largest lithium miner in Africa this year behind Zimbabwe, according to Benchmark’s Lithium Forecast. The jump in Mali’s position in Africa’s lithium scene is thanks to the Goulamina spodumene mine coming online towards the end of 2024. The mine is wholly owned by Ganfeng Lithium after the Chinese […]",[30150],{"slug":9249,"name":9250,"content":30151},{"job_title":9252,"image":30152,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d66ef3ef-af21-4f4f-b393-5469100de993\", \"id\": \"\"}-->",[30155,30156],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":30158,"copyright":645,"fieldtype":701,"meta_data":30159,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1736435474/www-production/Rise-of-Mali-lithium-in-Africa@2x/Rise-of-Mali-lithium-in-Africa@2x.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":30161,"copyright":645,"fieldtype":701,"meta_data":30162,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/dc95bb76f3/bm-drone-plant-and-crushing1-scaled-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Jan 09, 2025",{"id":30165,"uuid":30166,"name":30167,"slug":30168,"full_slug":30169,"content":30170},114841722735355,"c763f7b8-8c7a-452b-aa5f-89b3f80a8463","Oversupply in China moves investment overseas: The anode market in 2024","oversupply-in-china-moves-investment-overseas-the-anode-market-in-2024","article/oversupply-in-china-moves-investment-overseas-the-anode-market-in-2024",{"_uid":30171,"date":30172,"tags":30173,"editor":30176,"content":30180,"excerpt":30244,"featured":51,"reporter":30245,"_editable":30249,"component":689,"seo_title":30167,"categories":30250,"visibility":697,"author_company":49,"data_vis_image":30253,"featured_image":30255,"seo_description":30244,"author_full_name":49,"author_job_title":49,"formattedDate":30258},"37882748-8ab4-4717-ab17-5d0d185f7c0f","2025-01-07 00:00",[30174,30175],{"slug":720,"name":721},{"slug":564,"name":565},[30177],{"slug":1466,"name":1467,"content":30178},{"job_title":1469,"image":30179,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":30181},[30182,30187,30192,30197,30202,30207,30212,30217,30222,30229,30234,30239],{"type":580,"attrs":30183,"content":30184},{"textAlign":49},[30185],{"text":30186,"type":585},"China’s dominance of global anode production continued to define the market in 2024. ",{"type":580,"attrs":30188,"content":30189},{"textAlign":49},[30190],{"text":30191,"type":585},"Domestic overcapacity led Chinese active anode material (AAM) players to seek expansion abroad.",{"type":580,"attrs":30193,"content":30194},{"textAlign":49},[30195],{"text":30196,"type":585},"Outside of China, the market saw a host of offtake deals, particularly focussed within the US, as the nation seeks to derisk its supply chain from China.",{"type":580,"attrs":30198,"content":30199},{"textAlign":49},[30200],{"text":30201,"type":585},"“In 2024, oversupply was a dominant theme, leading to frequent delays, cancellations, and market exits as players grappled with financial pressures. This trend is expected to persist, with the market anticipated to remain in surplus well beyond 2030,” said Tony Alderson, senior analyst at Benchmark.",{"type":647,"attrs":30203,"content":30204},{"level":13022,"textAlign":49},[30205],{"text":30206,"type":585},"Oversupply in China’s domestic market",{"type":580,"attrs":30208,"content":30209},{"textAlign":49},[30210],{"text":30211,"type":585},"AAM demand is expected to rise more than fourfold over the next decade driven predominantly by the electric vehicle (EV) market. Despite this, the market is expected to remain in surplus beyond 2030, making delays, cancellations, and market exits likely to continue.",{"type":580,"attrs":30213,"content":30214},{"textAlign":49},[30215],{"text":30216,"type":585},"Though markets such as North America are a significant source of demand, supply chain localisation policies such as tariffs and export restrictions mean the excess supply in China cannot simply cater overseas markets without relevant approval processes.",{"type":580,"attrs":30218,"content":30219},{"textAlign":49},[30220],{"text":30221,"type":585},"North America has made significant investments in building out domestic AAM supply and signing offtakes with ex-China players. However, domestic production combined with US Free Trade Agreement partner supply is insufficient to meet the burgeoning demand from the region.",{"type":580,"attrs":30223,"content":30224},{"textAlign":49},[30225],{"type":1847,"attrs":30226},{"id":49,"alt":645,"src":30227,"title":49,"source":49,"copyright":49,"meta_data":30228},"https://a.storyblok.com/f/287943243085208/8fde095102/bm-nat-and-syn-graphite-v20-1.png",{},{"type":647,"attrs":30230,"content":30231},{"level":13022,"textAlign":49},[30232],{"text":30233,"type":585},"Chinese companies expanding overseas",{"type":580,"attrs":30235,"content":30236},{"textAlign":49},[30237],{"text":30238,"type":585},"Many of the top AAM players in China have responded to the significant surplus in the domestic market by expanding overseas. By investing in overseas capacity, these companies are able to establish facilities in regions currently experiencing deficits of AAM and that are forecast to widen in the future.",{"type":580,"attrs":30240,"content":30241},{"textAlign":49},[30242],{"text":30243,"type":585},"These companies have targeted regions that would allow their material to qualify for the US Inflation Reduction Act (IRA) tax credits, either by building in countries that have free trade agreements with the US like Canada, Morocco, and South Korea, or by investing in the US itself as in the case of Gotion and Graphex.","China’s dominance of global anode production continued to define the market in 2024. Domestic overcapacity led Chinese active anode material (AAM) players to seek expansion abroad. Outside of China, the market saw a host of offtake deals, particularly focussed within the US, as the nation seeks to derisk its supply chain from China. “In 2024, […]",[30246],{"slug":1466,"name":1467,"content":30247},{"job_title":1469,"image":30248,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"37882748-8ab4-4717-ab17-5d0d185f7c0f\", \"id\": \"\"}-->",[30251,30252],{"slug":2162,"name":261},{"slug":956,"name":957},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":30227,"copyright":645,"fieldtype":701,"meta_data":30254,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":30256,"copyright":645,"fieldtype":701,"meta_data":30257,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/33ab12e6cc/bm-anode-picture-from-tony.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Jan 07, 2025",{"id":30260,"uuid":30261,"name":30262,"slug":30263,"full_slug":30264,"content":30265},112468266787371,"6ed7e6bd-581c-4625-9e52-ae97d95fc2e6","China proposes restrictions on lithium and cathode technology exports","china-proposes-restrictions-on-lithium-and-cathode-technology-exports","article/china-proposes-restrictions-on-lithium-and-cathode-technology-exports",{"_uid":30266,"date":30267,"tags":30268,"editor":30275,"content":30279,"excerpt":30445,"featured":51,"reporter":30446,"_editable":30450,"component":689,"seo_title":30262,"categories":30451,"visibility":697,"author_company":49,"data_vis_image":30457,"featured_image":30460,"seo_description":30445,"author_full_name":49,"author_job_title":49,"formattedDate":30462},"19c9834e-fe2a-47bd-931d-2ff51d12d849","2025-01-03 00:00",[30269,30270,30271,30272,30273,30274],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":10568,"name":10569},{"slug":4789,"name":451},{"slug":8737,"name":8738},{"slug":13546,"name":13547},[30276],{"slug":1466,"name":1467,"content":30277},{"job_title":1469,"image":30278,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":30280},[30281,30301,30314,30319,30324,30329,30334,30339,30349,30354,30362,30374,30379,30384,30395,30403,30408,30427,30432],{"type":580,"attrs":30282,"content":30283},{"textAlign":49},[30284,30286,30292,30294,30300],{"text":30285,"type":585},"China proposed a new set of restrictions on the export of technologies relating to ",{"text":30287,"type":585,"marks":30288},"lithium processing",[30289],{"type":590,"attrs":30290},{"href":30291,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/low-prices-spark-mergers-and-closures-lithium-2024-in-review?_branch_match_id=1544411500682995095&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz3YJ9ityNDQpCUiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAJ2vQLEgAAAA%3D",{"text":30293,"type":585}," and some types of ",{"text":30295,"type":585,"marks":30296},"cathode active materials",[30297],{"type":590,"attrs":30298},{"href":30299,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinese-companies-will-account-for-80-of-europes-lfp-cell-supply-but-can-ex-chinese-catch-up?_branch_match_id=1544411510431799892&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWTzIIyTIJcskN80%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAmQG3V0gAAAA%3D",{"text":1538,"type":585},{"type":580,"attrs":30302,"content":30303},{"textAlign":49},[30304,30306,30312],{"text":30305,"type":585},"The proposed restrictions could further hinder the ability of ",{"text":30307,"type":585,"marks":30308},"ex-China players",[30309],{"type":590,"attrs":30310},{"href":30311,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/sk-on-secures-domestic-lithium-hydroxide-from-posco-pilbara-jv?_branch_match_id=1544411537425072882&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWTw9zqTIwLYlKDUiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAD9Y5NkgAAAA%3D",{"text":30313,"type":585}," to develop capacity to support the build out of domestic supply chains.",{"type":580,"attrs":30315,"content":30316},{"textAlign":49},[30317],{"text":30318,"type":585},"“It appears to be an attempt to retain advanced Chinese technology within China and limit its proliferation globally,” said Adam Webb, head of battery raw materials at Benchmark.",{"type":580,"attrs":30320,"content":30321},{"textAlign":49},[30322],{"text":30323,"type":585},"The proposed measures are not outright bans, rather restrictions which would require companies wishing to export their technology products to first apply for permission. The Chinese government is soliciting opinions on the proposed measures until 1 February 2025.",{"type":647,"attrs":30325,"content":30326},{"level":13022,"textAlign":49},[30327],{"text":30328,"type":585},"What impact could these restrictions have on the global lithium market?",{"type":580,"attrs":30330,"content":30331},{"textAlign":49},[30332],{"text":30333,"type":585},"The majority of lithium chemical production is located in China, though for lithium carbonate there is sizable production in South America.",{"type":580,"attrs":30335,"content":30336},{"textAlign":49},[30337],{"text":30338,"type":585},"Lithium hydroxide, however, is more dependent on China as the technology required to convert hard rock minerals into chemicals is primarily located in China or uses Chinese technology.",{"type":580,"attrs":30340,"content":30341},{"textAlign":49},[30342,30344,30348],{"text":30343,"type":585},"However, although China is forecast to maintain its status as the dominant chemicals producer, its overall market share of the lithium chemicals market is set to fall according to ",{"text":17833,"type":585,"marks":30345},[30346],{"type":590,"attrs":30347},{"href":27122,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":30350,"content":30351},{"textAlign":49},[30352],{"text":30353,"type":585},"“These proposed restrictions are protectionist measures aimed at maintaining China’s dominant market position,” Webb said.",{"type":636,"attrs":30355},{"id":30356,"body":30357},"9a0aa131-8c55-42cc-bc60-d22cf53b1584",[30358],{"id":30359,"_uid":30360,"type":643,"_editable":30361,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21021644","i-02e012ce-d792-4f42-97c6-0e22634adc61","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-02e012ce-d792-4f42-97c6-0e22634adc61\", \"id\": \"\"}-->",{"type":580,"attrs":30363,"content":30364},{"textAlign":49},[30365,30367,30373],{"text":30366,"type":585},"In addition to the traditional lithium chemical production routes, Chinese technology is prevalent in the ",{"text":30368,"type":585,"marks":30369},"nascent direct lithium extraction field",[30370],{"type":590,"attrs":30371},{"href":30372,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/rise-of-dle-will-open-up-new-sources-of-lithium-supply-this-decade?_branch_match_id=1544411519083039810&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWNykrjsiLDEr38k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUARthgR0gAAAA%3D",{"text":1538,"type":585},{"type":580,"attrs":30375,"content":30376},{"textAlign":49},[30377],{"text":30378,"type":585},"“This could limit options for developers hoping to use DLE technology to exploit brine deposits outside of China and slow the development of brine deposits dependent on DLE technology,” Webb said.",{"type":647,"attrs":30380,"content":30381},{"level":13022,"textAlign":49},[30382],{"text":30383,"type":585},"What could this mean for the LFP market?",{"type":580,"attrs":30385,"content":30386},{"textAlign":49},[30387,30393],{"text":30388,"type":585,"marks":30389},"China has a near monopoly on the production of the LFP",[30390],{"type":590,"attrs":30391},{"href":30392,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinese-lfp-cathode-prices-more-than-halve-in-a-year-as-cell-makers-flex-power?_branch_match_id=1544411528867891715&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW964K8zdOK83J9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUArGjRkkgAAAA%3D",{"text":30394,"type":585}," and lithium iron manganese phosphate (LMFP) high performance cathode active materials covered by the proposed restrictions.",{"type":636,"attrs":30396},{"id":30397,"body":30398},"817d12b8-81ee-4810-8c92-e469aa7f45b3",[30399],{"id":30400,"_uid":30401,"type":643,"_editable":30402,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"21021895","i-ad3e9c3a-f537-4140-8c32-6fa7907ef6dd","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-ad3e9c3a-f537-4140-8c32-6fa7907ef6dd\", \"id\": \"\"}-->",{"type":580,"attrs":30404,"content":30405},{"textAlign":49},[30406],{"text":30407,"type":585},"As it currently stands, it is unclear whether the proposed export restrictions will apply to Chinese cathode producers operating overseas.",{"type":580,"attrs":30409,"content":30410},{"textAlign":49},[30411,30413,30419,30420,30425],{"text":30412,"type":585},"“More clarity is needed for Chinese cathode producers operating overseas,” said Evan Hartley, research manager at Benchmark. “However, technology export restrictions could see construction or project reviews for producers planning LFP bases in ",{"text":30414,"type":585,"marks":30415},"Morocco",[30416],{"type":590,"attrs":30417},{"href":30418,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinas-midstream-majors-flock-to-moroccos-fledgling-cathode-hub?_branch_match_id=1544411505675824965&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBMQ6AIAwF0BvBbmIcmI2bqymmSgUK%2BWB08uy%2BF3qvbbDWs%2B4hE2IWZVBqhmo1STTa1c1y0e3exU8f%2BGBA9Nw8ytMYowsomX%2F%2B6C11SAAAAA%3D%3D",{"text":12828,"type":585},{"text":19760,"type":585,"marks":30421},[30422],{"type":590,"attrs":30423},{"href":30424,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/hunan-yuneng-expands-global-footprint-with-spanish-lfp-cathode-plant?_branch_match_id=1544411543544468817&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9%2FMwtDQOCszO9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAU8Eq8UgAAAA%3D",{"text":30426,"type":585},", Indonesia, etc.”",{"type":580,"attrs":30428,"content":30429},{"textAlign":49},[30430],{"text":30431,"type":585},"Chinese LFP cell producers operating overseas could potentially face additional hurdles setting up global supply chains, as if they intend to procure cathode material from domestic Chinese operations, permits will be required.",{"type":580,"attrs":30433,"content":30434},{"textAlign":49},[30435,30437,30443],{"text":30436,"type":585},"“There are also ",{"text":30438,"type":585,"marks":30439},"potential impacts for European",[30440],{"type":590,"attrs":30441},{"href":30442,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lfp-begins-to-make-inroads-into-europes-lithium-ion-ecosystem?_branch_match_id=1544411523992795428&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWD3FOzQrLN87P9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAUG8XiEgAAAA%3D",{"text":30444,"type":585}," and North American cell producers looking to switch plans to LFP cell production whilst using Chinese cathode material,” Hartley added. “But only if their suppliers are denied permission, and only if they are using high end L(M)FP CAM.”","China proposed a new set of restrictions on the export of technologies relating to lithium processing and some types of cathode active materials. The proposed restrictions could further hinder the ability of ex-China players to develop capacity to support the build out of domestic supply chains. “It appears to be an attempt to retain advanced […]",[30447],{"slug":1466,"name":1467,"content":30448},{"job_title":1469,"image":30449,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"19c9834e-fe2a-47bd-931d-2ff51d12d849\", \"id\": \"\"}-->",[30452,30453,30454,30455,30456],{"slug":956,"name":957},{"slug":2623,"name":298},{"slug":1142,"name":1143},{"slug":695,"name":696},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":30458,"copyright":645,"fieldtype":701,"meta_data":30459,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1735914826/www-production/LFP-cathode-production-2024-2030@2x/LFP-cathode-production-2024-2030@2x.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":28015,"copyright":645,"fieldtype":701,"meta_data":30461,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},"Jan 03, 2025",{"id":30464,"uuid":30465,"name":30466,"slug":30467,"full_slug":30468,"content":30469},112468271686188,"ec2fb971-2978-4cde-abbf-aa3634eb5f34","In Charts: Lithium’s million tonne year","in-charts-lithiums-million-tonne-year","article/in-charts-lithiums-million-tonne-year",{"_uid":30470,"date":30471,"tags":30472,"editor":30474,"content":30478,"excerpt":30590,"featured":51,"reporter":30591,"_editable":30595,"component":689,"seo_title":30466,"categories":30596,"visibility":697,"author_company":49,"data_vis_image":30599,"featured_image":30602,"seo_description":30590,"author_full_name":49,"author_job_title":49,"formattedDate":30604},"11cdd7e2-c598-40d7-9d65-d2cb2741ed44","2025-01-02 00:00",[30473],{"slug":564,"name":565},[30475],{"slug":1466,"name":1467,"content":30476},{"job_title":1469,"image":30477,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":30479},[30480,30493,30519,30527,30532,30549,30557,30562,30570,30582],{"type":580,"attrs":30481,"content":30482},{"textAlign":49},[30483,30485,30491],{"text":30484,"type":585},"Lithium supply surpassed one million tonnes of lithium carbonate equivalent (LCE) for the ",{"text":30486,"type":585,"marks":30487},"first time in 2024",[30488],{"type":590,"attrs":30489},{"href":30490,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/low-prices-spark-mergers-and-closures-lithium-2024-in-review?_branch_match_id=1544411468130097472&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz3YJ9ityNDQpCUiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAJ2vQLEgAAAA%3D",{"text":30492,"type":585},", driven by the growing demand for the mineral from the electric vehicle market.",{"type":580,"attrs":30494,"content":30495},{"textAlign":49},[30496,30498,30504,30506,30510,30511,30517],{"text":30497,"type":585},"The largest gains were ",{"text":30499,"type":585,"marks":30500},"seen by China",[30501],{"type":590,"attrs":30502},{"href":30503,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/minmetals-leads-chinas-1-4-billion-lithium-consolidation-effort?_branch_match_id=1544411484197745629&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz6iMLLaISncKCEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUARkAqW0gAAAA%3D",{"text":30505,"type":585}," pushing the country to overtake Chile for the number two spot, according to ",{"text":17833,"type":585,"marks":30507},[30508],{"type":590,"attrs":30509},{"href":27122,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":14640,"type":585},{"text":30512,"type":585,"marks":30513},"Zimbabwe, too, saw significant growth",[30514],{"type":590,"attrs":30515},{"href":30516,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/zimbabwe-africas-lithium-heartland?_branch_match_id=1544411476010053383&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWdwzz9XW0SHIKCEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAq3asA0gAAAA%3D",{"text":30518,"type":585}," in 2024.",{"type":636,"attrs":30520},{"id":30521,"body":30522},"4eda7a84-682f-48a4-8d0e-297b048c28d4",[30523],{"id":30524,"_uid":30525,"type":643,"_editable":30526,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"20878219","i-121f6650-e43f-40ea-b761-3129987981b2","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-121f6650-e43f-40ea-b761-3129987981b2\", \"id\": \"\"}-->",{"type":580,"attrs":30528,"content":30529},{"textAlign":49},[30530],{"text":30531,"type":585},"Benchmark Source’s Executive Editor, Henry Sanderson,interviewed Wang Xiaoshen, president of Ganfeng Lithium, last year as part of the Power Players video series.",{"type":580,"attrs":30533,"content":30534},{"textAlign":49},[30535,30537,30542,30544,30548],{"text":30536,"type":585},"The largest mines were located in Chile and ",{"text":4991,"type":585,"marks":30538},[30539],{"type":590,"attrs":30540},{"href":30541,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/liontowns-kathleen-valley-produces-first-spodumene-concentrate-amid-uncertain-market-conditions?_branch_match_id=1544411454936510631&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWD3AJKHQxqygr90%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAA02fpUgAAAA%3D",{"text":30543,"type":585},", with the biggest being SQM’s Salar de Atacama which represented 16% of supply in 2024, according to ",{"text":17833,"type":585,"marks":30545},[30546],{"type":590,"attrs":30547},{"href":27122,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":636,"attrs":30550},{"id":30551,"body":30552},"f5b7c34b-f877-4de6-9135-1c839601b281",[30553],{"id":30554,"_uid":30555,"type":643,"_editable":30556,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"20922068","i-ee656302-054f-421c-848e-a4b7bc360d48","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-ee656302-054f-421c-848e-a4b7bc360d48\", \"id\": \"\"}-->",{"type":580,"attrs":30558,"content":30559},{"textAlign":49},[30560],{"text":30561,"type":585},"In contrast to mining, production of lithium chemicals is dominated by just one country: China.",{"type":636,"attrs":30563},{"id":30564,"body":30565},"12ac70b9-761c-4394-a58f-9654f2efc126",[30566],{"id":30567,"_uid":30568,"type":643,"_editable":30569,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"20919723","i-7fa01b48-2550-4304-9532-7182bbb76d6c","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-7fa01b48-2550-4304-9532-7182bbb76d6c\", \"id\": \"\"}-->",{"type":580,"attrs":30571,"content":30572},{"textAlign":49},[30573,30575,30580],{"text":30574,"type":585},"Lithium carbonate, the generally preferred chemical for ",{"text":23878,"type":585,"marks":30576},[30577],{"type":590,"attrs":30578},{"href":30579,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lithium-hydroxide-prices-fall-for-fifth-straight-month-in-october-amid-shift-to-lfp?_branch_match_id=1544411459816123191&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWd6uoKjHIcAoO8k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAMDCrUEgAAAA%3D",{"text":30581,"type":585}," (LFP) cathode active material production, was mostly produced using brine as a feedstock, whereas lithium hydroxide producers generally favoured hard rock feedstocks.",{"type":636,"attrs":30583},{"id":30584,"body":30585},"aad55eab-553f-4a32-b0f1-b1ee742185b0",[30586],{"id":30587,"_uid":30588,"type":643,"_editable":30589,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"20892094","i-219efb24-43e2-4987-8302-234cfabc4ecd","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-219efb24-43e2-4987-8302-234cfabc4ecd\", \"id\": \"\"}-->","Lithium supply surpassed one million tonnes of lithium carbonate equivalent (LCE) for the first time in 2024, driven by the growing demand for the mineral from the electric vehicle market. The largest gains were seen by China pushing the country to overtake Chile for the number two spot, according to Benchmark’s Lithium Forecast. Zimbabwe, too, […]",[30592],{"slug":1466,"name":1467,"content":30593},{"job_title":1469,"image":30594,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"11cdd7e2-c598-40d7-9d65-d2cb2741ed44\", \"id\": \"\"}-->",[30597,30598],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":30600,"copyright":645,"fieldtype":701,"meta_data":30601,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1735827494/www-production/Lithium-new-supply-and-demand-2024@2x/Lithium-new-supply-and-demand-2024@2x.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":15317,"copyright":645,"fieldtype":701,"meta_data":30603,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},"Jan 02, 2025",{"id":30606,"uuid":30607,"name":30608,"slug":30609,"full_slug":30610,"content":30611},112468280676911,"3c27be41-9b14-448e-965c-eeeb0e02a01a","Low prices and geopolitics: The graphite market in 2024","low-prices-and-geopolitics-the-graphite-market-in-2024","article/low-prices-and-geopolitics-the-graphite-market-in-2024",{"_uid":30612,"date":30613,"tags":30614,"editor":30618,"content":30622,"excerpt":30790,"featured":51,"reporter":30791,"_editable":30795,"component":689,"seo_title":30608,"categories":30796,"visibility":697,"author_company":49,"data_vis_image":30799,"featured_image":30802,"seo_description":30790,"author_full_name":49,"author_job_title":49,"formattedDate":30805},"53197163-c3bb-4627-bc3a-68d4ec0af714","2024-12-30 00:00",[30615,30616,30617],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":561,"name":562},[30619],{"slug":1466,"name":1467,"content":30620},{"job_title":1469,"image":30621,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":30623},[30624,30629,30634,30639,30644,30649,30654,30661,30666,30671,30676,30689,30694,30699,30704,30717,30722,30743,30748,30753,30758,30763,30768,30773,30778,30785],{"type":580,"attrs":30625,"content":30626},{"textAlign":49},[30627],{"text":30628,"type":585},"Low prices and geopolitical posturing have impacted the natural and synthetic graphite markets in 2024. China’s dominance in graphite production has been at the core of these developments. ",{"type":580,"attrs":30630,"content":30631},{"textAlign":49},[30632],{"text":30633,"type":585},"At the end of 2023, China’s graphite export restrictions underscored the global dependence on the country for graphite supply, not only for batteries but also for other industries, like the steel sector. ",{"type":580,"attrs":30635,"content":30636},{"textAlign":49},[30637],{"text":30638,"type":585},"“Chinese cost pressures are pushing ex-China producers out of the market,” said Camila Cardili, an analyst at Benchmark. “This highlights the need for government support measures, as has been seen in the US, to support projects developed outside of China.”",{"type":647,"attrs":30640,"content":30641},{"level":13022,"textAlign":49},[30642],{"text":30643,"type":585},"Small flake natural graphite prices hit historic lows as synthetic gains market share",{"type":580,"attrs":30645,"content":30646},{"textAlign":49},[30647],{"text":30648,"type":585},"Cell makers using a higher proportion of synthetic graphite in their anode material has meant lower than expected demand for natural graphite anode material, leading to record low prices.",{"type":580,"attrs":30650,"content":30651},{"textAlign":49},[30652],{"text":30653,"type":585},"Manufacturers use of more synthetic graphite in their anode chemistries has been driven by:",{"type":580,"attrs":30655,"content":30656},{"textAlign":49},[30657],{"type":1847,"attrs":30658},{"id":49,"alt":645,"src":30659,"title":49,"source":49,"copyright":49,"meta_data":30660},"https://a.storyblok.com/f/287943243085208/3dea927e26/bm-global-small-flake-natural-graphite-prices-are-at-historic-lows2x-1.png",{},{"type":580,"attrs":30662,"content":30663},{"textAlign":49},[30664],{"text":30665,"type":585},"The low price environment has pressured miners in East Africa, several of which have paused production.",{"type":647,"attrs":30667,"content":30668},{"level":13022,"textAlign":49},[30669],{"text":30670,"type":585},"Natural graphite production fell in 2024",{"type":580,"attrs":30672,"content":30673},{"textAlign":49},[30674],{"text":30675,"type":585},"This year, China cut production by 163,000 tonnes compared to 2023 output. The country’s leading role in the market meant this accounted for the majority of the global decrease, though both Africa and India saw supply reductions too.",{"type":580,"attrs":30677,"content":30678},{"textAlign":49},[30679,30681,30687],{"text":30680,"type":585},"“China’s flake graphite production declined in 2024 due to ",{"text":30682,"type":585,"marks":30683},"persistently low prices",[30684],{"type":590,"attrs":30685},{"href":30686,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/falling-natural-graphite-prices-pressure-east-african-operations?_branch_match_id=1544411442842827969&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBQQqAIBAF0BvpuiCCWrbxBqE16aCO8kdo19l7L43RdbY2kFypeuTKQvBFje%2FdFJZsj8ndknmLLqwf6CGAJZ4B7VXCsie0Sj%2BcIgyySAAAAA%3D%3D",{"text":30688,"type":585},", particularly during Q4, when prices fell below production costs (AISC US$450/t). Major producers operated at reduced capacity to meet government employment targets, while smaller producers suspended operations,” said Cardili.",{"type":580,"attrs":30690,"content":30691},{"textAlign":49},[30692],{"text":30693,"type":585},"“Reduced demand, high inventory levels, and competition from synthetic graphite contributed to the low-price environment,” she added.",{"type":580,"attrs":30695,"content":30696},{"textAlign":49},[30697],{"text":30698,"type":585},"Global uncoated spherical graphite (USPG) production was overall stable in 2024. Though China reduced supply by 6%, this was offset by BTR Morowali bringing 10,000 tonnes online in Indonesia. This marks an important first step for Chinese USPG producers to bring their production outside China to meet higher international standards and reduce domestic surplus.",{"type":647,"attrs":30700,"content":30701},{"level":13022,"textAlign":49},[30702],{"text":30703,"type":585},"US tariffs and Chinese export controls",{"type":580,"attrs":30705,"content":30706},{"textAlign":49},[30707,30709,30715],{"text":30708,"type":585},"In May, the ",{"text":30710,"type":585,"marks":30711},"US increased tariffs",[30712],{"type":590,"attrs":30713},{"href":30714,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/why-has-the-us-reinstated-tariffs-on-natural-graphite?_branch_match_id=1544411413638863701&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWL4u0zAjPSU4vDkiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAa%2BBH20gAAAA%3D",{"text":30716,"type":585}," on large sections of the lithium ion battery supply chain, drawing specific attention to natural graphite where a 25% tariff was reinstated from 2026.",{"type":580,"attrs":30718,"content":30719},{"textAlign":49},[30720],{"text":30721,"type":585},"“The US graphite market is much less mature than that of China, so the tariff on Chinese products is an incentive to new local projects as well as to ensure US production capacity will be able to comply with the future local demand,” said Cardili.",{"type":580,"attrs":30723,"content":30724},{"textAlign":49},[30725,30727,30733,30735,30741],{"text":30726,"type":585},"In early December, China’s Ministry of Commerce (MOFCOM) announced further ",{"text":30728,"type":585,"marks":30729},"export controls for graphite",[30730],{"type":590,"attrs":30731},{"href":30732,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/china-tightens-graphite-export-controls-to-the-us?_branch_match_id=1544411431344565479&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9%2FFOCSjxq0hOCUiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAQ8S84kgAAAA%3D",{"text":30734,"type":585},", specifically to the US. Companies have ",{"text":30736,"type":585,"marks":30737},"required a license to export graphite material",[30738],{"type":590,"attrs":30739},{"href":30740,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/china-graphite-export-restrictions-could-hinder-ex-china-anode-development?_branch_match_id=1544411437521745234&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWDzYrLAw0zA0z9E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA1vU5xEgAAAA%3D",{"text":30742,"type":585}," since December 2023.",{"type":580,"attrs":30744,"content":30745},{"textAlign":49},[30746],{"text":30747,"type":585},"MOFCOM stated the measures were taken on national security grounds however they appear to be in response to the US imposing its own export controls to limit Chinese semiconductor development on 2 December 2024.",{"type":580,"attrs":30749,"content":30750},{"textAlign":49},[30751],{"text":30752,"type":585},"“The restrictions are a play from China to show the stronghold the country has on the market,” said Tony Alderson, senior analyst at Benchmark.",{"type":580,"attrs":30754,"content":30755},{"textAlign":49},[30756],{"text":30757,"type":585}," ‘",{"type":647,"attrs":30759,"content":30760},{"level":13022,"textAlign":49},[30761],{"text":30762,"type":585},"What to expect in the graphite market in 2025 and beyond",{"type":580,"attrs":30764,"content":30765},{"textAlign":49},[30766],{"text":30767,"type":585},"In the case of natural graphite, battery grade -100 mesh prices are expected to continue to decline in H1 2025 until inventory levels are normalised before rebounding in the second half of the year. Meanwhile, plus mesh large flake products are likely to remain at high price levels due to tight supply.",{"type":580,"attrs":30769,"content":30770},{"textAlign":49},[30771],{"text":30772,"type":585},"Global natural graphite production is set for a modest rise in 2025, despite China continuing to reduce supply. The majority of growth comes from African countries adding 53,000 tonnes of supply, along with modest increases from Canada and the rest of the world.",{"type":580,"attrs":30774,"content":30775},{"textAlign":49},[30776],{"text":30777,"type":585},"China will continue to lead growth in the synthetic graphite market, leveraging technological advancements on graphitisation to quickly develop large-scale facilities.",{"type":580,"attrs":30779,"content":30780},{"textAlign":49},[30781],{"type":1847,"attrs":30782},{"id":49,"alt":645,"src":30783,"title":49,"source":49,"copyright":49,"meta_data":30784},"https://a.storyblok.com/f/287943243085208/2549316c56/bm-global-small-flake-natural-graphite-prices-are-at-historic-lows2x-1-1.png",{},{"type":580,"attrs":30786,"content":30787},{"textAlign":49},[30788],{"text":30789,"type":585},"The ex-China market is predicted to be in deficit across the forecast period despite significant increases in production.","Low prices and geopolitical posturing have impacted the natural and synthetic graphite markets in 2024. China’s dominance in graphite production has been at the core of these developments. At the end of 2023, China’s graphite export restrictions underscored the global dependence on the country for graphite supply, not only for batteries but also for other […]",[30792],{"slug":1466,"name":1467,"content":30793},{"job_title":1469,"image":30794,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"53197163-c3bb-4627-bc3a-68d4ec0af714\", \"id\": \"\"}-->",[30797,30798],{"slug":1142,"name":1143},{"slug":2627,"name":2628},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":30800,"copyright":645,"fieldtype":701,"meta_data":30801,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1735549793/www-production/Screenshot-2024-12-30-090540/Screenshot-2024-12-30-090540.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":30803,"copyright":645,"fieldtype":701,"meta_data":30804,"is_external_url":51},"https://wp-admin.benchmarkminerals.com/app/uploads/flake-graphite-mining-scaled.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Dec 30, 2024",{"id":30807,"uuid":30808,"name":30809,"slug":30810,"full_slug":30811,"content":30812},112468295324210,"7810e77d-cea9-4c11-ad86-6992f557d73c","China leads production, but the West is catching up: New battery technology 2024 in review","china-leads-production-but-the-west-is-catching-up-new-battery-technology-2024-in-review","article/china-leads-production-but-the-west-is-catching-up-new-battery-technology-2024-in-review",{"_uid":30813,"date":30814,"tags":30815,"editor":30821,"content":30825,"excerpt":31096,"featured":51,"reporter":31097,"_editable":31101,"component":689,"seo_title":30809,"categories":31102,"visibility":697,"author_company":49,"data_vis_image":31106,"featured_image":31109,"seo_description":31096,"author_full_name":49,"author_job_title":49,"formattedDate":31112},"62c2a3f0-82fb-45cf-a4b3-4ec77609ccb1","2024-12-24 00:00",[30816,30817,30818,30819,30820],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":1720,"name":1721},{"slug":20051,"name":20052},{"slug":20054,"name":20055},[30822],{"slug":9249,"name":9250,"content":30823},{"job_title":9252,"image":30824,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":30826},[30827,30847,30859,30879,30884,30889,30902,30907,30912,30933,30938,30946,30951,30956,30964,30985,30990,31010,31029,31034,31042,31050,31055,31068,31073,31086,31091],{"type":580,"attrs":30828,"content":30829},{"textAlign":49},[30830,30832,30838,30840,30846],{"text":30831,"type":585},"In 2024, companies developing new battery technologies began transitioning from ",{"text":30833,"type":585,"marks":30834},"development to commercial deployment",[30835],{"type":590,"attrs":30836},{"href":30837,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/solid-state-battery-industry-gears-up-for-automotive-qualification-2023-in-review?_branch_match_id=1544411312266840445&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9zIuDDZxNHQsDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAdefEX0gAAAA%3D",{"text":30839,"type":585}," in earnest across the world, ",{"text":30841,"type":585,"marks":30842},"especially in China",[30843],{"type":590,"attrs":30844},{"href":30845,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/where-is-chinas-solid-state-battery-industry-developing?_branch_match_id=1544411392018775540&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9%2FVwLsn0CHMsDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAkdx2L0gAAAA%3D",{"text":1538,"type":585},{"type":580,"attrs":30848,"content":30849},{"textAlign":49},[30850,30852,30858],{"text":30851,"type":585},"Production of solid-state and sodium ion cells has exceeded demand in 2024 and in the near term, as producers ramp up facilities in anticipation of demand growth in the mid- to long-term, according to ",{"text":30853,"type":585,"marks":30854},"Benchmark Forecasts",[30855],{"type":590,"attrs":30856},{"href":30857,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/sodium-ion-batteries/data-reports/forecast",{"text":1538,"type":585},{"type":580,"attrs":30860,"content":30861},{"textAlign":49},[30862,30864,30870,30872,30877],{"text":30863,"type":585},"“The ",{"text":30865,"type":585,"marks":30866},"training wheels came off in 2024",[30867],{"type":590,"attrs":30868},{"href":30869,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/is-2024-the-year-of-solid-state-battery-powered-evs?_branch_match_id=1544411327885778511&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWLyv08zaNNHAsDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUARGeNjEgAAAA%3D",{"text":30871,"type":585},", and the strengths and weaknesses of practical cells are now being put to the test on the world stage,” said ",{"text":28082,"type":585,"marks":30873},[30874],{"type":590,"attrs":30875},{"href":30876,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/scale-up-approaches-for-solid-state-battery-development",{"text":30878,"type":585},", product director for new technology at Benchmark. “Over the next 2 years, we will see some technologies fail and others rise as the leaders of the next-generation of battery technology.” ",{"type":580,"attrs":30880,"content":30881},{"textAlign":49},[30882],{"text":30883,"type":585},"Between 2023 and 2024, supply of new technologies is set to grow apace, with Benchmark forecasting production growth of:",{"type":647,"attrs":30885,"content":30886},{"level":13022,"textAlign":49},[30887],{"text":30888,"type":585},"How is China pushing ahead with new battery technologies?",{"type":580,"attrs":30890,"content":30891},{"textAlign":49},[30892,30894,30900],{"text":30893,"type":585},"China firmly showed its commitment to solid-state batteries through the launch of the ",{"text":30895,"type":585,"marks":30896},"China All Solid-state Collaborative Innovation Platform",[30897],{"type":590,"attrs":30898},{"href":30899,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinas-battery-industry-unites-in-effort-to-extend-dominance-to-solid-state?_branch_match_id=1544411304033421375&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWd690KbDMDncsDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAhziMIEgAAAA%3D",{"text":30901,"type":585}," (CASIP) at the start of 2024 alongside more than $830 million of government funding.",{"type":580,"attrs":30903,"content":30904},{"textAlign":49},[30905],{"text":30906,"type":585},"This has spurred incumbent cell producers in the country to develop roadmaps for deploying next-generation solid-state batteries with lithium metal or high-silicon content anodes.",{"type":580,"attrs":30908,"content":30909},{"textAlign":49},[30910],{"text":30911,"type":585},"“These timelines broadly land around 2027 for demonstration vehicles, meaning cells are currently undergoing qualification, and 2030 for subsequent large-scale commercial production,” McNulty said.",{"type":580,"attrs":30913,"content":30914},{"textAlign":49},[30915,30917,30923,30925,30931],{"text":30916,"type":585},"Incumbent Chinese lithium ion producers have also made major moves in the ",{"text":30918,"type":585,"marks":30919},"commercialisation of sodium ion batteries",[30920],{"type":590,"attrs":30921},{"href":30922,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/chinas-dominance-of-the-sodium-ion-battery-market?_branch_match_id=1544411346290948153&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWTy8PzCiNMHMsDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA9ebZAUgAAAA%3D",{"text":30924,"type":585},". BYD’s subsidiary FinDreams broke ground on its 30 gigawatt-hour sodium ion gigafactory in China at the start of the year, whilst ",{"text":30926,"type":585,"marks":30927},"CATL launched a hybrid battery with both lithium ion and sodium ion cells",[30928],{"type":590,"attrs":30929},{"href":30930,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/catl-releases-freevoy-lithium-sodium-ion-hybrid-battery?_branch_match_id=1544411399245413359&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9y%2BzDI6MNHUsDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAPbFb%2FEgAAAA%3D",{"text":30932,"type":585}," for use in hybrid electric vehicles.",{"type":580,"attrs":30934,"content":30935},{"textAlign":49},[30936],{"text":30937,"type":585},"In terms of production, China currently leads in terms of commercial manufacturing ramp-up of many battery technologies, though other regions have also made significant progress in ramping production of next-generation cells for qualification.",{"type":636,"attrs":30939},{"id":30940,"body":30941},"b4f101f5-c859-42be-b310-e0954b2f716a",[30942],{"id":30943,"_uid":30944,"type":643,"_editable":30945,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"20835984","i-0f691acb-337d-489c-a75d-0b5919524ac0","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-0f691acb-337d-489c-a75d-0b5919524ac0\", \"id\": \"\"}-->",{"type":647,"attrs":30947,"content":30948},{"level":13022,"textAlign":49},[30949],{"text":30950,"type":585},"What is the West doing to develop new technologies and supply chains?",{"type":580,"attrs":30952,"content":30953},{"textAlign":49},[30954],{"text":30955,"type":585},"In North America, several solid-state battery developers have entered or progressed along automotive qualification, a process that takes four to six years.",{"type":636,"attrs":30957},{"id":30958,"body":30959},"766e63e3-a0d0-4747-ba62-3cbde4019845",[30960],{"id":30961,"_uid":30962,"type":643,"_editable":30963,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"20817790","i-6cc75615-8943-4a5a-8e3b-347fa0c3c128","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-6cc75615-8943-4a5a-8e3b-347fa0c3c128\", \"id\": \"\"}-->",{"type":580,"attrs":30965,"content":30966},{"textAlign":49},[30967,30969,30975,30977,30983],{"text":30968,"type":585},"For silicon anodes the US, especially, has invested in the development of domestic supply chains with ",{"text":30970,"type":585,"marks":30971},"OneD Battery Sciences",[30972],{"type":590,"attrs":30973},{"href":30974,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/us-silicon-anode-scene-starts-2024-with-a-wave-of-announcements?_branch_match_id=1544411320027987196&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWzzMwzo4ISXYqDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAnRlki0gAAAA%3D",{"text":30976,"type":585},", Group14 Technologies and ",{"text":30978,"type":585,"marks":30979},"Sila Nanotechnologies",[30980],{"type":590,"attrs":30981},{"href":30982,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/sila-nanotechnologies-inks-silane-deal-with-rec-silicon-in-us-anode-hub?_branch_match_id=1544411380264526904&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWL3YsNUkyqfRx9k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAxhEqUEgAAAA%3D",{"text":30984,"type":585}," all making significant announcements relating to the supply or production of silane gas—a key precursor for many next generation silicon anode technologies.",{"type":647,"attrs":30986,"content":30987},{"level":13022,"textAlign":49},[30988],{"text":30989,"type":585},"What markets are there for new battery technologies beyond EVs?",{"type":580,"attrs":30991,"content":30992},{"textAlign":49},[30993,30995,31001,31002,31008],{"text":30994,"type":585},"In 2024, with continued ",{"text":30996,"type":585,"marks":30997},"low lithium raw material",[30998],{"type":590,"attrs":30999},{"href":31000,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/spodumene-prices-soften-to-three-year-low-amid-weak-lithium-chemical-prices?_branch_match_id=1544411387597370857&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBMQ6AIBAEwB9Bb2IsrMUnGDCn4MFBFpTOtzPjWyt10tqRnD5ZcApCsLEqW4qKQVibZ2M279d3t%2Fygi4Ag9%2BGQeyXMq0dONADCkDwpSAAAAA%3D%3D",{"text":6709,"type":585},{"text":31003,"type":585,"marks":31004},"lithium ion battery cathode prices",[31005],{"type":590,"attrs":31006},{"href":31007,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lfp-begins-to-make-inroads-into-europes-lithium-ion-ecosystem?_branch_match_id=1544411336157836835&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWD3FOzQrLN87P9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAUG8XiEgAAAA%3D",{"text":31009,"type":585},", the cost benefit of sodium ion batteries became less attractive leading to demand destruction.",{"type":580,"attrs":31011,"content":31012},{"textAlign":49},[31013,31015,31021,31023,31028],{"text":31014,"type":585},"Despite this, 2024 saw several announcements relating to sodium ion batteries in the ",{"text":31016,"type":585,"marks":31017},"energy storage market",[31018],{"type":590,"attrs":31019},{"href":31020,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/what-role-can-sodium-ion-batteries-play-in-energy-storage?_branch_match_id=1544411363178007767&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWNwop9XPJsnAsDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAuCBF7UgAAAA%3D",{"text":31022,"type":585},". Indeed, demand from this segment accounted for over half of the total demand for sodium ion batteries in 2024, according to ",{"text":31024,"type":585,"marks":31025},"Benchmark’s Sodium ion Battery Forecast",[31026],{"type":590,"attrs":31027},{"href":30857,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":31030,"content":31031},{"textAlign":49},[31032],{"text":31033,"type":585},"In June 2024, an energy storage system utilising sodium ion batteries from Chinese battery maker HiNa Battery came online in China. Towards the end of the year, another Chinese company, Hithium, also unveiled a sodium ion battery cell designed for utility-scale energy storage.",{"type":580,"attrs":31035,"content":31036},{"textAlign":49},[31037,31041],{"text":31038,"type":585,"marks":31039},"Hover over the pie charts for more details",[31040],{"type":1992},{"text":17247,"type":585},{"type":636,"attrs":31043},{"id":31044,"body":31045},"00c83a34-fbda-4b98-a3aa-0ba692d42d50",[31046],{"id":31047,"_uid":31048,"type":643,"_editable":31049,"component":644,"fixed_height":645,"use_fixed_height":50,"fixed_height_mobile":645,"fixed_height_tablet":645},"20820159","i-e1fd0f27-83e2-4a0f-bedd-9da9290367dc","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-e1fd0f27-83e2-4a0f-bedd-9da9290367dc\", \"id\": \"\"}-->",{"type":580,"attrs":31051,"content":31052},{"textAlign":49},[31053],{"text":31054,"type":585},"Demand beyond the EV segment was also seen for other new battery technologies in 2024.",{"type":580,"attrs":31056,"content":31057},{"textAlign":49},[31058,31060,31066],{"text":31059,"type":585},"For next-generation silicon anodes with high silicon content, the ",{"text":31061,"type":585,"marks":31062},"portables segment has been a key market",[31063],{"type":590,"attrs":31064},{"href":31065,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/portable-electronics-are-a-key-market-for-silicon-anodes-in-short-term?_branch_match_id=1544411355203008230&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz680N%2FcwTXQqDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAo7g08UgAAAA%3D",{"text":31067,"type":585}," as developers look to prove their technology ahead of pursuing the more lucrative EV market.",{"type":580,"attrs":31069,"content":31070},{"textAlign":49},[31071],{"text":31072,"type":585},"For example Group14 announced its 100% silicon anode technology is used in the Honor Magic7 Pro smartphone.",{"type":580,"attrs":31074,"content":31075},{"textAlign":49},[31076,31078,31084],{"text":31077,"type":585},"Lyten, a lithium sulphur and solid-state battery developer, announced a ",{"text":31079,"type":585,"marks":31080},"$1 billion gigafactory",[31081],{"type":590,"attrs":31082},{"href":31083,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/stellantis-backed-lyten-to-build-1-billion-lithium-sulphur-gigafactory-in-us?_branch_match_id=1544411370990534213&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWT%2FfNCg1OM3AqDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAjx94%2F0gAAAA%3D",{"text":31085,"type":585}," in November 2024. This year, the company signed contracts to develop batteries for Aevex—an eVTOL company—and the International Space Station. The company also recently secured a loan of $650 from the US export-import bank.",{"type":647,"attrs":31087,"content":31088},{"level":13022,"textAlign":49},[31089],{"text":31090,"type":585},"What are the trends to watch out for in 2025?",{"type":580,"attrs":31092,"content":31093},{"textAlign":49},[31094],{"text":31095,"type":585},"“Increased trade tensions could incentivise the US to invest in emerging battery technologies that rely on domestic supply chains,” said Catherine Peake, a sodium ion battery analyst at Benchmark.","In 2024, companies developing new battery technologies began transitioning from development to commercial deployment in earnest across the world, especially in China. Production of solid-state and sodium ion cells has exceeded demand in 2024 and in the near term, as producers ramp up facilities in anticipation of demand growth in the mid- to long-term, according […]",[31098],{"slug":9249,"name":9250,"content":31099},{"job_title":9252,"image":31100,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"62c2a3f0-82fb-45cf-a4b3-4ec77609ccb1\", \"id\": \"\"}-->",[31103,31104,31105],{"slug":956,"name":957},{"slug":959,"name":960},{"slug":2164,"name":2165},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":31107,"copyright":645,"fieldtype":701,"meta_data":31108,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1734691255/www-production/New-Tech-by-region-2024@2x-1/New-Tech-by-region-2024@2x-1.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":31110,"copyright":645,"fieldtype":701,"meta_data":31111,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/be131afbd3/bm-qs-lab-2021-6-scaled-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Dec 24, 2024",{"id":31114,"uuid":31115,"name":31116,"slug":31117,"full_slug":31118,"content":31119},114841875618584,"8a3f7d70-8d4a-4c8c-a1b5-fad3cc28cf08","Low prices spark mergers and closures: Lithium 2024 in review","low-prices-spark-mergers-and-closures-lithium-2024-in-review","article/low-prices-spark-mergers-and-closures-lithium-2024-in-review",{"_uid":31120,"date":31121,"tags":31122,"editor":31126,"content":31130,"excerpt":31360,"featured":51,"reporter":31361,"_editable":31365,"component":689,"seo_title":31116,"categories":31366,"visibility":697,"author_company":49,"data_vis_image":31369,"featured_image":31371,"seo_description":31360,"author_full_name":49,"author_job_title":49,"formattedDate":31374},"a6321161-f690-4c2d-b373-ac6365b9838c","2024-12-17 00:00",[31123,31124,31125],{"slug":564,"name":565},{"slug":1458,"name":1459},{"slug":5030,"name":5610},[31127],{"slug":1466,"name":1467,"content":31128},{"job_title":1469,"image":31129,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":31131},[31132,31145,31158,31171,31185,31190,31203,31208,31220,31225,31230,31243,31248,31255,31260,31265,31270,31289,31294,31301,31306,31311,31318,31337,31342,31355],{"type":580,"attrs":31133,"content":31134},{"textAlign":49},[31135,31137,31143],{"text":31136,"type":585},"In 2024, the ",{"text":31138,"type":585,"marks":31139},"extended slump in lithium prices",[31140],{"type":590,"attrs":31141},{"href":31142,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/falling-lithium-prices-challenge-new-project-economics?_branch_match_id=1544393415584398250&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWjyi1cEnPDTfPD0iyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAfZsMSkgAAAA%3D",{"text":31144,"type":585}," on the back of lower than expected electric vehicle demand growth led to a raft of cutbacks at operations tasked with meeting lithium’s future expansion requirements.  ",{"type":580,"attrs":31146,"content":31147},{"textAlign":49},[31148,31150,31156],{"text":31149,"type":585},"This price environment, however, also primed the market for a series of ",{"text":31151,"type":585,"marks":31152},"mergers and acquisitions",[31153],{"type":590,"attrs":31154},{"href":31155,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/will-rio-tintos-move-entice-other-mining-majors-into-lithium?_branch_match_id=1544393361521479788&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWTw4pL6t08jF180%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAnUwedUgAAAA%3D",{"text":31157,"type":585}," signalling belief in the long-term trajectory of the market from energy and commodity majors. ",{"type":580,"attrs":31159,"content":31160},{"textAlign":49},[31161,31163,31169],{"text":31162,"type":585},"“Lithium prices fell by 28.4% in 2024 as the promise of demand diversification outside China faltered in the crosshairs of macroeconomic and ",{"text":31164,"type":585,"marks":31165},"geopolitical uncertainty",[31166],{"type":590,"attrs":31167},{"href":31168,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/how-the-battery-industry-could-be-impacted-by-elections-this-year?_branch_match_id=1544393395146175434&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWt8g2T00KDLfID0iyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAsSUu9kgAAAA%3D",{"text":31170,"type":585},",” said Adam Megginson, a lithium price analyst at Benchmark.",{"type":580,"attrs":31172,"content":31173},{"textAlign":49},[31174,31181],{"text":31175,"type":585,"marks":31176},"Watch Benchmark analysts",[31177,31180],{"type":590,"attrs":31178},{"href":31179,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/have-lithium-prices-reached-a-bottom",{"type":1992},{"text":31182,"type":585,"marks":31183}," dissect the lithium price environment and forecast how it could develop in 2025.",[31184],{"type":1992},{"type":647,"attrs":31186,"content":31187},{"level":13022,"textAlign":49},[31188],{"text":31189,"type":585},"How have supply and demand evolved over the course of 2024?",{"type":580,"attrs":31191,"content":31192},{"textAlign":49},[31193,31195,31201],{"text":31194,"type":585},"Although the longer term prospects for the lithium market are robust, industry growth potential in the medium term remains strongly tied to the EV market. This market suffered in 2024 from policy uncertainty, cost competitiveness from western OEMs, and a resurgence of interest in ",{"text":31196,"type":585,"marks":31197},"hybrid EVs",[31198],{"type":590,"attrs":31199},{"href":31200,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/whats-behind-the-rise-in-plug-in-hybrids",{"text":31202,"type":585}," across certain markets.",{"type":647,"attrs":31204,"content":31205},{"level":13022,"textAlign":49},[31206],{"text":31207,"type":585},"How far have lithium prices fallen in 2024?",{"type":580,"attrs":31209,"content":31210},{"textAlign":49},[31211,31213,31218],{"text":31212,"type":585},"After initially falling in the first few months of the year, there was a ",{"text":31214,"type":585,"marks":31215},"brief uptick in lithium prices in the summer",[31216],{"type":590,"attrs":31217},{"href":29368,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":31219,"type":585}," due to a mid-year restocking cycle undertaken by cathode producers. Despite this, lithium prices resumed their downturn for the remainder of 2024, as supply expansions exceeded short term demand growth.",{"type":647,"attrs":31221,"content":31222},{"level":13022,"textAlign":49},[31223],{"text":31224,"type":585},"How have lithium prices impacted lithium miners in 2024?",{"type":580,"attrs":31226,"content":31227},{"textAlign":49},[31228],{"text":31229,"type":585},"The pressure of falling lithium chemical prices ultimately got passed upstream to miners.",{"type":580,"attrs":31231,"content":31232},{"textAlign":49},[31233,31235,31241],{"text":31234,"type":585},"The first casualty of the squeeze was ",{"text":31236,"type":585,"marks":31237},"Core Lithium’s Finnis project",[31238],{"type":590,"attrs":31239},{"href":31240,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/miners-under-pressure-as-spodumene-price-falls-below-1000-a-tonne?_branch_match_id=1544393403400251885&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWL4nINvdzdykr90%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAbSNOfUgAAAA%3D",{"text":31242,"type":585}," which entered care and maintenance in January.",{"type":580,"attrs":31244,"content":31245},{"textAlign":49},[31246],{"text":31247,"type":585},"When prices resumed their downward turn after brief respite in early summer, a raft of closures followed in quick succession.",{"type":580,"attrs":31249,"content":31250},{"textAlign":49},[31251],{"type":1847,"attrs":31252},{"id":49,"alt":645,"src":31253,"title":49,"source":49,"copyright":49,"meta_data":31254},"https://a.storyblok.com/f/287943243085208/e72977c967/bm-spod-price-mines-closed2x-3.png",{},{"type":580,"attrs":31256,"content":31257},{"textAlign":49},[31258],{"text":31259,"type":585},"“Spodumene producers battled against persistent supply of higher cost Chinese mica feedstock,” Megginson said. “Eventually, these higher cost concentrate suppliers succumbed to the constant drag on prices which had been exacerbated by the integrated producers among them being unwilling to halt production.”",{"type":580,"attrs":31261,"content":31262},{"textAlign":49},[31263],{"text":31264,"type":585},"In addition to closures, some producers scaled back production. However, these actions had limited impact on near term supply so had minimal impact on prices.",{"type":647,"attrs":31266,"content":31267},{"level":13022,"textAlign":49},[31268],{"text":31269,"type":585},"Why has lithium seen so many mergers and acquisitions in 2024?",{"type":580,"attrs":31271,"content":31272},{"textAlign":49},[31273,31275,31280,31281,31287],{"text":31274,"type":585},"Although the low price environment is a struggle for miners, it also enabled an ",{"text":31276,"type":585,"marks":31277},"active mergers",[31278],{"type":590,"attrs":31279},{"href":29368,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":6709,"type":585},{"text":31282,"type":585,"marks":31283},"acquisitions market",[31284],{"type":590,"attrs":31285},{"href":31286,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/rio-tinto-commits-to-buy-arcadium-lithium-for-6-7-billion?_branch_match_id=1544393375195271303&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWNwvO9ozwyDd180%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAoy%2FCBEgAAAA%3D",{"text":31288,"type":585},", with more capitalised companies looking to shore up their lithium offerings with counter-cyclical deals.",{"type":580,"attrs":31290,"content":31291},{"textAlign":49},[31292],{"text":31293,"type":585},"“While the market remains in a downswing, companies with stronger balance sheets will continue to look at snapping up competitors at attractively low valuations,” Megginson said.",{"type":580,"attrs":31295,"content":31296},{"textAlign":49},[31297],{"type":1847,"attrs":31298},{"id":49,"alt":645,"src":31299,"title":49,"source":49,"copyright":49,"meta_data":31300},"https://a.storyblok.com/f/287943243085208/f120dd077f/bm-2024-lithium-ma2x-6.png",{},{"type":647,"attrs":31302,"content":31303},{"level":13022,"textAlign":49},[31304],{"text":31305,"type":585},"What does 2025 have in store for lithium?",{"type":580,"attrs":31307,"content":31308},{"textAlign":49},[31309],{"text":31310,"type":585},"“Even with the recently announced curtailments and production guidance cuts, we expect the market to remain marginally oversupplied in 2025, with the surplus representing less than 1% of demand,” said Federico Gay, principal lithium analyst at Benchmark.",{"type":580,"attrs":31312,"content":31313},{"textAlign":49},[31314],{"type":1847,"attrs":31315},{"id":49,"alt":645,"src":31316,"title":49,"source":49,"copyright":49,"meta_data":31317},"https://a.storyblok.com/f/287943243085208/04b6ef7ce4/bm-li-market-balance-2023-20252x.png",{},{"type":580,"attrs":31319,"content":31320},{"textAlign":49},[31321,31323,31327,31329,31335],{"text":31322,"type":585},"On the supply side, Benchmark expects ",{"text":23503,"type":585,"marks":31324},[31325],{"type":590,"attrs":31326},{"href":24894,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":31328,"type":585}," (DLE) technology to continue to ",{"text":31330,"type":585,"marks":31331},"make progress in 2025",[31332],{"type":590,"attrs":31333},{"href":31334,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/rise-of-dle-will-open-up-new-sources-of-lithium-supply-this-decade?_branch_match_id=1544393380998957069&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWNykrjsiLDEr38k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUARthgR0gAAAA%3D",{"text":31336,"type":585},". Several brine project developers are investing in it to unlock new supplies with more attractive cost structures.",{"type":580,"attrs":31338,"content":31339},{"textAlign":49},[31340],{"text":31341,"type":585},"Although some prices began to tick upwards towards the end of 2024, lithium carbonate prices in China remain on a downward trajectory. As such, 2025 may well see lithium producers continue to feel the squeeze.",{"type":580,"attrs":31343,"content":31344},{"textAlign":49},[31345,31347,31353],{"text":31346,"type":585},"Geopolitics are likely to come to the fore in 2025 as the markets adapt to ",{"text":31348,"type":585,"marks":31349},"new global leaders",[31350],{"type":590,"attrs":31351},{"href":31352,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/donald-trump-wins-us-election-bringing-future-of-ira-into-question?_branch_match_id=1544393389313197873&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWrwgPCs9ILDUv9E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAq3AqFEgAAAA%3D",{"text":31354,"type":585}," following 2024’s bumper year of elections.",{"type":580,"attrs":31356,"content":31357},{"textAlign":49},[31358],{"text":31359,"type":585},"“Policy change is top of mind as participants prepare for the new year—especially for those that trade with the USA and Europe,” Megginson said. “They have shared concerns regarding what form promised tariffs will take and how the market could be reshaped as a result.”","In 2024, the extended slump in lithium prices on the back of lower than expected electric vehicle demand growth led to a raft of cutbacks at operations tasked with meeting lithium’s future expansion requirements. This price environment, however, also primed the market for a series of mergers and acquisitions signalling belief in the long-term trajectory […]",[31362],{"slug":1466,"name":1467,"content":31363},{"job_title":1469,"image":31364,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a6321161-f690-4c2d-b373-ac6365b9838c\", \"id\": \"\"}-->",[31367,31368],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":31253,"copyright":645,"fieldtype":701,"meta_data":31370,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":31372,"copyright":645,"fieldtype":701,"meta_data":31373,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/feb7393e0c/bm-website-231108-bald-hill-dji-0275.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Dec 17, 2024",{"id":31376,"uuid":31377,"name":31378,"slug":31379,"full_slug":31380,"content":31381},112468349653559,"cbbd9def-75d6-4eeb-952b-52915866f699","South Korea cementing position as a top ex-China lithium hydroxide producer","south-korea-cementing-position-as-a-top-ex-china-lithium-hydroxide-producer","article/south-korea-cementing-position-as-a-top-ex-china-lithium-hydroxide-producer",{"_uid":31382,"date":31383,"tags":31384,"editor":31392,"content":31396,"excerpt":31498,"featured":51,"reporter":31499,"_editable":31503,"component":689,"seo_title":31378,"categories":31504,"visibility":697,"author_company":49,"data_vis_image":31507,"featured_image":31509,"seo_description":31498,"author_full_name":49,"author_job_title":49,"formattedDate":31512},"25ab5786-1fc0-42c9-9091-8873cc63d8a1","2024-12-11 00:00",[31385,31386,31387,31390,31391],{"slug":6892,"name":6893},{"slug":564,"name":565},{"slug":31388,"name":31389},"ecopro","EcoPro",{"slug":16473,"name":16474},{"slug":7778,"name":7779},[31393],{"slug":9249,"name":9250,"content":31394},{"job_title":9252,"image":31395,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":31397},[31398,31408,31421,31439,31447,31452,31464,31475,31483,31488,31493],{"type":580,"attrs":31399,"content":31400},{"textAlign":49},[31401,31403,31407],{"text":31402,"type":585},"South Korea’s lithium hydroxide production is set to increase 87% between 2024 and 2030, securing its position as a top three producer of the chemical, according to ",{"text":17833,"type":585,"marks":31404},[31405],{"type":590,"attrs":31406},{"href":27122,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":31409,"content":31410},{"textAlign":49},[31411,31413,31419],{"text":31412,"type":585},"Its current number one position was further cemented as ",{"text":31414,"type":585,"marks":31415},"Posco completed construction on the second train",[31416],{"type":590,"attrs":31417},{"href":31418,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/sk-on-secures-domestic-lithium-hydroxide-from-posco-pilbara-jv?_branch_match_id=1544411222483080299&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWTw9zqTIwLYlKDUiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAD9Y5NkgAAAA%3D",{"text":31420,"type":585}," of its joint venture plant in the country with Pilbara Minerals last month.",{"type":580,"attrs":31422,"content":31423},{"textAlign":49},[31424,31430,31432,31437],{"text":31425,"type":585,"marks":31426},"South Korea has strong geopolitical ties",[31427],{"type":590,"attrs":31428},{"href":31429,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/why-south-korean-battery-makers-fear-feoc-rules-could-disrupt-their-us-plans?_branch_match_id=1544411230231338911&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBsQqAIBQF0D%2FKPYiGoLm5JXx2S1GfchVq6ts7x%2Fde22iMQJ3PljEHBW1qg611SEGjcXLCveuOTeaPuEAGvQ9heRo4LZ4l4weKsSiTSAAAAA%3D%3D",{"text":31431,"type":585}," to the West, having free trade agreements with many countries including the ",{"text":18178,"type":585,"marks":31433},[31434],{"type":590,"attrs":31435},{"href":31436,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/japanese-and-south-korean-battery-makers-prioritise-north-america-over-asia?_branch_match_id=1544411239861613439&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBOw6AIBAFwBtBb2Is7GzobA1rlo%2BwC3mQ2Hl2Z9KcfSzWEuudxKNIVoavw%2FjeTc1aLIWjPvFs4mj7wIGBrPEitHcw1j2hCf%2FQg0x7SAAAAA%3D%3D",{"text":31438,"type":585}," and the European Union.",{"type":580,"attrs":31440,"content":31441},{"textAlign":49},[31442],{"type":1847,"attrs":31443},{"id":49,"alt":31444,"src":31445,"title":49,"source":49,"copyright":49,"meta_data":31446},"South Korea is currently the largest ex-China producer of lithium hydroxide","https://a.storyblok.com/f/287943243085208/370d3566ae/bm-sk-in-global-lioh.png",{},{"type":647,"attrs":31448,"content":31449},{"level":13022,"textAlign":49},[31450],{"text":31451,"type":585},"Who are the lithium chemical producers in South Korea?",{"type":580,"attrs":31453,"content":31454},{"textAlign":49},[31455,31457,31463],{"text":31456,"type":585},"All of South Korea’s lithium chemical output through to 2040 is currently set to be lithium hydroxide and all of the planned facilities are wholly or majority owned by ",{"text":31458,"type":585,"marks":31459},"South Korean companies",[31460],{"type":590,"attrs":31461},{"href":31462,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/ecopro-bm-latest-cathode-producer-to-mull-capacity-cut?_branch_match_id=1544411214745817486&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWrwzM96%2FIdI5KDUiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAAiEu4EgAAAA%3D",{"text":1538,"type":585},{"type":580,"attrs":31465,"content":31466},{"textAlign":49},[31467,31469,31474],{"text":31468,"type":585},"Posco Pilbara Lithium Solution recently announced that it would supply 20,000 tonnes of lithium hydroxide (17,600 tonnes LCE) to cathode maker Posco Future M and 15,000 tonnes of lithium hydroxide (13,200 tonnes LCE) to ",{"text":31470,"type":585,"marks":31471},"battery maker SK On",[31472],{"type":590,"attrs":31473},{"href":31418,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":31476,"content":31477},{"textAlign":49},[31478],{"type":1847,"attrs":31479},{"id":49,"alt":31480,"src":31481,"title":49,"source":49,"copyright":49,"meta_data":31482},"Three companies account for all of South Korea's lithium hydroxide supply","https://a.storyblok.com/f/287943243085208/c2bc249893/bm-south-korean-lithium-hydroxide-producers-table.png",{},{"type":647,"attrs":31484,"content":31485},{"level":13022,"textAlign":49},[31486],{"text":31487,"type":585},"Posco’s global lithium footprint",{"type":580,"attrs":31489,"content":31490},{"textAlign":49},[31491],{"text":31492,"type":585},"Posco is also investing heavily in Argentina developing the Sal de Oro project which includes a 25,000 tonne LCE per year lithium hydroxide plant.",{"type":580,"attrs":31494,"content":31495},{"textAlign":49},[31496],{"text":31497,"type":585},"In December 2024, the company signed a deal with Australia’s Hancock Prospecting to build a 30,000 tonne lithium chemical plant though no location or investment amounts have yet been released.","South Korea’s lithium hydroxide production is set to increase 87% between 2024 and 2030, securing its position as a top three producer of the chemical, according to Benchmark’s Lithium Forecast. Its current number one position was further cemented as Posco completed construction on the second train of its joint venture plant in the country with […]",[31500],{"slug":9249,"name":9250,"content":31501},{"job_title":9252,"image":31502,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"25ab5786-1fc0-42c9-9091-8873cc63d8a1\", \"id\": \"\"}-->",[31505,31506],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":31444,"name":645,"focus":645,"title":31444,"source":645,"filename":31445,"copyright":645,"fieldtype":701,"meta_data":31508,"is_external_url":51},{"alt":31444,"title":31444,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":31510,"copyright":645,"fieldtype":701,"meta_data":31511,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/344d4ee311/bm-posco-flag-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Dec 11, 2024",{"id":31514,"uuid":31515,"name":31516,"slug":31517,"full_slug":31518,"content":31519},112468379124286,"6f8e667d-1b29-42c2-8e7c-193e52db52b7","China tightens graphite export controls to the US","china-tightens-graphite-export-controls-to-the-us","article/china-tightens-graphite-export-controls-to-the-us",{"_uid":31520,"date":31521,"tags":31522,"editor":31526,"content":31530,"excerpt":31632,"featured":51,"reporter":31633,"_editable":31637,"component":689,"seo_title":31516,"categories":31638,"visibility":2019,"author_company":49,"data_vis_image":31642,"featured_image":31645,"seo_description":31647,"author_full_name":49,"author_job_title":49,"formattedDate":31648},"10f8fbc9-55bd-414e-9401-8b5573ab4e3b","2024-12-05 00:00",[31523,31524,31525],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":561,"name":562},[31527],{"slug":1466,"name":1467,"content":31528},{"job_title":1469,"image":31529,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":31531},[31532,31537,31542,31555,31560,31565,31570,31575,31580,31585,31590,31595,31602,31607,31612,31617,31622,31627],{"type":580,"attrs":31533,"content":31534},{"textAlign":49},[31535],{"text":31536,"type":585},"China’s Ministry of Commerce (MOFCOM) has announced further export controls for graphite, specifically to the US, which could disrupt American anode manufacturing.",{"type":580,"attrs":31538,"content":31539},{"textAlign":49},[31540],{"text":31541,"type":585},"The additional controls on graphite are part of broader measures that limit the export of ‘dual-use items’ – those which can be used for civil or military purposes – to the US.",{"type":580,"attrs":31543,"content":31544},{"textAlign":49},[31545,31547,31553],{"text":31546,"type":585},"The controls come one year after ",{"text":31548,"type":585,"marks":31549},"China first introduced restrictions",[31550],{"type":590,"attrs":31551},{"href":31552,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/china-graphite-export-restrictions-could-hinder-ex-china-anode-development?_branch_match_id=1544411103520437138&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWDzYrLAw0zA0z9E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA1vU5xEgAAAA%3D",{"text":31554,"type":585}," that required exporters to obtain special licences to export graphite products.",{"type":580,"attrs":31556,"content":31557},{"textAlign":49},[31558],{"text":31559,"type":585},"“This announcement stands out due to its immediate implementation, leaving US companies that directly source material from China without time to stockpile and buffer potential supply chain disruptions,” said Tony Alderson, senior analyst at Benchmark.",{"type":647,"attrs":31561,"content":31562},{"level":13022,"textAlign":49},[31563],{"text":31564,"type":585},"Why has China introduced new export controls on the US?",{"type":580,"attrs":31566,"content":31567},{"textAlign":49},[31568],{"text":31569,"type":585},"A spokesperson for MOFCOM said the measures were taken to protect national security and fulfill international non-proliferation obligations. The spokesperson also said the US had abused export control measures and restricted exports of relevant products to China and placed multiple Chinese companies on sanctions lists to suppress and contain them.",{"type":580,"attrs":31571,"content":31572},{"textAlign":49},[31573],{"text":31574,"type":585},"The measures come as a retaliation to the US imposing new export controls to inhibit China’s ability to develop artificial intelligence for its military.",{"type":580,"attrs":31576,"content":31577},{"textAlign":49},[31578],{"text":31579,"type":585},"“This development further underscores the ongoing geopolitical tensions between China and the US, where trade tariffs and export regulations continue to serve as tools in their economic countermeasures,” said Alderson.",{"type":647,"attrs":31581,"content":31582},{"level":13022,"textAlign":49},[31583],{"text":31584,"type":585},"Why has China included graphite in its tightening of export controls to the US?",{"type":580,"attrs":31586,"content":31587},{"textAlign":49},[31588],{"text":31589,"type":585},"Very high purity graphite material has a number of key uses in nuclear reactors. It is also used in the production of semiconductors and in the field of aviation.",{"type":580,"attrs":31591,"content":31592},{"textAlign":49},[31593],{"text":31594,"type":585},"However, China’s dominance in the production of natural and synthetic graphite, as well as uncoated spherical purified graphite, makes it a useful tool for inhibiting areas of US industry such as anode production.",{"type":580,"attrs":31596,"content":31597},{"textAlign":49},[31598],{"type":1847,"attrs":31599},{"id":49,"alt":645,"src":31600,"title":49,"source":49,"copyright":49,"meta_data":31601},"https://a.storyblok.com/f/287943243085208/636c5a5a67/bm-china-accounts-for-the-majority-of-graphite-material-supply2x-2-132931710c1c.png",{},{"type":647,"attrs":31603,"content":31604},{"level":13022,"textAlign":49},[31605],{"text":31606,"type":585},"What impact will this have on the graphite market?",{"type":580,"attrs":31608,"content":31609},{"textAlign":49},[31610],{"text":31611,"type":585},"There will be an inevitable drop off in Chinese graphite exports to the US.",{"type":580,"attrs":31613,"content":31614},{"textAlign":49},[31615],{"text":31616,"type":585},"“Several uncertainties remain, such as the specific types of graphite covered and the exact level of stringency under the new rules. Nonetheless, short-term supply chain disruptions are likely,” said Alderson. ",{"type":580,"attrs":31618,"content":31619},{"textAlign":49},[31620],{"text":31621,"type":585},"US anode manufacturing is not the target of the restrictions, but the more stringent testing that graphite material will have to pass to be exported will affect the wider market. ",{"type":580,"attrs":31623,"content":31624},{"textAlign":49},[31625],{"text":31626,"type":585},"“Enhanced scrutiny to prevent military end-use will likely lead to longer processing times and increased delays across the supply chain,” said Alderson.",{"type":580,"attrs":31628,"content":31629},{"textAlign":49},[31630],{"text":31631,"type":585},"Though there is growing graphite production outside of China, it will take time to establish new deals and undergo qualification periods.","China’s Ministry of Commerce (MOFCOM) has announced further export controls for graphite, specifically to the US, which could disrupt American anode manufacturing. The additional controls on graphite are part of broader measures that limit the export of ‘dual-use items’ – those which can be used for civil or military purposes – to the US. The […]",[31634],{"slug":1466,"name":1467,"content":31635},{"job_title":1469,"image":31636,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"10f8fbc9-55bd-414e-9401-8b5573ab4e3b\", \"id\": \"\"}-->",[31639,31640,31641],{"slug":1142,"name":1143},{"slug":695,"name":696},{"slug":2627,"name":2628},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":31643,"copyright":645,"fieldtype":701,"meta_data":31644,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1733416009/www-production/China-accounts-for-the-majority-of-graphite-material-supply@2x-1/China-accounts-for-the-majority-of-graphite-material-supply@2x-1.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":28677,"copyright":645,"fieldtype":701,"meta_data":31646,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},"China’s Ministry of Commerce (MOFCOM) has announced further export controls for graphite, specifically to the US, which could disrupt American anode manufacturing. The additional controls on graphite are part of broader ...","Dec 05, 2024",{"id":31650,"uuid":31651,"name":31652,"slug":31653,"full_slug":31654,"content":31655},112468374241853,"34d37216-1e1f-48e2-befc-26ec60c4d081","How could Trump impact the US battery recycling market?","how-could-trump-impact-the-us-battery-recycling-market","article/how-could-trump-impact-the-us-battery-recycling-market",{"_uid":31656,"date":31521,"tags":31657,"editor":31667,"content":31671,"excerpt":31833,"featured":51,"reporter":31834,"_editable":31838,"component":689,"seo_title":31652,"categories":31839,"visibility":697,"author_company":49,"data_vis_image":31842,"featured_image":31844,"seo_description":31833,"author_full_name":49,"author_job_title":49,"formattedDate":31648},"0c10599d-e189-4130-9dd2-a30781ec1d3c",[31658,31659,31662,31663,31666],{"slug":564,"name":565},{"slug":31660,"name":31661},"li-cycle","Li-Cycle",{"slug":1720,"name":1721},{"slug":31664,"name":31665},"redwood-materials","Redwood Materials",{"slug":561,"name":562},[31668],{"slug":9249,"name":9250,"content":31669},{"job_title":9252,"image":31670,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":31672},[31673,31686,31698,31703,31708,31716,31721,31726,31731,31736,31741,31746,31771,31778,31783,31788,31793,31798,31803,31815,31820],{"type":580,"attrs":31674,"content":31675},{"textAlign":49},[31676,31678,31684],{"text":31677,"type":585},"An emphasis on America-first supply chains when ",{"text":31679,"type":585,"marks":31680},"President-elect Donald Trump takes office in 2025",[31681],{"type":590,"attrs":31682},{"href":31683,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/donald-trump-wins-us-election-bringing-future-of-ira-into-question?_branch_match_id=1544411154589285780&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWrwgPCs9ILDUv9E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAq3AqFEgAAAA%3D",{"text":31685,"type":585}," could increase the need for battery recycling in the US.",{"type":580,"attrs":31687,"content":31688},{"textAlign":49},[31689,31691,31696],{"text":31690,"type":585},"However, much of the country’s recycling capacity is targeted at the production of ",{"text":7521,"type":585,"marks":31692},[31693],{"type":590,"attrs":31694},{"href":31695,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/what-is-black-mass-and-how-is-it-priced?_branch_match_id=1544411136256135245&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWtywJCInIrsgx9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAEusdjkgAAAA%3D",{"text":31697,"type":585}," from scrap, rather than processing it all the way to usable battery chemicals.",{"type":580,"attrs":31699,"content":31700},{"textAlign":49},[31701],{"text":31702,"type":585},"“Trump has placed emphasis on onshoring and domestic sourcing in line with his ‘America First’ policy agenda,” said Beatrice Browning, a recycling analyst at Benchmark. “Recycling companies would be able to facilitate this through hydrometallurgical treatment of battery black mass.”",{"type":647,"attrs":31704,"content":31705},{"level":13022,"textAlign":49},[31706],{"text":31707,"type":585},"How could lower EV uptake impact US scrap availability?",{"type":580,"attrs":31709,"content":31710},{"textAlign":49},[31711],{"type":1847,"attrs":31712},{"id":49,"alt":31713,"src":31714,"title":49,"source":49,"copyright":49,"meta_data":31715},"US EV battery demand growth will likely slow under trump","https://a.storyblok.com/f/287943243085208/ca93056046/bm-trump-ev-demand.png",{},{"type":580,"attrs":31717,"content":31718},{"textAlign":49},[31719],{"text":31720,"type":585},"Although this may have minimal impact on the short-term end-of-life scrap pool, the reduction in demand may lead to less availability of process scrap if US-based gigafactories lower production.",{"type":647,"attrs":31722,"content":31723},{"level":13022,"textAlign":49},[31724],{"text":31725,"type":585},"Could America First support US recycling?",{"type":580,"attrs":31727,"content":31728},{"textAlign":49},[31729],{"text":31730,"type":585},"A stronger preference for domestically sourced critical minerals over those imported–even from neighbouring Canada–is likely under Trump’s America First regime.",{"type":580,"attrs":31732,"content":31733},{"textAlign":49},[31734],{"text":31735,"type":585},"“Some of the stances from this administration could actually drive even more demand for a domestic processing source,” Ajay Kochhar, chief executive of US battery recycler Li-Cycle, told Benchmark Source.",{"type":647,"attrs":31737,"content":31738},{"level":13022,"textAlign":49},[31739],{"text":31740,"type":585},"Will DoE loans continue to support US recycling?",{"type":580,"attrs":31742,"content":31743},{"textAlign":49},[31744],{"text":31745,"type":585},"Much of the recycling capacity that is being built out in the US is supported by loans and grants from the Department of Energy (DoE).",{"type":580,"attrs":31747,"content":31748},{"textAlign":49},[31749,31751,31756,31757,31761,31763,31769],{"text":31750,"type":585},"This includes $475 million and $2 billion loans for ",{"text":31661,"type":585,"marks":31752},[31753],{"type":590,"attrs":31754},{"href":31755,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/the-companies-shaping-the-north-american-lithium-ion-recycling-ecosystem?_branch_match_id=1544411144816391245&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWT4z0dw6vyM4x9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAUBaTPkgAAAA%3D",{"text":6709,"type":585},{"text":31665,"type":585,"marks":31758},[31759],{"type":590,"attrs":31760},{"href":29368,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":31762,"type":585}," as well as ",{"text":31764,"type":585,"marks":31765},"$680 million in grants",[31766],{"type":590,"attrs":31767},{"href":31768,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/us-doe-funding-promises-680-million-to-support-domestic-recycling-projects?_branch_match_id=1544411128053004815&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWD%2FEwNHUuysgx9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAqe622UgAAAA%3D",{"text":31770,"type":585}," for battery recycling projects from six companies.",{"type":580,"attrs":31772,"content":31773},{"textAlign":49},[31774],{"type":1847,"attrs":31775},{"id":49,"alt":645,"src":31776,"title":49,"source":49,"copyright":49,"meta_data":31777},"https://a.storyblok.com/f/287943243085208/abab7982f0/bm-li-cycle-rochester-progress.gif",{},{"type":580,"attrs":31779,"content":31780},{"textAlign":49},[31781],{"text":31782,"type":585},"During Trump’s first term in office, no DoE loans were closed. However, as 92% of Inflation Reduction Act funding benefited Republican states, Trump’s relationship with the loan programs office in his second term may be different.",{"type":580,"attrs":31784,"content":31785},{"textAlign":49},[31786],{"text":31787,"type":585},"“It is an issue of critical material independence, an issue of energy independence, always was,” Kochhar said. “I think that appeals from a bipartisan perspective.”",{"type":580,"attrs":31789,"content":31790},{"textAlign":49},[31791],{"text":31792,"type":585},"Benchmark recycling analyst Beatrice Browning discussesNorth America’s recycling industry.",{"type":647,"attrs":31794,"content":31795},{"level":13022,"textAlign":49},[31796],{"text":31797,"type":585},"Does the US have enough black mass processing capacity?",{"type":580,"attrs":31799,"content":31800},{"textAlign":49},[31801],{"text":31802,"type":585},"The US’ recycling capacity is predominantly at the preliminary stage of the recycling process. Many plants take battery scrap and produce black mass.",{"type":580,"attrs":31804,"content":31805},{"textAlign":49},[31806,31808,31814],{"text":31807,"type":585},"While black mass refining is still nascent in the US, countries such as South Korea and China with significant amounts of hydrometallurgical processing capacity are ",{"text":31809,"type":585,"marks":31810},"competing to secure feedstock from the US",[31811],{"type":590,"attrs":31812},{"href":31813,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/critical-mass-asian-demand-for-north-american-scrap-sees-recycler-prices-spike?_branch_match_id=1544411118764817548&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBwQ2AIAwF0I3ghAcT48EBHMGAqZRAC%2Fkl8ebsvsdzDlu9T6Q3S0SVooTYzMUxXCta%2FTJr4CAtnGn%2FQA8BRfOV0F8jbAejC%2F26SmqmSAAAAA%3D%3D",{"text":1538,"type":585},{"type":580,"attrs":31816,"content":31817},{"textAlign":49},[31818],{"text":31819,"type":585},"The US then reimports those critical minerals, having lost out on the value add.",{"type":580,"attrs":31821,"content":31822},{"textAlign":49},[31823,31825,31831],{"text":31824,"type":585},"“Recycling and reprocessing over time can be one of our most strategic ways to actually compete with external supply chains,” JB Straubel, Redwood Material’s chief executive, ",{"text":31826,"type":585,"marks":31827},"told attendees at Benchmark Week",[31828],{"type":590,"attrs":31829},{"href":31830,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/fireside-chat-with-redwood-materials-ceo-jb-straubel-and-benchmark",{"text":31832,"type":585}," in November.","An emphasis on America-first supply chains when President-elect Donald Trump takes office in 2025 could increase the need for battery recycling in the US. However, much of the country’s recycling capacity is targeted at the production of black mass from scrap, rather than processing it all the way to usable battery chemicals. “Trump has placed […]",[31835],{"slug":9249,"name":9250,"content":31836},{"job_title":9252,"image":31837,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0c10599d-e189-4130-9dd2-a30781ec1d3c\", \"id\": \"\"}-->",[31840,31841],{"slug":7742,"name":7743},{"slug":14595,"name":14596},{"id":49,"alt":31713,"name":645,"focus":645,"title":31713,"source":645,"filename":31714,"copyright":645,"fieldtype":701,"meta_data":31843,"is_external_url":51},{"alt":31713,"title":31713,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":31845,"copyright":645,"fieldtype":701,"meta_data":31846,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/53304740e2/bm-adobestock-733199986.jpeg",{"alt":645,"title":645,"source":645,"copyright":645},{"id":31848,"uuid":31849,"name":31850,"slug":31851,"full_slug":31852,"content":31853},112468383994431,"8b761020-f7b4-476b-9ccb-5aaa18b79353","Stellantis-Samsung JV to get $7 billion loan from US Department of Energy","stellantis-samsung-jv-to-get-7-billion-loan-from-us-department-of-energy","article/stellantis-samsung-jv-to-get-7-billion-loan-from-us-department-of-energy",{"_uid":31854,"date":31855,"tags":31856,"editor":31866,"content":31870,"excerpt":31952,"featured":51,"reporter":31953,"_editable":31957,"component":689,"seo_title":31850,"categories":31958,"visibility":697,"author_company":49,"data_vis_image":31961,"featured_image":31964,"seo_description":31952,"author_full_name":49,"author_job_title":49,"formattedDate":31967},"e03ff128-c23f-43a9-b27f-eb77138011e5","2024-12-04 00:00",[31857,31858,31860,31863,31864,31865],{"slug":564,"name":565},{"slug":31859,"name":25844},"inflation-reduction-act",{"slug":31861,"name":31862},"samsung","Samsung",{"slug":7778,"name":7779},{"slug":2922,"name":1898},{"slug":561,"name":562},[31867],{"slug":1466,"name":1467,"content":31868},{"job_title":1469,"image":31869,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":31871},[31872,31877,31882,31887,31892,31897,31902,31909,31914,31919,31924,31937,31942,31947],{"type":580,"attrs":31873,"content":31874},{"textAlign":49},[31875],{"text":31876,"type":585},"StarPlus Energy, a joint venture between Stellantis and Samsung SDI, has received a conditional loan of $7.54 billion from the US Department of Energy (DoE) to help finance the development of two gigafactories in Indiana. ",{"type":580,"attrs":31878,"content":31879},{"textAlign":49},[31880],{"text":31881,"type":585},"The investment supports a trend of South Korean battery players driving US battery production.",{"type":580,"attrs":31883,"content":31884},{"textAlign":49},[31885],{"text":31886,"type":585},"“Despite a global slowdown in battery investment and a climate of delays and cancellations, the US is continuing to offer support for its domestic projects in order to establish its own battery supply chain whilst also reducing its reliance on China. The loan will also allow Stellantis to further solidify its position in the US EV market,” said Anya Sidhu, an analyst at Benchmark.",{"type":580,"attrs":31888,"content":31889},{"textAlign":49},[31890],{"text":31891,"type":585},"Cells manufactured at the two facilities planned for Kokomo, Indiana will be sold to Stellantis for use in its domestic EV range.",{"type":647,"attrs":31893,"content":31894},{"level":13022,"textAlign":49},[31895],{"text":31896,"type":585},"Why are South Korean cell manufacturers partnering with US automakers?",{"type":580,"attrs":31898,"content":31899},{"textAlign":49},[31900],{"text":31901,"type":585},"“Joint ventures between South Korean cell manufacturers and US automakers benefit both parties as automakers secure a reliable supply of batteries for their growing EV production, while battery manufacturers secure demand for their cells,” said Aran Waid, a Principal Analyst at Benchmark.",{"type":580,"attrs":31903,"content":31904},{"textAlign":49},[31905],{"type":1847,"attrs":31906},{"id":49,"alt":645,"src":31907,"title":49,"source":49,"copyright":49,"meta_data":31908},"https://a.storyblok.com/f/287943243085208/d66a283ced/bm-foreign-owned-projects-are-driving-us-battery-production2x.png",{},{"type":580,"attrs":31910,"content":31911},{"textAlign":49},[31912],{"text":31913,"type":585},"Tax credits under the US’ Inflation Reduction Act (IRA), both for domestic cell manufacturing and EV purchases, also incentivise foreign investment. ",{"type":580,"attrs":31915,"content":31916},{"textAlign":49},[31917],{"text":31918,"type":585},"However, Donald Trump’s reelection to the White House threatens these policies.  ",{"type":580,"attrs":31920,"content":31921},{"textAlign":49},[31922],{"text":31923,"type":585},"Vivek Ramaswamy, who Trump has announced will lead the newly proposed Department of Government Efficiency (DOGE) alongside Elon Musk, stated the loan was “illegitimate and should be rescinded” on X, adding that DOGE would carefully scrutinise this spending. ",{"type":580,"attrs":31925,"content":31926},{"textAlign":49},[31927,31929,31935],{"text":31928,"type":585},"It is also true ",{"text":31930,"type":585,"marks":31931},"Republican states have disproportionately benefited from IRA spending",[31932],{"type":590,"attrs":31933},{"href":31934,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/opinion-election-plot-twist-trump-and-musk-to-oversee-great-us-battery-boom-in-red-states?_branch_match_id=1544411089157312567&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWtzAMcw0KSMo28E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAA%2BDsVEgAAAA%3D",{"text":31936,"type":585},", receiving 92% of the $110 billion invested through the act. Additionally, Indiana has voted for Trump in all three of the elections he has run in.",{"type":647,"attrs":31938,"content":31939},{"level":13022,"textAlign":49},[31940],{"text":31941,"type":585},"What is the outlook for StarPlus Energy?",{"type":580,"attrs":31943,"content":31944},{"textAlign":49},[31945],{"text":31946,"type":585},"StarPlus Energy announced the first Kokomo, Indiana project in May 2022 with a planned investment of $2.5 billion. First phase capacity is slated at 23 GWh with ambitions to grow this to 33 GWh and production is expected to begin next year.",{"type":580,"attrs":31948,"content":31949},{"textAlign":49},[31950],{"text":31951,"type":585},"The joint venture confirmed an investment of $3.2 billion for its second gigafactory for Kokomo last year. The project has a nameplace capacity of 34 GWh with production expected to begin in 2027.","StarPlus Energy, a joint venture between Stellantis and Samsung SDI, has received a conditional loan of $7.54 billion from the US Department of Energy (DoE) to help finance the development of two gigafactories in Indiana. The investment supports a trend of South Korean battery players driving US battery production. “Despite a global slowdown in battery […]",[31954],{"slug":1466,"name":1467,"content":31955},{"job_title":1469,"image":31956,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e03ff128-c23f-43a9-b27f-eb77138011e5\", \"id\": \"\"}-->",[31959,31960],{"slug":956,"name":957},{"slug":3379,"name":3380},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":31962,"copyright":645,"fieldtype":701,"meta_data":31963,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1733322885/www-production/Foreign-owned-projects-are-driving-US-battery-production@2x-1/Foreign-owned-projects-are-driving-US-battery-production@2x-1.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":31965,"copyright":645,"fieldtype":701,"meta_data":31966,"is_external_url":51},"https://wp-admin.benchmarkminerals.com/app/uploads/Stellantis-Samsung-JV-gets-7-billion-loan-from-Department-of-Energy-scaled.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Dec 04, 2024",{"id":31969,"uuid":31970,"name":31971,"slug":31972,"full_slug":31973,"content":31974},112468388901440,"1477878f-b195-417c-91d9-5558dbb4b5d2","Infographic: Key sustainability considerations for battery critical minerals","infographic-key-sustainability-considerations-for-battery-critical-minerals","article/infographic-key-sustainability-considerations-for-battery-critical-minerals",{"_uid":31975,"date":31976,"tags":31977,"editor":31981,"content":31985,"excerpt":32115,"featured":51,"reporter":32116,"_editable":32120,"component":689,"seo_title":31971,"categories":32121,"visibility":2019,"author_company":49,"data_vis_image":32129,"featured_image":32131,"seo_description":32115,"author_full_name":49,"author_job_title":49,"formattedDate":32134},"ec0de25c-6386-49db-8369-850074be57c9","2024-12-03 00:00",[31978,31979,31980],{"slug":564,"name":565},{"slug":13546,"name":13547},{"slug":17604,"name":17605},[31982],{"slug":1466,"name":1467,"content":31983},{"job_title":1469,"image":31984,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":31986},[31987,32000,32013,32041,32046,32059,32067,32072,32077,32090,32095],{"type":580,"attrs":31988,"content":31989},{"textAlign":49},[31990,31992,31998],{"text":31991,"type":585},"Sustainability is an ",{"text":31993,"type":585,"marks":31994},"increasingly key consideration",[31995],{"type":590,"attrs":31996},{"href":31997,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/sustainability-now-a-critical-metric-for-lithium-supply-agreements?_branch_match_id=1544411071848451528&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9%2FF0LypLSzeM8k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAB5dWbUgAAAA%3D",{"text":31999,"type":585}," for companies sourcing critical minerals for the battery supply chain. However, although carbon intensity is an important metric within sustainability, it is far from the only one.",{"type":580,"attrs":32001,"content":32002},{"textAlign":49},[32003,32005,32011],{"text":32004,"type":585},"Indeed, each critical mineral has its own set of ",{"text":32006,"type":585,"marks":32007},"nuances and challenges",[32008],{"type":590,"attrs":32009},{"href":32010,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/what-factors-impact-a-battery-life-cycle-assessment",{"text":32012,"type":585}," meaning that the most material metric for one mineral may not be the same as for another mineral.",{"type":580,"attrs":32014,"content":32015},{"textAlign":49},[32016,32018,32024,32026,32032,32034,32040],{"text":32017,"type":585},"For example, water management is one of the top sustainability considerations within the lithium industry whereas ",{"text":32019,"type":585,"marks":32020},"biodiversity",[32021],{"type":590,"attrs":32022},{"href":32023,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/opinion-mining-companies-need-to-look-at-new-ways-to-reduce-biodiversity-impacts?_branch_match_id=1544411056818665859&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz3A0MvM3jDKM8k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAazy5UEgAAAA%3D",{"text":32025,"type":585}," is a more important consideration within the ",{"text":32027,"type":585,"marks":32028},"nickel industry",[32029],{"type":590,"attrs":32030},{"href":32031,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/how-should-the-nickel-industry-define-sustainability?_branch_match_id=1544411042010327351&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWdwnJDgooTjWM8k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAuu94RUgAAAA%3D",{"text":32033,"type":585},". There are also regional variations within each mineral too, with human rights issues in cobalt mining being especially relevant in the ",{"text":32035,"type":585,"marks":32036},"Democratic Republic of Congo",[32037],{"type":590,"attrs":32038},{"href":32039,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/what-does-drcs-election-mean-for-copper-and-cobalt-supply?_branch_match_id=1544411064531591412&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWd04uTTVJD3U29E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA71oGsEgAAAA%3D",{"text":1538,"type":585},{"type":580,"attrs":32042,"content":32043},{"textAlign":49},[32044],{"text":32045,"type":585},"“Simply aiming for low carbon materials to ensure responsible sourcing is not enough,” said Marine Hautsch, a sustainability analyst at Benchmark.",{"type":580,"attrs":32047,"content":32048},{"textAlign":49},[32049,32051,32057],{"text":32050,"type":585},"Using the materiality assessments in ",{"text":32052,"type":585,"marks":32053},"Benchmark’s Sustainability Reports",[32054],{"type":590,"attrs":32055},{"href":32056,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/esg",{"text":32058,"type":585},", the infographic below outlines the key considerations for each mineral:",{"type":580,"attrs":32060,"content":32061},{"textAlign":49},[32062],{"type":1847,"attrs":32063},{"id":49,"alt":32064,"src":32065,"title":49,"source":49,"copyright":49,"meta_data":32066},"Sustainability considerations of the battery supply chain","https://a.storyblok.com/f/287943243085208/4feb1caf97/bm-sustainability-infographic-final-web.png",{},{"type":647,"attrs":32068,"content":32069},{"level":13022,"textAlign":49},[32070],{"text":32071,"type":585},"Is sustainability becoming more important?",{"type":580,"attrs":32073,"content":32074},{"textAlign":49},[32075],{"text":32076,"type":585},"Sustainability is on the policy agenda of an increasing number of governments and organisations.",{"type":580,"attrs":32078,"content":32079},{"textAlign":49},[32080,32082,32088],{"text":32081,"type":585},"“Downstream players are also stepping up, focusing on traceability and ",{"text":32083,"type":585,"marks":32084},"low-carbon mineral production",[32085],{"type":590,"attrs":32086},{"href":32087,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/vale-and-tesla-nickel-deal-highlights-automakers-carbon-conundrum?_branch_match_id=1544411049514178137&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWT%2FMKrrCIcDSM8k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAmPWWHUgAAAA%3D",{"text":32089,"type":585}," to align with compliance and market expectations,” Hautsch said.",{"type":647,"attrs":32091,"content":32092},{"level":13022,"textAlign":49},[32093],{"text":32094,"type":585},"How does Benchmark assess materiality?",{"type":580,"attrs":32096,"content":32097},{"textAlign":49},[32098,32103,32110],{"text":32099,"type":585,"marks":32100},"Learn more about ",[32101,32102],{"type":1992},{"type":1992},{"text":32104,"type":585,"marks":32105},"Benchmark’s Sustainability services",[32106,32108,32109],{"type":590,"attrs":32107},{"href":32056,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"type":1992},{"text":32111,"type":585,"marks":32112},", including material-specific Sustainability Reports and bespoke Life Cycle Assessments, by filling out the form below:",[32113,32114],{"type":1992},{"type":1992},"Sustainability is an increasingly key consideration for companies sourcing critical minerals for the battery supply chain. However, although carbon intensity is an important metric within sustainability, it is far from the only one. Indeed, each critical mineral has its own set of nuances and challenges meaning that the most material metric for one mineral may […]",[32117],{"slug":1466,"name":1467,"content":32118},{"job_title":1469,"image":32119,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ec0de25c-6386-49db-8369-850074be57c9\", \"id\": \"\"}-->",[32122,32123,32124,32125,32126,32127,32128],{"slug":2544,"name":115},{"slug":1142,"name":1143},{"slug":695,"name":696},{"slug":2627,"name":2628},{"slug":1693,"name":8},{"slug":2553,"name":150},{"slug":14595,"name":14596},{"id":49,"alt":32064,"name":645,"focus":645,"title":32064,"source":645,"filename":32065,"copyright":645,"fieldtype":701,"meta_data":32130,"is_external_url":51},{"alt":32064,"title":32064,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":32132,"copyright":645,"fieldtype":701,"meta_data":32133,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/82baccdaef/bm-madagascar-biodiversity.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Dec 03, 2024",{"id":32136,"uuid":32137,"name":32138,"slug":32139,"full_slug":32140,"content":32141},112468421653060,"8e6097c3-6bb7-46df-815b-f76c18be0121","NOVONIX inks offtake with PowerCo amid supply chain diversification","novonix-inks-offtake-with-powerco-amid-supply-chain-diversification","article/novonix-inks-offtake-with-powerco-amid-supply-chain-diversification",{"_uid":32142,"date":32143,"tags":32144,"editor":32152,"content":32156,"excerpt":32216,"featured":51,"reporter":32217,"_editable":32221,"component":689,"seo_title":32138,"categories":32222,"visibility":697,"author_company":49,"data_vis_image":32225,"featured_image":32227,"seo_description":32216,"author_full_name":49,"author_job_title":49,"formattedDate":32230},"f8908f1d-e41d-4bf7-8a72-1aeead36059e","2024-11-26 00:00",[32145,32146,32149],{"slug":564,"name":565},{"slug":32147,"name":32148},"novonix","Novonix",{"slug":32150,"name":32151},"powerco-se","PowerCo SE",[32153],{"slug":1466,"name":1467,"content":32154},{"job_title":1469,"image":32155,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":32157},[32158,32163,32168,32173,32178,32183,32188,32196,32201,32206,32211],{"type":580,"attrs":32159,"content":32160},{"textAlign":49},[32161],{"text":32162,"type":585},"NOVONIX has signed a binding offtake agreement with PowerCo, a subsidiary of Volkswagen, for synthetic graphite anode material as geopolitical uncertainty continues to drive supply chain diversification.",{"type":580,"attrs":32164,"content":32165},{"textAlign":49},[32166],{"text":32167,"type":585},"The company will supply a minimum of 32,000 tonnes of synthetic graphite to PowerCo for a five-year term starting in 2027. ",{"type":580,"attrs":32169,"content":32170},{"textAlign":49},[32171],{"text":32172,"type":585},"The battery materials player is expected to begin production at its Riverside facility Tennessee, US in H1 2025. The deal gives NOVONIX enough customer support to progress plans for a second facility in the southeastern US with an initial capacity of 30,000 tonnes per year.",{"type":647,"attrs":32174,"content":32175},{"level":13022,"textAlign":49},[32176],{"text":32177,"type":585},"Why is there increasing demand for ex-China graphite?",{"type":580,"attrs":32179,"content":32180},{"textAlign":49},[32181],{"text":32182,"type":585},"“This surge is driven by the advantages provided by the Inflation Reduction Act (IRA), including Department of Energy investments and tax credits. These incentives have spurred the development of onshore anode material production and attracted more customers seeking future supply of IRA-compliant material,” said Tony Alderson, senior analyst at Benchmark.",{"type":580,"attrs":32184,"content":32185},{"textAlign":49},[32186],{"text":32187,"type":585},"“The supply side of these offtake agreements is primarily based in the USA, with over 247,000 tonnes per year secured throughout 2024,” added Alderson.",{"type":580,"attrs":32189,"content":32190},{"textAlign":49},[32191],{"type":1847,"attrs":32192},{"id":49,"alt":32193,"src":32194,"title":49,"source":49,"copyright":49,"meta_data":32195},"Stacked column chart showing ex-China anode deals post IRA and China export regulations for each year from 2024 to 2034 in tpa","https://a.storyblok.com/f/287943243085208/85bb6c52bb/bm-anode-landscape-post-enactment-of-ira-chinas-export-regulations2x-3.png",{},{"type":647,"attrs":32197,"content":32198},{"level":13022,"textAlign":49},[32199],{"text":32200,"type":585},"How are Chinese export restrictions impacting the market?",{"type":580,"attrs":32202,"content":32203},{"textAlign":49},[32204],{"text":32205,"type":585},"Aside from IRA incentives, ex-China downstream players have sought graphite anode material from outside of China after the country implemented export regulations in December 2023. ",{"type":580,"attrs":32207,"content":32208},{"textAlign":49},[32209],{"text":32210,"type":585},"China produces the majority of both natural and synthetic graphite, making the restrictions especially concerning to companies that operate outside the country.",{"type":580,"attrs":32212,"content":32213},{"textAlign":49},[32214],{"text":32215,"type":585},"The re-election of Donald Trump to the White House exacerbates these geopolitical tensions. Trump has promised to increase the rate and scope of tariffs on Chinese products and is generally hawkish towards the country.","NOVONIX has signed a binding offtake agreement with PowerCo, a subsidiary of Volkswagen, for synthetic graphite anode material as geopolitical uncertainty continues to drive supply chain diversification. The company will supply a minimum of 32,000 tonnes of synthetic graphite to PowerCo for a five-year term starting in 2027. The battery materials player is expected to […]",[32218],{"slug":1466,"name":1467,"content":32219},{"job_title":1469,"image":32220,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f8908f1d-e41d-4bf7-8a72-1aeead36059e\", \"id\": \"\"}-->",[32223,32224],{"slug":1142,"name":1143},{"slug":2627,"name":2628},{"id":49,"alt":32193,"name":645,"focus":645,"title":32193,"source":645,"filename":32194,"copyright":645,"fieldtype":701,"meta_data":32226,"is_external_url":51},{"alt":32193,"title":32193,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":32228,"copyright":645,"fieldtype":701,"meta_data":32229,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/3fe169a90d/bm-novonix-powerco-se-offtake.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Nov 26, 2024",{"id":32232,"uuid":10591,"name":32233,"slug":32234,"full_slug":32235,"content":32236},112468431282759,"Zimbabwe: Africa’s lithium heartland","zimbabwe-africas-lithium-heartland","article/zimbabwe-africas-lithium-heartland",{"_uid":32237,"date":32143,"tags":32238,"editor":32245,"content":32249,"excerpt":32545,"featured":51,"reporter":32546,"_editable":32550,"component":689,"seo_title":32233,"categories":32551,"visibility":697,"author_company":49,"data_vis_image":32554,"featured_image":32556,"seo_description":32545,"author_full_name":49,"author_job_title":49,"formattedDate":32230},"22844d35-758b-47d5-9750-07e55d435a49",[32239,32240,32241,32242,32243,32244],{"slug":993,"name":994},{"slug":564,"name":565},{"slug":1458,"name":1459},{"slug":16773,"name":16774},{"slug":5030,"name":5610},{"slug":3520,"name":3521},[32246],{"slug":1466,"name":1467,"content":32247},{"job_title":1469,"image":32248,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":32250},[32251,32264,32289,32294,32299,32306,32311,32316,32321,32326,32339,32351,32358,32363,32368,32373,32378,32383,32403,32410,32415,32428,32433,32438,32443,32448,32453,32458,32463,32468,32473,32478,32483,32488,32495,32500,32505,32510,32515,32522,32529],{"type":580,"attrs":32252,"content":32253},{"textAlign":49},[32254,32256,32262],{"text":32255,"type":585},"Zimbabwe is currently the fourth largest producer of mined lithium globally, and is at the heart of ",{"text":32257,"type":585,"marks":32258},"Africa’s rising strength",[32259],{"type":590,"attrs":32260},{"href":32261,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/africas-lithium-supply-to-treble-this-year-china-dominates-region?_branch_match_id=1544410942103638391&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBQQqAIBAF0BvpLiKIFh7AI4QOYyPqKF%2BhXWfvPVlrzMPayErSAkrLygh1mjCGqVmL3dwuRJq8j9cHTgxkfe6I%2Fk7G6QS98Q%2FWigvTSAAAAA%3D%3D",{"text":32263,"type":585}," in the global lithium industry.",{"type":580,"attrs":32265,"content":32266},{"textAlign":49},[32267,32269,32275,32277,32281,32283,32287],{"text":32268,"type":585},"Africa’s mined lithium supply is ",{"text":32270,"type":585,"marks":32271},"set to increase",[32272],{"type":590,"attrs":32273},{"href":32274,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/africas-critical-mineral-production-poised-for-rapid-growth?_branch_match_id=1544410926422523657&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWDzP1KPIMK0zz90%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAMiaLnkgAAAA%3D",{"text":32276,"type":585}," nine-fold between 2023 and 2030, according to ",{"text":17833,"type":585,"marks":32278},[32279],{"type":590,"attrs":32280},{"href":27122,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":32282,"type":585},", when it is forecast to account for 14% of global supply. ",{"text":3521,"type":585,"marks":32284},[32285],{"type":590,"attrs":32286},{"href":29368,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":32288,"type":585}," is set to account for up to 57% of African mined lithium supplies in the same year.",{"type":580,"attrs":32290,"content":32291},{"textAlign":49},[32292],{"text":32293,"type":585},"Benchmark’s product director for lithium, Cameron Perks, recently visited Zimbabwe to assess the state of play in the country from the costs associated with production to the infrastructure and mine setups.",{"type":580,"attrs":32295,"content":32296},{"textAlign":49},[32297],{"text":32298,"type":585},"“The key takeaway is that the costs across the country are so varied, and higher than one might expect,” he said.",{"type":580,"attrs":32300,"content":32301},{"textAlign":49},[32302],{"type":1847,"attrs":32303},{"id":49,"alt":645,"src":32304,"title":49,"source":49,"copyright":49,"meta_data":32305},"https://a.storyblok.com/f/287943243085208/ee3c0b0c9d/bm-africa-lithium2x-1.png",{},{"type":647,"attrs":32307,"content":32308},{"level":13022,"textAlign":49},[32309],{"text":32310,"type":585},"China in Zimbabwe",{"type":580,"attrs":32312,"content":32313},{"textAlign":49},[32314],{"text":32315,"type":585},"There has been lithium mining in Zimbabwe since the 1950s, through the Bikita mine in the Masvingo province. In the early days, the petalite mined there was destined for industrial use, though this changed as lithium ion batteries emerged as a key technology.",{"type":580,"attrs":32317,"content":32318},{"textAlign":49},[32319],{"text":32320,"type":585},"“When Sinomine acquired it, they stopped all external shipments and were using all the lithium solely internally to convert into lithium chemicals in China,” Perks said.",{"type":580,"attrs":32322,"content":32323},{"textAlign":49},[32324],{"text":32325,"type":585},"In 2023, the number of operating projects increased from just one to four, with another project coming online in 2024.",{"type":580,"attrs":32327,"content":32328},{"textAlign":49},[32329,32331,32337],{"text":32330,"type":585},"Of these five operating lithium projects, ",{"text":32332,"type":585,"marks":32333},"four are majority owned by Chinese companies",[32334],{"type":590,"attrs":32335},{"href":32336,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/african-lithium-exports-climb-as-chinese-owned-mines-go-online?_branch_match_id=1544410972060491111&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWNzEIdowyz0%2Fz90%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAbSUy8EgAAAA%3D",{"text":32338,"type":585}," with Premier African Minerals’ Zulu mine being the only exception. Although Premier is a UK-based company, 13% of the Zulu mine is owned by China’s Suzhou TA&A.",{"type":580,"attrs":32340,"content":32341},{"textAlign":49},[32342,32344,32349],{"text":32343,"type":585},"“",{"text":23673,"type":585,"marks":32345},[32346],{"type":590,"attrs":32347},{"href":32348,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/we-believe-africa-will-be-the-next-good-opportunity-for-lithium-qa-with-wang-xiaoshen-of-ganfeng-lithium?_branch_match_id=1544410934293771409&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWDykrLgwLLUnz90%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAQmOXJkgAAAA%3D",{"text":32350,"type":585}," have acquired some of these projects at very advanced stages when lithium prices were at their highs and everyone was scrambling for lithium,” Perks said. “Often these were low hanging fruits.”",{"type":580,"attrs":32352,"content":32353},{"textAlign":49},[32354],{"type":1847,"attrs":32355},{"id":49,"alt":645,"src":32356,"title":49,"source":49,"copyright":49,"meta_data":32357},"https://a.storyblok.com/f/287943243085208/70b6c7c020/bm-zimbabwes-lithium-mines2x.png",{},{"type":580,"attrs":32359,"content":32360},{"textAlign":49},[32361],{"text":32362,"type":585},"China’s appetite to invest in African resources is made clear through its Belt and Road Initiative launched in 2013, of which Zimbabwe is a part. Through this scheme, the Chinese government invests in and develops infrastructure in regions deemed to be of strategic importance.",{"type":580,"attrs":32364,"content":32365},{"textAlign":49},[32366],{"text":32367,"type":585},"“Chinese companies can navigate the complex political systems,” Perks said. “They have the stomach to invest in an environment which is not always clear in terms of regulations.”",{"type":647,"attrs":32369,"content":32370},{"level":13022,"textAlign":49},[32371],{"text":32372,"type":585},"Wide cost base in Zimbabwe",{"type":580,"attrs":32374,"content":32375},{"textAlign":49},[32376],{"text":32377,"type":585},"Through conversations with miners in Zimbabwe, Perks noted a wide range of costs for lithium projects in the country from $600 per tonne at the low end to over $1,000 per tonne at the upper end.",{"type":580,"attrs":32379,"content":32380},{"textAlign":49},[32381],{"text":32382,"type":585},"“The range of costs is so broad because there is such a diverse project quality,” Perks said. “Most of the projects incur higher transportation cost, the difference between them is in the quality of the rocks and the processing of them.”",{"type":580,"attrs":32384,"content":32385},{"textAlign":49},[32386,32388,32393,32395,32401],{"text":32387,"type":585},"Given that ",{"text":32389,"type":585,"marks":32390},"Benchmark assesses",[32391],{"type":590,"attrs":32392},{"href":27928,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":32394,"type":585}," that spodumene currently trades at $765 per tonne (FOB Australia, 6% Li2O) and has been below ",{"text":32396,"type":585,"marks":32397},"$1,000 per tonne since the start of the year",[32398],{"type":590,"attrs":32399},{"href":32400,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/miners-under-pressure-as-spodumene-price-falls-below-1000-a-tonne?_branch_match_id=1544410950463698997&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWL4nINvdzdykr90%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAbSNOfUgAAAA%3D",{"text":32402,"type":585},", the higher end of these costs are likely hard to stomach.",{"type":580,"attrs":32404,"content":32405},{"textAlign":49},[32406],{"type":1847,"attrs":32407},{"id":49,"alt":645,"src":32408,"title":49,"source":49,"copyright":49,"meta_data":32409},"https://a.storyblok.com/f/287943243085208/c9df736306/bm-arcadia-petalite-processing.jpeg",{},{"type":580,"attrs":32411,"content":32412},{"textAlign":49},[32413],{"text":32414,"type":585},"Cameron Perks, product director for lithium at Benchmark, looking at a petalite processing line during a site visit to the Arcadia mine in Zimbabwe. Image shared with permission from Huayou Cobalt.",{"type":580,"attrs":32416,"content":32417},{"textAlign":49},[32418,32420,32426],{"text":32419,"type":585},"Yet although Australia—the largest hard rock lithium mining country—has seen ",{"text":32421,"type":585,"marks":32422},"multiple mines entering care and maintenance",[32423],{"type":590,"attrs":32424},{"href":32425,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/australian-lithium-supply-cut-by-15-due-to-low-spodumene-prices?_branch_match_id=1544410964162636322&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWjyhx8UoMyzR180%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA6UsK%2F0gAAAA%3D",{"text":32427,"type":585}," amid the low price environment, Zimbabwean mines still look to be operating.",{"type":580,"attrs":32429,"content":32430},{"textAlign":49},[32431],{"text":32432,"type":585},"“The reason why the higher cost mines haven’t come offline, is you potentially lose your delicate licence to operate, and if you don’t progress your project, the Zimbabweans may take it off you,” Perks said, “Additionally, restarting such a huge operation, reskilling, moving your skilled Chinese labour, is a huge undertaking, and it’s a decision not to be taken lightly.”",{"type":580,"attrs":32434,"content":32435},{"textAlign":49},[32436],{"text":32437,"type":585},"Another factor keeping Zimbabwe’s lithium mines operating is the ownership structure. Some of the Chinese owners of Zimbabwe’s lithium projects are vertically integrated, or at least well connected with Chinese cathode and cell makes.",{"type":580,"attrs":32439,"content":32440},{"textAlign":49},[32441],{"text":32442,"type":585},"“Australian deposit quality, product quality and infrastructure is superior. But Australian miners are simply not making cathode, cells or EVs,” Perks said.",{"type":647,"attrs":32444,"content":32445},{"level":13022,"textAlign":49},[32446],{"text":32447,"type":585},"Government royalties hit hard at low prices",{"type":580,"attrs":32449,"content":32450},{"textAlign":49},[32451],{"text":32452,"type":585},"The Zimbabwean government officially takes 5% of revenue from lithium mining as a royalty. However contacts told Perks that in reality a number of other government levies push the effective government cut much higher.",{"type":580,"attrs":32454,"content":32455},{"textAlign":49},[32456],{"text":32457,"type":585},"With lithium prices so low, this royalty adds an extra squeeze onto already razor thin margins.",{"type":580,"attrs":32459,"content":32460},{"textAlign":49},[32461],{"text":32462,"type":585},"Lithium miners, through the country’s Chamber of Mines, have proposed linking the royalty rate to lithium prices to provide some relief when prices are low but still benefiting the government when prices pick back up.",{"type":647,"attrs":32464,"content":32465},{"level":13022,"textAlign":49},[32466],{"text":32467,"type":585},"Operating in Zimbabwe",{"type":580,"attrs":32469,"content":32470},{"textAlign":49},[32471],{"text":32472,"type":585},"Where Australia is a relatively easy jurisdiction to operate a lithium mine in, Zimbabwe poses a wide range of challenges.",{"type":580,"attrs":32474,"content":32475},{"textAlign":49},[32476],{"text":32477,"type":585},"“Key challenges for operating in Zimbabwe would include the infrastructure, electricity availability, skilled people, and dealing with the complex regulations,” Perks said.",{"type":580,"attrs":32479,"content":32480},{"textAlign":49},[32481],{"text":32482,"type":585},"A significant percentage of Zimbabwe’s electricity comes from hydropower. However a punishing drought has led to falling water levels which has caused the Kariba hydroelectric dam to significantly reduce capacity leading to power outages.",{"type":580,"attrs":32484,"content":32485},{"textAlign":49},[32486],{"text":32487,"type":585},"Power outages can be costly for mining operations, especially if they occur regularly. Indeed, Perks experienced several power cuts during his visit to the country.",{"type":580,"attrs":32489,"content":32490},{"textAlign":49},[32491],{"type":1847,"attrs":32492},{"id":49,"alt":645,"src":32493,"title":49,"source":49,"copyright":49,"meta_data":32494},"https://a.storyblok.com/f/287943243085208/65c4f0c928/bm-arcadia-saleable-petalite.jpeg",{},{"type":580,"attrs":32496,"content":32497},{"textAlign":49},[32498],{"text":32499,"type":585},"Product director for Lithium at Benchmark, Cameron Perks, in front of a pile of saleable petalite during a site visit to the Arcadia mine in Zimbabwe Image shared with permission by Huayou Cobalt.",{"type":580,"attrs":32501,"content":32502},{"textAlign":49},[32503],{"text":32504,"type":585},"Beyond power outages, electricity prices are also unreliable leading to miners in the country to invest directly into their own electricity generation. A dedicated coal power plant will be built at the Sandawana lithium mine, for example.",{"type":580,"attrs":32506,"content":32507},{"textAlign":49},[32508],{"text":32509,"type":585},"Despite the challenges, Zimbabwe remains at the heart of Africa’s rising position in the global lithium market.",{"type":580,"attrs":32511,"content":32512},{"textAlign":49},[32513],{"text":32514,"type":585},"“Zimbabwe is home to several operating mines with more in development,” Perks said. “It’s a natural resource rich country.”",{"type":580,"attrs":32516,"content":32517},{"textAlign":49},[32518],{"text":32519,"type":585,"marks":32520},"Benchmark has the world’s largest team of analysts dedicated to lithium ion and energy transition supply chains.",[32521],{"type":1992},{"type":580,"attrs":32523,"content":32524},{"textAlign":49},[32525],{"text":32526,"type":585,"marks":32527},"Our rigorous, first-hand approach to research involves regular site visits and direct contact with market participants to supplement Benchmark’s extensive datasets and analyses.",[32528],{"type":1992},{"type":580,"attrs":32530,"content":32531},{"textAlign":49},[32532,32536,32538,32544],{"text":32533,"type":585,"marks":32534},"To discuss research opportunities for Benchmark analysts to visit your site, reach out to Benchmark",[32535],{"type":1992},{"text":32537,"type":585}," at ",{"text":32539,"type":585,"marks":32540},"contact@benchmarkminerals.com",[32541],{"type":590,"attrs":32542},{"href":32543,"uuid":49,"anchor":49,"target":49,"linktype":1570},"mailto:contact@benchmarkminerals.com",{"text":1538,"type":585},"Zimbabwe is currently the fourth largest producer of mined lithium globally, and is at the heart of Africa’s rising strength in the global lithium industry. Africa’s mined lithium supply is set to increase nine-fold between 2023 and 2030, according to Benchmark’s Lithium Forecast, when it is forecast to account for 14% of global supply. Zimbabwe […]",[32547],{"slug":1466,"name":1467,"content":32548},{"job_title":1469,"image":32549,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"22844d35-758b-47d5-9750-07e55d435a49\", \"id\": \"\"}-->",[32552,32553],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":32304,"copyright":645,"fieldtype":701,"meta_data":32555,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":23747,"copyright":645,"fieldtype":701,"meta_data":32557,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},{"id":32559,"uuid":32560,"name":32561,"slug":32562,"full_slug":32563,"content":32564},112468440969801,"28c7428b-76eb-4f7c-bfb7-8b104bc57772","Is it too late for an ex-China LFP revolution?","is-it-too-late-for-an-ex-china-lfp-revolution","article/is-it-too-late-for-an-ex-china-lfp-revolution",{"_uid":32565,"date":32566,"tags":32567,"editor":32573,"content":32577,"excerpt":32672,"featured":51,"reporter":32673,"_editable":32677,"component":689,"seo_title":32561,"categories":32678,"visibility":697,"author_company":49,"data_vis_image":32681,"featured_image":32684,"seo_description":32672,"author_full_name":49,"author_job_title":49,"formattedDate":32687},"90200639-e97a-4498-b060-337fab7c5ab4","2024-11-25 00:00",[32568,32569,32570,32571,32572],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":4789,"name":451},{"slug":561,"name":562},[32574],{"slug":1466,"name":1467,"content":32575},{"job_title":1469,"image":32576,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":32578},[32579,32584,32589,32599,32604,32611,32616,32621,32634,32639,32652,32662,32667],{"type":580,"attrs":32580,"content":32581},{"textAlign":49},[32582],{"text":32583,"type":585},"Europe and North America’s ambitions to cut China from their supply chains is contending with their demand for lithium iron phosphate (LFP) cells. China dominates production of LFP cells, with supply outside the region insufficient to meet demand.",{"type":580,"attrs":32585,"content":32586},{"textAlign":49},[32587],{"text":32588,"type":585},"“The current ex-China LFP pipeline won’t go nearly far enough to meeting demand, not just for EVs but for ESS markets,” said Terry Scarrott, Director of Consultancy for Australasia at Benchmark.",{"type":580,"attrs":32590,"content":32591},{"textAlign":49},[32592,32594,32598],{"text":32593,"type":585},"LFP cells are needed to meet demand for lower cost electric vehicles (EVs) and energy storage systems (ESS). However, more than 99% of LFP supply is expected to come from China this year, with the country still accounting for 90% of production in 2030, according to Benchmark’s ",{"text":28896,"type":585,"marks":32595},[32596],{"type":590,"attrs":32597},{"href":28870,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":32600,"content":32601},{"textAlign":49},[32602],{"text":32603,"type":585},"“When we think about some of the current geopolitical plays, we can already see there is going to be a meeting of heads to resolve the demand for LFP and protectionist economic policy,” said Scarrott.",{"type":580,"attrs":32605,"content":32606},{"textAlign":49},[32607],{"type":1847,"attrs":32608},{"id":49,"alt":645,"src":32609,"title":49,"source":49,"copyright":49,"meta_data":32610},"https://a.storyblok.com/f/287943243085208/91a380d4da/bm-china-exchina-lfp-production.png",{},{"type":647,"attrs":32612,"content":32613},{"level":13022,"textAlign":49},[32614],{"text":32615,"type":585},"How can ex-China battery players catch up?",{"type":580,"attrs":32617,"content":32618},{"textAlign":49},[32619],{"text":32620,"type":585},"“Ex-China battery producers could compete with more established competitors in China by forming close partnerships and alliances with local raw material suppliers and OEMs to establish localised LFP supply chains. This will help reduce logistics costs and avoid the tariffs applied to Chinese batteries,” said Aran Waid, Principal Analyst at Benchmark.",{"type":580,"attrs":32622,"content":32623},{"textAlign":49},[32624,32626,32632],{"text":32625,"type":585},"Ex-China cell manufacturers are already partnering with automakers on battery projects. Benchmark’s ",{"text":32627,"type":585,"marks":32628},"Gigafactory Assessment",[32629],{"type":590,"attrs":32630},{"href":32631,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/lithium-ion-batteries/capacity-database/gigafactory",{"text":32633,"type":585}," shows that of the seven gigafactories coming online in Europe next year, three are joint ventures with automakers. In the US, this figure is five out of the 11.",{"type":580,"attrs":32635,"content":32636},{"textAlign":49},[32637],{"text":32638,"type":585},"Waid also noted policy incentives available to ex-China producers could reduce set up costs. ",{"type":580,"attrs":32640,"content":32641},{"textAlign":49},[32642,32644,32650],{"text":32643,"type":585},"Benchmark analysis shows ",{"text":32645,"type":585,"marks":32646},"the cost of battery production in the US could be lower than that of China",[32647],{"type":590,"attrs":32648},{"href":32649,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/us-battery-production-could-beat-china-on-cost-due-to-ira-tax-credits?_branch_match_id=1544410915802805114&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWD86OcnTKqsjP9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAESKj%2FEgAAAA%3D",{"text":32651,"type":585}," by the end of the decade due to tax credits in the country’s Inflation Reduction Act (IRA). ",{"type":580,"attrs":32653,"content":32654},{"textAlign":49},[32655,32657,32661],{"text":32656,"type":585},"In 2029, the average cost of LFP cells produced in North America will be under $50/kWh to manufacture when including the $35/kWh IRA tax credit compared to $53.3/kWh in China. There is less than 90 GWh of LFP production forecast for North America, according to Benchmark’s ",{"text":28896,"type":585,"marks":32658},[32659],{"type":590,"attrs":32660},{"href":28870,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":32663,"content":32664},{"textAlign":49},[32665],{"text":32666,"type":585},"However, the re-election of Donald Trump, who has been critical of the IRA, brings some uncertainty around whether this advantage will materialise. ",{"type":580,"attrs":32668,"content":32669},{"textAlign":49},[32670],{"text":32671,"type":585},"An improved sustainability profile could also give ex-China players a competitive edge in Western markets, where consumers and governments place more value on such metrics. ","Europe and North America’s ambitions to cut China from their supply chains is contending with their demand for lithium iron phosphate (LFP) cells. China dominates production of LFP cells, with supply outside the region insufficient to meet demand. “The current ex-China LFP pipeline won’t go nearly far enough to meeting demand, not just for EVs […]",[32674],{"slug":1466,"name":1467,"content":32675},{"job_title":1469,"image":32676,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"90200639-e97a-4498-b060-337fab7c5ab4\", \"id\": \"\"}-->",[32679,32680],{"slug":956,"name":957},{"slug":959,"name":960},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":32682,"copyright":645,"fieldtype":701,"meta_data":32683,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1732010365/www-production/Almost-all-LFP-cell-supply-comes-from-China-no-Y-axis/Almost-all-LFP-cell-supply-comes-from-China-no-Y-axis.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":32685,"copyright":645,"fieldtype":701,"meta_data":32686,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/e538793d77/bm-is-it-too-late-for-an-ex-china-lfp-revolution.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Nov 25, 2024",{"id":32689,"uuid":32690,"name":32691,"slug":32692,"full_slug":32693,"content":32694},114842107239644,"7e398555-0fd4-47d7-af12-cc6aad49b1a4","Sayona Mining and Piedmont Lithium to merge amid low spodumene prices","sayona-mining-and-piedmont-lithium-to-merge-amid-low-spodumene-prices","article/sayona-mining-and-piedmont-lithium-to-merge-amid-low-spodumene-prices",{"_uid":32695,"date":32696,"tags":32697,"editor":32711,"content":32715,"excerpt":32858,"featured":51,"reporter":32859,"_editable":32863,"component":689,"seo_title":32691,"categories":32864,"visibility":697,"author_company":49,"data_vis_image":32867,"featured_image":32869,"seo_description":32858,"author_full_name":49,"author_job_title":49,"formattedDate":32872},"a33f5c3f-80a8-4756-b5c0-4e3cd86aef3c","2024-11-20 00:00",[32698,32699,32700,32701,32702,32703,32706,32709,32710],{"slug":4093,"name":4094},{"slug":564,"name":565},{"slug":1458,"name":1459},{"slug":14619,"name":14620},{"slug":1720,"name":1721},{"slug":32704,"name":32705},"piedmont-lithium","Piedmont Lithium",{"slug":32707,"name":32708},"sayona-mining","Sayona Mining",{"slug":5030,"name":5610},{"slug":561,"name":562},[32712],{"slug":9249,"name":9250,"content":32713},{"job_title":9252,"image":32714,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":32716},[32717,32722,32733,32758,32771,32776,32781,32786,32797,32802,32807,32815,32828,32833,32838,32850],{"type":580,"attrs":32718,"content":32719},{"textAlign":49},[32720],{"text":32721,"type":585},"Australia’s Sayona Mining and US-based Piedmont Lithium intend to merge, forming a company with a market capitalisation of $623 million. The merged entity will be owned 50-50 by the shareholders of each company.",{"type":580,"attrs":32723,"content":32724},{"textAlign":49},[32725,32727,32731],{"text":32726,"type":585},"The merged company could become the second largest lithium miner in North America in 2030, according to ",{"text":17833,"type":585,"marks":32728},[32729],{"type":590,"attrs":32730},{"href":27122,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":32732,"type":585},", if the projects in their combined pipeline come to fruition.",{"type":580,"attrs":32734,"content":32735},{"textAlign":49},[32736,32738,32744,32746,32751,32753,32757],{"text":32737,"type":585},"This is the ",{"text":32739,"type":585,"marks":32740},"latest counter-cyclical merger",[32741],{"type":590,"attrs":32742},{"href":32743,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/spodumene-prices-soften-to-three-year-low-amid-weak-lithium-chemical-prices?_branch_match_id=1544391404458711260&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBMQ6AIBAEwB9Bb2IsrMUnGDCn4MFBFpTOtzPjWyt10tqRnD5ZcApCsLEqW4qKQVibZ2M279d3t%2Fygi4Ag9%2BGQeyXMq0dONADCkDwpSAAAAA%3D%3D",{"text":32745,"type":585}," and acquisition activity in the space amid a year of ",{"text":32747,"type":585,"marks":32748},"generally falling prices",[32749],{"type":590,"attrs":32750},{"href":29368,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":32752,"type":585},". Spodumene prices have fallen 68% since a year ago, according to ",{"text":1565,"type":585,"marks":32754},[32755],{"type":590,"attrs":32756},{"href":27112,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":32759,"content":32760},{"textAlign":49},[32761,32763,32769],{"text":32762,"type":585},"“It shows that ",{"text":32764,"type":585,"marks":32765},"lithium producers",[32766],{"type":590,"attrs":32767},{"href":32768,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/will-rio-tintos-move-entice-other-mining-majors-into-lithium?_branch_match_id=1544391414044588082&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWTw4pL6t08jF180%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAnUwedUgAAAA%3D",{"text":32770,"type":585},", even in these current market conditions, still believe they are able to raise significant funds, highlighting the belief in long-term returns from the lithium market,” said Claudia Cook, a lithium analyst at Benchmark.",{"type":580,"attrs":32772,"content":32773},{"textAlign":49},[32774],{"text":32775,"type":585},"Source:Benchmark Lithium Forecast",{"type":580,"attrs":32777,"content":32778},{"textAlign":49},[32779],{"text":32780,"type":585},"Both companies also have various exploration targets in North America and Australia.",{"type":647,"attrs":32782,"content":32783},{"level":13022,"textAlign":49},[32784],{"text":32785,"type":585},"What will the merged company’s position in North America be?",{"type":580,"attrs":32787,"content":32788},{"textAlign":49},[32789,32791,32795],{"text":32790,"type":585},"Sayona and Piedmont are the first and second largest lithium miners in North America in 2024, according to ",{"text":17833,"type":585,"marks":32792},[32793],{"type":590,"attrs":32794},{"href":27122,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":32796,"type":585},", thanks to their joint venture North American Lithium which began production in 2018.",{"type":580,"attrs":32798,"content":32799},{"textAlign":49},[32800],{"text":32801,"type":585},"“Having already collaborated on the North American Lithium project under a joint venture, makes the two companies more attractive candidates for a merger,” said Adam Megginson, a lithium price analyst at Benchmark.",{"type":580,"attrs":32803,"content":32804},{"textAlign":49},[32805],{"text":32806,"type":585},"According to Sayona’s reports, the North American Lithium project made a loss last quarter after it finished ramping up in June this year. In a press statement, the companies say that the merger will simplify their corporate structure and make it easier to accept government support. ",{"type":580,"attrs":32808,"content":32809},{"textAlign":49},[32810],{"type":1847,"attrs":32811},{"id":49,"alt":32812,"src":32813,"title":49,"source":49,"copyright":49,"meta_data":32814},"Combined, Sayona nad Piedmont could be the second largest lithium miner in North America in 2030","https://a.storyblok.com/f/287943243085208/ababe20633/bm-sayona-piedmont-2030.png",{},{"type":580,"attrs":32816,"content":32817},{"textAlign":49},[32818,32820,32826],{"text":32819,"type":585},"“North America is looking to secure and shorten its battery supply chain, and this strategy, ",{"text":32821,"type":585,"marks":32822},"even with the uncertainty of the IRA",[32823],{"type":590,"attrs":32824},{"href":32825,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/donald-trump-wins-us-election-bringing-future-of-ira-into-question?_branch_match_id=1544391394917167181&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWrwgPCs9ILDUv9E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAq3AqFEgAAAA%3D",{"text":32827,"type":585},", remains,” Cook said. “This merger and its possibility for growing the companies’ lithium output puts them in a great position to be a part of this, and builds on what Piedmont has done with its offtake with Tesla, providing a domestic supply of lithium to North American OEMs.”",{"type":647,"attrs":32829,"content":32830},{"level":13022,"textAlign":49},[32831],{"text":32832,"type":585},"Falling lithium prices increase M&A activity",{"type":580,"attrs":32834,"content":32835},{"textAlign":49},[32836],{"text":32837,"type":585},"With spodumene and lithium chemical prices falling over the past year, there’s been an uptick in counter-cyclical deals in the lithium space.",{"type":580,"attrs":32839,"content":32840},{"textAlign":49},[32841,32843,32848],{"text":32842,"type":585},"“It is the kind of ",{"text":32844,"type":585,"marks":32845},"consolidation we would expect in the market",[32846],{"type":590,"attrs":32847},{"href":32768,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":32849,"type":585}," following a tumble of spodumene concentrate prices from all-time highs of $6,401/tonne (FOB Australia) in December 2022,” Megginson said.",{"type":580,"attrs":32851,"content":32852},{"textAlign":49},[32853],{"type":1847,"attrs":32854},{"id":49,"alt":32855,"src":32856,"title":49,"source":49,"copyright":49,"meta_data":32857},"Spodumene prices remain low but see slight uptick","https://a.storyblok.com/f/287943243085208/3509d55ca5/bm-spod-prices-13-nov.png",{},"Australia’s Sayona Mining and US-based Piedmont Lithium intend to merge, forming a company with a market capitalisation of $623 million. The merged entity will be owned 50-50 by the shareholders of each company. The merged company could become the second largest lithium miner in North America in 2030, according to Benchmark’s Lithium Forecast, if the […]",[32860],{"slug":9249,"name":9250,"content":32861},{"job_title":9252,"image":32862,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a33f5c3f-80a8-4756-b5c0-4e3cd86aef3c\", \"id\": \"\"}-->",[32865,32866],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":32812,"name":645,"focus":645,"title":32812,"source":645,"filename":32813,"copyright":645,"fieldtype":701,"meta_data":32868,"is_external_url":51},{"alt":32812,"title":32812,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":32870,"copyright":645,"fieldtype":701,"meta_data":32871,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/12ceb121d6/bm-nal-operation-2-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Nov 20, 2024",{"id":32874,"uuid":32875,"name":32876,"slug":32877,"full_slug":32878,"content":32879},112468498760374,"e1bbfdb4-3092-4cf7-a142-4640fe436d73","Anode maker Shanshan struggles to maintain control under debt pressures","anode-maker-shanshan-struggles-to-maintain-control-under-debt-pressures","article/anode-maker-shanshan-struggles-to-maintain-control-under-debt-pressures",{"_uid":32880,"date":32881,"tags":32882,"editor":32891,"content":32895,"excerpt":33020,"featured":51,"reporter":33021,"_editable":33025,"component":689,"seo_title":32876,"categories":33026,"visibility":697,"author_company":49,"data_vis_image":33029,"featured_image":33032,"seo_description":33020,"author_full_name":49,"author_job_title":49,"formattedDate":33035},"cf4f5614-efb1-4248-9900-0ad96bed4e71","2024-11-14 00:00",[32883,32884,32885,32888],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":32886,"name":32887},"finland","Finland",{"slug":32889,"name":32890},"shanshan","Shanshan",[32892],{"slug":1466,"name":1467,"content":32893},{"job_title":1469,"image":32894,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":32896},[32897,32909,32927,32932,32940,32945,32950,32958,32963,32968,32973,32978,32983,32988,32993,32998,33003,33015],{"type":580,"attrs":32898,"content":32899},{"textAlign":49},[32900,32902,32907],{"text":32901,"type":585},"The world’s second largest producer of ",{"text":28571,"type":585,"marks":32903},[32904],{"type":590,"attrs":32905},{"href":32906,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinese-long-term-anode-pipeline-grows-despite-declining-utilisation-rates?_branch_match_id=1544410755126760994&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWjwqzLC5MNk4q90%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAEWLS2kgAAAA%3D",{"text":32908,"type":585},", Ningbo Shanshan, is under severe financial strain amid falling profits and missed debt repayments.",{"type":580,"attrs":32910,"content":32911},{"textAlign":49},[32912,32913,32918,32920,32926],{"text":1005,"type":585},{"text":30111,"type":585,"marks":32914},[32915],{"type":590,"attrs":32916},{"href":32917,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/in-charts-why-decoupling-from-chinas-anode-market-could-be-difficult-for-the-west?_branch_match_id=1544410747278552690&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWN3DPrCosLUwq90%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAQYFuCUgAAAA%3D",{"text":32919,"type":585}," is expected to account for 14% of global anode active material production in 2024, according to ",{"text":32921,"type":585,"marks":32922},"Benchmark’s Anode Forecast",[32923],{"type":590,"attrs":32924},{"href":32925,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/anode/data-reports/forecast",{"text":1538,"type":585},{"type":580,"attrs":32928,"content":32929},{"textAlign":49},[32930],{"text":32931,"type":585},"“After record-breaking profits in 2021, Shanshan aggressively expanded into the new energy sector,” said Tony Alderson, an anode analyst at Benchmark. “However, intensified competition in China’s battery supply chain—namely in the anode and electrode markets—has eroded the company’s profitability.”",{"type":580,"attrs":32933,"content":32934},{"textAlign":49},[32935],{"type":1847,"attrs":32936},{"id":49,"alt":32937,"src":32938,"title":49,"source":49,"copyright":49,"meta_data":32939},"BTR New Material, Shanshan and Putailai account for 42% of global anode production in 2024","https://a.storyblok.com/f/287943243085208/b156199936/bm-shanshan-in-top-10-anode.png",{},{"type":647,"attrs":32941,"content":32942},{"level":13022,"textAlign":49},[32943],{"text":32944,"type":585},"Why is Shanshan under strain?",{"type":580,"attrs":32946,"content":32947},{"textAlign":49},[32948],{"text":32949,"type":585},"Between 2021 and 2023 Shanshan’s production of graphite anode material increased rapidly.",{"type":580,"attrs":32951,"content":32952},{"textAlign":49},[32953],{"type":1847,"attrs":32954},{"id":49,"alt":32955,"src":32956,"title":49,"source":49,"copyright":49,"meta_data":32957},"Between 2021 and 2023 Shanshan rapidly expanded its anode production","https://a.storyblok.com/f/287943243085208/7e1cb0ae79/bm-shanshan-yoy-1.png",{},{"type":580,"attrs":32959,"content":32960},{"textAlign":49},[32961],{"text":32962,"type":585},"However, although the company is the second largest anode material producer after BTR New Energy, intense competition has eaten into Shanshan’s profitability.",{"type":580,"attrs":32964,"content":32965},{"textAlign":49},[32966],{"text":32967,"type":585},"“Shanshan’s parent company reported nearly a 20% y-o-y decline in net profits, pressured by the need to adopt low-price strategies to stay competitive,” Alderson said.",{"type":580,"attrs":32969,"content":32970},{"textAlign":49},[32971],{"text":32972,"type":585},"This has resulted in the company being unable to pay off its significant debts and missing contract liabilities.",{"type":580,"attrs":32974,"content":32975},{"textAlign":49},[32976],{"text":32977,"type":585},"The People’s Court of Mianyang City has frozen 430 million held by parent company Shanshan Group and, alongside the Guangzhou City Court, have also put an additional 380 million shares on a waiting list to also be frozen.",{"type":647,"attrs":32979,"content":32980},{"level":13022,"textAlign":49},[32981],{"text":32982,"type":585},"What impact could this have on the anode market?",{"type":580,"attrs":32984,"content":32985},{"textAlign":49},[32986],{"text":32987,"type":585},"The freezing of Shanshan’s shares has yet to have a measurable impact on the company’s governance, operation or anode material production.",{"type":580,"attrs":32989,"content":32990},{"textAlign":49},[32991],{"text":32992,"type":585},"“However, the holdings company has already sold off their lithium and cathode businesses to pay off debts,” Alderson said. “So the sale of its electrolyte and anode assets is plausible.”",{"type":580,"attrs":32994,"content":32995},{"textAlign":49},[32996],{"text":32997,"type":585},"Although the overall anode market is forecast to be in oversupply until around 2032, a deficit in the supply of Tier 1 anode material is expected several years sooner—around 2028.",{"type":580,"attrs":32999,"content":33000},{"textAlign":49},[33001],{"text":33002,"type":585},"“If Shanshan’s anode business undergoes forced liquidation, it could notably impact the market,” Alderson said. “It could impact the global Tier 1 anode market balance considerably in the short and medium term.”",{"type":580,"attrs":33004,"content":33005},{"textAlign":49},[33006,33008,33014],{"text":33007,"type":585},"The could also have impacts in Europe as Shanshan is forecast to account for around 12% of the region’s anode supply through ",{"text":33009,"type":585,"marks":33010},"its facility in Finland",[33011],{"type":590,"attrs":33012},{"href":33013,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinas-shanshan-to-build-e1-28-billion-synthetic-anode-plant-in-finland?_branch_match_id=1544410738759203057&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWNyv18ynKz0sq90%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAIW6NsUgAAAA%3D",{"text":1538,"type":585},{"type":580,"attrs":33016,"content":33017},{"textAlign":49},[33018],{"text":33019,"type":585},"“We have already reportedly heard them reach barriers with this in regards to environmental permits and with this, we could see further delays to the project,” Alderson said.","The world’s second largest producer of anode materials, Ningbo Shanshan, is under severe financial strain amid falling profits and missed debt repayments. The Chinese company is expected to account for 14% of global anode active material production in 2024, according to Benchmark’s Anode Forecast. “After record-breaking profits in 2021, Shanshan aggressively expanded into the new […]",[33022],{"slug":1466,"name":1467,"content":33023},{"job_title":1469,"image":33024,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"cf4f5614-efb1-4248-9900-0ad96bed4e71\", \"id\": \"\"}-->",[33027,33028],{"slug":2162,"name":261},{"slug":956,"name":957},{"id":49,"alt":33030,"name":645,"focus":645,"title":33030,"source":645,"filename":32938,"copyright":645,"fieldtype":701,"meta_data":33031,"is_external_url":51},"BTR New Material, Shanshan and Putailai account for 48% of global anode production in 2024",{"alt":33030,"title":33030,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":33033,"copyright":645,"fieldtype":701,"meta_data":33034,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/51e013b859/bm-ningbo-shanshan.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Nov 14, 2024",{"id":33037,"uuid":33038,"name":33039,"slug":33040,"full_slug":33041,"content":33042},112468572988101,"c4a18118-fb4d-419f-b2d6-5d178ce2b67c","Donald Trump wins US election bringing future of IRA into question","donald-trump-wins-us-election-bringing-future-of-ira-into-question","article/donald-trump-wins-us-election-bringing-future-of-ira-into-question",{"_uid":33043,"date":33044,"tags":33045,"editor":33052,"content":33056,"excerpt":33373,"featured":51,"reporter":33374,"_editable":33378,"component":689,"seo_title":33039,"categories":33379,"visibility":2019,"author_company":49,"data_vis_image":33390,"featured_image":33393,"seo_description":33373,"author_full_name":49,"author_job_title":49,"formattedDate":33395},"cf8eb26b-f266-4f3e-a50a-8678cd31a02f","2024-11-06 00:00",[33046,33047,33050,33051],{"slug":564,"name":565},{"slug":33048,"name":33049},"elections","Elections",{"slug":1720,"name":1721},{"slug":561,"name":562},[33053],{"slug":9249,"name":9250,"content":33054},{"job_title":9252,"image":33055,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":33057},[33058,33079,33091,33096,33101,33106,33113,33139,33146,33151,33156,33161,33166,33171,33178,33188,33193,33200,33205,33218,33223,33228,33249,33261,33266,33284,33289,33294,33299,33304,33309,33314,33319,33349,33356],{"type":580,"attrs":33059,"content":33060},{"textAlign":49},[33061,33063,33069,33071,33077],{"text":33062,"type":585},"Donald Trump has regained control of the White House after beating ",{"text":33064,"type":585,"marks":33065},"Kamala Harris",[33066],{"type":590,"attrs":33067},{"href":33068,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/downloads/special-issues/1323497",{"text":33070,"type":585}," in the US ",{"text":33072,"type":585,"marks":33073},"election",[33074],{"type":590,"attrs":33075},{"href":33076,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/how-the-battery-industry-could-be-impacted-by-elections-this-year?_branch_match_id=1544395702630232381&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWd8wx9yhz9fPJ9E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA%2B7cSA0gAAAA%3D",{"text":33078,"type":585}," this week. Republicans have secured a majority in the Senate and are currently winning the race for the House of Representatives.",{"type":580,"attrs":33080,"content":33081},{"textAlign":49},[33082,33084,33090],{"text":33083,"type":585},"Having a majority in both houses strengthens Trump’s ability to repeal more legislation, including parts of President Biden’s signature ",{"text":33085,"type":585,"marks":33086},"Inflation Reduction Act (IRA)",[33087],{"type":590,"attrs":33088},{"href":33089,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/what-the-us-2024-elections-mean-for-the-ira-and-ev-battery-supply-chain?_branch_match_id=1544395687804031052&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWN8g3sjQoCvTJ9E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAPIMrwEgAAAA%3D",{"text":1538,"type":585},{"type":580,"attrs":33092,"content":33093},{"textAlign":49},[33094],{"text":33095,"type":585},"“Trump’s return to the White House is likely to result in a pivot towards fossil fuels and a relaxation of environmental regulations,” said Bryan Bille, a policy analyst at Benchmark.",{"type":647,"attrs":33097,"content":33098},{"level":13022,"textAlign":49},[33099],{"text":33100,"type":585},"Could Trump repeal the Inflation Reduction Act?",{"type":580,"attrs":33102,"content":33103},{"textAlign":49},[33104],{"text":33105,"type":585},"Since President Biden enacted the IRA in August 2022, more than $110 billion of investments have flowed into the electric vehicles and battery sectors, according to data from Rho Motion.",{"type":580,"attrs":33107,"content":33108},{"textAlign":49},[33109],{"type":1847,"attrs":33110},{"id":49,"alt":645,"src":33111,"title":49,"source":49,"copyright":49,"meta_data":33112},"https://a.storyblok.com/f/287943243085208/d5e1453019/bm-election-charts-02-v2.png",{},{"type":580,"attrs":33114,"content":33115},{"textAlign":49},[33116,33118,33124,33126,33132,33134,33138],{"text":33117,"type":585},"The success of the IRA can be seen in the ",{"text":33119,"type":585,"marks":33120},"2030 gigafactory pipeline",[33121],{"type":590,"attrs":33122},{"href":33123,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/who-owns-the-usas-gigafactories?_branch_match_id=1544395733606393582&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWdy%2FwzwxxifDJ9E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAhICqs0gAAAA%3D",{"text":33125,"type":585},". At the start of Biden’s presidency it sat at around 360 gigawatt-hours. Today the 2030 pipeline is more than ",{"text":33127,"type":585,"marks":33128},"three times the size",[33129],{"type":590,"attrs":33130},{"href":33131,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/ira-supercharges-usas-gigafactory-capacity-pipeline-as-it-overtakes-europe-for-first-time?_branch_match_id=1544395719259944050&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWLw10dC1yNPDJ9E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA7WZbQkgAAAA%3D",{"text":33133,"type":585}," at 1,310 gigawatt-hours, according to ",{"text":28266,"type":585,"marks":33135},[33136],{"type":590,"attrs":33137},{"href":28270,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":33140,"content":33141},{"textAlign":49},[33142],{"type":1847,"attrs":33143},{"id":49,"alt":645,"src":33144,"title":49,"source":49,"copyright":49,"meta_data":33145},"https://a.storyblok.com/f/287943243085208/ac5152a6c1/bm-us-gigafactory-capacity.png",{},{"type":580,"attrs":33147,"content":33148},{"textAlign":49},[33149],{"text":33150,"type":585},"Trump has repeatedly expressed a wish to repeal parts of the IRA, especially those parts favouring EVs.",{"type":580,"attrs":33152,"content":33153},{"textAlign":49},[33154],{"text":33155,"type":585},"“Donald Trump has reportedly promised to scrap pro-EV rules, mandates, and has regularly criticised the IRA’s tax policy, especially Section 30D, which provides tax credits,” Bille said.",{"type":580,"attrs":33157,"content":33158},{"textAlign":49},[33159],{"text":33160,"type":585},"Although Trump looks on track to have control of both the House and the Senate, he may face push back from within his own party if he pushes too hard against the IRA.",{"type":580,"attrs":33162,"content":33163},{"textAlign":49},[33164],{"text":33165,"type":585},"“Mainly Republican states have significantly benefited from clean tech investments resulting from the Inflation Reduction Act,” Bille said. “Watering down or cancelling these investments would affect the US’ catch up efforts vis-a-vis China.”",{"type":580,"attrs":33167,"content":33168},{"textAlign":49},[33169],{"text":33170,"type":585},"IRA investment flowed primarily into Republican states, with this proportion growing following the election results. Up to 92% of IRA investments are now in red states (including states yet to declare but looking likely to vote Republican).",{"type":580,"attrs":33172,"content":33173},{"textAlign":49},[33174],{"type":1847,"attrs":33175},{"id":49,"alt":645,"src":33176,"title":49,"source":49,"copyright":49,"meta_data":33177},"https://a.storyblok.com/f/287943243085208/cc334d56f2/bm-election-charts-11112024.png",{},{"type":580,"attrs":33179,"content":33180},{"textAlign":49},[33181,33183,33187],{"text":33182,"type":585},"Of the 1272 GWh in the pipeline to 2030 in the US, 876 GWh is planned for Republican states, with over 300 GWh of capacity sitting in states yet to be called. Should all this capacity go ahead it marks $81.5 billion in investments and thousands of jobs for those regions. Notably Texas, a republican stronghold, has the largest pipeline capacity of all US states, according to ",{"text":28266,"type":585,"marks":33184},[33185],{"type":590,"attrs":33186},{"href":28270,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":33189,"content":33190},{"textAlign":49},[33191],{"text":33192,"type":585},"Without control of both houses, it is unlikely that Trump could repeal parts of the IRA nor the Bipartisan Infrastructure Law. That said, Trump could still change the implementation of the IRA, according to Bille, such as changing foreign entity of concern (FEOC) rules.",{"type":580,"attrs":33194,"content":33195},{"textAlign":49},[33196],{"type":1847,"attrs":33197},{"id":49,"alt":645,"src":33198,"title":49,"source":49,"copyright":49,"meta_data":33199},"https://a.storyblok.com/f/287943243085208/e726a8c3bf/bm-usa-map-11112024.png",{},{"type":647,"attrs":33201,"content":33202},{"level":13022,"textAlign":49},[33203],{"text":33204,"type":585},"What is Trump’s view on mining?",{"type":580,"attrs":33206,"content":33207},{"textAlign":49},[33208,33210,33216],{"text":33209,"type":585},"Although Trump is not in support of the IRA, ",{"text":33211,"type":585,"marks":33212},"domestic critical mineral",[33213],{"type":590,"attrs":33214},{"href":33215,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/us-critical-mineral-price-support-could-cost-7-5-billion-alone-for-lithium-in-next-five-years?_branch_match_id=1544395711166352951&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWdy2tCK8oM%2FHJ9E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUATno62UgAAAA%3D",{"text":33217,"type":585}," production is likely to still have a place.",{"type":580,"attrs":33219,"content":33220},{"textAlign":49},[33221],{"text":33222,"type":585},"“Trump voiced his support for domestic mining, which could result in a more profound permitting reform and further financial support for domestic mining projects,” Bille said.",{"type":647,"attrs":33224,"content":33225},{"level":13022,"textAlign":49},[33226],{"text":33227,"type":585},"What does Trump’s win mean for US-China relations?",{"type":580,"attrs":33229,"content":33230},{"textAlign":49},[33231,33233,33239,33241,33247],{"text":33232,"type":585},"Earlier in 2024, Biden added ",{"text":33234,"type":585,"marks":33235},"100% tariffs to imported Chinese EVs",[33236],{"type":590,"attrs":33237},{"href":33238,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/us-hikes-tariffs-to-further-isolate-china-from-its-ev-supply-chain-ambitions?_branch_match_id=1544395676102152705&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWNw6sys0NtPDJ9E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAPdsb30gAAAA%3D",{"text":33240,"type":585}," and also ",{"text":33242,"type":585,"marks":33243},"increased the tariffs",[33244],{"type":590,"attrs":33245},{"href":33246,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/navigating-trade-challenges-electric-vehicles-china-and-tariffs?_branch_match_id=1544395755602213352&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWLy1L9UkKSvbN9E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAw4g0CEgAAAA%3D",{"text":33248,"type":585}," on Chinese critical minerals. Trump’s win will likely see more tariffs imposed on Chinese imports.",{"type":580,"attrs":33250,"content":33251},{"textAlign":49},[33252,33254,33260],{"text":33253,"type":585},"Further, the FEOC rules of the IRA currently only apply for the 30D tax credits when consumers purchase an EV. Bille says Trump could strengthen these and potentially extend them to apply to the ",{"text":33255,"type":585,"marks":33256},"45X production tax credits",[33257],{"type":590,"attrs":33258},{"href":33259,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/us-45x-tax-credit-revisions-should-go-further-miners-say?_branch_match_id=1544395745966797796&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBOw6AIBAFwBtBb2IsrNXayoBZYfksmweJnWd3Jo6hfbLWk9yxOuTKQnClG6dqCku2Ke1n1LDx4ZcP9BDAEi6P9nbCvEa0Sj9BU5peSAAAAA%3D%3D",{"text":1538,"type":585},{"type":580,"attrs":33262,"content":33263},{"textAlign":49},[33264],{"text":33265,"type":585},"“There is an expectation of more domestic and foreign policy uncertainty and turbulence,” Bille said.",{"type":580,"attrs":33267,"content":33268},{"textAlign":49},[33269,33273,33280],{"text":33270,"type":585,"marks":33271},"Watch Benchmark’s ",[33272],{"type":1992},{"text":33274,"type":585,"marks":33275},"free video",[33276,33279],{"type":590,"attrs":33277},{"href":33278,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/what-does-trumps-victory-mean-for-evs-and-the-battery-supply-chain",{"type":1992},{"text":33281,"type":585,"marks":33282}," on what Trump’s victory could mean for EV and battery supply chains.",[33283],{"type":1992},{"type":647,"attrs":33285,"content":33286},{"level":13022,"textAlign":49},[33287],{"text":33288,"type":585},"What does this mean for electric vehicles?",{"type":580,"attrs":33290,"content":33291},{"textAlign":49},[33292],{"text":33293,"type":585},"Since the implementation of the IRA, EV sales in the US have been steadily growing with penetration rates currently around 10% of new sales, according to Rho Motion.",{"type":580,"attrs":33295,"content":33296},{"textAlign":49},[33297],{"text":33298,"type":585},"There was a dip in sales when the first FEOC restrictions came into play at the start of 2024 as several models became ineligible for 30D tax credits. However, these sales have since recovered.",{"type":580,"attrs":33300,"content":33301},{"textAlign":49},[33302],{"text":33303,"type":585},"Despite Trump’s aversion to EVs, Bille says it is notable that Elon Musk–the chief executive of Tesla, the US’ largest EV company–is a staunch supporter of Trump.",{"type":580,"attrs":33305,"content":33306},{"textAlign":49},[33307],{"text":33308,"type":585},"Future demand for EVs was supported by the Biden administration strengthening the environmental protection agency (EPA) emissions standards that had been reduced during Trump’s first presidency.",{"type":580,"attrs":33310,"content":33311},{"textAlign":49},[33312],{"text":33313,"type":585},"Trump has expressed an ambition to roll back these emission reduction standards. Such changes would reduce demand for EVs. However, making such changes won’t come quickly.",{"type":580,"attrs":33315,"content":33316},{"textAlign":49},[33317],{"text":33318,"type":585},"“Rolling back these standards takes time, typically, years,” Bille said. “Moreover, another thing to remember is that some federal states have already implemented stringent emission standards and EV adoption programs beyond federal control.”",{"type":580,"attrs":33320,"content":33321},{"textAlign":49},[33322,33326,33330,33333,33337,33341,33345],{"text":33323,"type":585,"marks":33324},"Join us at Benchmark Week for critical sessions like ",[33325],{"type":1992},{"text":33327,"type":585,"marks":33328},"US Election Aftermath: Policy and Industry Implications",[33329],{"type":1992},{"text":12828,"type":585,"marks":33331},[33332],{"type":1992},{"text":33334,"type":585,"marks":33335},"Navigating the US Policy Landscape",[33336],{"type":1992},{"text":33338,"type":585,"marks":33339},", and ",[33340],{"type":1992},{"text":33342,"type":585,"marks":33343},"MESC Grants: Boosting the US Domestic Battery Supply Chain",[33344],{"type":1992},{"text":33346,"type":585,"marks":33347}," to gain insights into the policies shaping the market post-election.",[33348],{"type":1992},{"type":580,"attrs":33350,"content":33351},{"textAlign":49},[33352],{"text":33353,"type":585,"marks":33354},"Benchmark Week returns to Los Angeles on 12-14 November 2024, bringing global industry leaders, financiers, and government officials together to chart a course for the technologies and supply chains central to the energy transition.",[33355],{"type":1992},{"type":580,"attrs":33357,"content":33358},{"textAlign":49},[33359,33363,33370],{"text":33360,"type":585,"marks":33361},"Stay informed about potential changes in the industry and be part of the discussions that will define the future. View the agenda and secure your ",[33362],{"type":1992},{"text":33364,"type":585,"marks":33365},"ticket here",[33366,33369],{"type":590,"attrs":33367},{"href":33368,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://benchmarkevents.benchmarkminerals.com/benchmarkweek2024",{"type":1992},{"text":1538,"type":585,"marks":33371},[33372],{"type":1992},"Donald Trump has regained control of the White House after beating Kamala Harris in the US election this week. Republicans have secured a majority in the Senate and are currently winning the race for the House of Representatives. Having a majority in both houses strengthens Trump’s ability to repeal more legislation, including parts of President […]",[33375],{"slug":9249,"name":9250,"content":33376},{"job_title":9252,"image":33377,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"cf8eb26b-f266-4f3e-a50a-8678cd31a02f\", \"id\": \"\"}-->",[33380,33381,33382,33383,33384,33385,33386,33387,33388,33389],{"slug":2162,"name":261},{"slug":956,"name":957},{"slug":2623,"name":298},{"slug":2544,"name":115},{"slug":1140,"name":1136},{"slug":1142,"name":1143},{"slug":1695,"name":1696},{"slug":695,"name":696},{"slug":3379,"name":3380},{"slug":2627,"name":2628},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":33391,"copyright":645,"fieldtype":701,"meta_data":33392,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1730899274/www-production/Election-charts_03/Election-charts_03.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":12484,"copyright":645,"fieldtype":701,"meta_data":33394,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},"Nov 06, 2024",{"id":33397,"uuid":33398,"name":33399,"slug":33400,"full_slug":33401,"content":33402},112468636103378,"99826f2b-a0c3-462c-bd4d-4fcef206fa5c","Can novel silicon-carbon anode materials compete with graphite on cost?","can-novel-silicon-carbon-anode-materials-compete-with-graphite-on-cost","article/can-novel-silicon-carbon-anode-materials-compete-with-graphite-on-cost",{"_uid":33403,"date":33404,"tags":33405,"editor":33416,"content":33420,"excerpt":33612,"featured":51,"reporter":33613,"_editable":33617,"component":689,"seo_title":33399,"categories":33618,"visibility":697,"author_company":49,"data_vis_image":33623,"featured_image":33626,"seo_description":33612,"author_full_name":49,"author_job_title":49,"formattedDate":33629},"62db1f66-4c19-453d-93d6-da8df1d643a3","2024-10-30 00:00",[33406,33407,33408,33411,33414],{"slug":564,"name":565},{"slug":2041,"name":2042},{"slug":33409,"name":33410},"oned-battery-science","OneD Battery Science",{"slug":33412,"name":33413},"rec-silicon","REC Silicon",{"slug":33415,"name":30978},"sila-nanotechnologies",[33417],{"slug":1466,"name":1467,"content":33418},{"job_title":1469,"image":33419,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":33421},[33422,33434,33439,33452,33457,33474,33479,33484,33489,33494,33499,33504,33515,33520,33525,33535,33540,33545,33550,33555,33560,33565,33570,33575,33580,33585,33595,33600,33605],{"type":580,"attrs":33423,"content":33424},{"textAlign":49},[33425,33427,33432],{"text":33426,"type":585},"Next-generation silicon-carbon anodes promise enhanced energy density compared to their ",{"text":33428,"type":585,"marks":33429},"graphite counterparts",[33430],{"type":590,"attrs":33431},{"href":29368,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":33433,"type":585},", but currently come at a significant cost premium.",{"type":580,"attrs":33435,"content":33436},{"textAlign":49},[33437],{"text":33438,"type":585},"Novel materials often require technical and supply chain optimisation to compete with incumbent technologies on cost. For the many materials that use a monosilane feedstock to nano deposit silicon, procurement of this critical material can come with a high cost burden.",{"type":580,"attrs":33440,"content":33441},{"textAlign":49},[33442,33444,33450],{"text":33443,"type":585},"However, new ",{"text":33445,"type":585,"marks":33446},"Benchmark analysis",[33447],{"type":590,"attrs":33448},{"href":33449,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/silicon-anode/data-reports/forecast",{"text":33451,"type":585}," shows that in the long-term, there is potential for silicon-based anodes to become cost competitive with graphite anodes if the procurement cost of monosilane can be reduced and the efficiency of the conversion of monosilane to nanosilicon can be sufficiently optimised.",{"type":580,"attrs":33453,"content":33454},{"textAlign":49},[33455],{"text":33456,"type":585},"“Cost is one of the biggest hurdles to mass market adoption,” said Alex Sargent, an analyst at Benchmark. “If you can’t reduce costs to be competitive with traditional technology then you will be limited to the small portion of the market that can absorb these costs.”",{"type":580,"attrs":33458,"content":33459},{"textAlign":49},[33460,33464,33471],{"text":33461,"type":585,"marks":33462},"Watch Rory McNulty, product director for new technology at Benchmark, ",[33463],{"type":1992},{"text":33465,"type":585,"marks":33466},"discuss silicon anodes",[33467,33470],{"type":590,"attrs":33468},{"href":33469,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/the-evolution-of-the-silicon-anode-market",{"type":1992},{"text":1538,"type":585,"marks":33472},[33473],{"type":1992},{"type":647,"attrs":33475,"content":33476},{"level":13022,"textAlign":49},[33477],{"text":33478,"type":585},"What is monosilane and how is it made?",{"type":580,"attrs":33480,"content":33481},{"textAlign":49},[33482],{"text":33483,"type":585},"Monosilane is a key feedstock material for many silicon-based anode materials. It is converted into silicon and deposited onto a substrate or within a scaffold material via chemical vapour deposition (CVD).",{"type":580,"attrs":33485,"content":33486},{"textAlign":49},[33487],{"text":33488,"type":585},"To produce monosilane, high-purity metallurgical grade silicon is first converted to trichlorosilane. This is then reacted with hydrogen to form monosilane. The largest producer of monosilane outside of China is REC Silicon.",{"type":580,"attrs":33490,"content":33491},{"textAlign":49},[33492],{"text":33493,"type":585},"Monosilane is preferred for production of silicon anodes over trichlorosilane as its decomposition products are only silicon and hydrogen avoiding production of acidic hydrogen chloride which can react with the scaffold the silicon is being deposited into.",{"type":580,"attrs":33495,"content":33496},{"textAlign":49},[33497],{"text":33498,"type":585},"The trichlorosilane market is significantly larger than the monosilane market. Capacity for the former is around 1.7 million tonnes annually, compared to 60,000 tonnes for the latter.",{"type":647,"attrs":33500,"content":33501},{"level":13022,"textAlign":49},[33502],{"text":33503,"type":585},"How much does monosilane contribute to the cost of the anode?",{"type":580,"attrs":33505,"content":33506},{"textAlign":49},[33507,33509,33514],{"text":33508,"type":585},"The procurement cost of monosilane is a key contributor to the overall cost of silicon-carbon anode material. This cost is generally significantly lower in China than it is in North America and Europe, according to ",{"text":33510,"type":585,"marks":33511},"Benchmark’s Silicon Anode Forecast",[33512],{"type":590,"attrs":33513},{"href":33449,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":33516,"content":33517},{"textAlign":49},[33518],{"text":33519,"type":585},"Further, the efficiency with which the CVD process converts this to silicon can also have a large impact on the overall cost contribution.",{"type":580,"attrs":33521,"content":33522},{"textAlign":49},[33523],{"text":33524,"type":585},"Benchmark’s high cost scenario of $50 per kilogram of monosilane combined with a low conversion efficiency of 40% leads to the monosilane accounting for around $12.70 per kilowatt-hour of silicon-carbon anode material.",{"type":580,"attrs":33526,"content":33527},{"textAlign":49},[33528,33529,33533],{"text":32387,"type":585},{"text":32921,"type":585,"marks":33530},[33531],{"type":590,"attrs":33532},{"href":32925,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":33534,"type":585}," places the finished cost of a graphite anode between $4-8/kWh, this scenario leaves no room for the additional costs of the carbon scaffold material or coating and processing costs.",{"type":580,"attrs":33536,"content":33537},{"textAlign":49},[33538],{"text":33539,"type":585},"“These additional costs mean significant headroom above the monosilane procurement cost will be required for these technologies to be cost competitive,” Sargent said.",{"type":647,"attrs":33541,"content":33542},{"level":13022,"textAlign":49},[33543],{"text":33544,"type":585},"How can the cost contribution of monosilane be reduced?",{"type":580,"attrs":33546,"content":33547},{"textAlign":49},[33548],{"text":33549,"type":585},"“If you want to reduce the monosilane cost contribution, you need to optimise the way you get your monosilane,” Sargent said.",{"type":580,"attrs":33551,"content":33552},{"textAlign":49},[33553],{"text":33554,"type":585},"This can be achieved by locating the silicon anode active material production facility next to a large monosilane producer reducing the monosilane transport and logistics costs.",{"type":580,"attrs":33556,"content":33557},{"textAlign":49},[33558],{"text":33559,"type":585},"Alternatively, the packing and transportation of monosilane can be eliminated entirely by installing a pipe directly between the monosilane producer and the anode facility or integrating the two production processes.",{"type":580,"attrs":33561,"content":33562},{"textAlign":49},[33563],{"text":33564,"type":585},"Examples of such strategies include:",{"type":580,"attrs":33566,"content":33567},{"textAlign":49},[33568],{"text":33569,"type":585},"Source:Benchmark Silicon Anode Forecast",{"type":580,"attrs":33571,"content":33572},{"textAlign":49},[33573],{"text":33574,"type":585},"Further cost reductions can be achieved through enhancing the conversion efficiency. This can be done by increasing the temperature and reducing the pressure inside the reactor. However this also increases the crystallinity of the silicon material which increases the mechanical fragility of the material during cell cycling.",{"type":580,"attrs":33576,"content":33577},{"textAlign":49},[33578],{"text":33579,"type":585},"“Other modifications must be made to increase the yield, a few examples would be to implement the use of a catalyst, aid the process with plasma or optimise gas recycling,” Sargent said.",{"type":647,"attrs":33581,"content":33582},{"level":13022,"textAlign":49},[33583],{"text":33584,"type":585},"Can the cost be low enough to compete with graphite anodes?",{"type":580,"attrs":33586,"content":33587},{"textAlign":49},[33588,33593],{"text":33589,"type":585,"marks":33590},"Benchmark’s Silicon Anode Forecast’s",[33591],{"type":590,"attrs":33592},{"href":33449,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":33594,"type":585}," low-cost scenario of $10/kg of monosilane–representative of a low price in China–combined with a high conversion rate of 90%, places the cost contribution of monosilane at around $1.10/kWh.",{"type":580,"attrs":33596,"content":33597},{"textAlign":49},[33598],{"text":33599,"type":585},"This leaves just under $3/kWh for the other costs associated with the silicon-carbon anode material in order to be competitive with the lower end of graphite anode costs.",{"type":580,"attrs":33601,"content":33602},{"textAlign":49},[33603],{"text":33604,"type":585},"“The future of these materials is all to play for, how far these innovators can optimise their process and therefore their costs will determine how easily they can penetrate mass markets,” Sargent said.",{"type":580,"attrs":33606,"content":33607},{"textAlign":49},[33608],{"type":1847,"attrs":33609},{"id":49,"alt":645,"src":33610,"title":49,"source":49,"copyright":49,"meta_data":33611},"https://a.storyblok.com/f/287943243085208/ed8b1d229d/bm-silane-cost-v2-28102024.png",{},"Next-generation silicon-carbon anodes promise enhanced energy density compared to their graphite counterparts, but currently come at a significant cost premium. Novel materials often require technical and supply chain optimisation to compete with incumbent technologies on cost. For the many materials that use a monosilane feedstock to nano deposit silicon, procurement of this critical material can […]",[33614],{"slug":1466,"name":1467,"content":33615},{"job_title":1469,"image":33616,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"62db1f66-4c19-453d-93d6-da8df1d643a3\", \"id\": \"\"}-->",[33619,33620,33621,33622],{"slug":2162,"name":261},{"slug":956,"name":957},{"slug":959,"name":960},{"slug":2164,"name":2165},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":33624,"copyright":645,"fieldtype":701,"meta_data":33625,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1730307258/www-production/Silane-cost-no-y-axis-30102024/Silane-cost-no-y-axis-30102024.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":33627,"copyright":645,"fieldtype":701,"meta_data":33628,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/8cee6edbe2/bm-rec-bt-img-8119-1-v2-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Oct 30, 2024",{"id":33631,"uuid":33632,"name":33633,"slug":33634,"full_slug":33635,"content":33636},112468664955608,"76f3df62-4d98-41d5-ab2f-21336f4ebcd3","Can the European Union meet its CRMA goals?","can-the-european-union-meet-its-crma-goals","article/can-the-european-union-meet-its-crma-goals",{"_uid":33637,"date":33638,"tags":33639,"editor":33646,"content":33650,"excerpt":33795,"featured":51,"reporter":33796,"_editable":33800,"component":689,"seo_title":33633,"categories":33801,"visibility":2019,"author_company":49,"data_vis_image":33811,"featured_image":33813,"seo_description":33795,"author_full_name":49,"author_job_title":49,"formattedDate":33817},"28187843-70ae-4c53-9e33-77a1d190ca6a","2024-10-28 00:00",[33640,33641,33642,33643,33644,33645],{"slug":7392,"name":7393},{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":1303,"name":1304},{"slug":2480,"name":2481},{"slug":13546,"name":13547},[33647],{"slug":9249,"name":9250,"content":33648},{"job_title":9252,"image":33649,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":33651},[33652,33665,33699,33704,33724,33729,33737,33742,33754,33766,33773,33780],{"type":580,"attrs":33653,"content":33654},{"textAlign":49},[33655,33657,33663],{"text":33656,"type":585},"The European Union’s ",{"text":33658,"type":585,"marks":33659},"Critical Raw Material Act",[33660],{"type":590,"attrs":33661},{"href":33662,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/what-are-the-esg-implications-of-the-eu-critical-raw-materials-act?_branch_match_id=1544395097783749159&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWTyyvsjTP9y%2FL8k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA0CAB%2B0gAAAA%3D",{"text":33664,"type":585}," laid out several ambitious goals to improve the resilience of its critical mineral supply chains.",{"type":580,"attrs":33666,"content":33667},{"textAlign":49},[33668,33674,33676,33682,33684,33690,33692,33698],{"text":33669,"type":585,"marks":33670},"Included in the Act",[33671],{"type":590,"attrs":33672},{"href":33673,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/opinion-critical-raw-materials-act-europes-attempt-to-have-both-quality-speed?_branch_match_id=1544395018405977297&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWLwgMza8yCizL8k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAj5QfE0gAAAA%3D",{"text":33675,"type":585}," are non-binding goals that the ",{"text":33677,"type":585,"marks":33678},"EU",[33679],{"type":590,"attrs":33680},{"href":33681,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/europes-last-shot-can-europe-act-fast-enough-to-compete-in-the-battery-supply-chain?_branch_match_id=1544395141770236489&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWdykINnNOCynL8k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAT30mNEgAAAA%3D",{"text":33683,"type":585}," builds out sufficient mining capacity that 10% of its critical mineral demands can be met by bloc mines. Similarly ",{"text":33685,"type":585,"marks":33686},"the Act",[33687],{"type":590,"attrs":33688},{"href":33689,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/ultimately-its-about-making-sure-that-we-keep-real-jobs-here-in-europe-qa-with-the-eus-peter-handley?_branch_match_id=1544394971463284669&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWL7fML3cJjCjL8k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA2vi8bUgAAAA%3D",{"text":33691,"type":585}," sets out a target of 40% of demand to be met by processing within the bloc and ",{"text":33693,"type":585,"marks":33694},"25% to be met through recycling",[33695],{"type":590,"attrs":33696},{"href":33697,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/is-europe-ambitious-enough-on-recycling?_branch_match_id=1544395032423116174&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9zV0TjWpjCrL8k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUANdB9qEgAAAA%3D",{"text":1538,"type":585},{"type":580,"attrs":33700,"content":33701},{"textAlign":49},[33702],{"text":33703,"type":585},"The Act provides a framework through which EU strategic projects that help to achieve these goals can be accelerated through the permitting process and have easier access to finance.",{"type":580,"attrs":33705,"content":33706},{"textAlign":49},[33707,33709,33714,33716,33722],{"text":33708,"type":585},"Several months since the Act passed in May 2024, ",{"text":33445,"type":585,"marks":33710},[33711],{"type":590,"attrs":33712},{"href":33713,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/sibanye-stillwater-shifts-focus-to-battery-precursor-in-europe-amid-nickel-price-slump?_branch_match_id=1544394956888576110&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWd%2FctNjUxMSzL8k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAAOEtNEgAAAA%3D",{"text":33715,"type":585}," shows the scale of the challenge the EU hopes to surmount. With the exception of ",{"text":33717,"type":585,"marks":33718},"nickel mining",[33719],{"type":590,"attrs":33720},{"href":33721,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/sibanye-stillwater-shifts-focus-to-battery-precursor-in-europe-amid-nickel-price-slump",{"text":33723,"type":585},", none of the battery minerals deemed strategic by the EU are on track to meet these goals.",{"type":580,"attrs":33725,"content":33726},{"textAlign":49},[33727],{"text":33728,"type":585},"The graphic below compares the EU-based supply of several critical battery minerals with the targets set out by the CRMA.",{"type":580,"attrs":33730,"content":33731},{"textAlign":49},[33732],{"type":1847,"attrs":33733},{"id":49,"alt":33734,"src":33735,"title":49,"source":49,"copyright":49,"meta_data":33736},"Graphic showing the progress towards the EU Critical Raw Materials Act targets","https://a.storyblok.com/f/287943243085208/3400930e37/bm-benchmark-4-eu-critical-minerals-gap-4.jpg",{},{"type":580,"attrs":33738,"content":33739},{"textAlign":49},[33740],{"text":33741,"type":585},"The Act considers critical minerals in aggregate, so strong supply of one critical mineral can compensate for poor supply of another.",{"type":580,"attrs":33743,"content":33744},{"textAlign":49},[33745,33747,33753],{"text":33746,"type":585},"Although there is no EU mined supply of manganese ore, the EU does have some capacity to produce ",{"text":33748,"type":585,"marks":33749},"high purity manganese sulphate",[33750],{"type":590,"attrs":33751},{"href":33752,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/five-things-you-need-to-know-about-manganese-and-batteries?_branch_match_id=1544395001410357263&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW96sySzS0NCnL8k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAIwOG9UgAAAA%3D",{"text":1538,"type":585},{"type":580,"attrs":33755,"content":33756},{"textAlign":49},[33757,33759,33764],{"text":33758,"type":585},"Of the three goals in the Act pertaining to localised supply, recycling is the furthest away from the goal. However, ",{"text":33445,"type":585,"marks":33760},[33761],{"type":590,"attrs":33762},{"href":33763,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/crma-boosts-eus-2030-battery-recycling-pipeline-by-28?_branch_match_id=1544394988135809672&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWDzDytQhJNi%2FL8k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAl1jCVUgAAAA%3D",{"text":33765,"type":585}," has shown that the 2030 pipeline for recycling projects has already been boosted by the CRMA.",{"type":580,"attrs":33767,"content":33768},{"textAlign":49},[33769],{"text":33770,"type":585,"marks":33771},"Benchmark Week will return to Los Angeles on 12-14 November 2024, bringing global industry leaders, financiers and government officials together to chart a course for the technologies and supply chains central to the energy transition.",[33772],{"type":1992},{"type":580,"attrs":33774,"content":33775},{"textAlign":49},[33776],{"text":33777,"type":585,"marks":33778},"Join us at Benchmark Week to forge connections, identify future partners and unlock market opportunities.",[33779],{"type":1992},{"type":580,"attrs":33781,"content":33782},{"textAlign":49},[33783,33787,33792],{"text":33784,"type":585,"marks":33785},"View the agenda and secure your ticket ",[33786],{"type":1992},{"text":20730,"type":585,"marks":33788},[33789,33791],{"type":590,"attrs":33790},{"href":33368,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"text":1538,"type":585,"marks":33793},[33794],{"type":1992},"The European Union’s Critical Raw Material Act laid out several ambitious goals to improve the resilience of its critical mineral supply chains. Included in the Act are non-binding goals that the EU builds out sufficient mining capacity that 10% of its critical mineral demands can be met by bloc mines. Similarly the Act sets out […]",[33797],{"slug":9249,"name":9250,"content":33798},{"job_title":9252,"image":33799,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"28187843-70ae-4c53-9e33-77a1d190ca6a\", \"id\": \"\"}-->",[33802,33803,33804,33805,33806,33807,33808,33809,33810],{"slug":2544,"name":115},{"slug":1142,"name":1143},{"slug":695,"name":696},{"slug":2627,"name":2628},{"slug":1693,"name":8},{"slug":4962,"name":4963},{"slug":2553,"name":150},{"slug":7742,"name":7743},{"slug":14595,"name":14596},{"id":49,"alt":33734,"name":645,"focus":645,"title":33734,"source":645,"filename":33735,"copyright":645,"fieldtype":701,"meta_data":33812,"is_external_url":51},{"alt":33734,"title":33734,"source":645,"copyright":645},{"id":49,"alt":33814,"name":645,"focus":645,"title":33814,"source":645,"filename":33815,"copyright":645,"fieldtype":701,"meta_data":33816,"is_external_url":51},"EU flags in front of a building in Brussels","https://a.storyblok.com/f/287943243085208/488f14d730/bm-eu-csddd.jpg",{"alt":33814,"title":33814,"source":645,"copyright":645},"Oct 28, 2024",{"id":33819,"uuid":33820,"name":33821,"slug":33822,"full_slug":33823,"content":33824},112468698252001,"1a95a7ae-7205-4c28-bbbf-eb0dd9d04972","Solid-state batteries bring new supply chain opportunities, challenges, and potential bottlenecks","solid-state-batteries-bring-new-supply-chain-opportunities-challenges-and-potential-bottlenecks","article/solid-state-batteries-bring-new-supply-chain-opportunities-challenges-and-potential-bottlenecks",{"_uid":33825,"date":33826,"tags":33827,"editor":33830,"content":33834,"excerpt":33921,"featured":51,"reporter":33922,"_editable":33926,"component":689,"seo_title":33821,"categories":33927,"visibility":697,"author_company":49,"data_vis_image":33932,"featured_image":33935,"seo_description":33921,"author_full_name":49,"author_job_title":49,"formattedDate":33938},"b680a85e-526b-404b-8107-6fb9f59aa68c","2024-10-22 00:00",[33828,33829],{"slug":564,"name":565},{"slug":20051,"name":20052},[33831],{"slug":1466,"name":1467,"content":33832},{"job_title":1469,"image":33833,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":33835},[33836,33841,33846,33858,33863,33871,33876,33881,33886,33893,33898,33903,33911,33916],{"type":580,"attrs":33837,"content":33838},{"textAlign":49},[33839],{"text":33840,"type":585},"Production of solid-state and lithium metal batteries is forecast to grow at a rate of around 40% per year between 2024 and 2036, with solid-state oxide-based batteries accounting for the bulk of this.",{"type":580,"attrs":33842,"content":33843},{"textAlign":49},[33844],{"text":33845,"type":585},"Currently, the more mature nature of the supply chain for oxide-based electrolytes compared to that of sulphide-based electrolytes makes it the current chemistry of choice.",{"type":580,"attrs":33847,"content":33848},{"textAlign":49},[33849,33851,33856],{"text":33850,"type":585},"However, in the long-term, ",{"text":33852,"type":585,"marks":33853},"Benchmark’s Solid-state and Lithium Metal Battery Forecast",[33854],{"type":590,"attrs":33855},{"href":26801,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":33857,"type":585}," anticipates that lanthanum production could become a critical bottleneck to supply growth.",{"type":580,"attrs":33859,"content":33860},{"textAlign":49},[33861],{"text":33862,"type":585},"“For oxide-based compositions which often use materials like lanthana and zircon, the near- and mid-term impact on supply chains isn’t expected to be too dramatic,” said Rory McNulty, product director for new technology at Benchmark. “But could become a significant consideration in the mid- to long-term if these technologies take off into the 10s and 100s of GWh.”",{"type":580,"attrs":33864,"content":33865},{"textAlign":49},[33866],{"type":1847,"attrs":33867},{"id":49,"alt":33868,"src":33869,"title":49,"source":49,"copyright":49,"meta_data":33870},"Graphic with title: Next-generation batteries will uncover new supply chain bottlenecks. Subtitle: Many of the feedstock materials required for next-generation battery electrolytes are not at the scale required for mass commercialisation.\nGraphic shows that for oxide, zirconia and lanthana are mid term bottlenecks. For sulphide, lithium sulphide is an immediate bottleneck, germanium is mid term and phosphorous has long term stability. For polymer, electrolyte salts are an immediate concern and polymer ramp up has long term stability. For novel liquids, two immediate concerns are novel solvents and electrolyte salts","https://a.storyblok.com/f/287943243085208/0470db61c6/bm-solid-state-lithium-metal-v2.png",{},{"type":647,"attrs":33872,"content":33873},{"level":13022,"textAlign":49},[33874],{"text":33875,"type":585},"Bottlenecks for oxide-based solid-state batteries",{"type":580,"attrs":33877,"content":33878},{"textAlign":49},[33879],{"text":33880,"type":585},"Lanthanum and zirconium are critical elements used in many state-of-the-art oxide-based solid-state electrolytes, though neither are anticipated by Benchmark to be an immediate bottleneck as supply is strong and both are generally produced as byproducts for other mineral mining operations.",{"type":580,"attrs":33882,"content":33883},{"textAlign":49},[33884],{"text":33885,"type":585},"However, Benchmark forecasts that both could be potential bottlenecks in the medium- to long-term.",{"type":580,"attrs":33887,"content":33888},{"textAlign":49},[33889],{"type":1847,"attrs":33890},{"id":49,"alt":645,"src":33891,"title":49,"source":49,"copyright":49,"meta_data":33892},"https://a.storyblok.com/f/287943243085208/0d15aad69e/bm-la-supply-oxide-ss-demand-1.png",{},{"type":647,"attrs":33894,"content":33895},{"level":13022,"textAlign":49},[33896],{"text":33897,"type":585},"Alternative electrolyte chemistries have their own bottlenecks",{"type":580,"attrs":33899,"content":33900},{"textAlign":49},[33901],{"text":33902,"type":585},"Although oxide-based materials currently dominate forecast solid-state and lithium metal battery market growth, alternative chemistries are gaining popularity. Each of these have their own supply chain considerations which could impact the market in the short term.",{"type":580,"attrs":33904,"content":33905},{"textAlign":49},[33906],{"type":1847,"attrs":33907},{"id":49,"alt":33908,"src":33909,"title":49,"source":49,"copyright":49,"meta_data":33910},"Production of solid-state and lithium metal batteries is dominated by oxide-based electrolytes","https://a.storyblok.com/f/287943243085208/77fae2fb08/bm-next-gen-battery-chemistries-forecast.png",{},{"type":580,"attrs":33912,"content":33913},{"textAlign":49},[33914],{"text":33915,"type":585},"“When developing any technology it is important to understand the raw materials that are required to create key components and identify any bottleneck that could impact commercial roll-out as early as possible,” McNulty said.",{"type":580,"attrs":33917,"content":33918},{"textAlign":49},[33919],{"text":33920,"type":585},"Beyond the electrolyte, batteries incorporating lithium metal anodes face additional challenges associated with scaling up production of lithium metal–technically more challenging than producing lithium carbonate or lithium hydroxide.","Production of solid-state and lithium metal batteries is forecast to grow at a rate of around 40% per year between 2024 and 2036, with solid-state oxide-based batteries accounting for the bulk of this. Currently, the more mature nature of the supply chain for oxide-based electrolytes compared to that of sulphide-based electrolytes makes it the current […]",[33923],{"slug":1466,"name":1467,"content":33924},{"job_title":1469,"image":33925,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b680a85e-526b-404b-8107-6fb9f59aa68c\", \"id\": \"\"}-->",[33928,33929,33930,33931],{"slug":956,"name":957},{"slug":959,"name":960},{"slug":1142,"name":1143},{"slug":2900,"name":414},{"id":49,"alt":33933,"name":645,"focus":645,"title":33933,"source":645,"filename":33869,"copyright":645,"fieldtype":701,"meta_data":33934,"is_external_url":51},"Graphic with title: Next-generation batteries will uncover new supply chain bottlenecks. Subtitle: Many of the feedstock materials required for next-generation battery electrolytes are not at the scale required for mass commercialisation. Graphic shows that for oxide, zirconia and lanthana are mid term bottlenecks. For sulphide, lithium sulphide is an immediate bottleneck, germanium is mid term and phosphorous has long term stability. For polymer, electrolyte salts are an immediate concern and polymer ramp up has long term stability. For novel liquids, two immediate concerns are novel solvents and electrolyte salts",{"alt":33933,"title":33933,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":33936,"copyright":645,"fieldtype":701,"meta_data":33937,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/32e4b6d7e8/bm-220401-nissan-assb-creation-26-source-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Oct 22, 2024",{"id":33940,"uuid":33941,"name":33942,"slug":33943,"full_slug":33944,"content":33945},112468721918694,"58d7e3dc-1d0e-4ace-b2ab-7592f6f0be3a","General Motors, Lithium Americas to form $625 million joint venture for Thacker Pass","general-motors-lithium-americas-to-form-625-million-joint-venture-for-thacker-pass","article/general-motors-lithium-americas-to-form-625-million-joint-venture-for-thacker-pass",{"_uid":33946,"date":33947,"tags":33948,"editor":33958,"content":33962,"excerpt":34058,"featured":51,"reporter":34059,"_editable":34063,"component":689,"seo_title":33942,"categories":34064,"visibility":697,"author_company":49,"data_vis_image":34067,"featured_image":34070,"seo_description":34058,"author_full_name":49,"author_job_title":49,"formattedDate":34073},"2882f1c4-88d1-4dda-8829-dccc9be03b11","2024-10-18 00:00",[33949,33950,33953,33956,33957],{"slug":564,"name":565},{"slug":33951,"name":33952},"general-motors","General Motors",{"slug":33954,"name":33955},"lithium-americas","Lithium Americas",{"slug":1720,"name":1721},{"slug":561,"name":562},[33959],{"slug":9249,"name":9250,"content":33960},{"job_title":9252,"image":33961,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":33963},[33964,33969,33974,33986,33991,33998,34003,34008,34013,34018,34023,34028,34038,34043,34048,34053],{"type":580,"attrs":33965,"content":33966},{"textAlign":49},[33967],{"text":33968,"type":585},"US automotive giant General Motors (GM) will form a joint venture with Lithium Americas around its Thacker Pass development in a deal worth $625 million. Lithium Americas will contribute $387 million to the venture.",{"type":580,"attrs":33970,"content":33971},{"textAlign":49},[33972],{"text":33973,"type":585},"The joint venture will see GM increase its stake in the project to 38%. GM will also have access to up to 100% offtake agreement for the first phase of the project and a 38% offtake of the second phase with the right of first offer on the remaining production.",{"type":580,"attrs":33975,"content":33976},{"textAlign":49},[33977,33979,33984],{"text":33978,"type":585},"This is particularly beneficial for the automaker as Benchmark’s ",{"text":33980,"type":585,"marks":33981},"Lithium Forecast",[33982],{"type":590,"attrs":33983},{"href":13199,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":33985,"type":585}," shows North American demand for lithium far exceeds the forecast domestic supply of the critical mineral.",{"type":580,"attrs":33987,"content":33988},{"textAlign":49},[33989],{"text":33990,"type":585},"“This move puts GM in a position that not every US EV manufacturer will be able to have,” said Claudia Cook, a lithium analyst at Benchmark.",{"type":580,"attrs":33992,"content":33993},{"textAlign":49},[33994],{"type":1847,"attrs":33995},{"id":49,"alt":645,"src":33996,"title":49,"source":49,"copyright":49,"meta_data":33997},"https://a.storyblok.com/f/287943243085208/21000df575/bm-screenshot-2024-10-18-122308.png",{},{"type":647,"attrs":33999,"content":34000},{"level":13022,"textAlign":49},[34001],{"text":34002,"type":585},"Why has GM invested further in Lithium America?",{"type":580,"attrs":34004,"content":34005},{"textAlign":49},[34006],{"text":34007,"type":585},"Despite the slower-than-expected growth in EV demand this year, the continued growth in battery demand for EVs and energy storage applications will see North America’s lithium demand from batteries grow 290% between 2024 and 2035.",{"type":580,"attrs":34009,"content":34010},{"textAlign":49},[34011],{"text":34012,"type":585},"“It reflects a wider trend that while western EV manufacturers have scaled back EV targets, the growth in demand for EVs is still expected and being planned for,” Cook said.",{"type":647,"attrs":34014,"content":34015},{"level":13022,"textAlign":49},[34016],{"text":34017,"type":585},"What is the status of Thacker Pass?",{"type":580,"attrs":34019,"content":34020},{"textAlign":49},[34021],{"text":34022,"type":585},"The Thacker Pass project is a sedimentary lithium resource located in Humboldt County, Nevada comprising an open pit mine and processing facility.",{"type":580,"attrs":34024,"content":34025},{"textAlign":49},[34026],{"text":34027,"type":585},"The first phase will have a capacity of 40,000 tonnes per year with the second phase bringing the total to 80,000 tonnes per year.",{"type":580,"attrs":34029,"content":34030},{"textAlign":49},[34031,34033,34037],{"text":34032,"type":585},"Thacker Pass is set to be the largest US lithium project in production in 2030 according to Benchmark’s ",{"text":33980,"type":585,"marks":34034},[34035],{"type":590,"attrs":34036},{"href":13199,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":14640,"type":585},{"type":647,"attrs":34039,"content":34040},{"level":13022,"textAlign":49},[34041],{"text":34042,"type":585},"How is Thacker Pass funded?",{"type":647,"attrs":34044,"content":34045},{"level":13022,"textAlign":49},[34046],{"text":34047,"type":585},"What are other automakers doing in the lithium space?",{"type":580,"attrs":34049,"content":34050},{"textAlign":49},[34051],{"text":34052,"type":585},"GM is not the only automaker actively working to secure their lithium supply chain.",{"type":580,"attrs":34054,"content":34055},{"textAlign":49},[34056],{"text":34057,"type":585},"“EV manufacturers for a while now have been making direct investments in lithium supply, in order to secure feedstock,” Cook said. “In a market that is as volatile as lithium with such demand growth, this enables them to reduce the risk of having to purchase on the open market.”","US automotive giant General Motors (GM) will form a joint venture with Lithium Americas around its Thacker Pass development in a deal worth $625 million. Lithium Americas will contribute $387 million to the venture. The joint venture will see GM increase its stake in the project to 38%. GM will also have access to up […]",[34060],{"slug":9249,"name":9250,"content":34061},{"job_title":9252,"image":34062,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"2882f1c4-88d1-4dda-8829-dccc9be03b11\", \"id\": \"\"}-->",[34065,34066],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":34068,"name":645,"focus":645,"title":34068,"source":645,"filename":33996,"copyright":645,"fieldtype":701,"meta_data":34069,"is_external_url":51},"Clustered column chart showing North American lithium demand from batteries alongside mined and chemical supply from the region.",{"alt":34068,"title":34068,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":34071,"copyright":645,"fieldtype":701,"meta_data":34072,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1f98645c56/bm-general-motors-lithium-americas-joint-venture.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Oct 18, 2024",{"id":34075,"uuid":34076,"name":34077,"slug":34078,"full_slug":34079,"content":34080},112468736017129,"c8cab8b3-bf69-46b8-bc8d-629e8fc2c199","How much cobalt production is owned by Chinese companies?","how-much-cobalt-production-is-owned-by-chinese-companies","article/how-much-cobalt-production-is-owned-by-chinese-companies",{"_uid":34081,"date":34082,"tags":34083,"editor":34087,"content":34091,"excerpt":34188,"featured":51,"reporter":34189,"_editable":34193,"component":689,"seo_title":34077,"categories":34194,"visibility":2019,"author_company":49,"data_vis_image":34198,"featured_image":34201,"seo_description":34188,"author_full_name":49,"author_job_title":49,"formattedDate":34203},"0cce27e7-911f-4909-b706-59fa81c12b7d","2024-10-17 00:00",[34084,34085,34086],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":2480,"name":2481},[34088],{"slug":1466,"name":1467,"content":34089},{"job_title":1469,"image":34090,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":34092},[34093,34098,34103,34108,34115,34120,34125],{"type":580,"attrs":34094,"content":34095},{"textAlign":49},[34096],{"text":34097,"type":585},"China is extending its control of global cobalt production.",{"type":580,"attrs":34099,"content":34100},{"textAlign":49},[34101],{"text":34102,"type":585},"By 2030, the top 10 cobalt producing countries will account for 96% of the total cobalt mined supply, with just two countries, the Democratic Republic of Congo (DRC) and Indonesia, contributing to 84% of total production, Benchmark data shows. ",{"type":580,"attrs":34104,"content":34105},{"textAlign":49},[34106],{"text":34107,"type":585},"Although Chinese firms have a stake in only 3 out of the top 10 cobalt producing nations, they will own over half of the cobalt production in the DRC and Indonesia, as well as 85% of the output from Papua New Guinea. This will give Chinese companies command of 46% of global cobalt mined supply by 2030, up 3% from 2023. ",{"type":580,"attrs":34109,"content":34110},{"textAlign":49},[34111],{"type":1847,"attrs":34112},{"id":49,"alt":645,"src":34113,"title":49,"source":49,"copyright":49,"meta_data":34114},"https://a.storyblok.com/f/287943243085208/300170f2ef/bm-image-72.png",{},{"type":580,"attrs":34116,"content":34117},{"textAlign":49},[34118],{"text":34119,"type":585},"Chinese firms are deeply embedded in the DRC’s mining sector, which will account for 74% of the world’s cobalt output in 2024, having secured several of the country’s key assets in the last decade. Western countries have ceded many of these interests to China, evidenced by the sale of two of the world’s largest cobalt assets, the Tenke Fungurume mine and Kisanfu project, by US-based Freeport-McMoran to CMOC in 2016 and 2020, respectively.",{"type":580,"attrs":34121,"content":34122},{"textAlign":49},[34123],{"text":34124,"type":585},"Cobalt fundamentals have largely fallen to the wayside as China has  pursued copper interests in Africa. This trend has helped to push the cobalt market into structural oversupply, driving down prices to historical lows in the process.",{"type":580,"attrs":34126,"content":34127},{"textAlign":49},[34128,34133,34141,34146,34154,34159,34167,34172,34177,34184],{"text":34129,"type":585,"marks":34130},"Benchmark’s comprehensive cobalt market intelligence includes:",[34131,34132],{"type":1992},{"type":1992},{"text":34134,"type":585,"marks":34135},"Cobalt Price Assessment",[34136,34139,34140],{"type":590,"attrs":34137},{"href":34138,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/cobalt/cobalt-prices/table/",{"type":1992},{"type":1992},{"text":34142,"type":585,"marks":34143}," publishing weekly cobalt prices to the industry’s most rigorous IOSCO standard.",[34144,34145],{"type":1992},{"type":1992},{"text":34147,"type":585,"marks":34148},"Cobalt Forecast ",[34149,34152,34153],{"type":590,"attrs":34150},{"href":34151,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/cobalt/data-reports/forecast/",{"type":1992},{"type":1992},{"text":34155,"type":585,"marks":34156},"providing a detailed outlook of cobalt supply, demand, prices and costs out to 2040.",[34157,34158],{"type":1992},{"type":1992},{"text":34160,"type":585,"marks":34161},"Benchmark’s Cobalt ESG Report",[34162,34165,34166],{"type":590,"attrs":34163},{"href":34164,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/cobalt/data-reports/sustainability/",{"type":1992},{"type":1992},{"text":34168,"type":585,"marks":34169}," enabling subscribers to assess the ESG performance and approach of cobalt producers globally.",[34170,34171],{"type":1992},{"type":1992},{"text":34173,"type":585,"marks":34174},"To learn more about Benchmark’s cobalt prices, data and market intelligence, please provide your details ",[34175,34176],{"type":1992},{"type":1992},{"text":20730,"type":585,"marks":34178},[34179,34182,34183],{"type":590,"attrs":34180},{"href":34181,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/contact/",{"type":1992},{"type":1992},{"text":1538,"type":585,"marks":34185},[34186,34187],{"type":1992},{"type":1992},"China is extending its control of global cobalt production. By 2030, the top 10 cobalt producing countries will account for 96% of the total cobalt mined supply, with just two countries, the Democratic Republic of Congo (DRC) and Indonesia, contributing to 84% of total production, Benchmark data shows. Although Chinese firms have a stake in […]",[34190],{"slug":1466,"name":1467,"content":34191},{"job_title":1469,"image":34192,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0cce27e7-911f-4909-b706-59fa81c12b7d\", \"id\": \"\"}-->",[34195,34196,34197],{"slug":2544,"name":115},{"slug":1142,"name":1143},{"slug":695,"name":696},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":34199,"copyright":645,"fieldtype":701,"meta_data":34200,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1729079278/www-production/Chinese-Control-Over-Cobalt-Supply_Voronoi_09252024-1/Chinese-Control-Over-Cobalt-Supply_Voronoi_09252024-1.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":6012,"copyright":645,"fieldtype":701,"meta_data":34202,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},"Oct 17, 2024",{"id":34205,"uuid":34206,"name":34207,"slug":34208,"full_slug":34209,"content":34210},112468755251950,"07437bb7-48ea-4c16-8144-d5a9189d3128","Three African countries to account for 47% of new flake graphite production in 2025","three-african-countries-to-account-for-47-of-new-flake-graphite-production-in-2025","article/three-african-countries-to-account-for-47-of-new-flake-graphite-production-in-2025",{"_uid":34211,"date":34212,"tags":34213,"editor":34216,"content":34220,"excerpt":34329,"featured":51,"reporter":34330,"_editable":34334,"component":689,"seo_title":34207,"categories":34335,"visibility":697,"author_company":49,"data_vis_image":34338,"featured_image":34341,"seo_description":34329,"author_full_name":49,"author_job_title":49,"formattedDate":34344},"2fed0be4-8049-4496-ae86-bcde1bd6de80","2024-10-14 00:00",[34214,34215],{"slug":993,"name":994},{"slug":564,"name":565},[34217],{"slug":9249,"name":9250,"content":34218},{"job_title":9252,"image":34219,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":34221},[34222,34234,34239,34244,34251,34256,34261,34266,34271,34284,34289,34294,34299,34304,34309,34314,34319,34324],{"type":580,"attrs":34223,"content":34224},{"textAlign":49},[34225,34227,34233],{"text":34226,"type":585},"Mozambique, Tanzania, and Madagascar are forecast to produce 47% of new graphite supply in 2025, according to Benchmark’s ",{"text":34228,"type":585,"marks":34229},"Natural Graphite Forecast",[34230],{"type":590,"attrs":34231},{"href":34232,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/natural-graphite",{"text":1538,"type":585},{"type":580,"attrs":34235,"content":34236},{"textAlign":49},[34237],{"text":34238,"type":585},"The growth in supply comes from six mines across the three countries with all but one – Nipepe in Mozambique – currently operational.",{"type":580,"attrs":34240,"content":34241},{"textAlign":49},[34242],{"text":34243,"type":585},"Downstream players are increasingly looking to diversify their sourced material away from China, seeking incentives under western governments’ rules of origin policies and to avoid potential disruption from China’s graphite export regulations.",{"type":580,"attrs":34245,"content":34246},{"textAlign":49},[34247],{"type":1847,"attrs":34248},{"id":49,"alt":645,"src":34249,"title":49,"source":49,"copyright":49,"meta_data":34250},"https://a.storyblok.com/f/287943243085208/2f7a24d338/bm-treemap-africa-graphite-supply.png",{},{"type":580,"attrs":34252,"content":34253},{"textAlign":49},[34254],{"text":34255,"type":585},"The following details the African countries with the greatest contribution to the continent’s natural graphite supply growth, as well as the mines and companies responsible for driving this development.",{"type":647,"attrs":34257,"content":34258},{"level":13022,"textAlign":49},[34259],{"text":34260,"type":585},"Mozambique is Africa’s largest source of new natural graphite supply in 2025",{"type":580,"attrs":34262,"content":34263},{"textAlign":49},[34264],{"text":34265,"type":585},"Only China is forecast to increase its year-on-year natural graphite production more than Mozambique in absolute terms. The south-east African country is forecast to increase supply by more than 31,000 tonnes in 2025, a 31% year-on-year increase.",{"type":580,"attrs":34267,"content":34268},{"textAlign":49},[34269],{"text":34270,"type":585},"Supply is expected to come from Mozambique’s two operational mines and the opening of Nipepe, owned by DH Mining Development, a Chinese company.",{"type":580,"attrs":34272,"content":34273},{"textAlign":49},[34274,34276,34282],{"text":34275,"type":585},"Balama, owned by Syrah Resources, will be responsible for 75% of the country’s new supply in 2025. In February, the Australian miner secured a ",{"text":34277,"type":585,"marks":34278},"long-term offtake agreement",[34279],{"type":590,"attrs":34280},{"href":34281,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/syrah-posco-offtake-agreement-highlights-appetite-for-ex-china-flake-graphite?_branch_match_id=1544394269247116467&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBsQqAIBAG4DfSNYJoCGe31jjjStE75Vdw69n7vjhG66u1gfWOQsiSlEGlG2rNlKTZjun8ubgsPuwf%2BGEg6XsF1NkZ2xFRhX%2BLEA4PSAAAAA%3D%3D",{"text":34283,"type":585}," with South Korean anode maker Posco Future M. Syrah Resources will supply up to 60,000 tonnes of natural graphite from the second year to the end of the six-year term.",{"type":580,"attrs":34285,"content":34286},{"textAlign":49},[34287],{"text":34288,"type":585},"The country’s other active mine is Ancuabe I, owned by Graphit Kropfmühl GmbH.",{"type":647,"attrs":34290,"content":34291},{"level":13022,"textAlign":49},[34292],{"text":34293,"type":585},"All of Tanzania’s 2025 supply growth to come from one mine",{"type":580,"attrs":34295,"content":34296},{"textAlign":49},[34297],{"text":34298,"type":585},"Tanzania is forecast to increase its flake graphite production by more than 10,000 tonnes in 2025, a 20% year-on-year increase. All of this new production is expected to come from its Lindi mine, owned by Walkabout Resources, which is expected to double its current output in 2025.",{"type":580,"attrs":34300,"content":34301},{"textAlign":49},[34302],{"text":34303,"type":585},"Walkabout announced it had shipped the first material from its Lindi mine in June of this year, and made two further sales totalling 800 tonnes in September.",{"type":580,"attrs":34305,"content":34306},{"textAlign":49},[34307],{"text":34308,"type":585},"Tanzania’s other mine, Tanga, is operated by Tanxin Group Mineral Co., but is not expected to increase production next year.",{"type":647,"attrs":34310,"content":34311},{"level":13022,"textAlign":49},[34312],{"text":34313,"type":585},"Madagascar to increase its flake graphite production by 27%",{"type":580,"attrs":34315,"content":34316},{"textAlign":49},[34317],{"text":34318,"type":585},"Madagascar has three operational flake graphite mines with another five in various stages of development. The country is forecast to ramp up flake graphite production by more than a quarter next year, with 84% of this expected to come from NextSource Materials’ Molo – Phase 1 mine.",{"type":580,"attrs":34320,"content":34321},{"textAlign":49},[34322],{"text":34323,"type":585},"The rest of Madagascar’s growth in supply is forecast to come from the Vatomina mine owned by Tirupati Graphite. ",{"type":580,"attrs":34325,"content":34326},{"textAlign":49},[34327],{"text":34328,"type":585},"Etablissements Gallois S.A.s’ Gallois mine is expected to produce more than 10,000 tonnes of graphite in 2025, consistent with its production this year.","Mozambique, Tanzania, and Madagascar are forecast to produce 47% of new graphite supply in 2025, according to Benchmark’s Natural Graphite Forecast. The growth in supply comes from six mines across the three countries with all but one – Nipepe in Mozambique – currently operational. Downstream players are increasingly looking to diversify their sourced material away […]",[34331],{"slug":9249,"name":9250,"content":34332},{"job_title":9252,"image":34333,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"2fed0be4-8049-4496-ae86-bcde1bd6de80\", \"id\": \"\"}-->",[34336,34337],{"slug":1142,"name":1143},{"slug":2627,"name":2628},{"id":49,"alt":34339,"name":645,"focus":645,"title":34339,"source":645,"filename":34249,"copyright":645,"fieldtype":701,"meta_data":34340,"is_external_url":51},"Treemap showing new natural graphite supply by country for 2025",{"alt":34339,"title":34339,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":34342,"copyright":645,"fieldtype":701,"meta_data":34343,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/0726f94549/bm-three-african-countries-account-for-47-graphite-supply-growth.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Oct 14, 2024",{"id":34346,"uuid":34347,"name":34348,"slug":34349,"full_slug":34350,"content":34351},112468769850198,"99b2a29e-a002-41bf-8bee-42fd915ad9cc","Argentina challenges Chile for top lithium spot in South America","argentina-challenges-chile-for-top-lithium-spot-in-south-america","article/argentina-challenges-chile-for-top-lithium-spot-in-south-america",{"_uid":34352,"date":34353,"tags":34354,"editor":34358,"content":34362,"excerpt":34589,"featured":51,"reporter":34590,"component":689,"seo_title":34594,"categories":34595,"visibility":2019,"author_company":645,"data_vis_image":34598,"featured_image":34601,"seo_description":34604,"author_full_name":645,"author_job_title":645,"formattedDate":34605},"4c833efb-5397-4ac7-ae52-f82786d6fb17","2024-10-10 00:00",[34355,34356,34357],{"slug":8532,"name":8533},{"slug":988,"name":989},{"slug":564,"name":565},[34359],{"slug":9249,"name":9250,"content":34360},{"job_title":9252,"image":34361,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":34363},[34364,34387,34400,34405,34418,34426,34431,34436,34441,34459,34464,34469,34474,34486,34491,34496,34501,34506,34511,34516,34521,34526,34531],{"type":580,"attrs":34365,"content":34366},{"textAlign":49},[34367,34373,34375,34379,34381,34386],{"text":34368,"type":585,"marks":34369},"Argentina’s lithium production",[34370],{"type":590,"attrs":34371},{"href":34372,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/what-does-javier-mileis-election-in-argentina-mean-for-lithium-mining",{"text":34374,"type":585}," is set to increase 340% between 2024 and 2035 compared to the 56% growth forecast for Chile, according to ",{"text":17833,"type":585,"marks":34376},[34377],{"type":590,"attrs":34378},{"href":27122,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":34380,"type":585},". Despite this, Chile is set to maintain its position as the top producer of lithium in ",{"text":8539,"type":585,"marks":34382},[34383],{"type":590,"attrs":34384},{"href":34385,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/lithium-and-resource-nationalism-shifting-policies-in-chile-and-the-impact-on-lithium-in-south-america",{"text":1538,"type":585},{"type":580,"attrs":34388,"content":34389},{"textAlign":49},[34390,34392,34398],{"text":34391,"type":585},"The country is forecast to account for 44% of the region’s lithium production in 2035 ",{"text":34393,"type":585,"marks":34394},"down from 67% this year",[34395],{"type":590,"attrs":34396},{"href":34397,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chile-boosts-albemarles-quota-as-country-set-to-lose-lithium-market-share",{"text":34399,"type":585},". Argentina, by contrast, is forecast to see its share of the South American lithium industry rise from 20% this year to 38% in 2035.",{"type":580,"attrs":34401,"content":34402},{"textAlign":49},[34403],{"text":34404,"type":585},"Though this could change as Argentina boasts a larger project pipeline than Chile, albeit a less mature one that needs significant investment to come to fruition.",{"type":580,"attrs":34406,"content":34407},{"textAlign":49},[34408,34410,34416],{"text":34409,"type":585},"“Historically, Chile has been more attractive to mining investors due to its stability, whereas Argentina, despite its potential, has been seen as a risky bet,” said Federico Gay, principal lithium analyst at Benchmark. “Although Argentina holds vast resources, including copper and lithium, its lack of judicial and ",{"text":34411,"type":585,"marks":34412},"political stability",[34413],{"type":590,"attrs":34414},{"href":34415,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/analyst-insights-what-the-election-of-argentinas-president-milei-means-for-lithium",{"text":34417,"type":585},", high inflation, and fixed currency exchange have deterred investors.”",{"type":580,"attrs":34419,"content":34420},{"textAlign":49},[34421],{"type":1847,"attrs":34422},{"id":49,"alt":34423,"src":34424,"title":49,"source":49,"copyright":49,"meta_data":34425},"Chile is set to maintain top spot in South American lithium scene","https://a.storyblok.com/f/287943243085208/06cf67bb15/bm-chile-argentina-supply-v3.png",{},{"type":647,"attrs":34427,"content":34428},{"level":13022,"textAlign":49},[34429],{"text":34430,"type":585},"Argentina’s lithium pipeline",{"type":580,"attrs":34432,"content":34433},{"textAlign":49},[34434],{"text":34435,"type":585},"“Argentina has attracted significant financial resources for mining projects, partly due to its untapped potential as a relatively virgin mining region,” Gay said. “The geological conditions of Argentine salars are favourable, and economic benefits have drawn the interest of developers.”",{"type":580,"attrs":34437,"content":34438},{"textAlign":49},[34439],{"text":34440,"type":585},"However, unlike Chile, the majority of Argentina’s potential 2030 production is yet to be operational.",{"type":580,"attrs":34442,"content":34443},{"textAlign":49},[34444,34446,34451,34453,34458],{"text":34445,"type":585},"In 2024, the largest lithium project in Argentina is Arcadium’s Hombre Muerto facility in the ",{"text":34447,"type":585,"marks":34448},"Catamarca province",[34449],{"type":590,"attrs":34450},{"href":16585,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":34452,"type":585},". Rio Tinto recently committed to ",{"text":34454,"type":585,"marks":34455},"acquiring Arcadium for $6.7 billion",[34456],{"type":590,"attrs":34457},{"href":24396,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":34460,"content":34461},{"textAlign":49},[34462],{"text":34463,"type":585},"The largest pipeline project not currently in operation is Posco’s Sal de Oro project also in Catamarca. The project has three phases with the first currently under construction and due to come online in 2027.",{"type":647,"attrs":34465,"content":34466},{"level":13022,"textAlign":49},[34467],{"text":34468,"type":585},"Challenges for Argentina to overcome",{"type":580,"attrs":34470,"content":34471},{"textAlign":49},[34472],{"text":34473,"type":585},"Several factors complicate lithium production in Argentina, including geological challenges like lower evaporation rates, higher impurities, and water access issues, according to Gay.",{"type":580,"attrs":34475,"content":34476},{"textAlign":49},[34477,34478,34484],{"text":32343,"type":585},{"text":34479,"type":585,"marks":34480},"Argentina will need to advance DLE",[34481],{"type":590,"attrs":34482},{"href":34483,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/eramet-and-tsingshan-open-direct-lithium-extraction-plant-in-argentina",{"text":34485,"type":585}," (Direct Lithium Extraction) technology, which is still pre-commercial, to overcome these obstacles,” Gay said. “Additionally, Argentina faces reputational risks, political uncertainty, and infrastructure limitations in the remote areas where the salars are located.”",{"type":580,"attrs":34487,"content":34488},{"textAlign":49},[34489],{"text":34490,"type":585},"Argentina also suffers from a level of political instability which can bring into question the long-term strength of any laws or policies that the government brings in.",{"type":580,"attrs":34492,"content":34493},{"textAlign":49},[34494],{"text":34495,"type":585},"“Argentina has a history of repealing laws, particularly when a new government from an opposite party comes to power,” Gay said.",{"type":647,"attrs":34497,"content":34498},{"level":13022,"textAlign":49},[34499],{"text":34500,"type":585},"Argentina’s improving mining image",{"type":580,"attrs":34502,"content":34503},{"textAlign":49},[34504],{"text":34505,"type":585},"At Benchmark’s World Tour event in London this week, Luis Lucero, Argentina’s mining minister, told delegates that mining is increasingly important for Argentina’s economy.",{"type":580,"attrs":34507,"content":34508},{"textAlign":49},[34509],{"text":34510,"type":585},"“There’s a shared view by political leadership, both at federal and provincial levels, that mining must be a pillar of economic revival,” he said.",{"type":580,"attrs":34512,"content":34513},{"textAlign":49},[34514],{"text":34515,"type":585},"Qualifying projects will enjoy a range of benefits including a flat income tax rate of 25% down from 35% for 30 years. Additional incentives such as exemption from export duties after two years are available for investments over US$1 billion.",{"type":580,"attrs":34517,"content":34518},{"textAlign":49},[34519],{"text":34520,"type":585},"“The RIGI announcement provides a degree of assurance to investors by addressing many concerns related to Argentina’s erratic policy changes, export duties, and currency instability,” Gay said. “By offering long-term guarantees, RIGI could significantly boost investor confidence and help unlock more of the country’s mining potential.”",{"type":580,"attrs":34522,"content":34523},{"textAlign":49},[34524],{"text":34525,"type":585},"In Argentina, the public perception of mining has been historically challenging. However, Minister Lucero claims this is changing.",{"type":580,"attrs":34527,"content":34528},{"textAlign":49},[34529],{"text":34530,"type":585},"“The public has developed an increasingly favourable perception of the role and importance of mining in the country,” he said. “Mining is no longer viewed with scepticism, but increasingly, as a sector of great potential.”",{"type":580,"attrs":34532,"content":34533},{"textAlign":49},[34534,34539,34547,34552,34557,34561,34568,34573,34578,34584],{"text":34535,"type":585,"marks":34536},"Benchmark’s world-leading lithium market intelligence offering includes:",[34537,34538],{"type":1992},{"type":1992},{"text":34540,"type":585,"marks":34541},"Lithium Price Assessment ",[34542,34545,34546],{"type":590,"attrs":34543},{"href":34544,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/lithium/lithium-prices/table/",{"type":1992},{"type":1992},{"text":34548,"type":585,"marks":34549},"publishing lithium prices on weekly and bi-weekly cycles to the industry’s most rigorous IOSCO standard, to enable supply contract settlement, indexation and price risk management.",[34550,34551],{"type":1992},{"type":1992},{"text":17833,"type":585,"marks":34553},[34554,34556],{"type":590,"attrs":34555},{"href":29340,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"text":34558,"type":585,"marks":34559}," providing a detailed outlook of lithium supply, demand, costs and prices to 2050.",[34560],{"type":1992},{"text":34562,"type":585,"marks":34563},"Lithium ESG Report",[34564,34567],{"type":590,"attrs":34565},{"href":34566,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/lithium/data-reports/sustainability/",{"type":1992},{"text":34569,"type":585,"marks":34570}," assessing and benchmarking the ESG performance and approach of lithium producers worldwide to enable responsible raw material sourcing.",[34571,34572],{"type":1992},{"type":1992},{"text":34574,"type":585,"marks":34575},"To learn more, please provide your details ",[34576,34577],{"type":1992},{"type":1992},{"text":20730,"type":585,"marks":34579},[34580,34582,34583],{"type":590,"attrs":34581},{"href":34181,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"type":1992},{"text":34585,"type":585,"marks":34586},", and our experts will contact you shortly.",[34587,34588],{"type":1992},{"type":1992},"Argentina’s lithium production is set to increase 340% between 2024 and 2035 compared to the 56% growth forecast for Chile, according to Benchmark’s Lithium Forecast. Despite this, Chile is set to maintain its position as the top producer of lithium in South America. The country is forecast to account for 44% of the region’s lithium […]",[34591],{"slug":9249,"name":9250,"content":34592},{"job_title":9252,"image":34593,"bio":9255,"linkedin":9256},{"filename":9254},"Argentina challenges Chile for top lithium...",[34596,34597],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":34423,"name":645,"focus":645,"title":34423,"source":645,"filename":34599,"copyright":645,"fieldtype":701,"meta_data":34600,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1728558427/www-production/Chile_Argentina_Supply_wo_yaxis/Chile_Argentina_Supply_wo_yaxis.png?_i=AA",{"alt":34423,"title":34423,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":34602,"copyright":645,"fieldtype":701,"meta_data":34603,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/21f0acec88/bm-olaroz-3.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Argentina’s lithium production is set to increase 340% between 2024 and 2035 compared to the 56% growth forecast for Chile, according to Benchmark’s Lithium Forecast.","Oct 10, 2024",{"id":34607,"uuid":8612,"name":34608,"slug":34609,"full_slug":34610,"content":34611},112468788749147,"Rio Tinto commits to buy Arcadium Lithium for $6.7 billion","rio-tinto-commits-to-buy-arcadium-lithium-for-6-7-billion","article/rio-tinto-commits-to-buy-arcadium-lithium-for-6-7-billion",{"_uid":34612,"date":34613,"tags":34614,"editor":34619,"content":34623,"excerpt":34783,"featured":51,"reporter":34784,"component":689,"seo_title":34608,"categories":34788,"visibility":2019,"author_company":49,"data_vis_image":34791,"featured_image":34793,"seo_description":34795,"author_full_name":49,"author_job_title":49,"formattedDate":34796},"f695b0b8-2323-458e-b27c-adbfa4b78a3a","2024-10-09 00:00",[34615,34616,34617,34618],{"slug":26768,"name":26769},{"slug":564,"name":565},{"slug":14619,"name":14620},{"slug":8535,"name":8536},[34620],{"slug":9249,"name":9250,"content":34621},{"job_title":9252,"image":34622,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":34624},[34625,34637,34647,34657,34662,34678,34683,34688,34696,34701,34706,34711,34716,34721,34726,34731,34738,34751,34762,34775],{"type":580,"attrs":34626,"content":34627},{"textAlign":49},[34628,34629,34635],{"text":24317,"type":585},{"text":34630,"type":585,"marks":34631},"Rio Tinto has announced it will acquire Arcadium Lithium",[34632],{"type":590,"attrs":34633},{"href":34634,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/rio-tinto-eyes-arcadium-acquisition-to-secure-lithium-presence",{"text":34636,"type":585}," in a cash deal worth $6.7 billion.",{"type":580,"attrs":34638,"content":34639},{"textAlign":49},[34640,34642,34646],{"text":34641,"type":585},"Combined, Rio Tinto and Arcadium could become the third largest lithium miner globally by 2030 if their projects come to fruition, according to ",{"text":17833,"type":585,"marks":34643},[34644],{"type":590,"attrs":34645},{"href":27122,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":34648,"content":34649},{"textAlign":49},[34650,34652,34656],{"text":34651,"type":585},"The counter-cyclical deal comes as lithium prices have fallen by more than 60% over the last 12 months, according to ",{"text":1565,"type":585,"marks":34653},[34654],{"type":590,"attrs":34655},{"href":27928,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":34658,"content":34659},{"textAlign":49},[34660],{"text":34661,"type":585},"“Rio is making its move when lithium prices are relatively low,” said Cameron Perks, product director for lithium at Benchmark. “This shows confidence in long-term lithium demand, suggesting that Rio sees the current market conditions as an opportunity rather than a risk.”",{"type":580,"attrs":34663,"content":34664},{"textAlign":49},[34665,34669,34675],{"text":34666,"type":585,"marks":34667},"Read Benchmark’s analysis from when the ",[34668],{"type":1992},{"text":34670,"type":585,"marks":34671},"deal was first proposed here",[34672,34674],{"type":590,"attrs":34673},{"href":34634,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"text":1538,"type":585,"marks":34676},[34677],{"type":1992},{"type":647,"attrs":34679,"content":34680},{"level":13022,"textAlign":49},[34681],{"text":34682,"type":585},"What are the benefits of the acquisition?",{"type":580,"attrs":34684,"content":34685},{"textAlign":49},[34686],{"text":34687,"type":585},"Arcadium is already a top player in the lithium industry through its Hombre Muerto brine project which uses direct lithium extraction in Argentina and through a sizable pipeline of projects in Canada, Argentina and China.",{"type":580,"attrs":34689,"content":34690},{"textAlign":49},[34691],{"type":1847,"attrs":34692},{"id":49,"alt":34693,"src":34694,"title":49,"source":49,"copyright":49,"meta_data":34695},"Rio Tinto's acquisition of Arcadium Lithium will propel the mining giant into the top five of lithium players","https://a.storyblok.com/f/287943243085208/d6be28ce23/bm-rio-tinto-01-final-01.png",{},{"type":580,"attrs":34697,"content":34698},{"textAlign":49},[34699],{"text":34700,"type":585},"“Rio’s expertise in mining and its robust balance sheet will likely enable Arcadium to accelerate its hard-rock lithium projects and expansion plans, as well as its downstream plans in Europe, where Rio already has a presence and relationships with EV-related customers,” Perks said.",{"type":647,"attrs":34702,"content":34703},{"level":13022,"textAlign":49},[34704],{"text":34705,"type":585},"Why is Rio Tinto buying Arcadium now?",{"type":580,"attrs":34707,"content":34708},{"textAlign":49},[34709],{"text":34710,"type":585},"The current low lithium price environment makes Arcadium an attractive takeover target. Perks notes that buying Arcadium now is “certainly a lot cheaper than when lithium prices soared to $80,000 a tonne.”",{"type":580,"attrs":34712,"content":34713},{"textAlign":49},[34714],{"text":34715,"type":585},"“This also indicates that Rio Tinto believes prices may have bottomed out, and that this is a strategic entry point,” he added.",{"type":647,"attrs":34717,"content":34718},{"level":13022,"textAlign":49},[34719],{"text":34720,"type":585},"What is the structure of the deal?",{"type":580,"attrs":34722,"content":34723},{"textAlign":49},[34724],{"text":34725,"type":585},"The deal has already been unanimously approved by the boards of both Rio Tinto and Arcadium. It is expected to close in mid-2025 subject to a 75% approval from Arcadium’s shareholders.",{"type":647,"attrs":34727,"content":34728},{"level":13022,"textAlign":49},[34729],{"text":34730,"type":585},"Learn more about Benchmark’s lithium services",{"type":580,"attrs":34732,"content":34733},{"textAlign":49},[34734],{"text":34535,"type":585,"marks":34735},[34736,34737],{"type":1992},{"type":1992},{"type":580,"attrs":34739,"content":34740},{"textAlign":49},[34741,34747],{"text":34540,"type":585,"marks":34742},[34743,34745,34746],{"type":590,"attrs":34744},{"href":34544,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"type":1992},{"text":34548,"type":585,"marks":34748},[34749,34750],{"type":1992},{"type":1992},{"type":580,"attrs":34752,"content":34753},{"textAlign":49},[34754,34759],{"text":17833,"type":585,"marks":34755},[34756,34758],{"type":590,"attrs":34757},{"href":29340,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"text":34558,"type":585,"marks":34760},[34761],{"type":1992},{"type":580,"attrs":34763,"content":34764},{"textAlign":49},[34765,34771],{"text":34562,"type":585,"marks":34766},[34767,34769,34770],{"type":590,"attrs":34768},{"href":34566,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"type":1992},{"text":34569,"type":585,"marks":34772},[34773,34774],{"type":1992},{"type":1992},{"type":580,"attrs":34776,"content":34777},{"textAlign":49},[34778],{"text":34779,"type":585,"marks":34780},"To learn more, please provide your details here, and our experts will contact you shortly:",[34781,34782],{"type":1992},{"type":1992},"Mining giant Rio Tinto has announced it will acquire Arcadium Lithium in a cash deal worth $6.7 billion. Combined, Rio Tinto and Arcadium could become the third largest lithium miner globally by 2030 if their projects come to fruition, according to Benchmark’s Lithium Forecast. The counter-cyclical deal comes as lithium prices have fallen by more […]",[34785],{"slug":9249,"name":9250,"content":34786},{"job_title":9252,"image":34787,"bio":9255,"linkedin":9256},{"filename":9254},[34789,34790],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":34693,"name":645,"focus":645,"title":34693,"source":645,"filename":34694,"copyright":645,"fieldtype":701,"meta_data":34792,"is_external_url":51},{"alt":34693,"title":34693,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":27149,"copyright":645,"fieldtype":701,"meta_data":34794,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},"Mining giant Rio Tinto has announced it will acquire Arcadium Lithium in a cash deal worth $6.7 billion. Combined, Rio Tinto and Arcadium could become the third largest lithium miner globally by 2030","Oct 09, 2024",{"id":34798,"uuid":34799,"name":34800,"slug":34801,"full_slug":34802,"content":34803},112468803847006,"23ce69e3-45e3-4dea-8277-8efe570295a0","How lithium ion batteries keep getting cheaper","how-lithium-ion-batteries-keep-getting-cheaper","article/how-lithium-ion-batteries-keep-getting-cheaper",{"_uid":34804,"date":34805,"tags":34806,"editor":34810,"content":34814,"excerpt":34860,"featured":51,"reporter":34861,"component":689,"seo_title":34800,"categories":34865,"visibility":2019,"author_company":49,"data_vis_image":34868,"featured_image":34871,"seo_description":34860,"author_full_name":49,"author_job_title":49,"formattedDate":34875},"e04fb506-03e1-4d3c-b2f0-403915e738ad","2024-10-08 00:00",[34807,34808,34809],{"slug":16139,"name":16140},{"slug":564,"name":565},{"slug":2480,"name":2481},[34811],{"slug":9249,"name":9250,"content":34812},{"job_title":9252,"image":34813,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":34815},[34816,34826,34836,34839,34850,34855],{"type":580,"attrs":34817,"content":34818},{"textAlign":49},[34819,34824],{"text":34820,"type":585,"marks":34821},"Lithium ion batteries",[34822],{"type":590,"attrs":34823},{"href":13199,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":34825,"type":585}," are a business of scale. ",{"type":580,"attrs":34827,"content":34828},{"textAlign":49},[34829,34834],{"text":34830,"type":585,"marks":34831},"Cell prices",[34832],{"type":590,"attrs":34833},{"href":11391,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":34835,"type":585}," have fallen 73% since 2014, as higher production volumes, technological advancements, and falling raw material costs have allowed battery makers to achieve significant cost savings in the manufacturing process.",{"type":580,"attrs":34837,"content":34838},{"textAlign":49},[],{"type":580,"attrs":34840,"content":34841},{"textAlign":49},[34842,34844,34848],{"text":34843,"type":585},"Since 2014, there has been a rapid expansion of cell manufacturing capacity around the world, backed by accelerating ",{"text":9268,"type":585,"marks":34845},[34846],{"type":590,"attrs":34847},{"href":3851,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":34849,"type":585}," deployment rates and the introduction of supportive policy regimes in China, Europe, and North America. The cost advantages of large-scale cell production saw prices drop consistently to $100 per kilowatt-hour (kWh) for the first time in 2021, the point at which EVs approach cost parity with internal combustion engine (ICE) vehicles. ",{"type":580,"attrs":34851,"content":34852},{"textAlign":49},[34853],{"text":34854,"type":585},"The downtrend did experience a brief reversal in fortunes, recording the first year-on-year increase in 2022, as lithium prices underwent a record-breaking rally. As economies of scale are achieved, cell production costs have become increasingly exposed to battery raw material price volatility.",{"type":580,"attrs":34856,"content":34857},{"textAlign":49},[34858],{"text":34859,"type":585},"The battery industry entered the terawatt hour era in 2023, with Benchmark tracking 237 operational gigafactories. The prevailing low price environment for battery mineral prices has corresponded to cell prices falling to their lowest recorded levels in 2024 – averaging $78/kWh.","Lithium ion batteries are a business of scale. Cell prices have fallen 73% since 2014, as higher production volumes, technological advancements, and falling raw material costs have allowed battery makers to achieve significant cost savings in the manufacturing process. Since 2014, there has been a rapid expansion of cell manufacturing capacity around the world, backed […]",[34862],{"slug":9249,"name":9250,"content":34863},{"job_title":9252,"image":34864,"bio":9255,"linkedin":9256},{"filename":9254},[34866,34867],{"slug":956,"name":957},{"slug":1142,"name":1143},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":34869,"copyright":645,"fieldtype":701,"meta_data":34870,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1728477365/www-production/Benchmark_5_Lithium-Prices-2013-2023_Voronoi_10082024/Benchmark_5_Lithium-Prices-2013-2023_Voronoi_10082024.jpg?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":34872,"name":645,"focus":645,"title":34872,"source":645,"filename":34873,"copyright":645,"fieldtype":701,"meta_data":34874,"is_external_url":51},"EV battery pack on production line","https://a.storyblok.com/f/287943243085208/b1159c5f37/bm-ev-battery-pack-on-production-line.jpg",{"alt":34872,"title":34872,"source":645,"copyright":645},"Oct 08, 2024",{"id":34877,"uuid":34878,"name":34879,"slug":34880,"full_slug":34881,"content":34882},112468809130847,"4eb079d0-348a-48e6-9343-7b576f92c7fb","Who owns the USA’s gigafactories?","who-owns-the-usas-gigafactories","article/who-owns-the-usas-gigafactories",{"_uid":34883,"date":34805,"tags":34884,"editor":34887,"content":34891,"excerpt":35172,"featured":51,"reporter":35173,"_editable":35177,"component":689,"seo_title":34879,"categories":35178,"visibility":697,"author_company":49,"data_vis_image":35181,"featured_image":35184,"seo_description":35172,"author_full_name":49,"author_job_title":49,"formattedDate":34875},"461e361d-ea37-4820-988b-c624b5e6461b",[34885,34886],{"slug":564,"name":565},{"slug":561,"name":562},[34888],{"slug":9249,"name":9250,"content":34889},{"job_title":9252,"image":34890,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":34892},[34893,34903,34908,34913,34918,34925,34930,34941,34946,34951,34966,34971,34981,34986,34991,35006,35016,35034,35039,35051,35056,35070,35075,35087,35092,35106,35117,35129,35134,35148,35159],{"type":580,"attrs":34894,"content":34895},{"textAlign":49},[34896,34898,34902],{"text":34897,"type":585},"US companies own just 43% of the country’s 2030 pipeline gigafactory capacity, according to Benchmark’s ",{"text":32627,"type":585,"marks":34899},[34900],{"type":590,"attrs":34901},{"href":32631,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":14640,"type":585},{"type":580,"attrs":34904,"content":34905},{"textAlign":49},[34906],{"text":34907,"type":585},"The Inflation Reduction Act (IRA) has had a significant impact on gigafactory buildout in the country, with 2030 pipeline capacity growing 68% and 17 new projects being added since it came into force in July 2022.",{"type":580,"attrs":34909,"content":34910},{"textAlign":49},[34911],{"text":34912,"type":585},"The IRA provides a $35 kilowatt-hour (kWh) tax credit for the production of battery cells in the US, making the country more competitive with China where capital intensity is lower and producers benefit from a more vertically integrated supply chain, enabling access to lower cost raw materials.",{"type":580,"attrs":34914,"content":34915},{"textAlign":49},[34916],{"text":34917,"type":585},"“The IRA has been transformational in how we forecast and see costs by the end of this decade,” said Shivangee Chauhan, an analyst at Benchmark.",{"type":580,"attrs":34919,"content":34920},{"textAlign":49},[34921],{"type":1847,"attrs":34922},{"id":49,"alt":645,"src":34923,"title":49,"source":49,"copyright":49,"meta_data":34924},"https://a.storyblok.com/f/287943243085208/afa964598d/bm-who-owns-us-gigafactories.png",{},{"type":647,"attrs":34926,"content":34927},{"level":13022,"textAlign":49},[34928],{"text":34929,"type":585},"The five companies with the highest US-based 2030 pipeline gigafactory capacity",{"type":580,"attrs":34931,"content":34932},{"textAlign":49},[34933,34935,34939],{"text":34934,"type":585},"North American demand for cells is forecast to triple by 2030, according to Benchmark’s  ",{"text":28896,"type":585,"marks":34936},[34937],{"type":590,"attrs":34938},{"href":28870,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":34940,"type":585},". Combined with IRA and Bipartisan Infrastructure Law (BIL) incentives, many companies are prioritising expanding gigafactory capacity in the US. ",{"type":580,"attrs":34942,"content":34943},{"textAlign":49},[34944],{"text":34945,"type":585},"Here are the five companies with the highest US-based 2030 gigafactory pipeline capacity:",{"type":647,"attrs":34947,"content":34948},{"level":13022,"textAlign":49},[34949],{"text":34950,"type":585},"1. Tesla ",{"type":580,"attrs":34952,"content":34953},{"textAlign":49},[34954,34958,34962],{"text":34955,"type":585,"marks":34956},"Headquarters: US",[34957],{"type":1992},{"text":34959,"type":585,"marks":34960},"2030 US-based pipeline capacity: 309 GWh",[34961],{"type":1992},{"text":34963,"type":585,"marks":34964},"Number of US gigafactories in production or development: Four",[34965],{"type":1992},{"type":580,"attrs":34967,"content":34968},{"textAlign":49},[34969],{"text":34970,"type":585},"Tesla is responsible for the bulk of US-owned 2030 pipeline gigafactory capacity, comprising 309 gigawatt-hour (GWh), comprising over half of the nation’s gigafactory capacity in production or development.",{"type":580,"attrs":34972,"content":34973},{"textAlign":49},[34974,34976,34980],{"text":34975,"type":585},"The automaker began battery production in the US in 2017 at Gigafactory 1, its joint venture project with Panasonic which is operated by the Japanese electronics company. The company has ramped up production since then and is expected to have 149 GWh of US-based capacity in 2025, according to Benchmark’s ",{"text":32627,"type":585,"marks":34977},[34978],{"type":590,"attrs":34979},{"href":32631,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":34982,"content":34983},{"textAlign":49},[34984],{"text":34985,"type":585},"Tesla is expanding overseas and is expected to begin production from its gigafactory in Grünheide, Germany next year. ",{"type":647,"attrs":34987,"content":34988},{"level":13022,"textAlign":49},[34989],{"text":34990,"type":585},"2. LG Energy Solution",{"type":580,"attrs":34992,"content":34993},{"textAlign":49},[34994,34998,35002],{"text":34995,"type":585,"marks":34996},"Headquarters: South Korea",[34997],{"type":1992},{"text":34999,"type":585,"marks":35000},"2030 US-based pipeline capacity: 302 GWh",[35001],{"type":1992},{"text":35003,"type":585,"marks":35004},"Number of US gigafactories in production or development: Seven",[35005],{"type":1992},{"type":580,"attrs":35007,"content":35008},{"textAlign":49},[35009,35011,35015],{"text":35010,"type":585},"LG Energy Solution (LGES) is expected to more than double its US-based capacity this decade to just over 300 GWh, according to Benchmark’s ",{"text":32627,"type":585,"marks":35012},[35013],{"type":590,"attrs":35014},{"href":32631,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":14640,"type":585},{"type":580,"attrs":35017,"content":35018},{"textAlign":49},[35019,35021,35026,35028,35033],{"text":35020,"type":585},"South Korean cell manufacturers are increasingly ",{"text":35022,"type":585,"marks":35023},"partnering with US automakers",[35024],{"type":590,"attrs":35025},{"href":29368,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":35027,"type":585}," on joint venture gigafactory projects, with four of the ten gigafactories expected to begin production in the US by 2030 being partnerships of this kind, according to Benchmark’s ",{"text":28896,"type":585,"marks":35029},[35030],{"type":590,"attrs":35031},{"href":35032,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/lithium-ion-batteries/data-reports/forecast/",{"text":14640,"type":585},{"type":580,"attrs":35035,"content":35036},{"textAlign":49},[35037],{"text":35038,"type":585},"LGES’ two operational US gigafactories are joint ventures with General Motors, one located in Spring Hill, Tennessee and one in Warren, Ohio.",{"type":580,"attrs":35040,"content":35041},{"textAlign":49},[35042,35044,35049],{"text":35043,"type":585},"LGES is primarily focused on mid-and high-nickel cathodes, but has some lithium iron phosphate (LFP) production at its Michigan facility. In July, the company agreed to ",{"text":35045,"type":585,"marks":35046},"supply Ampere with LFP batteries",[35047],{"type":590,"attrs":35048},{"href":29368,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":35050,"type":585}," for five years, with a total capacity of 39 GWh.",{"type":647,"attrs":35052,"content":35053},{"level":13022,"textAlign":49},[35054],{"text":35055,"type":585},"3. SK Innovation ",{"type":580,"attrs":35057,"content":35058},{"textAlign":49},[35059,35062,35066],{"text":34995,"type":585,"marks":35060},[35061],{"type":1992},{"text":35063,"type":585,"marks":35064},"2030 US-based pipeline capacity: 196 GWh",[35065],{"type":1992},{"text":35067,"type":585,"marks":35068},"Number of US gigafactories in production or development: Six",[35069],{"type":1992},{"type":580,"attrs":35071,"content":35072},{"textAlign":49},[35073],{"text":35074,"type":585},"SK Innovation’s gigafactory capacity build out shows similar geographic prioritisation to LGES, with US capacity more than doubling by 2030 whilst Chinese capacity increases by around a third.",{"type":580,"attrs":35076,"content":35077},{"textAlign":49},[35078,35080,35085],{"text":35079,"type":585},"South Korean and Japanese cell manufacturers have ",{"text":35081,"type":585,"marks":35082},"prioritised ramping up North American production",[35083],{"type":590,"attrs":35084},{"href":29368,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":35086,"type":585}," over Asian projects. Cell demand in the North American market is forecast to be almost double that of the APAC ex-China region in 2030. ",{"type":647,"attrs":35088,"content":35089},{"level":13022,"textAlign":49},[35090],{"text":35091,"type":585},"4. Samsung ",{"type":580,"attrs":35093,"content":35094},{"textAlign":49},[35095,35098,35102],{"text":34995,"type":585,"marks":35096},[35097],{"type":1992},{"text":35099,"type":585,"marks":35100},"2030 US-based pipeline capacity: 103 GWh",[35101],{"type":1992},{"text":35103,"type":585,"marks":35104},"Number of US gigafactories in production or development: Three",[35105],{"type":1992},{"type":580,"attrs":35107,"content":35108},{"textAlign":49},[35109,35111,35115],{"text":35110,"type":585},"Samsung is expected to produce its first batteries in the US from its Kokomo, Indiana facility next year, according to Benchmark’s ",{"text":28896,"type":585,"marks":35112},[35113],{"type":590,"attrs":35114},{"href":28870,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":35116,"type":585},". The company is forecast to more than quadruple its US capacity by 2030.",{"type":580,"attrs":35118,"content":35119},{"textAlign":49},[35120,35122,35127],{"text":35121,"type":585},"In August, ",{"text":35123,"type":585,"marks":35124},"Samsung finalised its agreement with General Motors",[35125],{"type":590,"attrs":35126},{"href":29368,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":35128,"type":585}," for a joint venture gigafactory in Indiana, US. The $3.5 billion deal will develop a 27 GWh facility that could be expanded to 36 GWh.",{"type":647,"attrs":35130,"content":35131},{"level":13022,"textAlign":49},[35132],{"text":35133,"type":585},"5. Envision ",{"type":580,"attrs":35135,"content":35136},{"textAlign":49},[35137,35141,35145],{"text":35138,"type":585,"marks":35139},"Headquarters: China",[35140],{"type":1992},{"text":35142,"type":585,"marks":35143},"2030 US-based pipeline capacity: 85 GWh",[35144],{"type":1992},{"text":35103,"type":585,"marks":35146},[35147],{"type":1992},{"type":580,"attrs":35149,"content":35150},{"textAlign":49},[35151,35153,35157],{"text":35152,"type":585},"Of Envision’s five projects expected to begin production by 2030, four are located in the US and Europe with the other based in China. Benchmark’s ",{"text":32627,"type":585,"marks":35154},[35155],{"type":590,"attrs":35156},{"href":32631,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":35158,"type":585}," shows the company’s capacity will be more international by the end of the decade, as it increases US gigafactory capacity fivefold, quadrupes European capacity, and more than doubles its Asia ex-China capacity. ",{"type":580,"attrs":35160,"content":35161},{"textAlign":49},[35162,35164,35170],{"text":35163,"type":585},"Gotion is the only other Chinese company that is the primary owner of a US gigafactory with its Manteno, Illinois facility expected to begin production in 2025. There is also ",{"text":35165,"type":585,"marks":35166},"Ford’s joint venture with CATL",[35167],{"type":590,"attrs":35168},{"href":35169,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/ford-to-build-3-5-billion-us-lfp-battery-plant-using-catl-technology?_branch_match_id=1544394147155095977&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWT87LqjI3zs%2FJ9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAKdS2rkgAAAA%3D",{"text":35171,"type":585}," which plans to produce LFP cells from its Michigan facility using “knowledge and services provided by CATL,” according to a statement by Ford.","US companies own just 43% of the country’s 2030 pipeline gigafactory capacity, according to Benchmark’s Gigafactory Assessment. The Inflation Reduction Act (IRA) has had a significant impact on gigafactory buildout in the country, with 2030 pipeline capacity growing 68% and 17 new projects being added since it came into force in July 2022. The IRA […]",[35174],{"slug":9249,"name":9250,"content":35175},{"job_title":9252,"image":35176,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"461e361d-ea37-4820-988b-c624b5e6461b\", \"id\": \"\"}-->",[35179,35180],{"slug":956,"name":957},{"slug":3379,"name":3380},{"id":49,"alt":35182,"name":645,"focus":645,"title":35182,"source":645,"filename":34923,"copyright":645,"fieldtype":701,"meta_data":35183,"is_external_url":51},"Treemap showing US-based gigafactory capacity by the country of the primary owner. The largest segment is the US (43%) and the second largest is South Korea (36%)",{"alt":35182,"title":35182,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":35185,"copyright":645,"fieldtype":701,"meta_data":35186,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/3daf190ca7/bm-lges-us-michigan.jpg",{"alt":645,"title":645,"source":645,"copyright":645},{"id":35188,"uuid":35189,"name":35190,"slug":35191,"full_slug":35192,"content":35193},112468814435168,"77cf068e-2cc5-46d1-92da-1ff8c25538a5","Rio Tinto eyes Arcadium acquisition to secure lithium presence","rio-tinto-eyes-arcadium-acquisition-to-secure-lithium-presence","article/rio-tinto-eyes-arcadium-acquisition-to-secure-lithium-presence",{"_uid":35194,"date":35195,"tags":35196,"editor":35201,"content":35205,"excerpt":35447,"featured":51,"reporter":35448,"_editable":35452,"component":689,"seo_title":35190,"categories":35453,"visibility":697,"author_company":49,"data_vis_image":35456,"featured_image":35459,"seo_description":35447,"author_full_name":49,"author_job_title":49,"formattedDate":35462},"511a1b9f-f805-4fa5-a80f-1404b47ee65e","2024-10-07 00:00",[35197,35198,35199,35200],{"slug":26768,"name":26769},{"slug":564,"name":565},{"slug":14619,"name":14620},{"slug":8535,"name":8536},[35202],{"slug":1466,"name":1467,"content":35203},{"job_title":1469,"image":35204,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":35206},[35207,35224,35229,35241,35252,35260,35265,35270,35280,35288,35293,35298,35313,35318,35323,35334,35346,35351,35359,35364,35369,35374,35393,35398,35403,35416,35421,35427,35433],{"type":580,"attrs":35208,"content":35209},{"textAlign":49},[35210,35215,35217,35222],{"text":8536,"type":585,"marks":35211},[35212],{"type":590,"attrs":35213},{"href":35214,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/search/tag/rio-tinto",{"text":35216,"type":585}," is in discussions to acquire ",{"text":26769,"type":585,"marks":35218},[35219],{"type":590,"attrs":35220},{"href":35221,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/search/tag/arcadium-lithium",{"text":35223,"type":585},", as confirmed by both companies on Monday.",{"type":580,"attrs":35225,"content":35226},{"textAlign":49},[35227],{"text":35228,"type":585},"If a deal is agreed, this would catapult the Anglo-Australian mining giant into the top five lithium players and cement its position in the lithium market.",{"type":580,"attrs":35230,"content":35231},{"textAlign":49},[35232,35234,35239],{"text":35233,"type":585},"“Rio has a global vision, and may have been preparing for such a takeover for some time,” said ",{"text":3797,"type":585,"marks":35235},[35236],{"type":590,"attrs":35237},{"href":35238,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/what-does-the-shutdown-of-catls-mine-in-jiangxi-mean-for-the-lithium-market",{"text":35240,"type":585},", product director for lithium at Benchmark.",{"type":580,"attrs":35242,"content":35243},{"textAlign":49},[35244,35246,35250],{"text":35245,"type":585},"Arcadium’s signature asset is the Hombre Muerto brine facility in Argentina using ",{"text":23503,"type":585,"marks":35247},[35248],{"type":590,"attrs":35249},{"href":23507,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":35251,"type":585}," (DLE) technology.",{"type":580,"attrs":35253,"content":35254},{"textAlign":49},[35255],{"type":1847,"attrs":35256},{"id":49,"alt":35257,"src":35258,"title":49,"source":49,"copyright":49,"meta_data":35259},"Top 5 lithium miners by project ownership (2030). A combined Rio Tinto and Arcadium could be the third largest lithium miner if all projects come to fruition","https://a.storyblok.com/f/287943243085208/913b419059/bm-rio-tinto-charts-01-v2.png",{},{"type":647,"attrs":35261,"content":35262},{"level":13022,"textAlign":49},[35263],{"text":35264,"type":585},"What would Rio Tinto buying Arcadium Lithium mean?",{"type":580,"attrs":35266,"content":35267},{"textAlign":49},[35268],{"text":35269,"type":585},"A combined Rio Tinto and Arcadium could potentially have:",{"type":580,"attrs":35271,"content":35272},{"textAlign":49},[35273,35275,35279],{"text":35274,"type":585},"This would position Rio Tinto as the third largest lithium miner and fourth largest lithium chemical producer by 2030, based on project ownership, according to ",{"text":17833,"type":585,"marks":35276},[35277],{"type":590,"attrs":35278},{"href":27122,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":35281,"content":35282},{"textAlign":49},[35283],{"type":1847,"attrs":35284},{"id":49,"alt":35285,"src":35286,"title":49,"source":49,"copyright":49,"meta_data":35287},"Top 5 lithium chemical producers by project ownership (2030)","https://a.storyblok.com/f/287943243085208/69ffb793d9/bm-rio-tinto-charts-02-v2png.png",{},{"type":580,"attrs":35289,"content":35290},{"textAlign":49},[35291],{"text":35292,"type":585},"“This is where Rio is comfortable, in being a top producer, leveraging skills, technology and infrastructure globally and locally,” Perks said.",{"type":580,"attrs":35294,"content":35295},{"textAlign":49},[35296],{"text":35297,"type":585},"Most of this production would come from assets operated or developed by Arcadium Lithium as Rio Tinto has a comparatively small lithium pipeline.",{"type":580,"attrs":35299,"content":35300},{"textAlign":49},[35301,35305,35312],{"text":35302,"type":585,"marks":35303},"Watch our Power Players interview with ",[35304],{"type":1992},{"text":35306,"type":585,"marks":35307},"Arcadium CEO Paul Graves",[35308,35311],{"type":590,"attrs":35309},{"href":35310,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/power-players-exclusive-interview-with-arcadium-lithium-ceo-paul-graves",{"type":1992},{"text":1538,"type":585},{"type":647,"attrs":35314,"content":35315},{"level":13022,"textAlign":49},[35316],{"text":35317,"type":585},"Why is Rio Tinto considering this?",{"type":580,"attrs":35319,"content":35320},{"textAlign":49},[35321],{"text":35322,"type":585},"Rio Tinto’s position as a dominant player in other markets, such as aluminium, makes them a valuable supplier to automakers.",{"type":580,"attrs":35324,"content":35325},{"textAlign":49},[35326,35328,35333],{"text":35327,"type":585},"Rio Tinto has struggled to develop its hard rock project in Jadar, Serbia following ",{"text":35329,"type":585,"marks":35330},"protests against the mine",[35331],{"type":590,"attrs":35332},{"href":19852,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":35335,"content":35336},{"textAlign":49},[35337,35339,35344],{"text":35338,"type":585},"The acquisition talks come as lithium prices have fallen over 60% in the last 12 months, according to ",{"text":1565,"type":585,"marks":35340},[35341],{"type":590,"attrs":35342},{"href":35343,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/lithium/lithium-prices",{"text":35345,"type":585},", on the back of slower-than-expected demand growth for electric vehicles.",{"type":580,"attrs":35347,"content":35348},{"textAlign":49},[35349],{"text":35350,"type":585},"“It shows that the company believes the long-term demand from EVs is there, and that no matter what the cathode chemistry is, lithium will be required,”  Perks said.",{"type":580,"attrs":35352,"content":35353},{"textAlign":49},[35354],{"type":1847,"attrs":35355},{"id":49,"alt":35356,"src":35357,"title":49,"source":49,"copyright":49,"meta_data":35358},"Lithium prices have fallen over 60% in the last 12 months","https://a.storyblok.com/f/287943243085208/2dc2e271ee/bm-lithium-gwa-price.png",{},{"type":580,"attrs":35360,"content":35361},{"textAlign":49},[35362],{"text":35363,"type":585},"An acquisition would be significant for Rio Tinto’s DLE plans. The company is developing its DLE Rincon project in Argentina due to come online next year.",{"type":580,"attrs":35365,"content":35366},{"textAlign":49},[35367],{"text":35368,"type":585},"“Acquiring Arcadium would mean they’re acquiring the only non-Chinese company operating a commercial scale DLE technology today,” Perks said.",{"type":647,"attrs":35370,"content":35371},{"level":13022,"textAlign":49},[35372],{"text":35373,"type":585},"What geographical footprint would a combined company have?",{"type":580,"attrs":35375,"content":35376},{"textAlign":49},[35377,35379,35383,35385,35391],{"text":35378,"type":585},"Arcadium’s lithium mining portfolio is primarily brine in ",{"text":8533,"type":585,"marks":35380},[35381],{"type":590,"attrs":35382},{"href":34372,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":35384,"type":585}," since its hard rock ",{"text":35386,"type":585,"marks":35387},"Mt Cattlin project in Western Australia",[35388],{"type":590,"attrs":35389},{"href":35390,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/arcadium-lithium-to-place-mt-cattlin-into-care-and-maintenance-amid-spodumene-price-lows",{"text":35392,"type":585}," is due to enter care and maintenance from next year. The company is also developing hard rock assets in Canada.",{"type":580,"attrs":35394,"content":35395},{"textAlign":49},[35396],{"text":35397,"type":585},"In terms of lithium chemical production, Arcadium has operating and developing assets in Argentina, China, Japan, the US and Canada. ",{"type":580,"attrs":35399,"content":35400},{"textAlign":49},[35401],{"text":35402,"type":585},"“Rio Tinto has filled in the obvious gap in Arcadium, which is Europe,” Perks said.",{"type":580,"attrs":35404,"content":35405},{"textAlign":49},[35406,35408,35414],{"text":35407,"type":585},"Although Rio Tinto’s Jadar project is uncertain, last year it announced it was considering ",{"text":35409,"type":585,"marks":35410},"Dunkirk, France for a lithium hydroxide",[35411],{"type":590,"attrs":35412},{"href":35413,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/rio-tinto-considering-lithium-hydroxide-refinery-in-france",{"text":35415,"type":585}," production facility.",{"type":580,"attrs":35417,"content":35418},{"textAlign":49},[35419],{"text":35420,"type":585},"“Securing feedstock for their suite of existing customers in Europe makes sense, as does securing a base in North America and Japan,” Perks said.",{"type":580,"attrs":35422,"content":35423},{"textAlign":49},[35424],{"text":33770,"type":585,"marks":35425},[35426],{"type":1992},{"type":580,"attrs":35428,"content":35429},{"textAlign":49},[35430],{"text":33777,"type":585,"marks":35431},[35432],{"type":1992},{"type":580,"attrs":35434,"content":35435},{"textAlign":49},[35436,35439,35444],{"text":33784,"type":585,"marks":35437},[35438],{"type":1992},{"text":20730,"type":585,"marks":35440},[35441,35443],{"type":590,"attrs":35442},{"href":33368,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"text":1538,"type":585,"marks":35445},[35446],{"type":1992},"Rio Tinto is in discussions to acquire Arcadium Lithium, as confirmed by both companies on Monday. If a deal is agreed, this would catapult the Anglo-Australian mining giant into the top five lithium players and cement its position in the lithium market. “Rio has a global vision, and may have been preparing for such a […]",[35449],{"slug":1466,"name":1467,"content":35450},{"job_title":1469,"image":35451,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"511a1b9f-f805-4fa5-a80f-1404b47ee65e\", \"id\": \"\"}-->",[35454,35455],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":35285,"name":645,"focus":645,"title":35285,"source":645,"filename":35457,"copyright":645,"fieldtype":701,"meta_data":35458,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1728313199/www-production/Rio-Chemical-Chart-no-y-numbers/Rio-Chemical-Chart-no-y-numbers.png?_i=AA",{"alt":35285,"title":35285,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":35460,"copyright":645,"fieldtype":701,"meta_data":35461,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/553d191c8a/bm-mt-cattlin.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Oct 07, 2024",{"id":35464,"uuid":35465,"name":35466,"slug":35467,"full_slug":35468,"content":35469},112468819391329,"3c48b8a9-2efc-4cbb-aab4-83837aa15d12","Which companies control the lithium ion battery supply chain?","which-companies-control-the-lithium-ion-battery-supply-chain-2","article/which-companies-control-the-lithium-ion-battery-supply-chain-2",{"_uid":35470,"date":35471,"tags":35472,"editor":35474,"content":35478,"excerpt":35539,"featured":51,"reporter":35540,"_editable":35544,"component":689,"seo_title":35466,"categories":35545,"visibility":2019,"author_company":49,"data_vis_image":35550,"featured_image":35553,"seo_description":35557,"author_full_name":49,"author_job_title":49,"formattedDate":35558},"997116bf-e673-465b-baa2-8e1b2410a4df","2024-10-04 00:00",[35473],{"slug":564,"name":565},[35475],{"slug":1466,"name":1467,"content":35476},{"job_title":1469,"image":35477,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":35479},[35480,35485,35490,35495,35502,35507,35512,35517,35522,35527,35532],{"type":580,"attrs":35481,"content":35482},{"textAlign":49},[35483],{"text":35484,"type":585},"The lithium ion battery is now central to the fortunes of the auto industry and energy transition, with demand forecast to exceed one terawatt hour (TWh) this year, according to Benchmark’s Lithium ion Battery Database, rising from just 74 gigawatt hours (GWh) in 2015. ",{"type":580,"attrs":35486,"content":35487},{"textAlign":49},[35488],{"text":35489,"type":585},"This growing industrial role has meant political attention for the technology has risen too, with Western governments seeking to develop domestic supply chains independent of China, which dominates the industry.",{"type":580,"attrs":35491,"content":35492},{"textAlign":49},[35493],{"text":35494,"type":585},"At the centre of the expansion in production have been the producers ramping up capacity from raw material production through to gigafactory lines. Using Benchmark’s proprietary data, this infographic outlines the leading producers at each stage of the lithium ion battery supply chain.",{"type":580,"attrs":35496,"content":35497},{"textAlign":49},[35498],{"type":1847,"attrs":35499},{"id":49,"alt":645,"src":35500,"title":49,"source":49,"copyright":49,"meta_data":35501},"https://a.storyblok.com/f/287943243085208/7852948919/bm-top-5-producers-across-the-lithium-ion-supply-chain.png",{},{"type":647,"attrs":35503,"content":35504},{"level":13022,"textAlign":49},[35505],{"text":35506,"type":585},"Key insights from Benchmark’s Top 5 Producer infographic ",{"type":647,"attrs":35508,"content":35509},{"level":13022,"textAlign":49},[35510],{"text":35511,"type":585},"1. Battery producer CATL has the largest market share of any company across the supply chain",{"type":647,"attrs":35513,"content":35514},{"level":13022,"textAlign":49},[35515],{"text":35516,"type":585},"2. The cathode market is highly competitive",{"type":647,"attrs":35518,"content":35519},{"level":13022,"textAlign":49},[35520],{"text":35521,"type":585},"3. Chinese companies play a vital role across the supply chain, but dominate midstream and cell production",{"type":647,"attrs":35523,"content":35524},{"level":13022,"textAlign":49},[35525],{"text":35526,"type":585},"4. Western companies play a bigger role in the upstream",{"type":647,"attrs":35528,"content":35529},{"level":13022,"textAlign":49},[35530],{"text":35531,"type":585},"5. The Raw Material Disconnect: Investment is needed across the supply chain but especially upstream",{"type":580,"attrs":35533,"content":35534},{"textAlign":49},[35535],{"text":35536,"type":585,"marks":35537},"To learn more about Benchmark’s EV and lithium ion battery supply chain data fill in the form below and our team will be in touch. ",[35538],{"type":1992},"The lithium ion battery is now central to the fortunes of the auto industry and energy transition, with demand forecast to exceed one terawatt hour (TWh) this year, according to Benchmark’s Lithium ion Battery Database, rising from just 74 gigawatt hours (GWh) in 2015. This growing industrial role has meant political attention for the technology […]",[35541],{"slug":1466,"name":1467,"content":35542},{"job_title":1469,"image":35543,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"997116bf-e673-465b-baa2-8e1b2410a4df\", \"id\": \"\"}-->",[35546,35547,35548,35549],{"slug":2162,"name":261},{"slug":956,"name":957},{"slug":2623,"name":298},{"slug":1142,"name":1143},{"id":49,"alt":35551,"name":645,"focus":645,"title":35551,"source":645,"filename":35500,"copyright":645,"fieldtype":701,"meta_data":35552,"is_external_url":51},"Infographic showing the top five producers by market share for each material and product in the lithium ion battery supply chain.",{"alt":35551,"title":35551,"source":645,"copyright":645},{"id":49,"alt":35554,"name":645,"focus":645,"title":35554,"source":645,"filename":35555,"copyright":645,"fieldtype":701,"meta_data":35556,"is_external_url":51},"Cover image featuring mining symbols and periodic table element symbols","https://a.storyblok.com/f/287943243085208/03eea0205c/bm-top-five-producers-across-the-lithium-ion-battery-supply-chain-cover.png",{"alt":35554,"title":35554,"source":645,"copyright":645},"The lithium ion battery is now central to the fortunes of the auto industry and energy transition, with demand forecast to exceed one terawatt hour (TWh) this year.","Oct 04, 2024",{"id":35560,"uuid":35561,"name":35562,"slug":35563,"full_slug":35564,"content":35565},112468839109477,"c81ee9f0-3576-47b3-82da-a53eaec8bf15","South Korean companies drive expected US battery supply growth","south-korean-companies-drive-expected-us-battery-supply-growth","article/south-korean-companies-drive-expected-us-battery-supply-growth",{"_uid":35566,"date":35567,"tags":35568,"editor":35572,"content":35576,"excerpt":35650,"featured":51,"reporter":35651,"_editable":35655,"component":689,"seo_title":35562,"categories":35656,"visibility":697,"author_company":49,"data_vis_image":35659,"featured_image":35663,"seo_description":35650,"author_full_name":49,"author_job_title":49,"formattedDate":35666},"a23f3f99-c93c-4fd9-8bb6-b314f0e6b6e4","2024-10-03 00:00",[35569,35570,35571],{"slug":564,"name":565},{"slug":7778,"name":7779},{"slug":561,"name":562},[35573],{"slug":9249,"name":9250,"content":35574},{"job_title":9252,"image":35575,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":35577},[35578,35588,35593,35598,35603,35610,35615,35620,35630,35635,35645],{"type":580,"attrs":35579,"content":35580},{"textAlign":49},[35581,35583,35587],{"text":35582,"type":585},"South Korean-owned gigafactories will account for 43% of the growth in US battery production over the next five years, according to Benchmark’s ",{"text":28896,"type":585,"marks":35584},[35585],{"type":590,"attrs":35586},{"href":35032,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":35589,"content":35590},{"textAlign":49},[35591],{"text":35592,"type":585},"Incentivised by the Inflation Reduction Act (IRA), total US-based battery supply is forecast to increase ninefold by 2029. ",{"type":580,"attrs":35594,"content":35595},{"textAlign":49},[35596],{"text":35597,"type":585},"“Technological capabilities and the reliable, established production processes of South Korean cell makers like LGES, Samsung and SK On have made them attractive partners for US automakers to establish strategic partnerships to support electrification plans,” said Aran Waid, an analyst at Benchmark. ",{"type":580,"attrs":35599,"content":35600},{"textAlign":49},[35601],{"text":35602,"type":585},"“The potential of the US EV market makes it a key market for ex-China cell producers to capitalise on and the IRA provides additional incentives for foreign cell makers to establish local facilities in the US to benefit from tax credits,” he added.",{"type":580,"attrs":35604,"content":35605},{"textAlign":49},[35606],{"type":1847,"attrs":35607},{"id":49,"alt":645,"src":35608,"title":49,"source":49,"copyright":49,"meta_data":35609},"https://a.storyblok.com/f/287943243085208/d707b0ec2c/bm-the-majority-of-us-battery-supply-growth-comes-from-foreign-owned-projects.png",{},{"type":647,"attrs":35611,"content":35612},{"level":13022,"textAlign":49},[35613],{"text":35614,"type":585},"Overseas investment in US battery production",{"type":647,"attrs":35616,"content":35617},{"level":13022,"textAlign":49},[35618],{"text":35619,"type":585},"South Korean cell manufacturers and US automakers",{"type":580,"attrs":35621,"content":35622},{"textAlign":49},[35623,35625,35629],{"text":35624,"type":585},"South Korean companies are the primary driver of the growth in foreign-owned projects in the US. Of the 10 new gigafactories expected to begin production by 2030, four are joint ventures between South Korean cell manufacturers and US automakers, according to Benchmark’s ",{"text":28896,"type":585,"marks":35626},[35627],{"type":590,"attrs":35628},{"href":35032,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":14640,"type":585},{"type":580,"attrs":35631,"content":35632},{"textAlign":49},[35633],{"text":35634,"type":585},"“By partnering with US automakers to build gigafactories, both parties benefit as automakers secure a reliable supply of batteries for their growing EV production, while battery manufacturers secure demand for their cells,” said Waid.",{"type":580,"attrs":35636,"content":35637},{"textAlign":49},[35638,35640,35644],{"text":35639,"type":585},"Production from South Korean companies in the US is forecast to increase more than 300 gigawatt-hours (GWh) by the end of the decade, according to Benchmark’s ",{"text":28896,"type":585,"marks":35641},[35642],{"type":590,"attrs":35643},{"href":35032,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":35646,"content":35647},{"textAlign":49},[35648],{"text":35649,"type":585},"US automakers benefit from the scale and expertise of established South Korean cell manufacturers when partnering on domestic battery projects.","South Korean-owned gigafactories will account for 43% of the growth in US battery production over the next five years, according to Benchmark’s Lithium ion Battery Database. Incentivised by the Inflation Reduction Act (IRA), total US-based battery supply is forecast to increase ninefold by 2029. “Technological capabilities and the reliable, established production processes of South Korean […]",[35652],{"slug":9249,"name":9250,"content":35653},{"job_title":9252,"image":35654,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a23f3f99-c93c-4fd9-8bb6-b314f0e6b6e4\", \"id\": \"\"}-->",[35657,35658],{"slug":956,"name":957},{"slug":3379,"name":3380},{"id":49,"alt":35660,"name":645,"focus":645,"title":35660,"source":645,"filename":35661,"copyright":645,"fieldtype":701,"meta_data":35662,"is_external_url":51},"Stacked column chart showing primary ownership of US battery production in 2024 and 2029 - the majority of growth comes from foreign-owned projects, South Korean in particular","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1727874085/www-production/The-majority-of-US-battery-supply-growth-comes-from-foreign-owned-projects-1_1325169b517e/The-majority-of-US-battery-supply-growth-comes-from-foreign-owned-projects-1_1325169b517e.png?_i=AA",{"alt":35660,"title":35660,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":35664,"copyright":645,"fieldtype":701,"meta_data":35665,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/161c6e7819/bm-south-korean-companies-drive-expected-us-battery-supply-growth.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Oct 03, 2024",{"id":35668,"uuid":35669,"name":35670,"slug":35671,"full_slug":35672,"content":35673},112468858581865,"c1335f81-e6d6-41a6-8de6-974ce5759a2d","Benchmark’s view from on the ground: Can Qinghai maintain its strength in lithium?","benchmarks-view-from-on-the-ground-can-qinghai-maintain-its-strength-in-lithium","article/benchmarks-view-from-on-the-ground-can-qinghai-maintain-its-strength-in-lithium",{"_uid":35674,"date":35675,"tags":35676,"editor":35680,"content":35684,"excerpt":35833,"featured":51,"reporter":35834,"_editable":35838,"component":689,"seo_title":35670,"categories":35839,"visibility":697,"author_company":49,"data_vis_image":35842,"featured_image":35845,"seo_description":35833,"author_full_name":49,"author_job_title":49,"formattedDate":35848},"b38823ea-3a73-4545-8701-5b2052e903fa","2024-10-01 00:00",[35677,35678,35679],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":17784,"name":17785},[35681],{"slug":9249,"name":9250,"content":35682},{"job_title":9252,"image":35683,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":35685},[35686,35704,35714,35719,35732,35740,35745,35758,35763,35771,35776,35781,35789,35794,35799,35815,35820,35825],{"type":580,"attrs":35687,"content":35688},{"textAlign":49},[35689,35691,35697,35699,35703],{"text":35690,"type":585},"More than 40% of ",{"text":35692,"type":585,"marks":35693},"China’s mined lithium",[35694],{"type":590,"attrs":35695},{"href":35696,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/how-much-of-the-global-battery-supply-chain-is-owned-by-chinese-companies",{"text":35698,"type":585}," output this year is forecast to come from Qinghai province, according to ",{"text":17833,"type":585,"marks":35700},[35701],{"type":590,"attrs":35702},{"href":27122,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":35705,"content":35706},{"textAlign":49},[35707,35709,35713],{"text":35708,"type":585},"Qinghai’s entire output is from brine sources which combine traditional evaporation ponds with ",{"text":23503,"type":585,"marks":35710},[35711],{"type":590,"attrs":35712},{"href":23507,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":35251,"type":585},{"type":580,"attrs":35715,"content":35716},{"textAlign":49},[35717],{"text":35718,"type":585},"However, the province has relatively little growth in the pipeline, with no projects planned to come online after 2025. Qinghai’s share of China’s mined lithium production is forecast to drop to 25% by 2030.",{"type":580,"attrs":35720,"content":35721},{"textAlign":49},[35722,35724,35730],{"text":35723,"type":585},"“Producers in Qinghai said they have no expansion plans at this moment, as the market is in surplus,” reported ",{"text":35725,"type":585,"marks":35726},"Xiaobai Liu",[35727],{"type":590,"attrs":35728},{"href":35729,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/overtaking-around-the-curve-chinas-dominance-in-ev-market-and-battery-supply-chain",{"text":35731,"type":585},", a lithium analyst at Benchmark, who recently met with industry players during a visit to Qinghai. “They will only consider new projects when they see strong demand downstream.”",{"type":580,"attrs":35733,"content":35734},{"textAlign":49},[35735],{"type":1847,"attrs":35736},{"id":49,"alt":35737,"src":35738,"title":49,"source":49,"copyright":49,"meta_data":35739},"Qinghai's share in China's mined lithium industry is falling","https://a.storyblok.com/f/287943243085208/dbcd744fef/bm-qinghai-market-share-150.png",{},{"type":647,"attrs":35741,"content":35742},{"level":13022,"textAlign":49},[35743],{"text":35744,"type":585},"What is China doing to support Qinghai?",{"type":580,"attrs":35746,"content":35747},{"textAlign":49},[35748,35750,35756],{"text":35749,"type":585},"Recently, the state-owned mining giant ",{"text":35751,"type":585,"marks":35752},"Minmetals announced it would form a $1.4 billion subsidiary",[35753],{"type":590,"attrs":35754},{"href":35755,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/minmetals-leads-chinas-1-4-billion-lithium-consolidation-effort",{"text":35757,"type":585}," known as the China Salt Lake Group. Minmetals would take a 53% in the enterprise while the Qinghai provincial government would take a minority stake.",{"type":580,"attrs":35759,"content":35760},{"textAlign":49},[35761],{"text":35762,"type":585},"“The suggested ‘world-class salt lake industry base’ is considered as part of the development plan of Qinghai province,” Liu said. “Its primary target is to set up a series of standards on exploration, construction, environmental protection and resource development.”",{"type":580,"attrs":35764,"content":35765},{"textAlign":49},[35766],{"type":1847,"attrs":35767},{"id":49,"alt":35768,"src":35769,"title":49,"source":49,"copyright":49,"meta_data":35770},"Qinghai's mined lithium production is plateauing","https://a.storyblok.com/f/287943243085208/1d28bc4175/bm-qinghai-mined-lithium-supply.png",{},{"type":647,"attrs":35772,"content":35773},{"level":13022,"textAlign":49},[35774],{"text":35775,"type":585},"Are Qinghai operations cost effective?",{"type":580,"attrs":35777,"content":35778},{"textAlign":49},[35779],{"text":35780,"type":585},"Despite being relatively low cost, compared to the low prevailing price of lithium carbonate in China, Liu notes that they are only just making money.",{"type":580,"attrs":35782,"content":35783},{"textAlign":49},[35784],{"type":1847,"attrs":35785},{"id":49,"alt":35786,"src":35787,"title":49,"source":49,"copyright":49,"meta_data":35788},"Battery grade lithium carbonate prices (EXW China) have fallen 23% so far this year","https://a.storyblok.com/f/287943243085208/c2b097af97/bm-lithium-carbonate-prices-1324911368bc.png",{},{"type":647,"attrs":35790,"content":35791},{"level":13022,"textAlign":49},[35792],{"text":35793,"type":585},"What is the technology profile of Qinghai?",{"type":580,"attrs":35795,"content":35796},{"textAlign":49},[35797],{"text":35798,"type":585},"Within Qinghai, the prevailing DLE technology stack is a combination of adsorption, membrane electrodialysis, and solvents, with recovery rates of around 70%, Liu said following her visit to the province.",{"type":580,"attrs":35800,"content":35801},{"textAlign":49},[35802,35806,35812],{"text":35803,"type":585,"marks":35804},"Download Benchmark’s ",[35805],{"type":1992},{"text":35807,"type":585,"marks":35808},"Special Issue on Direct Lithium Extraction",[35809,35811],{"type":590,"attrs":35810},{"href":24894,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"text":1538,"type":585,"marks":35813},[35814],{"type":1992},{"type":580,"attrs":35816,"content":35817},{"textAlign":49},[35818],{"text":35819,"type":585},"Part of the development plan for the province is to improve the efficiency of the extraction of lithium as well as magnesium, potassium and sodium impurities. This could enhance the recovery rate of lithium from brine sources.",{"type":580,"attrs":35821,"content":35822},{"textAlign":49},[35823],{"text":35824,"type":585},"“Improvements in recovery rates can increase output with the same amount of brine they extract from the salt lake,” Liu said. “And better quality means higher selling price.”",{"type":580,"attrs":35826,"content":35827},{"textAlign":49},[35828],{"type":1847,"attrs":35829},{"id":49,"alt":35830,"src":35831,"title":49,"source":49,"copyright":49,"meta_data":35832},"In 2030, brine is forecast to account for 38% of China's mined lithium production","https://a.storyblok.com/f/287943243085208/d3403bb604/bm-2030-brine-production-150.png",{},"More than 40% of China’s mined lithium output this year is forecast to come from Qinghai province, according to Benchmark’s Lithium Forecast. Qinghai’s entire output is from brine sources which combine traditional evaporation ponds with direct lithium extraction (DLE) technology. However, the province has relatively little growth in the pipeline, with no projects planned to […]",[35835],{"slug":9249,"name":9250,"content":35836},{"job_title":9252,"image":35837,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b38823ea-3a73-4545-8701-5b2052e903fa\", \"id\": \"\"}-->",[35840,35841],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":35830,"name":645,"focus":645,"title":35830,"source":645,"filename":35843,"copyright":645,"fieldtype":701,"meta_data":35844,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1727708935/www-production/2030_brine_production_v3/2030_brine_production_v3.png?_i=AA",{"alt":35830,"title":35830,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":35846,"copyright":645,"fieldtype":701,"meta_data":35847,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/ab659840a2/bm-1-1324912d7fd5.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Oct 01, 2024",{"id":35850,"uuid":35851,"name":35852,"slug":35853,"full_slug":35854,"content":35855},112468863370090,"bcae3660-32ca-4b05-a4de-9445def3fd8b","EV copper demand to grow despite efficiency-driven content reductions","ev-copper-demand-to-grow-despite-efficiency-driven-content-reductions","article/ev-copper-demand-to-grow-despite-efficiency-driven-content-reductions",{"_uid":35856,"date":35857,"tags":35858,"editor":35862,"content":35866,"excerpt":35920,"featured":51,"reporter":35921,"_editable":35925,"component":689,"seo_title":35926,"categories":35927,"visibility":2019,"author_company":49,"data_vis_image":35932,"featured_image":35935,"seo_description":35938,"author_full_name":49,"author_job_title":49,"formattedDate":35939},"9f6dfd92-dd8d-464c-9292-f06bffb6f511","2024-09-30 00:00",[35859,35860,35861],{"slug":16139,"name":16140},{"slug":564,"name":565},{"slug":2480,"name":2481},[35863],{"slug":1466,"name":1467,"content":35864},{"job_title":1469,"image":35865,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":35867},[35868,35873,35878,35880,35885,35890,35895,35900,35907],{"type":580,"attrs":35869,"content":35870},{"textAlign":49},[35871],{"text":35872,"type":585},"Copper’s role in battery electric vehicles (BEVs) is evolving. ",{"type":580,"attrs":35874,"content":35875},{"textAlign":49},[35876],{"text":35877,"type":585},"The red metal plays a critical role in battery electric vehicles (BEVs), averaging a copper intensity just shy of 70 kg per vehicle. Copper is essential for various components, including the copper foil that serves as a separator between the anode and cathode in batteries, motors, and cables required for recharging.",{"type":580,"attrs":35879},{"textAlign":49},{"type":580,"attrs":35881,"content":35882},{"textAlign":49},[35883],{"text":35884,"type":585},"Yet, automakers are reducing copper intensity of these components to achieve cost savings as they ramp up BEV production. According to Benchmark estimates, this trend will lead to a 38 kg reduction in copper usage per vehicle by 2030, driven by thrifting and the substitution of copper with cheaper materials, as well as efficiency improvements.",{"type":580,"attrs":35886,"content":35887},{"textAlign":49},[35888],{"text":35889,"type":585},"Nearly all copper-containing subcomponents are expected to see some reduction. Busbars—used to distribute power from the battery to different parts of the vehicle and for thermal management—are set to experience the largest annual reduction, averaging 6% to 2030. Lighter and more affordable aluminium busbars are becoming a popular alternative to copper.",{"type":580,"attrs":35891,"content":35892},{"textAlign":49},[35893],{"text":35894,"type":585},"Despite these reductions, the demand for copper from the BEV sector is projected to grow significantly as deployment rates soar and charging infrastructure is built out. These developments are expected to more than offset the decline in copper usage per vehicle. ",{"type":580,"attrs":35896,"content":35897},{"textAlign":49},[35898],{"text":35899,"type":585},"Benchmark projects a 177% increase in copper demand from the EV and battery sector by 2030, reaching 2.5 million tonnes annually.",{"type":580,"attrs":35901,"content":35902},{"textAlign":49},[35903],{"text":35904,"type":585,"marks":35905},"Benchmark’s Copper Weekly Newsletter provides expert market insights and analysis of copper’s role in the evolving energy transition.",[35906],{"type":1992},{"type":580,"attrs":35908,"content":35909},{"textAlign":49},[35910,35916],{"text":35911,"type":585,"marks":35912},"Sign up",[35913,35915],{"type":590,"attrs":35914},{"href":8485,"uuid":49,"anchor":49,"target":1492,"linktype":1570},{"type":1992},{"text":35917,"type":585,"marks":35918}," with your business email address to receive Copper Weekly direct to your inbox every Monday.",[35919],{"type":1992},"Copper’s role in battery electric vehicles (BEVs) is evolving. The red metal plays a critical role in battery electric vehicles (BEVs), averaging a copper intensity just shy of 70 kg per vehicle. Copper is essential for various components, including the copper foil that serves as a separator between the anode and cathode in batteries, motors, […]",[35922],{"slug":1466,"name":1467,"content":35923},{"job_title":1469,"image":35924,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9f6dfd92-dd8d-464c-9292-f06bffb6f511\", \"id\": \"\"}-->","EV copper demand to grow despite ",[35928,35929,35930,35931],{"slug":956,"name":957},{"slug":1140,"name":1136},{"slug":1142,"name":1143},{"slug":692,"name":693},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":35933,"copyright":645,"fieldtype":701,"meta_data":35934,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1727697484/www-production/Benchmark-6_Copper-Usage-in-EVs_For-Client/Benchmark-6_Copper-Usage-in-EVs_For-Client.jpg?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":35936,"copyright":645,"fieldtype":701,"meta_data":35937,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/e85b20ebb4/bm-jag-i-pace-21my-exterior-charging-portofino-blue-020620-001-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Copper’s role in battery electric vehicles (BEVs) is evolving. The red metal plays a critical role in battery electric vehicles (BEVs), averaging a copper intensity just shy of 70 kg per vehicle. ","Sep 30, 2024",{"id":35941,"uuid":35942,"name":35943,"slug":35944,"full_slug":35945,"content":35946},112468872860524,"2ff821dc-b96e-4e28-b70d-66b482986f7f","European 2030 battery pipeline falls 176 GWh this year amid EV slowdown","european-2030-battery-pipeline-falls-176-gwh-this-year-amid-ev-slowdown","article/european-2030-battery-pipeline-falls-176-gwh-this-year-amid-ev-slowdown",{"_uid":35947,"date":35948,"tags":35949,"editor":35953,"content":35957,"excerpt":36060,"featured":51,"reporter":36061,"_editable":36065,"component":689,"seo_title":35943,"categories":36066,"visibility":697,"author_company":49,"data_vis_image":36070,"featured_image":36072,"seo_description":36060,"author_full_name":49,"author_job_title":49,"formattedDate":36075},"97e11e2b-9e2e-4e3e-b263-0ab79c6ee4b6","2024-09-27 00:00",[35950,35951,35952],{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":26267,"name":26268},[35954],{"slug":1466,"name":1467,"content":35955},{"job_title":1469,"image":35956,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":35958},[35959,35964,35975,35982,35987,35992,35997,36010,36015,36020,36025,36030,36035,36040,36045,36050,36055],{"type":580,"attrs":35960,"content":35961},{"textAlign":49},[35962],{"text":35963,"type":585},"A slowdown in European electric vehicle (EV) demand is leading to a cutback in gigafactory expansions as Benchmark analysis shows 176 gigawatt hours (GWh) of capacity has been removed from the pipeline in 2024. ",{"type":580,"attrs":35965,"content":35966},{"textAlign":49},[35967,35969,35974],{"text":35968,"type":585},"EV sales in the European market – comprising the EU, UK, and EFTA – were down an estimated 4% between January and August 2024 compared to the same period last year, according to Benchmark’s ",{"text":35970,"type":585,"marks":35971},"Lithium ion Battery Forecast",[35972],{"type":590,"attrs":35973},{"href":35032,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":14640,"type":585},{"type":580,"attrs":35976,"content":35977},{"textAlign":49},[35978],{"type":1847,"attrs":35979},{"id":49,"alt":645,"src":35980,"title":49,"source":49,"copyright":49,"meta_data":35981},"https://a.storyblok.com/f/287943243085208/08125602d1/bm-screenshot-2024-09-27-093349.png",{},{"type":580,"attrs":35983,"content":35984},{"textAlign":49},[35985],{"text":35986,"type":585},"As a result of these market conditions, Northvolt has suspended plans to add another 30 GWh of capacity to its gigafactory in Skellefteå, Sweden, this week. The site currently has 16 GWh of capacity and has struggled to increase production since making its first cell in late 2022.",{"type":580,"attrs":35988,"content":35989},{"textAlign":49},[35990],{"text":35991,"type":585},"The decision was taken to “ensure that its resources are focused on accelerating production in large-scale cell manufacturing at Northvolt Ett,” according to a statement from Northvolt. ",{"type":580,"attrs":35993,"content":35994},{"textAlign":49},[35995],{"text":35996,"type":585},"“Whilst it is impossible to discount the challenges associated with competition that has arisen from extremely low cell prices coming from China, particularly for Northvolt’s ESS business, the wider issues have been compounded by the company’s lower than average utilisation rate,” said Evan Hartley, research manager at Benchmark.",{"type":580,"attrs":35998,"content":35999},{"textAlign":49},[36000,36002,36008],{"text":36001,"type":585},"Earlier this month, Northvolt ",{"text":36003,"type":585,"marks":36004},"halted its cathode material plans",[36005],{"type":590,"attrs":36006},{"href":36007,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/northvolt-halts-european-cathode-plans-to-refocus-on-batteries",{"text":36009,"type":585}," to focus on large-scale cell manufacturing.",{"type":580,"attrs":36011,"content":36012},{"textAlign":49},[36013],{"text":36014,"type":585},"Plans for Northvolt’s future factories – one in Canada, one in Germany, and a joint venture with Volvo in Sweden – could also be delayed.",{"type":647,"attrs":36016,"content":36017},{"level":13022,"textAlign":49},[36018],{"text":36019,"type":585},"Europe’s EV slowdown",{"type":580,"attrs":36021,"content":36022},{"textAlign":49},[36023],{"text":36024,"type":585},"Northvolt’s decision comes amid a slowdown in European EV demand growth and a climate of delayed investments and cancellations.",{"type":580,"attrs":36026,"content":36027},{"textAlign":49},[36028],{"text":36029,"type":585},"Source: Benchmark Lithium ion Battery Database",{"type":580,"attrs":36031,"content":36032},{"textAlign":49},[36033],{"text":36034,"type":585},"Europe’s year-on-year fall in EV sales comes mostly from Germany, where sales are down 69% year-on-year, according to Benchmark data. This is due to a subsidy-driven spike from Germany which occurred in August of last year, which now no longer exists.",{"type":580,"attrs":36036,"content":36037},{"textAlign":49},[36038],{"text":36039,"type":585},"“Beyond this, the tough economic climate and affordability of electric vehicles is limiting the market. There are some bright spots, however, the UK for example is up 11%, driven by the Zero Emission Vehicle (ZEV) mandate,” said Luke Gear, an analyst at Benchmark.",{"type":580,"attrs":36041,"content":36042},{"textAlign":49},[36043],{"text":36044,"type":585},"The ZEV Mandate is a government policy tool that requires car manufacturers to sell a certain percentage of electric vehicles each year. The mandate requires 80% of news cars sold in 2030 to be electric.",{"type":580,"attrs":36046,"content":36047},{"textAlign":49},[36048],{"text":36049,"type":585},"Global EV sales grew 20% in the first half of 2024 compared to the same period in 2023, according to data from Rho Motion. This growth came predominantly from the Chinese market, in particular from plug-in hybrid (PHEV) sales which rose 70% in the first half of 2024 compared to the previous year. The European EV market only grew 1% over the same period.",{"type":580,"attrs":36051,"content":36052},{"textAlign":49},[36053],{"text":36054,"type":585},"Over the past year several European EV manufacturers have revised back EV targets, delayed investments, or reported falling revenue:",{"type":580,"attrs":36056,"content":36057},{"textAlign":49},[36058],{"text":36059,"type":585},"The step change in EU emissions targets next year – a 15% cut in CO2/km from the 2021 baseline –  is expected to revive growth.","A slowdown in European electric vehicle (EV) demand is leading to a cutback in gigafactory expansions as Benchmark analysis shows 176 gigawatt hours (GWh) of capacity has been removed from the pipeline in 2024. EV sales in the European market – comprising the EU, UK, and EFTA – were down an estimated 4% between January […]",[36062],{"slug":1466,"name":1467,"content":36063},{"job_title":1469,"image":36064,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"97e11e2b-9e2e-4e3e-b263-0ab79c6ee4b6\", \"id\": \"\"}-->",[36067,36068,36069],{"slug":956,"name":957},{"slug":692,"name":693},{"slug":3379,"name":3380},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":35980,"copyright":645,"fieldtype":701,"meta_data":36071,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":36073,"copyright":645,"fieldtype":701,"meta_data":36074,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/0a599f6a7c/bm-northvolt-ett-render.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Sep 27, 2024",{"id":36077,"uuid":36078,"name":36079,"slug":36080,"full_slug":36081,"content":36082},112468927206342,"a378700b-b652-4777-a805-9913e4d2b3e6","Sila Nanotechnologies inks silane deal with REC Silicon in US anode hub","sila-nanotechnologies-inks-silane-deal-with-rec-silicon-in-us-anode-hub","article/sila-nanotechnologies-inks-silane-deal-with-rec-silicon-in-us-anode-hub",{"_uid":36083,"date":36084,"tags":36085,"editor":36094,"content":36098,"excerpt":36214,"featured":51,"reporter":36215,"_editable":36219,"component":689,"seo_title":36079,"categories":36220,"visibility":697,"author_company":49,"data_vis_image":36225,"featured_image":36229,"seo_description":36214,"author_full_name":49,"author_job_title":49,"formattedDate":36231},"97525bba-b83f-4715-9cc2-a65234671c42","2024-09-20 00:00",[36086,36087,36090,36091,36092,36093],{"slug":564,"name":565},{"slug":36088,"name":36089},"moses-lake","Moses Lake",{"slug":1720,"name":1721},{"slug":33412,"name":33413},{"slug":33415,"name":30978},{"slug":561,"name":562},[36095],{"slug":1466,"name":1467,"content":36096},{"job_title":1469,"image":36097,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":36099},[36100,36118,36131,36142,36154,36162,36167,36172,36184,36189,36194,36199,36204,36209],{"type":580,"attrs":36101,"content":36102},{"textAlign":49},[36103,36109,36111,36116],{"text":36104,"type":585,"marks":36105},"US-based silicon anode producer",[36106],{"type":590,"attrs":36107},{"href":36108,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/us-silicon-anode-scene-starts-2024-with-a-wave-of-announcements",{"text":36110,"type":585}," Sila Nanotechnologies will source monosilane gas from REC Silicon through a long-term supply agreement signed Thursday. The silane gas will be produced by REC Silicon in ",{"text":36089,"type":585,"marks":36112},[36113],{"type":590,"attrs":36114},{"href":36115,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/moses-lake-the-usas-silicon-anode-hub",{"text":36117,"type":585},", Washington.",{"type":580,"attrs":36119,"content":36120},{"textAlign":49},[36121,36123,36129],{"text":36122,"type":585},"Sila produces its next generation silicon anode active material at its production facility which Benchmark calculates to have a ",{"text":36124,"type":585,"marks":36125},"capacity",[36126],{"type":590,"attrs":36127},{"href":36128,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/silicon-anodes-prepare-for-mainstream-deployment-with-production-capacity-set-to-triple-in-2024",{"text":36130,"type":585}," of around 10 gigawatt-hours (GWh). This is located next to REC Silicon’s plant.",{"type":580,"attrs":36132,"content":36133},{"textAlign":49},[36134,36136,36141],{"text":36135,"type":585},"Supply of silicon anode material derived from silane is forecast to increase 650% between 2023 and 2032 to 44 GWh, according to ",{"text":33510,"type":585,"marks":36137},[36138],{"type":590,"attrs":36139},{"href":36140,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/silicon-anode/portal/",{"text":1538,"type":585},{"type":580,"attrs":36143,"content":36144},{"textAlign":49},[36145,36147,36152],{"text":36146,"type":585},"“Monosilane is the critical feedstock–without it these materials can’t exist,” said ",{"text":28082,"type":585,"marks":36148},[36149],{"type":590,"attrs":36150},{"href":36151,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/analyst-insights-transitioning-next-gen-batteries-from-rd-to-commercialisation",{"text":36153,"type":585},", product director for new technology at Benchmark.",{"type":580,"attrs":36155,"content":36156},{"textAlign":49},[36157],{"type":1847,"attrs":36158},{"id":49,"alt":36159,"src":36160,"title":49,"source":49,"copyright":49,"meta_data":36161},"Silane-derived silicon anode supply forecast to increase 650% between 2023 and 2032","https://a.storyblok.com/f/287943243085208/a67241959a/bm-silane-derived-silicon-anodes.png",{},{"type":647,"attrs":36163,"content":36164},{"level":13022,"textAlign":49},[36165],{"text":36166,"type":585},"Silane supply key to Sila’s EV market ambitions",{"type":580,"attrs":36168,"content":36169},{"textAlign":49},[36170],{"text":36171,"type":585},"The companies have signed a long term agreement lasting through 2031 for REC Silicon, headquartered in Norway, to provide high purity Signature Silane from its Moses Lake facility to Sila.",{"type":580,"attrs":36173,"content":36174},{"textAlign":49},[36175,36177,36182],{"text":36176,"type":585},"“Silane is a key input for the production of Titan Silicon–and for any nano-composite silicon– and while there is plenty of supply in China, domestic supply of silane is extremely limited,” ",{"text":2048,"type":585,"marks":36178},[36179],{"type":590,"attrs":36180},{"href":36181,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/engineering-high-performance-silicon-anodes",{"text":36183,"type":585}," told Benchmark Source. “Therefore, securing a steady supply through 2031 is important to maintaining delivery of Titan Silicon for our customers.”",{"type":580,"attrs":36185,"content":36186},{"textAlign":49},[36187],{"text":36188,"type":585},"“For REC, this is the first commercial agreement for use of its merchant silane supply in the new and exciting market of silicon anode active materials,” McNulty said. “For Sila, this locks down a critical feedstock which will ultimately determine the feasibility and cost of their silicon anode active material production.”",{"type":647,"attrs":36190,"content":36191},{"level":13022,"textAlign":49},[36192],{"text":36193,"type":585},"Innovation in silicon anodes depends on silane",{"type":580,"attrs":36195,"content":36196},{"textAlign":49},[36197],{"text":36198,"type":585},"Silicon can be added to graphite to boost the performance of the anode. However, as the material swells 300% when lithiated, only small quantities of silicon are added to prevent damage to the anode. Next-generation silicon anode materials aim to solve this issue.",{"type":580,"attrs":36200,"content":36201},{"textAlign":49},[36202],{"text":36203,"type":585},"“There is a lot of innovation in different engineered silicon anode active materials to improve performance and stability,” McNulty said. “Of these, materials that nano-deposit silicon inside the pores of a scaffold structure, or grown nanowires, are a leading technology being pursued globally.”",{"type":580,"attrs":36205,"content":36206},{"textAlign":49},[36207],{"text":36208,"type":585},"Sila’s Titan Silicon uses a Swiss cheese-like scaffold in which silicon particles occupy the pores. The silicon particle can expand within the pore without damaging the overall structure. The company claims this could boost the range of an EV by 20% and potentially 40% in the future.",{"type":580,"attrs":36210,"content":36211},{"textAlign":49},[36212],{"text":36213,"type":585},"Securing a source of silane is vital for next-generation silicon anode producers.","US-based silicon anode producer Sila Nanotechnologies will source monosilane gas from REC Silicon through a long-term supply agreement signed Thursday. The silane gas will be produced by REC Silicon in Moses Lake, Washington. Sila produces its next generation silicon anode active material at its production facility which Benchmark calculates to have a capacity of around […]",[36216],{"slug":1466,"name":1467,"content":36217},{"job_title":1469,"image":36218,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"97525bba-b83f-4715-9cc2-a65234671c42\", \"id\": \"\"}-->",[36221,36222,36223,36224],{"slug":2162,"name":261},{"slug":956,"name":957},{"slug":959,"name":960},{"slug":2164,"name":2165},{"id":49,"alt":36226,"name":645,"focus":645,"title":36226,"source":645,"filename":36227,"copyright":645,"fieldtype":701,"meta_data":36228,"is_external_url":51},"Silane-derived silicon anodes","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1726837229/www-production/Silane-derived-silicon-anodes-no-Y/Silane-derived-silicon-anodes-no-Y.png?_i=AA",{"alt":36226,"title":36226,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":33627,"copyright":645,"fieldtype":701,"meta_data":36230,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},"Sep 20, 2024",{"id":36233,"uuid":36234,"name":36235,"slug":36236,"full_slug":36237,"content":36238},112468931900359,"460a5c0d-6108-4fca-9ffb-c8a938e0a14b","Lack of Tier 1 experience could risk sodium ion battery production ramp up","lack-of-tier-1-experience-risks-sodium-ion-battery-production-ramp-up","article/lack-of-tier-1-experience-risks-sodium-ion-battery-production-ramp-up",{"_uid":36239,"date":36240,"tags":36241,"editor":36245,"content":36249,"excerpt":36347,"featured":51,"reporter":36348,"_editable":36352,"component":689,"seo_title":36235,"categories":36353,"visibility":697,"author_company":49,"data_vis_image":36356,"featured_image":36359,"seo_description":36347,"author_full_name":49,"author_job_title":49,"formattedDate":36361},"49288340-7707-44d6-8568-77ddeb23afb2","2024-09-19 00:00",[36242,36243,36244],{"slug":564,"name":565},{"slug":5201,"name":5202},{"slug":20054,"name":20055},[36246],{"slug":9249,"name":9250,"content":36247},{"job_title":9252,"image":36248,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":36250},[36251,36263,36275,36280,36285,36290,36295,36300,36305,36310,36317,36322,36327,36332,36337,36342],{"type":580,"attrs":36252,"content":36253},{"textAlign":49},[36254,36256,36262],{"text":36255,"type":585},"A lack of established manufacturers threaten the security of sodium ion battery supply,  according to Benchmark’s ",{"text":36257,"type":585,"marks":36258},"Sodium ion Battery Forecast",[36259],{"type":590,"attrs":36260},{"href":36261,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/sodium-ion-batteries/portal/",{"text":14640,"type":585},{"type":580,"attrs":36264,"content":36265},{"textAlign":49},[36266,36268,36273],{"text":36267,"type":585},"Currently, there are only three Tier 1 manufacturers: BYD, CATL, and Farasis Energy. All three also manufacture lithium ion batteries. In contrast, there are 43 Tier 2 and 3 manufacturers, ",{"text":36269,"type":585,"marks":36270},"Benchmark data",[36271],{"type":590,"attrs":36272},{"href":36261,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":36274,"type":585}," shows.",{"type":580,"attrs":36276,"content":36277},{"textAlign":49},[36278],{"text":36279,"type":585},"“While the pipeline capacity for sodium ion batteries is strong, much of the forecast supply originates from Tier 2 and 3 manufacturers, indicating that the realised supply will be much lower than the announced capacity,” said Catherine Peake, an analyst at Benchmark.",{"type":580,"attrs":36281,"content":36282},{"textAlign":49},[36283],{"text":36284,"type":585},"The Tier status of a producer is a reflection of its manufacturing maturity and Benchmark’s confidence in its pipeline capacity becoming realised supply. Only Tier 1 manufacturers are qualified to supply cells to electric vehicle (EV) manufacturers.",{"type":580,"attrs":36286,"content":36287},{"textAlign":49},[36288],{"text":36289,"type":585},"Tier 2 producers may have several years of experience in manufacturing sodium ion battery cells, cathodes, or anodes and partnerships with OEMs whilst Tier 3 producers are likely new market entrants.",{"type":580,"attrs":36291,"content":36292},{"textAlign":49},[36293],{"text":36294,"type":585},"The dependence on lower Tier producers is a concern for automakers and ESS developers interested in using the technology as these manufacturers are less experienced. ",{"type":580,"attrs":36296,"content":36297},{"textAlign":49},[36298],{"text":36299,"type":585},"“We expect ramp up of production and efficiency of manufacturing to be lower for Tier 2 and 3 producers compared to Tier 1 producers. The chance of projects falling through is also higher for less established producers. For this reason, despite the ambitious capacity announcements, the realised supply will be significantly lower,” said Catherine Peake, an analyst at Benchmark.",{"type":647,"attrs":36301,"content":36302},{"level":13022,"textAlign":49},[36303],{"text":36304,"type":585},"Lower Tiers reduce confidence in supply",{"type":580,"attrs":36306,"content":36307},{"textAlign":49},[36308],{"text":36309,"type":585},"The complexity of establishing new cell manufacturing capability, coupled with the low price of lithium iron phosphate (LFP) cells, makes for a challenging environment for new market entrants in the sodium ion battery sector.",{"type":580,"attrs":36311,"content":36312},{"textAlign":49},[36313],{"type":1847,"attrs":36314},{"id":49,"alt":645,"src":36315,"title":49,"source":49,"copyright":49,"meta_data":36316},"https://a.storyblok.com/f/287943243085208/380256b301/bm-sodium-ion-battery-supply-stacked-column-chart-1.png",{},{"type":580,"attrs":36318,"content":36319},{"textAlign":49},[36320],{"text":36321,"type":585},"Tier 1 supply is forecast to increase more than 11-fold between 2024 and 2030, however as a share of total production it remains around 21%. ",{"type":580,"attrs":36323,"content":36324},{"textAlign":49},[36325],{"text":36326,"type":585},"However, the majority of supply, both historically and forecast to 2040, comes from Tier 2 producers, with supply from Tier 3 producers increasing proportionately with total announced supply.",{"type":647,"attrs":36328,"content":36329},{"level":13022,"textAlign":49},[36330],{"text":36331,"type":585},"Demand grows faster than supply",{"type":580,"attrs":36333,"content":36334},{"textAlign":49},[36335],{"text":36336,"type":585},"Year-on-year demand for sodium ion batteries is forecast to almost triple in 2024, and more than double in 2025 and again in 2026. Supply is expected to increase similarly up to 2030, though there is minimal ramp up forecast beyond the end of the decade. ",{"type":580,"attrs":36338,"content":36339},{"textAlign":49},[36340],{"text":36341,"type":585},"“The Western ESS market will likely remain reliant on sourcing cells from Tier 2 and 3 manufacturers, as they make up the majority of supply,” said Peake.",{"type":580,"attrs":36343,"content":36344},{"textAlign":49},[36345],{"text":36346,"type":585},"This dependence on Tier 2 and 3 producers holds across cathode and anode supply, further reducing confidence in the security of supply.","A lack of established manufacturers threaten the security of sodium ion battery supply, according to Benchmark’s Sodium ion Battery Forecast. Currently, there are only three Tier 1 manufacturers: BYD, CATL, and Farasis Energy. All three also manufacture lithium ion batteries. In contrast, there are 43 Tier 2 and 3 manufacturers, Benchmark data shows. “While the […]",[36349],{"slug":9249,"name":9250,"content":36350},{"job_title":9252,"image":36351,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"49288340-7707-44d6-8568-77ddeb23afb2\", \"id\": \"\"}-->",[36354,36355],{"slug":956,"name":957},{"slug":959,"name":960},{"id":49,"alt":36357,"name":645,"focus":645,"title":36357,"source":645,"filename":36315,"copyright":645,"fieldtype":701,"meta_data":36358,"is_external_url":51},"Stacked column chart showing Sodium ion battery supply in 2024, 2027, and 2030 broken down by Tier. Total production increases more than tenfold as market share of each Tier scales",{"alt":36357,"title":36357,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":9231,"copyright":645,"fieldtype":701,"meta_data":36360,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},"Sep 19, 2024",{"id":36363,"uuid":36364,"name":36365,"slug":36366,"full_slug":36367,"content":36368},112468946260938,"41b64077-867d-4fe3-afaf-e210a051900c","Chinese Tier 2 battery producers double down on energy storage market amid EV competition","chinese-tier-2-producers-double-down-on-energy-storage-market-amid-ev-competition","article/chinese-tier-2-producers-double-down-on-energy-storage-market-amid-ev-competition",{"_uid":36369,"date":36370,"tags":36371,"editor":36374,"content":36378,"excerpt":36486,"featured":51,"reporter":36487,"_editable":36491,"component":689,"seo_title":36365,"categories":36492,"visibility":697,"author_company":49,"data_vis_image":36495,"featured_image":36498,"seo_description":36486,"author_full_name":49,"author_job_title":49,"formattedDate":36502},"36c3f88b-8857-442b-bb48-e082b250a9e9","2024-09-18 00:00",[36372,36373],{"slug":720,"name":721},{"slug":564,"name":565},[36375],{"slug":9249,"name":9250,"content":36376},{"job_title":9252,"image":36377,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":36379},[36380,36385,36390,36395,36400,36405,36412,36417,36428,36433,36445,36450,36455,36460,36471,36476,36481],{"type":580,"attrs":36381,"content":36382},{"textAlign":49},[36383],{"text":36384,"type":585},"Chinese Tier 2 cell producers are increasingly focusing on energy storage systems (ESS) applications amid intense competition in the electric vehicle (EV) market.",{"type":580,"attrs":36386,"content":36387},{"textAlign":49},[36388],{"text":36389,"type":585},"Overcapacity and low prices are weighing on margins and forcing suppliers to find alternative routes to survive.",{"type":580,"attrs":36391,"content":36392},{"textAlign":49},[36393],{"text":36394,"type":585},"“Tier 2 companies like REPT and EVE Energy have shifted their focus to the ESS market to secure more orders and support planned production ramp ups,” said Aran Waid, a principal analyst at Benchmark.",{"type":580,"attrs":36396,"content":36397},{"textAlign":49},[36398],{"text":36399,"type":585},"For context, from 2020 to 2022, REPT’s EV battery sales increased almost five fold, while its ESS battery sales increased more than 30 fold.",{"type":647,"attrs":36401,"content":36402},{"level":13022,"textAlign":49},[36403],{"text":36404,"type":585},"Chinese Tier 2 cell manufacturers shift focus to ESS",{"type":580,"attrs":36406,"content":36407},{"textAlign":49},[36408],{"type":1847,"attrs":36409},{"id":49,"alt":645,"src":36410,"title":49,"source":49,"copyright":49,"meta_data":36411},"https://a.storyblok.com/f/287943243085208/def079746b/bm-chinese-tier-2-producers-focus-on-ess.png",{},{"type":647,"attrs":36413,"content":36414},{"level":13022,"textAlign":49},[36415],{"text":36416,"type":585},"Battery competition in China",{"type":580,"attrs":36418,"content":36419},{"textAlign":49},[36420,36422,36426],{"text":36421,"type":585},"The Chinese battery market is forecast to be in surplus by close to 670 GWh in 2024, according to Benchmark’s ",{"text":35970,"type":585,"marks":36423},[36424],{"type":590,"attrs":36425},{"href":35032,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":36427,"type":585},". As a result, manufacturers are subject to intense competition.",{"type":580,"attrs":36429,"content":36430},{"textAlign":49},[36431],{"text":36432,"type":585},"The price of a lithium iron phosphate (LFP) cell has fallen to around $60 per kilowatt hour (kWh), a 30% decline since the same time last year.",{"type":580,"attrs":36434,"content":36435},{"textAlign":49},[36436,36438,36443],{"text":36437,"type":585},"These market conditions have led to the cancellation or postponement of gigafactory investment in China. Benchmark’s ",{"text":32627,"type":585,"marks":36439},[36440],{"type":590,"attrs":36441},{"href":36442,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/lithium-ion-batteries/capacity-database/gigafactory/",{"text":36444,"type":585}," has removed 24 Chinese projects due to cancellation or a lack of updates since their announcement in 2024. ",{"type":580,"attrs":36446,"content":36447},{"textAlign":49},[36448],{"text":36449,"type":585},"In its infancy, the ESS market was supplied by surplus cells that did not find an offtake partner in the EV market. However in the current market, ESS cells are purpose built.",{"type":580,"attrs":36451,"content":36452},{"textAlign":49},[36453],{"text":36454,"type":585},"“To compete in the market, battery manufacturers have to develop specific solutions for different applications and differentiate their products. For instance, LFP cells for EVs usually have around a 5,000 cycle life. However, for ESS applications, the minimum we see is 8,000 cycles, with most products having a 10,000 cycle life at least,” said Yu (Frank) Du, China research lead at Rho Motion.",{"type":647,"attrs":36456,"content":36457},{"level":13022,"textAlign":49},[36458],{"text":36459,"type":585},"Global demand dynamics will affect Tier 2 manufacturers’ strategy",{"type":580,"attrs":36461,"content":36462},{"textAlign":49},[36463,36465,36469],{"text":36464,"type":585},"ESS demand remains strong, growing 50% year-on-year in 2024, according to Benchmark’s ",{"text":35970,"type":585,"marks":36466},[36467],{"type":590,"attrs":36468},{"href":35032,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":36470,"type":585},". This trend is forecast to continue, with demand for ESS more than doubling by 2030 and increasing four-fold by the end of the forecast period in 2040.",{"type":580,"attrs":36472,"content":36473},{"textAlign":49},[36474],{"text":36475,"type":585},"As EV demand improves, Tier 2 producers will likely try to secure more orders from this market, though competition from Tier 1 producers will make this difficult.",{"type":580,"attrs":36477,"content":36478},{"textAlign":49},[36479],{"text":36480,"type":585},"“The EV market is increasingly cost focused so it will depend on how cost competitive Tier 2 producers are compared to the competition,” said Waid.",{"type":580,"attrs":36482,"content":36483},{"textAlign":49},[36484],{"text":36485,"type":585},"How committed a producer is to ESS cells is also a significant factor as more technological advancements in developing these cells will make a switch back to EV production more difficult. However, most Tier 2 manufacturers are invested in both EV and ESS markets.","Chinese Tier 2 cell producers are increasingly focusing on energy storage systems (ESS) applications amid intense competition in the electric vehicle (EV) market. Overcapacity and low prices are weighing on margins and forcing suppliers to find alternative routes to survive. “Tier 2 companies like REPT and EVE Energy have shifted their focus to the ESS […]",[36488],{"slug":9249,"name":9250,"content":36489},{"job_title":9252,"image":36490,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"36c3f88b-8857-442b-bb48-e082b250a9e9\", \"id\": \"\"}-->",[36493,36494],{"slug":956,"name":957},{"slug":950,"name":951},{"id":49,"alt":36496,"name":645,"focus":645,"title":36496,"source":645,"filename":36410,"copyright":645,"fieldtype":701,"meta_data":36497,"is_external_url":51},"Stacked column chart showing share of Chinese ESS production by Tier. Tier 2 share increases from 24% in 2021 to 47% in 2024",{"alt":36496,"title":36496,"source":645,"copyright":645},{"id":49,"alt":36499,"name":645,"focus":645,"title":36499,"source":645,"filename":36500,"copyright":645,"fieldtype":701,"meta_data":36501,"is_external_url":51},"Energy storage power station","https://a.storyblok.com/f/287943243085208/8dc774b86d/bm-chinese-tier-2-producers-ess-focus.jpg",{"alt":36499,"title":36499,"source":645,"copyright":645},"Sep 18, 2024",{"id":36504,"uuid":36505,"name":36506,"slug":36507,"full_slug":36508,"content":36509},112468941403081,"a2c81b01-a883-4946-a628-de9f80e1a952","In charts: How silicon anodes could impact graphite demand","in-charts-how-silicon-anodes-could-impact-graphite-demand","article/in-charts-how-silicon-anodes-could-impact-graphite-demand",{"_uid":36510,"date":36370,"tags":36511,"editor":36513,"content":36517,"excerpt":36686,"featured":51,"reporter":36687,"_editable":36691,"component":689,"seo_title":36506,"categories":36692,"visibility":697,"author_company":49,"data_vis_image":36699,"featured_image":36701,"seo_description":36686,"author_full_name":49,"author_job_title":49,"formattedDate":36502},"32993ea4-728e-4a1c-afbd-dbd15bf6f0e4",[36512],{"slug":564,"name":565},[36514],{"slug":1466,"name":1467,"content":36515},{"job_title":1469,"image":36516,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":36518},[36519,36531,36543,36562,36567,36572,36585,36590,36595,36605,36610,36615,36622,36627,36632,36637,36648,36655,36660,36669,36674,36681],{"type":580,"attrs":36520,"content":36521},{"textAlign":49},[36522,36524,36529],{"text":36523,"type":585},"Towards the end of the decade the battery anode market is forecast to enter a supply deficit, presenting an opportunity for ",{"text":36525,"type":585,"marks":36526},"next-generation anode technologies such as silicon",[36527],{"type":590,"attrs":36528},{"href":36128,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":36530,"type":585}," to bridge that gap, potentially impacting graphite demand.",{"type":580,"attrs":36532,"content":36533},{"textAlign":49},[36534,36536,36541],{"text":36535,"type":585},"Small quantities of ",{"text":36537,"type":585,"marks":36538},"silicon can be added to graphite",[36539],{"type":590,"attrs":36540},{"href":36108,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":36542,"type":585}," to significantly boost the energy density of the anode, meaning the same weight of material has a higher capacity than an equivalent anode without silicon.",{"type":580,"attrs":36544,"content":36545},{"textAlign":49},[36546,36548,36554,36556,36561],{"text":36547,"type":585},"Demand for ",{"text":36549,"type":585,"marks":36550},"silicon-containing anodes",[36551],{"type":590,"attrs":36552},{"href":36553,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/benchmark-launches-silicon-anode-forecast-report",{"text":36555,"type":585}," is set to increase over nine-fold between 2023 and 2032 on a gigawatt-hour (GWh) basis as battery makers look to utilise this capacity improvement, according to ",{"text":33510,"type":585,"marks":36557},[36558],{"type":590,"attrs":36559},{"href":36560,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/silicon-anode/data-reports/forecast/",{"text":1538,"type":585},{"type":580,"attrs":36563,"content":36564},{"textAlign":49},[36565],{"text":36566,"type":585},"“If you imagine that every cell contains five to ten weight percent silicon, that gives you a 20 to 40% capacity improvement and begins to bridge the supply demand gap,” said Rory McNulty, product director for new technology at Benchmark.",{"type":580,"attrs":36568,"content":36569},{"textAlign":49},[36570],{"text":36571,"type":585},"The graphite contributes between 350 and 360 milliamp-hours per gram of material, whereas silicon can theoretically contribute ten times this. On a practical cell level the improvement will be closer to two to three times.",{"type":580,"attrs":36573,"content":36574},{"textAlign":49},[36575,36577,36583],{"text":36576,"type":585},"“What this means is that when you assemble a cell, you can have the same size cell or pack and squeeze a huge amount more energy density into it,” McNulty said. “You can have the same pack size and your ",{"text":36578,"type":585,"marks":36579},"vehicle can go a lot further",[36580],{"type":590,"attrs":36581},{"href":36582,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/silicon-anodes-near-ev-commercialisation-as-panasonic-targets-2025-use-with-nexeon-deal",{"text":36584,"type":585},", or you could have a much smaller and more efficient pack and really ram that energy density in to get the same range.”",{"type":580,"attrs":36586,"content":36587},{"textAlign":49},[36588],{"text":36589,"type":585},"Through three charts, Benchmark Source explains how the rise of silicon anodes could impact graphite demand.",{"type":647,"attrs":36591,"content":36592},{"level":13022,"textAlign":49},[36593],{"text":36594,"type":585},"1. Silicon anode demand share to more than double by 2032",{"type":580,"attrs":36596,"content":36597},{"textAlign":49},[36598,36603],{"text":32921,"type":585,"marks":36599},[36600],{"type":590,"attrs":36601},{"href":36602,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/anode/data-reports/price-assessments/",{"text":36604,"type":585}," shows that demand for silicon anodes is forecast to increase 920% times between 2023 and 2032 on a MWh-basis, when it will account for 9.2% of demand, up from 4.3%.",{"type":580,"attrs":36606,"content":36607},{"textAlign":49},[36608],{"text":36609,"type":585},"This increase in silicon anode demand will see the combined share of the anode market for synthetic and natural graphite anodes fall slightly from 95% of the market to 90%. However, in absolute terms the GWh demand for synthetic and natural graphite anode material will also increase 4.6 and 2.9 times over that period, respectively.",{"type":580,"attrs":36611,"content":36612},{"textAlign":49},[36613],{"text":36614,"type":585},"By 2032, Benchmark forecasts an anode supply deficit of over 13% compared to demand. Silicon anodes can help plug that deficit, though much growth will also be needed from the graphite anode markets as well.",{"type":580,"attrs":36616,"content":36617},{"textAlign":49},[36618],{"type":1847,"attrs":36619},{"id":49,"alt":645,"src":36620,"title":49,"source":49,"copyright":49,"meta_data":36621},"https://a.storyblok.com/f/287943243085208/3f18daf9fc/bm-2023-2032-anode-market-with-silicon-labelled.png",{},{"type":647,"attrs":36623,"content":36624},{"level":13022,"textAlign":49},[36625],{"text":36626,"type":585},"2. Silicon-containing anodes still need graphite",{"type":580,"attrs":36628,"content":36629},{"textAlign":49},[36630],{"text":36631,"type":585},"When a battery is charged, silicon contained in the anode material expands up to 300%. This decreases the life of the battery. As such silicon is currently added in relatively small quantities to graphite to avoid this issue.",{"type":580,"attrs":36633,"content":36634},{"textAlign":49},[36635],{"text":36636,"type":585},"Over time, as companies commercialise technologies that mitigate the expansion problem of silicon, the percentage of silicon added to anodes will rise.",{"type":580,"attrs":36638,"content":36639},{"textAlign":49},[36640,36642,36646],{"text":36641,"type":585},"By 2032, ",{"text":33510,"type":585,"marks":36643},[36644],{"type":590,"attrs":36645},{"href":36560,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":36647,"type":585}," expects that silicon and silicon oxide active materials will account for a quarter of the weight of silicon-containing anodes, but contribute over 60% of the capacity of the material.",{"type":580,"attrs":36649,"content":36650},{"textAlign":49},[36651],{"type":1847,"attrs":36652},{"id":49,"alt":645,"src":36653,"title":49,"source":49,"copyright":49,"meta_data":36654},"https://a.storyblok.com/f/287943243085208/95b56ae235/bm-silicon-graphite-contribution-to-silicon-anode-2023-2032-gwh.png",{},{"type":647,"attrs":36656,"content":36657},{"level":13022,"textAlign":49},[36658],{"text":36659,"type":585},"3. Graphite demand from silicon-containing anodes is rising",{"type":580,"attrs":36661,"content":36662},{"textAlign":49},[36663,36667],{"text":33510,"type":585,"marks":36664},[36665],{"type":590,"attrs":36666},{"href":36560,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":36668,"type":585}," shows that the supply of silicon-containing anodes last year was around 28 GWh and is set to increase to around 225 GWh by 2032.",{"type":580,"attrs":36670,"content":36671},{"textAlign":49},[36672],{"text":36673,"type":585},"The graphite demand from the supply of silicon-containing anodes is set to rise six-fold between 2023 and 2032 to 170,000 tonnes.",{"type":580,"attrs":36675,"content":36676},{"textAlign":49},[36677],{"type":1847,"attrs":36678},{"id":49,"alt":645,"src":36679,"title":49,"source":49,"copyright":49,"meta_data":36680},"https://a.storyblok.com/f/287943243085208/796c342121/bm-raw-material-demand-from-si-anodes-tpa.png",{},{"type":580,"attrs":36682,"content":36683},{"textAlign":49},[36684],{"text":36685,"type":585},"“When you talk about increasing silicon content, that will have an impact on graphite demand,” McNulty said. “But given the size of that demand growth and the market growth required to meet this demand, there’s still huge potential for the graphite industry, especially on an absolute tonnes per annum basis.”","Towards the end of the decade the battery anode market is forecast to enter a supply deficit, presenting an opportunity for next-generation anode technologies such as silicon to bridge that gap, potentially impacting graphite demand. Small quantities of silicon can be added to graphite to significantly boost the energy density of the anode, meaning the […]",[36688],{"slug":1466,"name":1467,"content":36689},{"job_title":1469,"image":36690,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"32993ea4-728e-4a1c-afbd-dbd15bf6f0e4\", \"id\": \"\"}-->",[36693,36694,36695,36696,36697,36698],{"slug":2162,"name":261},{"slug":956,"name":957},{"slug":959,"name":960},{"slug":1142,"name":1143},{"slug":2627,"name":2628},{"slug":2164,"name":2165},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":36653,"copyright":645,"fieldtype":701,"meta_data":36700,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":36702,"copyright":645,"fieldtype":701,"meta_data":36703,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/94c19c6428/bm-white-robot-arms-on-automated-ev-battery-components-production-line.jpg",{"alt":645,"title":645,"source":645,"copyright":645},{"id":36705,"uuid":36706,"name":36707,"slug":36708,"full_slug":36709,"content":36710},112468994257876,"d4b0d14f-313d-4173-984f-6058f2997846","BYD, Rio Tinto among shortlisted developers for Chile’s Altoandinos  lithium opportunity","byd-rio-tinto-among-shortlisted-developers-for-chiles-altoandinos-lithium-opportunity","article/byd-rio-tinto-among-shortlisted-developers-for-chiles-altoandinos-lithium-opportunity",{"_uid":36711,"date":36712,"tags":36713,"editor":36729,"content":36733,"excerpt":36959,"featured":51,"reporter":36960,"_editable":36964,"component":689,"seo_title":36707,"categories":36965,"visibility":697,"author_company":49,"data_vis_image":36969,"featured_image":36972,"seo_description":36959,"author_full_name":49,"author_job_title":49,"formattedDate":36974},"3a30c7c7-9242-4b64-ba27-165e6e788997","2024-09-10 00:00",[36714,36715,36716,36719,36720,36723,36726,36727,36728],{"slug":1294,"name":1295},{"slug":988,"name":989},{"slug":36717,"name":36718},"cngr","CNGR",{"slug":564,"name":565},{"slug":36721,"name":36722},"eramet","Eramet",{"slug":36724,"name":36725},"lg-chem","LG Chem",{"slug":16473,"name":16474},{"slug":8535,"name":8536},{"slug":13546,"name":13547},[36730],{"slug":1466,"name":1467,"content":36731},{"job_title":1469,"image":36732,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":36734},[36735,36752,36774,36786,36791,36796,36801,36812,36831,36836,36843,36848,36853,36858,36863,36868,36873,36878,36883,36894,36917,36925,36930,36935,36955],{"type":580,"attrs":36736,"content":36737},{"textAlign":49},[36738,36740,36744,36746,36751],{"text":36739,"type":585},"A range of international companies, including ",{"text":1295,"type":585,"marks":36741},[36742],{"type":590,"attrs":36743},{"href":15994,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":36745,"type":585}," and Rio Tinto, have been shortlisted to develop Chile’s Altoandinos salt flats, as the country looks to ",{"text":36747,"type":585,"marks":36748},"boost its falling share",[36749],{"type":590,"attrs":36750},{"href":34397,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":24446,"type":585},{"type":580,"attrs":36753,"content":36754},{"textAlign":49},[36755,36760,36762,36768,36769,36773],{"text":989,"type":585,"marks":36756},[36757],{"type":590,"attrs":36758},{"href":36759,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/search/tag/chile?items_per_page=12&page_offset=0&tags[]=chile",{"text":36761,"type":585}," was the top lithium producer in 2016, but is expected to fall to third place in 2024 due to growth in ",{"text":36763,"type":585,"marks":36764},"Chinese lithium mining",[36765],{"type":590,"attrs":36766},{"href":36767,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/china-set-to-overtake-chile-as-worlds-second-largest-lithium-producer",{"text":18763,"type":585},{"text":17833,"type":585,"marks":36770},[36771],{"type":590,"attrs":36772},{"href":29340,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":36775,"content":36776},{"textAlign":49},[36777,36779,36784],{"text":36778,"type":585},"When the ",{"text":36780,"type":585,"marks":36781},"National Lithium Strategy",[36782],{"type":590,"attrs":36783},{"href":15214,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":36785,"type":585}," opened the application process this year, it attracted wide international interest with 80 expressions of interest from 54 companies across ten countries.",{"type":580,"attrs":36787,"content":36788},{"textAlign":49},[36789],{"text":36790,"type":585},"“This possibility of tapping a vast amount of resources, in a mining-friendly country with a robust history of producing lithium is of course a beacon for companies to invest in the country,” said Federico Gay, principal lithium analyst at Benchmark.",{"type":647,"attrs":36792,"content":36793},{"level":13022,"textAlign":49},[36794],{"text":36795,"type":585},"Which companies have been shortlisted?",{"type":580,"attrs":36797,"content":36798},{"textAlign":49},[36799],{"text":36800,"type":585},"Six companies have been shortlisted to develop the flats by the state-owned mining firm, Enami.",{"type":580,"attrs":36802,"content":36803},{"textAlign":49},[36804,36806,36810],{"text":36805,"type":585},"The majority of them have little experience in lithium mining or ",{"text":23503,"type":585,"marks":36807},[36808],{"type":590,"attrs":36809},{"href":23507,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":36811,"type":585}," (DLE) operations, though several are in the advanced development stages of projects with notable pipeline capacities. China’s BYD is the only one associated with a currently operating mine, through its joint venture with Tibet Mining.",{"type":580,"attrs":36813,"content":36814},{"textAlign":49},[36815,36817,36821,36823,36829],{"text":36816,"type":585},"“BYD and ",{"text":36722,"type":585,"marks":36818},[36819],{"type":590,"attrs":36820},{"href":34483,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":36822,"type":585}," are the only shortlisted companies with experience in producing lithium from DLE commercially, with ",{"text":36824,"type":585,"marks":36825},"Rio Tinto’s Rincon",[36826],{"type":590,"attrs":36827},{"href":36828,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/we-are-seeing-really-strong-interest-from-car-manufacturers-qa-with-rio-tintos-sinead-kaufman",{"text":36830,"type":585}," project planned to also start operating in a few months,” Gay said. “Rio Tinto also has some history in Chile, with its 30% stake in the Escondida mine, the largest copper operation globally.”",{"type":580,"attrs":36832,"content":36833},{"textAlign":49},[36834],{"text":36835,"type":585},"“LG and CNGR have been fighting in the last few years to secure their lithium chemicals sourcing, mainly by offtake agreements and increasing their stakes in different lithium projects, but they do not have experience managing lithium producing operations,” Gay said.",{"type":580,"attrs":36837,"content":36838},{"textAlign":49},[36839],{"type":1847,"attrs":36840},{"id":49,"alt":645,"src":36841,"title":49,"source":49,"copyright":49,"meta_data":36842},"https://a.storyblok.com/f/287943243085208/2878788f87/bm-chile-shortlist.png",{},{"type":647,"attrs":36844,"content":36845},{"level":13022,"textAlign":49},[36846],{"text":36847,"type":585},"What are the Altoandinos salt flats?",{"type":580,"attrs":36849,"content":36850},{"textAlign":49},[36851],{"text":36852,"type":585},"The Altoandinos salt flats are located in the Atacama region of Chile and comprise five salars. They are owned by the Chile state mining firm Enami.",{"type":580,"attrs":36854,"content":36855},{"textAlign":49},[36856],{"text":36857,"type":585},"Technical information regarding the salt flats will be released to the shortlisted companies soon, so exact details on the resources and chemistry of the salars are not yet publicly known.",{"type":580,"attrs":36859,"content":36860},{"textAlign":49},[36861],{"text":36862,"type":585},"However, the Chilean government has estimated that the Altoandinos salt flats can produce up to 60,000 tonnes of lithium carbonate equivalent per year.",{"type":647,"attrs":36864,"content":36865},{"level":13022,"textAlign":49},[36866],{"text":36867,"type":585},"What is Chile’s National Lithium Strategy?",{"type":580,"attrs":36869,"content":36870},{"textAlign":49},[36871],{"text":36872,"type":585},"The development of the Altoandinos salt flats is a part of Chile’s National Lithium Strategy, announced in 2023 to help reassert Chile as a global lithium player.",{"type":580,"attrs":36874,"content":36875},{"textAlign":49},[36876],{"text":36877,"type":585},"Prior to this announcement, with the exception of the Salars de Atacama and Pedernales, only the Chilean government was allowed to exploit the country’s lithium reserves.",{"type":580,"attrs":36879,"content":36880},{"textAlign":49},[36881],{"text":36882,"type":585},"This resulted in all of Chile’s current lithium production taking place in the Salar de Atacama, led by SQM and Albemarle.",{"type":580,"attrs":36884,"content":36885},{"textAlign":49},[36886,36888,36892],{"text":36887,"type":585},"The lack of tools to enable foreign investment caused Chile’s lithium output to stagnate. In 2015, the country accounted for 37% of global lithium production but this dropped to just over 25% in 2023, according to ",{"text":17833,"type":585,"marks":36889},[36890],{"type":590,"attrs":36891},{"href":29340,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":36893,"type":585},". By 2030, Benchmark forecasts this share could drop further to 14%.",{"type":580,"attrs":36895,"content":36896},{"textAlign":49},[36897,36899,36904,36905,36910,36911,36915],{"text":36898,"type":585},"“During the last few years, Chile has been losing dominance over the supply chain, as countries such as ",{"text":8533,"type":585,"marks":36900},[36901],{"type":590,"attrs":36902},{"href":36903,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/search/tag/argentina?items_per_page=12&page_offset=0&tags[]=argentina",{"text":12828,"type":585},{"text":721,"type":585,"marks":36906},[36907],{"type":590,"attrs":36908},{"href":36909,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/search/tag/china?items_per_page=12&page_offset=0&tags[]=china",{"text":6709,"type":585},{"text":3521,"type":585,"marks":36912},[36913],{"type":590,"attrs":36914},{"href":18934,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":36916,"type":585}," were recipients of large investment amounts to develop lithium assets,” Gay said.",{"type":580,"attrs":36918,"content":36919},{"textAlign":49},[36920],{"type":1847,"attrs":36921},{"id":49,"alt":36922,"src":36923,"title":49,"source":49,"copyright":49,"meta_data":36924},"Chile's lithium dominance is falling","https://a.storyblok.com/f/287943243085208/1d63da1577/bm-chiles-lithium-dominance-is-falling-1323176ef39c.png",{},{"type":580,"attrs":36926,"content":36927},{"textAlign":49},[36928],{"text":36929,"type":585},"Part of the strategy was the creation of a National Lithium Company that partners with the private sector, including international companies, on the development of the country’s lithium resources.",{"type":580,"attrs":36931,"content":36932},{"textAlign":49},[36933],{"text":36934,"type":585},"“This ambitious plan aims for the state to catalogue and accordingly exploit strategic sites, in harmony with local communities that live in the vicinity,” Gay said.",{"type":580,"attrs":36936,"content":36937},{"textAlign":49},[36938,36940,36946,36948,36953],{"text":36939,"type":585},"The strategy calls for the use of ",{"text":36941,"type":585,"marks":36942},"sustainable mining",[36943],{"type":590,"attrs":36944},{"href":36945,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/all-chilean-lithium-rated-to-worlds-most-rigorous-standard",{"text":36947,"type":585}," technologies such as ",{"text":36949,"type":585,"marks":36950},"Direct Lithium Extraction",[36951],{"type":590,"attrs":36952},{"href":24894,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":36954,"type":585},". The majority of the companies shortlisted have some degree of experience operating or developing DLE technologies.",{"type":647,"attrs":36956,"content":36957},{"level":13022,"textAlign":49},[36958],{"text":24263,"type":585},"A range of international companies, including BYD and Rio Tinto, have been shortlisted to develop Chile’s Altoandinos salt flats, as the country looks to boost its falling share of the global lithium market. Chile was the top lithium producer in 2016, but is expected to fall to third place in 2024 due to growth in […]",[36961],{"slug":1466,"name":1467,"content":36962},{"job_title":1469,"image":36963,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3a30c7c7-9242-4b64-ba27-165e6e788997\", \"id\": \"\"}-->",[36966,36967,36968],{"slug":1142,"name":1143},{"slug":695,"name":696},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":36970,"copyright":645,"fieldtype":701,"meta_data":36971,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1725895370/www-production/Chiles-lithium-dominance-is-falling-data-thumbnail/Chiles-lithium-dominance-is-falling-data-thumbnail.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":15317,"copyright":645,"fieldtype":701,"meta_data":36973,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},"Sep 10, 2024",{"id":36976,"uuid":36977,"name":36978,"slug":36979,"full_slug":36980,"content":36981},112469032395740,"bdd7a36b-4902-434f-a0c2-742789ca083a","GM and Samsung SDI finalise battery JV, signalling demand confidence","gm-and-samsung-sdi-finalise-battery-jv-signalling-demand-confidence","article/gm-and-samsung-sdi-finalise-battery-jv-signalling-demand-confidence",{"_uid":36982,"date":36983,"tags":36984,"editor":36988,"content":36992,"excerpt":37135,"featured":51,"reporter":37136,"_editable":37140,"component":689,"seo_title":36978,"categories":37141,"visibility":697,"author_company":49,"data_vis_image":37144,"featured_image":37148,"seo_description":37135,"author_full_name":49,"author_job_title":49,"formattedDate":37151},"03f2f04e-6f92-4060-874e-db0f65af5010","2024-09-04 00:00",[36985,36986,36987],{"slug":564,"name":565},{"slug":33951,"name":33952},{"slug":31861,"name":31862},[36989],{"slug":1466,"name":1467,"content":36990},{"job_title":1469,"image":36991,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":36993},[36994,36999,37004,37014,37019,37024,37040,37045,37050,37055,37072,37077,37082,37087,37092,37103,37108,37113,37118,37123,37130],{"type":580,"attrs":36995,"content":36996},{"textAlign":49},[36997],{"text":36998,"type":585},"General Motors (GM) and Samsung SDI have finalised their plans to build a US gigafactory through a joint venture in Indiana, US, demonstrating US automakers’ confidence in long-term electric vehicle (EV) demand despite a recent slowdown in growth.",{"type":580,"attrs":37000,"content":37001},{"textAlign":49},[37002],{"text":37003,"type":585},"The deal further strengthens the US battery supply chain, where a surge of investment has supported efforts to localise production, particularly since the implementation of the Inflation Reduction Act (IRA) in 2022. ",{"type":580,"attrs":37005,"content":37006},{"textAlign":49},[37007,37009,37013],{"text":37008,"type":585},"Battery cell demand in North America is forecast to grow 25% in 2024 and more than triple by 2030, according to Benchmark’s ",{"text":28896,"type":585,"marks":37010},[37011],{"type":590,"attrs":37012},{"href":35032,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":37015,"content":37016},{"textAlign":49},[37017],{"text":37018,"type":585},"GM’s Vice President of Batteries Kurt Kelty recently told Benchmark Source he is in favour of more localised supply, citing cost reduction, improved security of supply, and more dynamic battery design processes as benefits.",{"type":580,"attrs":37020,"content":37021},{"textAlign":49},[37022],{"text":37023,"type":585},"“There’s nothing we can’t fundamentally source in North America,” Kelty told Benchmark Source in an exclusive interview.",{"type":580,"attrs":37025,"content":37026},{"textAlign":49},[37027,37031,37037],{"text":37028,"type":585,"marks":37029},"Watch this exclusive interview with Kurt Kelty, Vice President of Batteries, General Motors. View more Power Players videos ",[37030],{"type":1992},{"text":20730,"type":585,"marks":37032},[37033,37036],{"type":590,"attrs":37034},{"href":37035,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/search/tag/power-players?items_per_page=12&page_offset=0&tags[]=power-players",{"type":1992},{"text":1538,"type":585,"marks":37038},[37039],{"type":1992},{"type":647,"attrs":37041,"content":37042},{"level":13022,"textAlign":49},[37043],{"text":37044,"type":585},"The joint venture",{"type":647,"attrs":37046,"content":37047},{"level":13022,"textAlign":49},[37048],{"text":37049,"type":585},"Deal confirmed despite the short-term slowdown",{"type":580,"attrs":37051,"content":37052},{"textAlign":49},[37053],{"text":37054,"type":585},"The news comes amidst negative sentiment in the market, with many cell manufacturers and automakers delaying investments and rolling back targets in recent months.",{"type":580,"attrs":37056,"content":37057},{"textAlign":49},[37058,37059,37065,37067,37071],{"text":4302,"type":585},{"text":37060,"type":585,"marks":37061},"has slowed",[37062],{"type":590,"attrs":37063},{"href":37064,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/how-bad-is-the-electric-vehicle-slowdown",{"text":37066,"type":585}," since last year, undershooting some automakers’ ambitious targets. As a result, 220 GWh of 2030 gigafactory pipeline capacity was cancelled between January and May of this year, according to Benchmark’s ",{"text":32627,"type":585,"marks":37068},[37069],{"type":590,"attrs":37070},{"href":36442,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":37073,"content":37074},{"textAlign":49},[37075],{"text":37076,"type":585},"Though the EV market grew by 20% in the first half of 2024 compared to the same period in 2023, most of this growth came from the Chinese market, according to data from Rho Motion. Chinese sales have risen 30% year-to-date, predominantly from plug-in hybrid (PHEV) sales.",{"type":580,"attrs":37078,"content":37079},{"textAlign":49},[37080],{"text":37081,"type":585},"Mercedes-Benz, Porsche, and GM have all dropped or pushed back EV targets, while Ford and VW have both delayed or cancelled new EV models.",{"type":647,"attrs":37083,"content":37084},{"level":13022,"textAlign":49},[37085],{"text":37086,"type":585},"The US’s South Korean and Japanese connection ",{"type":580,"attrs":37088,"content":37089},{"textAlign":49},[37090],{"text":37091,"type":585},"Kelty emphasised the importance of partnering with cell manufacturers in his interview with Benchmark Source last month.",{"type":580,"attrs":37093,"content":37094},{"textAlign":49},[37095,37097,37101],{"text":37096,"type":585},"GM initially worked with LG Energy Solution, with the two companies forecast to have 140 GWh of lithium ion battery capacity from their three joint-owned facilities in 2030, according to Benchmark’s ",{"text":32627,"type":585,"marks":37098},[37099],{"type":590,"attrs":37100},{"href":36442,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":37102,"type":585},". GM’s joint venture with Samsung SDI is forecast to have close to 30 GWh of capacity in the same year.",{"type":580,"attrs":37104,"content":37105},{"textAlign":49},[37106],{"text":37107,"type":585},"This fits with GM’s goal of “localising as much of production as possible,” Kelty told Source.",{"type":580,"attrs":37109,"content":37110},{"textAlign":49},[37111],{"text":37112,"type":585},"Automakers are incentivised to do this through tax credits stipulated in the US’ Inflation Reduction Act, but Kelty also set out several other advantages of more local supply chains.",{"type":580,"attrs":37114,"content":37115},{"textAlign":49},[37116],{"text":37117,"type":585},"“There’s a lot of other hidden costs [aside from price] that go with a supply chain that’s overseas,” said Kelty, noting waiting times for material to be shipped from Asia, the subsequent loss of agility when trying to iterate on cell design, and the improved security of supply when sourcing domestically.",{"type":580,"attrs":37119,"content":37120},{"textAlign":49},[37121],{"text":37122,"type":585},"To achieve local production many US automakers have partnered with South Korean and Japanese whose scale and expertise in cell manufacturing have enabled a rapid build out of capacity. ",{"type":580,"attrs":37124,"content":37125},{"textAlign":49},[37126],{"type":1847,"attrs":37127},{"id":49,"alt":645,"src":37128,"title":49,"source":49,"copyright":49,"meta_data":37129},"https://a.storyblok.com/f/287943243085208/52d44e8b0c/bm-japanese-and-south-korean-battery-manufacturers-stacked-column-chart.png",{},{"type":580,"attrs":37131,"content":37132},{"textAlign":49},[37133],{"text":37134,"type":585},"In 2030, Benchmark forecasts there will be 11 US-based gigafactories joint owned by US automakers and Japanese or South Korean battery manufacturers, producing more than 320 GWh of lithium ion batteries.","General Motors (GM) and Samsung SDI have finalised their plans to build a US gigafactory through a joint venture in Indiana, US, demonstrating US automakers’ confidence in long-term electric vehicle (EV) demand despite a recent slowdown in growth. The deal further strengthens the US battery supply chain, where a surge of investment has supported efforts […]",[37137],{"slug":1466,"name":1467,"content":37138},{"job_title":1469,"image":37139,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"03f2f04e-6f92-4060-874e-db0f65af5010\", \"id\": \"\"}-->",[37142,37143],{"slug":956,"name":957},{"slug":3379,"name":3380},{"id":49,"alt":37145,"name":645,"focus":645,"title":37145,"source":645,"filename":37146,"copyright":645,"fieldtype":701,"meta_data":37147,"is_external_url":51},"Stacked column chart showing battery production in 2024 and 2030 from South Korean and Japanese companies JVs with US automakers, production from South Korean and Japanese companies, and other gigafactories","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1725441634/www-production/No-Y-Axis-Japanese-and-South-Korean-battery-manufacturers-stacked-column-chart/No-Y-Axis-Japanese-and-South-Korean-battery-manufacturers-stacked-column-chart.png?_i=AA",{"alt":37145,"title":37145,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":37149,"copyright":645,"fieldtype":701,"meta_data":37150,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c6bcd378d3/bm-gm-and-samsung-finalise-jv.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Sep 04, 2024",{"id":37153,"uuid":37154,"name":37155,"slug":37156,"full_slug":37157,"content":37158},112469056951366,"9fbcc502-b317-496b-9eeb-60bcd99132d8","Lithium ion’s leading producers in 2030: China to dominate as West ramps up","lithium-ions-leading-producers-in-2030-china-to-dominate-as-west-ramps-up","article/lithium-ions-leading-producers-in-2030-china-to-dominate-as-west-ramps-up",{"_uid":37159,"date":37160,"tags":37161,"editor":37165,"content":37169,"excerpt":37240,"featured":51,"reporter":37241,"_editable":37245,"component":689,"seo_title":37155,"categories":37246,"visibility":2019,"author_company":49,"data_vis_image":37249,"featured_image":37252,"seo_description":37240,"author_full_name":49,"author_job_title":49,"formattedDate":37255},"53c896df-2742-4449-bd8f-d84006757669","2024-09-02 00:00",[37162,37163,37164],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":561,"name":562},[37166],{"slug":9249,"name":9250,"content":37167},{"job_title":9252,"image":37168,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":37170},[37171,37176,37181,37188,37193,37198,37203,37213,37218,37224],{"type":580,"attrs":37172,"content":37173},{"textAlign":49},[37174],{"text":37175,"type":585},"An early mover in the lithium ion battery supply chain, China is home to a significant proportion of global supply and many of the largest companies. The country has the highest 2030 pipeline capacity at close to 6,300 gigawatt hours (GWh), totalling 67% of global capacity. ",{"type":580,"attrs":37177,"content":37178},{"textAlign":49},[37179],{"text":37180,"type":585},"It follows that the largest Tier 1 manufacturers are Chinese companies, namely CATL and BYD with more than 1,000 GWh and 500 GWh respectively.",{"type":580,"attrs":37182,"content":37183},{"textAlign":49},[37184],{"type":1847,"attrs":37185},{"id":49,"alt":645,"src":37186,"title":49,"source":49,"copyright":49,"meta_data":37187},"https://a.storyblok.com/f/287943243085208/f6d01ed952/bm-top-lithium-ion-battery-producers-inforgraphic.jpg",{},{"type":580,"attrs":37189,"content":37190},{"textAlign":49},[37191],{"text":37192,"type":585},"The US has the second highest capacity at almost 1,300 GWh, making up 14% of global capacity but only a fifth of China’s total. Tier 1 capacity makes up 58% of the US’ total battery capacity. Only Hungary (86%) and South Korea (95%) have a higher proportion of Tier 1 capacity and both countries have significantly lower total battery capacity.",{"type":580,"attrs":37194,"content":37195},{"textAlign":49},[37196],{"text":37197,"type":585},"South Korean and Japanese companies have a substantial presence in the US. Of the 1,200 GWh 2030 pipeline capacity, more than 700 GWh comes from LG Energy Solution, Samsung, SK On, and Panasonic.",{"type":580,"attrs":37199,"content":37200},{"textAlign":49},[37201],{"text":37202,"type":585},"The US’ desire to reduce its dependence from China for national security reasons has supported the build out of its lithium ion battery supply chain. In pursuit of this, the US has introduced policies like the Inflation Reduction Act (IRA), a significant portion of which is aimed at building domestic cleantech industries. Stipulations like the Foreign Entity of Concern clause of the IRA encourage OEMs to source materials and products from outside of China.",{"type":580,"attrs":37204,"content":37205},{"textAlign":49},[37206,37208,37212],{"text":37207,"type":585},"Hungary has the highest Tier 1 capacity in Europe and has been the beneficiary of €16 billion ($17.7 billion) worth of Chinese foreign direct investment. CATL and EVE Energy’s projects are forecast to produce 68 GWh of lithium ion batteries in 2030, according to Benchmark’s ",{"text":28896,"type":585,"marks":37209},[37210],{"type":590,"attrs":37211},{"href":26410,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":647,"attrs":37214,"content":37215},{"level":13022,"textAlign":49},[37216],{"text":37217,"type":585},"Join us at Benchmark Week 2024",{"type":580,"attrs":37219,"content":37220},{"textAlign":49},[37221],{"text":33770,"type":585,"marks":37222},[37223],{"type":1992},{"type":580,"attrs":37225,"content":37226},{"textAlign":49},[37227,37231,37237],{"text":37228,"type":585,"marks":37229},"Join us at Benchmark Week to forge connections, identify future partners and unlock market opportunities. ",[37230],{"type":1992},{"text":37232,"type":585,"marks":37233},"Purchase your tickets today",[37234,37236],{"type":590,"attrs":37235},{"href":33368,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"text":1538,"type":585,"marks":37238},[37239],{"type":1992},"An early mover in the lithium ion battery supply chain, China is home to a significant proportion of global supply and many of the largest companies. The country has the highest 2030 pipeline capacity at close to 6,300 gigawatt hours (GWh), totalling 67% of global capacity. It follows that the largest Tier 1 manufacturers are […]",[37242],{"slug":9249,"name":9250,"content":37243},{"job_title":9252,"image":37244,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"53c896df-2742-4449-bd8f-d84006757669\", \"id\": \"\"}-->",[37247,37248],{"slug":956,"name":957},{"slug":3379,"name":3380},{"id":49,"alt":37250,"name":645,"focus":645,"title":37250,"source":645,"filename":37186,"copyright":645,"fieldtype":701,"meta_data":37251,"is_external_url":51},"Treemap showing the top lithium ion battery producers in each country and what Tier they are",{"alt":37250,"title":37250,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":37253,"copyright":645,"fieldtype":701,"meta_data":37254,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/80123b71be/bm-featured-image-top-lithium-ion-battery-producers-inforgraphic.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Sep 02, 2024",{"id":37257,"uuid":37258,"name":37259,"slug":37260,"full_slug":37261,"content":37262},112469066429513,"2de64a90-1f70-48bc-9a21-c86ce2f2e366","New entrants drive sodium ion battery capacity growth","new-entrants-drive-sodium-ion-battery-capacity-growth","article/new-entrants-drive-sodium-ion-battery-capacity-growth",{"_uid":37263,"date":37264,"tags":37265,"editor":37268,"content":37272,"excerpt":37357,"featured":51,"reporter":37358,"_editable":37362,"component":689,"seo_title":37259,"categories":37363,"visibility":697,"author_company":49,"data_vis_image":37365,"featured_image":37369,"seo_description":37357,"author_full_name":49,"author_job_title":49,"formattedDate":37373},"e0fd89a6-6673-45fe-93db-17f04ece9b45","2024-08-30 00:00",[37266,37267],{"slug":564,"name":565},{"slug":20054,"name":20055},[37269],{"slug":9249,"name":9250,"content":37270},{"job_title":9252,"image":37271,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":37273},[37274,37285,37290,37295,37300,37305,37316,37324,37329,37334,37339,37352],{"type":580,"attrs":37275,"content":37276},{"textAlign":49},[37277,37279,37284],{"text":37278,"type":585},"Sodium ion battery capacity is surging as an additional 50 gigawatt-hours (GWh) are expected to come online this year along with 14 new market entrants, taking global capacity to 70 GWh, according to ",{"text":31024,"type":585,"marks":37280},[37281],{"type":590,"attrs":37282},{"href":37283,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/sodium-ion-batteries/data-reports/market-assessments/",{"text":1538,"type":585},{"type":580,"attrs":37286,"content":37287},{"textAlign":49},[37288],{"text":37289,"type":585},"Benchmark forecasts there will be over 370 GWh of sodium ion battery capacity in 2030 as the industry ramps up to meet growing energy storage needs. ",{"type":580,"attrs":37291,"content":37292},{"textAlign":49},[37293],{"text":37294,"type":585},"“The price of lithium ion batteries has a significant influence on the commercial viability of sodium ion batteries. An increase in the price, or further price volatility of lithium chemicals, would likely increase interest in sodium ion batteries, as they are independent of the lithium supply chain,” said Catherine Peake, an analyst at Benchmark.",{"type":647,"attrs":37296,"content":37297},{"level":13022,"textAlign":49},[37298],{"text":37299,"type":585},"Sodium ion’s capacity ramp-up",{"type":580,"attrs":37301,"content":37302},{"textAlign":49},[37303],{"text":37304,"type":585},"The move to build out sodium ion battery capacity was predominantly driven by high lithium prices in 2022. Lithium averaged $77.4 per kg over Q4 2022, having been around half that at the start of the year.",{"type":580,"attrs":37306,"content":37307},{"textAlign":49},[37308,37310,37314],{"text":37309,"type":585},"As a result of these high lithium prices, companies moved to develop sodium ion battery capacity. Of the 55 cell manufacturing facilities monitored within ",{"text":31024,"type":585,"marks":37311},[37312],{"type":590,"attrs":37313},{"href":37283,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":37315,"type":585},", 29 companies are expected to be active in 2024. By 2028, an additional 18 companies are expected to be contributing to supply.",{"type":580,"attrs":37317,"content":37318},{"textAlign":49},[37319],{"type":1847,"attrs":37320},{"id":49,"alt":37321,"src":37322,"title":49,"source":49,"copyright":49,"meta_data":37323},"Two treemaps showing sodium ion battery market share by capacity, one for 2024 and 2030","https://a.storyblok.com/f/287943243085208/a22da0a59a/bm-sib-capacity-market-share-v4.png",{},{"type":647,"attrs":37325,"content":37326},{"level":13022,"textAlign":49},[37327],{"text":37328,"type":585},"Oversupply this decade",{"type":580,"attrs":37330,"content":37331},{"textAlign":49},[37332],{"text":37333,"type":585},"Lithium ion battery prices have fallen considerably as raw material input costs have dropped, reducing the appeal of sodium ion cells. A lithium iron phosphate (LFP) cell cost around $100 per kilowatt hour (kWh) in December 2022 and now costs around $65 per kWh. ",{"type":580,"attrs":37335,"content":37336},{"textAlign":49},[37337],{"text":37338,"type":585},"As a result, the near-term boost in sodium ion battery demand has not been realised, producing an oversupply of sodium ion batteries in the short- and mid-term. However, demand is expected to rise as the cost of sodium ion batteries reduces and due to the desire for more diverse battery supply chains.",{"type":580,"attrs":37340,"content":37341},{"textAlign":49},[37342,37344,37350],{"text":37343,"type":585},"The energy storage systems (ESS) market is initially the strongest driver of demand, where sodium ion batteries offer ",{"text":37345,"type":585,"marks":37346},"several key advantages",[37347],{"type":590,"attrs":37348},{"href":37349,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/what-role-can-sodium-ion-batteries-play-in-energy-storage",{"text":37351,"type":585},". Demand from the ESS sector is strongest in China, which is forecast to be responsible for 64% of demand in 2030, but present across Europe (15%) and North America (9%) too.",{"type":580,"attrs":37353,"content":37354},{"textAlign":49},[37355],{"text":37356,"type":585},"By 2036, demand from the electric vehicle (EV) market – especially micromobility and two-and-three wheelers – overtakes that from ESS. Sodium ion batteries have a lower energy density than lithium ion alternatives so are unlikely to compete with such cells in sectors of the EV market that prioritise range.","Sodium ion battery capacity is surging as an additional 50 gigawatt-hours (GWh) are expected to come online this year along with 14 new market entrants, taking global capacity to 70 GWh, according to Benchmark’s Sodium ion Battery Forecast. Benchmark forecasts there will be over 370 GWh of sodium ion battery capacity in 2030 as the […]",[37359],{"slug":9249,"name":9250,"content":37360},{"job_title":9252,"image":37361,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e0fd89a6-6673-45fe-93db-17f04ece9b45\", \"id\": \"\"}-->",[37364],{"slug":956,"name":957},{"id":49,"alt":37366,"name":645,"focus":645,"title":37366,"source":645,"filename":37367,"copyright":645,"fieldtype":701,"meta_data":37368,"is_external_url":51},"Treemap showing the market share of sodium ion battery companies by capacity in 2030","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1725024684/www-production/2030-sodium-ion-market-capacity-share-treemap/2030-sodium-ion-market-capacity-share-treemap.png?_i=AA",{"alt":37366,"title":37366,"source":645,"copyright":645},{"id":49,"alt":37370,"name":645,"focus":645,"title":37370,"source":645,"filename":37371,"copyright":645,"fieldtype":701,"meta_data":37372,"is_external_url":51},"Two sodium ion batteries in pile of salt on black background","https://a.storyblok.com/f/287943243085208/facb1bc021/bm-sodium-ion-battery-new-entrants-feature-image.jpg",{"alt":37370,"title":37370,"source":645,"copyright":645},"Aug 30, 2024",{"id":37375,"uuid":37376,"name":37377,"slug":37378,"full_slug":37379,"content":37380},112469111641170,"7fd7517d-1d65-41c2-b679-ef814f07b327","How much of the global battery supply chain is owned by Chinese companies?","how-much-of-the-global-battery-supply-chain-is-owned-by-chinese-companies","article/how-much-of-the-global-battery-supply-chain-is-owned-by-chinese-companies",{"_uid":37381,"date":37382,"tags":37383,"editor":37386,"content":37390,"excerpt":37624,"featured":51,"reporter":37625,"_editable":37629,"component":689,"seo_title":37377,"categories":37630,"visibility":697,"author_company":49,"data_vis_image":37641,"featured_image":37643,"seo_description":37624,"author_full_name":49,"author_job_title":49,"formattedDate":37646},"d4f33e09-6324-4b5b-8332-51bbe6aa6756","2024-08-22 00:00",[37384,37385],{"slug":720,"name":721},{"slug":564,"name":565},[37387],{"slug":1466,"name":1467,"content":37388},{"job_title":1469,"image":37389,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":37391},[37392,37405,37410,37423,37436,37441,37446,37451,37459,37464,37477,37482,37487,37494,37515,37520,37525,37533,37538,37543,37548,37567,37572,37583,37588,37600,37604,37610],{"type":580,"attrs":37393,"content":37394},{"textAlign":49},[37395,37397,37403],{"text":37396,"type":585},"Western countries are increasingly looking to ",{"text":37398,"type":585,"marks":37399},"derisk their battery supply chains from China",[37400],{"type":590,"attrs":37401},{"href":37402,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/can-us-and-european-policy-tackle-chinas-ev-dominance",{"text":37404,"type":585}," in a bid to boost domestic resilience.",{"type":580,"attrs":37406,"content":37407},{"textAlign":49},[37408],{"text":37409,"type":585},"However, Chinese companies have the most experience developing and ramping up projects across the battery value chain as well as access to cheaper capital and state subsidies. This technical know-how is required to support the build out of supply outside of China.",{"type":580,"attrs":37411,"content":37412},{"textAlign":49},[37413,37415,37421],{"text":37414,"type":585},"In May, US President Biden unveiled a raft of new tariffs imposed on goods imported from China including a 25% tariff on critical minerals and batteries and a ",{"text":37416,"type":585,"marks":37417},"100% tariff on electric vehicles",[37418],{"type":590,"attrs":37419},{"href":37420,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/us-hikes-tariffs-to-further-isolate-china-from-its-ev-supply-chain-ambitions",{"text":37422,"type":585},". These tariffs, however, only apply to material originating in China and not from companies with Chinese involvement outside of the country.",{"type":580,"attrs":37424,"content":37425},{"textAlign":49},[37426,37428,37434],{"text":37427,"type":585},"“China has a firm grip on the various critical mineral and battery supply chains, both in terms of manufacturing in China and corporate involvement around the world, and China has flexed its muscles before through export restrictions,” Bryan Bille, a policy analyst at Benchmark, said. “",{"text":37429,"type":585,"marks":37430},"Geopolitical actors like the EU",[37431],{"type":590,"attrs":37432},{"href":37433,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/europes-anti-subsidy-probe-results-in-almost-50-tariffs-on-chinese-ev-imports",{"text":37435,"type":585}," and the US are aiming to derisk from China through supply localisation and diversification.”",{"type":580,"attrs":37437,"content":37438},{"textAlign":49},[37439],{"text":37440,"type":585},"In this Benchmark Source analysis, we look at how far reaching China’s involvement is in the global battery supply chain and how this could allow Chinese companies to avoid tariffs on mineral imports.",{"type":647,"attrs":37442,"content":37443},{"level":13022,"textAlign":49},[37444],{"text":37445,"type":585},"Chinese companies have stakes in much ex-China mined supply",{"type":580,"attrs":37447,"content":37448},{"textAlign":49},[37449],{"text":37450,"type":585},"With the exception of graphite, over 50% of the mined supply of critical minerals takes place outside of China. However, much of this supply comes from partly or fully owned Chinese companies.",{"type":580,"attrs":37452,"content":37453},{"textAlign":49},[37454],{"type":1847,"attrs":37455},{"id":49,"alt":37456,"src":37457,"title":49,"source":49,"copyright":49,"meta_data":37458},"Chinese companies are involved in significant proportions of critical mineral mining","https://a.storyblok.com/f/287943243085208/e52aee1f1b/bm-china-donut-charts-v4-01.png",{},{"type":580,"attrs":37460,"content":37461},{"textAlign":49},[37462],{"text":37463,"type":585},"Nickel and manganese mining have the least direct involvement by Chinese companies with 74% and 76%, respectively, having no Chinese involvement.",{"type":580,"attrs":37465,"content":37466},{"textAlign":49},[37467,37469,37475],{"text":37468,"type":585},"For nickel, this mining predominantly ",{"text":37470,"type":585,"marks":37471},"takes place in Indonesia",[37472],{"type":590,"attrs":37473},{"href":37474,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/infographic-chinas-influence-over-indonesian-nickel",{"text":37476,"type":585},", which has banned the export of nickel ores from the country in order to capture the value from refining the ore.",{"type":647,"attrs":37478,"content":37479},{"level":13022,"textAlign":49},[37480],{"text":37481,"type":585},"Most battery chemical production is located in China",{"type":580,"attrs":37483,"content":37484},{"textAlign":49},[37485],{"text":37486,"type":585},"Converting mined mineral supplies into chemicals suited to the battery industry is mostly dominated by production in China.",{"type":580,"attrs":37488,"content":37489},{"textAlign":49},[37490],{"type":1847,"attrs":37491},{"id":49,"alt":645,"src":37492,"title":49,"source":49,"copyright":49,"meta_data":37493},"https://a.storyblok.com/f/287943243085208/f976848694/bm-china-donut-charts-v4-03-13225111dabe.png",{},{"type":580,"attrs":37495,"content":37496},{"textAlign":49},[37497,37499,37505,37507,37513],{"text":37498,"type":585},"Although there is significant ",{"text":37500,"type":585,"marks":37501},"synthetic graphite production",[37502],{"type":590,"attrs":37503},{"href":37504,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinese-synthetic-graphite-faces-25-tariff-in-us-as-exemption-ends",{"text":37506,"type":585}," spread around the world, ",{"text":37508,"type":585,"marks":37509},"supply of material suitable for use in battery anodes",[37510],{"type":590,"attrs":37511},{"href":37512,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/ex-china-coke-supply-lags-synthetic-graphite-buildout",{"text":37514,"type":585}," is mostly located in China, with only 2% located outside of the country.",{"type":647,"attrs":37516,"content":37517},{"level":13022,"textAlign":49},[37518],{"text":37519,"type":585},"Very little active material and cell production has no Chinese involvement",{"type":580,"attrs":37521,"content":37522},{"textAlign":49},[37523],{"text":37524,"type":585},"The production of cathode and anode material is mostly located in China, and the vast majority of the cathode material produced outside of China involves Chinese companies to some degree.",{"type":580,"attrs":37526,"content":37527},{"textAlign":49},[37528],{"type":1847,"attrs":37529},{"id":49,"alt":37530,"src":37531,"title":49,"source":49,"copyright":49,"meta_data":37532},"The production of battery cells and components depends on Chinese companies","https://a.storyblok.com/f/287943243085208/a0834f1f9d/bm-china-donut-charts-v4-02.png",{},{"type":580,"attrs":37534,"content":37535},{"textAlign":49},[37536],{"text":37537,"type":585},"The production of so much active material in China makes sense given the concentration of gigafactories in the country.",{"type":647,"attrs":37539,"content":37540},{"level":13022,"textAlign":49},[37541],{"text":37542,"type":585},"Can tariffs be avoided?",{"type":580,"attrs":37544,"content":37545},{"textAlign":49},[37546],{"text":37547,"type":585},"Both the EU and US have enacted tariffs that aim to derisk their EV supply chains from China.",{"type":580,"attrs":37549,"content":37550},{"textAlign":49},[37551,37553,37558,37560,37565],{"text":37552,"type":585},"The US has made it clear that it hopes to entirely disconnect its supply chains from Chinese firms. In addition to the 100% tariffs on Chinese EVs, the US imposes a ",{"text":37554,"type":585,"marks":37555},"25% tariff",[37556],{"type":590,"attrs":37557},{"href":37420,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":37559,"type":585}," on ",{"text":37561,"type":585,"marks":37562},"many critical minerals",[37563],{"type":590,"attrs":37564},{"href":24208,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":37566,"type":585}," from China.",{"type":580,"attrs":37568,"content":37569},{"textAlign":49},[37570],{"text":37571,"type":585},"It will struggle to derisk from China for almost all of the battery minerals. However, it might just be able to source enough lithium to meet its demand.",{"type":580,"attrs":37573,"content":37574},{"textAlign":49},[37575,37577,37582],{"text":37576,"type":585},"Although Chinese companies operating outside of China could skirt the US tariffs on critical minerals, such supply could still fall foul of Foreign Entity of Concern rules in the ",{"text":25844,"type":585,"marks":37578},[37579],{"type":590,"attrs":37580},{"href":37581,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/search/tag/Inflation-Reduction-Act",{"text":1538,"type":585},{"type":580,"attrs":37584,"content":37585},{"textAlign":49},[37586],{"text":37587,"type":585},"However, not all governments are so strongly against Chinese companies operating in their regions.",{"type":580,"attrs":37589,"content":37590},{"textAlign":49},[37591,37593,37598],{"text":37592,"type":585},"“Importantly, the ",{"text":33677,"type":585,"marks":37594},[37595],{"type":590,"attrs":37596},{"href":37597,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/eu-forecast-to-fall-short-of-2030-crma-targets-without-ambitious-action",{"text":37599,"type":585}," remains open to Chinese imports and investments in Europe,” Bille said. “The US is far more hostile towards Chinese investments in the US.”",{"type":647,"attrs":37601,"content":37602},{"level":13022,"textAlign":49},[37603],{"text":37217,"type":585},{"type":580,"attrs":37605,"content":37606},{"textAlign":49},[37607],{"text":33770,"type":585,"marks":37608},[37609],{"type":1992},{"type":580,"attrs":37611,"content":37612},{"textAlign":49},[37613,37616,37621],{"text":37228,"type":585,"marks":37614},[37615],{"type":1992},{"text":37232,"type":585,"marks":37617},[37618,37620],{"type":590,"attrs":37619},{"href":33368,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"text":1538,"type":585,"marks":37622},[37623],{"type":1992},"Western countries are increasingly looking to derisk their battery supply chains from China in a bid to boost domestic resilience. However, Chinese companies have the most experience developing and ramping up projects across the battery value chain as well as access to cheaper capital and state subsidies. This technical know-how is required to support the […]",[37626],{"slug":1466,"name":1467,"content":37627},{"job_title":1469,"image":37628,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d4f33e09-6324-4b5b-8332-51bbe6aa6756\", \"id\": \"\"}-->",[37631,37632,37633,37634,37635,37636,37637,37638,37639,37640],{"slug":2162,"name":261},{"slug":956,"name":957},{"slug":2623,"name":298},{"slug":2544,"name":115},{"slug":1142,"name":1143},{"slug":695,"name":696},{"slug":3379,"name":3380},{"slug":2627,"name":2628},{"slug":1693,"name":8},{"slug":4962,"name":4963},{"id":49,"alt":37456,"name":645,"focus":645,"title":37456,"source":645,"filename":37457,"copyright":645,"fieldtype":701,"meta_data":37642,"is_external_url":51},{"alt":37456,"title":37456,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":37644,"copyright":645,"fieldtype":701,"meta_data":37645,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/a09ec7a19b/bm-chinas-dominance-header-image-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Aug 22, 2024",{"id":37648,"uuid":37649,"name":37650,"slug":37651,"full_slug":37652,"content":37653},112469130609752,"6fcc0fcb-f366-4bbf-bd8a-5228be676fd2","How China is reshaping the global copper market","how-china-is-reshaping-the-global-copper-market","article/how-china-is-reshaping-the-global-copper-market",{"_uid":37654,"date":37655,"tags":37656,"editor":37660,"content":37664,"excerpt":37727,"featured":51,"reporter":37728,"_editable":37732,"component":689,"seo_title":37650,"categories":37733,"visibility":2019,"author_company":49,"data_vis_image":37736,"featured_image":37739,"seo_description":37727,"author_full_name":49,"author_job_title":49,"formattedDate":37742},"8e410645-1322-4593-a917-f199e540fefd","2024-08-16 00:00",[37657,37658,37659],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":2480,"name":2481},[37661],{"slug":1466,"name":1467,"content":37662},{"job_title":1469,"image":37663,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":37665},[37666,37679,37687,37692,37697,37702,37707,37714],{"type":580,"attrs":37667,"content":37668},{"textAlign":49},[37669,37671,37677],{"text":37670,"type":585},"China is reshaping the copper landscape. From a marginal player little over a decade ago, the country has emerged as a dominant force in the copper industry: supply from Chinese-backed operations is projected to increase by over 300% between 2010-2028, according to ",{"text":37672,"type":585,"marks":37673},"Benchmark estimates.",[37674],{"type":590,"attrs":37675},{"href":37676,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/copper-weekly/",{"text":37678,"type":585}," This focus on resource development has come as western peers have largely retreated away from building new projects.",{"type":580,"attrs":37680,"content":37681},{"textAlign":49},[37682],{"type":1847,"attrs":37683},{"id":49,"alt":37684,"src":37685,"title":49,"source":49,"copyright":49,"meta_data":37686},"Infographic showing the top 3 copper producers globally vs China's copper production","https://a.storyblok.com/f/287943243085208/ae427d5bc7/bm-benchmark-2-chinas-share-of-copper-app-3.jpg",{},{"type":580,"attrs":37688,"content":37689},{"textAlign":49},[37690],{"text":37691,"type":585},"The rise of China’s top copper miners—CMOC, Zijin Mining, and China Northern Rare Earth Group—is emblematic of this growth. These companies have demonstrated an appetite to engage in risky and complex mining jurisdictions, particularly in Africa. Unlike many western companies, which have shied away from politically unstable regions, Chinese firms have actively pursued opportunities in countries such as the Democratic Republic of Congo (DRC) and Zambia. ",{"type":580,"attrs":37693,"content":37694},{"textAlign":49},[37695],{"text":37696,"type":585},"This bold approach has enabled China to secure long-term access to critical copper reserves, ramping up operations at a time when a lack of new mined supply threatens to slow the global energy transition.",{"type":580,"attrs":37698,"content":37699},{"textAlign":49},[37700],{"text":37701,"type":585},"CMOC, for instance, has emerged as a leading copper and cobalt producer, following the acquisition of the Tenke Fungurume mine and Kisanfu project in the DRC from Freeport-McMoRan. Since then, its output has outperformed industry expectations, growing copper production from negligible levels to over 500,000 tonnes annually in 2024. The company has also cemented itself as the world’s leading cobalt producer.",{"type":580,"attrs":37703,"content":37704},{"textAlign":49},[37705],{"text":37706,"type":585},"China’s pursuit of copper has been driven by a determination to achieve self-sufficiency in copper concentrate supply, essential to feed its vast domestic smelting capacity. This is undoubtedly a strategic move, safeguarding copper supply – the key building block on which the energy transition is being built – as the geopolitical landscape becomes ever-more fraught and uncertain.",{"type":580,"attrs":37708,"content":37709},{"textAlign":49},[37710],{"text":37711,"type":585,"marks":37712},"First-hand accounts of the China copper market are part of the expert market insights provided in Benchmark’s free Copper Weekly newsletter.",[37713],{"type":1992},{"type":580,"attrs":37715,"content":37716},{"textAlign":49},[37717,37723],{"text":37718,"type":585,"marks":37719},"Sign up to request Copper Weekly",[37720,37722],{"type":590,"attrs":37721},{"href":37676,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"text":37724,"type":585,"marks":37725}," and access copper market news and analysis direct to your email every Monday.",[37726],{"type":1992},"China is reshaping the copper landscape. From a marginal player little over a decade ago, the country has emerged as a dominant force in the copper industry: supply from Chinese-backed operations is projected to increase by over 300% between 2010-2028, according to Benchmark estimates. This focus on resource development has come as western peers have […]",[37729],{"slug":1466,"name":1467,"content":37730},{"job_title":1469,"image":37731,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8e410645-1322-4593-a917-f199e540fefd\", \"id\": \"\"}-->",[37734,37735],{"slug":1140,"name":1136},{"slug":1142,"name":1143},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":37737,"copyright":645,"fieldtype":701,"meta_data":37738,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1724163611/www-production/Benchmark-2_Chinas-Share-of-Copper_App-3-1/Benchmark-2_Chinas-Share-of-Copper_App-3-1.jpg?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":37740,"copyright":645,"fieldtype":701,"meta_data":37741,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/68652ed2e4/bm-katanga-copper-mine.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Aug 16, 2024",{"id":37744,"uuid":37745,"name":37746,"slug":37747,"full_slug":37748,"content":37749},112469154448478,"6b0910f0-4660-43f9-a593-5e61aea2a3ba","$1.6 trillion investment needed in battery industry by 2040","1-6-trillion-investment-needed-in-battery-industry-by-2040","article/1-6-trillion-investment-needed-in-battery-industry-by-2040",{"_uid":37750,"date":37751,"tags":37752,"editor":37755,"content":37759,"excerpt":37906,"featured":51,"reporter":37907,"_editable":37911,"component":689,"seo_title":37746,"categories":37912,"visibility":2019,"author_company":49,"data_vis_image":37923,"featured_image":37925,"seo_description":37928,"author_full_name":49,"author_job_title":49,"formattedDate":37929},"f280f163-b9b9-4453-bf04-88c9d6d14f21","2024-08-14 00:00",[37753,37754],{"slug":564,"name":565},{"slug":2480,"name":2481},[37756],{"slug":9249,"name":9250,"content":37757},{"job_title":9252,"image":37758,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":37760},[37761,37774,37784,37797,37805,37818,37846,37859,37870,37882,37886,37892],{"type":580,"attrs":37762,"content":37763},{"textAlign":49},[37764,37766,37772],{"text":37765,"type":585},"To plug the gap between ",{"text":37767,"type":585,"marks":37768},"today’s battery industry",[37769],{"type":590,"attrs":37770},{"href":37771,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/words-of-welcome-from-simon-moores",{"text":37773,"type":585}," and 2040 battery demand will require at least $1.6 trillion of investment. This is almost triple the $571 billion needed to meet 2030 demand.",{"type":580,"attrs":37775,"content":37776},{"textAlign":49},[37777,37779,37783],{"text":37778,"type":585},"Such large investments are needed as battery demand is forecast to grow from 937 gigawatt-hours in 2023 to 3.7 terawatt-hours in 2030. From 2030 to 2040, battery demand will double again, according to ",{"text":28866,"type":585,"marks":37780},[37781],{"type":590,"attrs":37782},{"href":13199,"uuid":49,"anchor":49,"target":1492,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":37785,"content":37786},{"textAlign":49},[37787,37789,37795],{"text":37788,"type":585},"Of this 2040 investment, 44% is needed to build the ",{"text":37790,"type":585,"marks":37791},"battery gigafactories",[37792],{"type":590,"attrs":37793},{"href":37794,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/920-billion-needed-to-bridge-the-great-raw-material-disconnect-benchmark-ceo-simon-moores",{"text":37796,"type":585}," that produce the battery cells and assemble the packs.",{"type":580,"attrs":37798,"content":37799},{"textAlign":49},[37800],{"type":1847,"attrs":37801},{"id":49,"alt":37802,"src":37803,"title":49,"source":49,"copyright":49,"meta_data":37804},"Investments needed to meet future battery demand","https://a.storyblok.com/f/287943243085208/bcf0037882/bm-benchmark-1-battery-capex-final-2.jpg",{},{"type":580,"attrs":37806,"content":37807},{"textAlign":49},[37808,37810,37816],{"text":37809,"type":585},"As more gigafactories come online and an increasing number of electric vehicles reach their end of life, the ",{"text":37811,"type":585,"marks":37812},"battery scrap pool",[37813],{"type":590,"attrs":37814},{"href":37815,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/western-battery-scrap-to-account-for-over-third-of-global-pool-by-2035",{"text":37817,"type":585}," is set to grow substantially.",{"type":580,"attrs":37819,"content":37820},{"textAlign":49},[37821,37823,37829,37831,37836,37838,37844],{"text":37822,"type":585},"To build the capacity required to ",{"text":37824,"type":585,"marks":37825},"recycle this scrap",[37826],{"type":590,"attrs":37827},{"href":37828,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/automakers-ramp-up-recycling-plans-as-volvo-and-catl-agree-partnership",{"text":37830,"type":585}," into ",{"text":4807,"type":585,"marks":37832},[37833],{"type":590,"attrs":37834},{"href":37835,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/battery-recycling-pool-could-supplement-2040-lithium-supply-with-equivalent-to-30-mines",{"text":37837,"type":585}," will require $26 billion ",{"text":37839,"type":585,"marks":37840},"by 2030",[37841],{"type":590,"attrs":37842},{"href":37843,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/crma-boosts-eus-2030-battery-recycling-pipeline-by-28",{"text":37845,"type":585},". The required investment grows five-fold to $157 billion to process the large amount of battery scrap that is forecast to be available by 2040.",{"type":580,"attrs":37847,"content":37848},{"textAlign":49},[37849,37851,37857],{"text":37850,"type":585},"Of the critical raw materials, ",{"text":37852,"type":585,"marks":37853},"lithium will require the largest investments",[37854],{"type":590,"attrs":37855},{"href":37856,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lithium-industry-needs-over-116-billion-to-meet-automaker-and-policy-targets-by-2030",{"text":37858,"type":585},": $94 billion to meet 2030 demand, and double that to meet 2040 demand.",{"type":580,"attrs":37860,"content":37861},{"textAlign":49},[37862,37868],{"text":37863,"type":585,"marks":37864},"Cathode active material",[37865],{"type":590,"attrs":37866},{"href":37867,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/how-is-the-post-ira-cathode-landscape-evolving",{"text":37869,"type":585}," production accounts for 52% of the midstream investment needed to meet 2040 demand.",{"type":580,"attrs":37871,"content":37872},{"textAlign":49},[37873,37875,37880],{"text":37874,"type":585},"These investment costs are all based on Benchmark’s base case scenario. If the ",{"text":37876,"type":585,"marks":37877},"ambitious targets set out by policymakers",[37878],{"type":590,"attrs":37879},{"href":37597,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":37881,"type":585}," and industry are all to be met, this investment number will need to increase even further.",{"type":647,"attrs":37883,"content":37884},{"level":13022,"textAlign":49},[37885],{"text":37217,"type":585},{"type":580,"attrs":37887,"content":37888},{"textAlign":49},[37889],{"text":33770,"type":585,"marks":37890},[37891],{"type":1992},{"type":580,"attrs":37893,"content":37894},{"textAlign":49},[37895,37898,37903],{"text":37228,"type":585,"marks":37896},[37897],{"type":1992},{"text":37232,"type":585,"marks":37899},[37900,37902],{"type":590,"attrs":37901},{"href":33368,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"text":1538,"type":585,"marks":37904},[37905],{"type":1992},"To plug the gap between today’s battery industry and 2040 battery demand will require at least $1.6 trillion of investment. This is almost triple the $571 billion needed to meet 2030 demand. Such large investments are needed as battery demand is forecast to grow from 937 gigawatt-hours in 2023 to 3.7 terawatt-hours in 2030. From […]",[37908],{"slug":9249,"name":9250,"content":37909},{"job_title":9252,"image":37910,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f280f163-b9b9-4453-bf04-88c9d6d14f21\", \"id\": \"\"}-->",[37913,37914,37915,37916,37917,37918,37919,37920,37921,37922],{"slug":2162,"name":261},{"slug":956,"name":957},{"slug":2623,"name":298},{"slug":2544,"name":115},{"slug":1140,"name":1136},{"slug":1142,"name":1143},{"slug":3379,"name":3380},{"slug":2627,"name":2628},{"slug":1693,"name":8},{"slug":4962,"name":4963},{"id":49,"alt":37802,"name":645,"focus":645,"title":37802,"source":645,"filename":37803,"copyright":645,"fieldtype":701,"meta_data":37924,"is_external_url":51},{"alt":37802,"title":37802,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":37926,"copyright":645,"fieldtype":701,"meta_data":37927,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/b562890aed/bm-pile-of-assorted-notes-132214644c93.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"To plug the gap between today’s battery industry and 2040 battery demand will require at least $1.6 trillion of investment. This is almost triple the $571 billion needed to meet 2030 demand","Aug 14, 2024",{"id":37931,"uuid":37932,"name":37933,"slug":37934,"full_slug":37935,"content":37936},112469159232608,"a058c538-b846-45da-9539-f1c1a304da5b","Are lithium metal batteries an opportunity for the West?","are-lithium-metal-batteries-an-opportunity-for-the-west","article/are-lithium-metal-batteries-an-opportunity-for-the-west",{"_uid":37937,"date":37938,"tags":37939,"editor":37945,"content":37949,"excerpt":38220,"featured":51,"reporter":38221,"_editable":38225,"component":689,"seo_title":37933,"categories":38226,"visibility":697,"author_company":49,"data_vis_image":38231,"featured_image":38234,"seo_description":38220,"author_full_name":49,"author_job_title":49,"formattedDate":38237},"629c7818-4d5e-4e50-a2d8-cf5911fd5159","2024-08-13 00:00",[37940,37941,37942,37943,37944],{"slug":26768,"name":26769},{"slug":564,"name":565},{"slug":26773,"name":26774},{"slug":16773,"name":16774},{"slug":20051,"name":20052},[37946],{"slug":9249,"name":9250,"content":37947},{"job_title":9252,"image":37948,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":37950},[37951,37964,37969,37979,37984,37989,37994,37999,38004,38008,38013,38018,38039,38057,38065,38070,38075,38080,38085,38090,38095,38100,38107,38112,38117,38122,38127,38132,38143,38148,38166,38171,38176,38181,38186,38191,38196,38200,38206],{"type":580,"attrs":37952,"content":37953},{"textAlign":49},[37954,37956,37962],{"text":37955,"type":585},"The lithium metal battery industry is nascent and rapidly growing with no country yet enjoying a dominant position. ",{"text":37957,"type":585,"marks":37958},"Upstream lithium metal production",[37959],{"type":590,"attrs":37960},{"href":37961,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lithium-metal-deficit-could-limit-next-generation-battery-development-this-year",{"text":37963,"type":585},", however, is currently dominated by China, though this could change given the growth potential of the industry and technological advancements.",{"type":580,"attrs":37965,"content":37966},{"textAlign":49},[37967],{"text":37968,"type":585},"Lithium metal has several industrial and aerospace applications and is used in primary batteries today, though its use as a lithium ion battery anode is forecast to lead to a large rise in demand.",{"type":580,"attrs":37970,"content":37971},{"textAlign":49},[37972,37977],{"text":26769,"type":585,"marks":37973},[37974],{"type":590,"attrs":37975},{"href":37976,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/in-conversation-with-arcadium-lithiums-ashish-patki",{"text":37978,"type":585},", the largest producer of lithium metal outside of China, recently acquired technology to produce lithium metal from lithium carbonate. It bought the technology for $11 million from Canada’s Li-Metal, a next-generation lithium metal anode producer.",{"type":580,"attrs":37980,"content":37981},{"textAlign":49},[37982],{"text":37983,"type":585},"“Acquiring high purity lithium metal at a palatable cost is a huge barrier for lithium metal battery producers today, so there will be a lot of innovators excited by Arcadium staking their intent to expand supply with this IP acquisition,” Rory McNulty, product director for new technologies at Benchmark, said.",{"type":647,"attrs":37985,"content":37986},{"level":13022,"textAlign":49},[37987],{"text":37988,"type":585},"What is a lithium metal anode?",{"type":580,"attrs":37990,"content":37991},{"textAlign":49},[37992],{"text":37993,"type":585},"In a traditional lithium ion battery anode, only one lithium ion can be stored for every six carbon atoms in the structure. By removing this carbon host structure, the energy density of the anode can be greatly increased.",{"type":580,"attrs":37995,"content":37996},{"textAlign":49},[37997],{"text":37998,"type":585},"“You can theoretically increase the energy density of the anode by ten-fold,” McNulty said. “In practice there are many more considerations, and an increase at the cell level once optimised is expected to be between two-to-three-fold which still opens the doors to significant upside.”",{"type":580,"attrs":38000,"content":38001},{"textAlign":49},[38002],{"text":38003,"type":585},"Within a battery, all the lithium required for the battery to operate is located within the lithiated cathode material. As such, the thinner the lithium metal anode can be made, the greater the energy density increase possible.",{"type":647,"attrs":38005,"content":38006},{"level":13022,"textAlign":49},[38007],{"text":37933,"type":585},{"type":580,"attrs":38009,"content":38010},{"textAlign":49},[38011],{"text":38012,"type":585},"The supply chain for traditional lithium ion batteries is dominated by China, with 80% of cathode active materials, 93% of anode active materials, and 84% of cells forecast to be produced in the country this year",{"type":580,"attrs":38014,"content":38015},{"textAlign":49},[38016],{"text":38017,"type":585},"Although there is some ex-China growth forecast this decade, China is expected to remain dominant. This is especially true for LFP-based cells which are particularly popular in China.",{"type":580,"attrs":38019,"content":38020},{"textAlign":49},[38021,38023,38029,38031,38037],{"text":38022,"type":585},"“The West has probably lost the battle for LFP,” Sarah Maryssael, chief strategy officer at ",{"text":38024,"type":585,"marks":38025},"Arcadium",[38026],{"type":590,"attrs":38027},{"href":38028,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/arcadium-lithiums-liovix-technology-li-metal-anode-innovation-at-scale",{"text":38030,"type":585},", told Benchmark Source. “No one has won the ",{"text":38032,"type":585,"marks":38033},"race yet for solid-state",[38034],{"type":590,"attrs":38035},{"href":38036,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/is-2024-the-year-of-solid-state-battery-powered-evs",{"text":38038,"type":585},".”",{"type":580,"attrs":38040,"content":38041},{"textAlign":49},[38042,38044,38049,38051,38056],{"text":38043,"type":585},"In terms of capacity announcements, around a third of lithium metal battery capacity in 2030 is set to be ",{"text":38045,"type":585,"marks":38046},"located in China",[38047],{"type":590,"attrs":38048},{"href":20142,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":38050,"type":585},", with another third in North America, according to ",{"text":28970,"type":585,"marks":38052},[38053],{"type":590,"attrs":38054},{"href":38055,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts/solid-state/reports/",{"text":1538,"type":585},{"type":580,"attrs":38058,"content":38059},{"textAlign":49},[38060],{"type":1847,"attrs":38061},{"id":49,"alt":38062,"src":38063,"title":49,"source":49,"copyright":49,"meta_data":38064},"The lithium metal battery race has to be won","https://a.storyblok.com/f/287943243085208/b2bfc031aa/bm-lithium-metal-battery-capacity.png",{},{"type":647,"attrs":38066,"content":38067},{"level":13022,"textAlign":49},[38068],{"text":38069,"type":585},"How is lithium metal produced?",{"type":580,"attrs":38071,"content":38072},{"textAlign":49},[38073],{"text":38074,"type":585},"Today most lithium metal is produced from lithium chloride. The high-purity lithium chloride required for this process can come from purifying the output of brine sources, though commonly battery-grade chloride is produced from lithium carbonate.",{"type":580,"attrs":38076,"content":38077},{"textAlign":49},[38078],{"text":38079,"type":585},"Battery-grade lithium chloride can then be converted to lithium metal through a process that generates five tonnes of toxic chlorine gas for every one tonne of metal produced.",{"type":580,"attrs":38081,"content":38082},{"textAlign":49},[38083],{"text":38084,"type":585},"“Mass production of chlorine raises several safety concerns which raise questions over whether permitting such production would be possible,” McNulty said.",{"type":580,"attrs":38086,"content":38087},{"textAlign":49},[38088],{"text":38089,"type":585},"When Benchmark analysts visited Arcadium’s Bessemer City site in North Carolina, the company explained that they use electrolysis to convert this chlorine into industrial bleach to then sell on. However, the viability of this approach is less certain as the lithium metal market scales to meet the needs of next-generation batteries.",{"type":580,"attrs":38091,"content":38092},{"textAlign":49},[38093],{"text":38094,"type":585},"Technical-grade lithium metal contains sodium contaminants at a level of around 1000 parts per million. Vacuum distillation is used to reduce this impurity level to below ten parts per million to produce battery-grade lithium metal.",{"type":580,"attrs":38096,"content":38097},{"textAlign":49},[38098],{"text":38099,"type":585},"As lithium metal is highly reactive in air, it must be handled in an inert, dry atmosphere. Arcadium showed Benchmark analysts the large argon-filled box in which they cast the lithium metal into ingots six to eight inches in diameter and up to 20 inches long.",{"type":580,"attrs":38101,"content":38102},{"textAlign":49},[38103],{"type":1847,"attrs":38104},{"id":49,"alt":645,"src":38105,"title":49,"source":49,"copyright":49,"meta_data":38106},"https://a.storyblok.com/f/287943243085208/3e0c8b0b16/bm-rory-mcnulty-5kh-lithium-metal-ingot-2.jpg",{},{"type":580,"attrs":38108,"content":38109},{"textAlign":49},[38110],{"text":38111,"type":585},"Rory McNulty holding a 5kg lithium metal ingot during a Benchmark site visit to Arcadium (formerlyLivent) in Bessemer City, North Carolina, US. The photo is taken in a dry room and McNulty is wearing a mask to limit the ingot’s exposure to exhaled carbon dioxide and water.",{"type":580,"attrs":38113,"content":38114},{"textAlign":49},[38115],{"text":38116,"type":585},"Transporting and handling the highly reactive lithium metal is a key challenge that the industry needs to face as next-generation technologies scale.",{"type":580,"attrs":38118,"content":38119},{"textAlign":49},[38120],{"text":38121,"type":585},"“It’s not an easy product to handle, and it comes with its own sort of safety risk,” Maryssael said. “The packaging and logistics of that supply chain as well is going to continue to be a challenge.”",{"type":580,"attrs":38123,"content":38124},{"textAlign":49},[38125],{"text":38126,"type":585},"Lithium metal anodes require lithium that is 30 micrometres or thinner. To achieve this, the lithium metal ingots go through an extrusion and rolling process. The thin sheet of lithium metal is then pressed onto a copper foil to make the anode.",{"type":580,"attrs":38128,"content":38129},{"textAlign":49},[38130],{"text":38131,"type":585},"To achieve even thinner anodes, some North American companies are developing innovative solutions.",{"type":580,"attrs":38133,"content":38134},{"textAlign":49},[38135,38141],{"text":38136,"type":585,"marks":38137},"Pure Lithium",[38138],{"type":590,"attrs":38139},{"href":38140,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/brine-to-battery-a-vertically-integrated-lithium-metal-battery-company",{"text":38142,"type":585},", based in Boston, US is developing a process to electroplate lithium onto the copper foil. The lithium is directly extracted from brine sources using their polymer membrane technology.",{"type":580,"attrs":38144,"content":38145},{"textAlign":49},[38146],{"text":38147,"type":585},"Li-Metal, based in Canada, is looking at using physical vapour deposition. This technology, developed in partnership with Mustang Vacuum Systems, vaporises the ingot under vacuum and deposits the lithium onto the copper substrate. This technology remains with Li-Metal and was not part of the deal with Arcadium.",{"type":580,"attrs":38149,"content":38150},{"textAlign":49},[38151,38155,38162],{"text":38152,"type":585,"marks":38153},"Watch the ",[38154],{"type":1992},{"text":38156,"type":585,"marks":38157},"Battery Technology & Innovation",[38158,38161],{"type":590,"attrs":38159},{"href":38160,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/battery-technology-innovation-panel-session",{"type":1992},{"text":38163,"type":585,"marks":38164}," panel session from Benchmark’s  Giga USA 2024 event in Washington D.C.",[38165],{"type":1992},{"type":647,"attrs":38167,"content":38168},{"level":13022,"textAlign":49},[38169],{"text":38170,"type":585},"Lithium carbonate to metal",{"type":580,"attrs":38172,"content":38173},{"textAlign":49},[38174],{"text":38175,"type":585},"The technology Arcadium acquired from Li-Metal is able to produce lithium metal from technical-grade lithium carbonate, rather than requiring high purity lithium chloride.",{"type":580,"attrs":38177,"content":38178},{"textAlign":49},[38179],{"text":38180,"type":585},"One advantage of this is that the conversion process releases carbon dioxide gas rather than toxic chlorine gas.",{"type":580,"attrs":38182,"content":38183},{"textAlign":49},[38184],{"text":38185,"type":585},"“The second thing is, it gives us a lot more optionality in terms of how we optimise our network,” Maryssael said. “There’s value in converting low grade carbonate material into high purity end products.”",{"type":580,"attrs":38187,"content":38188},{"textAlign":49},[38189],{"text":38190,"type":585},"Maryssael explained that the technology acquired from Li-Metal is still at the pilot scale. It could take around two years to ascertain whether the technology has commercial viability.",{"type":580,"attrs":38192,"content":38193},{"textAlign":49},[38194],{"text":38195,"type":585},"“We’ll have a decision at that point once we can prove this technology can scale,” she said. “What do we do? Do we build a commercial scale plant? Do we do it ourselves, with a partner? Do we licence the technology? Do we sell the technology? I think all those options could potentially be on the table.”",{"type":647,"attrs":38197,"content":38198},{"level":13022,"textAlign":49},[38199],{"text":37217,"type":585},{"type":580,"attrs":38201,"content":38202},{"textAlign":49},[38203],{"text":33770,"type":585,"marks":38204},[38205],{"type":1992},{"type":580,"attrs":38207,"content":38208},{"textAlign":49},[38209,38212,38217],{"text":37228,"type":585,"marks":38210},[38211],{"type":1992},{"text":37232,"type":585,"marks":38213},[38214,38216],{"type":590,"attrs":38215},{"href":33368,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"text":1538,"type":585,"marks":38218},[38219],{"type":1992},"The lithium metal battery industry is nascent and rapidly growing with no country yet enjoying a dominant position. Upstream lithium metal production, however, is currently dominated by China, though this could change given the growth potential of the industry and technological advancements. Lithium metal has several industrial and aerospace applications and is used in primary […]",[38222],{"slug":9249,"name":9250,"content":38223},{"job_title":9252,"image":38224,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"629c7818-4d5e-4e50-a2d8-cf5911fd5159\", \"id\": \"\"}-->",[38227,38228,38229,38230],{"slug":956,"name":957},{"slug":959,"name":960},{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":38062,"name":645,"focus":645,"title":38062,"source":645,"filename":38232,"copyright":645,"fieldtype":701,"meta_data":38233,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1723633705/www-production/Lithium-metal-battery-capacity-no-y/Lithium-metal-battery-capacity-no-y.png?_i=AA",{"alt":38062,"title":38062,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":38235,"copyright":645,"fieldtype":701,"meta_data":38236,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5d99773b68/bm-li-metal-arcadium.png",{"alt":645,"title":645,"source":645,"copyright":645},"Aug 13, 2024",{"id":38239,"uuid":38240,"name":38241,"slug":38242,"full_slug":38243,"content":38244},112469207045231,"9dbdb0f1-7d30-47c3-9083-52de4dda32b0","Where is China’s solid-state battery industry developing?  ","where-is-chinas-solid-state-battery-industry-developing","article/where-is-chinas-solid-state-battery-industry-developing",{"_uid":38245,"date":38246,"tags":38247,"editor":38252,"content":38256,"excerpt":38448,"featured":51,"reporter":38449,"_editable":38453,"component":689,"seo_title":38241,"categories":38454,"visibility":697,"author_company":49,"data_vis_image":38458,"featured_image":38461,"seo_description":38448,"author_full_name":49,"author_job_title":49,"formattedDate":38464},"1c938591-7a45-4675-9e0a-3e8455f37bab","2024-08-02 00:00",[38248,38249,38250,38251],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":20051,"name":20052},{"slug":28696,"name":28697},[38253],{"slug":1466,"name":1467,"content":38254},{"job_title":1469,"image":38255,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":38257},[38258,38270,38275,38286,38291,38296,38308,38315,38320,38325,38345,38350,38355,38368,38373,38378,38390,38395,38425,38430],{"type":580,"attrs":38259,"content":38260},{"textAlign":49},[38261,38263,38268],{"text":38262,"type":585},"Globally, China represents three-quarters of ",{"text":38264,"type":585,"marks":38265},"solid-state capacity",[38266],{"type":590,"attrs":38267},{"href":38036,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":38269,"type":585}," this year, with much of this concentrated in Shandong province.",{"type":580,"attrs":38271,"content":38272},{"textAlign":49},[38273],{"text":38274,"type":585},"Between 2024 and 2030, China’s solid-state capacity is set to grow from 62 gigawatt-hours (GWh) to almost 220 GWh, primarily driven by emerging solid-state developers rather than incumbent cell producers from the traditional lithium ion industry.",{"type":580,"attrs":38276,"content":38277},{"textAlign":49},[38278,38280,38284],{"text":38279,"type":585},"“The Chinese solid-state industry today, as with the rest of the world, is largely driven by start-up and growth phase companies,” ",{"text":28082,"type":585,"marks":38281},[38282],{"type":590,"attrs":38283},{"href":30876,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":38285,"type":585},", new technologies product director at Benchmark, said.",{"type":647,"attrs":38287,"content":38288},{"level":13022,"textAlign":49},[38289],{"text":38290,"type":585},"Shandong: China’s largest solid-state province",{"type":580,"attrs":38292,"content":38293},{"textAlign":49},[38294],{"text":38295,"type":585},"This year, Shandong has the largest solid-state capacity at 20 GWh, according to Benchmark’s Solid-State and Lithium Metal Batteries Forecast, representing around a third of China’s total capacity.",{"type":580,"attrs":38297,"content":38298},{"textAlign":49},[38299,38301,38307],{"text":38300,"type":585},"By 2030, the province’s dominance is set to increase as its capacity grows to 100 GWh–46% of China’s 2030 ",{"text":38302,"type":585,"marks":38303},"pipeline capacity",[38304],{"type":590,"attrs":38305},{"href":38306,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/emerging-solid-state-industry-has-9-utilisation-rate-as-production-ramps-up",{"text":1538,"type":585},{"type":580,"attrs":38309,"content":38310},{"textAlign":49},[38311],{"type":1847,"attrs":38312},{"id":49,"alt":645,"src":38313,"title":49,"source":49,"copyright":49,"meta_data":38314},"https://a.storyblok.com/f/287943243085208/0cadd5f08e/bm-solid-state-china-map-v2.png",{},{"type":580,"attrs":38316,"content":38317},{"textAlign":49},[38318],{"text":38319,"type":585},"To date, all of Shandong’s capacity has been pledged by WeLion Energy Development, an emerging solid-state battery developer.",{"type":580,"attrs":38321,"content":38322},{"textAlign":49},[38323],{"text":38324,"type":585},"“WeLion looks set to be an early driver of domestic solid-state rollout,” McNulty said.",{"type":580,"attrs":38326,"content":38327},{"textAlign":49},[38328,38330,38336,38338,38343],{"text":38329,"type":585},"The company is close to ",{"text":38331,"type":585,"marks":38332},"large-scale commercialisation",[38333],{"type":590,"attrs":38334},{"href":38335,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/solid-state-battery-industry-gears-up-for-automotive-qualification-2023-in-review",{"text":38337,"type":585},", having fitted 150 kWh packs consisting of its solid-state batteries in the ",{"text":38339,"type":585,"marks":38340},"NIO ET7",[38341],{"type":590,"attrs":38342},{"href":38036,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":38344,"type":585},", which is now on sale for the domestic China market.",{"type":580,"attrs":38346,"content":38347},{"textAlign":49},[38348],{"text":38349,"type":585},"WeLion represents just under half of China’s 2030 solid-state capacity pipeline, developing a 100 GWh production facility in Shandong. It also operates sub-gigawatt-hour facilities in Beijing, Jiangsu and Zhejiang.",{"type":580,"attrs":38351,"content":38352},{"textAlign":49},[38353],{"text":38354,"type":585},"Jiangsu province has the second largest 2030 capacity pipeline in China, though this is split between six developers with varying levels of announced capacity. The largest in the province are two 10 GWh facilities being separately developed by Heyuan Lichuang New Energy Technology and Tailan New Energy.",{"type":580,"attrs":38356,"content":38357},{"textAlign":49},[38358,38360,38366],{"text":38359,"type":585},"A 20 GWh facility by ",{"text":38361,"type":585,"marks":38362},"Ganfeng LiEnergy",[38363],{"type":590,"attrs":38364},{"href":38365,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/changan-joins-forces-with-ganfeng-lithium-as-china-pursues-solid-state-batteries",{"text":38367,"type":585},", is the only large-scale project in the pipeline for Guangdong province, which currently has the third largest pipeline in China. It currently operates a 5 GWh facility in its home province of Jiangxi. The company is a subsidiary of Ganfeng Lithium, a leading supplier of lithium hydroxide and lithium metal globally.",{"type":647,"attrs":38369,"content":38370},{"level":13022,"textAlign":49},[38371],{"text":38372,"type":585},"China’s solid-state sleeping giants",{"type":580,"attrs":38374,"content":38375},{"textAlign":49},[38376],{"text":38377,"type":585},"Although much of the pipeline is currently dominated by growth-phase companies, many incumbent battery producers have solid-state ambitions of their own. CATL, for example, is targeting 2027 for the small-scale rollout of its solid-state batteries.",{"type":580,"attrs":38379,"content":38380},{"textAlign":49},[38381,38383,38388],{"text":38382,"type":585},"In February this year, China launched ",{"text":38384,"type":585,"marks":38385},"The China All-Solid-State Battery Collaborative Innovation Platform",[38386],{"type":590,"attrs":38387},{"href":20084,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":38389,"type":585}," (CASIP), a consortium in which all six of China’s biggest battery producers are members.",{"type":580,"attrs":38391,"content":38392},{"textAlign":49},[38393],{"text":38394,"type":585},"“We are seeing the start of partnerships and investments from bigger players, and the incumbents certainly have aggressive roadmaps for the delivery of their own technologies,” McNulty said. “The incumbents don’t have the same financial and brand building drivers to shout about their commercial progress publicly, but I wouldn’t count them out of the race just yet.”",{"type":580,"attrs":38396,"content":38397},{"textAlign":49},[38398,38402,38408,38412,38416,38422],{"text":38399,"type":585,"marks":38400},"Watch Rory McNulty ",[38401],{"type":1992},{"text":38403,"type":585,"marks":38404},"discuss scale-up approaches for solid-state",[38405,38407],{"type":590,"attrs":38406},{"href":30876,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"text":38409,"type":585,"marks":38410}," battery development.",[38411],{"type":1992},{"text":38413,"type":585,"marks":38414},"View more analyst insight videos ",[38415],{"type":1992},{"text":20730,"type":585,"marks":38417},[38418,38421],{"type":590,"attrs":38419},{"href":38420,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/search/tag/analyst-insights?items_per_page=12&page_offset=0&tags%5B%5D=analyst-insights",{"type":1992},{"text":1538,"type":585,"marks":38423},[38424],{"type":1992},{"type":647,"attrs":38426,"content":38427},{"level":13022,"textAlign":49},[38428],{"text":38429,"type":585},"Join us at Giga APAC 2024",{"type":580,"attrs":38431,"content":38432},{"textAlign":49},[38433,38437,38444],{"text":38434,"type":585,"marks":38435},"Discussions on Asia Pacific’s battery market will continue at Benchmark’s ",[38436],{"type":1992},{"text":38438,"type":585,"marks":38439},"Giga APAC 2024",[38440,38443],{"type":590,"attrs":38441},{"href":38442,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://benchmarkevents.benchmarkminerals.com/gigaapac24",{"type":1992},{"text":38445,"type":585,"marks":38446}," conference being held September 11-12 at the Ritz Carlton in Perth, Australia.",[38447],{"type":1992},"Globally, China represents three-quarters of solid-state capacity this year, with much of this concentrated in Shandong province. Between 2024 and 2030, China’s solid-state capacity is set to grow from 62 gigawatt-hours (GWh) to almost 220 GWh, primarily driven by emerging solid-state developers rather than incumbent cell producers from the traditional lithium ion industry. “The Chinese […]",[38450],{"slug":1466,"name":1467,"content":38451},{"job_title":1469,"image":38452,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1c938591-7a45-4675-9e0a-3e8455f37bab\", \"id\": \"\"}-->",[38455,38456,38457],{"slug":956,"name":957},{"slug":959,"name":960},{"slug":3379,"name":3380},{"id":49,"alt":38459,"name":645,"focus":645,"title":38459,"source":645,"filename":38313,"copyright":645,"fieldtype":701,"meta_data":38460,"is_external_url":51},"Shandong has the largest solid-state capacity pipeline in China",{"alt":38459,"title":38459,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":38462,"copyright":645,"fieldtype":701,"meta_data":38463,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/2822d88c69/bm-solid-state-shutterstock.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Aug 02, 2024",{"id":38466,"uuid":38467,"name":38468,"slug":38469,"full_slug":38470,"content":38471},112469245043832,"eacf53dd-21a5-4e6a-9bab-ca7495552f96","Western battery scrap to account for over third of global pool by 2035","western-battery-scrap-to-account-for-over-third-of-global-pool-by-2035","article/western-battery-scrap-to-account-for-over-third-of-global-pool-by-2035",{"_uid":38472,"date":38473,"tags":38474,"editor":38479,"content":38483,"excerpt":38636,"featured":51,"reporter":38637,"_editable":38641,"component":689,"seo_title":38468,"categories":38642,"visibility":697,"author_company":49,"data_vis_image":38645,"featured_image":38648,"seo_description":38636,"author_full_name":49,"author_job_title":49,"formattedDate":38651},"f47dbcbf-62ce-4dd2-aa91-527bee81cad9","2024-07-24 00:00",[38475,38476,38477,38478],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":1720,"name":1721},[38480],{"slug":1466,"name":1467,"content":38481},{"job_title":1469,"image":38482,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":38484},[38485,38497,38508,38520,38533,38538,38543,38551,38562,38567,38572,38577,38582,38595,38612,38616,38622],{"type":580,"attrs":38486,"content":38487},{"textAlign":49},[38488,38490,38495],{"text":38489,"type":585},"Waste batteries could prove a vital source of critical minerals for the West as many nations look to secure domestic supply chains and decrease import dependence. Globally, as much as ",{"text":38491,"type":585,"marks":38492},"570,000 tonnes of lithium",[38493],{"type":590,"attrs":38494},{"href":37835,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":38496,"type":585}," carbonate equivalent could come from recycling by 2035.",{"type":580,"attrs":38498,"content":38499},{"textAlign":49},[38500,38502,38507],{"text":38501,"type":585},"Currently 79% of the feedstock for battery recyclers–that is process scrap from gigafactories and end-of-life batteries–is located in China, making it challenging for non-Chinese recyclers to secure material, according to ",{"text":29784,"type":585,"marks":38503},[38504],{"type":590,"attrs":38505},{"href":38506,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts/recycling/reports/",{"text":1538,"type":585},{"type":580,"attrs":38509,"content":38510},{"textAlign":49},[38511,38513,38518],{"text":38512,"type":585},"This is forecast to drop by 2035, as North American and ",{"text":38514,"type":585,"marks":38515},"European nations",[38516],{"type":590,"attrs":38517},{"href":37597,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":38519,"type":585}," combined grow to represent 37% of the global scrap pool, driven by the build out of gigafactories in those regions and increasing market penetration of EVs. The increase in geographical diversity of the scrap pool could help improve the business case for developing recycling facilities in the West.",{"type":580,"attrs":38521,"content":38522},{"textAlign":49},[38523,38525,38531],{"text":38524,"type":585},"“Legislation is key in driving the economics for building out recycling capacity, particularly while feedstock is ",{"text":38526,"type":585,"marks":38527},"less difficult to procure",[38528],{"type":590,"attrs":38529},{"href":38530,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/critical-mass-asian-demand-for-north-american-scrap-sees-recycler-prices-spike",{"text":38532,"type":585}," in the short-term,” Beatrice Browning, a recycling analyst at Benchmark, said.",{"type":647,"attrs":38534,"content":38535},{"level":13022,"textAlign":49},[38536],{"text":38537,"type":585},"Evolving scrap pool geographical diversity",{"type":580,"attrs":38539,"content":38540},{"textAlign":49},[38541],{"text":38542,"type":585},"The 79% dominance China currently enjoys on recycling feedstock is forecast to drop to 55% by 2035. Europe and North America are forecast to represent 22% and 15% of the global scrap pool that year, up from 8% and 7% this year, respectively.",{"type":580,"attrs":38544,"content":38545},{"textAlign":49},[38546],{"type":1847,"attrs":38547},{"id":49,"alt":38548,"src":38549,"title":49,"source":49,"copyright":49,"meta_data":38550},"China controls four-fifths of recycling feedstock this year","https://a.storyblok.com/f/287943243085208/3805bedd5e/bm-geography-recycling-feedstock.png",{},{"type":580,"attrs":38552,"content":38553},{"textAlign":49},[38554,38556,38561],{"text":38555,"type":585},"This is primarily driven by the surge in gigafactories coming online outside of China. The gigafactory pipeline in Europe and North America is set to grow tenfold from 305 gigawatt hours (GWh) in 2023 to 3 terawatt hours (TWh) in 2035, according to ",{"text":28266,"type":585,"marks":38557},[38558],{"type":590,"attrs":38559},{"href":38560,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/market-assessments/gigafactory-assessment/capacities/",{"text":1538,"type":585},{"type":580,"attrs":38563,"content":38564},{"textAlign":49},[38565],{"text":38566,"type":585},"Another factor is increasing penetration rates of EVs in Western regions, significant quantities of scrap batteries from electric vehicles won’t enter the scrap pool until the second half of next decade.",{"type":580,"attrs":38568,"content":38569},{"textAlign":49},[38570],{"text":38571,"type":585},"“Investment is being made into building out battery recycling infrastructure for the upcoming influx of end-of-life scrap that will be generated in the upcoming decade,” Browning said.",{"type":647,"attrs":38573,"content":38574},{"level":13022,"textAlign":49},[38575],{"text":38576,"type":585},"Preparatory policy",{"type":580,"attrs":38578,"content":38579},{"textAlign":49},[38580],{"text":38581,"type":585},"Although European and North American recyclers are currently strapped for scrap, it is in the interest of governments and industry to lay the groundwork for a battery recycling ecosystem in preparation for increasing feedstock availability.",{"type":580,"attrs":38583,"content":38584},{"textAlign":49},[38585,38587,38593],{"text":38586,"type":585},"The EU, for example, has legislated through its new ",{"text":38588,"type":585,"marks":38589},"Battery Regulation",[38590],{"type":590,"attrs":38591},{"href":38592,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/how-the-lithium-ion-supply-chain-should-prepare-for-the-eu-battery-regulation",{"text":38594,"type":585}," that a certain proportion of the critical minerals contained in batteries sold within the bloc should come from recycled sources by 2030. The Regulation also sets out minimum battery collection rates and recycling efficiencies.",{"type":580,"attrs":38596,"content":38597},{"textAlign":49},[38598,38600,38605,38607,38611],{"text":38599,"type":585},"The bloc also has the ambitious non-binding goal of ",{"text":38601,"type":585,"marks":38602},"25% of all its critical minerals to come from recycled sources",[38603],{"type":590,"attrs":38604},{"href":37843,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":38606,"type":585}," by 2030. To achieve this will require significant investment in collection and processing facilities, according to ",{"text":29784,"type":585,"marks":38608},[38609],{"type":590,"attrs":38610},{"href":38506,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":647,"attrs":38613,"content":38614},{"level":13022,"textAlign":49},[38615],{"text":37217,"type":585},{"type":580,"attrs":38617,"content":38618},{"textAlign":49},[38619],{"text":33770,"type":585,"marks":38620},[38621],{"type":1992},{"type":580,"attrs":38623,"content":38624},{"textAlign":49},[38625,38628,38633],{"text":37228,"type":585,"marks":38626},[38627],{"type":1992},{"text":37232,"type":585,"marks":38629},[38630,38632],{"type":590,"attrs":38631},{"href":33368,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"text":1538,"type":585,"marks":38634},[38635],{"type":1992},"Waste batteries could prove a vital source of critical minerals for the West as many nations look to secure domestic supply chains and decrease import dependence. Globally, as much as 570,000 tonnes of lithium carbonate equivalent could come from recycling by 2035. Currently 79% of the feedstock for battery recyclers–that is process scrap from gigafactories […]",[38638],{"slug":1466,"name":1467,"content":38639},{"job_title":1469,"image":38640,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f47dbcbf-62ce-4dd2-aa91-527bee81cad9\", \"id\": \"\"}-->",[38643,38644],{"slug":7742,"name":7743},{"slug":14595,"name":14596},{"id":49,"alt":38548,"name":645,"focus":645,"title":38548,"source":645,"filename":38646,"copyright":645,"fieldtype":701,"meta_data":38647,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1721831094/www-production/Geography-recycling-feedstock-no-Y/Geography-recycling-feedstock-no-Y.png?_i=AA",{"alt":38548,"title":38548,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":38649,"copyright":645,"fieldtype":701,"meta_data":38650,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/8d40a54543/bm-battery-recycling-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Jul 24, 2024",{"id":38653,"uuid":38654,"name":38655,"slug":38656,"full_slug":38657,"content":38658},112469272097920,"ee62e54e-8cd6-492b-b190-9df7af0ff0f8","Silicon anodes prepare for mainstream deployment with production capacity set to triple in 2024","silicon-anodes-prepare-for-mainstream-deployment-with-production-capacity-set-to-triple-in-2024","article/silicon-anodes-prepare-for-mainstream-deployment-with-production-capacity-set-to-triple-in-2024",{"_uid":38659,"date":38660,"tags":38661,"editor":38663,"content":38667,"excerpt":38828,"featured":51,"reporter":38829,"_editable":38833,"component":689,"seo_title":38655,"categories":38834,"visibility":2019,"author_company":49,"data_vis_image":38839,"featured_image":38842,"seo_description":38828,"author_full_name":49,"author_job_title":49,"formattedDate":38845},"e8ec7665-4a70-4c1a-9922-7e1c0b2c5406","2024-07-18 00:00",[38662],{"slug":564,"name":565},[38664],{"slug":1466,"name":1467,"content":38665},{"job_title":1469,"image":38666,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":38668},[38669,38680,38698,38703,38711,38716,38721,38726,38731,38739,38744,38749,38754,38759,38769,38781,38786,38791,38804,38809,38814,38821],{"type":580,"attrs":38670,"content":38671},{"textAlign":49},[38672,38674,38679],{"text":38673,"type":585},"The silicon anode industry’s production capacity is rapidly growing, indicating to the market that it is ready to hit the ",{"text":38675,"type":585,"marks":38676},"mainstream",[38677],{"type":590,"attrs":38678},{"href":36582,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":38681,"content":38682},{"textAlign":49},[38683,38685,38690,38692,38697],{"text":38684,"type":585},"Over 500 gigawatt-hours of capacity for ",{"text":38686,"type":585,"marks":38687},"silicon-containing anode",[38688],{"type":590,"attrs":38689},{"href":36553,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":38691,"type":585}," material production is expected to be online by the end of 2024, up 234% from 2023, according to ",{"text":33510,"type":585,"marks":38693},[38694],{"type":590,"attrs":38695},{"href":38696,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts/silicon-anode/reports",{"text":1538,"type":585},{"type":580,"attrs":38699,"content":38700},{"textAlign":49},[38701],{"text":38702,"type":585},"“Innovation has got us to the point today where we have seen serious capital commitments and capacity expansion announced signalling a change in the sentiment around mass adoption of silicon anodes,” Rory McNulty, a next-generation battery analyst at Benchmark, said.",{"type":580,"attrs":38704,"content":38705},{"textAlign":49},[38706],{"type":1847,"attrs":38707},{"id":49,"alt":38708,"src":38709,"title":49,"source":49,"copyright":49,"meta_data":38710},"Silicon anode production capacity forecast to triple this year","https://a.storyblok.com/f/287943243085208/742a83e4fd/bm-silicon-anode-capacity.png",{},{"type":647,"attrs":38712,"content":38713},{"level":13022,"textAlign":49},[38714],{"text":38715,"type":585},"Asia leads",{"type":580,"attrs":38717,"content":38718},{"textAlign":49},[38719],{"text":38720,"type":585},"As with graphite anode materials, China controls most of the production of silicon anodes with almost 70% market share. South Korea is the second largest producer, forecast to produce almost a quarter of this year’s supply.",{"type":580,"attrs":38722,"content":38723},{"textAlign":49},[38724],{"text":38725,"type":585},"Daejoo Electronic Materials, a South Korean producer, is the largest silicon anode producer in 2024. Benchmark forecasts the company will represent 22% of this year’s production.",{"type":580,"attrs":38727,"content":38728},{"textAlign":49},[38729],{"text":38730,"type":585},"BTR and Gotion High-Tech, both operating in China, are the second- and third-largest producers with 10% and 9.6% of global supply, respectively.",{"type":580,"attrs":38732,"content":38733},{"textAlign":49},[38734],{"type":1847,"attrs":38735},{"id":49,"alt":38736,"src":38737,"title":49,"source":49,"copyright":49,"meta_data":38738},"China dominates early market growth for silicon anodes","https://a.storyblok.com/f/287943243085208/98ed290643/bm-silicon-anode-by-location.png",{},{"type":647,"attrs":38740,"content":38741},{"level":13022,"textAlign":49},[38742],{"text":38743,"type":585},"Traditional silicon vs next-gen silicon anodes",{"type":580,"attrs":38745,"content":38746},{"textAlign":49},[38747],{"text":38748,"type":585},"Between 3% and 8% by weight of silicon has been blended into traditional graphite anodes for several years to boost the capacity of the battery. Increasing the silicon content further can greatly improve performance, but the material expands and contracts by up to 300% which can cause the battery to degrade much faster as silicon content increases.",{"type":580,"attrs":38750,"content":38751},{"textAlign":49},[38752],{"text":38753,"type":585},"“Silicon anodes have been around as a concept for a long time and have been in several state-of-the-art anodes for many years,” McNulty said. “However, overcoming the accelerated degradation of these traditional materials–finding a balance between performance enhancement and battery lifetime–has proven challenging.”",{"type":580,"attrs":38755,"content":38756},{"textAlign":49},[38757],{"text":38758,"type":585},"This traditional silicon-containing anode market is largely dominated by Chinese capacity announcements, with some supply coming from South Korea and Japan. Once fully optimised, such blending could increase anode capacity by up to 60%.",{"type":580,"attrs":38760,"content":38761},{"textAlign":49},[38762,38767],{"text":38763,"type":585,"marks":38764},"Next-generation silicon anodes",[38765],{"type":590,"attrs":38766},{"href":36115,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":38768,"type":585}," have started to address the challenges associated with high percentages of silicon through engineering the nano-structure of the materials.",{"type":580,"attrs":38770,"content":38771},{"textAlign":49},[38772,38774,38779],{"text":38773,"type":585},"This is much more of a global trend, with ",{"text":38775,"type":585,"marks":38776},"North American innovators leading the charge",[38777],{"type":590,"attrs":38778},{"href":36108,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":38780,"type":585}," and Chinese companies starting to compete.",{"type":580,"attrs":38782,"content":38783},{"textAlign":49},[38784],{"text":38785,"type":585},"“Here, innovators are looking to provide materials that can enable high-performance applications, with opportunities to tailor blends in a similar way to traditional materials to suit the performance profile needed for a given application,” McNulty said.",{"type":647,"attrs":38787,"content":38788},{"level":13022,"textAlign":49},[38789],{"text":38790,"type":585},"Capacity vs supply",{"type":580,"attrs":38792,"content":38793},{"textAlign":49},[38794,38796,38802],{"text":38795,"type":585},"The facilities coming online this year will take time to hit qualification and cost targets for their materials, so there will be a lag between the boosts seen in ",{"text":38797,"type":585,"marks":38798},"production capacity and realised supply",[38799],{"type":590,"attrs":38800},{"href":38801,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/ambition-versus-reality-why-battery-production-capacity-does-not-equal-supply",{"text":38803,"type":585}," entering the market.",{"type":580,"attrs":38805,"content":38806},{"textAlign":49},[38807],{"text":38808,"type":585},"“If positive progress is made towards these targets, the industry looks ready to accelerate,” McNulty said. “Capacity is a measure of ambition and capital commitment.”",{"type":580,"attrs":38810,"content":38811},{"textAlign":49},[38812],{"text":38813,"type":585},"In 2024, Benchmark forecasts there will be 55 GWh of silicon anode production, up from 38 GWh last year.",{"type":580,"attrs":38815,"content":38816},{"textAlign":49},[38817],{"text":38818,"type":585,"marks":38819},"Benchmark’s new Silicon Anode Forecast provides independent and detailed analysis of supply and demand out to 2040.",[38820],{"type":1992},{"type":580,"attrs":38822,"content":38823},{"textAlign":49},[38824],{"text":38825,"type":585,"marks":38826},"To view more detail and speak to Benchmark’s analysts further, please provide your details here:",[38827],{"type":1992},"The silicon anode industry’s production capacity is rapidly growing, indicating to the market that it is ready to hit the mainstream. Over 500 gigawatt-hours of capacity for silicon-containing anode material production is expected to be online by the end of 2024, up 234% from 2023, according to Benchmark’s Silicon Anode Forecast. “Innovation has got us […]",[38830],{"slug":1466,"name":1467,"content":38831},{"job_title":1469,"image":38832,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e8ec7665-4a70-4c1a-9922-7e1c0b2c5406\", \"id\": \"\"}-->",[38835,38836,38837,38838],{"slug":2162,"name":261},{"slug":956,"name":957},{"slug":959,"name":960},{"slug":2164,"name":2165},{"id":49,"alt":38708,"name":645,"focus":645,"title":38708,"source":645,"filename":38840,"copyright":645,"fieldtype":701,"meta_data":38841,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1721306951/www-production/Silicon-anode-capacity-no-Y/Silicon-anode-capacity-no-Y.png?_i=AA",{"alt":38708,"title":38708,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":38843,"copyright":645,"fieldtype":701,"meta_data":38844,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/faf5b15843/bm-group14-scc55.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Jul 18, 2024",{"id":38847,"uuid":38848,"name":38849,"slug":38850,"full_slug":38851,"content":38852},112469323314415,"4cefa5ac-8aba-477c-a9b1-2667fd8f8525","LGES LFP commitment grows with Renault Group battery cell deal","lges-lfp-commitment-grows-with-renault-group-battery-cell-deal","article/lges-lfp-commitment-grows-with-renault-group-battery-cell-deal",{"_uid":38853,"date":38854,"tags":38855,"editor":38860,"content":38864,"excerpt":38988,"featured":51,"reporter":38989,"_editable":38993,"component":689,"seo_title":38849,"categories":38994,"visibility":697,"author_company":49,"data_vis_image":39000,"featured_image":39004,"seo_description":38988,"author_full_name":49,"author_job_title":49,"formattedDate":39008},"e7241057-6566-477d-955b-7a130011d4fa","2024-07-05 00:00",[38856,38857,38858,38859],{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":4789,"name":451},{"slug":7773,"name":7774},[38861],{"slug":1466,"name":1467,"content":38862},{"job_title":1469,"image":38863,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":38865},[38866,38871,38876,38881,38892,38897,38902,38907,38912,38925,38938,38948,38953,38963,38970],{"type":580,"attrs":38867,"content":38868},{"textAlign":49},[38869],{"text":38870,"type":585},"LG Energy Solution (LGES) has demonstrated its growing focus on lithium iron phosphate (LFP) cells, signing a deal to supply Renault Group’s Ampere.",{"type":580,"attrs":38872,"content":38873},{"textAlign":49},[38874],{"text":38875,"type":585},"The South Korean battery manufacturer is expanding its capacity to meet growing demand for LFP cells outside of China.",{"type":580,"attrs":38877,"content":38878},{"textAlign":49},[38879],{"text":38880,"type":585},"“While LFP lacks in energy density compared to nickel based chemistries, it is desirable on many other fronts. It is generally the lowest cost, is safer (lower voltage, with a more predictable charge/discharge curve), it eliminates use of critical raw materials such as nickel and cobalt, and has a longer lifespan,” said Luke Gear, a Battery and EV Analyst at Benchmark.",{"type":580,"attrs":38882,"content":38883},{"textAlign":49},[38884,38885,38890],{"text":2077,"type":585},{"text":28896,"type":585,"marks":38886},[38887],{"type":590,"attrs":38888},{"href":38889,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts/lithium-ion-batteries/reports/",{"text":38891,"type":585}," forecasts demand for the chemistry to almost triple by the end of the decade, from just under 600 GWh in 2024 to more than 1,500 GWh in 2030.",{"type":647,"attrs":38893,"content":38894},{"level":13022,"textAlign":49},[38895],{"text":38896,"type":585},"What has happened?",{"type":647,"attrs":38898,"content":38899},{"level":13022,"textAlign":49},[38900],{"text":38901,"type":585},"LGES and LFP plans",{"type":580,"attrs":38903,"content":38904},{"textAlign":49},[38905],{"text":38906,"type":585},"LGES has historically focused on nickel-based cathode cells but has begun to build out LFP capacity in recent years. ",{"type":580,"attrs":38908,"content":38909},{"textAlign":49},[38910],{"text":38911,"type":585},"The South Korean battery maker plans to produce LFP cells at its Michigan, US, plant from 2026. Though the company has paused construction of its LFP plans at its Arizona, US, site production is still expected to begin in 2029.",{"type":580,"attrs":38913,"content":38914},{"textAlign":49},[38915,38917,38923],{"text":38916,"type":585},"In February, LGES signed a ",{"text":38918,"type":585,"marks":38919},"long-term LFP supply agreement",[38920],{"type":590,"attrs":38921},{"href":38922,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lges-doubles-down-on-lfp-but-nickel-based-chemistries-central-to-long-term-plans",{"text":38924,"type":585}," with Chinese cathode manufacturer  Changzhou Liyuan. Changzhou Liyuan will supply LGES with 160,000 tonnes of LFP products between 2024 and 2028.",{"type":580,"attrs":38926,"content":38927},{"textAlign":49},[38928,38930,38936],{"text":38929,"type":585},"Additionally, LG Chem, the parent company of LGES, has ",{"text":38931,"type":585,"marks":38932},"partnered with Huayou Group",[38933],{"type":590,"attrs":38934},{"href":38935,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinas-huayou-and-cngr-hope-to-supply-europe-and-us-from-morocco-plants",{"text":38937,"type":585}," to build an LFP cathode material plant with 50,000 tonnes per year nameplate capacity in Morocco, with production expected to begin in 2026.",{"type":580,"attrs":38939,"content":38940},{"textAlign":49},[38941,38943,38947],{"text":38942,"type":585},"However, the South Korean manufacturer remains focused on nickel-based cells. Following the deal with Ampere, 4% of LGES’ 680 GWh pipeline capacity to 2030 is dedicated to LFP cells, according to Benchmark’s ",{"text":32627,"type":585,"marks":38944},[38945],{"type":590,"attrs":38946},{"href":38560,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":647,"attrs":38949,"content":38950},{"level":13022,"textAlign":49},[38951],{"text":38952,"type":585},"LFP outside of China",{"type":580,"attrs":38954,"content":38955},{"textAlign":49},[38956,38958,38962],{"text":38957,"type":585},"Rising demand for lower cost EVs and ESS batteries has grown demand for LFP cells outside of China. Ex-China production is expected to be just under two GWh this year but it is expected to increase to more than 165 GWh in 2030, according to Benchmark’s ",{"text":28896,"type":585,"marks":38959},[38960],{"type":590,"attrs":38961},{"href":38889,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":38964,"content":38965},{"textAlign":49},[38966],{"type":1847,"attrs":38967},{"id":49,"alt":645,"src":38968,"title":49,"source":49,"copyright":49,"meta_data":38969},"https://a.storyblok.com/f/287943243085208/170fd104b1/bm-lfp-production-outside-of-china-is-rising-1.png",{},{"type":580,"attrs":38971,"content":38972},{"textAlign":49},[38973,38975,38979,38981,38986],{"text":38974,"type":585},"More than 99% of global LFP cell production is expected to come from China this year, according to Benchmark’s ",{"text":28896,"type":585,"marks":38976},[38977],{"type":590,"attrs":38978},{"href":38889,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":38980,"type":585},". By 2030, this figure falls to 92%, with North America and ",{"text":38982,"type":585,"marks":38983},"Europe ",[38984],{"type":590,"attrs":38985},{"href":19860,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":38987,"type":585},"making up 4% and 3% respectively.","LG Energy Solution (LGES) has demonstrated its growing focus on lithium iron phosphate (LFP) cells, signing a deal to supply Renault Group’s Ampere. The South Korean battery manufacturer is expanding its capacity to meet growing demand for LFP cells outside of China. “While LFP lacks in energy density compared to nickel based chemistries, it is […]",[38990],{"slug":1466,"name":1467,"content":38991},{"job_title":1469,"image":38992,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e7241057-6566-477d-955b-7a130011d4fa\", \"id\": \"\"}-->",[38995,38996,38997,38998,38999],{"slug":956,"name":957},{"slug":959,"name":960},{"slug":2623,"name":298},{"slug":1142,"name":1143},{"slug":2897,"name":2898},{"id":49,"alt":39001,"name":645,"focus":645,"title":39001,"source":645,"filename":39002,"copyright":645,"fieldtype":701,"meta_data":39003,"is_external_url":51},"Line chart showing Ex-China LFP production between 2024 and 2030, showing a mostly linear increase from under 2 GWh of production to more than 160 GWh","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1720178375/www-production/LFP-production-outside-of-China-is-rising-no-Y-axis-1/LFP-production-outside-of-China-is-rising-no-Y-axis-1.png?_i=AA",{"alt":39001,"title":39001,"source":645,"copyright":645},{"id":49,"alt":39005,"name":645,"focus":645,"title":39005,"source":645,"filename":39006,"copyright":645,"fieldtype":701,"meta_data":39007,"is_external_url":51},"Electric vehicle battery construction by robot arms","https://a.storyblok.com/f/287943243085208/e7210abe09/bm-lges-lfp-renault-group-deal.jpg",{"alt":39005,"title":39005,"source":645,"copyright":645},"Jul 05, 2024",{"id":39010,"uuid":39011,"name":39012,"slug":39013,"full_slug":39014,"content":39015},112469352453364,"2d688f4e-b185-4fd8-9318-04507be26d9b","EU forecast to fall short of 2030 CRMA targets without ambitious action","eu-forecast-to-fall-short-of-2030-crma-targets-without-ambitious-action","article/eu-forecast-to-fall-short-of-2030-crma-targets-without-ambitious-action",{"_uid":39016,"date":39017,"tags":39018,"editor":39024,"content":39028,"excerpt":39232,"featured":51,"reporter":39233,"_editable":39237,"component":689,"seo_title":39012,"categories":39238,"visibility":697,"author_company":49,"data_vis_image":39240,"featured_image":39242,"seo_description":39232,"author_full_name":49,"author_job_title":49,"formattedDate":39245},"3a986f6c-ba9b-4b69-ba6f-3b7cd33bf5aa","2024-07-02 00:00",[39019,39020,39021,39022,39023],{"slug":7392,"name":7393},{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":1303,"name":1304},{"slug":13546,"name":13547},[39025],{"slug":1466,"name":1467,"content":39026},{"job_title":1469,"image":39027,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":39029},[39030,39035,39047,39052,39057,39062,39067,39072,39077,39082,39087,39097,39105,39110,39121,39133,39138,39143,39154,39162,39174,39179,39184,39189,39194,39199,39204,39217,39222,39227],{"type":580,"attrs":39031,"content":39032},{"textAlign":49},[39033],{"text":39034,"type":585},"The targets laid out in the European Union’s Critical Raw Materials Act will require significant growth in the bloc’s mining, processing and recycling capabilities, Benchmark data shows.",{"type":580,"attrs":39036,"content":39037},{"textAlign":49},[39038,39040,39046],{"text":39039,"type":585},"The Act, which came into force last month requires that by 2030 certain percentages of the bloc’s combined annual demand for strategic minerals be met by EU-based mines, processors and recyclers. Further, no more than 65% of any given strategic mineral should come from a ",{"text":39041,"type":585,"marks":39042},"single non-EU country",[39043],{"type":590,"attrs":39044},{"href":39045,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/eu-needs-international-partners-for-critical-minerals-diversification",{"text":1538,"type":585},{"type":580,"attrs":39048,"content":39049},{"textAlign":49},[39050],{"text":39051,"type":585},"This comes as companies have until August to apply for “strategic project” status. Such projects will enjoy streamlined permitting processes and are expected to help the EU to meet its goals as well as easier access to EU funding.",{"type":580,"attrs":39053,"content":39054},{"textAlign":49},[39055],{"text":39056,"type":585},"“These projects in and outside the European Union are supposed to help the EU meet its supply localisation and diversification targets,” Bryan Bille, a policy analyst at Benchmark, said.",{"type":647,"attrs":39058,"content":39059},{"level":13022,"textAlign":49},[39060],{"text":39061,"type":585},"What are the targets?",{"type":580,"attrs":39063,"content":39064},{"textAlign":49},[39065],{"text":39066,"type":585},"The Critical Raw Materials Act lays out four targets for the bloc to meet by 2030. These reflect the EU’s ambitious goals rather than being legally binding.",{"type":580,"attrs":39068,"content":39069},{"textAlign":49},[39070],{"text":39071,"type":585},"Official Journal of the European Union",{"type":580,"attrs":39073,"content":39074},{"textAlign":49},[39075],{"text":39076,"type":585},"For mining, processing, and recycling the targets are for all the strategic minerals combined. A shortfall in, for example, the mining of cobalt in the EU could be compensated for by nickel mining surpassing the target.",{"type":647,"attrs":39078,"content":39079},{"level":13022,"textAlign":49},[39080],{"text":39081,"type":585},"Which targets are the EU close on?",{"type":580,"attrs":39083,"content":39084},{"textAlign":49},[39085],{"text":39086,"type":585},"Within battery metals, lithium and nickel are the only minerals for which the EU is on track to meet the 10% mining target in terms of demand from battery applications.",{"type":580,"attrs":39088,"content":39089},{"textAlign":49},[39090,39095],{"text":17833,"type":585,"marks":39091},[39092],{"type":590,"attrs":39093},{"href":39094,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts/lithium/reports/",{"text":39096,"type":585}," shows that between 2024 and 2030, lithium mining in the EU is set to increase 27-fold. Currently, Portugal is the only EU country with any lithium mining. By 2030, however, France and Finland are forecast to be the largest EU miners of lithium.",{"type":580,"attrs":39098,"content":39099},{"textAlign":49},[39100],{"type":1847,"attrs":39101},{"id":49,"alt":39102,"src":39103,"title":49,"source":49,"copyright":49,"meta_data":39104},"CRMA goals require ambitious action","https://a.storyblok.com/f/287943243085208/ffe8e47542/bm-crma-mining-and-processing-q1-2024.png",{},{"type":647,"attrs":39106,"content":39107},{"level":13022,"textAlign":49},[39108],{"text":39109,"type":585},"Which targets are the EU behind on?",{"type":580,"attrs":39111,"content":39112},{"textAlign":49},[39113,39115,39120],{"text":39114,"type":585},"The EU’s processing of critical minerals falls below 40% of its domestic demand from battery applications. For refined cobalt production, the bloc’s current forecast 2030 production in the EU needs to almost triple to meet the 40% target, according to ",{"text":27605,"type":585,"marks":39116},[39117],{"type":590,"attrs":39118},{"href":39119,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts/cobalt/reports",{"text":1538,"type":585},{"type":580,"attrs":39122,"content":39123},{"textAlign":49},[39124,39126,39132],{"text":39125,"type":585},"For anode materials, the EU is forecast to fall well short on both the mining of flake graphite as well as the ",{"text":39127,"type":585,"marks":39128},"production of spherical graphite",[39129],{"type":590,"attrs":39130},{"href":39131,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/sweden-is-only-eu-member-set-to-produce-spherical-graphite-by-2030",{"text":1538,"type":585},{"type":580,"attrs":39134,"content":39135},{"textAlign":49},[39136],{"text":39137,"type":585},"Although the EU is forecast to have sizable synthetic graphite production in 2030, most of this is not suited to battery applications.",{"type":580,"attrs":39139,"content":39140},{"textAlign":49},[39141],{"text":39142,"type":585},"The EU is forecast to have some mining and processing capacity in 2030 for most of the strategic minerals. However, for manganese ore and petroleum coke–the precursor to synthetic graphite–there is no production forecast in the EU by 2030.",{"type":580,"attrs":39144,"content":39145},{"textAlign":49},[39146,39152],{"text":39147,"type":585,"marks":39148},"Battery recycling",[39149],{"type":590,"attrs":39150},{"href":39151,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/is-europe-ambitious-enough-on-recycling",{"text":39153,"type":585},", too, needs significant investment if it is to account for 25% of the EU’s strategic mineral demand from batteries. Nickel from European recycled sources is currently forecast to represent the greatest proportion of demand at just shy of 9%.",{"type":580,"attrs":39155,"content":39156},{"textAlign":49},[39157],{"type":1847,"attrs":39158},{"id":49,"alt":39159,"src":39160,"title":49,"source":49,"copyright":49,"meta_data":39161},"2030 recycled metal supplies forecast to fall short of 25% CRMA goals","https://a.storyblok.com/f/287943243085208/aa638dfbe6/bm-crma-recycling-q1-2024.png",{},{"type":580,"attrs":39163,"content":39164},{"textAlign":49},[39165,39167,39172],{"text":39166,"type":585},"However, the CRMA has already had a ",{"text":39168,"type":585,"marks":39169},"positive impact on the EU recycling ecosystem",[39170],{"type":590,"attrs":39171},{"href":37843,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":39173,"type":585}," with a year-on-year increase of 28% in the bloc’s recycling capacity between the end of 2022 and the end of 2023.",{"type":647,"attrs":39175,"content":39176},{"level":13022,"textAlign":49},[39177],{"text":39178,"type":585},"Can the EU meet these goals?",{"type":580,"attrs":39180,"content":39181},{"textAlign":49},[39182],{"text":39183,"type":585},"The data clearly show the level of ambition behind the EU’s goals, but is it realistic to think they can be met?",{"type":580,"attrs":39185,"content":39186},{"textAlign":49},[39187],{"text":39188,"type":585},"“These data are a reality check for the EU, again underlining the importance of supply diversification and the fact that the EU will need to rely on supply from mineral-rich strategic partners to meet its 2030 targets and to diversify away from China,” Bille said.",{"type":580,"attrs":39190,"content":39191},{"textAlign":49},[39192],{"text":39193,"type":585},"A key mechanism the EU plans to use for meeting its goals is through the designation of strategic projects.",{"type":647,"attrs":39195,"content":39196},{"level":13022,"textAlign":49},[39197],{"text":39198,"type":585},"What are strategic projects?",{"type":580,"attrs":39200,"content":39201},{"textAlign":49},[39202],{"text":39203,"type":585},"If a company can show that their project will help the EU to meet ambitious CRMA goals, then it can be given the “strategic” label.",{"type":580,"attrs":39205,"content":39206},{"textAlign":49},[39207,39209,39215],{"text":39208,"type":585},"Strategic projects will be entitled to an ",{"text":39210,"type":585,"marks":39211},"expedited permitting process",[39212],{"type":590,"attrs":39213},{"href":39214,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/five-key-takeaways-from-giga-europe-2024",{"text":39216,"type":585}," that will take no more than 27 months for mining projects or 15 months for pure processing or recycling projects.",{"type":580,"attrs":39218,"content":39219},{"textAlign":49},[39220],{"text":39221,"type":585},"Although the process is quicker than for non-Strategic projects, an environmental impact assessment must still be carried out and delays on this assessment could push a project beyond the 27 or 15 month time period.",{"type":580,"attrs":39223,"content":39224},{"textAlign":49},[39225],{"text":39226,"type":585},"Strategic projects can be developed outside of the EU, though an accelerated permitting procedure cannot be guaranteed in these instances. Benchmark contacts have said that around 90% of strategic projects are expected to be within the EU region.",{"type":580,"attrs":39228,"content":39229},{"textAlign":49},[39230],{"text":39231,"type":585},"The deadline for the first round of strategic project applications is 22 August 2024, with decisions expected to be made towards the end of the year. The EU will announce its decisions from the fourth quarter of 2024.","The targets laid out in the European Union’s Critical Raw Materials Act will require significant growth in the bloc’s mining, processing and recycling capabilities, Benchmark data shows. The Act, which came into force last month requires that by 2030 certain percentages of the bloc’s combined annual demand for strategic minerals be met by EU-based mines, […]",[39234],{"slug":1466,"name":1467,"content":39235},{"job_title":1469,"image":39236,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3a986f6c-ba9b-4b69-ba6f-3b7cd33bf5aa\", \"id\": \"\"}-->",[39239],{"slug":695,"name":696},{"id":49,"alt":39102,"name":645,"focus":645,"title":39102,"source":645,"filename":39103,"copyright":645,"fieldtype":701,"meta_data":39241,"is_external_url":51},{"alt":39102,"title":39102,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":39243,"copyright":645,"fieldtype":701,"meta_data":39244,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/dc1f121d92/bm-eu-flags-2.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Jul 02, 2024",{"id":39247,"uuid":39248,"name":39249,"slug":39250,"full_slug":39251,"content":39252},112469381625082,"0b1bd6e9-0940-4832-ae2b-2df05e621a99","LFP begins to make inroads into Europe’s lithium ion ecosystem","lfp-begins-to-make-inroads-into-europes-lithium-ion-ecosystem","article/lfp-begins-to-make-inroads-into-europes-lithium-ion-ecosystem",{"_uid":39253,"date":39254,"tags":39255,"editor":39259,"content":39263,"excerpt":39358,"featured":51,"reporter":39359,"_editable":39363,"component":689,"seo_title":39249,"categories":39364,"visibility":697,"author_company":49,"data_vis_image":39374,"featured_image":39378,"seo_description":39358,"author_full_name":49,"author_job_title":49,"formattedDate":39382},"d147f7db-746c-4c90-9a26-f977928a592a","2024-06-28 00:00",[39256,39257,39258],{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":4789,"name":451},[39260],{"slug":1466,"name":1467,"content":39261},{"job_title":1469,"image":39262,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":39264},[39265,39270,39280,39285,39296,39301,39308,39313,39318,39323,39328,39333,39338,39348,39353],{"type":580,"attrs":39266,"content":39267},{"textAlign":49},[39268],{"text":39269,"type":585},"European lithium iron phosphate (LFP) cell and cathode capacity is expanding as demand for lower cost electric vehicles and ESS batteries rises in the region.",{"type":580,"attrs":39271,"content":39272},{"textAlign":49},[39273,39275,39279],{"text":39274,"type":585},"European cell production today is almost exclusively focused on nickel cobalt manganese (NCM) chemistries with no active LFP production. However, by 2030 the region is forecast to produce 47 GWh in 2030, according to Benchmark’s ",{"text":28896,"type":585,"marks":39276},[39277],{"type":590,"attrs":39278},{"href":38889,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":14640,"type":585},{"type":580,"attrs":39281,"content":39282},{"textAlign":49},[39283],{"text":39284,"type":585},"“Cell manufacturers are increasing their LFP capacity in order to compete with the low-cost cells produced in China and meet growing European demand for the chemistry,” said Anya Sidhu, a pricing and data analyst at Benchmark.",{"type":580,"attrs":39286,"content":39287},{"textAlign":49},[39288,39290,39295],{"text":39289,"type":585},"The average LFP cell costs $61.56/kWh, whilst an NCM 622 cell costs $67.27/kWh, according to Benchmark’s ",{"text":39291,"type":585,"marks":39292},"Battery Cell Cost Calculator",[39293],{"type":590,"attrs":39294},{"href":38889,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":647,"attrs":39297,"content":39298},{"level":13022,"textAlign":49},[39299],{"text":39300,"type":585},"How is Europe’s LFP ecosystem developing?",{"type":580,"attrs":39302,"content":39303},{"textAlign":49},[39304],{"type":1847,"attrs":39305},{"id":49,"alt":645,"src":39306,"title":49,"source":49,"copyright":49,"meta_data":39307},"https://wp-admin.benchmarkminerals.com/app/uploads/European-LFP-capacity-is-expanding.png",{},{"type":647,"attrs":39309,"content":39310},{"level":13022,"textAlign":49},[39311],{"text":39312,"type":585},"Where does LFP fit in Europe?",{"type":580,"attrs":39314,"content":39315},{"textAlign":49},[39316],{"text":39317,"type":585},"LFP cells are well-positioned to meet growing European demand for lower-cost EVs and ESS.",{"type":580,"attrs":39319,"content":39320},{"textAlign":49},[39321],{"text":39322,"type":585},"LFP cells benefit from being lower cost, having a stronger safety profile, and superior lifecycle to NCM batteries. Cost is a priority for cell manufacturers and EV makers looking to provide lower-price options. ",{"type":580,"attrs":39324,"content":39325},{"textAlign":49},[39326],{"text":39327,"type":585},"However, LFP is not set to upstage NCM in the region for the foreseeable future. Most of Europe’s battery pipeline buildout is focused on NCM and automakers’ plans still focus largely on using the greater energy density cells. ",{"type":580,"attrs":39329,"content":39330},{"textAlign":49},[39331],{"text":39332,"type":585},"“While LFP capacity in Europe is set to increase, it is likely that NCM will remain the dominant cell chemistry,” said Sidhu. ",{"type":647,"attrs":39334,"content":39335},{"level":13022,"textAlign":49},[39336],{"text":39337,"type":585},"What role will Chinese companies play?",{"type":580,"attrs":39339,"content":39340},{"textAlign":49},[39341,39343,39347],{"text":39342,"type":585},"LFP expertise and production capacity is concentrated in China with the country set to produce more than 99% of LFP cells this year according to Benchmark’s ",{"text":28896,"type":585,"marks":39344},[39345],{"type":590,"attrs":39346},{"href":38889,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":14640,"type":585},{"type":580,"attrs":39349,"content":39350},{"textAlign":49},[39351],{"text":39352,"type":585},"Chinese companies’ expertise in the technology and Europe’s more welcoming business environment relative to the US, presents an opportunity to China’s LFP battery and cathode manufacturers. ",{"type":580,"attrs":39354,"content":39355},{"textAlign":49},[39356],{"text":39357,"type":585},"Chinese cell and cathode producers are already set to play a vital role in Europe’s supply chain. By 2030, Benchmark forecasts 29% and 30% of Europe’s cathode and cell production respectively will come from Chinese-owned projects. The share of Chinese involvement in Europe’s LFP cathode ecosystem is likely to be much higher than this. ","European lithium iron phosphate (LFP) cell and cathode capacity is expanding as demand for lower cost electric vehicles and ESS batteries rises in the region. European cell production today is almost exclusively focused on nickel cobalt manganese (NCM) chemistries with no active LFP production. However, by 2030 the region is forecast to produce 47 GWh […]",[39360],{"slug":1466,"name":1467,"content":39361},{"job_title":1469,"image":39362,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d147f7db-746c-4c90-9a26-f977928a592a\", \"id\": \"\"}-->",[39365,39366,39367,39368,39369,39370,39371,39372,39373],{"slug":956,"name":957},{"slug":959,"name":960},{"slug":2623,"name":298},{"slug":2544,"name":115},{"slug":3379,"name":3380},{"slug":1693,"name":8},{"slug":4962,"name":4963},{"slug":2553,"name":150},{"slug":2897,"name":2898},{"id":49,"alt":39375,"name":645,"focus":645,"title":39375,"source":645,"filename":39376,"copyright":645,"fieldtype":701,"meta_data":39377,"is_external_url":51},"Line chart showing increase in European LFP capacity between 2024 and 2030","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1719566019/www-production/European-LFP-capacity-is-expanding-no-Y-axis_13199367551e/European-LFP-capacity-is-expanding-no-Y-axis_13199367551e.png?_i=AA",{"alt":39375,"title":39375,"source":645,"copyright":645},{"id":49,"alt":39379,"name":645,"focus":645,"title":39379,"source":645,"filename":39380,"copyright":645,"fieldtype":701,"meta_data":39381,"is_external_url":51},"Generic EV Battery Pack on Electric Car Production Line inside Modern Factory.","https://wp-admin.benchmarkminerals.com/app/uploads/LFP-begins-to-make-inroads-into-Europes-lithium-ion-ecosystem-scaled.jpg",{"alt":39379,"title":39379,"source":645,"copyright":645},"Jun 28, 2024",{"id":39384,"uuid":39385,"name":39386,"slug":39387,"full_slug":39388,"content":39389},112469443912967,"c6e1c6e9-67a9-4de7-865e-2844a2600608","European and Chinese gigafactory pipelines shrink despite long-term demand growth prospects","european-and-chinese-gigafactory-pipelines-shrink-despite-long-term-demand-growth-prospects","article/european-and-chinese-gigafactory-pipelines-shrink-despite-long-term-demand-growth-prospects",{"_uid":39390,"date":39391,"tags":39392,"editor":39399,"content":39403,"excerpt":39633,"featured":51,"reporter":39634,"_editable":39638,"component":689,"seo_title":39386,"categories":39639,"visibility":697,"author_company":49,"data_vis_image":39642,"featured_image":39645,"seo_description":39633,"author_full_name":49,"author_job_title":49,"formattedDate":39648},"7a4ab9e3-4e6f-4478-a2ab-d7a090ea960a","2024-06-13 00:00",[39393,39394,39395,39396,39397,39398],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":2922,"name":1898},{"slug":20546,"name":20547},{"slug":561,"name":562},[39400],{"slug":1466,"name":1467,"content":39401},{"job_title":1469,"image":39402,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":39404},[39405,39416,39442,39460,39465,39485,39493,39498,39503,39508,39520,39538,39543,39556,39561,39566,39571,39576,39581,39602,39610,39615,39628],{"type":580,"attrs":39406,"content":39407},{"textAlign":49},[39408,39410,39415],{"text":39409,"type":585},"Between January and May this year, 220 gigawatt-hours (GWh) of gigafactory 2030 pipeline capacity has been cancelled or postponed, according to ",{"text":28266,"type":585,"marks":39411},[39412],{"type":590,"attrs":39413},{"href":39414,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/market-assessments/gigafactory-assessment/capacities",{"text":1538,"type":585},{"type":580,"attrs":39417,"content":39418},{"textAlign":49},[39419,39421,39426,39427,39432,39434,39440],{"text":39420,"type":585},"This comes despite increasing demand for batteries from the ",{"text":9268,"type":585,"marks":39422},[39423],{"type":590,"attrs":39424},{"href":39425,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinas-nev-sales-rebound-in-march-after-slow-start-this-year",{"text":6709,"type":585},{"text":793,"type":585,"marks":39428},[39429],{"type":590,"attrs":39430},{"href":39431,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/energy-storage-demand-boom-in-china-helps-market-double-in-size",{"text":39433,"type":585}," markets. ",{"text":39435,"type":585,"marks":39436},"Benchmark’s Lithium ion Database",[39437],{"type":590,"attrs":39438},{"href":39439,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts/lithium-ion-batteries/reports",{"text":39441,"type":585}," forecasts that battery demand will triple from 1.3 terawatt-hours (TWh) in 2024 to 3.8 TWh in 2030.",{"type":580,"attrs":39443,"content":39444},{"textAlign":49},[39445,39447,39452,39453,39458],{"text":39446,"type":585},"All of the cancellations have been in ",{"text":721,"type":585,"marks":39448},[39449],{"type":590,"attrs":39450},{"href":39451,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinese-gigafactory-construction-timelines-lengthen-as-tier-2-and-3-developments-increase",{"text":6709,"type":585},{"text":1292,"type":585,"marks":39454},[39455],{"type":590,"attrs":39456},{"href":39457,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/in-charts-the-state-of-play-in-europes-battery-market",{"text":39459,"type":585},", which saw their 2030 gigafactory capacity pipelines shrink 3% and 2%, respectively, between January and May. The US’ pipeline grew slightly by 2%.",{"type":580,"attrs":39461,"content":39462},{"textAlign":49},[39463],{"text":39464,"type":585},"Europe’s pipeline is set to contract further as Stellantis-backed cell maker ACC paused work on its German and Italian gigafactories this month, citing a need to research lower cost batteries.",{"type":580,"attrs":39466,"content":39467},{"textAlign":49},[39468,39470,39476,39478,39483],{"text":39469,"type":585},"“2024 was expected to be the ",{"text":39471,"type":585,"marks":39472},"year of consolidation",[39473],{"type":590,"attrs":39474},{"href":39475,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/gigafactory-pipeline-contraction-could-signal-chinese-battery-consolidation",{"text":39477,"type":585}," and stalled plans across the battery supply chain, and we are now starting to see some big profile announcements,” ",{"text":5877,"type":585,"marks":39479},[39480],{"type":590,"attrs":39481},{"href":39482,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/lithium-ion-cell-prices-fall-below-100-per-kwh-battery-market-2023-in-review",{"text":39484,"type":585},", a gigafactory analyst at Benchmark, said.",{"type":580,"attrs":39486,"content":39487},{"textAlign":49},[39488],{"type":1847,"attrs":39489},{"id":49,"alt":39490,"src":39491,"title":49,"source":49,"copyright":49,"meta_data":39492},"Both China and Europe have seen declines in their 2030 gigafactory pipeline so far this year","https://a.storyblok.com/f/287943243085208/c6d4786a1f/bm-yoy-pipleline-growth.png",{},{"type":647,"attrs":39494,"content":39495},{"level":13022,"textAlign":49},[39496],{"text":39497,"type":585},"Why is China’s pipeline shrinking?",{"type":580,"attrs":39499,"content":39500},{"textAlign":49},[39501],{"text":39502,"type":585},"The majority of the projects removed from the 2030 pipeline so far this year have been in China, with tier 2 and 3 facilities dominating the list. Between January and May this year, 18 out of the 20 abandoned projects were located in China, representing 74% of the cancelled pipeline capacity.",{"type":580,"attrs":39504,"content":39505},{"textAlign":49},[39506],{"text":39507,"type":585},"“A lot of consolidation has occurred at Chinese facilities where low prices combined with struggles with yield means companies have abandoned plans,” Hartley said.",{"type":580,"attrs":39509,"content":39510},{"textAlign":49},[39511,39512,39518],{"text":2077,"type":585},{"text":39513,"type":585,"marks":39514},"Lithium ion battery Price Index",[39515],{"type":590,"attrs":39516},{"href":39517,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/price-assessments/lithium-ion-batteries/portal",{"text":39519,"type":585}," has fallen 3.02% so far this year. Cylindrical lithium iron phosphate (LFP) cells (EXW China), for example, are now assessed at $70.62 per kilowatt-hour (kWh) compared to $76.25 per kWh at the end of last year.",{"type":580,"attrs":39521,"content":39522},{"textAlign":49},[39523,39527,39533,39537],{"text":39524,"type":585,"marks":39525},"Watch Benchmark analyst Evan Hartley ",[39526],{"type":1992},{"text":39528,"type":585,"marks":39529},"discuss cell prices falling below $100/kWh",[39530,39532],{"type":590,"attrs":39531},{"href":39482,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"text":39534,"type":585,"marks":39535}," on Benchmark Source",[39536],{"type":1992},{"text":1538,"type":585},{"type":647,"attrs":39539,"content":39540},{"level":13022,"textAlign":49},[39541],{"text":39542,"type":585},"What’s happening in Europe?",{"type":580,"attrs":39544,"content":39545},{"textAlign":49},[39546,39548,39554],{"text":39547,"type":585},"In Europe, Chinese cell maker SVOLT cancelled its ",{"text":39549,"type":585,"marks":39550},"Lauchhammer gigafactory in Germany",[39551],{"type":590,"attrs":39552},{"href":39553,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/svolt-files-2-1-billion-ipo-as-it-looks-to-fund-battery-capacity-expansions",{"text":39555,"type":585}," due to a “low level of planning security” caused by the “threat of international punitive tariffs to market distortions due to protracted and unevenly distributed subsidies.”",{"type":580,"attrs":39557,"content":39558},{"textAlign":49},[39559],{"text":39560,"type":585},"The SVOLT facility would have added 16 GWh of capacity to the 2030 pipeline and the company had already installed some equipment at the site.",{"type":580,"attrs":39562,"content":39563},{"textAlign":49},[39564],{"text":39565,"type":585},"Beyond prices and policy, generally sluggish EV demand growth has also been cited as a reason to postpone plans. Volkswagen had planned to build a 40 GWh gigafactory in Eastern Europe due to these market conditions. VW still intends to go ahead with its gigafactories planned for Germany, Spain and Canada.",{"type":580,"attrs":39567,"content":39568},{"textAlign":49},[39569],{"text":39570,"type":585},"With ACC now also postponing its European gigafactory plans, Europe’s pipeline will shrink even further. ACC’s Italian and German gigafactories would have each added 40 GWh to Europe’s pipeline.",{"type":647,"attrs":39572,"content":39573},{"level":13022,"textAlign":49},[39574],{"text":39575,"type":585},"Why is the US’ pipeline growth slowing?",{"type":580,"attrs":39577,"content":39578},{"textAlign":49},[39579],{"text":39580,"type":585},"The US’ pipeline grew rapidly after the Inflation Reduction Act (IRA) was announced in August 2022. Between August 2022 and August 2023, the country’s pipeline grew 60%. By contrast Europe’s pipeline grew 16% in the same time period.",{"type":580,"attrs":39582,"content":39583},{"textAlign":49},[39584,39586,39592,39594,39600],{"text":39585,"type":585},"Yet so far this year, the ",{"text":39587,"type":585,"marks":39588},"US’ pipeline has grown just 2%",[39589],{"type":590,"attrs":39590},{"href":39591,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/us-gigafactory-rollout-hit-by-setbacks",{"text":39593,"type":585},", suggesting the initial buzz from the IRA is tapering and the companies that had announced new gigafactories are now more focused on ",{"text":39595,"type":585,"marks":39596},"bringing those to fruition",[39597],{"type":590,"attrs":39598},{"href":39599,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/gigafactory-investment-slows-in-first-half-of-2023-as-producers-focus-on-existing-plans",{"text":39601,"type":585}," rather than developing new projects.",{"type":580,"attrs":39603,"content":39604},{"textAlign":49},[39605],{"type":1847,"attrs":39606},{"id":49,"alt":39607,"src":39608,"title":49,"source":49,"copyright":49,"meta_data":39609},"US and Europe 2030 pipeline stalls","https://a.storyblok.com/f/287943243085208/7edd9f7f92/bm-us-eur-pipeline.png",{},{"type":647,"attrs":39611,"content":39612},{"level":13022,"textAlign":49},[39613],{"text":39614,"type":585},"Could the elections impact the pipeline?",{"type":580,"attrs":39616,"content":39617},{"textAlign":49},[39618,39620,39626],{"text":39619,"type":585},"Both the US and European Union have ",{"text":39621,"type":585,"marks":39622},"major elections",[39623],{"type":590,"attrs":39624},{"href":39625,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/how-the-battery-industry-could-be-impacted-by-elections-this-year",{"text":39627,"type":585}," this year, adding a level of geopolitical uncertainty. For the US, the election result could impact the interpretation of some aspects of the IRA, whereas the European Parliamentary elections may change the bloc’s approach to China.",{"type":580,"attrs":39629,"content":39630},{"textAlign":49},[39631],{"text":39632,"type":585},"“Election uncertainty is combined with the fact that most producers are already expending large amounts of effort towards the already announced plants,” Hartley said. “They have not the cash, energy or appetite to build more.”","Between January and May this year, 220 gigawatt-hours (GWh) of gigafactory 2030 pipeline capacity has been cancelled or postponed, according to Benchmark’s Gigafactory Assessment. This comes despite increasing demand for batteries from the electric vehicle and energy storage markets. Benchmark’s Lithium ion Database forecasts that battery demand will triple from 1.3 terawatt-hours (TWh) in 2024 […]",[39635],{"slug":1466,"name":1467,"content":39636},{"job_title":1469,"image":39637,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7a4ab9e3-4e6f-4478-a2ab-d7a090ea960a\", \"id\": \"\"}-->",[39640,39641],{"slug":956,"name":957},{"slug":3379,"name":3380},{"id":49,"alt":39490,"name":645,"focus":645,"title":39490,"source":645,"filename":39643,"copyright":645,"fieldtype":701,"meta_data":39644,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1718033112/www-production/YoY-pipeline-growth-no-Y_1319303167f8/YoY-pipeline-growth-no-Y_1319303167f8.png?_i=AA",{"alt":39490,"title":39490,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":39646,"copyright":645,"fieldtype":701,"meta_data":39647,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/30f10dc357/bm-1-svolt-uberherrn-gebaude1-rgb.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Jun 13, 2024",{"id":39650,"uuid":39651,"name":39652,"slug":39653,"full_slug":39654,"content":39655},112469434332421,"df390b31-b34b-4727-b788-b549c56cad41","European Union’s anti-subsidy probe results in almost 50% tariffs on Chinese EV imports","europes-anti-subsidy-probe-results-in-almost-50-tariffs-on-chinese-ev-imports","article/europes-anti-subsidy-probe-results-in-almost-50-tariffs-on-chinese-ev-imports",{"_uid":39656,"date":39391,"tags":39657,"editor":39665,"content":39669,"excerpt":39877,"featured":51,"reporter":39878,"_editable":39882,"component":689,"seo_title":39652,"categories":39883,"visibility":697,"author_company":49,"data_vis_image":39887,"featured_image":39890,"seo_description":39877,"author_full_name":49,"author_job_title":49,"formattedDate":39648},"e7f8357e-00ff-44d0-b9c2-32fa5ccc6cc8",[39658,39659,39660,39661,39662,39663,39664],{"slug":1294,"name":1295},{"slug":720,"name":721},{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":1303,"name":1304},{"slug":8333,"name":8334},{"slug":4449,"name":4450},[39666],{"slug":1466,"name":1467,"content":39667},{"job_title":1469,"image":39668,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":39670},[39671,39684,39696,39701,39706,39713,39718,39723,39728,39738,39743,39748,39753,39758,39762,39767,39772,39777,39782,39787,39792,39797,39802,39807,39812,39820,39825,39830,39835,39842,39870],{"type":580,"attrs":39672,"content":39673},{"textAlign":49},[39674,39676,39682],{"text":39675,"type":585},"The European Union has announced it intends to impose additional duties of up to 38.1% on ",{"text":39677,"type":585,"marks":39678},"imports of battery electric vehicles from China",[39679],{"type":590,"attrs":39680},{"href":39681,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/how-the-eu-could-tackle-subsidised-imports-of-chinese-evs",{"text":39683,"type":585},". These are on top of the existing 10% tariffs currently in place.",{"type":580,"attrs":39685,"content":39686},{"textAlign":49},[39687,39689,39694],{"text":39688,"type":585},"This marks the latest geopolitical escalation in China-West relations in the EV supply chain, after the ",{"text":39690,"type":585,"marks":39691},"US imposed 100% tariffs on Chinese EV exports last month",[39692],{"type":590,"attrs":39693},{"href":37420,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":39695,"type":585},", significantly higher than those suggested by the EU.",{"type":580,"attrs":39697,"content":39698},{"textAlign":49},[39699],{"text":39700,"type":585},"The duties imposed vary depending on the amount of state subsidisation and the level of compliance with the EU’s anti-subsidy probe that began in September last year.",{"type":580,"attrs":39702,"content":39703},{"textAlign":49},[39704],{"text":39705,"type":585},"“The EU is proposing these countervailing duties to counter what it views as China’s unfair subsidisation of the EV sector and protect its EV industry,” Bryan Bille, a policy analyst at Benchmark, said. “With these duties, the EU basically wants to create a level playing field in the EV sector.”",{"type":580,"attrs":39707,"content":39708},{"textAlign":49},[39709],{"type":1847,"attrs":39710},{"id":49,"alt":645,"src":39711,"title":49,"source":49,"copyright":49,"meta_data":39712},"https://a.storyblok.com/f/287943243085208/12c9a56e8d/bm-eu-tariff-china-13062024-v3.png",{},{"type":647,"attrs":39714,"content":39715},{"level":13022,"textAlign":49},[39716],{"text":39717,"type":585},"Why is the EU increasing duties?",{"type":580,"attrs":39719,"content":39720},{"textAlign":49},[39721],{"text":39722,"type":585},"Last year, the EU initiated a probe into state subsidisation of Chinese EVs being exported to the EU. The probe has found “sufficient evidence” that these subsidies are unfair and could cause “injury” to the market that is “difficult to repair.”",{"type":580,"attrs":39724,"content":39725},{"textAlign":49},[39726],{"text":39727,"type":585},"The provisional conclusion of this investigation quantified the extent to which certain automakers were being subsidised. The level of subsidisation found will be used as the additional duty imposed on top of the existing 10% duty.",{"type":580,"attrs":39729,"content":39730},{"textAlign":49},[39731,39736],{"text":1295,"type":585,"marks":39732},[39733],{"type":590,"attrs":39734},{"href":39735,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/search/tag/byd?items_per_page=12&page_offset=0&tags[]=byd",{"text":39737,"type":585},", Geely and SAIC were individually assessed and will face additional duties of 17.4%, 20% and 38.1%. Companies which were not sampled but did comply with the EU’s investigation will receive a duty of 21%.",{"type":580,"attrs":39739,"content":39740},{"textAlign":49},[39741],{"text":39742,"type":585},"Non-sampled companies that also did not comply with the investigation will face the maximum 38% additional duty.",{"type":647,"attrs":39744,"content":39745},{"level":13022,"textAlign":49},[39746],{"text":39747,"type":585},"Are Western automakers impacted?",{"type":580,"attrs":39749,"content":39750},{"textAlign":49},[39751],{"text":39752,"type":585},"Notably, Western automakers operating in China are not exempt from the EU’s proposed additional duties. The Chinese arm of Germany’s BMW and Tesla China will both face 21% additional duties.",{"type":580,"attrs":39754,"content":39755},{"textAlign":49},[39756],{"text":39757,"type":585},"“This explains why Germany is opposed to these duties. German car manufacturers are still investing in China, especially in R&D and innovation,” Bryan Bille, a policy analyst at Benchmark, said.",{"type":647,"attrs":39759,"content":39760},{"level":13022,"textAlign":49},[39761],{"text":24263,"type":585},{"type":580,"attrs":39763,"content":39764},{"textAlign":49},[39765],{"text":39766,"type":585},"The announced duties are at the pre-disclosure stage and could change if factual errors are found in the Commission’s calculations. The Commission must publish the provisional duties by 4 July.",{"type":580,"attrs":39768,"content":39769},{"textAlign":49},[39770],{"text":39771,"type":585},"These provisional duties will then enter into force the next day and a decision on the final determination of the countervailing duties must then be made by 2 November this year.",{"type":580,"attrs":39773,"content":39774},{"textAlign":49},[39775],{"text":39776,"type":585},"The additional duties would remain in place for up to five years.",{"type":647,"attrs":39778,"content":39779},{"level":13022,"textAlign":49},[39780],{"text":39781,"type":585},"Can the automakers have their additional duties changed?",{"type":580,"attrs":39783,"content":39784},{"textAlign":49},[39785],{"text":39786,"type":585},"One potential change will be Tesla’s additional duty which currently sits at 21%. The company made a “substantiated request” and may receive an individually calculated duty rate before the rates become definitive.",{"type":580,"attrs":39788,"content":39789},{"textAlign":49},[39790],{"text":39791,"type":585},"Other companies wishing for individually calculated rates are now too late for this to occur and the duties are imposed. However, they can request an “accelerated review” after the rates become definitive.",{"type":580,"attrs":39793,"content":39794},{"textAlign":49},[39795],{"text":39796,"type":585},"The Commission would then have nine months to carry out its assessment.",{"type":647,"attrs":39798,"content":39799},{"level":13022,"textAlign":49},[39800],{"text":39801,"type":585},"How many EVs does China export to the EU?",{"type":580,"attrs":39803,"content":39804},{"textAlign":49},[39805],{"text":39806,"type":585},"In 2023, China exported 482,000 EVs to the European Union, according to GACC data, up 47% from 2022.",{"type":580,"attrs":39808,"content":39809},{"textAlign":49},[39810],{"text":39811,"type":585},"Exports of EVs from China into the EU peaked in the second quarter of 2023. Such exports in the first quarter of 2024 were down 11% compared to the same quarter in 2023.",{"type":580,"attrs":39813,"content":39814},{"textAlign":49},[39815],{"type":1847,"attrs":39816},{"id":49,"alt":39817,"src":39818,"title":49,"source":49,"copyright":49,"meta_data":39819},"Exports of EVs from China to the EU","https://a.storyblok.com/f/287943243085208/e75eca4106/bm-china-eu-ev-exports.png",{},{"type":647,"attrs":39821,"content":39822},{"level":13022,"textAlign":49},[39823],{"text":39824,"type":585},"Is this similar to the US’ approach?",{"type":580,"attrs":39826,"content":39827},{"textAlign":49},[39828],{"text":39829,"type":585},"Last month, the US imposed a 100% tariff on all EVs imported from China in addition to the base 2.5% tariff–a far more aggressive approach than that of the EU.",{"type":580,"attrs":39831,"content":39832},{"textAlign":49},[39833],{"text":39834,"type":585},"“Contrary to the US confrontational approach, the EU approach seems to be carefully calibrated, differentiating between various EV manufacturers in China, and creating a balance between additional protection for domestic EV producers and not being too antagonistic towards China,” Bille said. “In addition, the EU still wants to act within the World Trade Organisation context.”",{"type":580,"attrs":39836,"content":39837},{"textAlign":49},[39838],{"text":39839,"type":585,"marks":39840},"Benchmark’s webinar on Thursday 27 June will examine EU tariffs in more detail as part of a wider discussion on policy announcements set to impact the global EV industry.",[39841],{"type":1992},{"type":580,"attrs":39843,"content":39844},{"textAlign":49},[39845,39849,39853,39856,39860,39867],{"text":39846,"type":585,"marks":39847},"Join us on Thursday 27 June at 07:00 or 15:00 (GMT+1) for our webinar: ‘",[39848],{"type":1992},{"text":39850,"type":585,"marks":39851},"Can US & EU Policy Derail China’s EV Supply Chain Dominance",[39852],{"type":1992},{"text":20802,"type":585,"marks":39854},[39855],{"type":1992},{"text":39857,"type":585,"marks":39858},"‘  – ",[39859],{"type":1992},{"text":39861,"type":585,"marks":39862},"click here to register",[39863,39866],{"type":590,"attrs":39864},{"href":39865,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/events/can-us-eu-policy-derail-chinas-ev-supply-chain-dominance/",{"type":1992},{"text":1538,"type":585,"marks":39868},[39869],{"type":1992},{"type":580,"attrs":39871,"content":39872},{"textAlign":49},[39873],{"text":39874,"type":585,"marks":39875},"Benchmark presentations will be followed by a panel discussion featuring Julia Poliscanova, Senior Director at Transport and Environment (T&E).",[39876],{"type":1992},"The European Union has announced it intends to impose additional duties of up to 38.1% on imports of battery electric vehicles from China. These are on top of the existing 10% tariffs currently in place. This marks the latest geopolitical escalation in China-West relations in the EV supply chain, after the US imposed 100% tariffs […]",[39879],{"slug":1466,"name":1467,"content":39880},{"job_title":1469,"image":39881,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e7f8357e-00ff-44d0-b9c2-32fa5ccc6cc8\", \"id\": \"\"}-->",[39884,39885,39886],{"slug":956,"name":957},{"slug":692,"name":693},{"slug":695,"name":696},{"id":49,"alt":39888,"name":645,"focus":645,"title":39888,"source":645,"filename":39711,"copyright":645,"fieldtype":701,"meta_data":39889,"is_external_url":51},"EU could impose almost 50% tariffs on some Chinese EV imports",{"alt":39888,"title":39888,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":39891,"copyright":645,"fieldtype":701,"meta_data":39892,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/dbe7bd2242/bm-cars-in-a-grid-13194241845e.jpg",{"alt":645,"title":645,"source":645,"copyright":645},{"id":39894,"uuid":39895,"name":39896,"slug":39897,"full_slug":39898,"content":39899},112469475349772,"35a3b106-6d12-4f8d-abca-3725d5ddecfd","CATL looks to overseas markets amid domestic battery oversupply","catl-looks-to-overseas-markets-amid-domestic-battery-oversupply","article/catl-looks-to-overseas-markets-amid-domestic-battery-oversupply",{"_uid":39900,"date":39901,"tags":39902,"editor":39906,"content":39910,"excerpt":40097,"featured":51,"reporter":40098,"_editable":40102,"component":689,"seo_title":39896,"categories":40103,"visibility":697,"author_company":49,"data_vis_image":40106,"featured_image":40109,"seo_description":40097,"author_full_name":49,"author_job_title":49,"formattedDate":40113},"bdf5b0aa-8c42-49d6-8ac4-c3ffc60ca671","2024-06-07 00:00",[39903,39904,39905],{"slug":2044,"name":2045},{"slug":720,"name":721},{"slug":564,"name":565},[39907],{"slug":9249,"name":9250,"content":39908},{"job_title":9252,"image":39909,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":39911},[39912,39917,39922,39927,39938,39943,39946,39951,39956,39968,39973,39978,39988,39993,39998,40003,40008,40013,40018,40023,40042,40047,40065,40070,40075,40080,40085,40090],{"type":580,"attrs":39913,"content":39914},{"textAlign":49},[39915],{"text":39916,"type":585},"CATL’s founder and chairman, Robin Zeng Yuqun, recently issued an internal letter urging the world’s largest battery maker to “harvest” overseas markets. This comes as China’s domestic market faces concerns around overcapacity.",{"type":580,"attrs":39918,"content":39919},{"textAlign":49},[39920],{"text":39921,"type":585},"CATL will look to meet growing ex-China battery demand through its production base in China but could look to international production expansions as it targets overseas markets.",{"type":580,"attrs":39923,"content":39924},{"textAlign":49},[39925],{"text":39926,"type":585},"Its rise to become the world’s largest cell producer has seen CATL focus expansions in China, taking advantage of its home country’s capex and opex advantages, but this has left it with a small international gigafactory footprint. ",{"type":580,"attrs":39928,"content":39929},{"textAlign":49},[39930,39932,39936],{"text":39931,"type":585},"In 2023, just 1% of CATL’s cell production came from outside of China according to analysis from Benchmark’s ",{"text":28896,"type":585,"marks":39933},[39934],{"type":590,"attrs":39935},{"href":38889,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":39937,"type":585},", highlighting the opportunities for the company to expand production in other regions. ",{"type":580,"attrs":39939,"content":39940},{"textAlign":49},[39941],{"text":39942,"type":585},"“CATL is beginning to focus more now on expansion into European and North American markets in order to provide further local supply to its customers, and reduce reliance on an oversupplied domestic market,” according to Anya Sidhu, an analyst at Benchmark.",{"type":580,"attrs":39944,"content":39945},{"textAlign":49},[],{"type":647,"attrs":39947,"content":39948},{"level":13022,"textAlign":49},[39949],{"text":39950,"type":585},"How does CATL’s domestic and international capacities compare? ",{"type":580,"attrs":39952,"content":39953},{"textAlign":49},[39954],{"text":39955,"type":585},"CATL’s existing capacity is predominantly based in China.",{"type":580,"attrs":39957,"content":39958},{"textAlign":49},[39959,39961,39967],{"text":39960,"type":585},"In 2023, CATL had 490 GWh of production capacity across 17 operating gigafactories (including joint ventures), with all but one in China according to Benchmark’s ",{"text":28896,"type":585,"marks":39962},[39963,39965],{"type":590,"attrs":39964},{"href":38889,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":590,"attrs":39966},{"href":38560,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":14640,"type":585},{"type":580,"attrs":39969,"content":39970},{"textAlign":49},[39971],{"text":39972,"type":585},"Its current expansions, however, will see its share of international production grow. By 2030 its capacity is set to rise to almost 1.1 TWh, with just over a tenth of this coming from gigafactories outside of China.",{"type":647,"attrs":39974,"content":39975},{"level":13022,"textAlign":49},[39976],{"text":39977,"type":585},"Why is Zeng calling for CATL to expand to other markets?",{"type":580,"attrs":39979,"content":39980},{"textAlign":49},[39981,39983,39987],{"text":39982,"type":585},"In 2024, China is set to be the only region with a battery market in surplus, standing at almost 500 GWh, according to Benchmark’s ",{"text":28896,"type":585,"marks":39984},[39985],{"type":590,"attrs":39986},{"href":38889,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":14640,"type":585},{"type":580,"attrs":39989,"content":39990},{"textAlign":49},[39991],{"text":39992,"type":585},"A significant portion of Chinese oversupply will come from Tier 2 and 3 producers which are unable to supply Western EV markets. ",{"type":580,"attrs":39994,"content":39995},{"textAlign":49},[39996],{"text":39997,"type":585},"As a Tier 1 producer, CATL is able to meet this demand and already has extensive agreements with North American and European automakers. ",{"type":580,"attrs":39999,"content":40000},{"textAlign":49},[40001],{"text":40002,"type":585},"To maintain its market-leading role and meet the demands of Western OEMs the most obvious next steps are for CATL to develop more capacity closer to its end customers. ",{"type":647,"attrs":40004,"content":40005},{"level":13022,"textAlign":49},[40006],{"text":40007,"type":585},"What are the challenges facing CATL’s international expansion?",{"type":580,"attrs":40009,"content":40010},{"textAlign":49},[40011],{"text":40012,"type":585},"While CATL has begun to develop its international footprint, geopolitical tensions are making it more difficult for Chinese producers to establish production in Western regions. ",{"type":580,"attrs":40014,"content":40015},{"textAlign":49},[40016],{"text":40017,"type":585},"Localisation, or ‘de-risking’, policies may affect CATL’s international ambitions. Legislation such as the US’ Inflation Reduction Act and the EU’s Critical Raw Materials Act (CRMA) seek to reduce China’s influence on the battery value chain. ",{"type":580,"attrs":40019,"content":40020},{"textAlign":49},[40021],{"text":40022,"type":585},"The US is more hostile to Chinese companies than the EU. Clauses, such as the IRA’s Foreign Entity of Concern (FEOC), specifically penalise Chinese-owned companies. ",{"type":580,"attrs":40024,"content":40025},{"textAlign":49},[40026,40028,40034,40036,40040],{"text":40027,"type":585},"CATL is currently ",{"text":40029,"type":585,"marks":40030},"developing a gigafactory",[40031],{"type":590,"attrs":40032},{"href":40033,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/ford-to-build-3-5-billion-us-lfp-battery-plant-using-catl-technology",{"text":40035,"type":585}," in partnership with Ford in Michigan, US, which is forecast to begin production of LFP cells in 2027, according to Benchmark’s ",{"text":28896,"type":585,"marks":40037},[40038],{"type":590,"attrs":40039},{"href":38889,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":40041,"type":585},". Zeng has previously said that the plant has been developed to abide by the FEOC legislation so will not be affected by the policy, but there has been controversy in the US over CATL’s role in the project.",{"type":580,"attrs":40043,"content":40044},{"textAlign":49},[40045],{"text":40046,"type":585},"The EU is more accommodating. CATL’s only operating facility outside of China is in Erfurt, Germany which is forecast to have a capacity of 14 GWh in 2025. The company is also expected to begin production at its Debrecen facility in Hungary next year.",{"type":580,"attrs":40048,"content":40049},{"textAlign":49},[40050,40052,40058,40060,40064],{"text":40051,"type":585},"Europe is attracting investment from other Chinese companies as well. By 2030, it is forecast that ",{"text":40053,"type":585,"marks":40054},"33% of cells produced in Europe",[40055],{"type":590,"attrs":40056},{"href":40057,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinese-owned-companies-to-produce-one-third-of-european-battery-cells-by-2030",{"text":40059,"type":585}," will come from Chinese-owned operations, according to Benchmark’s ",{"text":28896,"type":585,"marks":40061},[40062],{"type":590,"attrs":40063},{"href":38889,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":647,"attrs":40066,"content":40067},{"level":13022,"textAlign":49},[40068],{"text":40069,"type":585},"Case Study: China’s CATL vs South Korea’s LGES",{"type":580,"attrs":40071,"content":40072},{"textAlign":49},[40073],{"text":40074,"type":585},"CATL reflects a broader trend in the battery market, where Chinese producers have concentrated on domestic gigafactory expansions. ",{"type":580,"attrs":40076,"content":40077},{"textAlign":49},[40078],{"text":40079,"type":585},"Its international peers, particularly South Korean producers, mostly expanded overseas, with limited production capacity in their home countries. ",{"type":580,"attrs":40081,"content":40082},{"textAlign":49},[40083],{"text":40084,"type":585},"For example, last year 99% of CATL’s gigafactory capacity was located within China, where the company is based. This is in stark contrast to South Korea’s LG Energy Solution (LGES), another Tier 1 battery manufacturer, which has just 8% of its capacity located domestically.",{"type":580,"attrs":40086,"content":40087},{"textAlign":49},[40088],{"text":40089,"type":585},"The overall trend is set to continue, although CATL will make inroads into international markets. By 2030, CATL is forecast to increase 12% of its battery capacity located overseas and LGES will also increase its international capacity further to 94%.",{"type":580,"attrs":40091,"content":40092},{"textAlign":49},[40093],{"type":1847,"attrs":40094},{"id":49,"alt":645,"src":40095,"title":49,"source":49,"copyright":49,"meta_data":40096},"https://a.storyblok.com/f/287943243085208/2d177881f6/bm-case-study-catl-vs-lges.png",{},"CATL’s founder and chairman, Robin Zeng Yuqun, recently issued an internal letter urging the world’s largest battery maker to “harvest” overseas markets. This comes as China’s domestic market faces concerns around overcapacity. CATL will look to meet growing ex-China battery demand through its production base in China but could look to international production expansions as […]",[40099],{"slug":9249,"name":9250,"content":40100},{"job_title":9252,"image":40101,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"bdf5b0aa-8c42-49d6-8ac4-c3ffc60ca671\", \"id\": \"\"}-->",[40104,40105],{"slug":956,"name":957},{"slug":3379,"name":3380},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":40107,"copyright":645,"fieldtype":701,"meta_data":40108,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1717751781/www-production/Case-study-CATL-vs-LGES-no-Y-axis/Case-study-CATL-vs-LGES-no-Y-axis.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":40110,"name":645,"focus":645,"title":40110,"source":645,"filename":40111,"copyright":645,"fieldtype":701,"meta_data":40112,"is_external_url":51},"A factory under construction","https://a.storyblok.com/f/287943243085208/3f0def7774/bm-catl-looks-to-overseas-markets-amid-domestic-oversupply.jpg",{"alt":40110,"title":40110,"source":645,"copyright":645},"Jun 07, 2024",{"id":40115,"uuid":40116,"name":40117,"slug":40118,"full_slug":40119,"content":40120},112469489968399,"c8408ce7-416a-4258-80a0-d04872361f37","Chinese gigafactory construction timelines lengthen as overcapacity hits Tier 2 and 3 producers","chinese-gigafactory-construction-timelines-lengthen-as-tier-2-and-3-developments-increase","article/chinese-gigafactory-construction-timelines-lengthen-as-tier-2-and-3-developments-increase",{"_uid":40121,"date":40122,"tags":40123,"editor":40128,"content":40132,"excerpt":40312,"featured":51,"reporter":40313,"_editable":40317,"component":689,"seo_title":40117,"categories":40318,"visibility":697,"author_company":49,"data_vis_image":40321,"featured_image":40323,"seo_description":40312,"author_full_name":49,"author_job_title":49,"formattedDate":40327},"0ce686a7-db06-4f1d-8660-2e42eecd9665","2024-06-05 00:00",[40124,40125,40126,40127],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":561,"name":562},[40129],{"slug":9249,"name":9250,"content":40130},{"job_title":9252,"image":40131,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":40133},[40134,40145,40150,40155,40160,40165,40170,40175,40180,40185,40198,40218,40230,40235,40240,40245,40256,40261,40269,40274,40279,40287,40292,40296],{"type":580,"attrs":40135,"content":40136},{"textAlign":49},[40137,40139,40143],{"text":40138,"type":585},"The average construction timeline for Chinese gigafactories is getting longer, according to data from Benchmark’s ",{"text":32627,"type":585,"marks":40140},[40141],{"type":590,"attrs":40142},{"href":38560,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":40144,"type":585},". This is the result of Tier 2 and 3 facilities – which take longer to build – making up a greater proportion of domestic construction. ",{"type":580,"attrs":40146,"content":40147},{"textAlign":49},[40148],{"text":40149,"type":585},"“Chinese buildout is slower as active construction and planned projects are now skewed to Tier 2 and 3 projects, whereas in the West it’s more Tier 1,” said Bart Harvey, a geospatial analyst at Benchmark.",{"type":647,"attrs":40151,"content":40152},{"level":13022,"textAlign":49},[40153],{"text":40154,"type":585},"Why are construction timelines growing in China?",{"type":580,"attrs":40156,"content":40157},{"textAlign":49},[40158],{"text":40159,"type":585},"“Overcapacity concerns and low cell prices in China have caused several construction delays and cancellations, particularly amongst smaller Tier 2 and Tier 3 companies,” said Harvey.",{"type":580,"attrs":40161,"content":40162},{"textAlign":49},[40163],{"text":40164,"type":585},"Benchmark has observed that some Chinese players are intensifying development overseas while delaying construction at domestic sites. ",{"type":580,"attrs":40166,"content":40167},{"textAlign":49},[40168],{"text":40169,"type":585},"Using remote sensing analysis, Benchmark’s GIS analysis has seen companies progressing further with US-based plans, relative to those in China which spent longer in the groundworks stages prior to building construction.",{"type":647,"attrs":40171,"content":40172},{"level":13022,"textAlign":49},[40173],{"text":40174,"type":585},"How do we know this is not part of a global slowdown in gigafactory construction timelines?",{"type":580,"attrs":40176,"content":40177},{"textAlign":49},[40178],{"text":40179,"type":585},"The slowdown is not seen in other regions. For example, in North America, a region of substantial gigafactory buildout, construction timelines are falling.",{"type":580,"attrs":40181,"content":40182},{"textAlign":49},[40183],{"text":40184,"type":585},"Since the US’ Inflation Reduction Act (IRA) came into effect in August 2022 there has been a push to build gigafactory capacity in the US. North American construction timelines have shrunk as a result. Typical construction timelines for Tier 1 facilities in North America are now on par with those of China.",{"type":580,"attrs":40186,"content":40187},{"textAlign":49},[40188,40190,40196],{"text":40189,"type":585},"Based on data from ",{"text":40191,"type":585,"marks":40192},"Benchmark Verified",[40193],{"type":590,"attrs":40194},{"href":40195,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/benchmark-verified-the-five-stages-of-benchmarks-gigafactory-satellite-analysis",{"text":40197,"type":585},", which uses satellite imagery and remote sensing to monitor gigafactory construction, the Construction Tracker shows North America now has the shortest timeline for plant construction. Facilities in the region average fewer than 30 months between initial ground clearance and completion. ",{"type":580,"attrs":40199,"content":40200},{"textAlign":49},[40201,40205,40206,40209,40215],{"text":40202,"type":585,"marks":40203},"Watch Benchmark senior analyst Bart Harvey talk through how Benchmark uses satellite imagery as an additional level of gigafactory analysis",[40204],{"type":1992},{"text":14640,"type":585},{"text":38413,"type":585,"marks":40207},[40208],{"type":1992},{"text":20730,"type":585,"marks":40210},[40211,40214],{"type":590,"attrs":40212},{"href":40213,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/search/tag/analyst-insights?items_per_page=12&page_offset=0&tags[]=analyst-insights",{"type":1992},{"text":1538,"type":585,"marks":40216},[40217],{"type":1992},{"type":580,"attrs":40219,"content":40220},{"textAlign":49},[40221,40223,40228],{"text":40222,"type":585},"US gigafactory capacity is expected to be more than 800 GWh in 2030, a 20% increase on Benchmark’s projection a year ago. Since the IRA’s ratification, the ",{"text":40224,"type":585,"marks":40225},"Benchmark Lithium ion Battery Database",[40226],{"type":590,"attrs":40227},{"href":38889,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":40229,"type":585}," has added nine new US plants.",{"type":580,"attrs":40231,"content":40232},{"textAlign":49},[40233],{"text":40234,"type":585},"The European cell pipeline has also grown, in an effort to reduce reliance on China for battery production. Europe’s cell pipeline has increased 36% since August 2022.",{"type":647,"attrs":40236,"content":40237},{"level":13022,"textAlign":49},[40238],{"text":40239,"type":585},"How do gigafactory construction timelines in China and Europe compare?",{"type":580,"attrs":40241,"content":40242},{"textAlign":49},[40243],{"text":40244,"type":585},"Chinese producers are able to construct their domestic cell plants in a much shorter time than their European projects, however. ",{"type":580,"attrs":40246,"content":40247},{"textAlign":49},[40248,40250,40254],{"text":40249,"type":585},"Europe is forecast to have 14 operation gigafactories in 2024, three of which are Chinese-owned, according to Benchmark’s ",{"text":28896,"type":585,"marks":40251},[40252],{"type":590,"attrs":40253},{"href":38889,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":40255,"type":585},". These are CATL’s Debrecen plant in Hungary; CATL’s Erfurt plant in Germany; and Envision AESC’s Sunderland plant in the UK.",{"type":580,"attrs":40257,"content":40258},{"textAlign":49},[40259],{"text":40260,"type":585},"However, Chinese producers are unable to match their domestic construction timelines, with European projects averaging 42 months compared to 27 in China.",{"type":580,"attrs":40262,"content":40263},{"textAlign":49},[40264],{"type":1847,"attrs":40265},{"id":49,"alt":40266,"src":40267,"title":49,"source":49,"copyright":49,"meta_data":40268},"Bar chart showing Chinese cell manufacturer construction timelines for projects in Europe compared to projects in China. The main source of the difference is Europe plants spending 16 months in the completion phase while Chinese projects spend six months","https://a.storyblok.com/f/287943243085208/b64257722b/bm-chinese-cell-manufacturers-can-construct-domestic-plants-faster-than-their-european-projects-1.png",{},{"type":580,"attrs":40270,"content":40271},{"textAlign":49},[40272],{"text":40273,"type":585},"“China has a larger, more skilled labour pool compared to Europe and the US, allowing Chinese companies to develop their domestic cell plants much quicker than their overseas plans,” according to Harvey.",{"type":580,"attrs":40275,"content":40276},{"textAlign":49},[40277],{"text":40278,"type":585},"It is important to note that Chinese companies operating in Europe have a longer construction timeline compared to non-Chinese ones. However, this is again a reflection of the longer construction times of Tier 1 facilities.",{"type":580,"attrs":40280,"content":40281},{"textAlign":49},[40282],{"type":1847,"attrs":40283},{"id":49,"alt":40284,"src":40285,"title":49,"source":49,"copyright":49,"meta_data":40286},"Bar chart showing Chinese companies operating in Europe take longer to construct gigafactories than non-Chinese companies. Ground works and Completion are the most significant differences","https://a.storyblok.com/f/287943243085208/d125586e76/bm-chinese-companies-operating-in-europe-have-a-longer-construction-timeline-1.png",{},{"type":580,"attrs":40288,"content":40289},{"textAlign":49},[40290],{"text":40291,"type":585},"The majority of Chinese operators in Europe are bigger players such as Tier 1 cell producer CATL, which has an average startup capacity of approximately 30 GWh. Tier 3 producers comprise the majority of non-mainland Chinese operators in Europe. For example, Taiwanese Tier 3 cell producer Prologium has approximately half the startup capacity when compared to its peers in mainland China.",{"type":647,"attrs":40293,"content":40294},{"level":13022,"textAlign":49},[40295],{"text":38429,"type":585},{"type":580,"attrs":40297,"content":40298},{"textAlign":49},[40299,40303,40308],{"text":40300,"type":585,"marks":40301},"Discussions on Asia Pacific’s battery market will continue at Benchmark’s",[40302],{"type":1992},{"text":38438,"type":585,"marks":40304},[40305,40307],{"type":590,"attrs":40306},{"href":38442,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"text":40309,"type":585,"marks":40310},"conference being held September 11-12 at the Ritz Carlton in Perth, Australia.",[40311],{"type":1992},"The average construction timeline for Chinese gigafactories is getting longer, according to data from Benchmark’s Gigafactory Assessment. This is the result of Tier 2 and 3 facilities – which take longer to build – making up a greater proportion of domestic construction. “Chinese buildout is slower as active construction and planned projects are now skewed […]",[40314],{"slug":9249,"name":9250,"content":40315},{"job_title":9252,"image":40316,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0ce686a7-db06-4f1d-8660-2e42eecd9665\", \"id\": \"\"}-->",[40319,40320],{"slug":956,"name":957},{"slug":3379,"name":3380},{"id":49,"alt":40266,"name":645,"focus":645,"title":40266,"source":645,"filename":40267,"copyright":645,"fieldtype":701,"meta_data":40322,"is_external_url":51},{"alt":40266,"title":40266,"source":645,"copyright":645},{"id":49,"alt":40324,"name":645,"focus":645,"title":40324,"source":645,"filename":40325,"copyright":645,"fieldtype":701,"meta_data":40326,"is_external_url":51},"Gigafactory under construction","https://a.storyblok.com/f/287943243085208/a4de7daa7f/bm-gigafactory-construction.jpg",{"alt":40324,"title":40324,"source":645,"copyright":645},"Jun 05, 2024",{"id":40329,"uuid":40330,"name":40331,"slug":40332,"full_slug":40333,"content":40334},112469485208846,"266324b7-fd58-493c-a670-e809a9dc5a7b","Why has the US reinstated tariffs on natural graphite?","why-has-the-us-reinstated-tariffs-on-natural-graphite","article/why-has-the-us-reinstated-tariffs-on-natural-graphite",{"_uid":40335,"date":40122,"tags":40336,"editor":40342,"content":40346,"excerpt":40557,"featured":51,"reporter":40558,"_editable":40562,"component":689,"seo_title":40331,"categories":40563,"visibility":697,"author_company":49,"data_vis_image":40566,"featured_image":40570,"seo_description":40557,"author_full_name":49,"author_job_title":49,"formattedDate":40327},"5595e851-e524-4e3b-a310-4870172682c5",[40337,40338,40339,40340,40341],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":8333,"name":8334},{"slug":561,"name":562},{"slug":13546,"name":13547},[40343],{"slug":9249,"name":9250,"content":40344},{"job_title":9252,"image":40345,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":40347},[40348,40359,40364,40369,40381,40386,40391,40396,40403,40415,40420,40435,40440,40450,40455,40460,40465,40470,40483,40488,40493,40504,40509,40514,40519,40524,40529,40536,40541,40552],{"type":580,"attrs":40349,"content":40350},{"textAlign":49},[40351,40353,40358],{"text":40352,"type":585},"Last month, the US increased tariffs on large sections of the lithium ion battery supply chain. While tariffs were already in place for other critical battery raw materials, White House statements drew specific attention to natural graphite when they announced the ",{"text":40354,"type":585,"marks":40355},"application of a 25% tariff starting in 2026",[40356],{"type":590,"attrs":40357},{"href":37420,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":14640,"type":585},{"type":580,"attrs":40360,"content":40361},{"textAlign":49},[40362],{"text":40363,"type":585},"Natural graphite has long been on the radar of US policymakers, but the country’s growing domestic needs and China’s role in the supply chain has pushed it to the top of the geopolitical agenda.  ",{"type":580,"attrs":40365,"content":40366},{"textAlign":49},[40367],{"text":40368,"type":585},"“The US graphite market is much less mature than that of China, so the tariff on Chinese products comes as an incentive to new local projects as well as to ensure US production capacity will be able to comply with the future local demand,” said Camila Cardili, an analyst at Benchmark.",{"type":580,"attrs":40370,"content":40371},{"textAlign":49},[40372,40374,40380],{"text":40373,"type":585},"The US is actively trying to limit China’s control of the lithium ion battery supply chain, and natural graphite is an area where ",{"text":40375,"type":585,"marks":40376},"China is acutely dominant",[40377],{"type":590,"attrs":40378},{"href":40379,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/downloads/special-issues/1313805",{"text":1538,"type":585},{"type":580,"attrs":40382,"content":40383},{"textAlign":49},[40384],{"text":40385,"type":585},"Here are the key reasons why the White House re-introduced tariffs on natural graphite. ",{"type":647,"attrs":40387,"content":40388},{"level":13022,"textAlign":49},[40389],{"text":40390,"type":585},"1. Natural graphite is essential to US EV and battery adoption ",{"type":580,"attrs":40392,"content":40393},{"textAlign":49},[40394],{"text":40395,"type":585},"The battery market is the largest source of demand growth for natural graphite. In 2017, 15% of demand came from batteries; at present, this figure is 57% and by 2030 it is expected to be 80%. ",{"type":580,"attrs":40397,"content":40398},{"textAlign":49},[40399],{"type":1847,"attrs":40400},{"id":49,"alt":645,"src":40401,"title":49,"source":49,"copyright":49,"meta_data":40402},"https://a.storyblok.com/f/287943243085208/b15fdfda08/bm-the-battery-market-is-the-key-demand-driver-for-natural-graphite-1319148a911e.png",{},{"type":580,"attrs":40404,"content":40405},{"textAlign":49},[40406,40408,40414],{"text":40407,"type":585},"This trend is true of the US as it seeks to build out its battery supply chain. North American demand for natural graphite – the majority of which comes from the US – is expected to be more than 437,000 tonnes in 2030, according to ",{"text":40409,"type":585,"marks":40410},"Benchmark’s Natural Graphite Forecast",[40411],{"type":590,"attrs":40412},{"href":40413,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts/natural-graphite/reports/",{"text":1538,"type":585},{"type":580,"attrs":40416,"content":40417},{"textAlign":49},[40418],{"text":40419,"type":585},"While automakers have tended towards the use of synthetic graphite-dominant anodes in recent years due to life-cycle benefits, western anode consumers are seeking to increase natural graphite inputs to reduce cost and sustainability concerns. ",{"type":580,"attrs":40421,"content":40422},{"textAlign":49},[40423,40427,40432],{"text":40424,"type":585,"marks":40425},"Watch Benchmark head of prices Daisy Jennings-Gray discuss the North American anode market. View more analyst insight videos ",[40426],{"type":1992},{"text":20730,"type":585,"marks":40428},[40429,40431],{"type":590,"attrs":40430},{"href":38420,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"text":1538,"type":585,"marks":40433},[40434],{"type":1992},{"type":647,"attrs":40436,"content":40437},{"level":13022,"textAlign":49},[40438],{"text":40439,"type":585},"2. China’s outsized role in natural graphite",{"type":580,"attrs":40441,"content":40442},{"textAlign":49},[40443,40445,40449],{"text":40444,"type":585},"This year, China is expected to produce 72% of global natural graphite supply, and 98% of uncoated spherical graphite (USPG) output, according to ",{"text":40409,"type":585,"marks":40446},[40447],{"type":590,"attrs":40448},{"href":40413,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":14640,"type":585},{"type":580,"attrs":40451,"content":40452},{"textAlign":49},[40453],{"text":40454,"type":585},"There is no other stage of the lithium ion battery supply chain where China exerts the same level of control from the first stage of production. ",{"type":580,"attrs":40456,"content":40457},{"textAlign":49},[40458],{"text":40459,"type":585},"China’s influence on natural graphite was highlighted when it introduced export controls in December 2023, requiring producers to apply for permits before exporting certain graphite products. Though permit allocations have not been used to completely deny access to Chinese graphite, the policy emphasised the country’s dominance over this critical material.",{"type":580,"attrs":40461,"content":40462},{"textAlign":49},[40463],{"text":40464,"type":585},"The battery supply chain remains reliant on Chinese natural graphite which poses an issue for the ‘de-risking’ policies introduced in many Western countries.",{"type":580,"attrs":40466,"content":40467},{"textAlign":49},[40468],{"text":40469,"type":585},"Chinese market share led the South Korean minister of trade to call for natural graphite to be granted an exemption from the rules of origin stipulations under the US’ Inflation Reduction Act, otherwise it would be almost impossible for any EVs to qualify for subsidies. ",{"type":580,"attrs":40471,"content":40472},{"textAlign":49},[40473,40475,40481],{"text":40474,"type":585},"In May, the US government granted a ",{"text":40476,"type":585,"marks":40477},"two year extension for natural graphite",[40478],{"type":590,"attrs":40479},{"href":40480,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/graphite-feoc-sourcing-extension-supports-us-battery-expansion-but-highlights-chinas-dominance",{"text":40482,"type":585},", giving automakers until 2027 to meet the Foreign Entities of Concern requirements that qualify them for subsidies.",{"type":647,"attrs":40484,"content":40485},{"level":13022,"textAlign":49},[40486],{"text":40487,"type":585},"3. The US lacks natural graphite production capacity",{"type":580,"attrs":40489,"content":40490},{"textAlign":49},[40491],{"text":40492,"type":585},"The US cannot meet its domestic demands and must therefore rely on natural graphite supply from other countries. ",{"type":580,"attrs":40494,"content":40495},{"textAlign":49},[40496,40498,40502],{"text":40497,"type":585},"The US currently produces no natural flake graphite but has four mines in various stages of development, according to ",{"text":40409,"type":585,"marks":40499},[40500],{"type":590,"attrs":40501},{"href":40413,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":40503,"type":585},". The four assets are operated by Redbird Bluebird, Westwater Resources, Graphite One Resources, and South Star Battery Metals.",{"type":580,"attrs":40505,"content":40506},{"textAlign":49},[40507],{"text":40508,"type":585},"In the near-term the country is on track to develop its graphite processing (USPG) capacity more rapidly than mined supply, with 6,000 tonnes per year currently in operation at Syrah Resources’ Vidalia facility, which came online this year. ",{"type":580,"attrs":40510,"content":40511},{"textAlign":49},[40512],{"text":40513,"type":585},"To meet this increase in capacity, the US will continue to rely on feedstock from other countries and regions where new mined supply is coming online such as Canada and graphite hubs in Africa.",{"type":580,"attrs":40515,"content":40516},{"textAlign":49},[40517],{"text":40518,"type":585},"By limiting the use of Chinese graphite, the US hopes to develop a more localised graphite supply chain, one less exposed to the national security threat it perceives from China.",{"type":580,"attrs":40520,"content":40521},{"textAlign":49},[40522],{"text":40523,"type":585},"“Concentration of critical minerals mining and refining capacity in China leaves our supply chains vulnerable and our national security and clean energy goals at risk,” the White House said in a statement announcing the tariffs on natural graphite.  ",{"type":580,"attrs":40525,"content":40526},{"textAlign":49},[40527],{"text":40528,"type":585},"This is why domestic graphite projects are important in many ways, “from industrial investment and job creation to the renewable energy transition, technology development and national security,” said Anthony Houston, CEO of Graphite One, who was invited to meet President Biden ahead of the announcement. ",{"type":580,"attrs":40530,"content":40531},{"textAlign":49},[40532],{"type":1847,"attrs":40533},{"id":49,"alt":645,"src":40534,"title":49,"source":49,"copyright":49,"meta_data":40535},"https://a.storyblok.com/f/287943243085208/b13bd692d3/bm-natural-graphite-mine-and-uspg-developments-in-the-us.png",{},{"type":580,"attrs":40537,"content":40538},{"textAlign":49},[40539],{"text":40540,"type":585},"Benchmark is tracking a total 29 projects across North America, comprising 15 mines and 14 USPG facilities.",{"type":580,"attrs":40542,"content":40543},{"textAlign":49},[40544,40546,40550],{"text":40545,"type":585},"China’s share of production is expected to fall to 58% by 2029, according to ",{"text":40409,"type":585,"marks":40547},[40548],{"type":590,"attrs":40549},{"href":40413,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":40551,"type":585},". This is the result of significant buildout from countries in south east Africa, Australia, and Canada, presenting an opportunity for the US to source natural graphite from outside of China.",{"type":580,"attrs":40553,"content":40554},{"textAlign":49},[40555],{"text":40556,"type":585},"This trend is more pronounced in USPG where Chinese production falls from 98% in 2024 to 56% in 2029. The US is expected to account for 41% of ex-China USPG production in 2029. ","Last month, the US increased tariffs on large sections of the lithium ion battery supply chain. While tariffs were already in place for other critical battery raw materials, White House statements drew specific attention to natural graphite when they announced the application of a 25% tariff starting in 2026. Natural graphite has long been on […]",[40559],{"slug":9249,"name":9250,"content":40560},{"job_title":9252,"image":40561,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"5595e851-e524-4e3b-a310-4870172682c5\", \"id\": \"\"}-->",[40564,40565],{"slug":1142,"name":1143},{"slug":2627,"name":2628},{"id":49,"alt":40567,"name":645,"focus":645,"title":40567,"source":645,"filename":40568,"copyright":645,"fieldtype":701,"meta_data":40569,"is_external_url":51},"Column-line chart with natural graphite demand shown in columns, increasing between 2017 and 2030, and proportion of natural graphite demand coming from battery market shown as a line measured against right hand y axis","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1717599405/www-production/The-battery-market-is-the-key-demand-driver-for-natural-graphite-Blank-Y-axis/The-battery-market-is-the-key-demand-driver-for-natural-graphite-Blank-Y-axis.png?_i=AA",{"alt":40567,"title":40567,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":12484,"copyright":645,"fieldtype":701,"meta_data":40571,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},{"id":40573,"uuid":40574,"name":40575,"slug":40576,"full_slug":40577,"content":40578},112469499532561,"0f80dca6-2885-4702-bad0-9ca2d6fb9b9f","SQM and Codelco confirm Chilean lithium partnership","sqm-and-codelco-confirm-chilean-lithium-partnership","article/sqm-and-codelco-confirm-chilean-lithium-partnership",{"_uid":40579,"date":40580,"tags":40581,"editor":40586,"content":40590,"excerpt":40723,"featured":51,"reporter":40724,"_editable":40728,"component":689,"seo_title":40575,"categories":40729,"visibility":697,"author_company":49,"data_vis_image":40732,"featured_image":40735,"seo_description":40723,"author_full_name":49,"author_job_title":49,"formattedDate":40738},"61a0bf35-308f-4124-8747-922575dbe687","2024-05-31 00:00",[40582,40583,40584,40585],{"slug":988,"name":989},{"slug":15138,"name":15139},{"slug":564,"name":565},{"slug":15146,"name":15147},[40587],{"slug":9249,"name":9250,"content":40588},{"job_title":9252,"image":40589,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":40591},[40592,40597,40609,40614,40619,40624,40643,40648,40661,40673,40678,40683,40691,40696,40701,40706,40718],{"type":580,"attrs":40593,"content":40594},{"textAlign":49},[40595],{"text":40596,"type":585},"SQM and the National Copper Corporation of Chile, Codelco, will form a partnership for the development of mining and production activities at SQM’s Salar de Atacama site.",{"type":580,"attrs":40598,"content":40599},{"textAlign":49},[40600,40602,40607],{"text":40601,"type":585},"The two companies entered a formal partnership agreement on 31 May 2024, after having signed a ",{"text":40603,"type":585,"marks":40604},"memorandum of understanding",[40605],{"type":590,"attrs":40606},{"href":15237,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":40608,"type":585}," in December last year.",{"type":580,"attrs":40610,"content":40611},{"textAlign":49},[40612],{"text":40613,"type":585},"“This announcement comes as expected news,” Federico Gay, principal lithium analyst at Benchmark, said. “First of all, it takes out the certain degree of uncertainty regarding timelines and puts an end to certain shareholder’s claims to stop the deal.”",{"type":580,"attrs":40615,"content":40616},{"textAlign":49},[40617],{"text":40618,"type":585},"The partnership will be formed through the merging of Codelco’s subsidiary Minera Tarar with SQM’s subsidiary SQM Salar. The joint venture’s new name has yet to be announced.",{"type":647,"attrs":40620,"content":40621},{"level":13022,"textAlign":49},[40622],{"text":40623,"type":585},"Lithium in Chile",{"type":580,"attrs":40625,"content":40626},{"textAlign":49},[40627,40629,40634,40636,40641],{"text":40628,"type":585},"The partnership is part of President Gabriel Boric ",{"text":36780,"type":585,"marks":40630},[40631],{"type":590,"attrs":40632},{"href":40633,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chile-plans-to-take-control-of-lithium-mining-via-public-private-partnership",{"text":40635,"type":585}," which aims to increase the state’s role in Chile’s lithium production through the ",{"text":40637,"type":585,"marks":40638},"formation of public-private partnerships",[40639],{"type":590,"attrs":40640},{"href":15214,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":40642,"type":585},". The SQM-Codelco partnership will be the first.",{"type":580,"attrs":40644,"content":40645},{"textAlign":49},[40646],{"text":40647,"type":585},"“This has as its main objective for the Chilean people to act as ‘shareholders’ of their strategic resources, as copper already is,” Gay said.",{"type":580,"attrs":40649,"content":40650},{"textAlign":49},[40651,40653,40659],{"text":40652,"type":585},"All lithium properties in Chile are owned by the Chilean Production Development Corporation, CORFO. Currently, ",{"text":40654,"type":585,"marks":40655},"SQM and US-based Albemarle",[40656],{"type":590,"attrs":40657},{"href":40658,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/over-40-of-2024-lithium-feedstock-to-come-from-companies-with-industry-leading-scores-for-esg",{"text":40660,"type":585}," are the only companies operating lithium production assets in the country.",{"type":580,"attrs":40662,"content":40663},{"textAlign":49},[40664,40666,40671],{"text":40665,"type":585},"Earlier in May, ",{"text":40667,"type":585,"marks":40668},"CORFO boosted Albemarle’s lithium quota",[40669],{"type":590,"attrs":40670},{"href":34397,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":40672,"type":585}," in the country. The terms of the SQM-Codelco partnership will boost the production quota for SQM’s assets as well.",{"type":580,"attrs":40674,"content":40675},{"textAlign":49},[40676],{"text":40677,"type":585},"“This results in Chile being able to ramp-up production, which has been stagnating during the last few years, allowing the country to increase its footprint as one of the largest lithium producers globally,” Gay said.",{"type":580,"attrs":40679,"content":40680},{"textAlign":49},[40681],{"text":40682,"type":585},"In 2023, Chile represented a quarter of global lithium production making it the second largest producer of lithium after Australia. By 2030, this market share is on track to slump to 13%. The agreement is expected to ease some of the geopolitical constraints to expansion and reaffirm Chile as a long-term major force in lithium.",{"type":580,"attrs":40684,"content":40685},{"textAlign":49},[40686],{"type":1847,"attrs":40687},{"id":49,"alt":40688,"src":40689,"title":49,"source":49,"copyright":49,"meta_data":40690},"Chile's lithium output growth lags behind rest of the world","https://a.storyblok.com/f/287943243085208/d86b9ddbed/bm-chile-lithium-2015-to-2025.png",{},{"type":647,"attrs":40692,"content":40693},{"level":13022,"textAlign":49},[40694],{"text":40695,"type":585},"How will the partnership operate?",{"type":580,"attrs":40697,"content":40698},{"textAlign":49},[40699],{"text":40700,"type":585},"The partnership is due to form in 2025 and its operation is split into two periods based on SQM’s current lease agreement from the Chilean Production Development Corporation, CORFO, which is due to expire in 2030.",{"type":580,"attrs":40702,"content":40703},{"textAlign":49},[40704],{"text":40705,"type":585},"The increase in lithium production by the partnership will be achieved through increases in “process efficiency, the adoption of new technologies and the optimisation of operations,” according to a press release from Codelco.",{"type":580,"attrs":40707,"content":40708},{"textAlign":49},[40709,40711,40716],{"text":40710,"type":585},"“Also, this deal comes with stringent ",{"text":40712,"type":585,"marks":40713},"environmental requirements",[40714],{"type":590,"attrs":40715},{"href":36945,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":40717,"type":585},", particularly regarding water consumption,” Gay said. “This is extremely important considering that the Salar de Atacama is located in the most arid region in the globe.”",{"type":580,"attrs":40719,"content":40720},{"textAlign":49},[40721],{"text":40722,"type":585},"Although a formal agreement has been signed, there are still several requirements that need to be met before the partnership can be officially formed in 2025 including obtaining governmental approval and the conclusion of a consultation process with indigenous communities regarding aspects of the deal.","SQM and the National Copper Corporation of Chile, Codelco, will form a partnership for the development of mining and production activities at SQM’s Salar de Atacama site. The two companies entered a formal partnership agreement on 31 May 2024, after having signed a memorandum of understanding in December last year. “This announcement comes as expected […]",[40725],{"slug":9249,"name":9250,"content":40726},{"job_title":9252,"image":40727,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"61a0bf35-308f-4124-8747-922575dbe687\", \"id\": \"\"}-->",[40730,40731],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":40688,"name":645,"focus":645,"title":40688,"source":645,"filename":40733,"copyright":645,"fieldtype":701,"meta_data":40734,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1717175581/www-production/Chile-lithium-2015-to-2025-no-Y/Chile-lithium-2015-to-2025-no-Y.png?_i=AA",{"alt":40688,"title":40688,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":40736,"copyright":645,"fieldtype":701,"meta_data":40737,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1850e044f1/bm-sqms-regulatory-headache-continues.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"May 31, 2024",{"id":40740,"uuid":40741,"name":40742,"slug":40743,"full_slug":40744,"content":40745},112469523490071,"3d1a1fff-ddac-451d-8d09-42d2ae442849","Over 40% of 2024 lithium feedstock to come from companies with Industry Leading scores for ESG","over-40-of-2024-lithium-feedstock-to-come-from-companies-with-industry-leading-scores-for-esg","article/over-40-of-2024-lithium-feedstock-to-come-from-companies-with-industry-leading-scores-for-esg",{"_uid":40746,"date":40747,"tags":40748,"editor":40752,"content":40756,"excerpt":40962,"featured":51,"reporter":40963,"_editable":40967,"component":689,"seo_title":40742,"categories":40968,"visibility":2019,"author_company":49,"data_vis_image":40972,"featured_image":40974,"seo_description":40962,"author_full_name":49,"author_job_title":49,"formattedDate":40976},"59274130-1e26-4a0a-b3d8-4d8e9a9e3b8b","2024-05-27 00:00",[40749,40750,40751],{"slug":564,"name":565},{"slug":15146,"name":15147},{"slug":17604,"name":17605},[40753],{"slug":9249,"name":9250,"content":40754},{"job_title":9252,"image":40755,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":40757},[40758,40777,40789,40802,40810,40815,40820,40825,40830,40837,40842,40847,40859,40864,40869,40882,40892,40904,40911,40916,40921,40926,40931,40944,40955],{"type":580,"attrs":40759,"content":40760},{"textAlign":49},[40761,40763,40768,40770,40776],{"text":40762,"type":585},"This year, two-fifths of lithium feedstock is forecast to be produced by companies with Industry Leading ",{"text":40764,"type":585,"marks":40765},"environmental, social and governance standards",[40766],{"type":590,"attrs":40767},{"href":15513,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":40769,"type":585},", as assessed by ",{"text":40771,"type":585,"marks":40772},"Benchmark’s Lithium Sustainability Index",[40773],{"type":590,"attrs":40774},{"href":40775,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/esg/lithium/sustainability-index/",{"text":1538,"type":585},{"type":580,"attrs":40778,"content":40779},{"textAlign":49},[40780,40782,40787],{"text":40781,"type":585},"All “Industry Leading” supply came from countries with ",{"text":40783,"type":585,"marks":40784},"intrinsically low ESG risks",[40785],{"type":590,"attrs":40786},{"href":36945,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":40788,"type":585},", according to Benchmark’s regional risk map.",{"type":580,"attrs":40790,"content":40791},{"textAlign":49},[40792,40794,40800],{"text":40793,"type":585},"“The Index is important and aims to increase the transparency of the ESG performance of lithium miners globally,” ",{"text":40795,"type":585,"marks":40796},"Tom Drabble",[40797],{"type":590,"attrs":40798},{"href":40799,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/analyst-insights-lithium-sustainability-risks-in-china-africa-and-south-america",{"text":40801,"type":585},", a lithium ESG analyst at Benchmark, said. “This information is then used as a responsible sourcing and investing tool highlighting lithium supply opportunities with strong ESG credentials.”",{"type":580,"attrs":40803,"content":40804},{"textAlign":49},[40805],{"type":1847,"attrs":40806},{"id":49,"alt":40807,"src":40808,"title":49,"source":49,"copyright":49,"meta_data":40809},"41% of 2024 mined lithium supply is from companies with Industry Leading ESG practices","https://a.storyblok.com/f/287943243085208/ca5d92116b/bm-esg-risk-sankey-chart-v3a.png",{},{"type":647,"attrs":40811,"content":40812},{"level":13022,"textAlign":49},[40813],{"text":40814,"type":585},"Industry Leading producers",{"type":580,"attrs":40816,"content":40817},{"textAlign":49},[40818],{"text":40819,"type":585},"Benchmark assesses all operating and developing lithium miners based on 79 indicators to give an overall score out of 100. A score of 70 or higher deems a company to be “Industry Leading” in their ESG practices.",{"type":580,"attrs":40821,"content":40822},{"textAlign":49},[40823],{"text":40824,"type":585},"Based on their Lithium ESG score, top commercially operating lithium miners that are “Industry Leading” include:",{"type":580,"attrs":40826,"content":40827},{"textAlign":49},[40828],{"text":40829,"type":585},"Source:Benchmark Lithium ESG Report",{"type":580,"attrs":40831,"content":40832},{"textAlign":49},[40833],{"text":40834,"type":585,"marks":40835},"*Arcadium has yet to publish an ESG report since it formed from the merger of Allkem and Livent. Allkem’s previous score is used.",[40836],{"type":1992},{"type":580,"attrs":40838,"content":40839},{"textAlign":49},[40840],{"text":40841,"type":585},"All of the countries that these Industry Leading companies currently operate in are deemed as Low Risk countries from an ESG perspective.",{"type":580,"attrs":40843,"content":40844},{"textAlign":49},[40845],{"text":40846,"type":585},"“Australia is deemed to have low ESG risks, in part thanks to the strong regulatory environment of the national and regional governments,” Drabble said. “Chile also is a country with relatively low ESG risk. The country recently joined the Intergovernmental Forum on Mining showing that the national government is taking mining risk seriously.”",{"type":580,"attrs":40848,"content":40849},{"textAlign":49},[40850,40852,40857],{"text":40851,"type":585},"The worst case scenario of lithium supply from companies with scores in the “Limited Visibility” category of ",{"text":40853,"type":585,"marks":40854},"Benchmark’s Lithium ESG Index",[40855],{"type":590,"attrs":40856},{"href":40775,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":40858,"type":585}," and in countries of concern from an ESG perspective accounts for 26% of forecast 2024 supply. ",{"type":580,"attrs":40860,"content":40861},{"textAlign":49},[40862],{"text":40863,"type":585},"“These countries have inherent ESG risks and the companies operating in these countries are not currently reporting what measures they are taking to mitigate such risks,” Drabble said.",{"type":647,"attrs":40865,"content":40866},{"level":13022,"textAlign":49},[40867],{"text":40868,"type":585},"Chemical supply",{"type":580,"attrs":40870,"content":40871},{"textAlign":49},[40872,40874,40880],{"text":40873,"type":585},"For lithium chemicals, ",{"text":40875,"type":585,"marks":40876},"Benchmark’s Lithium ESG Report",[40877],{"type":590,"attrs":40878},{"href":40879,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/esg/lithium/reports/",{"text":40881,"type":585}," forecasts that just under a third will come from companies categorised as “Industry Leading” in 2024.",{"type":580,"attrs":40883,"content":40884},{"textAlign":49},[40885,40887,40891],{"text":40886,"type":585},"The largest lithium chemical producer globally is SQM, which has an “Industry Leading” score on ",{"text":40853,"type":585,"marks":40888},[40889],{"type":590,"attrs":40890},{"href":40775,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":40893,"content":40894},{"textAlign":49},[40895,40897,40903],{"text":40896,"type":585},"All of SQM’s chemical supply is from brine sources which generally results in a lower carbon footprint than chemicals produced from spodumene, according to ",{"text":40898,"type":585,"marks":40899},"Benchmark’s Lithium Global LCAs",[40900],{"type":590,"attrs":40901},{"href":40902,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/esg/lca/",{"text":1538,"type":585},{"type":580,"attrs":40905,"content":40906},{"textAlign":49},[40907],{"type":1847,"attrs":40908},{"id":49,"alt":645,"src":40909,"title":49,"source":49,"copyright":49,"meta_data":40910},"https://a.storyblok.com/f/287943243085208/452b2b8f74/bm-carbon-curves-chart-24052024-cp-1.png",{},{"type":580,"attrs":40912,"content":40913},{"textAlign":49},[40914],{"text":40915,"type":585},"Although there is a significant amount of mined lithium supply coming from companies and countries with strong ESG credentials, most of this is exported into China.",{"type":580,"attrs":40917,"content":40918},{"textAlign":49},[40919],{"text":40920,"type":585},"Benchmark’s Regional Risk Map deems China “of concern” from an ESG perspective, in part due a deficiency in environmental performance and curtailment of civic freedoms.",{"type":580,"attrs":40922,"content":40923},{"textAlign":49},[40924],{"text":40925,"type":585},"Benchmark forecasts that China will account for 64% of global lithium chemical production this year.",{"type":647,"attrs":40927,"content":40928},{"level":13022,"textAlign":49},[40929],{"text":40930,"type":585},"Sustainable lithium price",{"type":580,"attrs":40932,"content":40933},{"textAlign":49},[40934,40936,40942],{"text":40935,"type":585},"Benchmark publishes a ",{"text":40937,"type":585,"marks":40938},"sustainable lithium carbonate price",[40939],{"type":590,"attrs":40940},{"href":40941,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/benchmark-to-launch-sustainable-lithium-carbonate-pricing",{"text":40943,"type":585}," (CIF Asia). This is based on primary data collected from active market participants with Industry Leading scores.",{"type":580,"attrs":40945,"content":40946},{"textAlign":49},[40947,40949,40954],{"text":40948,"type":585},"The latest sustainable lithium carbonate price was assessed at $13,725 per tonne, down 4.85% so far this year, according to ",{"text":1565,"type":585,"marks":40950},[40951],{"type":590,"attrs":40952},{"href":40953,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/price-assessments/lithium/portal/",{"text":1538,"type":585},{"type":580,"attrs":40956,"content":40957},{"textAlign":49},[40958],{"text":40959,"type":585,"marks":40960},"Learn more about Benchmark’s ESG services, including how we can carry out a bespoke lifecycle assessment for your company’s operations, by filling out the form below:",[40961],{"type":1992},"This year, two-fifths of lithium feedstock is forecast to be produced by companies with Industry Leading environmental, social and governance standards, as assessed by Benchmark’s Lithium Sustainability Index. All “Industry Leading” supply came from countries with intrinsically low ESG risks, according to Benchmark’s regional risk map. “The Index is important and aims to increase the […]",[40964],{"slug":9249,"name":9250,"content":40965},{"job_title":9252,"image":40966,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"59274130-1e26-4a0a-b3d8-4d8e9a9e3b8b\", \"id\": \"\"}-->",[40969,40970,40971],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"slug":14595,"name":14596},{"id":49,"alt":40807,"name":645,"focus":645,"title":40807,"source":645,"filename":40808,"copyright":645,"fieldtype":701,"meta_data":40973,"is_external_url":51},{"alt":40807,"title":40807,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":15317,"copyright":645,"fieldtype":701,"meta_data":40975,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},"May 27, 2024",{"id":40978,"uuid":40979,"name":40980,"slug":40981,"full_slug":40982,"content":40983},112469571388806,"144c045d-be89-4cbc-920a-437fe8813ca1","What do China’s plans to regulate battery capacity expansions mean for the industry?","what-do-chinas-plans-to-regulate-battery-capacity-expansions-mean","article/what-do-chinas-plans-to-regulate-battery-capacity-expansions-mean",{"_uid":40984,"date":40985,"tags":40986,"editor":40991,"content":40995,"excerpt":41103,"featured":51,"reporter":41104,"_editable":41108,"component":689,"seo_title":40980,"categories":41109,"visibility":697,"author_company":49,"data_vis_image":41113,"featured_image":41117,"seo_description":41103,"author_full_name":49,"author_job_title":49,"formattedDate":41120},"7332acd8-ecca-4eb3-a3a6-dc7a06ae4672","2024-05-14 00:00",[40987,40988,40989,40990],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":1303,"name":1304},{"slug":561,"name":562},[40992],{"slug":9249,"name":9250,"content":40993},{"job_title":9252,"image":40994,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":40996},[40997,41002,41012,41017,41022,41027,41032,41037,41040,41045,41058,41063,41068,41073,41078,41083,41093],{"type":580,"attrs":40998,"content":40999},{"textAlign":49},[41000],{"text":41001,"type":585},"China took steps to limit excess capacity in the lithium ion battery industry last week, as the Ministry of Industry and Information Technology released a set of draft rules it said were designed to guide the “healthy” development of the sector.",{"type":580,"attrs":41003,"content":41004},{"textAlign":49},[41005,41007],{"text":41006,"type":585},"China’s lithium ion battery sector has been heavily subsided since its classification as a strategic industry under the ‘Made in China 2025’ policy back in 2015. China now dominates lithium ion battery cell production: set to account for over 80% of global output in 2024, according to the ",{"text":41008,"type":585,"marks":41009},"Benchmark Lithium ion Battery Forecast.",[41010],{"type":590,"attrs":41011},{"href":38889,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":580,"attrs":41013,"content":41014},{"textAlign":49},[41015],{"text":41016,"type":585},"While China has cemented itself as the global leader in battery cell production, economic and geo-political headwinds have left its domestic battery industry grappling with excess capacity. Slowing demand growth from the electric vehicle (EV) sector last year saw the average gigafactory capacity utilisation rate in the country fall to just 37%, down from nearly 50% the year before. ",{"type":647,"attrs":41018,"content":41019},{"level":13022,"textAlign":49},[41020],{"text":41021,"type":585},"Increasing capacity utilisation rates",{"type":580,"attrs":41023,"content":41024},{"textAlign":49},[41025],{"text":41026,"type":585},"Following a challenging twelve months, many in China’s domestic battery industry have anticipated the market to undergo consolidation in 2024, according to Evan Hartley, senior analyst at Benchmark.",{"type":580,"attrs":41028,"content":41029},{"textAlign":49},[41030],{"text":41031,"type":585},"“Smaller producers in China are struggling with low cell prices, limited capacity utilisation rates, and the need for constant R&D efforts in order to match pace with more advanced manufacturers,” he said.",{"type":580,"attrs":41033,"content":41034},{"textAlign":49},[41035],{"text":41036,"type":585},"“Policies designed to limit expansions from companies already under utilising capacity could serve to protect the country’s battery industry from further consolidation,” Hartley added. “The rules could promote stability across the industry by forcing smaller producers to focus on increasing utilisation rates at existing facilities rather than building new capacity.”",{"type":580,"attrs":41038,"content":41039},{"textAlign":49},[],{"type":580,"attrs":41041,"content":41042},{"textAlign":49},[41043],{"text":41044,"type":585},"Despite denials of overcapacity problems from Chinese officials’, excess capacity is evident across China’s battery supply chain. Benchmark data demonstrates that midstream capacity in the country is often multiple factors greater than global demand.",{"type":580,"attrs":41046,"content":41047},{"textAlign":49},[41048,41050,41056],{"text":41049,"type":585},"Large scale Chinese investment in ",{"text":41051,"type":585,"marks":41052},"upstream mining projects too has pushed some battery raw material markets into structural oversupply",[41053],{"type":590,"attrs":41054},{"href":41055,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/indonesian-nickel-investments-buck-wider-downturn",{"text":41057,"type":585},", negatively impacting prices and squeezing margins for producers across these industries. ",{"type":647,"attrs":41059,"content":41060},{"level":13022,"textAlign":49},[41061],{"text":41062,"type":585},"China seeks export markets to bolster growth",{"type":580,"attrs":41064,"content":41065},{"textAlign":49},[41066],{"text":41067,"type":585},"The consequences of this overcapacity could be higher costs and lower profits for Chinese companies, as they pay for under-utilised capacity and inventory they cannot sell. ",{"type":580,"attrs":41069,"content":41070},{"textAlign":49},[41071],{"text":41072,"type":585},"However, Jonathan Humphrey, senior economist at Benchmark, believes that China can keep financing strategic sectors such as the lithium ion battery and electric vehicle industry for a long time to come.",{"type":580,"attrs":41074,"content":41075},{"textAlign":49},[41076],{"text":41077,"type":585},"“China seems to be building out the capacity necessary to meet domestic demand, but consumers’ incomes aren’t there yet. In the meantime, it is exporting a lot of EVs to the rest of the world” he said.",{"type":580,"attrs":41079,"content":41080},{"textAlign":49},[41081],{"text":41082,"type":585},"China has been hit with accusations that it is using industrial overcapacity to boost economic growth through increased exports. The EU and US have cautioned that industrial overcapacity is allowing China to undercut prices across a number of high-tech and clean energy sectors, with harmful consequences for Western economies. ",{"type":580,"attrs":41084,"content":41085},{"textAlign":49},[41086,41091],{"text":41087,"type":585,"marks":41088},"A recent EU anti-dumping probe",[41089],{"type":590,"attrs":41090},{"href":39681,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":41092,"type":585}," found that Chinese EVs were being unfairly subsidised to an extent which reduces the competitiveness of automakers operating in the bloc, proposing to raise tariffs on China’s EV imports. ",{"type":580,"attrs":41094,"content":41095},{"textAlign":49},[41096,41101],{"text":41097,"type":585,"marks":41098},"The US already imposes a 27.5% tariff on Chinese EV’s",[41099],{"type":590,"attrs":41100},{"href":18392,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":41102,"type":585}," to limit their penetration into the world’s second largest vehicle market, with the Biden Administration reportedly set to raise this tariff to 100%.","China took steps to limit excess capacity in the lithium ion battery industry last week, as the Ministry of Industry and Information Technology released a set of draft rules it said were designed to guide the “healthy” development of the sector. China’s lithium ion battery sector has been heavily subsided since its classification as a […]",[41105],{"slug":9249,"name":9250,"content":41106},{"job_title":9252,"image":41107,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7332acd8-ecca-4eb3-a3a6-dc7a06ae4672\", \"id\": \"\"}-->",[41110,41111,41112],{"slug":956,"name":957},{"slug":695,"name":696},{"slug":3379,"name":3380},{"id":49,"alt":41114,"name":645,"focus":645,"title":41114,"source":645,"filename":41115,"copyright":645,"fieldtype":701,"meta_data":41116,"is_external_url":51},"China overcapacity","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1715681626/www-production/Screenshot-2024-05-14-111004/Screenshot-2024-05-14-111004.png?_i=AA",{"alt":41114,"title":41114,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":41118,"copyright":645,"fieldtype":701,"meta_data":41119,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/19d07bb4be/bm-hidden-gigafactory-vietnam.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"May 14, 2024",{"id":41122,"uuid":41123,"name":41124,"slug":41125,"full_slug":41126,"content":41127},112469581837706,"82f99b82-f8e6-47ff-8bfe-010614d4c5cd","How much control do Chinese companies have over global lithium production?","how-much-control-do-chinese-companies-have-over-global-lithium-production","article/how-much-control-do-chinese-companies-have-over-global-lithium-production",{"_uid":41128,"date":41129,"tags":41130,"editor":41133,"content":41137,"excerpt":41346,"featured":51,"reporter":41347,"_editable":41351,"component":689,"seo_title":41124,"categories":41352,"visibility":697,"author_company":49,"data_vis_image":41355,"featured_image":41357,"seo_description":41346,"author_full_name":49,"author_job_title":49,"formattedDate":41360},"85a9a103-5f0b-4493-95ef-54c0a24b763e","2024-05-13 00:00",[41131,41132],{"slug":720,"name":721},{"slug":564,"name":565},[41134],{"slug":1466,"name":1467,"content":41135},{"job_title":1469,"image":41136,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":41138},[41139,41158,41176,41188,41193,41201,41206,41211,41219,41224,41229,41245,41264,41280,41290,41298,41303,41308,41313,41318,41323,41328,41332],{"type":580,"attrs":41140,"content":41141},{"textAlign":49},[41142,41144,41149,41151,41157],{"text":41143,"type":585},"Lithium chemical supply is ",{"text":41145,"type":585,"marks":41146},"dominated by China",[41147],{"type":590,"attrs":41148},{"href":17463,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":41150,"type":585},", with around two-thirds of last year’s supply involving Chinese companies, and most ",{"text":41152,"type":585,"marks":41153},"facilities being located in China",[41154],{"type":590,"attrs":41155},{"href":41156,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinas-lithium-vulnerability-reliance-on-imports-set-to-rise-this-decade",{"text":1538,"type":585},{"type":580,"attrs":41159,"content":41160},{"textAlign":49},[41161,41163,41169,41171,41175],{"text":41162,"type":585},"Upstream, however, China was the source of just 20% of ",{"text":41164,"type":585,"marks":41165},"mined lithium",[41166],{"type":590,"attrs":41167},{"href":41168,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/ex-china-lithium-premium-highlights-a-market-still-short-of-supply",{"text":41170,"type":585}," in 2023, reports ",{"text":17833,"type":585,"marks":41172},[41173],{"type":590,"attrs":41174},{"href":39094,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":41177,"content":41178},{"textAlign":49},[41179,41181,41186],{"text":41180,"type":585},"Despite this, Chinese companies are associated with 59% of ",{"text":41182,"type":585,"marks":41183},"global mined supplies of lithium",[41184],{"type":590,"attrs":41185},{"href":40799,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":41187,"type":585},". A large proportion of these assets are located in Australia, though increasingly Chinese companies are diversifying into other regions.",{"type":580,"attrs":41189,"content":41190},{"textAlign":49},[41191],{"text":41192,"type":585},"“Australia is becoming more cautious when it comes to Chinese investment in critical metals like lithium,” Xiaobai Liu, a lithium analyst at Benchmark, said.",{"type":580,"attrs":41194,"content":41195},{"textAlign":49},[41196],{"type":1847,"attrs":41197},{"id":49,"alt":41198,"src":41199,"title":49,"source":49,"copyright":49,"meta_data":41200},"Chart titled China's outsized investment in lithium mining","https://a.storyblok.com/f/287943243085208/68ed78da25/bm-china-operation-vs-ownership-lithium.png",{},{"type":647,"attrs":41202,"content":41203},{"level":13022,"textAlign":49},[41204],{"text":41205,"type":585},"Where are Chinese companies operating?",{"type":580,"attrs":41207,"content":41208},{"textAlign":49},[41209],{"text":41210,"type":585},"In 2023, 82% of lithium mined in Australia was associated with Chinese companies. The presence of Chinese companies in Australian lithium mining is expected to continue to 2030, though a lower proportion of assets are forecast to be associated with such companies.",{"type":580,"attrs":41212,"content":41213},{"textAlign":49},[41214],{"type":1847,"attrs":41215},{"id":49,"alt":41216,"src":41217,"title":49,"source":49,"copyright":49,"meta_data":41218},"Chart showing how much mined lithium supply is associated with China","https://a.storyblok.com/f/287943243085208/7ab9db167f/bm-world-vs-china-ownership-lithium-growth.png",{},{"type":580,"attrs":41220,"content":41221},{"textAlign":49},[41222],{"text":41223,"type":585},"Liu notes that beyond Australia, Chinese companies are making significant investments in Argentinian brine assets and hard-rock African deposits.",{"type":580,"attrs":41225,"content":41226},{"textAlign":49},[41227],{"text":41228,"type":585},"South America is the second largest region for lithium production with almost three-quarters of the region’s output coming from Chile. Gabriel Boric, the country’s president, began nationalising Chile’s lithium industry in 2023.",{"type":580,"attrs":41230,"content":41231},{"textAlign":49},[41232,41236,41242],{"text":41233,"type":585,"marks":41234},"Watch Benchmark analysts discuss lithium and resource nationalism in this ",[41235],{"type":1992},{"text":41237,"type":585,"marks":41238},"Webinar playback",[41239,41241],{"type":590,"attrs":41240},{"href":34385,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"text":1538,"type":585,"marks":41243},[41244],{"type":1992},{"type":580,"attrs":41246,"content":41247},{"textAlign":49},[41248,41250,41255,41257,41262],{"text":41249,"type":585},"As such, no Chilean lithium assets are directly owned by Chinese entities. From 2025, the Chilean lithium assets of SQM and Albemarle, will fall under the majority ownership (50% plus one share) by the ",{"text":41251,"type":585,"marks":41252},"National Copper Company",[41253],{"type":590,"attrs":41254},{"href":15237,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":41256,"type":585}," through ",{"text":41258,"type":585,"marks":41259},"new private-public partnerships",[41260],{"type":590,"attrs":41261},{"href":15237,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":41263,"type":585},". SQM itself is 20% owned by China’s Tianqi Lithium, however.",{"type":580,"attrs":41265,"content":41266},{"textAlign":49},[41267,41271,41273,41278],{"text":8533,"type":585,"marks":41268},[41269],{"type":590,"attrs":41270},{"href":34372,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":41272,"type":585}," has a more favourable ",{"text":41274,"type":585,"marks":41275},"policy environment",[41276],{"type":590,"attrs":41277},{"href":34415,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":41279,"type":585}," for Chinese entities operating in the country, and so has been China’s main focus in South America. Chinese companies had direct ownership stakes in 12% of Argentina’s lithium output last year, though this is forecast to rise to 52% by 2030.",{"type":580,"attrs":41281,"content":41282},{"textAlign":49},[41283,41288],{"text":41284,"type":585,"marks":41285},"Africa’s lithium scene",[41286],{"type":590,"attrs":41287},{"href":18934,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":41289,"type":585}," is rapidly growing and is strongly supported by Chinese companies through the belt-and-road initiative. Such companies will have involvement in 86% of the continent’s mined lithium output by 2030.",{"type":580,"attrs":41291,"content":41292},{"textAlign":49},[41293],{"type":1847,"attrs":41294},{"id":49,"alt":41295,"src":41296,"title":49,"source":49,"copyright":49,"meta_data":41297},"Chart showing where the lithium mines with Chinese companies associated are located","https://a.storyblok.com/f/287943243085208/25f84876e3/bm-where-are-chinese-owned-mines-lithium-located.png",{},{"type":647,"attrs":41299,"content":41300},{"level":13022,"textAlign":49},[41301],{"text":41302,"type":585},"Governments are increasingly cautious",{"type":580,"attrs":41304,"content":41305},{"textAlign":49},[41306],{"text":41307,"type":585},"The US has made very clear its desire to limit to Chinese involvement in any supply chains associated with the energy transition, through the Foreign Entity of Concern clause in the Inflation Reduction Act, which can include Chinese-owned or part-owned companies.",{"type":580,"attrs":41309,"content":41310},{"textAlign":49},[41311],{"text":41312,"type":585},"Any vehicle that contains battery components manufactured by an FEOC or critical minerals from an FEOC will be ineligible for the 30D New Clean Vehicle Credit from 2024 and 2025, respectively.",{"type":580,"attrs":41314,"content":41315},{"textAlign":49},[41316],{"text":41317,"type":585},"This has led China to seek out lithium resources in countries more open to Chinese investment such as Argentina or those in Africa.",{"type":580,"attrs":41319,"content":41320},{"textAlign":49},[41321],{"text":41322,"type":585},"In North America, in addition to the US, both the Canadian and Mexican governments have previously acted to limit the involvement of Chinese companies in the operation of their lithium assets.",{"type":580,"attrs":41324,"content":41325},{"textAlign":49},[41326],{"text":41327,"type":585},"“Chinese businesses had previously held a small stake in some lithium assets in Canada, but they were obliged to sell after the Canadian government identified lithium as one of the essential resources for the development of electric vehicles,” Liu said. “A similar story happened to Chinese investment in Mexico when the mining right of Ganfeng Lithium over Sonora project was annulled by the Mexican government.”",{"type":647,"attrs":41329,"content":41330},{"level":13022,"textAlign":49},[41331],{"text":38429,"type":585},{"type":580,"attrs":41333,"content":41334},{"textAlign":49},[41335,41338,41343],{"text":38434,"type":585,"marks":41336},[41337],{"type":1992},{"text":38438,"type":585,"marks":41339},[41340,41342],{"type":590,"attrs":41341},{"href":38442,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"text":38445,"type":585,"marks":41344},[41345],{"type":1992},"Lithium chemical supply is dominated by China, with around two-thirds of last year’s supply involving Chinese companies, and most facilities being located in China. Upstream, however, China was the source of just 20% of mined lithium in 2023, reports Benchmark’s Lithium Forecast. Despite this, Chinese companies are associated with 59% of global mined supplies of […]",[41348],{"slug":1466,"name":1467,"content":41349},{"job_title":1469,"image":41350,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"85a9a103-5f0b-4493-95ef-54c0a24b763e\", \"id\": \"\"}-->",[41353,41354],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":41198,"name":645,"focus":645,"title":41198,"source":645,"filename":41199,"copyright":645,"fieldtype":701,"meta_data":41356,"is_external_url":51},{"alt":41198,"title":41198,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":41358,"copyright":645,"fieldtype":701,"meta_data":41359,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4c0b98690a/bm-ore-1-v2.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"May 13, 2024",{"id":41362,"uuid":41363,"name":41364,"slug":41365,"full_slug":41366,"content":41367},112469618271638,"a337abc6-6de0-4010-bd0a-dd20e7c1a321","How is the post-IRA cathode landscape evolving?","how-is-the-post-ira-cathode-landscape-evolving","article/how-is-the-post-ira-cathode-landscape-evolving",{"_uid":41368,"date":41369,"tags":41370,"editor":41380,"content":41384,"excerpt":41549,"featured":51,"reporter":41550,"_editable":41554,"component":689,"seo_title":41364,"categories":41555,"visibility":2019,"author_company":49,"data_vis_image":41562,"featured_image":41565,"seo_description":41549,"author_full_name":49,"author_job_title":49,"formattedDate":41568},"c1c68b74-f312-478f-94fd-b5e3cb865fd3","2024-05-06 00:00",[41371,41372,41373,41374,41376,41377,41378,41379],{"slug":564,"name":565},{"slug":31859,"name":25844},{"slug":4789,"name":451},{"slug":41375,"name":30414},"morocco",{"slug":4786,"name":4787},{"slug":7778,"name":7779},{"slug":561,"name":562},{"slug":13546,"name":13547},[41381],{"slug":1466,"name":1467,"content":41382},{"job_title":1469,"image":41383,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":41385},[41386,41399,41410,41415,41420,41423,41428,41433,41438,41445,41455,41466,41471,41476,41487,41492,41497,41509,41516,41521,41526,41531],{"type":580,"attrs":41387,"content":41388},{"textAlign":49},[41389,41391,41397],{"text":41390,"type":585},"As the ",{"text":41392,"type":585,"marks":41393},"Inflation Reduction Act (IRA) accelerates the buildout of US gigafactory cell capacity",[41394],{"type":590,"attrs":41395},{"href":41396,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/us-gigafactory-construction-timelines-surpass-china-as-ira-turbocharges-capacity-pipeline",{"text":41398,"type":585},", efforts to onshore the midstream of the US EV battery supply chain are lagging the pace of downstream investment – representing a potential bottleneck for US supply chain security.",{"type":580,"attrs":41400,"content":41401},{"textAlign":49},[41402,41404],{"text":41403,"type":585},"The IRA provides substantial financial incentives to boost domestic clean energy supply chains, slashing the capital expenditure (capex) of a US cathode production facility by up to 30% according to Benchmark analysis. This has attracted foreign investment into the US EV market, notably from ",{"text":41405,"type":585,"marks":41406},"South Korean companies aiming to play a vital role in the growing US EV battery market.",[41407],{"type":590,"attrs":41408},{"href":41409,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/japanese-and-south-korean-battery-makers-prioritise-north-america-over-asia",{"type":580,"attrs":41411,"content":41412},{"textAlign":49},[41413],{"text":41414,"type":585},"Projections for US cathode supply through to 2030 have been boosted sixfold since the passage of the flagship climate policy in August 2022. ",{"type":580,"attrs":41416,"content":41417},{"textAlign":49},[41418],{"text":41419,"type":585},"Nevertheless, with US cell production set to scale to over 800 gigawatt hours (GWh) by the end of the decade, Benchmark data indicates that domestic US cathode supply will account for just one third of US cell supply – leaving the US reliant on imports to fill this supply gap.",{"type":580,"attrs":41421,"content":41422},{"textAlign":49},[],{"type":647,"attrs":41424,"content":41425},{"level":13022,"textAlign":49},[41426],{"text":41427,"type":585},"Can FTA partners bridge this supply shortfall?",{"type":580,"attrs":41429,"content":41430},{"textAlign":49},[41431],{"text":41432,"type":585},"To de-risk the US battery supply chain from China, the IRA facilitates tax credit eligibility if an applicable percentage of the value of the critical minerals contained in the battery are extracted or processed in a region where the US has a free trade agreement (FTA).",{"type":580,"attrs":41434,"content":41435},{"textAlign":49},[41436],{"text":41437,"type":585},"This has opened the door to a tide of battery supply chain related investments in FTA economies since August 2022. Midstream capacity has been a key target of this investment, owing to the relatively low capital outlay and the limited exposure to price risk (when compared to upstream mining operations) for projects at this step of the value chain.",{"type":580,"attrs":41439,"content":41440},{"textAlign":49},[41441],{"type":1847,"attrs":41442},{"id":49,"alt":645,"src":41443,"title":49,"source":49,"copyright":49,"meta_data":41444},"https://a.storyblok.com/f/287943243085208/b9853113e5/bm-image-57.png",{},{"type":580,"attrs":41446,"content":41447},{"textAlign":49},[41448,41453],{"text":41449,"type":585,"marks":41450},"South Korea has led the way in this regard, notching up over $5 billion of investment in battery precursor and cathode investments from domestic players in 2023 ",[41451],{"type":590,"attrs":41452},{"href":16995,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":41454,"type":585},"– with an eye on exporting the material to the US EV market. South Korean battery producers have signed a host of partnerships and supply agreements with US automakers, requiring IRA-compliant supply chains to fulfil these contracts.",{"type":580,"attrs":41456,"content":41457},{"textAlign":49},[41458,41464],{"text":41459,"type":585,"marks":41460},"Morocco too has been on the receiving end of a flurry of recent cathode-related investments",[41461],{"type":590,"attrs":41462},{"href":41463,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/moroccan-government-approves-300-million-btr-cathode-project",{"text":41465,"type":585},", owing to its FTA agreement with the US and close proximity to the EU. The North African country is also host to the world’s largest reserves of phosphate, making it a particularly attractive proposition for lithium iron phosphate (LFP) investments targeting Western EV markets.",{"type":580,"attrs":41467,"content":41468},{"textAlign":49},[41469],{"text":41470,"type":585},"“In theory cathode supply from FTA jurisdictions could be sufficient to meet demand from US-based cell suppliers by the end of the decade,” said Harry Tinker, cathode and anode analyst at Benchmark. “However, it is unlikely all FTA cathode supply will be re-routed to the US market, as producers will have commitments from other regions to meet.”",{"type":580,"attrs":41472,"content":41473},{"textAlign":49},[41474],{"text":41475,"type":585},"“Furthermore,” he added, “suppliers must ensure compliance with US ‘Foreign Entity of Concern (FEOC)’ requirements to sell into the US market.”",{"type":580,"attrs":41477,"content":41478},{"textAlign":49},[41479,41485],{"text":41480,"type":585,"marks":41481},"China remains integral to the supply chain for South Korean battery manufacturers",[41482],{"type":590,"attrs":41483},{"href":41484,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/how-is-south-koreas-battery-industry-navigating-feoc-nickel-risks",{"text":41486,"type":585},", as South Korean companies continue to engage in investments throughout the value chain in partnership with Chinese companies. These commitments may now necessitate adjustments in ownership structures to ensure compliance with IRA tax credit requirements.",{"type":580,"attrs":41488,"content":41489},{"textAlign":49},[41490],{"text":41491,"type":585},"Benchmark estimates up to 15% of US and FTA cathode supply to originate from operations financed with Chinese capital by 2030, with this figure rising to 35% at the battery precursor stage of the supply chain. ",{"type":647,"attrs":41493,"content":41494},{"level":13022,"textAlign":49},[41495],{"text":41496,"type":585},"LFP investments on the rise",{"type":580,"attrs":41498,"content":41499},{"textAlign":49},[41500,41502,41508],{"text":41501,"type":585},"Commitments to LFP cathode capacity are forming an increasingly significant part of the post-IRA investment landscape. The forecast for LFP cathode supply from US and Free Trade Agreement (FTA) jurisdictions by 2030 has grown from little over 1,000 tonnes in Q3 2022 to 350,000 tonnes as of Q1 2024, according to the ",{"text":41503,"type":585,"marks":41504},"Benchmark Cathode Forecast",[41505],{"type":590,"attrs":41506},{"href":41507,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts/cathode/reports/",{"text":1538,"type":585},{"type":580,"attrs":41510,"content":41511},{"textAlign":49},[41512],{"type":1847,"attrs":41513},{"id":49,"alt":645,"src":41514,"title":49,"source":49,"copyright":49,"meta_data":41515},"https://a.storyblok.com/f/287943243085208/5ae9bc5703/bm-image-58.png",{},{"type":580,"attrs":41517,"content":41518},{"textAlign":49},[41519],{"text":41520,"type":585},"This trend is echoed at the cell level, with the US’s share of global LFP cell production forecast to increase from 0.1% in 2023 to 4% by 2030. ",{"type":580,"attrs":41522,"content":41523},{"textAlign":49},[41524],{"text":41525,"type":585},"LFP cells are seen as key to reducing the cost of electric vehicles in the US, and the chemistry is already extensively used by Tesla. The US is also becoming increasingly reliant on the iron-based chemistry for energy storage systems due to LFP’s superior-life cycle.",{"type":647,"attrs":41527,"content":41528},{"level":13022,"textAlign":49},[41529],{"text":41530,"type":585},"Join us at Giga USA 2024",{"type":580,"attrs":41532,"content":41533},{"textAlign":49},[41534,41538,41545],{"text":41535,"type":585,"marks":41536},"Discussions on cathode production and the Inflation Reduction Act will continue at Benchmark’s ",[41537],{"type":1992},{"text":41539,"type":585,"marks":41540},"Giga USA 2024",[41541,41544],{"type":590,"attrs":41542},{"href":41543,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://benchmarkevents.benchmarkminerals.com/gigausa24",{"type":1992},{"text":41546,"type":585,"marks":41547}," conference being held June 11-13 at the JW Marriott Washington DC, USA.",[41548],{"type":1992},"As the Inflation Reduction Act (IRA) accelerates the buildout of US gigafactory cell capacity, efforts to onshore the midstream of the US EV battery supply chain are lagging the pace of downstream investment – representing a potential bottleneck for US supply chain security. The IRA provides substantial financial incentives to boost domestic clean energy supply […]",[41551],{"slug":1466,"name":1467,"content":41552},{"job_title":1469,"image":41553,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c1c68b74-f312-478f-94fd-b5e3cb865fd3\", \"id\": \"\"}-->",[41556,41557,41558,41559,41560,41561],{"slug":956,"name":957},{"slug":2623,"name":298},{"slug":1142,"name":1143},{"slug":2553,"name":150},{"slug":2897,"name":2898},{"slug":14595,"name":14596},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":41563,"copyright":645,"fieldtype":701,"meta_data":41564,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1714640262/www-production/US-cathode-vs-US-cell/US-cathode-vs-US-cell.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":41566,"copyright":645,"fieldtype":701,"meta_data":41567,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5f43c94a9b/bm-us-flag-auto.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"May 06, 2024",{"id":41570,"uuid":41571,"name":41572,"slug":41573,"full_slug":41574,"content":41575},112469659575712,"42f9264a-5944-4273-9ccb-a35aedb9487a","Flake graphite needs at least $7.5 billion to meet 2035 battery demand ","flake-graphite-needs-more-than-7-5-billion-to-meet-2035-battery-demand","article/flake-graphite-needs-more-than-7-5-billion-to-meet-2035-battery-demand",{"_uid":41576,"date":41577,"tags":41578,"editor":41581,"content":41585,"excerpt":41722,"featured":51,"reporter":41723,"_editable":41727,"component":689,"seo_title":41572,"categories":41728,"visibility":697,"author_company":49,"data_vis_image":41731,"featured_image":41734,"seo_description":41722,"author_full_name":49,"author_job_title":49,"formattedDate":41738},"39c3bd59-0f93-4122-aea9-9c55a1adb12e","2024-04-30 00:00",[41579,41580],{"slug":720,"name":721},{"slug":564,"name":565},[41582],{"slug":9249,"name":9250,"content":41583},{"job_title":9252,"image":41584,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":41586},[41587,41592,41597,41604,41609,41614,41626,41631,41636,41641,41654,41659,41664,41677,41682,41693,41698,41703,41707],{"type":580,"attrs":41588,"content":41589},{"textAlign":49},[41590],{"text":41591,"type":585},"Flake graphite production will require $7.57 billion in capital expenditure (capex) investment to meet battery demand in 2035, according to Benchmark data. ",{"type":580,"attrs":41593,"content":41594},{"textAlign":49},[41595],{"text":41596,"type":585},"This is the level of investment needed to bring online more than 4 million tonnes of annual flake graphite production to meet 2035 demand according to Benchmark’s base case scenario. In the event of high demand, the supply gap rises to more than 6.5 million tonnes and the capex figure more than doubles to $12.27 billion.",{"type":580,"attrs":41598,"content":41599},{"textAlign":49},[41600],{"type":1847,"attrs":41601},{"id":49,"alt":645,"src":41602,"title":49,"source":49,"copyright":49,"meta_data":41603},"https://a.storyblok.com/f/287943243085208/ec4eb82265/bm-flake-graphite-capex-column-chart.png",{},{"type":580,"attrs":41605,"content":41606},{"textAlign":49},[41607],{"text":41608,"type":585},"Benchmark’s base case demand scenario is based on forecast demand from transportation, energy storage, and portable battery markets. The high case demand scenario reflects OEM targets and government policy decisions.",{"type":580,"attrs":41610,"content":41611},{"textAlign":49},[41612],{"text":41613,"type":585},"“The lack of investment in flake graphite projects today could lead to demand destruction and increase dependence on China. The country continues to increase graphite production and has the potential to step up when required,” said Shruti Kashyap, anode product director at Benchmark.",{"type":580,"attrs":41615,"content":41616},{"textAlign":49},[41617,41619,41624],{"text":41618,"type":585},"The lack of investment could also exacerbate deficits in flake graphite supply and price volatility, according to ",{"text":41620,"type":585,"marks":41621},"Benchmark’s Flake Graphite Forecast",[41622],{"type":590,"attrs":41623},{"href":40413,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":41625,"type":585},", with Benchmark forecasting a deficit emerging in 2025. ",{"type":647,"attrs":41627,"content":41628},{"level":13022,"textAlign":49},[41629],{"text":41630,"type":585},"Where will funding come from?",{"type":580,"attrs":41632,"content":41633},{"textAlign":49},[41634],{"text":41635,"type":585},"As flake graphite production is a low margin business and projects take years to come online and be productive, investors may not see a return for several years after their initial investment. ",{"type":580,"attrs":41637,"content":41638},{"textAlign":49},[41639],{"text":41640,"type":585},"Flake graphite production has begun to have success in attracting investment, with ex-Chinese vertically integrated operations showing recent success in attracting both public and private investment. ",{"type":580,"attrs":41642,"content":41643},{"textAlign":49},[41644,41646,41652],{"text":41645,"type":585},"With graphite’s growing geopolitical role Western governments have also shown more interest in using ",{"text":41647,"type":585,"marks":41648},"public funds",[41649],{"type":590,"attrs":41650},{"href":41651,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/carrots-and-sticks-how-europe-can-improve-its-battery-value-chain-funding",{"text":41653,"type":585}," to support project development. ",{"type":580,"attrs":41655,"content":41656},{"textAlign":49},[41657],{"text":41658,"type":585},"Recent investment in the flake graphite value chain outside of China include:",{"type":647,"attrs":41660,"content":41661},{"level":13022,"textAlign":49},[41662],{"text":41663,"type":585},"China’s impact on investment",{"type":580,"attrs":41665,"content":41666},{"textAlign":49},[41667,41669,41675],{"text":41668,"type":585},"China’s ability to oversupply the market and drive prices down, as well as its ",{"text":41670,"type":585,"marks":41671},"export regulations",[41672],{"type":590,"attrs":41673},{"href":41674,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/graphite-prices-tick-up-following-chinas-proposed-export-regulations",{"text":41676,"type":585}," enacted in December 2023, may deter investment outside of the country. ",{"type":580,"attrs":41678,"content":41679},{"textAlign":49},[41680],{"text":41681,"type":585},"“Companies have reservations on the sustainability of prices to encourage investment, given China’s dominance and ability to bring new supply online quickly,” said Kashyap.",{"type":580,"attrs":41683,"content":41684},{"textAlign":49},[41685,41687,41691],{"text":41686,"type":585},"In 2023, China produced 67% of the world’s flake graphite, according to ",{"text":41620,"type":585,"marks":41688},[41689],{"type":590,"attrs":41690},{"href":40413,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":41692,"type":585},". By 2033, this falls to 39% as supply from Mozambique, Madagascar, and Tanzania ramps up. ",{"type":580,"attrs":41694,"content":41695},{"textAlign":49},[41696],{"text":41697,"type":585},"In the case of uncoated spherical graphite, the product of processing flake graphite for use in batteries, nearly 100% of supply came from China in 2023; by 2029, this is 56%.",{"type":580,"attrs":41699,"content":41700},{"textAlign":49},[41701],{"text":41702,"type":585},"“However, the growing desire to de-link from China through policy initiatives will nevertheless support ex-China supply growth. The Inflation Reduction Act in the US and the Critical Raw Materials Act in Europe are key examples of government intervention to boost domestic supply and friend-shoring to reduce dependence on China,” said Kashyap. ",{"type":647,"attrs":41704,"content":41705},{"level":13022,"textAlign":49},[41706],{"text":41530,"type":585},{"type":580,"attrs":41708,"content":41709},{"textAlign":49},[41710,41714,41719],{"text":41711,"type":585,"marks":41712},"Discussions on financing the energy transition will continue at Benchmark’s ",[41713],{"type":1992},{"text":41539,"type":585,"marks":41715},[41716,41718],{"type":590,"attrs":41717},{"href":41543,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"text":41546,"type":585,"marks":41720},[41721],{"type":1992},"Flake graphite production will require $7.57 billion in capital expenditure (capex) investment to meet battery demand in 2035, according to Benchmark data. This is the level of investment needed to bring online more than 4 million tonnes of annual flake graphite production to meet 2035 demand according to Benchmark’s base case scenario. In the event […]",[41724],{"slug":9249,"name":9250,"content":41725},{"job_title":9252,"image":41726,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"39c3bd59-0f93-4122-aea9-9c55a1adb12e\", \"id\": \"\"}-->",[41729,41730],{"slug":1142,"name":1143},{"slug":2627,"name":2628},{"id":49,"alt":41732,"name":645,"focus":645,"title":41732,"source":645,"filename":41602,"copyright":645,"fieldtype":701,"meta_data":41733,"is_external_url":51},"Stacked column chart showing the capex needed for flake graphite to meet demand in 2030 and 2035 under base case and high case demand scenarios",{"alt":41732,"title":41732,"source":645,"copyright":645},{"id":49,"alt":41735,"name":645,"focus":645,"title":41735,"source":645,"filename":41736,"copyright":645,"fieldtype":701,"meta_data":41737,"is_external_url":51},"Birds-eye view of an excavator working on a mine","https://a.storyblok.com/f/287943243085208/5f6f499bc6/bm-natural-graphite-capex-featured-image.jpg",{"alt":41735,"title":41735,"source":645,"copyright":645},"Apr 30, 2024",{"id":41740,"uuid":41741,"name":41742,"slug":41743,"full_slug":41744,"content":41745},112469707122091,"7fc2c577-a1d3-4333-b0ab-11c21914f098","Japanese and South Korean battery makers prioritise North America over Asia ","japanese-and-south-korean-battery-makers-prioritise-north-america-over-asia","article/japanese-and-south-korean-battery-makers-prioritise-north-america-over-asia",{"_uid":41746,"date":41747,"tags":41748,"editor":41753,"content":41757,"excerpt":41879,"featured":51,"reporter":41880,"_editable":41884,"component":689,"seo_title":41742,"categories":41885,"visibility":697,"author_company":49,"data_vis_image":41888,"featured_image":41891,"seo_description":41879,"author_full_name":49,"author_job_title":49,"formattedDate":41895},"051da007-2da2-42a1-bfdd-5b0cabbb5f03","2024-04-19 00:00",[41749,41750,41751,41752],{"slug":564,"name":565},{"slug":31859,"name":25844},{"slug":11355,"name":11356},{"slug":7778,"name":7779},[41754],{"slug":9249,"name":9250,"content":41755},{"job_title":9252,"image":41756,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":41758},[41759,41764,41769,41776,41786,41791,41796,41804,41809,41814,41825,41830,41835,41840,41845,41850,41854,41858,41872],{"type":580,"attrs":41760,"content":41761},{"textAlign":49},[41762],{"text":41763,"type":585},"Japanese and South Korean battery cell producers are prioritising the North American market, with 49% of output expansions by 2030 occurring in the region.",{"type":580,"attrs":41765,"content":41766},{"textAlign":49},[41767],{"text":41768,"type":585},"Though still expanding in Asia, cell manufacturers based in the two countries are favouring expansion in North America, pursuing Inflation Reduction Act (IRA) incentives and less competition from Chinese cell producers.",{"type":580,"attrs":41770,"content":41771},{"textAlign":49},[41772],{"type":1847,"attrs":41773},{"id":49,"alt":645,"src":41774,"title":49,"source":49,"copyright":49,"meta_data":41775},"https://a.storyblok.com/f/287943243085208/977b40dee3/bm-newjapanskchart.png",{},{"type":580,"attrs":41777,"content":41778},{"textAlign":49},[41779,41780,41784],{"text":2077,"type":585},{"text":28896,"type":585,"marks":41781},[41782],{"type":590,"attrs":41783},{"href":38889,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":41785,"type":585}," shows China produced 93% of cells within the Asia-Pacific (APAC) region in 2023. By 2030, this figure is forecast to grow to 94%, despite cell supply from APAC ex-China tripling over this period.",{"type":647,"attrs":41787,"content":41788},{"level":13022,"textAlign":49},[41789],{"text":41790,"type":585},"APAC ex-China players look to North America",{"type":580,"attrs":41792,"content":41793},{"textAlign":49},[41794],{"text":41795,"type":585},"South Korea’s LG Energy Solutions (LGES), Samsung, SK Innovation, and Japan’s Panasonic, some of the APAC ex-China region’s biggest battery manufacturers, are directing most of their production expansion towards North America.",{"type":580,"attrs":41797,"content":41798},{"textAlign":49},[41799],{"type":1847,"attrs":41800},{"id":49,"alt":41801,"src":41802,"title":49,"source":49,"copyright":49,"meta_data":41803},"Bar chart showing SK On, Panasonic, LGES, and Samsung SDI battery production in 2023 and 2030 broken down by production coming from North America and the rest of the world.","https://a.storyblok.com/f/287943243085208/92efcfe348/bm-company-cell-production-north-america.png",{},{"type":647,"attrs":41805,"content":41806},{"level":13022,"textAlign":49},[41807],{"text":41808,"type":585},"Why are APAC ex-China battery manufacturers looking to North America?",{"type":580,"attrs":41810,"content":41811},{"textAlign":49},[41812],{"text":41813,"type":585},"The APAC ex-China region may prove to be a substantial market for lithium ion batteries, however, South Korean and Japanese manufacturers favour the larger market and policy incentives of North America. ",{"type":580,"attrs":41815,"content":41816},{"textAlign":49},[41817,41819,41823],{"text":41818,"type":585},"Demand for lithium ion batteries from the APAC ex-China region is forecast to be 85 GWh in 2024, according to Benchmark’s ",{"text":28896,"type":585,"marks":41820},[41821],{"type":590,"attrs":41822},{"href":38889,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":41824,"type":585},". For North America, the figure is 182 GWh. ",{"type":580,"attrs":41826,"content":41827},{"textAlign":49},[41828],{"text":41829,"type":585},"“Cell manufacturers within APAC ex-China have focused on expanding overseas into North America and Europe, driven by the demand for localised supply chains in both regions,” said Aran Waid, senior analyst at Benchmark. ",{"type":580,"attrs":41831,"content":41832},{"textAlign":49},[41833],{"text":41834,"type":585},"North America, specifically the US, offers incentives to battery manufacturers through tax credits and subsidies as part of the IRA. However, foreign entity of concern (FEOC) rules mean that Chinese cell manufacturers are not eligible for these credits.",{"type":580,"attrs":41836,"content":41837},{"textAlign":49},[41838],{"text":41839,"type":585},"“The significant growth observed in North America can be credited to the US’ IRA, which offers manufacturers greater financial support and incentives,” said Waid.",{"type":580,"attrs":41841,"content":41842},{"textAlign":49},[41843],{"text":41844,"type":585},"Supply-side tax credits grant $35 per kilowatt hour (kWh) for US-produced battery cells, an additional $10/kWh for battery modules, and a 10% production cost credit for mining critical minerals and producing battery materials such as cathodes and anodes. ",{"type":580,"attrs":41846,"content":41847},{"textAlign":49},[41848],{"text":41849,"type":585},"On the demand-side, clean vehicle tax credits offer up to $7,500 in tax credits for EVs that meet rules of origin criteria around the critical minerals in its battery.",{"type":647,"attrs":41851,"content":41852},{"level":13022,"textAlign":49},[41853],{"text":41530,"type":585},{"type":580,"attrs":41855,"content":41856},{"textAlign":49},[41857],{"text":38429,"type":585},{"type":580,"attrs":41859,"content":41860},{"textAlign":49},[41861,41864,41869],{"text":38434,"type":585,"marks":41862},[41863],{"type":1992},{"text":38438,"type":585,"marks":41865},[41866,41868],{"type":590,"attrs":41867},{"href":38442,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"text":38445,"type":585,"marks":41870},[41871],{"type":1992},{"type":580,"attrs":41873,"content":41874},{"textAlign":49},[41875],{"text":41876,"type":585,"marks":41877},"To learn more about the event please provide your details here and we’ll contact you shortly.",[41878],{"type":1992},"Japanese and South Korean battery cell producers are prioritising the North American market, with 49% of output expansions by 2030 occurring in the region. Though still expanding in Asia, cell manufacturers based in the two countries are favouring expansion in North America, pursuing Inflation Reduction Act (IRA) incentives and less competition from Chinese cell producers. […]",[41881],{"slug":9249,"name":9250,"content":41882},{"job_title":9252,"image":41883,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"051da007-2da2-42a1-bfdd-5b0cabbb5f03\", \"id\": \"\"}-->",[41886,41887],{"slug":956,"name":957},{"slug":3379,"name":3380},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":41889,"copyright":645,"fieldtype":701,"meta_data":41890,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1713870766/www-production/APAC-companies-NA-expansion-19042024-CP-V3/APAC-companies-NA-expansion-19042024-CP-V3.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":41892,"name":645,"focus":645,"title":41892,"source":645,"filename":41893,"copyright":645,"fieldtype":701,"meta_data":41894,"is_external_url":51},"Aerial image of the Tesla-Panasonic gigafactory in Nevada, US","https://a.storyblok.com/f/287943243085208/067d5a5b91/bm-north-american-gigafactory-tesla-panasonic-nevada.jpg",{"alt":41892,"title":41892,"source":645,"copyright":645},"Apr 19, 2024",{"id":41897,"uuid":41898,"name":41899,"slug":41900,"full_slug":41901,"content":41902},112469716612525,"d8c3d8ab-2458-45a6-aa4e-92b074e3d57d","Africa’s lithium supply to triple this year, China dominates region","africas-lithium-supply-to-treble-this-year-china-dominates-region","article/africas-lithium-supply-to-treble-this-year-china-dominates-region",{"_uid":41903,"date":41904,"tags":41905,"editor":41913,"content":41917,"excerpt":42084,"featured":51,"reporter":42085,"_editable":42089,"component":689,"seo_title":41899,"categories":42090,"visibility":697,"author_company":49,"data_vis_image":42093,"featured_image":42097,"seo_description":42084,"author_full_name":49,"author_job_title":49,"formattedDate":42100},"eefe682c-b907-4e3e-a1a0-30e5533ad3b4","2024-04-17 00:00",[41906,41907,41908,41909,41912],{"slug":993,"name":994},{"slug":720,"name":721},{"slug":564,"name":565},{"slug":41910,"name":41911},"namibia","Namibia",{"slug":3520,"name":3521},[41914],{"slug":1466,"name":1467,"content":41915},{"job_title":1469,"image":41916,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":41918},[41919,41937,41942,41962,41974,41981,41986,41991,41996,42001,42006,42011,42022,42030,42040,42045,42050,42055,42074,42079],{"type":580,"attrs":41920,"content":41921},{"textAlign":49},[41922,41924,41929,41931,41936],{"text":41923,"type":585},"Mined ",{"text":41925,"type":585,"marks":41926},"lithium output from Africa",[41927],{"type":590,"attrs":41928},{"href":18965,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":41930,"type":585}," is set to increase threefold in 2024 compared to last year, as assessed by Benchmark’s latest ",{"text":33980,"type":585,"marks":41932},[41933],{"type":590,"attrs":41934},{"href":41935,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts/lithium/reports",{"text":1538,"type":585},{"type":580,"attrs":41938,"content":41939},{"textAlign":49},[41940],{"text":41941,"type":585},"In 2023, the region accounted for just 4% of mined lithium globally. This year it is forecast to account for 10% of global supply.",{"type":580,"attrs":41943,"content":41944},{"textAlign":49},[41945,41947,41953,41955,41961],{"text":41946,"type":585},"This ",{"text":41948,"type":585,"marks":41949},"rapid growth",[41950],{"type":590,"attrs":41951},{"href":41952,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/africas-critical-mineral-production-poised-for-rapid-growth",{"text":41954,"type":585}," will be the largest proportional increase in mined lithium supply of any region this year. The vast majority of the region’s lithium output is ",{"text":41956,"type":585,"marks":41957},"associated with Chinese companies",[41958],{"type":590,"attrs":41959},{"href":41960,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/china-set-to-dominate-african-lithium-production-this-decade",{"text":1538,"type":585},{"type":580,"attrs":41963,"content":41964},{"textAlign":49},[41965,41967,41972],{"text":41966,"type":585},"“Africa makes for an attractive lithium source,” Claudia Cook, a lithium analyst at Benchmark, said. “Not only does it hold large lithium resources, but despite there being some ",{"text":41968,"type":585,"marks":41969},"ESG (environmental, social and governance) issues",[41970],{"type":590,"attrs":41971},{"href":40799,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":41973,"type":585},", there is a relatively supportive political and general infrastructure environment.”",{"type":580,"attrs":41975,"content":41976},{"textAlign":49},[41977],{"type":1847,"attrs":41978},{"id":49,"alt":645,"src":41979,"title":49,"source":49,"copyright":49,"meta_data":41980},"https://a.storyblok.com/f/287943243085208/80e1a444a2/bm-lithium-supply-2023-2024-africa-highlighted.png",{},{"type":647,"attrs":41982,"content":41983},{"level":13022,"textAlign":49},[41984],{"text":41985,"type":585},"Lithium in Africa",{"type":580,"attrs":41987,"content":41988},{"textAlign":49},[41989],{"text":41990,"type":585},"Benchmark forecasts that African lithium mines will output 111,000 tonnes LCE in 2024, up 201% from the relatively small base of 37,000 tonnes LCE produced in 2023. All of Africa’s lithium output comes from hard rock sources.",{"type":580,"attrs":41992,"content":41993},{"textAlign":49},[41994],{"text":41995,"type":585},"This compares to an overall increase of 26% in global lithium mine output.",{"type":580,"attrs":41997,"content":41998},{"textAlign":49},[41999],{"text":42000,"type":585},"Although spodumene concentrate prices fell throughout 2023, this was from an all time high in January 2023 of $6,401 per tonne. In the lead up to 2023, prices were continually rising, encouraging project development.",{"type":580,"attrs":42002,"content":42003},{"textAlign":49},[42004],{"text":42005,"type":585},"“The high price environment in the run up to 2023’s price falls aided in making this a possibility, and we saw mines coming online at a much quicker rate than average,” Cook said.",{"type":580,"attrs":42007,"content":42008},{"textAlign":49},[42009],{"text":42010,"type":585},"Most African lithium comes from Zimbabwe, which is forecast to account for 80% of the region’s output this year. The second largest contributor to Africa’s mined lithium output in 2024 is Namibia, representing 17%.",{"type":580,"attrs":42012,"content":42013},{"textAlign":49},[42014,42016,42021],{"text":42015,"type":585},"In Zimbabwe, there are reports of artisanal mining operations using child labour. There are no lithium miners operating in Africa with good ESG practices or better, as assessed by ",{"text":40875,"type":585,"marks":42017},[42018],{"type":590,"attrs":42019},{"href":42020,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/esg/lithium/reports",{"text":1538,"type":585},{"type":580,"attrs":42023,"content":42024},{"textAlign":49},[42025],{"type":1847,"attrs":42026},{"id":49,"alt":42027,"src":42028,"title":49,"source":49,"copyright":49,"meta_data":42029},"Mined lithium supply from Africa to increase threefold this year","https://a.storyblok.com/f/287943243085208/c8b47d5258/bm-african-lithium-2023-2024-2025-by-country.png",{},{"type":580,"attrs":42031,"content":42032},{"textAlign":49},[42033,42038],{"text":42034,"type":585,"marks":42035},"Exporting unprocessed lithium ore",[42036],{"type":590,"attrs":42037},{"href":18973,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":42039,"type":585}," is banned in both Zimbabwe and Namibia, though this has not had a marked impact on supply. These measures are designed to keep more of the value-add in the countries. Processed ores, such as spodumene concentrate with at least 3% lithia content, are allowed to be exported.",{"type":580,"attrs":42041,"content":42042},{"textAlign":49},[42043],{"text":42044,"type":585},"“The ban mainly targeted artisanal mining, and many producers were already planning beneficiation plants,” Cook said. “In the current low-price environment direct shipping ore (DSO) is uneconomical so even without the ban it wouldn’t be a very viable product.”",{"type":580,"attrs":42046,"content":42047},{"textAlign":49},[42048],{"text":42049,"type":585},"From 2025, Mali and Ethiopia are forecast to account for an increasing proportion of African supply. ",{"type":647,"attrs":42051,"content":42052},{"level":13022,"textAlign":49},[42053],{"text":42054,"type":585},"Who’s funding African lithium?",{"type":580,"attrs":42056,"content":42057},{"textAlign":49},[42058,42060,42065,42067,42072],{"text":42059,"type":585},"Although the mines are located in Africa, over 97% of this supply is associated with ",{"text":23673,"type":585,"marks":42061},[42062],{"type":590,"attrs":42063},{"href":42064,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/we-believe-africa-will-be-the-next-good-opportunity-for-lithium-qa-with-wang-xiaoshen-of-ganfeng-lithium",{"text":42066,"type":585},". For 94% of African supply, ",{"text":23673,"type":585,"marks":42068},[42069],{"type":590,"attrs":42070},{"href":42071,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/byd-eyes-african-lithium-as-chinese-companies-invest-in-continent",{"text":42073,"type":585}," are the primary owners of the mines.",{"type":580,"attrs":42075,"content":42076},{"textAlign":49},[42077],{"text":42078,"type":585},"The Bikita and Arcadia projects are the largest operating lithium mines in Africa, both located in Zimbabwe. Though the Arcadia mine is operated by Prospect Lithium, an Australian firm, it is owned by Zhejiang Huayou Cobalt which is headquartered in China. The Bikita mine is owned and operated by China’s Sinomine.",{"type":580,"attrs":42080,"content":42081},{"textAlign":49},[42082],{"text":42083,"type":585},"“China holds the majority of the world’s refining capacity. However, their domestic mine supply cannot keep up,” Cook said. “What sets China apart is that it already has the supply chain to utilise African lithium resources, as well as the expertise and capital.”","Mined lithium output from Africa is set to increase threefold in 2024 compared to last year, as assessed by Benchmark’s latest Lithium Forecast. In 2023, the region accounted for just 4% of mined lithium globally. This year it is forecast to account for 10% of global supply. This rapid growth will be the largest proportional […]",[42086],{"slug":1466,"name":1467,"content":42087},{"job_title":1469,"image":42088,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"eefe682c-b907-4e3e-a1a0-30e5533ad3b4\", \"id\": \"\"}-->",[42091,42092],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":42094,"name":645,"focus":645,"title":42094,"source":645,"filename":42095,"copyright":645,"fieldtype":701,"meta_data":42096,"is_external_url":51},"Africa is the fastest growing region for mined lithium supply this year","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1713520159/www-production/Africa-2023-2024-global-lithium-supply-free/Africa-2023-2024-global-lithium-supply-free.png?_i=AA",{"alt":42094,"title":42094,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":42098,"copyright":645,"fieldtype":701,"meta_data":42099,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d56b2fb047/bm-arcadia-mine.jpeg",{"alt":645,"title":645,"source":645,"copyright":645},"Apr 17, 2024",{"id":42102,"uuid":627,"name":42103,"slug":42104,"full_slug":42105,"content":42106},114844179714055,"What policy levers does the US use to limit Chinese EV competition?","what-policy-levers-does-the-us-use-to-limit-chinese-ev-competition","article/what-policy-levers-does-the-us-use-to-limit-chinese-ev-competition",{"_uid":42107,"date":42108,"tags":42109,"editor":42118,"content":42122,"excerpt":42435,"featured":51,"reporter":42436,"_editable":42440,"component":689,"seo_title":42441,"categories":42442,"visibility":2019,"author_company":645,"data_vis_image":42445,"featured_image":42448,"seo_description":42450,"author_full_name":645,"author_job_title":645,"formattedDate":42451},"8e4fb5f3-3bd8-41aa-8e16-d34b9c79fb00","2024-04-15 00:00",[42110,42111,42112,42113,42116,42117],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":31859,"name":25844},{"slug":42114,"name":42115},"mexico","Mexico",{"slug":561,"name":562},{"slug":13546,"name":13547},[42119],{"slug":9249,"name":9250,"content":42120},{"job_title":9252,"image":42121,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":42123},[42124,42145,42157,42176,42188,42200,42211,42216,42221,42232,42237,42242,42247,42258,42263,42268,42279,42298,42306,42318,42329,42334,42339,42344,42349,42357,42369,42373,42378,42389,42394,42399,42404,42409,42416,42428],{"type":580,"attrs":42125,"content":42126},{"textAlign":49},[42127,42129,42135,42137,42143],{"text":42128,"type":585},"As the demand for ",{"text":42130,"type":585,"marks":42131},"electric vehicles (EVs) continues to rise",[42132],{"type":590,"attrs":42133},{"href":42134,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/ev-sales-growth-has-slowed-but-has-not-been-derailed",{"text":42136,"type":585},", the US government is increasingly concerned about a potential wave of cheap ",{"text":42138,"type":585,"marks":42139},"Chinese-made",[42140],{"type":590,"attrs":42141},{"href":42142,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/chinas-ev-supply-chain-partnerships-prices-and-prospects-for-2024",{"text":42144,"type":585}," EVs flooding the market and out-competing domestic automakers.",{"type":580,"attrs":42146,"content":42147},{"textAlign":49},[42148,42150,42155],{"text":42149,"type":585},"In 2023, 1.4 million new electric vehicles were registered in the US up from 930,000 in 2022. In 2024, ",{"text":42151,"type":585,"marks":42152},"Benchmark forecasts",[42153],{"type":590,"attrs":42154},{"href":11903,"uuid":49,"anchor":49,"target":1492,"linktype":1570},{"text":42156,"type":585}," this will rise to 1.5 million.",{"type":580,"attrs":42158,"content":42159},{"textAlign":49},[42160,42162,42167,42169,42175],{"text":42161,"type":585},"High tariffs helped keep imports of EVs from China at just 3% of the 390,000 total EV imports into the US in 2023. However, Chinese automakers are eying up countries like ",{"text":42115,"type":585,"marks":42163},[42164],{"type":590,"attrs":42165},{"href":42166,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/bmw-accelerates-mexicos-ev-shift-with-860-million-battery-plant",{"text":42168,"type":585}," as an ",{"text":42170,"type":585,"marks":42171},"alternative route into the US",[42172],{"type":590,"attrs":42173},{"href":42174,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/opinion-chinese-companies-should-be-careful-about-exploiting-loopholes-in-western-policy",{"text":1538,"type":585},{"type":580,"attrs":42177,"content":42178},{"textAlign":49},[42179,42181,42186],{"text":42180,"type":585},"“This could mean a world where the tariffs on these Chinese vehicles fall to 2.5%, or even to zero if stringent local content requirements are met under the US-Mexico-Canada Agreement,” ",{"text":7724,"type":585,"marks":42182},[42183],{"type":590,"attrs":42184},{"href":42185,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/analyst-insights-how-do-export-restrictions-and-green-industrial-policies-impact-ev-battery-supply-chain-dynamics",{"text":42187,"type":585},", a policy analyst at Benchmark, said.",{"type":580,"attrs":42189,"content":42190},{"textAlign":49},[42191,42193,42198],{"text":42192,"type":585},"Parts of the US ",{"text":25844,"type":585,"marks":42194},[42195],{"type":590,"attrs":42196},{"href":42197,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/the-inflation-reduction-act-has-created-a-race-to-the-top-qa-with-ruth-gratzke-of-siemens",{"text":42199,"type":585}," (IRA) are designed to help increase the competitiveness of the domestic EV supply chain, though currently the country will be reliant on others for many key aspects.",{"type":580,"attrs":42201,"content":42202},{"textAlign":49},[42203,42205,42209],{"text":42204,"type":585},"For example, the new EV registrations forecast for this year will require 98 gigawatt-hours (GWh) of lithium ion batteries. However, ",{"text":28866,"type":585,"marks":42206},[42207],{"type":590,"attrs":42208},{"href":11903,"uuid":49,"anchor":49,"target":1492,"linktype":1570},{"text":42210,"type":585}," shows the US is forecast to produce just 76 GWh.",{"type":647,"attrs":42212,"content":42213},{"level":13022,"textAlign":49},[42214],{"text":42215,"type":585},"What policy levers are the US pulling?",{"type":580,"attrs":42217,"content":42218},{"textAlign":49},[42219],{"text":42220,"type":585},"Currently, the US imposes a 27.5% tariff on EVs imported from China. However, this tariff drops if the Chinese company instead assembles the vehicle in the US, Canada or Mexico.",{"type":580,"attrs":42222,"content":42223},{"textAlign":49},[42224,42228,42230],{"text":1295,"type":585,"marks":42225},[42226],{"type":590,"attrs":42227},{"href":15994,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":42229,"type":585}," Mexico, a subsidiary of the Chinese automaker, plans to build a facility in Mexico, according to a report by Nikkei Asia.",{"text":42231,"type":585},"The US also has a 15% tariff on Chinese battery cell imports.",{"type":580,"attrs":42233,"content":42234},{"textAlign":49},[42235],{"text":42236,"type":585},"In 2022, the US implemented the IRA which included a number of measures to increase the competitiveness of EVs produced in North America.",{"type":580,"attrs":42238,"content":42239},{"textAlign":49},[42240],{"text":42241,"type":585},"The $7,500 consumer clean vehicle tax credit in the IRA is only available for vehicles that undergo final assembly in North America and meet increasingly strict sourcing requirements based on the value of the battery components and critical minerals.",{"type":580,"attrs":42243,"content":42244},{"textAlign":49},[42245],{"text":42246,"type":585},"From 2024, this tax credit will only be available if none of the components or critical minerals are sourced from a Foreign Entity of Concern–a measure, targeting Chinese involvement, especially with links to the government, in the lithium ion battery supply chain. The final rules are expected to come into force in mid-2024.",{"type":580,"attrs":42248,"content":42249},{"textAlign":49},[42250,42256],{"text":42251,"type":585,"marks":42252},"Benchmark analysis shows",[42253],{"type":590,"attrs":42254},{"href":42255,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/joe-manchin-says-treasury-guidance-waters-down-inflation-reduction-act",{"text":42257,"type":585}," that in 2023, China controlled over 50% of the production of several key battery chemicals. The US and its free trade allies controlled far less of the supply, making it difficult to produce an EV that is eligible for the tax credits.",{"type":580,"attrs":42259,"content":42260},{"textAlign":49},[42261],{"text":42262,"type":585},"North America accounted for 4% of global battery production last year, despite accounting for 16% of demand. China, by contrast, produced 85% of battery cells globally, but accounted for just 51% of demand.",{"type":647,"attrs":42264,"content":42265},{"level":13022,"textAlign":49},[42266],{"text":42267,"type":585},"Where does the US import EVs from?",{"type":580,"attrs":42269,"content":42270},{"textAlign":49},[42271,42273,42277],{"text":42272,"type":585},"Just three countries accounted for 71% of the US’ 390,000 imports of EVs last year: South Korea (29%), Germany (21%), and ",{"text":42115,"type":585,"marks":42274},[42275],{"type":590,"attrs":42276},{"href":42166,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":42278,"type":585}," (21%). EVs originating in China accounted for just 3% of imports, according to US trade data.",{"type":580,"attrs":42280,"content":42281},{"textAlign":49},[42282,42284,42289,42291,42297],{"text":42283,"type":585},"By contrast, the European Union (EU) imported around 2.4 million EVs in 2023, with ",{"text":42285,"type":585,"marks":42286},"60% of the EU’s EV imports",[42287],{"type":590,"attrs":42288},{"href":39681,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":42290,"type":585}," coming from China, due to the EU’s lower import tariffs and lack of stringent local content and sourcing requirements in its legislation, like the ",{"text":42292,"type":585,"marks":42293},"Critical Raw Materials Act (CRMA)",[42294],{"type":590,"attrs":42295},{"href":42296,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/european-crm-act-establishing-a-framework-for-ensuring-a-secure-and-sustainable-supply-of-critical-raw-materials",{"text":1538,"type":585},{"type":580,"attrs":42299,"content":42300},{"textAlign":49},[42301],{"type":1847,"attrs":42302},{"id":49,"alt":42303,"src":42304,"title":49,"source":49,"copyright":49,"meta_data":42305},"The US imports relatively few EVs from China","https://a.storyblok.com/f/287943243085208/cbb1ec5ae1/bm-us-ev-import-chart.png",{},{"type":580,"attrs":42307,"content":42308},{"textAlign":49},[42309,42311,42316],{"text":42310,"type":585},"Given the significant imports of EVs from Mexico, BYD and other Chinese automakers plans to set up manufacturing facilities in the country could ",{"text":42312,"type":585,"marks":42313},"allow Chinese-made EVs to enter the US",[42314],{"type":590,"attrs":42315},{"href":42174,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":42317,"type":585}," without originating in China.",{"type":580,"attrs":42319,"content":42320},{"textAlign":49},[42321,42323,42327],{"text":42322,"type":585},"BYD is also considering ",{"text":30414,"type":585,"marks":42324},[42325],{"type":590,"attrs":42326},{"href":21938,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":42328,"type":585}," as a production base due to the country’s free trade agreements with both the US and the European Union.",{"type":580,"attrs":42330,"content":42331},{"textAlign":49},[42332],{"text":42333,"type":585},"“The US car manufacturing industry and US lawmakers see China’s competitive EVs, especially BYD, as ‘an existential threat to America’s auto industry and to US national security’,” Bille said.",{"type":647,"attrs":42335,"content":42336},{"level":13022,"textAlign":49},[42337],{"text":42338,"type":585},"Are Chinese EVs cheaper?",{"type":580,"attrs":42340,"content":42341},{"textAlign":49},[42342],{"text":42343,"type":585},"Although the US imports relatively few EVs from China, the EVs that do originate from the country are significantly cheaper.",{"type":580,"attrs":42345,"content":42346},{"textAlign":49},[42347],{"text":42348,"type":585},"US Trade data shows that the average EV imported into the US has a value of $49,016. For an EV imported into the US from China the average value is significantly lower at $30,594.",{"type":580,"attrs":42350,"content":42351},{"textAlign":49},[42352],{"type":1847,"attrs":42353},{"id":49,"alt":42354,"src":42355,"title":49,"source":49,"copyright":49,"meta_data":42356},"EVs imported into US from China cheaper than from other countries","https://a.storyblok.com/f/287943243085208/6bab9927ef/bm-value-of-us-ev-imports.png",{},{"type":580,"attrs":42358,"content":42359},{"textAlign":49},[42360,42362,42367],{"text":42361,"type":585},"Beyond China’s vertical integration of the supply chain, the country also deploys industrial policy, subsidies and incentives to increase the competitiveness of Chinese EVs. The ",{"text":42363,"type":585,"marks":42364},"EU claims these subsidies",[42365],{"type":590,"attrs":42366},{"href":39681,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":42368,"type":585}," into the EV sector are unfair and is currently investigating this.",{"type":647,"attrs":42370,"content":42371},{"level":13022,"textAlign":49},[42372],{"text":20272,"type":585},{"type":580,"attrs":42374,"content":42375},{"textAlign":49},[42376],{"text":42377,"type":585},"President Joe Biden has ordered an investigation into automotive technologies that could track US drivers as part of a broader strategy to mitigate national security risks associated with foreign technology and EVs.",{"type":580,"attrs":42379,"content":42380},{"textAlign":49},[42381,42382,42387],{"text":3538,"type":585},{"text":42383,"type":585,"marks":42384},"potential Trump presidency",[42385],{"type":590,"attrs":42386},{"href":39625,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":42388,"type":585}," may result in higher tariffs on cars built in Mexico by Chinese companies for US market sale, according to recent campaign speeches.",{"type":580,"attrs":42390,"content":42391},{"textAlign":49},[42392],{"text":42393,"type":585},"“US political pressure, urging the Biden Administration to further restrict imports of China-made EVs to the US market, has been increasing in view of the US elections in November 2024,” Bille said.",{"type":647,"attrs":42395,"content":42396},{"level":13022,"textAlign":49},[42397],{"text":42398,"type":585},"What is China’s recent response?",{"type":580,"attrs":42400,"content":42401},{"textAlign":49},[42402],{"text":42403,"type":585},"In March, China filed a complaint against the US with the World Trade Organisation. It says that some of the subsidies provided in the IRA are “discriminatory, protectionist and contrary to WTO rules”.",{"type":580,"attrs":42405,"content":42406},{"textAlign":49},[42407],{"text":42408,"type":585},"Earlier this month, the US agreed to enter into consultations over the complaint.",{"type":580,"attrs":42410,"content":42411},{"textAlign":49},[42412],{"text":42413,"type":585,"marks":42414},"Join policy makers and industry leaders from across the EV battery supply chain at Benchmark’s premiere conference, Giga USA 2024.",[42415],{"type":1992},{"type":580,"attrs":42417,"content":42418},{"textAlign":49},[42419,42425],{"text":42420,"type":585,"marks":42421},"Click here to find out more about Giga USA and reserve your ticket now",[42422,42424],{"type":590,"attrs":42423},{"href":41543,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"text":1538,"type":585,"marks":42426},[42427],{"type":1992},{"type":580,"attrs":42429,"content":42430},{"textAlign":49},[42431],{"text":42432,"type":585,"marks":42433},"And, to learn more about Benchmark’s services, including our policy analysis, speak to our experts – please provide your details here:",[42434],{"type":1992},"As the demand for electric vehicles (EVs) continues to rise, the US government is increasingly concerned about a potential wave of cheap Chinese-made EVs flooding the market and out-competing domestic automakers. In 2023, 1.4 million new electric vehicles were registered in the US up from 930,000 in 2022. In 2024, Benchmark forecasts this will rise […]",[42437],{"slug":9249,"name":9250,"content":42438},{"job_title":9252,"image":42439,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8e4fb5f3-3bd8-41aa-8e16-d34b9c79fb00\", \"id\": \"\"}-->","What policy levers does the US use to ...",[42443,42444],{"slug":692,"name":693},{"slug":695,"name":696},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":42446,"copyright":645,"fieldtype":701,"meta_data":42447,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1713190928/www-production/US-EV-import-chart-no-y/US-EV-import-chart-no-y.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":6875,"copyright":645,"fieldtype":701,"meta_data":42449,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},"As the demand for electric vehicles (EVs) continues to rise, the US government is increasingly concerned about a potential wave of cheap Chinese-made EVs flooding the market and out-competing domestic automakers.","Apr 15, 2024",{"id":42453,"uuid":42454,"name":42455,"slug":42456,"full_slug":42457,"content":42458},112469743510962,"c5a8dc88-ac6a-4a86-970f-ed0b712f27cf","How the EU could tackle subsidised imports of Chinese EVs","how-the-eu-could-tackle-subsidised-imports-of-chinese-evs","article/how-the-eu-could-tackle-subsidised-imports-of-chinese-evs",{"_uid":42459,"date":42460,"tags":42461,"editor":42466,"content":42470,"excerpt":42662,"featured":51,"reporter":42663,"_editable":42667,"component":689,"seo_title":42455,"categories":42668,"visibility":697,"author_company":49,"data_vis_image":42671,"featured_image":42674,"seo_description":42662,"author_full_name":49,"author_job_title":49,"formattedDate":42677},"d2873e2e-a846-45f2-b098-f63f5b2a7c63","2024-04-10 00:00",[42462,42463,42464,42465],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":1303,"name":1304},{"slug":13546,"name":13547},[42467],{"slug":1466,"name":1467,"content":42468},{"job_title":1469,"image":42469,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":42471},[42472,42482,42515,42520,42525,42533,42538,42543,42548,42556,42561,42566,42571,42576,42581,42586,42591,42596,42601,42606,42611,42616,42624,42629,42634,42639,42651],{"type":580,"attrs":42473,"content":42474},{"textAlign":49},[42475,42476,42480],{"text":1005,"type":585},{"text":1304,"type":585,"marks":42477},[42478],{"type":590,"attrs":42479},{"href":39214,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":42481,"type":585}," believes electric vehicles (EVs) imported from China are unfairly subsidised to an extent that reduces the competitiveness of automakers operating in the bloc, according to the first results of an ongoing anti-subsidy probe published in March this year.",{"type":580,"attrs":42483,"content":42484},{"textAlign":49},[42485,42487,42492,42494,42500,42502,42506,42508,42513],{"text":42486,"type":585},"In addition to subsidies, China is able to produce EVs so cheaply in part thanks to its ",{"text":42488,"type":585,"marks":42489},"strength in producing lithium ion battery cells",[42490],{"type":590,"attrs":42491},{"href":42142,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":42493,"type":585}," at a ",{"text":42495,"type":585,"marks":42496},"lower cost",[42497],{"type":590,"attrs":42498},{"href":42499,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/how-much-cheaper-are-chinese-lithium-ion-battery-cells",{"text":42501,"type":585}," than the rest of the world. The country produced 85% of cells globally last year, according to ",{"text":28866,"type":585,"marks":42503},[42504],{"type":590,"attrs":42505},{"href":39439,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":42507,"type":585},". Moreover, ",{"text":42509,"type":585,"marks":42510},"Benchmark calculates the price",[42511],{"type":590,"attrs":42512},{"href":39517,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":42514,"type":585}," of a prismatic nickel cobalt manganese 811 (NCM) cell produced in China to be $72.2 per kilowatt-hour compared to $88.5 in Europe. ",{"type":580,"attrs":42516,"content":42517},{"textAlign":49},[42518],{"text":42519,"type":585},"Last year, EU countries imported around 760,000 EVs from outside of the EU, according to Eurostat data via Global Trade Tracker, valued at over €20 billion ($22 billion). Around 60% of these vehicles originated in China.",{"type":580,"attrs":42521,"content":42522},{"textAlign":49},[42523],{"text":42524,"type":585},"“There is also a risk that an increasing number of Union producers will suffer from diminishing sales and reduced production levels if imports continue at the current increased levels at allegedly subsidised prices from [China],” the Commission said in a document released last month.",{"type":580,"attrs":42526,"content":42527},{"textAlign":49},[42528],{"type":1847,"attrs":42529},{"id":49,"alt":42530,"src":42531,"title":49,"source":49,"copyright":49,"meta_data":42532},"The EU imported 9.7 billion euro EVs from China","https://a.storyblok.com/f/287943243085208/e0a12c2e25/bm-eu-imports-of-chinese-evs-1.png",{},{"type":647,"attrs":42534,"content":42535},{"level":13022,"textAlign":49},[42536],{"text":42537,"type":585},"Where does China export its EVs?",{"type":580,"attrs":42539,"content":42540},{"textAlign":49},[42541],{"text":42542,"type":585},"China exported over 1.5 million electric passenger vehicles in 2023, according to Chinese trade statistics via Global Trade Tracker. Belgium was the largest recipient, taking 11% of the exports followed by Thailand and the UK with 10% and 8%, respectively.",{"type":580,"attrs":42544,"content":42545},{"textAlign":49},[42546],{"text":42547,"type":585},"Combined, EU countries accounted for 31% of China’s EV exports.",{"type":580,"attrs":42549,"content":42550},{"textAlign":49},[42551],{"type":1847,"attrs":42552},{"id":49,"alt":42553,"src":42554,"title":49,"source":49,"copyright":49,"meta_data":42555},"A third of China's EV exports are to the EU","https://a.storyblok.com/f/287943243085208/1d45ca98cf/bm-china-ev-exports-1316869e5b46.png",{},{"type":647,"attrs":42557,"content":42558},{"level":13022,"textAlign":49},[42559],{"text":42560,"type":585},"What has the EU’s investigation found?",{"type":580,"attrs":42562,"content":42563},{"textAlign":49},[42564],{"text":42565,"type":585},"Between October 2023 and January 2024 imports of EVs from China into the EU were 14% higher than in the same period a year earlier, according to the investigation.",{"type":580,"attrs":42567,"content":42568},{"textAlign":49},[42569],{"text":42570,"type":585},"It also found that the monthly average number of EV imports from China was 11% higher between October 2023 and January 2024 than between October 2022 and September 2023, indicating that imports are accelerating.",{"type":580,"attrs":42572,"content":42573},{"textAlign":49},[42574],{"text":42575,"type":585},"The EU Commission says it has found “sufficient evidence” that EVs imported from China are being subsidised, keeping prices artificially low and distorting the market. This, it concludes, could cause “injury” to the market that is “difficult to repair.”",{"type":647,"attrs":42577,"content":42578},{"level":13022,"textAlign":49},[42579],{"text":42580,"type":585},"What is the EU’s response?",{"type":580,"attrs":42582,"content":42583},{"textAlign":49},[42584],{"text":42585,"type":585},"The EU Commission launched the anti-subsidy probe in October last year. As a result of its findings so far, imports of EVs from China must be registered. This opens up the possibility of imposing additional tariffs on such imports which may be applied retroactively from March 2024.",{"type":580,"attrs":42587,"content":42588},{"textAlign":49},[42589],{"text":42590,"type":585},"Any tariff applied would be in addition to the 10% tariff the EU already imposes on EVs imported from non-free trade agreement (FTA) partner countries.",{"type":580,"attrs":42592,"content":42593},{"textAlign":49},[42594],{"text":42595,"type":585},"“It’s essential to keep in mind that some Western car manufacturers, like Tesla, BMW, and Renault, make EVs in China and could likely be hit by tariffs,” Bryan Bille, a policy analyst at Benchmark, said.",{"type":580,"attrs":42597,"content":42598},{"textAlign":49},[42599],{"text":42600,"type":585},"Research by the non-governmental organisation Transport & Environment suggests that although EVs made in China could represent a quarter of new EV sales in the EU, penetration of Chinese brands is expected to be around 11%.",{"type":647,"attrs":42602,"content":42603},{"level":13022,"textAlign":49},[42604],{"text":42605,"type":585},"Do tariffs work?",{"type":580,"attrs":42607,"content":42608},{"textAlign":49},[42609],{"text":42610,"type":585},"The EU’s existing 10% tariff on EVs imported from China is significantly lower than the US’ 27.5% tariff.",{"type":580,"attrs":42612,"content":42613},{"textAlign":49},[42614],{"text":42615,"type":585},"This is a key reason that China exports far fewer EVs to the US than it does to the EU.",{"type":580,"attrs":42617,"content":42618},{"textAlign":49},[42619],{"type":1847,"attrs":42620},{"id":49,"alt":42621,"src":42622,"title":49,"source":49,"copyright":49,"meta_data":42623},"China exports fare more EVs to the EU than to the US","https://a.storyblok.com/f/287943243085208/24beb31652/bm-eu-vs-us-china-exports-2-131669234206.png",{},{"type":580,"attrs":42625,"content":42626},{"textAlign":49},[42627],{"text":42628,"type":585},"Increasing tariffs, however, will not necessarily solve the problem of cheap Chinese EVs out-competing domestic players as Chinese automakers can absorb the costs of tariffs as EVs are much cheaper to produce in China, according to Bille.",{"type":647,"attrs":42630,"content":42631},{"level":13022,"textAlign":49},[42632],{"text":42633,"type":585},"What more can the EU do?",{"type":580,"attrs":42635,"content":42636},{"textAlign":49},[42637],{"text":42638,"type":585},"“It’s not only a question about raising the EV import tariff to the right level, making Chinese EVs more expensive and European EVs more competitive,” Bille said. “But it is also about channelling more public-private support to battery R&D and introducing stringent local content requirements to spur cutting edge local EV manufacturing in Europe.”",{"type":580,"attrs":42640,"content":42641},{"textAlign":49},[42642,42644,42649],{"text":42643,"type":585},"The EU has already made moves to increase the competitiveness of its EV and battery industry. The ",{"text":7393,"type":585,"marks":42645},[42646],{"type":590,"attrs":42647},{"href":42648,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/eu-increases-critical-mineral-recycling-targets-in-bid-to-increase-self-reliance",{"text":42650,"type":585},", for example, sets benchmarks for what proportion of critical minerals used by the bloc should be mined, processed and recycled locally, though these are not legally binding.",{"type":580,"attrs":42652,"content":42653},{"textAlign":49},[42654,42656,42661],{"text":42655,"type":585},"“Current EU provisions lack teeth,” according to Bille, “especially ",{"text":42657,"type":585,"marks":42658},"compared to the US IRA",[42659],{"type":590,"attrs":42660},{"href":41651,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":38038,"type":585},"The European Union believes electric vehicles (EVs) imported from China are unfairly subsidised to an extent that reduces the competitiveness of automakers operating in the bloc, according to the first results of an ongoing anti-subsidy probe published in March this year. In addition to subsidies, China is able to produce EVs so cheaply in part […]",[42664],{"slug":1466,"name":1467,"content":42665},{"job_title":1469,"image":42666,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d2873e2e-a846-45f2-b098-f63f5b2a7c63\", \"id\": \"\"}-->",[42669,42670],{"slug":692,"name":693},{"slug":695,"name":696},{"id":49,"alt":42553,"name":645,"focus":645,"title":42553,"source":645,"filename":42672,"copyright":645,"fieldtype":701,"meta_data":42673,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1712753433/www-production/China-EV-exports-no-y-2/China-EV-exports-no-y-2.png?_i=AA",{"alt":42553,"title":42553,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":42675,"copyright":645,"fieldtype":701,"meta_data":42676,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/956e95aad2/bm-eu-china-flags-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Apr 10, 2024",{"id":42679,"uuid":42680,"name":42681,"slug":42682,"full_slug":42683,"content":42684},112469772539320,"5596ecc0-0e93-4f54-ab30-7c7476de68f3","US gigafactory construction timelines surpass China as IRA turbocharges capacity pipeline","us-gigafactory-construction-timelines-surpass-china-as-ira-turbocharges-capacity-pipeline","article/us-gigafactory-construction-timelines-surpass-china-as-ira-turbocharges-capacity-pipeline",{"_uid":42685,"date":42686,"tags":42687,"editor":42694,"content":42698,"excerpt":42860,"featured":51,"reporter":42861,"_editable":42865,"component":689,"seo_title":42681,"categories":42866,"visibility":697,"author_company":49,"data_vis_image":42869,"featured_image":42871,"seo_description":42860,"author_full_name":49,"author_job_title":49,"formattedDate":42874},"7708c84a-f9a3-443a-ad0b-7de8a28d70d3","2024-04-03 00:00",[42688,42689,42690,42692,42693],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":42691,"name":42691},"gigafactory",{"slug":561,"name":562},{"slug":13546,"name":13547},[42695],{"slug":1466,"name":1467,"content":42696},{"job_title":1469,"image":42697,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":42699},[42700,42705,42718,42725,42737,42748,42753,42756,42761,42772,42777,42789,42794,42797,42802,42807,42817,42821,42837,42854],{"type":580,"attrs":42701,"content":42702},{"textAlign":49},[42703],{"text":42704,"type":585},"The US Inflation Reduction Act (IRA) is dramatically accelerating the construction timeline for battery gigafactories in North America, according to Benchmark’s Chief Data Officer Caspar Rawles.",{"type":580,"attrs":42706,"content":42707},{"textAlign":49},[42708,42710,42716],{"text":42709,"type":585},"“The previous belief was that China was the quickest region to install new plants,” said Rawles at ",{"text":42711,"type":585,"marks":42712},"Benchmark’s recent Giga Europe 2024 event in Stockholm",[42713],{"type":590,"attrs":42714},{"href":42715,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/from-specialist-to-scale-what-does-this-mean-for-the-battery-supply-chain-in-2024",{"text":42717,"type":585},". “But since the IRA, North America has leapfrogged China in the timeline to building out these plants.”",{"type":580,"attrs":42719,"content":42720},{"textAlign":49},[42721],{"type":1847,"attrs":42722},{"id":49,"alt":645,"src":42723,"title":49,"source":49,"copyright":49,"meta_data":42724},"https://a.storyblok.com/f/287943243085208/23a170fcc7/bm-image-53.png",{},{"type":580,"attrs":42726,"content":42727},{"textAlign":49},[42728,42729,42735],{"text":1005,"type":585},{"text":42730,"type":585,"marks":42731},"Benchmark Lithium ion Battery Gigafactory Assessment",[42732],{"type":590,"attrs":42733},{"href":42734,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/market-assessments/gigafactory-assessment/reports/",{"text":42736,"type":585},"recently launched a Gigafactory Construction Tracker to monitor global plant development and quantify regional trends, analysing the length of time factories typically spend at various stages of construction.",{"type":580,"attrs":42738,"content":42739},{"textAlign":49},[42740,42742,42746],{"text":42741,"type":585},"Harnessing data from ",{"text":40191,"type":585,"marks":42743},[42744],{"type":590,"attrs":42745},{"href":40195,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":42747,"type":585},", a method of monitoring plant build out through the use of satellite imagery and remote sensing techniques to confirm the stage of development for each cell plant, the Construction Tracker demonstrates that North America has overtaken China as the region with the shortest timeline to build out plants. Facilities in the region now average less than 30 months between initial ground clearance and completion. ",{"type":647,"attrs":42749,"content":42750},{"level":13022,"textAlign":49},[42751],{"text":42752,"type":585},"Case Study: LGES Chem expanding capacity in Michigan, US",{"type":580,"attrs":42754,"content":42755},{"textAlign":49},[],{"type":580,"attrs":42757,"content":42758},{"textAlign":49},[42759],{"text":42760,"type":585},"With the IRA offering more than half a trillion dollars in clean energy incentives, construction timelines have shortened as cell suppliers rush to plan, construct, and then qualify new plants to meet growing demand from automotive customers and take advantage of subsidies.",{"type":580,"attrs":42762,"content":42763},{"textAlign":49},[42764,42765,42770],{"text":1005,"type":585},{"text":42766,"type":585,"marks":42767},"Benchmark Lithium ion Battery Forecast",[42768],{"type":590,"attrs":42769},{"href":38889,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":42771,"type":585}," has added 9 new US plants to its database since the IRA’s ratification, additional capacity that is set to take US cell production to over 800 gigawatt hours (GWh) by 2030. An uptick of 20% from Benchmark’s 2030 projection a year ago.",{"type":647,"attrs":42773,"content":42774},{"level":13022,"textAlign":49},[42775],{"text":42776,"type":585},"Tiers matter",{"type":580,"attrs":42778,"content":42779},{"textAlign":49},[42780,42782,42787],{"text":42781,"type":585},"China remains host to the largest amount of lithium ion battery cell capacity, including ",{"text":42783,"type":585,"marks":42784},"1,970 GWh of ",[42785],{"type":590,"attrs":42786},{"href":42734,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":42788,"type":585},"operational capacity and an additional 371 GWh currently in the ‘completion’ phase; describing the period in which building construction is complete, but equipment installation and cell qualification is ongoing.",{"type":580,"attrs":42790,"content":42791},{"textAlign":49},[42792],{"text":42793,"type":585},"Although construction timelines in North America have hastened, the longer average construction length in China is due to Tier 2 and Tier 3 producers forming a large proportion of the overall capacity buildout in the region. In reality, construction of Tier 1 cell capacity in China is on par with the US. ",{"type":580,"attrs":42795,"content":42796},{"textAlign":49},[],{"type":580,"attrs":42798,"content":42799},{"textAlign":49},[42800],{"text":42801,"type":585},"“The difference demonstrates the impact of different companies’ experience level in the supply chain,” said Rawles.",{"type":580,"attrs":42803,"content":42804},{"textAlign":49},[42805],{"text":42806,"type":585},"Overcapacity fears within the Chinese market are also leading to construction delays, particularly amongst Tier 2 and 3 producers. Construction has often been halted to focus on maintaining existing capacity or build out new capacity in other regions.",{"type":580,"attrs":42808,"content":42809},{"textAlign":49},[42810,42815],{"text":42811,"type":585,"marks":42812},"The Benchmark Lithium ion Battery Database Forecast",[42813],{"type":590,"attrs":42814},{"href":38889,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":42816,"type":585}," shows that Chinese cell supply will sustain a regional surplus through to 2040. However, much of this surplus will be centred amongst Tier 2 and 3 producers, and is therefore unlikely to be qualified to supply western EV markets. ",{"type":647,"attrs":42818,"content":42819},{"level":13022,"textAlign":49},[42820],{"text":41530,"type":585},{"type":580,"attrs":42822,"content":42823},{"textAlign":49},[42824,42828,42833],{"text":42825,"type":585,"marks":42826},"Discussions on raw material price volatility will continue at Benchmark’s ",[42827],{"type":1992},{"text":41539,"type":585,"marks":42829},[42830,42832],{"type":590,"attrs":42831},{"href":41543,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"text":42834,"type":585,"marks":42835}," conference behind held June 11-13 at the JW Marriott Washington DC, USA.",[42836],{"type":1992},{"type":580,"attrs":42838,"content":42839},{"textAlign":49},[42840,42844,42850],{"text":42841,"type":585,"marks":42842},"This year’s conference will include Benchmark’s inaugural ",[42843],{"type":1992},{"text":42845,"type":585,"marks":42846},"World Lithium Congress",[42847,42849],{"type":590,"attrs":42848},{"href":41543,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"text":42851,"type":585,"marks":42852},". The world’s lithium industry, global governance and finance meet for the world’s biggest and most influential pure play lithium event.",[42853],{"type":1992},{"type":580,"attrs":42855,"content":42856},{"textAlign":49},[42857],{"text":41876,"type":585,"marks":42858},[42859],{"type":1992},"The US Inflation Reduction Act (IRA) is dramatically accelerating the construction timeline for battery gigafactories in North America, according to Benchmark’s Chief Data Officer Caspar Rawles. “The previous belief was that China was the quickest region to install new plants,” said Rawles at Benchmark’s recent Giga Europe 2024 event in Stockholm. “But since the IRA, […]",[42862],{"slug":1466,"name":1467,"content":42863},{"job_title":1469,"image":42864,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7708c84a-f9a3-443a-ad0b-7de8a28d70d3\", \"id\": \"\"}-->",[42867,42868],{"slug":956,"name":957},{"slug":3379,"name":3380},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":42723,"copyright":645,"fieldtype":701,"meta_data":42870,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":42872,"copyright":645,"fieldtype":701,"meta_data":42873,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/dc424d9e50/bm-0x0-gigafactorynevada-01.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Apr 03, 2024",{"id":42876,"uuid":42877,"name":42878,"slug":42879,"full_slug":42880,"content":42881},112469796652577,"9468d701-7e72-4941-b6fd-0e14f09e59f1","US anode pipeline grows 150% since IRA but large North American deficit still forecast","us-anode-pipeline-grows-150-since-ira-but-large-north-american-deficit-still-forecast","article/us-anode-pipeline-grows-150-since-ira-but-large-north-american-deficit-still-forecast",{"_uid":42882,"date":42883,"tags":42884,"editor":42890,"content":42894,"excerpt":43010,"featured":51,"reporter":43011,"_editable":43015,"component":689,"seo_title":42878,"categories":43016,"visibility":697,"author_company":49,"data_vis_image":43019,"featured_image":43023,"seo_description":43010,"author_full_name":49,"author_job_title":49,"formattedDate":43027},"ecb1ba36-d868-4203-b5f1-6f39a155ca85","2024-03-28 00:00",[42885,42886,42887,42888,42889],{"slug":2162,"name":261},{"slug":564,"name":565},{"slug":31859,"name":25844},{"slug":561,"name":562},{"slug":13546,"name":13547},[42891],{"slug":1466,"name":1467,"content":42892},{"job_title":1469,"image":42893,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":42895},[42896,42901,42906,42913,42926,42937,42942,42947,42960,42965,42970,42983,42988,43001,43005],{"type":580,"attrs":42897,"content":42898},{"textAlign":49},[42899],{"text":42900,"type":585},"US anode pipeline capacity to 2030 has risen nearly 150% since the enactment of the Inflation Reduction Act (IRA), according to Benchmark data. The number of facilities has risen from 12 in July 2022 to 21 in December 2023.",{"type":580,"attrs":42902,"content":42903},{"textAlign":49},[42904],{"text":42905,"type":585},"“The IRA has catalysed the anode capacity pipeline growth in North America, with the act’s incentives enabling players to push for increased expansion plans and foster a shift towards a more self-sufficient regional battery supply chain,” said Tony Alderson, an anode analyst at Benchmark.",{"type":580,"attrs":42907,"content":42908},{"textAlign":49},[42909],{"type":1847,"attrs":42910},{"id":49,"alt":645,"src":42911,"title":49,"source":49,"copyright":49,"meta_data":42912},"https://a.storyblok.com/f/287943243085208/3eebb15277/bm-us-anode-capacity-line-chart.png",{},{"type":580,"attrs":42914,"content":42915},{"textAlign":49},[42916,42918,42924],{"text":42917,"type":585},"Despite the build out, the Benchmark ",{"text":42919,"type":585,"marks":42920},"Anode Forecast",[42921],{"type":590,"attrs":42922},{"href":42923,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts/anode/reports/",{"text":42925,"type":585}," expects a supply-demand deficit of more than 240,000 tonnes in 2024 for North America, a figure which exceeds 700,000 by the end of the decade.",{"type":580,"attrs":42927,"content":42928},{"textAlign":49},[42929,42931,42936],{"text":42930,"type":585},"China is set to remain a dominant player in the anode sector. Having moved early in the anode industry, Chinese manufacturers benefit from patented technology and operating expertise. This is reflected in the market: in 2023, 92% of anode supply came from China, according to Benchmark’s ",{"text":42932,"type":585,"marks":42933},"Anode Forecast Report Q4 2023",[42934],{"type":590,"attrs":42935},{"href":42923,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":14640,"type":585},{"type":580,"attrs":42938,"content":42939},{"textAlign":49},[42940],{"text":42941,"type":585},"This poses an issue for anode aspirants seeking to benefit from IRA subsidies. EVs are ineligible for IRA tax credits if any of their batteries, minerals or components originate from a ‘Foreign Entity of Concern’, of which China is one.",{"type":580,"attrs":42943,"content":42944},{"textAlign":49},[42945],{"text":42946,"type":585},"“It may prove challenging for ex-China anode aspirants to build out sufficient regional supply to meet the surging downstream demand without some level of Chinese involvement in overseas projects, or continued imports from the country,” said Alderson.",{"type":580,"attrs":42948,"content":42949},{"textAlign":49},[42950,42952,42958],{"text":42951,"type":585},"Currently, Syrah Resources, an Australian-listed graphite and anode company, operates the only commercial scale vertically integrated natural graphite anode facility outside of China. The ",{"text":42953,"type":585,"marks":42954},"Vidalia facility",[42955],{"type":590,"attrs":42956},{"href":42957,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/syrahs-anode-material-production-start-in-us-sets-stage-for-localised-supply",{"text":42959,"type":585},", located in Louisiana, US, began production in Q1 2024 with an initial production capacity of 11,250 tonnes per year.",{"type":647,"attrs":42961,"content":42962},{"level":13022,"textAlign":49},[42963],{"text":42964,"type":585},"Recent offtake agreements investments",{"type":580,"attrs":42966,"content":42967},{"textAlign":49},[42968],{"text":42969,"type":585},"In early February 2024, US-based Westwater Resources announced a natural graphite anode offtake deal with SK On, a South Korean battery manufacturer. Westwater will supply natural graphite anode material from its Kellyton anode project in Alabama, US to SK On’s US battery facilities. ",{"type":580,"attrs":42971,"content":42972},{"textAlign":49},[42973,42975,42981],{"text":42974,"type":585},"The Kellyton anode project is targeting a first phase nameplate capacity of 12,500 tonnes per year with production scheduled for early 2025, according to Benchmark’s ",{"text":42976,"type":585,"marks":42977},"Anode Price Assessment",[42978],{"type":590,"attrs":42979},{"href":42980,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/price-assessments/anode/portal/?tab=table",{"text":42982,"type":585},". Westwater has outlined plans to expand the project’s total nameplate capacity to approximately 40,000 tonnes per year by 2028.",{"type":580,"attrs":42984,"content":42985},{"textAlign":49},[42986],{"text":42987,"type":585},"Novonix, an Australian-listed aspiring anode player, also announced a binding offtake deal with Panasonic Energy in early February 2024. Novonix will supply synthetic graphite anode material from its Riverside project in Tennessee, US to Panasonic’s planned battery facilities in the country. The agreement is for 10,000 tonnes of anode material between 2025 and 2028.",{"type":580,"attrs":42989,"content":42990},{"textAlign":49},[42991,42993,42999],{"text":42992,"type":585},"Another North American development from February this year was Canada’s Nouveau Monde Graphite (NMG) signing ",{"text":42994,"type":585,"marks":42995},"multiyear offtake agreements",[42996],{"type":590,"attrs":42997},{"href":42998,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/north-americas-anode-push-accelerates-with-nouveau-monde-gm-deal",{"text":43000,"type":585}," with GM and Panasonic Energy for natural graphite anode material. NMG will supply both GM and Panasonic 18,000 tonnes of anode material each year, spread over six and seven years respectively. The graphite will be sourced from NMG’s Matawinie mine and processed at its Bécancour facility. ",{"type":647,"attrs":43002,"content":43003},{"level":13022,"textAlign":49},[43004],{"text":41539,"type":585},{"type":580,"attrs":43006,"content":43007},{"textAlign":49},[43008],{"text":43009,"type":585},"Join us in Washington DC 11-13 June 2024 for Giga USA where we will dive into the state of the anode supply chain the USA. Fill out the form below for more details.","US anode pipeline capacity to 2030 has risen nearly 150% since the enactment of the Inflation Reduction Act (IRA), according to Benchmark data. The number of facilities has risen from 12 in July 2022 to 21 in December 2023. “The IRA has catalysed the anode capacity pipeline growth in North America, with the act’s incentives […]",[43012],{"slug":1466,"name":1467,"content":43013},{"job_title":1469,"image":43014,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ecb1ba36-d868-4203-b5f1-6f39a155ca85\", \"id\": \"\"}-->",[43017,43018],{"slug":2162,"name":261},{"slug":2164,"name":2165},{"id":49,"alt":43020,"name":645,"focus":645,"title":43020,"source":645,"filename":43021,"copyright":645,"fieldtype":701,"meta_data":43022,"is_external_url":51},"Line chart showing increase in US 2030 anode capacity between January 2022 and February 2024","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1711629534/www-production/US-anode-capacity-line-chart-1/US-anode-capacity-line-chart-1.png?_i=AA",{"alt":43020,"title":43020,"source":645,"copyright":645},{"id":49,"alt":43024,"name":645,"focus":645,"title":43024,"source":645,"filename":43025,"copyright":645,"fieldtype":701,"meta_data":43026,"is_external_url":51},"Syrah's Vidalia Facility in Louisiana USA","https://a.storyblok.com/f/287943243085208/9673beddd5/bm-syrahs-vidalia-facility-in-louisiana-usa.jpg",{"alt":43024,"title":43024,"source":645,"copyright":645},"Mar 28, 2024",{"id":43029,"uuid":43030,"name":43031,"slug":43032,"full_slug":43033,"content":43034},112469810955812,"89d8976e-8abf-4055-99b5-0e8e6fe87d67","How the battery industry could be impacted by elections this year","how-the-battery-industry-could-be-impacted-by-elections-this-year","article/how-the-battery-industry-could-be-impacted-by-elections-this-year",{"_uid":43035,"date":43036,"tags":43037,"editor":43043,"content":43047,"excerpt":43310,"featured":51,"reporter":43311,"_editable":43315,"component":689,"seo_title":43031,"categories":43316,"visibility":697,"author_company":49,"data_vis_image":43319,"featured_image":43321,"seo_description":43310,"author_full_name":49,"author_job_title":49,"formattedDate":43324},"16a19efa-0d9c-4232-8478-434e617df8c0","2024-03-27 00:00",[43038,43039,43040,43041,43042],{"slug":564,"name":565},{"slug":33048,"name":33049},{"slug":1303,"name":1304},{"slug":18177,"name":18178},{"slug":13546,"name":13547},[43044],{"slug":9249,"name":9250,"content":43045},{"job_title":9252,"image":43046,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":43048},[43049,43069,43088,43093,43103,43108,43118,43123,43131,43144,43157,43162,43170,43211,43219,43224,43229,43234,43239,43244,43249,43254,43274,43287,43300,43305],{"type":580,"attrs":43050,"content":43051},{"textAlign":49},[43052,43054,43059,43061,43067],{"text":43053,"type":585},"Benchmark analysis shows that notably 65% of next year’s ",{"text":43055,"type":585,"marks":43056},"refined nickel",[43057],{"type":590,"attrs":43058},{"href":37474,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":43060,"type":585}," supply, a quarter of ",{"text":43062,"type":585,"marks":43063},"natural graphite supply",[43064],{"type":590,"attrs":43065},{"href":43066,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/natural-graphite-market-dominated-by-oversupply-2023-in-review",{"text":43068,"type":585}," and over 70% of ex-China battery supply is forecast to come from countries with elections in 2024–the biggest year in the history of elections.",{"type":580,"attrs":43070,"content":43071},{"textAlign":49},[43072,43074,43079,43081,43086],{"text":43073,"type":585},"The incumbent political parties of both the ",{"text":18178,"type":585,"marks":43075},[43076],{"type":590,"attrs":43077},{"href":43078,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lg-chem-gm-cathode-deal-illustrates-successes-of-ira-supply-chain-buildout",{"text":43080,"type":585}," and the ",{"text":1304,"type":585,"marks":43082},[43083],{"type":590,"attrs":43084},{"href":43085,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/can-the-eu-meet-its-proposed-battery-metals-recycling-targets",{"text":43087,"type":585}," (EU) and the EU member states have deployed vast and far-reaching policies that have already impacted the battery industry, but with new leaders set to be decided this year the future direction of these policies could change.",{"type":580,"attrs":43089,"content":43090},{"textAlign":49},[43091],{"text":43092,"type":585},"There is the potential for elections to be a disruptive force, which could lead to reluctance from investors to make decisions until the geopolitical fallout is clear.",{"type":580,"attrs":43094,"content":43095},{"textAlign":49},[43096,43098,43102],{"text":43097,"type":585},"“The elections this year could add or subtract momentum from the energy transition which would presumably feed into investors’ appetite to invest in critical minerals and battery supply chains,” ",{"text":7724,"type":585,"marks":43099},[43100],{"type":590,"attrs":43101},{"href":42185,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":42187,"type":585},{"type":647,"attrs":43104,"content":43105},{"level":13022,"textAlign":49},[43106],{"text":43107,"type":585},"Which battery supply chain sectors are exposed most to elections?",{"type":580,"attrs":43109,"content":43110},{"textAlign":49},[43111,43112,43116],{"text":2077,"type":585},{"text":28896,"type":585,"marks":43113},[43114],{"type":590,"attrs":43115},{"href":39439,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":43117,"type":585}," forecasts that 82% of next year’s battery production will come from China. However, over 70% of ex-China production is forecast to be located in countries heading to the polls this year.",{"type":580,"attrs":43119,"content":43120},{"textAlign":49},[43121],{"text":43122,"type":585},"The US and several EU countries account for most of this, though the UK is an emerging player in this space that is also expected to hold an election this year.",{"type":580,"attrs":43124,"content":43125},{"textAlign":49},[43126],{"type":1847,"attrs":43127},{"id":49,"alt":43128,"src":43129,"title":49,"source":49,"copyright":49,"meta_data":43130},"71% of ex-China battery supply in 2025 is from countries with an election this year","https://a.storyblok.com/f/287943243085208/00a6c95820/bm-battery-cells-elections-impact.png",{},{"type":580,"attrs":43132,"content":43133},{"textAlign":49},[43134,43136,43142],{"text":43135,"type":585},"Indonesia is by far the largest producer of nickel, with ",{"text":43137,"type":585,"marks":43138},"Benchmark forecasting",[43139],{"type":590,"attrs":43140},{"href":43141,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts/nickel/reports",{"text":43143,"type":585}," the country to account for 59% of mined nickel and 55% of refined nickel in 2025.",{"type":580,"attrs":43145,"content":43146},{"textAlign":49},[43147,43149,43155],{"text":43148,"type":585},"Prabowo Subianto has been confirmed as ",{"text":43150,"type":585,"marks":43151},"Indonesia’s president-elect",[43152],{"type":590,"attrs":43153},{"href":43154,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/analyst-insights-how-could-the-elections-in-the-drc-and-indonesia-impact-the-cobalt-and-nickel-markets",{"text":43156,"type":585},". Given Prabowo’s rhetoric, that he received the backing of the current President Joko Widodo, and that Joko’s eldest son is the new vice president-elect, it is expected that there will be a level of continuity of existing nickel policies.",{"type":580,"attrs":43158,"content":43159},{"textAlign":49},[43160],{"text":43161,"type":585},"However, Prabowo is characterised by some as having an illiberal profile with Bille saying that some experts say he may “pose a threat to the continuation of democracy in the country.” This could have political repercussions for Indonesia’s economy and investment attractiveness.",{"type":580,"attrs":43163,"content":43164},{"textAlign":49},[43165],{"type":1847,"attrs":43166},{"id":49,"alt":43167,"src":43168,"title":49,"source":49,"copyright":49,"meta_data":43169},"Most of next year's upstream nickel supply will come from countries with an election this year","https://a.storyblok.com/f/287943243085208/c06535a538/bm-nickel-elections-impact.png",{},{"type":580,"attrs":43171,"content":43172},{"textAlign":49},[43173,43174,43180,43181,43187,43188,43194,43196,43201,43203,43209],{"text":1935,"type":585},{"text":43175,"type":585,"marks":43176},"natural graphite",[43177],{"type":590,"attrs":43178},{"href":43179,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/esg-of-graphite-how-do-synthetic-graphite-and-natural-graphite-compare",{"text":12828,"type":585},{"text":43182,"type":585,"marks":43183},"Mozambique",[43184],{"type":590,"attrs":43185},{"href":43186,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/syrah-posco-offtake-agreement-highlights-appetite-for-ex-china-flake-graphite",{"text":6709,"type":585},{"text":43189,"type":585,"marks":43190},"Madagascar",[43191],{"type":590,"attrs":43192},{"href":43193,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/madagascar-to-boost-supply-of-ex-china-graphite-for-batteries",{"text":43195,"type":585}," are the largest producers of the mineral outside of China, with 11% of forecast 2025 production each, according to ",{"text":40409,"type":585,"marks":43197},[43198],{"type":590,"attrs":43199},{"href":43200,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts/natural-graphite/reports",{"text":43202,"type":585},". Both ",{"text":43204,"type":585,"marks":43205},"African countries",[43206],{"type":590,"attrs":43207},{"href":43208,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/flake-graphite-production-in-africa-set-to-overtake-china-this-decade",{"text":43210,"type":585}," have elections this year.",{"type":580,"attrs":43212,"content":43213},{"textAlign":49},[43214],{"type":1847,"attrs":43215},{"id":49,"alt":43216,"src":43217,"title":49,"source":49,"copyright":49,"meta_data":43218},"A quarter of flake graphite supply in 2025 is forecast to come from countries with elections in 2024","https://a.storyblok.com/f/287943243085208/f15a4f7ef5/bm-natural-graphite-elections-impact.png",{},{"type":647,"attrs":43220,"content":43221},{"level":13022,"textAlign":49},[43222],{"text":43223,"type":585},"Ten elections to watch this year",{"type":580,"attrs":43225,"content":43226},{"textAlign":49},[43227],{"text":43228,"type":585},"Although many countries with elections this year have small levels of production across different aspects of the supply chain, the table below highlights ten key elections to watch.",{"type":647,"attrs":43230,"content":43231},{"level":13022,"textAlign":49},[43232],{"text":43233,"type":585},"Elections could disrupt policy direction",{"type":580,"attrs":43235,"content":43236},{"textAlign":49},[43237],{"text":43238,"type":585},"Several of the elections happening this year are in countries with major policies associated with the build out of battery and critical mineral supply chains.",{"type":580,"attrs":43240,"content":43241},{"textAlign":49},[43242],{"text":43243,"type":585},"Some of these policies have an industrial and resource nationalist flavour, with a bigger role for the state, a theme Bille is seeing across this year’s elections, especially in resource-rich emerging economies.",{"type":580,"attrs":43245,"content":43246},{"textAlign":49},[43247],{"text":43248,"type":585},"“The goal of resource nationalist policies is to generate more local added value from mining minerals and move up the battery value chain,” Bille said.",{"type":580,"attrs":43250,"content":43251},{"textAlign":49},[43252],{"text":43253,"type":585},"Indonesia, which went to the polls earlier this year, has a resource nationalist nickel policy, banning the exports of unprocessed nickel.",{"type":580,"attrs":43255,"content":43256},{"textAlign":49},[43257,43259,43265,43266,43272],{"text":43258,"type":585},"In the West, the ",{"text":43260,"type":585,"marks":43261},"US Inflation Reduction Act",[43262],{"type":590,"attrs":43263},{"href":43264,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/us-safeguards-long-term-lithium-supply-with-multi-billion-dollar-lithium-americas-loan",{"text":43080,"type":585},{"text":43267,"type":585,"marks":43268},"EU’s ",[43269],{"type":590,"attrs":43270},{"href":43271,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/european-companies-must-look-upstream-for-eu-critical-minerals-support",{"text":43273,"type":585},"suite of policies including the Critical Raw Materials Act are industrial policies, seeking to friendshore and localise production across the whole battery supply chain.",{"type":580,"attrs":43275,"content":43276},{"textAlign":49},[43277,43279,43285],{"text":43278,"type":585},"The US especially has an anti-China sentiment in its policies, though the exact interpretation of the of ",{"text":43280,"type":585,"marks":43281},"foreign entity of concern",[43282],{"type":590,"attrs":43283},{"href":43284,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/role-of-private-overseas-chinese-companies-key-to-us-ev-tax-credits",{"text":43286,"type":585}," (FEOC) aspect of the IRA could be decided by whoever takes office after the 2024 elections.",{"type":580,"attrs":43288,"content":43289},{"textAlign":49},[43290,43292,43298],{"text":43291,"type":585},"“Players like the US have obviously recognized security concerns that have led to conscious policy decisions to disincentivise integration with ‘risky’ players like China even if that has implications for cost,” Bille said. “The US election could disrupt EV incentives in the US through tightening of anti-China guidance in the ",{"text":43293,"type":585,"marks":43294},"FEOC requirements",[43295],{"type":590,"attrs":43296},{"href":43297,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/automakers-us-government-guidance-on-chinese-involvement-in-battery-supply-chain",{"text":43299,"type":585}," for 30D tax credits.”",{"type":580,"attrs":43301,"content":43302},{"textAlign":49},[43303],{"text":43304,"type":585},"Within the policy space, a key trend to watch out for is whether the incoming leaders look to increase or decrease the level of global integration.",{"type":580,"attrs":43306,"content":43307},{"textAlign":49},[43308],{"text":43309,"type":585},"“Greater integration could lead to lower prices as players take ownership over those areas in the supply chain for which they have the greatest comparative advantage and this would likely accelerate the green transition,” Bille said.","Benchmark analysis shows that notably 65% of next year’s refined nickel supply, a quarter of natural graphite supply and over 70% of ex-China battery supply is forecast to come from countries with elections in 2024–the biggest year in the history of elections. The incumbent political parties of both the US and the European Union (EU) […]",[43312],{"slug":9249,"name":9250,"content":43313},{"job_title":9252,"image":43314,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"16a19efa-0d9c-4232-8478-434e617df8c0\", \"id\": \"\"}-->",[43317,43318],{"slug":695,"name":696},{"slug":14595,"name":14596},{"id":49,"alt":43128,"name":645,"focus":645,"title":43128,"source":645,"filename":43129,"copyright":645,"fieldtype":701,"meta_data":43320,"is_external_url":51},{"alt":43128,"title":43128,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":43322,"copyright":645,"fieldtype":701,"meta_data":43323,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/05de2718a7/bm-election.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Mar 27, 2024",{"id":43326,"uuid":43327,"name":43328,"slug":43329,"full_slug":43330,"content":43331},112469921084990,"3cdd18fc-dffd-42b3-a8e1-d339dbd21835","In charts: The state of play in Europe’s battery market","in-charts-the-state-of-play-in-europes-battery-market","article/in-charts-the-state-of-play-in-europes-battery-market",{"_uid":43332,"date":43333,"tags":43334,"editor":43337,"content":43341,"excerpt":43446,"featured":51,"reporter":43447,"_editable":43451,"component":689,"seo_title":43328,"categories":43452,"visibility":697,"author_company":49,"data_vis_image":43454,"featured_image":43456,"seo_description":43446,"author_full_name":49,"author_job_title":49,"formattedDate":43460},"95c86931-1337-45b7-96ee-2bc291fa8be5","2024-03-12 00:00",[43335,43336],{"slug":564,"name":565},{"slug":1291,"name":1292},[43338],{"slug":9249,"name":9250,"content":43339},{"job_title":9252,"image":43340,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":43342},[43343,43348,43353,43361,43372,43377,43385,43396,43401,43408,43413,43418,43426],{"type":580,"attrs":43344,"content":43345},{"textAlign":49},[43346],{"text":43347,"type":585},"Europe faces unique challenges across its electric vehicle battery supply chain. The region also holds significant advantages. The following charts set out some of the key trends and data for understanding the European battery cell market.",{"type":647,"attrs":43349,"content":43350},{"level":13022,"textAlign":49},[43351],{"text":43352,"type":585},"European demand significantly exceeds supply",{"type":580,"attrs":43354,"content":43355},{"textAlign":49},[43356],{"type":1847,"attrs":43357},{"id":49,"alt":43358,"src":43359,"title":49,"source":49,"copyright":49,"meta_data":43360},"Line chart showing growing European battery cell deficit between 2024 and 2035","https://a.storyblok.com/f/287943243085208/34c1d9b506/bm-eu-cell-deficit-to-2035-line-chart.png",{},{"type":580,"attrs":43362,"content":43363},{"textAlign":49},[43364,43366,43370],{"text":43365,"type":585},"European battery cell production for 2035 is forecast to be more than 8x higher than 2024, but demand still significantly exceeds supply, leading to a battery cell deficit of more than 850 gigawatt hours (GWh) by the mid 2030s, based on forecast figures from ",{"text":28866,"type":585,"marks":43367},[43368],{"type":590,"attrs":43369},{"href":38889,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":43371,"type":585},". Europe will rely on production from other regions, especially China, to address this deficit.",{"type":647,"attrs":43373,"content":43374},{"level":13022,"textAlign":49},[43375],{"text":43376,"type":585},"The majority of Europe’s battery cells are made in four countries",{"type":580,"attrs":43378,"content":43379},{"textAlign":49},[43380],{"type":1847,"attrs":43381},{"id":49,"alt":43382,"src":43383,"title":49,"source":49,"copyright":49,"meta_data":43384},"Stacked area chart showing growing European battery cell production broken down by country","https://a.storyblok.com/f/287943243085208/81d9d3675b/bm-european-countrys-forecast-battery-cell-supply-1.png",{},{"type":580,"attrs":43386,"content":43387},{"textAlign":49},[43388,43390,43394],{"text":43389,"type":585},"Poland, Hungary, Sweden, and Germany are forecast to produce 93% of Europe’s battery cells in 2024, according to ",{"text":28866,"type":585,"marks":43391},[43392],{"type":590,"attrs":43393},{"href":38889,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":43395,"type":585},". This figure falls to 60% by 2035 as countries like France, whose market share will be 10% by that time, ramp up production. Germany is set for the largest absolute increase with production forecast to be more than 340 GWh higher in 2035.",{"type":647,"attrs":43397,"content":43398},{"level":13022,"textAlign":49},[43399],{"text":43400,"type":585},"Chinese-owned companies will account for 33% of Europe’s battery production in 2030",{"type":580,"attrs":43402,"content":43403},{"textAlign":49},[43404],{"type":1847,"attrs":43405},{"id":49,"alt":645,"src":43406,"title":49,"source":49,"copyright":49,"meta_data":43407},"https://a.storyblok.com/f/287943243085208/0de067ca8c/bm-chinese-owned-european-battery-production-chart.jpg",{},{"type":580,"attrs":43409,"content":43410},{"textAlign":49},[43411],{"text":43412,"type":585},"Chinese-owned companies – seeking to benefit from the region’s ambitious electrification targets and a more favourable business environment than the US – will make up 33% of European battery production in 2030, according to Aran Waid, a battery analyst at Benchmark. Benchmark is tracking more than 40 production facilities being developed in Europe, 12 of which are Chinese-owned.",{"type":647,"attrs":43414,"content":43415},{"level":13022,"textAlign":49},[43416],{"text":43417,"type":585},"European battery cells offer lower carbon intensity than those made in China",{"type":580,"attrs":43419,"content":43420},{"textAlign":49},[43421],{"type":1847,"attrs":43422},{"id":49,"alt":43423,"src":43424,"title":49,"source":49,"copyright":49,"meta_data":43425},"Stacked bar chart showing the similar Cathode and Anode carbon intensity between EU and Chinese manufactured cells and the higher cell manufacturing carbon intensity of cells made in China.","https://a.storyblok.com/f/287943243085208/77d36ed72c/bm-china-vs-eu-battery-cell-carbon-intensity-3.png",{},{"type":580,"attrs":43427,"content":43428},{"textAlign":49},[43429,43431,43437,43439,43444],{"text":43430,"type":585},"Europe’s lower carbon energy mix means cells produced in the region generally have a lower carbon intensity than those made in China, according to data from ",{"text":43432,"type":585,"marks":43433},"Benchmark’s Battery Emissions Analyser",[43434],{"type":590,"attrs":43435},{"href":43436,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/esg/battery-emissions-analyser/",{"text":43438,"type":585},". This is significant in light of the recent ",{"text":43440,"type":585,"marks":43441},"EU Battery Regulation",[43442],{"type":590,"attrs":43443},{"href":38592,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":43445,"type":585}," which sets out rules on transparency and sustainability for battery cells. From 2025, EV battery producers will have to disclose the carbon footprint of their cells with later regulation setting performance classes and thresholds which encourage manufacturers to reduce the carbon intensity of their batteries.","Europe faces unique challenges across its electric vehicle battery supply chain. The region also holds significant advantages. The following charts set out some of the key trends and data for understanding the European battery cell market. European demand significantly exceeds supply European battery cell production for 2035 is forecast to be more than 8x higher […]",[43448],{"slug":9249,"name":9250,"content":43449},{"job_title":9252,"image":43450,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"95c86931-1337-45b7-96ee-2bc291fa8be5\", \"id\": \"\"}-->",[43453],{"slug":956,"name":957},{"id":49,"alt":43382,"name":645,"focus":645,"title":43382,"source":645,"filename":43383,"copyright":645,"fieldtype":701,"meta_data":43455,"is_external_url":51},{"alt":43382,"title":43382,"source":645,"copyright":645},{"id":49,"alt":43457,"name":645,"focus":645,"title":43457,"source":645,"filename":43458,"copyright":645,"fieldtype":701,"meta_data":43459,"is_external_url":51},"Battery and wire installed on electric system of eco car engine","https://a.storyblok.com/f/287943243085208/7fb112f16d/bm-ev-battery.jpg",{"alt":43457,"title":43457,"source":645,"copyright":645},"Mar 12, 2024",{"id":43462,"uuid":43463,"name":43464,"slug":43465,"full_slug":43466,"content":43467},112469930862144,"d17a273c-6e8c-4d46-ba8a-5c32ed5249fa","Europe leads on board gender diversity in lithium mining","europe-leads-on-board-gender-diversity-in-lithium-mining","article/europe-leads-on-board-gender-diversity-in-lithium-mining",{"_uid":43468,"date":43469,"tags":43470,"editor":43476,"content":43480,"excerpt":43590,"featured":51,"reporter":43591,"_editable":43595,"component":689,"seo_title":43464,"categories":43596,"visibility":2019,"author_company":49,"data_vis_image":43600,"featured_image":43602,"seo_description":43590,"author_full_name":49,"author_job_title":49,"formattedDate":43605},"4c02ea11-5127-436a-bb50-49415d729de5","2024-03-08 00:00",[43471,43472,43473,43474,43475],{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":26641,"name":26642},{"slug":26644,"name":26645},{"slug":17604,"name":17605},[43477],{"slug":1466,"name":1467,"content":43478},{"job_title":1469,"image":43479,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":43481},[43482,43492,43497,43502,43513,43521,43538,43551,43563,43568,43573,43585],{"type":580,"attrs":43483,"content":43484},{"textAlign":49},[43485,43487,43491],{"text":43486,"type":585},"Lithium mining companies operating or developing in Europe have stronger gender diversity at the board level than other regions, according to ",{"text":40771,"type":585,"marks":43488},[43489],{"type":590,"attrs":43490},{"href":42020,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":43493,"content":43494},{"textAlign":49},[43495],{"text":43496,"type":585},"Of the 24 lithium mining companies with projects in Europe that disclose their board members, there is an average of 26% female representation. This compares to a 13% global average.",{"type":580,"attrs":43498,"content":43499},{"textAlign":49},[43500],{"text":43501,"type":585},"“Balance in boards responsible for major decision-making at companies is not only essential from a Diversity and Inclusion perspective, but reports demonstrate how diverse boards ultimately have a positive impact on company performance,” Sarah Colbourn, Acting Head of Sustainability at Benchmark, said. “Gender diversity at board level sets the tone for the business more broadly.”",{"type":580,"attrs":43503,"content":43504},{"textAlign":49},[43505,43507,43511],{"text":43506,"type":585},"Europe accounted for just 0.2% of global mined lithium production in 2023, according to ",{"text":17833,"type":585,"marks":43508},[43509],{"type":590,"attrs":43510},{"href":41935,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":43512,"type":585},". This is set to grow to 3.2% by 2030.",{"type":580,"attrs":43514,"content":43515},{"textAlign":49},[43516],{"type":1847,"attrs":43517},{"id":49,"alt":43518,"src":43519,"title":49,"source":49,"copyright":49,"meta_data":43520},"Europe leads in lithium mining board gender diversity","https://a.storyblok.com/f/287943243085208/fd65efc437/bm-lithium-gender-diversity-boards-13146039cd6d.png",{},{"type":580,"attrs":43522,"content":43523},{"textAlign":49},[43524,43530,43531,43536],{"text":43525,"type":585,"marks":43526},"Oceania",[43527],{"type":590,"attrs":43528},{"href":43529,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/australia-on-course-to-remain-number-one-lithium-producer-to-2030",{"text":6709,"type":585},{"text":8539,"type":585,"marks":43532},[43533],{"type":590,"attrs":43534},{"href":43535,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/south-america-set-to-become-leading-lithium-producing-region-in-2027",{"text":43537,"type":585}," are the world’s largest lithium producing regions, representing 40% and 33% of mined lithium supply in 2023. However, companies operating or developing lithium projects in Oceania had an average of just 11% gender diversity on their boards compared to 20% in South America.",{"type":580,"attrs":43539,"content":43540},{"textAlign":49},[43541,43543,43549],{"text":43542,"type":585},"Lithium mining companies with ",{"text":43544,"type":585,"marks":43545},"African",[43546],{"type":590,"attrs":43547},{"href":43548,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/can-africa-fill-the-eus-critical-mineral-deficit",{"text":43550,"type":585}," projects had the lowest gender diversity with the average board comprising just 10% female representation amongst those that disclose their board members.",{"type":580,"attrs":43552,"content":43553},{"textAlign":49},[43554,43555,43561],{"text":1005,"type":585},{"text":43556,"type":585,"marks":43557},"United Nations has Gender Equality",[43558],{"type":590,"attrs":43559},{"href":43560,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/women-make-up-less-than-a-third-of-lithium-mining-boards",{"text":43562,"type":585}," as one of its Sustainable Development Goals. Policy at the country and regional level can help progress towards this goal.",{"type":580,"attrs":43564,"content":43565},{"textAlign":49},[43566],{"text":43567,"type":585},"The European Union has mandatory gender diversity quotas as part of its Gender Equality Strategy. In 2022, as part of this strategy, the bloc approved a directive on gender balance on corporate boards.",{"type":580,"attrs":43569,"content":43570},{"textAlign":49},[43571],{"text":43572,"type":585},"The directive states that by 2026, listed companies in Europe should “aim to have members of the underrepresented sex” holding at least 40% of non-executive director positions or 33% of all director positions.",{"type":580,"attrs":43574,"content":43575},{"textAlign":49},[43576,43578,43583],{"text":43577,"type":585},"Gender diversity is a key part of broader",{"text":43579,"type":585,"marks":43580}," environmental, social, and governance",[43581],{"type":590,"attrs":43582},{"href":40799,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":43584,"type":585}," (ESG) aims.",{"type":580,"attrs":43586,"content":43587},{"textAlign":49},[43588],{"text":43589,"type":585},"“Though we see a focus on carbon, that’s not to say it should be–or is–the primary focus of the industry and supply chain from a sustainability perspective,” Colbourn said. “We have reflected this in our Sustainability Indexes whereby no weightings are currently applied to different sub-components.”","Lithium mining companies operating or developing in Europe have stronger gender diversity at the board level than other regions, according to Benchmark’s Lithium Sustainability Index. Of the 24 lithium mining companies with projects in Europe that disclose their board members, there is an average of 26% female representation. This compares to a 13% global average. […]",[43592],{"slug":1466,"name":1467,"content":43593},{"job_title":1469,"image":43594,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4c02ea11-5127-436a-bb50-49415d729de5\", \"id\": \"\"}-->",[43597,43598,43599],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"slug":14595,"name":14596},{"id":49,"alt":43518,"name":645,"focus":645,"title":43518,"source":645,"filename":43519,"copyright":645,"fieldtype":701,"meta_data":43601,"is_external_url":51},{"alt":43518,"title":43518,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":43603,"copyright":645,"fieldtype":701,"meta_data":43604,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/902f23d8aa/bm-diverse-board-image.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Mar 08, 2024",{"id":43607,"uuid":43608,"name":43609,"slug":43610,"full_slug":43611,"content":43612},112469945378371,"5772f80e-a465-4952-854e-c888dfa6ff2b","How LFP cathode competition has driven prices down","how-lfp-cathode-competition-has-driven-prices-down","article/how-lfp-cathode-competition-has-driven-prices-down",{"_uid":43613,"date":43469,"tags":43614,"editor":43620,"content":43624,"excerpt":43789,"featured":51,"reporter":43790,"_editable":43794,"component":689,"seo_title":43609,"categories":43795,"visibility":697,"author_company":49,"data_vis_image":43801,"featured_image":43803,"seo_description":43789,"author_full_name":49,"author_job_title":49,"formattedDate":43605},"125c300d-7660-4121-a791-cfb70b330f38",[43615,43618,43619],{"slug":43616,"name":43617},"cathode-prices","Cathode prices",{"slug":564,"name":565},{"slug":4789,"name":451},[43621],{"slug":9249,"name":9250,"content":43622},{"job_title":9252,"image":43623,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":43625},[43626,43638,43650,43670,43681,43692,43697,43705,43710,43723,43728,43736,43741,43746,43751,43756,43761,43766,43771,43776,43784],{"type":580,"attrs":43627,"content":43628},{"textAlign":49},[43629,43631,43637],{"text":43630,"type":585},"Capacity for the production of lithium iron phosphate (LFP) cathode material is significantly exceeding demand for the material, ",{"text":43632,"type":585,"marks":43633},"driving down prices",[43634],{"type":590,"attrs":43635},{"href":43636,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/what-to-expect-for-cathode-markets-in-2024",{"text":1538,"type":585},{"type":580,"attrs":43639,"content":43640},{"textAlign":49},[43641,43643,43648],{"text":43642,"type":585},"This year, LFP production capacity is set to be 76% higher than the ",{"text":43644,"type":585,"marks":43645},"forecast demand",[43646],{"type":590,"attrs":43647},{"href":41507,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":43649,"type":585}," for the material. This overcapacity is expected to increase to 127% in 2025. A significant quantity of this supply, however, is set to come from cathode material producers not qualified to supply the Western automotive market.",{"type":580,"attrs":43651,"content":43652},{"textAlign":49},[43653,43655,43661,43663,43669],{"text":43654,"type":585},"This, in part, pushed ",{"text":43656,"type":585,"marks":43657},"LFP cathode material prices down",[43658],{"type":590,"attrs":43659},{"href":43660,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinese-lfp-cathode-prices-hit-17-month-low-as-producers-cut-prices-due-to-weak-demand",{"text":43662,"type":585}," 73% between February 2023 and February 2024, according to ",{"text":43664,"type":585,"marks":43665},"Benchmark’s Cathode Price Assessment",[43666],{"type":590,"attrs":43667},{"href":43668,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/price-assessments/cathode/portal",{"text":1538,"type":585},{"type":580,"attrs":43671,"content":43672},{"textAlign":49},[43673,43679],{"text":43674,"type":585,"marks":43675},"Low raw material prices",[43676],{"type":590,"attrs":43677},{"href":43678,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/battery-raw-material-price-declines-add-to-long-term-supply-risks",{"text":43680,"type":585}," are also putting negative pressure on cathode prices, further squeezing the profit margins of cathode producers who are increasingly struggling to compete in an oversaturated market.",{"type":580,"attrs":43682,"content":43683},{"textAlign":49},[43684,43686,43690],{"text":43685,"type":585},"“There’s a huge price war between cathode producers because with so much available supply from a large number of manufacturers, cell producers are able to capitalise and pit suppliers against each other,” ",{"text":5877,"type":585,"marks":43687},[43688],{"type":590,"attrs":43689},{"href":39482,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":43691,"type":585},", a senior price analyst at Benchmark, said.",{"type":580,"attrs":43693,"content":43694},{"textAlign":49},[43695],{"text":43696,"type":585},"LFP cathodes are currently used mostly for shorter-range EVs owing to the lower energy density of cells using the chemistry in contrast to higher energy density nickel-based cathode chemistries.",{"type":580,"attrs":43698,"content":43699},{"textAlign":49},[43700],{"type":1847,"attrs":43701},{"id":49,"alt":43702,"src":43703,"title":49,"source":49,"copyright":49,"meta_data":43704},"LFP cathode overcapacity set to grow","https://a.storyblok.com/f/287943243085208/b538d83219/bm-lfp-overcapacity-chart-1.png",{},{"type":647,"attrs":43706,"content":43707},{"level":13022,"textAlign":49},[43708],{"text":43709,"type":585},"Cathode competition used as cell bargaining tool",{"type":580,"attrs":43711,"content":43712},{"textAlign":49},[43713,43715,43721],{"text":43714,"type":585},"In cell production, the ",{"text":43716,"type":585,"marks":43717},"top ten companies",[43718],{"type":590,"attrs":43719},{"href":43720,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/the-big-get-bigger-in-batteries-top-ten-producers-set-to-grow-output-400",{"text":43722,"type":585}," account for 92% of global cell capacity. By contrast, the top ten cathode producers account for just 38% of global cathode material production.",{"type":580,"attrs":43724,"content":43725},{"textAlign":49},[43726],{"text":43727,"type":585},"This greater diversity of companies means there is far greater competition in cathode material production, with producers looking to supply relatively few cell makers. This decreases cathode material prices as companies compete on price.",{"type":580,"attrs":43729,"content":43730},{"textAlign":49},[43731],{"type":1847,"attrs":43732},{"id":49,"alt":43733,"src":43734,"title":49,"source":49,"copyright":49,"meta_data":43735},"2024 cathode market more competitive than cell market","https://a.storyblok.com/f/287943243085208/39ab0a5fe4/bm-cell-cathode-top-10-pie-charts.png",{},{"type":580,"attrs":43737,"content":43738},{"textAlign":49},[43739],{"text":43740,"type":585},"However, many new cathode producers are entering the market from non-battery related industries such as titanium dioxide or agricultural chemical production. This is especially the case for LFP producers with 43% of 2024 capacity associated with Tier 2 and 3 producers who are not qualified to supply the Western automotive market.",{"type":580,"attrs":43742,"content":43743},{"textAlign":49},[43744],{"text":43745,"type":585},"“Many industrially focused manufacturers found themselves with existing procurement strategies for iron phosphate or phosphoric acid, and anticipated a small leap to LFP material production,” Hartley said.",{"type":580,"attrs":43747,"content":43748},{"textAlign":49},[43749],{"text":43750,"type":585},"These companies are often lower tier companies not yet qualified to supply to the automotive market. But the low costs they are offering further drive down the prices of Tier 1 producers.",{"type":580,"attrs":43752,"content":43753},{"textAlign":49},[43754],{"text":43755,"type":585},"“Whilst Tier 1 cell producers aren’t likely to utilise supply from Tier 3 cathode producers, what they can do is use those companies as bargaining tools against their regular suppliers,” Hartley said.",{"type":647,"attrs":43757,"content":43758},{"level":13022,"textAlign":49},[43759],{"text":43760,"type":585},"Low raw material costs lower margins",{"type":580,"attrs":43762,"content":43763},{"textAlign":49},[43764],{"text":43765,"type":585},"The raw material costs for cathode producers have declined over the last year, especially for LFP producers who are more sensitive to changes in lithium pricing than those producing nickel- and cobalt-containing cathode material.",{"type":580,"attrs":43767,"content":43768},{"textAlign":49},[43769],{"text":43770,"type":585},"Cathode material is typically priced based on current raw material prices, rather than the price that the cathode producer bought the feedstock at. Hartley explained that this can benefit the cathode makers when prices are rising, but in a falling price environment this further squeezes their profit margins.",{"type":580,"attrs":43772,"content":43773},{"textAlign":49},[43774],{"text":43775,"type":585},"Battery-grade lithium carbonate prices have fallen over the last year, but ticked upwards 1.6% between mid-January and mid-February this year. Despite this recent uptick, LFP cathode prices declined 7% in the same period due to highly competitive market conditions.",{"type":580,"attrs":43777,"content":43778},{"textAlign":49},[43779],{"type":1847,"attrs":43780},{"id":49,"alt":43781,"src":43782,"title":49,"source":49,"copyright":49,"meta_data":43783},"LFP prices have fallen 73% year-on-year","https://a.storyblok.com/f/287943243085208/240be89a37/bm-lfp-price-chart.png",{},{"type":580,"attrs":43785,"content":43786},{"textAlign":49},[43787],{"text":43788,"type":585},"The low raw material prices, high competition between cathode producers and the bargaining power held by cell makers have combined to squeeze the profit margins of cathode producers to be “significantly reduced,” according to Hartley.","Capacity for the production of lithium iron phosphate (LFP) cathode material is significantly exceeding demand for the material, driving down prices. This year, LFP production capacity is set to be 76% higher than the forecast demand for the material. This overcapacity is expected to increase to 127% in 2025. A significant quantity of this supply, […]",[43791],{"slug":9249,"name":9250,"content":43792},{"job_title":9252,"image":43793,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"125c300d-7660-4121-a791-cfb70b330f38\", \"id\": \"\"}-->",[43796,43797,43798,43799,43800],{"slug":956,"name":957},{"slug":2623,"name":298},{"slug":3379,"name":3380},{"slug":1693,"name":8},{"slug":2897,"name":2898},{"id":49,"alt":43733,"name":645,"focus":645,"title":43733,"source":645,"filename":43734,"copyright":645,"fieldtype":701,"meta_data":43802,"is_external_url":51},{"alt":43733,"title":43733,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":23973,"copyright":645,"fieldtype":701,"meta_data":43804,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},{"id":43806,"uuid":43807,"name":43808,"slug":43809,"full_slug":43810,"content":43811},112469984319052,"82fa4172-93b3-4721-ab6b-183eb8bf4c9f","pCAM in charts: China retains cathode precursor dominance as it drives capacity expansions","pcam-in-charts-china-retains-cathode-precursor-dominance-as-it-drives-capacity-expansions","article/pcam-in-charts-china-retains-cathode-precursor-dominance-as-it-drives-capacity-expansions",{"_uid":43812,"date":43813,"tags":43814,"editor":43820,"content":43824,"excerpt":43953,"featured":50,"reporter":43954,"_editable":43958,"component":689,"seo_title":43808,"categories":43959,"visibility":697,"author_company":49,"data_vis_image":43962,"featured_image":43965,"seo_description":43953,"author_full_name":49,"author_job_title":49,"formattedDate":43969},"6da2bead-604a-4f9e-8158-c40c0402ac53","2024-02-29 00:00",[43815,43816,43817],{"slug":2623,"name":2623},{"slug":564,"name":565},{"slug":43818,"name":43819},"pcam","pCAM",[43821],{"slug":1466,"name":1467,"content":43822},{"job_title":1469,"image":43823,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":43825},[43826,43831,43844,43849,43856,43861,43866,43871,43878,43883,43895,43902,43907,43919,43926,43931,43938,43948],{"type":580,"attrs":43827,"content":43828},{"textAlign":49},[43829],{"text":43830,"type":585},"China dominates global pCAM (precursor cathode active material ) capacity and will drive global expansions, a trend that Benchmark forecasts will hold for the foreseeable future. ",{"type":580,"attrs":43832,"content":43833},{"textAlign":49},[43834,43836,43842],{"text":43835,"type":585},"With data from ",{"text":43837,"type":585,"marks":43838},"Benchmark’s Precursor Cathode Active Material Assessment",[43839],{"type":590,"attrs":43840},{"href":43841,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/market-assessments/precursor-assessment/capacities/",{"text":43843,"type":585}," showing pCAM capacity increasing by 195% between 2024 and 2035, here we outline the key trends using Benchmark’s charts and data.",{"type":647,"attrs":43845,"content":43846},{"level":13022,"textAlign":49},[43847],{"text":43848,"type":585},"China dominates pCAM capacity for the foreseeable future",{"type":580,"attrs":43850,"content":43851},{"textAlign":49},[43852],{"type":1847,"attrs":43853},{"id":49,"alt":645,"src":43854,"title":49,"source":49,"copyright":49,"meta_data":43855},"https://a.storyblok.com/f/287943243085208/ae15d9510d/bm-screenshot-2024-02-23-165524.png",{},{"type":580,"attrs":43857,"content":43858},{"textAlign":49},[43859],{"text":43860,"type":585},"China currently controls 92% of global pCAM capacity and despite other regions ramping up production, the country is forecast to hold an 89% market share in 2035. North America sees the most dramatic relative growth in capacity, rising by more than 5,000% between 2024 and 2035. Despite this, the region is forecast to hold a 1% market share in 2035. ",{"type":647,"attrs":43862,"content":43863},{"level":13022,"textAlign":49},[43864],{"text":43865,"type":585},"This trend holds for Tier 1 capacity",{"type":580,"attrs":43867,"content":43868},{"textAlign":49},[43869],{"text":43870,"type":585},"China currently makes up 89% of global Tier 1 pCAM capacity. Despite this share falling over the next decade, the country will remain the key producer of Tier 1 pCAM material, which is qualified to supply the global EV market  ",{"type":580,"attrs":43872,"content":43873},{"textAlign":49},[43874],{"type":1847,"attrs":43875},{"id":49,"alt":645,"src":43876,"title":49,"source":49,"copyright":49,"meta_data":43877},"https://a.storyblok.com/f/287943243085208/b0e61da78c/bm-screenshot-2024-02-23-165536.png",{},{"type":647,"attrs":43879,"content":43880},{"level":13022,"textAlign":49},[43881],{"text":43882,"type":585},"Ex-China capacity grows 3x by 2035, with South Korea holding the largest capacity",{"type":580,"attrs":43884,"content":43885},{"textAlign":49},[43886,43888,43893],{"text":43887,"type":585},"South Korea has invested heavily in its pCAM and CAM capacity, directing ",{"text":43889,"type":585,"marks":43890},"$5 billion",[43891],{"type":590,"attrs":43892},{"href":16995,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":43894,"type":585}," of funding to this area in 2023. The investment is intended to meet growing demand from the US for battery materials compliant with the Inflation Reduction Act (IRA). South Korea’s planned pCAM production capacity grew by 60% year-on-year in 2023.",{"type":580,"attrs":43896,"content":43897},{"textAlign":49},[43898],{"type":1847,"attrs":43899},{"id":49,"alt":645,"src":43900,"title":49,"source":49,"copyright":49,"meta_data":43901},"https://a.storyblok.com/f/287943243085208/fb10cf5c67/bm-ex-china-market-share-area-adjusted-1.png",{},{"type":647,"attrs":43903,"content":43904},{"level":13022,"textAlign":49},[43905],{"text":43906,"type":585},"China’s pCAM-CAM integration is stable as capacity grows",{"type":580,"attrs":43908,"content":43909},{"textAlign":49},[43910,43912,43917],{"text":43911,"type":585},"China’s pCAM capacity is forecast to grow 184% between 2024 and 2035, according to Benchmark’s ",{"text":43913,"type":585,"marks":43914},"Precursor Cathode Active Material Assessment",[43915],{"type":590,"attrs":43916},{"href":43841,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":43918,"type":585},". Despite this, pCAM-CAM integration only falls from 54% to 53%. Despite this significant ramp up in capacity, Benchmark forecasts pCAM-CAM integration will remain with 53% of capacity linked to integrated pCAM-CAM projects. Integration reflects capacity from producers which process both pCAM and CAM. ",{"type":580,"attrs":43920,"content":43921},{"textAlign":49},[43922],{"type":1847,"attrs":43923},{"id":49,"alt":645,"src":43924,"title":49,"source":49,"copyright":49,"meta_data":43925},"https://a.storyblok.com/f/287943243085208/f14aecae98/bm-screenshot-2024-02-23-165552.png",{},{"type":647,"attrs":43927,"content":43928},{"level":13022,"textAlign":49},[43929],{"text":43930,"type":585},"Competition in the pCAM market",{"type":580,"attrs":43932,"content":43933},{"textAlign":49},[43934],{"type":1847,"attrs":43935},{"id":49,"alt":645,"src":43936,"title":49,"source":49,"copyright":49,"meta_data":43937},"https://a.storyblok.com/f/287943243085208/973f3121c4/bm-top-pcam-producers-table.png",{},{"type":580,"attrs":43939,"content":43940},{"textAlign":49},[43941,43943,43947],{"text":43942,"type":585},"The five companies with the highest pCAM capacity make up 46% of the total global capacity. This rises to 69% if you assess the top 10 producers. In comparison, the top 10 battery cell producers have 92% of current global capacity, according to Benchmark’s ",{"text":32627,"type":585,"marks":43944},[43945],{"type":590,"attrs":43946},{"href":38560,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":14640,"type":585},{"type":580,"attrs":43949,"content":43950},{"textAlign":49},[43951],{"text":43952,"type":585},"For pCAM capacity, the top ten companies are all Chinese-owned, a figure which Benchmark expects to remain stable this decade. Umicore is the highest non-Chinese company at 12th with 2% market share in 2024 and is based in Brussels.","China dominates global pCAM (precursor cathode active material ) capacity and will drive global expansions, a trend that Benchmark forecasts will hold for the foreseeable future. With data from Benchmark’s Precursor Cathode Active Material Assessment showing pCAM capacity increasing by 195% between 2024 and 2035, here we outline the key trends using Benchmark’s charts and […]",[43955],{"slug":1466,"name":1467,"content":43956},{"job_title":1469,"image":43957,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6da2bead-604a-4f9e-8158-c40c0402ac53\", \"id\": \"\"}-->",[43960,43961],{"slug":956,"name":957},{"slug":2623,"name":298},{"id":49,"alt":43963,"name":645,"focus":645,"title":43963,"source":645,"filename":43854,"copyright":645,"fieldtype":701,"meta_data":43964,"is_external_url":51},"Stacked column chart showing Chinese market share of pCAM capacity compared to other global regions.",{"alt":43963,"title":43963,"source":645,"copyright":645},{"id":49,"alt":43966,"name":645,"focus":645,"title":43966,"source":645,"filename":43967,"copyright":645,"fieldtype":701,"meta_data":43968,"is_external_url":51},"Close-up image of a battery and wiring","https://a.storyblok.com/f/287943243085208/baec85913e/bm-pcam-in-charts-featured-image.jpg",{"alt":43966,"title":43966,"source":645,"copyright":645},"Feb 29, 2024",{"id":43971,"uuid":43972,"name":43973,"slug":43974,"full_slug":43975,"content":43976},112470003738192,"1d4f717b-b4af-43fa-8192-0b6e3ca7c7d9","Lithium prices and feedstock availability key to profitable LFP recycling","lithium-prices-and-feedstock-availability-key-to-profitable-lfp-recycling","article/lithium-prices-and-feedstock-availability-key-to-profitable-lfp-recycling",{"_uid":43977,"date":43978,"tags":43979,"editor":43985,"content":43989,"excerpt":44296,"featured":51,"reporter":44297,"_editable":44301,"component":689,"seo_title":43973,"categories":44302,"visibility":697,"author_company":49,"data_vis_image":44309,"featured_image":44313,"seo_description":44296,"author_full_name":49,"author_job_title":49,"formattedDate":44316},"3bbde620-8ec2-4a75-9055-e2dcec0f5cfc","2024-02-23 00:00",[43980,43981,43982,43983,43984],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":1458,"name":1459},{"slug":1720,"name":1721},[43986],{"slug":9249,"name":9250,"content":43987},{"job_title":9252,"image":43988,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":43990},[43991,44011,44023,44036,44049,44054,44059,44064,44074,44082,44087,44092,44109,44122,44127,44135,44140,44145,44157,44162,44186,44191,44196,44215,44224,44229,44234,44239,44244,44249,44254,44266,44271,44276,44281,44286,44291],{"type":580,"attrs":43992,"content":43993},{"textAlign":49},[43994,43996,44002,44004,44009],{"text":43995,"type":585},"With lithium iron phosphate (LFP) batteries ",{"text":43997,"type":585,"marks":43998},"increasing in popularity",[43999],{"type":590,"attrs":44000},{"href":44001,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/stellantis-catl-deal-could-bring-chinese-lfp-battery-production-to-europe",{"text":44003,"type":585},", recycling them will be key to ",{"text":44005,"type":585,"marks":44006},"reducing the demand-side pressures",[44007],{"type":590,"attrs":44008},{"href":37835,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":44010,"type":585}," facing lithium producers.",{"type":580,"attrs":44012,"content":44013},{"textAlign":49},[44014,44016,44022],{"text":44015,"type":585},"However, unlike nickel cobalt manganese (NCM) cells, the only critical mineral accessible to recyclers in an LFP cell is lithium, exposing them more strongly to the ",{"text":44017,"type":585,"marks":44018},"mineral’s pricing trends",[44019],{"type":590,"attrs":44020},{"href":44021,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/falling-lithium-prices-challenge-new-project-economics",{"text":1538,"type":585},{"type":580,"attrs":44024,"content":44025},{"textAlign":49},[44026,44028,44034],{"text":44027,"type":585},"Since February 2023, ",{"text":44029,"type":585,"marks":44030},"Benchmark’s Lithium Price Index",[44031],{"type":590,"attrs":44032},{"href":44033,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/price-assessments/lithium/portal",{"text":44035,"type":585}," has fallen 81% making the economics of recycling LFP significantly less favourable, especially in the West.",{"type":580,"attrs":44037,"content":44038},{"textAlign":49},[44039,44041,44047],{"text":44040,"type":585},"“In the simplest of ways, if the lithium price is at the levels that we’re seeing today, we don’t think that, in the West at least, the recycling of LFP can be done profitably today without the gate fees,” ",{"text":44042,"type":585,"marks":44043},"Piotr Kulas",[44044],{"type":590,"attrs":44045},{"href":44046,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/analyst-insights-can-lfp-be-recycled-profitably",{"text":44048,"type":585},", a cost analyst at Benchmark, said.",{"type":580,"attrs":44050,"content":44051},{"textAlign":49},[44052],{"text":44053,"type":585},"One reason for this is that China, generally, is a more cost effective country to build a recycling plant in than Western countries.",{"type":580,"attrs":44055,"content":44056},{"textAlign":49},[44057],{"text":44058,"type":585},"“Things are fast to build in China,” Kulas said. “They happen faster, they’re cheaper to make, there’s less red tape, and so on and so forth.”",{"type":647,"attrs":44060,"content":44061},{"level":13022,"textAlign":49},[44062],{"text":44063,"type":585},"The value of lithium has fallen",{"type":580,"attrs":44065,"content":44066},{"textAlign":49},[44067,44069,44073],{"text":44068,"type":585},"This time last year, battery grade lithium carbonate was priced at RMB 434,000 per tonne ($62,925). Since then it has fallen 78% to RMB 95,400 ($13,250), according to ",{"text":1565,"type":585,"marks":44070},[44071],{"type":590,"attrs":44072},{"href":44033,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":44075,"content":44076},{"textAlign":49},[44077],{"type":1847,"attrs":44078},{"id":49,"alt":44079,"src":44080,"title":49,"source":49,"copyright":49,"meta_data":44081},"In the last year, lithium prices have fallen around 80%","https://a.storyblok.com/f/287943243085208/15e55974f0/bm-lithium-carbonate-price-chart.png",{},{"type":580,"attrs":44083,"content":44084},{"textAlign":49},[44085],{"text":44086,"type":585},"Unlike other battery chemistries, lithium is the only battery mineral that is extracted in the last stage of the battery recycling process for LFP. So with the price so low, there isn’t as strong an economic case to be made for recycling such batteries.",{"type":580,"attrs":44088,"content":44089},{"textAlign":49},[44090],{"text":44091,"type":585},"Indeed, when prices were high, 79% of the value of the metal in an LFP cell was lithium. Now this has fallen to 46%.",{"type":580,"attrs":44093,"content":44094},{"textAlign":49},[44095,44101,44103,44107],{"text":44096,"type":585,"marks":44097},"Benchmark’s Recycling Cost Calculator",[44098],{"type":590,"attrs":44099},{"href":44100,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts/recycling/reports",{"text":44102,"type":585}," suggests a 10,000 tonne ",{"text":7521,"type":585,"marks":44104},[44105],{"type":590,"attrs":44106},{"href":14570,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":44108,"type":585}," processing facility in the US would only be able to break-even recycling end-of-life LFP if they received a gate fee of almost $900 per tonne of black mass received.",{"type":580,"attrs":44110,"content":44111},{"textAlign":49},[44112,44114,44120],{"text":44113,"type":585},"For some ",{"text":44115,"type":585,"marks":44116},"European countries",[44117],{"type":590,"attrs":44118},{"href":44119,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/what-does-europe-need-to-meet-eu-battery-recycling-targets",{"text":44121,"type":585}," such as Hungary, recyclers begin to make a small profit if they get the black mass for free.",{"type":580,"attrs":44123,"content":44124},{"textAlign":49},[44125],{"text":44126,"type":585},"“At the time of high interest rates and escalating capital costs, the payback on the investment is even harder to achieve,” Kulas said. “Having a choice between NCM and LFP feedstock, it is hard to make an economic case for recycling LFP.”",{"type":580,"attrs":44128,"content":44129},{"textAlign":49},[44130],{"type":1847,"attrs":44131},{"id":49,"alt":44132,"src":44133,"title":49,"source":49,"copyright":49,"meta_data":44134},"Fallingh lithium prices sees metal value in LFP cells drop significantly","https://a.storyblok.com/f/287943243085208/683ad56d24/bm-lfp-value-131355320d23.png",{},{"type":647,"attrs":44136,"content":44137},{"level":13022,"textAlign":49},[44138],{"text":44139,"type":585},"To scale needs feedstock",{"type":580,"attrs":44141,"content":44142},{"textAlign":49},[44143],{"text":44144,"type":585},"In order to recycle LFP batteries, a company needs access to waste LFP batteries.",{"type":580,"attrs":44146,"content":44147},{"textAlign":49},[44148,44150,44156],{"text":44149,"type":585},"This can either be in the form of an end-of-life LFP battery from an electric vehicle or energy storage system, or it could be ",{"text":44151,"type":585,"marks":44152},"process scrap from gigafactories",[44153],{"type":590,"attrs":44154},{"href":44155,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/battery-production-scrap-to-be-main-source-of-recyclable-material-this-decade",{"text":1538,"type":585},{"type":580,"attrs":44158,"content":44159},{"textAlign":49},[44160],{"text":44161,"type":585},"In either case, the vast majority of LFP batteries available for recycling are located in China, where most LFP gigafactories are and where penetration of LFP batteries into the EV market is high.",{"type":580,"attrs":44163,"content":44164},{"textAlign":49},[44165,44167,44172,44174,44179,44181,44185],{"text":44166,"type":585},"A recycler setting up in ",{"text":1721,"type":585,"marks":44168},[44169],{"type":590,"attrs":44170},{"href":44171,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/the-companies-shaping-the-north-american-lithium-ion-recycling-ecosystem",{"text":44173,"type":585}," or ",{"text":1292,"type":585,"marks":44175},[44176],{"type":590,"attrs":44177},{"href":44178,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/north-american-recyclers-set-sights-on-european-market",{"text":44180,"type":585}," will have far less access to waste LFP feedstock as there are no operating gigafactories in those regions that produce LFP cells according to ",{"text":28866,"type":585,"marks":44182},[44183],{"type":590,"attrs":44184},{"href":39439,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":44187,"content":44188},{"textAlign":49},[44189],{"text":44190,"type":585},"Without access to large amounts of feedstock, economies of scale are less accessible. A large LFP recycling facility in North America or Europe would potentially need to operate at low utilisation rates until more feedstock became available.",{"type":580,"attrs":44192,"content":44193},{"textAlign":49},[44194],{"text":44195,"type":585},"“No one is going to invest a significant amount of capital, if they don’t think they will have uninterrupted flow of the batteries to run their plant at high utilisation,” Kulas said.",{"type":580,"attrs":44197,"content":44198},{"textAlign":49},[44199,44203,44204,44207,44212],{"text":44200,"type":585,"marks":44201},"Watch Benchmark principal analyst Piotr Kulas discuss the challenges of LFP recycling",[44202],{"type":1992},{"text":14640,"type":585},{"text":38413,"type":585,"marks":44205},[44206],{"type":1992},{"text":20730,"type":585,"marks":44208},[44209,44211],{"type":590,"attrs":44210},{"href":40213,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"text":1538,"type":585,"marks":44213},[44214],{"type":1992},{"type":580,"attrs":44216,"content":44217},{"textAlign":49},[44218,44222],{"text":29784,"type":585,"marks":44219},[44220],{"type":590,"attrs":44221},{"href":44100,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":44223,"type":585}," shows in North America, just 16% of the end-of-life batteries available for recycling are LFP, compared to 35% for NCM. Similar percentages are seen in Europe",{"type":580,"attrs":44225,"content":44226},{"textAlign":49},[44227],{"text":44228,"type":585},"“Considering LFP recycling outside of China makes sense if one takes into account the future make-up of the recycled battery mix,” Kulas said.",{"type":580,"attrs":44230,"content":44231},{"textAlign":49},[44232],{"text":44233,"type":585},"In both North America and Europe, around 40% of the end-of-life battery pool in 2030 is forecast to be LFP, though it will remain a low proportion of process scrap.",{"type":647,"attrs":44235,"content":44236},{"level":13022,"textAlign":49},[44237],{"text":44238,"type":585},"Integration helps but doesn’t solve the problem",{"type":580,"attrs":44240,"content":44241},{"textAlign":49},[44242],{"text":44243,"type":585},"For both shredders and integrated recyclers, a key cost is the scrap batteries. In a non-integrated setup, a shredder buys scrap batteries and processes them to produce black mass and metal scrap. The black mass is then sold on to a recycler at a profit.",{"type":580,"attrs":44245,"content":44246},{"textAlign":49},[44247],{"text":44248,"type":585},"In an integrated system, the profits of the shredding process are internalised, reducing costs.",{"type":580,"attrs":44250,"content":44251},{"textAlign":49},[44252],{"text":44253,"type":585},"“Western companies, their typical business model has always been the spoke and hub model,” Kulas said. “Where spokes would be the shredding plants located quite close to where the batteries are collected, and hubs would be largely hydrometallurgical plants that are fed by a variety of those spokes.”",{"type":580,"attrs":44255,"content":44256},{"textAlign":49},[44257,44259,44264],{"text":44258,"type":585},"But, even with the lower costs enjoyed by integrated companies, ",{"text":44260,"type":585,"marks":44261},"Benchmark’s Recycling Cost Model",[44262],{"type":590,"attrs":44263},{"href":44100,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":44265,"type":585}," shows that an integrated recycler taking end-of-life LFP battery modules in the US or Europe would need a gate-fee for the scrap batteries in order to breakeven.",{"type":580,"attrs":44267,"content":44268},{"textAlign":49},[44269],{"text":44270,"type":585},"“Shredding plants are relatively cheap and fast to set up, therefore any feedstock will do,” Kulas said. “However, given the capital costs involved in building the hydrometallurgical plant outside of China, and significantly smaller revenues derived from recycling of the LFP, it is hard to make a case for using the LFP black mass as the first choice.”",{"type":647,"attrs":44272,"content":44273},{"level":13022,"textAlign":49},[44274],{"text":44275,"type":585},"Value outside of lithium",{"type":580,"attrs":44277,"content":44278},{"textAlign":49},[44279],{"text":44280,"type":585},"Beyond lithium, there is also notable value in the copper and aluminium foils. As the foils are in a pure elemental form, these are extracted in the battery shredding process. As such the value of the foils is gained by the shredder, not the black mass processor.",{"type":580,"attrs":44282,"content":44283},{"textAlign":49},[44284],{"text":44285,"type":585},"This is one reason why shredding makes a stronger business case in the West than black mass processing: copper and aluminium prices are currently more stable than those of lithium and other battery minerals making revenues more predictable.",{"type":580,"attrs":44287,"content":44288},{"textAlign":49},[44289],{"text":44290,"type":585},"“[Shredders] can shred an LFP battery and get the foils–copper and aluminium–and sell it as scrap and maybe keep the black mass for one day or export it somewhere else,” Kulas said.",{"type":580,"attrs":44292,"content":44293},{"textAlign":49},[44294],{"text":44295,"type":585},"An integrated recycler, a company which both shreds the batteries and processes the resulting black mass, can gain the value of the metal foils as well as the minerals contained in the black mass.","With lithium iron phosphate (LFP) batteries increasing in popularity, recycling them will be key to reducing the demand-side pressures facing lithium producers. However, unlike nickel cobalt manganese (NCM) cells, the only critical mineral accessible to recyclers in an LFP cell is lithium, exposing them more strongly to the mineral’s pricing trends. Since February 2023, Benchmark’s […]",[44298],{"slug":9249,"name":9250,"content":44299},{"job_title":9252,"image":44300,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3bbde620-8ec2-4a75-9055-e2dcec0f5cfc\", \"id\": \"\"}-->",[44303,44304,44305,44306,44307,44308],{"slug":1142,"name":1143},{"slug":3379,"name":3380},{"slug":1693,"name":8},{"slug":2897,"name":2898},{"slug":7742,"name":7743},{"slug":14595,"name":14596},{"id":49,"alt":44310,"name":645,"focus":645,"title":44310,"source":645,"filename":44311,"copyright":645,"fieldtype":701,"meta_data":44312,"is_external_url":51},"Falling lithium prices sees metal value in LFP cells drop significantly","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1708695801/www-production/LFP-value-no-Y/LFP-value-no-Y.png?_i=AA",{"alt":44310,"title":44310,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":44314,"copyright":645,"fieldtype":701,"meta_data":44315,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/22ed4c5523/bm-adobestock-110768217.jpeg",{"alt":645,"title":645,"source":645,"copyright":645},"Feb 23, 2024",{"id":44318,"uuid":44319,"name":44320,"slug":44321,"full_slug":44322,"content":44323},112470018344531,"cbf18c37-6192-4db9-bcc0-fd8a349c8419","Battery recycling pool could supplement 2040 lithium supply with equivalent to 30 mines","battery-recycling-pool-could-supplement-2040-lithium-supply-with-equivalent-to-30-mines","article/battery-recycling-pool-could-supplement-2040-lithium-supply-with-equivalent-to-30-mines",{"_uid":44324,"date":44325,"tags":44326,"editor":44328,"content":44332,"excerpt":44545,"featured":51,"reporter":44546,"_editable":44550,"component":689,"seo_title":44320,"categories":44551,"visibility":697,"author_company":49,"data_vis_image":44558,"featured_image":44561,"seo_description":44545,"author_full_name":49,"author_job_title":49,"formattedDate":44564},"f521dbdd-3a32-41f5-b49a-057a440a9c00","2024-02-21 00:00",[44327],{"slug":564,"name":565},[44329],{"slug":9249,"name":9250,"content":44330},{"job_title":9252,"image":44331,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":44333},[44334,44339,44350,44375,44380,44393,44401,44406,44416,44424,44429,44441,44452,44457,44462,44467,44472,44477,44482,44487,44492,44497,44502,44507,44520,44540],{"type":580,"attrs":44335,"content":44336},{"textAlign":49},[44337],{"text":44338,"type":585},"By 2040, the combined battery scrap pool containing end-of-life batteries and process scrap is forecast to contain lithium in a quantity equivalent to 30 of today’s mines, Benchmark analysis shows.",{"type":580,"attrs":44340,"content":44341},{"textAlign":49},[44342,44344,44348],{"text":44343,"type":585},"If all the material in the combined pool were recycled back into the supply chain it could represent around a quarter of total lithium demand for batteries by 2040, according to the base case scenario in ",{"text":29784,"type":585,"marks":44345},[44346],{"type":590,"attrs":44347},{"href":44100,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":44349,"type":585},". However, the majority of this material will still need to be met through expansions in mined production. ",{"type":580,"attrs":44351,"content":44352},{"textAlign":49},[44353,44358,44360,44366,44368,44373],{"text":30853,"type":585,"marks":44354},[44355],{"type":590,"attrs":44356},{"href":44357,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts/",{"text":44359,"type":585}," show the industry needs the addition of the equivalent of ",{"text":44361,"type":585,"marks":44362},"273 new mines",[44363],{"type":590,"attrs":44364},{"href":44365,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/more-than-300-new-mines-required-to-meet-battery-demand-by-2035",{"text":44367,"type":585}," to meet the difference in 2040 demand and 2023 supply of lithium, nickel and cobalt, not accounting for recycling. Benchmark’s base-case forecast for end-of-life and ",{"text":44369,"type":585,"marks":44370},"process scrap batteries",[44371],{"type":590,"attrs":44372},{"href":44155,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":44374,"type":585}," suggests recycling could reduce the number of new mines needed for the minerals by a third.",{"type":580,"attrs":44376,"content":44377},{"textAlign":49},[44378],{"text":44379,"type":585},"How much of this will be offset by recycling hinges on technology innovation and the development of a robust supply chain for recyclable material to find its way back into the supply chain.",{"type":580,"attrs":44381,"content":44382},{"textAlign":49},[44383,44385,44391],{"text":44384,"type":585},"Further, with lithium and nickel prices currently so low, the attractiveness of recycling economics are currently under increased scrutiny. The ",{"text":44386,"type":585,"marks":44387},"profitability of a recycling enterprise",[44388],{"type":590,"attrs":44389},{"href":44390,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/analyst-insights-the-key-cost-factors-of-battery-recycling-profitability",{"text":44392,"type":585}," depends heavily on the geographical location of the plant and the cell chemistries it accepts.",{"type":580,"attrs":44394,"content":44395},{"textAlign":49},[44396],{"type":1847,"attrs":44397},{"id":49,"alt":44398,"src":44399,"title":49,"source":49,"copyright":49,"meta_data":44400},"2040 battery scrap pool forecast to be equivalent to 30 lithium mines","https://a.storyblok.com/f/287943243085208/536091848e/bm-recycling-mines-graphic-1.png",{},{"type":647,"attrs":44402,"content":44403},{"level":13022,"textAlign":49},[44404],{"text":44405,"type":585},"A quarter of lithium demand ",{"type":580,"attrs":44407,"content":44408},{"textAlign":49},[44409,44411,44415],{"text":44410,"type":585},"Recycled sources could represent up to a quarter of lithium demand from batteries in 2040, highlighting the importance of recycling in the supply chain, according to ",{"text":29784,"type":585,"marks":44412},[44413],{"type":590,"attrs":44414},{"href":44100,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":44417,"content":44418},{"textAlign":49},[44419],{"type":1847,"attrs":44420},{"id":49,"alt":44421,"src":44422,"title":49,"source":49,"copyright":49,"meta_data":44423},"Battery recycling forecast to provide over a quarter of lithium in 2040","https://a.storyblok.com/f/287943243085208/92ef34a0ed/bm-recycling-proportion-demand.png",{},{"type":580,"attrs":44425,"content":44426},{"textAlign":49},[44427],{"text":44428,"type":585},"Currently much of the recycling capacity is concentrated in China, in part due to the number of gigafactories in the country. However, as gigafactory buildout and electric vehicle adoption accelerate in other regions, recycled sources could become a vital domestic source of battery minerals.",{"type":580,"attrs":44430,"content":44431},{"textAlign":49},[44432,44434,44439],{"text":44433,"type":585},"“As process scrap is set to dominate the scrap pool for the next decade, current recycling facilities are predominantly reliant on cell manufacturing facilities for this lithium-ion battery waste,” ",{"text":10139,"type":585,"marks":44435},[44436],{"type":590,"attrs":44437},{"href":44438,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/analyst-insights-black-mass-101",{"text":44440,"type":585},", a recycling analyst at Benchmark, said. “Partnerships and offtake agreements are vital to ensure recyclers secure a reliable source of battery scrap.”",{"type":580,"attrs":44442,"content":44443},{"textAlign":49},[44444,44446,44450],{"text":44445,"type":585},"In 2040, ",{"text":28866,"type":585,"marks":44447},[44448],{"type":590,"attrs":44449},{"href":39439,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":44451,"type":585}," forecasts eight terawatt-hours of battery demand, six times that forecast for 2024.",{"type":580,"attrs":44453,"content":44454},{"textAlign":49},[44455],{"text":44456,"type":585},"To meet this demand will require 5.1 million tonnes of lithium (lithium carbonate equivalent), along with 3.5 million tonnes of nickel and half a million tonnes of cobalt.",{"type":647,"attrs":44458,"content":44459},{"level":13022,"textAlign":49},[44460],{"text":44461,"type":585},"Mined and recycled supply required ",{"type":580,"attrs":44463,"content":44464},{"textAlign":49},[44465],{"text":44466,"type":585},"To meet this mineral demand will necessitate the build out of new mines. For example, the forecast lithium output of mines in 2024 would meet just half of the battery demand in 2040.",{"type":580,"attrs":44468,"content":44469},{"textAlign":49},[44470],{"text":44471,"type":585},"However, the scrap pool of end-of-life batteries and process scrap is effectively an urban mine with a very high-grade ‘ore’. Benchmark forecasts the scrap pool could contain 26% of lithium and nickel and 36% of the cobalt demand from batteries in 2040.",{"type":580,"attrs":44473,"content":44474},{"textAlign":49},[44475],{"text":44476,"type":585},"Extracting these valuable minerals from scrap batteries in 2040 is forecast to be the equivalent of the output of 30 average lithium mines, 21 nickel mines and 40 cobalt mining operations. This is calculated on the basis of average mine sizes of 45,000 tonnes per year, 42,000 tonnes per year and 5,000 tonnes per year for lithium, nickel and cobalt, respectively.",{"type":580,"attrs":44478,"content":44479},{"textAlign":49},[44480],{"text":44481,"type":585},"This assumes that the required capacity to recycle said scrap is built out.",{"type":580,"attrs":44483,"content":44484},{"textAlign":49},[44485],{"text":44486,"type":585},"“In China, they have established a large amount of infrastructure for battery mineral recovery,” Browning said. “In North America and in Europe there’s a lot less infrastructure there to extract these materials and so a lot of investment is needed.”",{"type":647,"attrs":44488,"content":44489},{"level":13022,"textAlign":49},[44490],{"text":44491,"type":585},"A broader distribution of raw materials",{"type":580,"attrs":44493,"content":44494},{"textAlign":49},[44495],{"text":44496,"type":585},"But recycling doesn’t just increase the available supply of critical minerals. As electric vehicle adoption increases across the globe, the distribution of these urban sources of minerals will widen.",{"type":580,"attrs":44498,"content":44499},{"textAlign":49},[44500],{"text":44501,"type":585},"Used batteries can be collected and shredded to produce black mass. This black mass can then be processed to produce battery chemicals.",{"type":580,"attrs":44503,"content":44504},{"textAlign":49},[44505],{"text":44506,"type":585},"So long as the used batteries and black mass don’t cross the border, the value of the minerals contained within a country’s batteries can be kept locally.",{"type":580,"attrs":44508,"content":44509},{"textAlign":49},[44510,44512,44518],{"text":44511,"type":585},"One way to achieve this is through the ",{"text":44513,"type":585,"marks":44514},"regulation of black mass",[44515],{"type":590,"attrs":44516},{"href":44517,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/black-mass-hits-policy-mainstream-2023-in-review",{"text":44519,"type":585},". China already does this through designating black mass a hazardous waste, thus significantly increasing the difficulty of exporting it.",{"type":580,"attrs":44521,"content":44522},{"textAlign":49},[44523,44525,44531,44533,44538],{"text":44524,"type":585},"The European Commission has proposed taking a similar route. This could complement the European Union’s new ",{"text":44526,"type":585,"marks":44527},"battery regulation",[44528],{"type":590,"attrs":44529},{"href":44530,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/analyst-insight-how-the-supply-chain-needs-to-prepare-for-the-new-eu-batteries-regulation",{"text":44532,"type":585}," which, amongst other things, legislates a ",{"text":44534,"type":585,"marks":44535},"minimum amount of the minerals",[44536],{"type":590,"attrs":44537},{"href":43085,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":44539,"type":585}," contained within a battery to come from recycled sources.",{"type":580,"attrs":44541,"content":44542},{"textAlign":49},[44543],{"text":44544,"type":585},"“Bringing in these waste codes in Europe and policies like the Inflation Reduction Act in the US that incentivise localisation of the supply chain is really important to domesticate materials supply, otherwise these regions are going to continue being reliant on Asia and China for processing due to their established materials extraction capacity,” Browning said.","By 2040, the combined battery scrap pool containing end-of-life batteries and process scrap is forecast to contain lithium in a quantity equivalent to 30 of today’s mines, Benchmark analysis shows. If all the material in the combined pool were recycled back into the supply chain it could represent around a quarter of total lithium demand […]",[44547],{"slug":9249,"name":9250,"content":44548},{"job_title":9252,"image":44549,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f521dbdd-3a32-41f5-b49a-057a440a9c00\", \"id\": \"\"}-->",[44552,44553,44554,44555,44556,44557],{"slug":2544,"name":115},{"slug":1142,"name":1143},{"slug":1693,"name":8},{"slug":2553,"name":150},{"slug":7742,"name":7743},{"slug":14595,"name":14596},{"id":49,"alt":44398,"name":645,"focus":645,"title":44398,"source":645,"filename":44559,"copyright":645,"fieldtype":701,"meta_data":44560,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1708412164/www-production/Recycling-mines-graphic/Recycling-mines-graphic.png?_i=AA",{"alt":44398,"title":44398,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":44562,"copyright":645,"fieldtype":701,"meta_data":44563,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c51b6e28a0/bm-2023-08-17-licycle-23.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Feb 21, 2024",{"id":44566,"uuid":44567,"name":44568,"slug":44569,"full_slug":44570,"content":44571},112470037767867,"9ffcf6a7-312e-49b3-beb5-76ddcf518479","China’s battery industry unites in effort to extend dominance to solid-state","chinas-battery-industry-unites-in-effort-to-extend-dominance-to-solid-state","article/chinas-battery-industry-unites-in-effort-to-extend-dominance-to-solid-state",{"_uid":44572,"date":44573,"tags":44574,"editor":44578,"content":44582,"excerpt":44698,"featured":51,"reporter":44699,"_editable":44703,"component":689,"seo_title":44568,"categories":44704,"visibility":697,"author_company":49,"data_vis_image":44707,"featured_image":44710,"seo_description":44698,"author_full_name":49,"author_job_title":49,"formattedDate":44713},"91795b6d-fd89-49b3-9ddb-22c191b75199","2024-02-16 00:00",[44575,44576,44577],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":20051,"name":20052},[44579],{"slug":9249,"name":9250,"content":44580},{"job_title":9252,"image":44581,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":44583},[44584,44589,44594,44610,44615,44620,44625,44630,44635,44640,44645,44650,44655,44666,44673,44678,44683,44688,44693],{"type":580,"attrs":44585,"content":44586},{"textAlign":49},[44587],{"text":44588,"type":585},"CATL and BYD are among the big names in China’s new consortium aiming to jump-start the country’s progress in all-solid-state batteries.",{"type":580,"attrs":44590,"content":44591},{"textAlign":49},[44592],{"text":44593,"type":585},"The China All-Solid-State Battery Collaborative Innovation Platform (CASIP), formed by Beijing at the end of last month, brings together major battery and automakers alongside academia and government to accelerate the research, development and commercialisation of solid-state batteries and build out that battery supply chain by 2030.",{"type":580,"attrs":44595,"content":44596},{"textAlign":49},[44597,44602,44604,44608],{"text":44598,"type":585,"marks":44599},"Benchmark’s Solid-State and Lithium Metal Batteries Forecast’s",[44600],{"type":590,"attrs":44601},{"href":38055,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":44603,"type":585}," base case scenario currently expects China to account for 38% of solid-state battery nameplate capacity by 2030. This is significantly less than the 67% share of global lithium ion battery nameplate capacity ",{"text":28266,"type":585,"marks":44605},[44606],{"type":590,"attrs":44607},{"href":38560,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":44609,"type":585}," shows the country will have the same year.",{"type":580,"attrs":44611,"content":44612},{"textAlign":49},[44613],{"text":44614,"type":585},"“Through this platform, China has openly identified solid-state battery technologies as a risk to its dominant position in battery supply- and value-chains, a message that should serve as a call to action for innovators globally,” Brigita Darminto, a solid-state battery analyst at Benchmark, said.",{"type":647,"attrs":44616,"content":44617},{"level":13022,"textAlign":49},[44618],{"text":44619,"type":585},"Competing Chinese companies collaborate",{"type":580,"attrs":44621,"content":44622},{"textAlign":49},[44623],{"text":44624,"type":585},"A notable feature of the consortium is the presence of companies that typically compete heavily against one another. China’s top six battery producers, representing over two-thirds of the forecast production of lithium ion batteries in China this year, are all in the consortium, seemingly working together towards a common goal.",{"type":580,"attrs":44626,"content":44627},{"textAlign":49},[44628],{"text":44629,"type":585},"CATL has previously sued CALB and SVOLT, both in the consortium, for patent infringement.",{"type":580,"attrs":44631,"content":44632},{"textAlign":49},[44633],{"text":44634,"type":585},"“This is certainly a China-first move by the government, asking companies that are traditionally fierce competitors to put aside their differences and collaborate to solidify China’s position as the leading force in the next-generation battery market,” Darminto said. “It remains to be seen if those companies will be happy to collaborate to the extent that the project proposes.”",{"type":580,"attrs":44636,"content":44637},{"textAlign":49},[44638],{"text":44639,"type":585},"Several of China’s large battery- and automakers have already made announcements in the solid-state space.",{"type":580,"attrs":44641,"content":44642},{"textAlign":49},[44643],{"text":44644,"type":585},"For example, Nio, an automaker in the consortium, has previously revealed a 1,000 kilometre range demonstration vehicle powered by WeLion’s solid-state battery.",{"type":647,"attrs":44646,"content":44647},{"level":13022,"textAlign":49},[44648],{"text":44649,"type":585},"China aims to remain dominant",{"type":580,"attrs":44651,"content":44652},{"textAlign":49},[44653],{"text":44654,"type":585},"China has a leading position in many segments of the lithium ion battery supply chain from mineral refining through to battery production. But a truly dominant player in the solid-state space has yet to emerge.",{"type":580,"attrs":44656,"content":44657},{"textAlign":49},[44658,44660,44664],{"text":44659,"type":585},"By 2030, ",{"text":42151,"type":585,"marks":44661},[44662],{"type":590,"attrs":44663},{"href":38055,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":44665,"type":585}," the US and Europe to account for 25% and 22% of the world’s solid-state battery nameplate capacity, respectively. Asia (excluding China) is forecast to represent 15%.",{"type":580,"attrs":44667,"content":44668},{"textAlign":49},[44669],{"type":1847,"attrs":44670},{"id":49,"alt":645,"src":44671,"title":49,"source":49,"copyright":49,"meta_data":44672},"https://a.storyblok.com/f/287943243085208/90de7e445e/bm-solid-state-players.png",{},{"type":580,"attrs":44674,"content":44675},{"textAlign":49},[44676],{"text":44677,"type":585},"The formation of this consortium speaks to China’s concerns that this poses a risk to the country’s dominance in the battery industry. The consortium aims to reassert China’s strength by rapidly building out a solid-state battery supply chain by 2030.",{"type":580,"attrs":44679,"content":44680},{"textAlign":49},[44681],{"text":44682,"type":585},"“2030 is an ambitious timeline, but China often makes ambitious targets and has a history of hitting them, or getting close enough,” Darminto said. “However, technology development is never a simple thing, and maturing supply chains will naturally have to wait for the technologies to be ready to scale to support them.”",{"type":580,"attrs":44684,"content":44685},{"textAlign":49},[44686],{"text":44687,"type":585},"In 2022, Europe formed Upcell, a similar consortium designed to tackle the challenge of solid-state battery development. However, unlike CASIP, Upcell is formed primarily of start-up and growth-phase companies.",{"type":580,"attrs":44689,"content":44690},{"textAlign":49},[44691],{"text":44692,"type":585},"By contrast CASIP pulls in industry heavyweights with the resources and scale required to bring solid-state technologies to the mass market.",{"type":580,"attrs":44694,"content":44695},{"textAlign":49},[44696],{"text":44697,"type":585},"“China has made its move and doubled down on development of solid-state,” Darminto said. “This could serve as a catalyst that spurs the rest of the world to not only form similar alliances but also demonstrate similar levels of commitments and drive innovation for next-generation batteries.”","CATL and BYD are among the big names in China’s new consortium aiming to jump-start the country’s progress in all-solid-state batteries. The China All-Solid-State Battery Collaborative Innovation Platform (CASIP), formed by Beijing at the end of last month, brings together major battery and automakers alongside academia and government to accelerate the research, development and commercialisation […]",[44700],{"slug":9249,"name":9250,"content":44701},{"job_title":9252,"image":44702,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"91795b6d-fd89-49b3-9ddb-22c191b75199\", \"id\": \"\"}-->",[44705,44706],{"slug":956,"name":957},{"slug":959,"name":960},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":44708,"copyright":645,"fieldtype":701,"meta_data":44709,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1708111165/www-production/Solid-state-capacity-chart-no-y/Solid-state-capacity-chart-no-y.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":44711,"copyright":645,"fieldtype":701,"meta_data":44712,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/62dd64010e/bm-shutterstock-2292804607-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Feb 16, 2024",{"id":44715,"uuid":44716,"name":44717,"slug":44718,"full_slug":44719,"content":44720},112470114629323,"c641dded-2e0d-411e-b930-e9381da40b42","Low raw material prices increase role of operational costs and other inputs to battery cell price","low-raw-material-prices-increase-role-of-operational-costs-and-other-inputs-to-battery-cell-price-benchmark-data","article/low-raw-material-prices-increase-role-of-operational-costs-and-other-inputs-to-battery-cell-price-benchmark-data",{"_uid":44721,"date":44722,"tags":44723,"editor":44725,"content":44729,"excerpt":44815,"featured":51,"reporter":44816,"_editable":44820,"component":689,"seo_title":44717,"categories":44821,"visibility":697,"author_company":49,"data_vis_image":44823,"featured_image":44826,"seo_description":44815,"author_full_name":49,"author_job_title":49,"formattedDate":44829},"407d0754-9500-4a5c-b695-997155bc49e0","2024-01-31 00:00",[44724],{"slug":564,"name":565},[44726],{"slug":9249,"name":9250,"content":44727},{"job_title":9252,"image":44728,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":44730},[44731,44736,44748,44755,44760,44765,44770,44775,44780,44785,44790,44795,44800,44805,44810],{"type":580,"attrs":44732,"content":44733},{"textAlign":49},[44734],{"text":44735,"type":585},"Falling cathode and anode raw material prices in 2023 have magnified the contributions of operational costs and other inputs to battery cell prices, Benchmark analysis shows.",{"type":580,"attrs":44737,"content":44738},{"textAlign":49},[44739,44741,44747],{"text":44740,"type":585},"Nickel cobalt manganese (NCM) 622 battery cell prices fell from $145.2 per kilowatt hour (kWh) at the start of the year to $90.1/kWh by December 2023, according to Benchmark’s ",{"text":44742,"type":585,"marks":44743},"Lithium ion Battery Cell Price Assessment",[44744],{"type":590,"attrs":44745},{"href":44746,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/price-assessments/lithium-ion-batteries/reports/",{"text":1538,"type":585},{"type":580,"attrs":44749,"content":44750},{"textAlign":49},[44751],{"type":1847,"attrs":44752},{"id":49,"alt":645,"src":44753,"title":49,"source":49,"copyright":49,"meta_data":44754},"https://a.storyblok.com/f/287943243085208/44d50c9442/bm-cell-price-change-jan-dec-2023.png",{},{"type":580,"attrs":44756,"content":44757},{"textAlign":49},[44758],{"text":44759,"type":585},"Over the same period, cathode and anode raw materials’ share of NCM 622 battery cell prices fell from 71% to 54% largely driven by lower lithium prices. This changing price dynamic has increased the contribution of production costs and peripheral battery materials used in cell assembly—such as separator and electrolyte materials—rising from 18% at the start of 2023 to 31% of costs by the end of the year. ",{"type":580,"attrs":44761,"content":44762},{"textAlign":49},[44763],{"text":44764,"type":585},"“After two years in which raw material pricing dominated the battery cell pricing narrative, we could be re-entering an era where operational costs have a large part to play,” said Evan Hartley, a senior analyst at Benchmark. ",{"type":580,"attrs":44766,"content":44767},{"textAlign":49},[44768],{"text":44769,"type":585},"This means looking to factors like labour and energy costs to understand cell price.",{"type":580,"attrs":44771,"content":44772},{"textAlign":49},[44773],{"text":44774,"type":585},"In the US, higher wages have already raised operating costs. Strike action by the United Auto Workers (UAW) union in the US won a 25% wage increase for workers, according to Reuters. The raise was matched by Hyundai, Toyota, and Honda, though their employees are not members of the UAW. ",{"type":580,"attrs":44776,"content":44777},{"textAlign":49},[44778],{"text":44779,"type":585},"However, the overall cost of labour has only increased 10% in the US over the past two years, according to Benchmark data. The cost of power has seen a more modest increase, rising by 5% since 2021. In the EU, labour and power costs have risen by 9% and 137% respectively. ",{"type":580,"attrs":44781,"content":44782},{"textAlign":49},[44783],{"text":44784,"type":585},"Over time, cell manufacturers will look to employ more automation and efficient technology to reduce operational costs, potentially reversing the inflationary trends present today.",{"type":647,"attrs":44786,"content":44787},{"level":13022,"textAlign":49},[44788],{"text":44789,"type":585},"Echoes from the past ",{"type":580,"attrs":44791,"content":44792},{"textAlign":49},[44793],{"text":44794,"type":585},"Prior to the rise of gigawatt hour production in the mid-to-late 2010s, battery cell prices were largely determined by processing and manufacturing costs. ",{"type":580,"attrs":44796,"content":44797},{"textAlign":49},[44798],{"text":44799,"type":585},"The economies of scale achieved through gigafactory production helped drive down cell prices but increased the share of the cost of raw materials used in the cathode and anode. As battery and automakers expanded production, they were in turn exposed to greater raw material price volatility risks.",{"type":580,"attrs":44801,"content":44802},{"textAlign":49},[44803],{"text":44804,"type":585},"The raw material price rises seen between 2021 and 2022 illustrated how these risks could develop over a relatively short period of time. However, since then, consistently falling prices have eased the burden on cell makers. ",{"type":580,"attrs":44806,"content":44807},{"textAlign":49},[44808],{"text":44809,"type":585},"“It is not looking likely that these material prices will pick back up in the next quarter or beyond,” said Hartley. ",{"type":580,"attrs":44811,"content":44812},{"textAlign":49},[44813],{"text":44814,"type":585},"However, with cathode and anode raw materials still contributing to more than half of NCM 622 cell prices and deficits set to emerge later this decade, the battery industry remains exposed to longer-term raw material price risk.","Falling cathode and anode raw material prices in 2023 have magnified the contributions of operational costs and other inputs to battery cell prices, Benchmark analysis shows. Nickel cobalt manganese (NCM) 622 battery cell prices fell from $145.2 per kilowatt hour (kWh) at the start of the year to $90.1/kWh by December 2023, according to Benchmark’s […]",[44817],{"slug":9249,"name":9250,"content":44818},{"job_title":9252,"image":44819,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"407d0754-9500-4a5c-b695-997155bc49e0\", \"id\": \"\"}-->",[44822],{"slug":956,"name":957},{"id":49,"alt":44824,"name":645,"focus":645,"title":44824,"source":645,"filename":44753,"copyright":645,"fieldtype":701,"meta_data":44825,"is_external_url":51},"Two donut charts showing how different raw materials and costs of production made up the cost of a n NCM622 battery in January and December 2023.",{"alt":44824,"title":44824,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":44827,"copyright":645,"fieldtype":701,"meta_data":44828,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/ae20cac3ca/bm-lithium-ion-battery-adobe-stock-image.jpeg",{"alt":645,"title":645,"source":645,"copyright":645},"Jan 31, 2024",{"id":44831,"uuid":44832,"name":44833,"slug":44834,"full_slug":44835,"content":44836},112470124304077,"0a68b76d-2bc1-4e2b-b400-0b22152944fa","Sustainability now a critical metric for lithium supply agreements","sustainability-now-a-critical-metric-for-lithium-supply-agreements","article/sustainability-now-a-critical-metric-for-lithium-supply-agreements",{"_uid":44837,"date":44838,"tags":44839,"editor":44842,"content":44846,"excerpt":45005,"featured":51,"reporter":45006,"component":689,"seo_title":45010,"categories":45011,"visibility":2019,"author_company":49,"data_vis_image":45015,"featured_image":45017,"seo_description":45019,"author_full_name":49,"author_job_title":49,"formattedDate":45020},"54f61b19-d7cd-4a92-a655-04e4a26809f4","2024-01-26 00:00",[44840,44841],{"slug":564,"name":565},{"slug":17604,"name":17605},[44843],{"slug":9249,"name":9250,"content":44844},{"job_title":9252,"image":44845,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":44847},[44848,44858,44868,44879,44892,44909,44914,44919,44924,44929,44934,44939,44957,44965,44970,44980,44985,44990,44995,45000],{"type":580,"attrs":44849,"content":44850},{"textAlign":49},[44851,44853,44857],{"text":44852,"type":585},"Lithium ion battery demand is forecast to grow almost four-fold between 2023 and 2030 to 3.9 terawatt-hours, according to ",{"text":28866,"type":585,"marks":44854},[44855],{"type":590,"attrs":44856},{"href":39439,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":44859,"content":44860},{"textAlign":49},[44861,44863,44867],{"text":44862,"type":585},"This growth in battery demand will result in a corresponding surge in demand for the constituent critical raw materials. In 2015, batteries accounted for just 34% of lithium demand. In 2024, batteries are expected to account for 88% of the 1.2 million tonne demand, according to ",{"text":17833,"type":585,"marks":44864},[44865],{"type":590,"attrs":44866},{"href":41935,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":44869,"content":44870},{"textAlign":49},[44871,44873,44877],{"text":44872,"type":585},"Although a near-term surplus of lithium is forecast until 2029, there is a growing desire from automakers and consumers for lithium sourced sustainably. But ",{"text":40771,"type":585,"marks":44874},[44875],{"type":590,"attrs":44876},{"href":42020,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":44878,"type":585}," shows there is currently insufficient supply of lithium from companies with good environmental, social and governance (ESG) practices to meet demand now and in the future.",{"type":580,"attrs":44880,"content":44881},{"textAlign":49},[44882,44884,44890],{"text":44883,"type":585},"“The question of provenance becomes the most important question of them all,” Cameron Perks, principal analyst for lithium at Benchmark, said during a ",{"text":44885,"type":585,"marks":44886},"Benchmark webinar",[44887],{"type":590,"attrs":44888},{"href":44889,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/sustainable-lithium-prices-economics-and-availability",{"text":44891,"type":585}," last week.",{"type":580,"attrs":44893,"content":44894},{"textAlign":49},[44895,44899,44905],{"text":44896,"type":585,"marks":44897},"Benchmark Source subscribers can watch the “",[44898],{"type":1992},{"text":44900,"type":585,"marks":44901},"Sustainable Lithium: Prices, Economics and Availability",[44902,44904],{"type":590,"attrs":44903},{"href":44889,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"text":44906,"type":585,"marks":44907},"” webinar as part of their subscription.",[44908],{"type":1992},{"type":647,"attrs":44910,"content":44911},{"level":13022,"textAlign":49},[44912],{"text":44913,"type":585},"Sustainability drives commercial decisions",{"type":580,"attrs":44915,"content":44916},{"textAlign":49},[44917],{"text":44918,"type":585},"“On both the buy side and sell side, sustainability is now a critical metric when supply agreements are being discussed,” Daisy Jennings-Gray, head of prices at Benchmark, said.",{"type":580,"attrs":44920,"content":44921},{"textAlign":49},[44922],{"text":44923,"type":585},"As such, Benchmark tracks the progress and commitment to stakeholder-defined ESG indicators across all participants in the mineral mining and processing space for lithium, cobalt, nickel, and graphite.",{"type":580,"attrs":44925,"content":44926},{"textAlign":49},[44927],{"text":44928,"type":585},"The values are quantified through 79 indicators to give every player, whether operating or developing, an overall score out of 100. These scores correspond to the sustainability classifications as follows:",{"type":580,"attrs":44930,"content":44931},{"textAlign":49},[44932],{"text":44933,"type":585},"These ESG metrics are of increasing business importance to players across the supply chain down to the automakers producing electric vehicles.",{"type":580,"attrs":44935,"content":44936},{"textAlign":49},[44937],{"text":44938,"type":585},"“The sourcing strategies, particularly for OEMs, is that they’re looking for industry leading, good practice companies to fulfil their lithium requirements in order to fulfil, say, decarbonisation goals, not just for the company, but for the country they’re operating in,” Perks said.",{"type":580,"attrs":44940,"content":44941},{"textAlign":49},[44942,44944,44949,44951,44955],{"text":44943,"type":585},"But the ",{"text":44945,"type":585,"marks":44946},"supply of such lithium",[44947],{"type":590,"attrs":44948},{"href":36945,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":44950,"type":585}," is limited. By 2026, ",{"text":17833,"type":585,"marks":44952},[44953],{"type":590,"attrs":44954},{"href":41935,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":44956,"type":585}," shows that lithium from recycled sourced or mined by companies with industry leading or good ESG practices is set to meet 45% of demand but drop to 35% by 2030.",{"type":580,"attrs":44958,"content":44959},{"textAlign":49},[44960],{"type":1847,"attrs":44961},{"id":49,"alt":44962,"src":44963,"title":49,"source":49,"copyright":49,"meta_data":44964},"Mined lithium from sustainable sources is insufficient to meet demand","https://a.storyblok.com/f/287943243085208/7c73064b82/bm-lithium-sustainability-index-2026-supply-demand.png",{},{"type":647,"attrs":44966,"content":44967},{"level":13022,"textAlign":49},[44968],{"text":44969,"type":585},"Sustainability in pricing",{"type":580,"attrs":44971,"content":44972},{"textAlign":49},[44973,44975,44979],{"text":44974,"type":585},"With the desire for sustainably sourced lithium on the rise, there is a growing need for pricing mechanisms to reflect this. Benchmark now releases a biweekly ",{"text":40937,"type":585,"marks":44976},[44977],{"type":590,"attrs":44978},{"href":40941,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":44981,"content":44982},{"textAlign":49},[44983],{"text":44984,"type":585},"The price is normalised to CIF Asia and follows Benchmark’s IOSCO-approved methodologies using first-hand collection of prices from active market participants with industry leading scores on Benchmark’s Lithium Sustainability Index.",{"type":580,"attrs":44986,"content":44987},{"textAlign":49},[44988],{"text":44989,"type":585},"“It gives automakers the opportunity to index contract price mechanisms to demonstrate supply chain sustainability practices,” Jennings-Gray said, adding that such a price also “incentivises producers to strive for better ESG transparency.”",{"type":580,"attrs":44991,"content":44992},{"textAlign":49},[44993],{"text":44994,"type":585},"The latest sustainable lithium carbonate price was reported at $14,525 per tonne, up 0.7% from two weeks prior.",{"type":580,"attrs":44996,"content":44997},{"textAlign":49},[44998],{"text":44999,"type":585},"Benchmark is the world’s leading provider of independent price assessments, market forecasts, cost analysis and consultancy for the global lithium market.",{"type":580,"attrs":45001,"content":45002},{"textAlign":49},[45003],{"text":45004,"type":585},"To learn more about our services and our outlook to 2050 for lithium, please provide your details here and our team will be in touch.","Lithium ion battery demand is forecast to grow almost four-fold between 2023 and 2030 to 3.9 terawatt-hours, according to Benchmark’s Lithium ion Battery Database. This growth in battery demand will result in a corresponding surge in demand for the constituent critical raw materials. In 2015, batteries accounted for just 34% of lithium demand. In 2024, […]",[45007],{"slug":9249,"name":9250,"content":45008},{"job_title":9252,"image":45009,"bio":9255,"linkedin":9256},{"filename":9254},"Sustainability now a critical metric for lithium supply ",[45012,45013,45014],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"slug":14595,"name":14596},{"id":49,"alt":44962,"name":645,"focus":645,"title":44962,"source":645,"filename":44963,"copyright":645,"fieldtype":701,"meta_data":45016,"is_external_url":51},{"alt":44962,"title":44962,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":24976,"copyright":645,"fieldtype":701,"meta_data":45018,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},"Lithium ion battery demand is forecast to grow almost four-fold between 2023 and 2030 to 3.9 terawatt-hours, according to Benchmark’s Lithium ion Battery Database. This growth in battery demand will result in]","Jan 26, 2024",{"id":45022,"uuid":45023,"name":45024,"slug":45025,"full_slug":45026,"content":45027},112470129190606,"54e0a328-6860-4260-b852-1e5f5068119c","Infographic: China’s influence over Indonesian nickel","infographic-chinas-influence-over-indonesian-nickel","article/infographic-chinas-influence-over-indonesian-nickel",{"_uid":45028,"date":45029,"tags":45030,"editor":45034,"content":45038,"excerpt":45096,"featured":51,"reporter":45097,"_editable":45101,"component":689,"seo_title":45024,"categories":45102,"visibility":697,"author_company":49,"data_vis_image":45106,"featured_image":45109,"seo_description":45096,"author_full_name":49,"author_job_title":49,"formattedDate":45112},"a9469c04-6616-434e-b523-35750afe943c","2024-01-25 00:00",[45031,45032,45033],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":6028,"name":6029},[45035],{"slug":1466,"name":1467,"content":45036},{"job_title":1469,"image":45037,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":45039},[45040,45045,45050,45055,45060,45067,45072,45077,45082,45087],{"type":580,"attrs":45041,"content":45042},{"textAlign":49},[45043],{"text":45044,"type":585},"Majority Chinese-owned companies will produce a large but declining share of nickel suitable for batteries made in Indonesia out to 2030.",{"type":580,"attrs":45046,"content":45047},{"textAlign":49},[45048],{"text":45049,"type":585},"In 2033, 54% of Indonesia’s battery nickel output will come from majority Chinese-owned producers, down from 82% in 2024.*",{"type":580,"attrs":45051,"content":45052},{"textAlign":49},[45053],{"text":45054,"type":585},"Western investment will drive the trend. An indicative example is Ford’s recent entry into a joint venture high pressure acid leach refinery held by Vale and China’s Huayou.",{"type":580,"attrs":45056,"content":45057},{"textAlign":49},[45058],{"text":45059,"type":585},"Still, 90% of Indonesian nickel will come from producers under some Chinese ownership in 2030. Already, the extent of Chinese investment in its industry is making it difficult for Indonesia to access US Inflation Reduction Act (IRA) benefits. ",{"type":580,"attrs":45061,"content":45062},{"textAlign":49},[45063],{"type":1847,"attrs":45064},{"id":49,"alt":645,"src":45065,"title":49,"source":49,"copyright":49,"meta_data":45066},"https://a.storyblok.com/f/287943243085208/e2e4712a5f/bm-indonesia-nickel-v16-hr-1.jpg",{},{"type":580,"attrs":45068,"content":45069},{"textAlign":49},[45070],{"text":45071,"type":585},"US President Joe Biden has faced domestic political pushback against the prospect of a trade agreement with Indonesia, which could make Chinese producers there eligible for IRA tax credits.",{"type":580,"attrs":45073,"content":45074},{"textAlign":49},[45075],{"text":45076,"type":585},"Even if Indonesia gains US Free Trade Agreement status, the IRA’s Foreign Entities of Concern (FEOC) rule may disqualify some of its Chinese-owned output. ",{"type":580,"attrs":45078,"content":45079},{"textAlign":49},[45080],{"text":45081,"type":585},"In December 2023, the US Treasury announced that any critical minerals producer that is more than 25% owned by a company associated with the Chinese government will not qualify for IRA tax credits.",{"type":580,"attrs":45083,"content":45084},{"textAlign":49},[45085],{"text":45086,"type":585},"It is still unclear which Indonesian refineries would be affected. Our assessment does not distinguish between private and publicly-owned Chinese companies but the guidelines may be implemented in a way that treats privately-owned Chinese companies in foreign joint ventures more leniently than state-owned ones. The Treasury is also yet to define what qualifies as state-controlled enterprises.",{"type":580,"attrs":45088,"content":45089},{"textAlign":49},[45090,45092],{"text":45091,"type":585},"* ",{"text":45093,"type":585,"marks":45094},"These are conservative estimates on Chinese ownership levels as some Indonesia-registered refining companies may be owned by Chinese companies. Further, ownership split for some joint ventures are still unclear.",[45095],{"type":1992},"Majority Chinese-owned companies will produce a large but declining share of nickel suitable for batteries made in Indonesia out to 2030. In 2033, 54% of Indonesia’s battery nickel output will come from majority Chinese-owned producers, down from 82% in 2024.* Western investment will drive the trend. An indicative example is Ford’s recent entry into a […]",[45098],{"slug":1466,"name":1467,"content":45099},{"job_title":1469,"image":45100,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a9469c04-6616-434e-b523-35750afe943c\", \"id\": \"\"}-->",[45103,45104,45105],{"slug":2623,"name":298},{"slug":695,"name":696},{"slug":2553,"name":150},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":45107,"copyright":645,"fieldtype":701,"meta_data":45108,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/w_1966,h_2560,c_scale/f_auto,q_auto/v1706186919/www-production/Indonesia-Nickel-_V16_HR/Indonesia-Nickel-_V16_HR.jpg?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":45110,"copyright":645,"fieldtype":701,"meta_data":45111,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7df8939b02/bm-indonesia-nickel-v16-cover.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Jan 25, 2024",{"id":45114,"uuid":45115,"name":45116,"slug":45117,"full_slug":45118,"content":45119},112470139201233,"093004bd-fe3b-4fb9-9e66-7273adaaeca1","Graphite prices fall as China’s export rules bolster domestic supply","graphite-prices-fall-as-chinas-export-rules-bolster-domestic-supply","article/graphite-prices-fall-as-chinas-export-rules-bolster-domestic-supply",{"_uid":45120,"date":45121,"tags":45122,"editor":45128,"content":45132,"excerpt":45304,"featured":51,"reporter":45305,"_editable":45309,"component":689,"seo_title":45116,"categories":45310,"visibility":697,"author_company":49,"data_vis_image":45313,"featured_image":45315,"seo_description":45304,"author_full_name":49,"author_job_title":49,"formattedDate":45319},"37be556c-7690-435d-af5f-024ea7c34dcc","2024-01-23 00:00",[45123,45124,45125,45126,45127],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":10568,"name":10569},{"slug":23328,"name":23329},{"slug":13546,"name":13547},[45129],{"slug":9249,"name":9250,"content":45130},{"job_title":9252,"image":45131,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":45133},[45134,45145,45150,45155,45160,45177,45185,45190,45195,45203,45216,45235,45240,45258,45263,45268,45273,45278,45283,45288,45299],{"type":580,"attrs":45135,"content":45136},{"textAlign":49},[45137,45143],{"text":45138,"type":585,"marks":45139},"China’s regulations",[45140],{"type":590,"attrs":45141},{"href":45142,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/analyst-insights-what-do-chinas-graphite-export-restrictions-mean-for-lithium-ion",{"text":45144,"type":585}," on the export of graphite products have been in force since the start of December last year, making it more difficult for some Western traders and buyers to get a hold of material.",{"type":580,"attrs":45146,"content":45147},{"textAlign":49},[45148],{"text":45149,"type":585},"Benchmark has not received reports of any licences being granted for shipments of graphite from China into North America. However, licences have been issued for shipping material into South Korea and Europe.",{"type":580,"attrs":45151,"content":45152},{"textAlign":49},[45153],{"text":45154,"type":585},"Last week a spokesman for China’s Ministry of Commerce said the regulations “were not an export ban,” and that the ministry had already approved some applications. ",{"type":580,"attrs":45156,"content":45157},{"textAlign":49},[45158],{"text":45159,"type":585},"“The Ministry of Commerce continues to check other applications according to the procedures in the regulations,” it said. ",{"type":580,"attrs":45161,"content":45162},{"textAlign":49},[45163,45164,45169,45171,45176],{"text":1005,"type":585},{"text":45165,"type":585,"marks":45166},"regulations",[45167],{"type":590,"attrs":45168},{"href":42185,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":45170,"type":585},", alongside later-than-expected winter shut downs of operations in Heilongjiang and strong inventories, led to an unseasonal 1.3% drop in prices of flake graphite suitable for battery applications in December, according to ",{"text":45172,"type":585,"marks":45173},"Benchmark’s Flake Graphite Price Assessment",[45174],{"type":590,"attrs":45175},{"href":43200,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":45178,"content":45179},{"textAlign":49},[45180],{"type":1847,"attrs":45181},{"id":49,"alt":45182,"src":45183,"title":49,"source":49,"copyright":49,"meta_data":45184},"December's fall in flake graphite prices was unusual","https://a.storyblok.com/f/287943243085208/f7fff990ab/bm-change-in-flake-graphite-prices.png",{},{"type":580,"attrs":45186,"content":45187},{"textAlign":49},[45188],{"text":45189,"type":585},"Ahead of the implementation of the regulations, a rush to secure material saw exports of graphite materials rise to 45,000 tonnes in November, significantly higher than the 17,000 tonne monthly average. After the regulations entered force, exports dropped over 90% to 4,000 tonnes, according to Chinese customs data.",{"type":580,"attrs":45191,"content":45192},{"textAlign":49},[45193],{"text":45194,"type":585},"“Domestic supply in China remains robust,” Tony Alderson, an analyst at Benchmark, said. “Throughout December prices for finer mesh flake fell. At this time of year we would usually see that price either stable or on the rise.”",{"type":580,"attrs":45196,"content":45197},{"textAlign":49},[45198],{"type":1847,"attrs":45199},{"id":49,"alt":45200,"src":45201,"title":49,"source":49,"copyright":49,"meta_data":45202},"December saw significant drop in Chinese graphite exports","https://a.storyblok.com/f/287943243085208/070b116067/bm-chinese-graphite-exports.png",{},{"type":580,"attrs":45204,"content":45205},{"textAlign":49},[45206,45208,45214],{"text":45207,"type":585},"Synthetic graphite prices have been impacted less as that market is already in a ",{"text":45209,"type":585,"marks":45210},"notable state of overcapacity",[45211],{"type":590,"attrs":45212},{"href":45213,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/synthetic-graphite-capacity-expansions-continue-as-anode-producers-look-to-higher-sulphur-pet-cokes-2023-in-review",{"text":45215,"type":585},", Alderson said.",{"type":580,"attrs":45217,"content":45218},{"textAlign":49},[45219,45221,45226,45228,45234],{"text":45220,"type":585},"The disruption has had minimal impact on the anode market due to its concentration in China. ",{"text":32921,"type":585,"marks":45222},[45223],{"type":590,"attrs":45224},{"href":45225,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts/anode/reports",{"text":45227,"type":585}," shows that",{"text":45229,"type":585,"marks":45230}," 93% of anode production is expected to occur in China",[45231],{"type":590,"attrs":45232},{"href":45233,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/infographic-china-controls-three-quarters-of-graphite-anode-supply-chain",{"text":16201,"type":585},{"type":580,"attrs":45236,"content":45237},{"textAlign":49},[45238],{"text":45239,"type":585},"Japan and South Korea are the second and third largest anode producers, respectively. Benchmark forecasts them to represent 4% and 2% of supply this year.",{"type":580,"attrs":45241,"content":45242},{"textAlign":49},[45243,45249,45251,45256],{"text":45244,"type":585,"marks":45245},"South Korean anode producers",[45246],{"type":590,"attrs":45247},{"href":45248,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/south-koreas-sk-agrees-us-anode-deal-in-move-to-reduce-china-dominance",{"text":45250,"type":585}," such as ",{"text":16474,"type":585,"marks":45252},[45253],{"type":590,"attrs":45254},{"href":45255,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/posco-expands-lithium-ion-empire-with-silicon-anode-acquisition",{"text":45257,"type":585}," have received spherical graphite from China with their licences being approved, according to the Yonhap News Agency.",{"type":580,"attrs":45259,"content":45260},{"textAlign":49},[45261],{"text":45262,"type":585},"“China has relatively good relations with South Korea,” Alderson said. “Chinese authorities set a policy briefing exclusively for Korean companies prior to the regulation implementation to help in minimising any disruptions to the battery supply chain.”",{"type":580,"attrs":45264,"content":45265},{"textAlign":49},[45266],{"text":45267,"type":585},"Battery anode production outside of Asia currently represents a very small proportion of supply, though the export regulations have impacted industrial users of graphite products.",{"type":580,"attrs":45269,"content":45270},{"textAlign":49},[45271],{"text":45272,"type":585},"Some traders within Europe and North America have told Benchmark they are finding it difficult to obtain material, according to Alderson.",{"type":580,"attrs":45274,"content":45275},{"textAlign":49},[45276],{"text":45277,"type":585},"Some European traders have received licences, though as yet Benchmark has not received reports of any licences being granted for shipments of graphite from China into North America.",{"type":580,"attrs":45279,"content":45280},{"textAlign":49},[45281],{"text":45282,"type":585},"However there is a pushback from some of the traders’ customers against getting material from China.",{"type":580,"attrs":45284,"content":45285},{"textAlign":49},[45286],{"text":45287,"type":585},"“The information China requires in regard to the end user is comprehensive,” Alderson said. “On the back of this, some end users are remaining cautious about procuring material and are looking elsewhere.”",{"type":580,"attrs":45289,"content":45290},{"textAlign":49},[45291,45293,45297],{"text":45292,"type":585},"Some of these customers are instead looking to Africa for graphite. After China, Africa is the largest producer of flake graphite, forecast to represent 22% of the global market this year according to ",{"text":41620,"type":585,"marks":45294},[45295],{"type":590,"attrs":45296},{"href":43200,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":45298,"type":585},", primarily from operations in Madagascar and Mozambique.",{"type":580,"attrs":45300,"content":45301},{"textAlign":49},[45302],{"text":45303,"type":585},"However, although Africa has flake graphite production, there is currently no processing capacity in the country to produce spherical graphite, whereas 96% of the material comes from China.","China’s regulations on the export of graphite products have been in force since the start of December last year, making it more difficult for some Western traders and buyers to get a hold of material. Benchmark has not received reports of any licences being granted for shipments of graphite from China into North America. However, […]",[45306],{"slug":9249,"name":9250,"content":45307},{"job_title":9252,"image":45308,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"37be556c-7690-435d-af5f-024ea7c34dcc\", \"id\": \"\"}-->",[45311,45312],{"slug":1142,"name":1143},{"slug":2627,"name":2628},{"id":49,"alt":45200,"name":645,"focus":645,"title":45200,"source":645,"filename":45201,"copyright":645,"fieldtype":701,"meta_data":45314,"is_external_url":51},{"alt":45200,"title":45200,"source":645,"copyright":645},{"id":49,"alt":45316,"name":645,"focus":645,"title":45316,"source":645,"filename":45317,"copyright":645,"fieldtype":701,"meta_data":45318,"is_external_url":51},"flake graphite china","https://a.storyblok.com/f/287943243085208/f00339b3a3/bm-img-3615.jpg",{"alt":45316,"title":45316,"source":645,"copyright":645},"Jan 23, 2024",{"id":45321,"uuid":45322,"name":45323,"slug":45324,"full_slug":45325,"content":45326},112470153930452,"7984254e-f3cb-4730-8411-00be24f859da","Can renewables help clean up Indonesia’s nickel industry?","can-renewables-help-clean-up-indonesias-nickel-industry","article/can-renewables-help-clean-up-indonesias-nickel-industry",{"_uid":45327,"date":45328,"tags":45329,"editor":45332,"content":45336,"excerpt":45444,"featured":51,"reporter":45445,"_editable":45449,"component":689,"seo_title":45323,"categories":45450,"visibility":697,"author_company":49,"data_vis_image":45453,"featured_image":45455,"seo_description":45444,"author_full_name":49,"author_job_title":49,"formattedDate":45457},"58ca07c2-40ed-4011-ba2c-0205b4cf4799","2024-01-19 00:00",[45330,45331],{"slug":564,"name":565},{"slug":17604,"name":17605},[45333],{"slug":9249,"name":9250,"content":45334},{"job_title":9252,"image":45335,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":45337},[45338,45351,45356,45361,45366,45371,45382,45387,45392,45399,45404,45409,45414,45419,45429,45434,45439],{"type":580,"attrs":45339,"content":45340},{"textAlign":49},[45341,45343,45349],{"text":45342,"type":585},"Indonesia relies on coal for most of its electricity, but in November 2022, the country ",{"text":45344,"type":585,"marks":45345},"welcomed",[45346],{"type":590,"attrs":45347},{"href":45348,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/rich-nations-pledge-could-help-nickel-producer-indonesia-go-green",{"text":45350,"type":585}," the Just Energy Transition Partnership (JETP), aiming to raise the share of renewables in the country grid to 34% by 2030. ",{"type":580,"attrs":45352,"content":45353},{"textAlign":49},[45354],{"text":45355,"type":585},"Introduced a year later, the Comprehensive Investment and Policy Plan (CIPP) is the roadmap to achieve the JETP’s objectives, with an initial funding commitment of $20 billion, now increased to $21.6 billion. ",{"type":580,"attrs":45357,"content":45358},{"textAlign":49},[45359],{"text":45360,"type":585},"The CIPP outlines a more ambitious decarbonisation scenario than the initial JETP pledge, targeting 250 million tons of CO2 emissions for on-grid electricity by 2030, with a 44% renewable energy share and a net-zero emissions goal for the electricity sector by 2050. The official launch of CIPP is scheduled for August 2024.",{"type":580,"attrs":45362,"content":45363},{"textAlign":49},[45364],{"text":45365,"type":585},"But to what extent can renewables help reduce the carbon intensity of nickel processing in Indonesia?",{"type":647,"attrs":45367,"content":45368},{"level":13022,"textAlign":49},[45369],{"text":45370,"type":585},"Benchmark’s nickel LCA ",{"type":580,"attrs":45372,"content":45373},{"textAlign":49},[45374,45380],{"text":45375,"type":585,"marks":45376},"Benchmark’s Nickel Global LCA",[45377],{"type":590,"attrs":45378},{"href":45379,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/esg/nickel/reports/",{"text":45381,"type":585}," analyses how increasing the share of renewables or substituting it entirely induces changes in carbon intensity for different nickel processing technologies. Presently, electricity for RKEF and HPAL projects in Indonesia is sourced from coal-fired power plants.",{"type":580,"attrs":45383,"content":45384},{"textAlign":49},[45385],{"text":45386,"type":585},"The graph below illustrates that both routes would benefit from the initial JETP that aimed for a 34% share of renewables for the country’s electricity mix by 2030 (6% and 2% carbon reduction, respectively). ",{"type":580,"attrs":45388,"content":45389},{"textAlign":49},[45390],{"text":45391,"type":585},"Because only HPAL and RKEF operations are relevant to Indonesia, the other routes are not modelled for the Indonesian context in Benchmark’s LCA.",{"type":580,"attrs":45393,"content":45394},{"textAlign":49},[45395],{"type":1847,"attrs":45396},{"id":49,"alt":645,"src":45397,"title":49,"source":49,"copyright":49,"meta_data":45398},"https://a.storyblok.com/f/287943243085208/d7e6467c7c/bm-how-renewables-impact-nickel-production-indonesia.jpg",{},{"type":580,"attrs":45400,"content":45401},{"textAlign":49},[45402],{"text":45403,"type":585},"Arguably, achieving a 44% share of renewables would result in slightly higher carbon reductions, falling between the 34% and 100% renewables displayed in brown and yellow.",{"type":580,"attrs":45405,"content":45406},{"textAlign":49},[45407],{"text":45408,"type":585},"In both cases, despite a reduction in emissions, RKEF remains the most carbon-intensive technology. According to Benchmark’s analysis, even using 100% renewable energy, which represents a 40% carbon reduction from business-as-usual, RKEF is still the second most emission intensive process after the Caron route. ",{"type":580,"attrs":45410,"content":45411},{"textAlign":49},[45412],{"text":45413,"type":585},"It is caused by the direct emissions and embedded emissions from reagents production and distribution, which cannot be compensated with alternative energy sources.",{"type":580,"attrs":45415,"content":45416},{"textAlign":49},[45417],{"text":45418,"type":585},"Additionally, Benchmark Global LCA’s results showcase the importance of considering trade-offs between different environmental impacts when comparing different routes.",{"type":580,"attrs":45420,"content":45421},{"textAlign":49},[45422,45428],{"text":45423,"type":585,"marks":45424},"Nature risks for example, are less monitored by companies than GHG emissions",[45425],{"type":590,"attrs":45426},{"href":45427,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/the-ecological-costs-of-indonesian-nickel",{"text":14640,"type":585},{"type":580,"attrs":45430,"content":45431},{"textAlign":49},[45432],{"text":45433,"type":585},"For example, the HPAL has the highest water consumption, soil acidification and particulate matter formation impacts amongst all processing routes, despite its lower carbon footprint.",{"type":580,"attrs":45435,"content":45436},{"textAlign":49},[45437],{"text":45438,"type":585},"While the increase of the renewable energy target to 44% by the CIPP is a notable improvement that will help to decarbonise the sector, battery producers and OEMs must understand and seek to minimise the embedded emissions of battery manufacturing. ",{"type":580,"attrs":45440,"content":45441},{"textAlign":49},[45442],{"text":45443,"type":585},"Beyond emissions, meaningful improvement of the environmental impacts of the nickel industry requires monitoring to minimise nature risks.","Indonesia relies on coal for most of its electricity, but in November 2022, the country welcomed the Just Energy Transition Partnership (JETP), aiming to raise the share of renewables in the country grid to 34% by 2030. Introduced a year later, the Comprehensive Investment and Policy Plan (CIPP) is the roadmap to achieve the JETP’s […]",[45446],{"slug":9249,"name":9250,"content":45447},{"job_title":9252,"image":45448,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"58ca07c2-40ed-4011-ba2c-0205b4cf4799\", \"id\": \"\"}-->",[45451,45452],{"slug":2553,"name":150},{"slug":14595,"name":14596},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":45397,"copyright":645,"fieldtype":701,"meta_data":45454,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":6173,"copyright":645,"fieldtype":701,"meta_data":45456,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},"Jan 19, 2024",{"id":45459,"uuid":45460,"name":45461,"slug":45462,"full_slug":45463,"content":45464},112470168327895,"5eb87f93-67a4-4050-9e03-c1d89052ced6","What to expect for cathode markets in 2024?","what-to-expect-for-cathode-markets-in-2024","article/what-to-expect-for-cathode-markets-in-2024",{"_uid":45465,"date":45466,"tags":45467,"editor":45473,"content":45477,"excerpt":45606,"featured":50,"reporter":45607,"_editable":45611,"component":689,"seo_title":45461,"categories":45612,"visibility":697,"author_company":49,"data_vis_image":45619,"featured_image":45621,"seo_description":45606,"author_full_name":49,"author_job_title":49,"formattedDate":45624},"e1822833-956d-4540-a81a-68b8f0cf2c5a","2024-01-12 00:00",[45468,45469,45470,45471,45472],{"slug":43616,"name":43617},{"slug":10844,"name":10845},{"slug":564,"name":565},{"slug":1458,"name":1459},{"slug":6025,"name":6026},[45474],{"slug":1466,"name":1467,"content":45475},{"job_title":1469,"image":45476,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":45478},[45479,45490,45502,45518,45523,45535,45548,45560,45565,45570,45578,45582,45590,45594,45598],{"type":580,"attrs":45480,"content":45481},{"textAlign":49},[45482,45484,45488],{"text":45483,"type":585},"The rise of cheaper ",{"text":23878,"type":585,"marks":45485},[45486],{"type":590,"attrs":45487},{"href":18061,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":45489,"type":585}," (LFP) batteries will continue this year, with the cell chemistry set to account for almost 50% of all market demand. ",{"type":580,"attrs":45491,"content":45492},{"textAlign":49},[45493,45495,45500],{"text":45494,"type":585},"LFP cells are forecast to increase their market share to 48% in 2024, from 45% of demand in 2023, according to ",{"text":45496,"type":585,"marks":45497},"Benchmark’s Lithium Ion Battery Database",[45498],{"type":590,"attrs":45499},{"href":39439,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":45501,"type":585},". In contrast, the share of nickel cobalt manganese (NCM) cells on the market is set to decline to 42% from 43%.  ",{"type":580,"attrs":45503,"content":45504},{"textAlign":49},[45505,45507,45511,45512,45516],{"text":45506,"type":585},"This will have a particularly strong impact on the demand for ",{"text":2544,"type":585,"marks":45508},[45509],{"type":590,"attrs":45510},{"href":39119,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":14640,"type":585},{"text":150,"type":585,"marks":45513},[45514],{"type":590,"attrs":45515},{"href":43141,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":45517,"type":585}," is expected to be in a surplus this year and lithium is set to see a balanced market in 2024.",{"type":580,"attrs":45519,"content":45520},{"textAlign":49},[45521],{"text":45522,"type":585},"As supply outpaces demand, prices for these materials are expected to continue their 2023 trend and stay low. With much of the supply chain still concentrated in China, how companies in the country respond could have major impacts across the whole sector.",{"type":580,"attrs":45524,"content":45525},{"textAlign":49},[45526,45528,45533],{"text":45527,"type":585},"“How Chinese companies operate through the low price environment will be interesting,” ",{"text":2611,"type":585,"marks":45529},[45530],{"type":590,"attrs":45531},{"href":45532,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/analyst-insights-will-lithium-prices-recover",{"text":45534,"type":585},", head of prices at Benchmark, said. “Prices are below operating costs for most battery chemicals going into 2024, so any supply-side response could drive bullish sentiment. That being said, China tends to push through these cycles rather than bring capacity offline.”",{"type":580,"attrs":45536,"content":45537},{"textAlign":49},[45538,45540,45546],{"text":45539,"type":585},"Lithium ion battery production is forecast to have hit ",{"text":45541,"type":585,"marks":45542},"one terawatt hour in 2023",[45543],{"type":590,"attrs":45544},{"href":45545,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/battery-production-set-to-pass-1-twh-in-2023",{"text":45547,"type":585}," and is set to grow another 33% in 2024. This is keeping pace with global demand, which continues to grow with sales of electric vehicles increasing 31% year-on-year last year, according to Rho Motion.",{"type":580,"attrs":45549,"content":45550},{"textAlign":49},[45551,45553,45559],{"text":45552,"type":585},"In addition, any further uptick in demand could help create stability for ",{"text":45554,"type":585,"marks":45555},"cathode markets",[45556],{"type":590,"attrs":45557},{"href":45558,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/china-and-the-west-the-state-of-the-global-cathode-market",{"text":14640,"type":585},{"type":580,"attrs":45561,"content":45562},{"textAlign":49},[45563],{"text":45564,"type":585},"Here, Benchmark Source outlines the key trends to watch for in 2024 in the cathode market.",{"type":647,"attrs":45566,"content":45567},{"level":13022,"textAlign":49},[45568],{"text":45569,"type":585},"Cathode material",{"type":580,"attrs":45571,"content":45572},{"textAlign":49},[45573],{"type":1847,"attrs":45574},{"id":49,"alt":45575,"src":45576,"title":49,"source":49,"copyright":49,"meta_data":45577},"Cathode prices fell 63% in 2023","https://a.storyblok.com/f/287943243085208/34971c6c29/bm-cathode-price-index-2023.png",{},{"type":647,"attrs":45579,"content":45580},{"level":13022,"textAlign":49},[45581],{"text":8,"type":585},{"type":580,"attrs":45583,"content":45584},{"textAlign":49},[45585],{"type":1847,"attrs":45586},{"id":49,"alt":45587,"src":45588,"title":49,"source":49,"copyright":49,"meta_data":45589},"Hard rock and brine will remain the dominant lithium sources in 2024","https://a.storyblok.com/f/287943243085208/8bf87e4f58/bm-lithium-sources-2023-2024-weighted.png",{},{"type":647,"attrs":45591,"content":45592},{"level":13022,"textAlign":49},[45593],{"text":150,"type":585},{"type":647,"attrs":45595,"content":45596},{"level":13022,"textAlign":49},[45597],{"text":115,"type":585},{"type":580,"attrs":45599,"content":45600},{"textAlign":49},[45601],{"type":1847,"attrs":45602},{"id":49,"alt":45603,"src":45604,"title":49,"source":49,"copyright":49,"meta_data":45605},"The DRC will remain the dominant country for cobalt production in 2024","https://a.storyblok.com/f/287943243085208/35568799dc/bm-cobalt-countries-2024.png",{},"The rise of cheaper lithium iron phosphate (LFP) batteries will continue this year, with the cell chemistry set to account for almost 50% of all market demand. LFP cells are forecast to increase their market share to 48% in 2024, from 45% of demand in 2023, according to Benchmark’s Lithium Ion Battery Database. In contrast, […]",[45608],{"slug":1466,"name":1467,"content":45609},{"job_title":1469,"image":45610,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e1822833-956d-4540-a81a-68b8f0cf2c5a\", \"id\": \"\"}-->",[45613,45614,45615,45616,45617,45618],{"slug":956,"name":957},{"slug":2623,"name":298},{"slug":2544,"name":115},{"slug":1142,"name":1143},{"slug":1693,"name":8},{"slug":2553,"name":150},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":45576,"copyright":645,"fieldtype":701,"meta_data":45620,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":45622,"copyright":645,"fieldtype":701,"meta_data":45623,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/3022a8f8f6/bm-process-competence-center-battery-assembly.png",{"alt":645,"title":645,"source":645,"copyright":645},"Jan 12, 2024",{"id":45626,"uuid":2535,"name":45627,"slug":45628,"full_slug":45629,"content":45630},112470246287079,"Lithium price decline casts shadow over long-term supply prospects – 2023 in review","lithium-price-decline-casts-shadow-over-long-term-supply-prospects-2023-in-review","article/lithium-price-decline-casts-shadow-over-long-term-supply-prospects-2023-in-review",{"_uid":45631,"date":45632,"tags":45633,"editor":45636,"content":45640,"excerpt":45975,"featured":51,"reporter":45976,"_editable":45980,"component":689,"seo_title":45627,"categories":45981,"visibility":697,"author_company":49,"data_vis_image":45984,"featured_image":45986,"seo_description":45975,"author_full_name":49,"author_job_title":49,"formattedDate":45989},"04b87adc-58cc-4f1f-a7ac-1269f83f582e","2023-12-22 00:00",[45634,45635],{"slug":564,"name":565},{"slug":1458,"name":1459},[45637],{"slug":1466,"name":1467,"content":45638},{"job_title":1469,"image":45639,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":45641},[45642,45647,45657,45662,45673,45678,45683,45693,45703,45708,45713,45718,45723,45728,45733,45740,45751,45756,45761,45768,45773,45778,45790,45797,45807,45812,45819,45837,45842,45860,45870,45875,45882,45903,45915,45920,45933,45938,45951,45970],{"type":580,"attrs":45643,"content":45644},{"textAlign":49},[45645],{"text":45646,"type":585},"A major correction in prices from record highs defined the lithium market in 2023, as new capacities provided flexibility in raw material supplies and electric vehicle (EV) demand growth underperformed on expectations. ",{"type":580,"attrs":45648,"content":45649},{"textAlign":49},[45650,45655],{"text":45651,"type":585,"marks":45652},"Benchmark’s lithium carbonate prices",[45653],{"type":590,"attrs":45654},{"href":40953,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":45656,"type":585}," had surged to unprecedented levels, reaching $81,375 per tonne in China by December 2022, leading consumers across the supply chain to build inventories approaching the end of the year. ",{"type":580,"attrs":45658,"content":45659},{"textAlign":49},[45660],{"text":45661,"type":585},"This stock build up was compounded by a slowdown in the Chinese EV market moving into 2023, sparking an inevitable correction in prices which had reached unsustainable levels across much of the spot market. ",{"type":580,"attrs":45663,"content":45664},{"textAlign":49},[45665,45667,45671],{"text":45666,"type":585},"Incremental supply growth – most notably from spodumene operations in Africa and lepidolite in China – subsequently fueled a decline of more than 75% in ",{"text":44029,"type":585,"marks":45668},[45669],{"type":590,"attrs":45670},{"href":40953,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":45672,"type":585}," over the course of the year. ",{"type":580,"attrs":45674,"content":45675},{"textAlign":49},[45676],{"text":45677,"type":585},"Much of this new incremental supply was, however, from lower grade sources of material, creating an increasingly steep cost curve. ",{"type":580,"attrs":45679,"content":45680},{"textAlign":49},[45681],{"text":45682,"type":585},"By the end of 2023, lower price levels – which were still up by 139% from when the price cycle began in 2020 – had already made swathes of this flexible capacity uneconomical, leaving questions over the true scale of the surplus moving into 2024.",{"type":580,"attrs":45684,"content":45685},{"textAlign":49},[45686,45688,45692],{"text":45687,"type":585},"Lower prices have also stunted capital investment into the sector, diminishing new supply prospects in a sector where demand is still on course to experience a CAGR of 20% between now and 2030, according to ",{"text":17833,"type":585,"marks":45689},[45690],{"type":590,"attrs":45691},{"href":39094,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":14640,"type":585},{"type":580,"attrs":45694,"content":45695},{"textAlign":49},[45696],{"text":45697,"type":585,"marks":45698},"Watch Benchmark analyst Tony Alderson discuss the key lithium market trends of 2023",[45699,45702],{"type":590,"attrs":45700},{"href":45701,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/price-slump-new-supply-shifting-market-dynamics-lithium-2023-year-in-review",{"type":1992},{"type":647,"attrs":45704,"content":45705},{"level":13022,"textAlign":49},[45706],{"text":45707,"type":585},"Will lithium prices incentivise supply growth?",{"type":580,"attrs":45709,"content":45710},{"textAlign":49},[45711],{"text":45712,"type":585},"Shifting cost dynamics in the lithium market have led to concerns over the viability of some projects at lower price levels. ",{"type":580,"attrs":45714,"content":45715},{"textAlign":49},[45716],{"text":45717,"type":585},"The need to develop new assets, often using new technologies, only increases capital intensities, at a time when short-term market dynamics are detracting financing. ",{"type":580,"attrs":45719,"content":45720},{"textAlign":49},[45721],{"text":45722,"type":585},"“We’ve seen prices fall and spot market activity remain relatively subdued throughout the whole of the year,” Tony Alderson, an analyst at Benchmark, said. “The scale of the correction now raises questions over the economics of many projects.” ",{"type":580,"attrs":45724,"content":45725},{"textAlign":49},[45726],{"text":45727,"type":585},"In particular, lithium hydroxide – which was central to the industry’s expansion ambitions as recently as 2019 – has seen prices slump over 80% in the last 12 months to $13,150 per tonne in China in December. ",{"type":580,"attrs":45729,"content":45730},{"textAlign":49},[45731],{"text":45732,"type":585},"This decline relative to lithium carbonate has led to periods of battery-grade hydroxide trading at a discount to carbonate, which speaks to the rapid shift in battery chemistry preferences – another bottleneck to capital allocation. ",{"type":580,"attrs":45734,"content":45735},{"textAlign":49},[45736],{"type":1847,"attrs":45737},{"id":49,"alt":645,"src":45738,"title":49,"source":49,"copyright":49,"meta_data":45739},"https://a.storyblok.com/f/287943243085208/9b3d2619a6/bm-lithiumprices2023.png",{},{"type":580,"attrs":45741,"content":45742},{"textAlign":49},[45743,45745,45749],{"text":45744,"type":585},"As a result, lithium hydroxide supply is now on track to increase by only 65% in 2023, according to ",{"text":17833,"type":585,"marks":45746},[45747],{"type":590,"attrs":45748},{"href":39094,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":45750,"type":585},", a worrying sign for Western markets which are still expected to lean far more towards hydroxide containing, high energy-dense chemistries over the coming years. ",{"type":647,"attrs":45752,"content":45753},{"level":13022,"textAlign":49},[45754],{"text":45755,"type":585},"Where led the 2023 supply surge? ",{"type":580,"attrs":45757,"content":45758},{"textAlign":49},[45759],{"text":45760,"type":585},"The majority of the supply increase in 2023 came from the ramp up or expansion of existing projects. Supply from new projects accounted for just 21% of the increase.",{"type":580,"attrs":45762,"content":45763},{"textAlign":49},[45764],{"type":1847,"attrs":45765},{"id":49,"alt":645,"src":45766,"title":49,"source":49,"copyright":49,"meta_data":45767},"https://a.storyblok.com/f/287943243085208/704ab69cba/bm-lithiumsupply2023.png",{},{"type":580,"attrs":45769,"content":45770},{"textAlign":49},[45771],{"text":45772,"type":585},"In terms of tonnage, more than 60% of additional supply in 2023 came from either Australia or China.",{"type":580,"attrs":45774,"content":45775},{"textAlign":49},[45776],{"text":45777,"type":585},"In Australia, this growth came from spodumene sources, with some spodumene producers in the country reporting record production volumes.",{"type":580,"attrs":45779,"content":45780},{"textAlign":49},[45781,45783,45788],{"text":45782,"type":585},"The largest increase in Australian production this year was from the ramp up of the Wodgina mine operated by MARBL Lithium, a joint venture between ",{"text":16508,"type":585,"marks":45784},[45785],{"type":590,"attrs":45786},{"href":45787,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/albemarle-plans-to-double-kemerton-hydroxide-capacity-as-australian-lithium-chemical-production-ramps-up",{"text":45789,"type":585}," and Mineral Resources, which began operations in 2022. In 2023, production is forecast to increase to 55,000 tonnes and is expected to ramp up further to 69,000 tonnes in 2024.",{"type":580,"attrs":45791,"content":45792},{"textAlign":49},[45793],{"type":1847,"attrs":45794},{"id":49,"alt":645,"src":45795,"title":49,"source":49,"copyright":49,"meta_data":45796},"https://a.storyblok.com/f/287943243085208/223eec190a/bm-australiachinasupply.png",{},{"type":580,"attrs":45798,"content":45799},{"textAlign":49},[45800,45802,45806],{"text":45801,"type":585},"In China new lithium supply came primarily from either brine or mica deposits. Mica deposits in Jiangxi generally have low grades, containing around 0.2% Li2O, making them a high cost source of lithium. As such these deposits are considered marginal cost operations and most are experiencing losses, according to ",{"text":17833,"type":585,"marks":45803},[45804],{"type":590,"attrs":45805},{"href":41935,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":45808,"content":45809},{"textAlign":49},[45810],{"text":45811,"type":585},"Three of the top five lithium deposits were in Australia in 2023, with the remaining two being located in the Salar de Atacama in Chile.",{"type":580,"attrs":45813,"content":45814},{"textAlign":49},[45815],{"type":1847,"attrs":45816},{"id":49,"alt":645,"src":45817,"title":49,"source":49,"copyright":49,"meta_data":45818},"https://a.storyblok.com/f/287943243085208/246a5f4ca0/bm-lithiumdeposits.png",{},{"type":580,"attrs":45820,"content":45821},{"textAlign":49},[45822,45823,45828,45830,45835],{"text":15254,"type":585},{"text":45824,"type":585,"marks":45825},"lithium production in Africa",[45826],{"type":590,"attrs":45827},{"href":40799,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":45829,"type":585}," this year was just 4% of global production, the continent saw significant increases in supply. ",{"text":45831,"type":585,"marks":45832},"African lithium production in 2023",[45833],{"type":590,"attrs":45834},{"href":41960,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":45836,"type":585}," is forecast to be five times of 2022, with Zimbabwe and Namibia making up the bulk of this supply.",{"type":647,"attrs":45838,"content":45839},{"level":13022,"textAlign":49},[45840],{"text":45841,"type":585},"Sustainable lithium sources",{"type":580,"attrs":45843,"content":45844},{"textAlign":49},[45845,45847,45852,45854,45859],{"text":45846,"type":585},"Sustainability has been in focus this year. The Initiative for Responsible Mining Assurance (IRMA), the most stringent mining standard in the world, ",{"text":45848,"type":585,"marks":45849},"accredited the Chilean brine operation of Albemarle and SQM",[45850],{"type":590,"attrs":45851},{"href":36945,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":45853,"type":585}," in June and September, respectively. These operations accounted for all ",{"text":45855,"type":585,"marks":45856},"Chilean lithium production",[45857],{"type":590,"attrs":45858},{"href":15214,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":16201,"type":585},{"type":580,"attrs":45861,"content":45862},{"textAlign":49},[45863,45865,45869],{"text":45864,"type":585},"Albemarle and SQM also have Industry Leading environmental, social and governance (ESG) practices and disclosures, according to ",{"text":40771,"type":585,"marks":45866},[45867],{"type":590,"attrs":45868},{"href":42020,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":45871,"content":45872},{"textAlign":49},[45873],{"text":45874,"type":585},"The Index comprises 79 metrics such as whether they publish an ESG report. A third of global lithium production in 2023 is forecast to be associated with miners or chemical producers with Industry Leading scores on the Index.",{"type":580,"attrs":45876,"content":45877},{"textAlign":49},[45878],{"type":1847,"attrs":45879},{"id":49,"alt":645,"src":45880,"title":49,"source":49,"copyright":49,"meta_data":45881},"https://a.storyblok.com/f/287943243085208/d73ac8bdec/bm-lithiumsustainability2023.png",{},{"type":580,"attrs":45883,"content":45884},{"textAlign":49},[45885,45887,45893,45895,45901],{"text":45886,"type":585},"Allkem, an Australian lithium producer with an Industry Leading score on Benchmark’s index, ",{"text":45888,"type":585,"marks":45889},"merged with the USA’s Livent in May 2023",[45890],{"type":590,"attrs":45891},{"href":45892,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/livent-and-allkem-merger-to-create-10-6-billion-lithium-producer",{"text":45894,"type":585},". In December, the ",{"text":45896,"type":585,"marks":45897},"$10.6 billion merger offer",[45898],{"type":590,"attrs":45899},{"href":45900,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/being-fully-integrated-is-the-only-way-this-industry-will-develop-to-meet-all-the-needs-of-consumers-qa-with-livent-ceo-paul-graves",{"text":45902,"type":585}," was formally accepted. Arcadium Lithium, the combined company name, could be the fifth largest lithium producer in terms of market capitalisation.",{"type":580,"attrs":45904,"content":45905},{"textAlign":49},[45906,45908,45913],{"text":45907,"type":585},"The prices of lithium carbonate produced by companies with Industry Leading scores are compiled in a ",{"text":45909,"type":585,"marks":45910},"new price released by Benchmark",[45911],{"type":590,"attrs":45912},{"href":40941,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":45914,"type":585}," in November this year.",{"type":647,"attrs":45916,"content":45917},{"level":13022,"textAlign":49},[45918],{"text":45919,"type":585},"Western policy movements",{"type":580,"attrs":45921,"content":45922},{"textAlign":49},[45923,45925,45931],{"text":45924,"type":585},"Over a year on from the introduction of the Inflation Reduction Act in the US, the government released guidance on what constitutes a ",{"text":45926,"type":585,"marks":45927},"Foreign Entity of Concern",[45928],{"type":590,"attrs":45929},{"href":45930,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/us-moves-to-cut-china-from-its-battery-supply-chain",{"text":45932,"type":585}," in December.",{"type":580,"attrs":45934,"content":45935},{"textAlign":49},[45936],{"text":45937,"type":585},"The guidance states that automakers will not be eligible for up to $7,500 in electric vehicle subsidies if they use battery components or critical minerals from companies where at least 25% is owned directly or indirectly by Chinese companies. This could pose an issue to sourcing lithium from mines such as Greenbushes in Australia. Despite Australia having a Free Trade Agreement with the US, China’s Tianqi Lithium has a 26% stake in the project.",{"type":580,"attrs":45939,"content":45940},{"textAlign":49},[45941,45943,45949],{"text":45942,"type":585},"Further guidance from the US states that “any costs related to the extraction or acquisition of raw materials would not be taken into account as production costs,” in a blow to ",{"text":45944,"type":585,"marks":45945},"domestic lithium miners",[45946],{"type":590,"attrs":45947},{"href":45948,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/us-miners-and-recyclers-could-lose-out-on-production-tax-credits-in-the-inflation-reduction-act",{"text":45950,"type":585}," who could lose out on the production tax credits they had hoped to claim.",{"type":580,"attrs":45952,"content":45953},{"textAlign":49},[45954,45956,45961,45963,45968],{"text":45955,"type":585},"In Europe, ",{"text":45957,"type":585,"marks":45958},"political agreement was reached",[45959],{"type":590,"attrs":45960},{"href":42648,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":45962,"type":585}," over the ",{"text":7393,"type":585,"marks":45964},[45965],{"type":590,"attrs":45966},{"href":45967,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/opinion-critical-raw-materials-act-europes-attempt-to-have-both-quality-speed",{"text":45969,"type":585},". The Act states that 10% of Europe’s consumption of critical minerals, including lithium, should be mined within the bloc, 40% should be processed there, and 25% recycled by 2030.",{"type":580,"attrs":45971,"content":45972},{"textAlign":49},[45973],{"text":45974,"type":585},"Benchmark analysis showed that for lithium the recycling and processing targets will be difficult to achieve with current forecast production. However, it should be noted that these are benchmarks and not mandates.","A major correction in prices from record highs defined the lithium market in 2023, as new capacities provided flexibility in raw material supplies and electric vehicle (EV) demand growth underperformed on expectations. Benchmark’s lithium carbonate prices had surged to unprecedented levels, reaching $81,375 per tonne in China by December 2022, leading consumers across the supply […]",[45977],{"slug":1466,"name":1467,"content":45978},{"job_title":1469,"image":45979,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"04b87adc-58cc-4f1f-a7ac-1269f83f582e\", \"id\": \"\"}-->",[45982,45983],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":45795,"copyright":645,"fieldtype":701,"meta_data":45985,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":45987,"copyright":645,"fieldtype":701,"meta_data":45988,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/86dcba3f46/bm-lithium-reserves-salar-de-atacama.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Dec 22, 2023",{"id":45991,"uuid":45992,"name":45993,"slug":45994,"full_slug":45995,"content":45996},112470275589970,"b18a782e-8f69-4b25-9ca0-1db74b745688","Battery gigafactory investment slows as number of new plants falls to lowest level since 2019","battery-gigafactory-investment-slows-as-number-of-new-plants-falls-to-lowest-level-since-2019","article/battery-gigafactory-investment-slows-as-number-of-new-plants-falls-to-lowest-level-since-2019",{"_uid":45997,"date":45998,"tags":45999,"editor":46001,"content":46005,"excerpt":46177,"featured":51,"reporter":46178,"_editable":46182,"component":689,"seo_title":45993,"categories":46183,"visibility":697,"author_company":49,"data_vis_image":46186,"featured_image":46188,"seo_description":46177,"author_full_name":49,"author_job_title":49,"formattedDate":46191},"2afb05bc-da4b-4d36-8a0d-f88e130f97d9","2023-12-14 00:00",[46000],{"slug":564,"name":565},[46002],{"slug":1466,"name":1467,"content":46003},{"job_title":1469,"image":46004,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":46006},[46007,46019,46029,46034,46039,46044,46057,46069,46074,46079,46087,46092,46114,46119,46132,46145,46150,46155,46160,46165],{"type":580,"attrs":46008,"content":46009},{"textAlign":49},[46010,46012,46017],{"text":46011,"type":585},"The number of planned battery ",{"text":3379,"type":585,"marks":46013},[46014],{"type":590,"attrs":46015},{"href":46016,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/where-are-the-worlds-gigafactories",{"text":46018,"type":585}," announced globally this year fell to the lowest level since 2019, as investment in the sector cools following a rapid buildout over the past two years. ",{"type":580,"attrs":46020,"content":46021},{"textAlign":49},[46022,46024,46028],{"text":46023,"type":585},"Only 47 new planned plants were added to the pipeline this year, representing around 1.5 terawatt hours (TWh) of production capacity, according to ",{"text":28266,"type":585,"marks":46025},[46026],{"type":590,"attrs":46027},{"href":39414,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":46030,"content":46031},{"textAlign":49},[46032],{"text":46033,"type":585},"This is half of the 3 TWh increase in pipeline capacity added last year across 102 additional gigafactories.",{"type":580,"attrs":46035,"content":46036},{"textAlign":49},[46037],{"text":46038,"type":585},"The numbers reflect a slowdown of investment in China after a period of rapid growth, as both existing and new battery companies expanded production capacity, driven by rising electric vehicle (EV) sales and continued government support.  ",{"type":580,"attrs":46040,"content":46041},{"textAlign":49},[46042],{"text":46043,"type":585},"China now has a potential oversupply of lithium ion battery capacity out to the end of this decade, with more planned production than domestic demand.  ",{"type":580,"attrs":46045,"content":46046},{"textAlign":49},[46047,46049,46055],{"text":46048,"type":585},"At the same time a multitude of ",{"text":46050,"type":585,"marks":46051},"setbacks has hit existing gigafactory plans",[46052],{"type":590,"attrs":46053},{"href":46054,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/battery-producers-cut-back-on-investments-as-ev-growth-rate-slows",{"text":46056,"type":585}," in the West, where producers are less experienced at building plants.",{"type":580,"attrs":46058,"content":46059},{"textAlign":49},[46060,46062,46067],{"text":46061,"type":585},"“With a lot of Western battery projects planned by market entrants and startups, there has been significant technological and financial challenges causing projects to slow in their progress, or be ",{"text":46063,"type":585,"marks":46064},"outright cancelled",[46065],{"type":590,"attrs":46066},{"href":39591,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":46068,"type":585},",” Evan Hartley, an analyst at Benchmark, said.",{"type":580,"attrs":46070,"content":46071},{"textAlign":49},[46072],{"text":46073,"type":585},"The lower growth seen this year is partially also a consequence of the strong growth seen in the previous two years.",{"type":580,"attrs":46075,"content":46076},{"textAlign":49},[46077],{"text":46078,"type":585},"“The huge growth in planned factories across 2021 and 2022 means that a lot of companies are expending significant resources ramping up and operating these projects, which likely leads to less focus on new facilities,” Hartley said.",{"type":580,"attrs":46080,"content":46081},{"textAlign":49},[46082],{"type":1847,"attrs":46083},{"id":49,"alt":46084,"src":46085,"title":49,"source":49,"copyright":49,"meta_data":46086},"New gigafactory additions slow to lowest number since 2019","https://a.storyblok.com/f/287943243085208/95ac2cd2f6/bm-increase-in-gigafactories.png",{},{"type":647,"attrs":46088,"content":46089},{"level":13022,"textAlign":49},[46090],{"text":46091,"type":585},"Overcapacity in China ",{"type":580,"attrs":46093,"content":46094},{"textAlign":49},[46095,46100,46102,46107,46109,46113],{"text":721,"type":585,"marks":46096},[46097],{"type":590,"attrs":46098},{"href":46099,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/five-provinces-account-for-over-half-of-chinas-2030-gigafactory-pipeline-capacity",{"text":46101,"type":585}," is set to produce ",{"text":46103,"type":585,"marks":46104},"949 gigawatt hours (GWh) of lithium ion batteries this year",[46105],{"type":590,"attrs":46106},{"href":45545,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":46108,"type":585},", accounting for 82% of global production, according to ",{"text":28866,"type":585,"marks":46110},[46111],{"type":590,"attrs":46112},{"href":39439,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":46115,"content":46116},{"textAlign":49},[46117],{"text":46118,"type":585},"This is significantly higher than the 530 GWh of demand for batteries in China. The country’s surplus production is more than one and half times bigger than the combined deficit of the rest of the world.",{"type":580,"attrs":46120,"content":46121},{"textAlign":49},[46122,46124,46130],{"text":46123,"type":585},"“A considerable slowdown in Chinese domestic investments has occurred, due to the ",{"text":46125,"type":585,"marks":46126},"oversupply of cells currently present in the market",[46127],{"type":590,"attrs":46128},{"href":46129,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/over-400-gigafactories-in-2030-pipeline-but-overcapacity-fears-loom",{"text":46131,"type":585},",” Hartley said.",{"type":580,"attrs":46133,"content":46134},{"textAlign":49},[46135,46137,46143],{"text":46136,"type":585},"Analysis by the new ",{"text":46138,"type":585,"marks":46139},"Benchmark Verified service",[46140],{"type":590,"attrs":46141},{"href":46142,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/benchmark-satellite-analysis-confirms-gigafactory-construction-timelines",{"text":46144,"type":585}," of satellite data shows that many of the announced projects in China have failed to come to fruition despite the lack of any official announcements confirming their cancellations.",{"type":647,"attrs":46146,"content":46147},{"level":13022,"textAlign":49},[46148],{"text":46149,"type":585},"Slowing EV sales growth",{"type":580,"attrs":46151,"content":46152},{"textAlign":49},[46153],{"text":46154,"type":585},"Globally, EV sales grew 31% so far this year, compared to 60% last year and a doubling the year before.",{"type":580,"attrs":46156,"content":46157},{"textAlign":49},[46158],{"text":46159,"type":585},"The bearish EV market is impacting cell makers globally, weakening appetite for new cell production projects.",{"type":580,"attrs":46161,"content":46162},{"textAlign":49},[46163],{"text":46164,"type":585},"“This phenomenon isn’t just limited to the start ups, with larger Tier 1 firms also feeling the crunch from weaker than expected EV demand, and navigating an immature battery market,” Hartley said.",{"type":580,"attrs":46166,"content":46167},{"textAlign":49},[46168,46169,46175],{"text":21975,"type":585},{"text":46170,"type":585,"marks":46171},"Ford",[46172],{"type":590,"attrs":46173},{"href":46174,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/three-quarters-of-north-american-gigafactory-2030-pipeline-capacity-associated-with-automakers",{"text":46176,"type":585},", LG Energy Solution, and Turkish industrial conglomerate Koç Holding cancelled their joint venture plan to build a 30 GWh gigafactory in Turkey. They cited slowing EV demand in Europe as one of the factors influencing the decision.","The number of planned battery gigafactories announced globally this year fell to the lowest level since 2019, as investment in the sector cools following a rapid buildout over the past two years. Only 47 new planned plants were added to the pipeline this year, representing around 1.5 terawatt hours (TWh) of production capacity, according to […]",[46179],{"slug":1466,"name":1467,"content":46180},{"job_title":1469,"image":46181,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"2afb05bc-da4b-4d36-8a0d-f88e130f97d9\", \"id\": \"\"}-->",[46184,46185],{"slug":956,"name":957},{"slug":3379,"name":3380},{"id":49,"alt":46084,"name":645,"focus":645,"title":46084,"source":645,"filename":46085,"copyright":645,"fieldtype":701,"meta_data":46187,"is_external_url":51},{"alt":46084,"title":46084,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":46189,"copyright":645,"fieldtype":701,"meta_data":46190,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c4ab44146a/bm-hidden-gigafactory-vietnam-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Dec 14, 2023",{"id":46193,"uuid":46194,"name":46195,"slug":46196,"full_slug":46197,"content":46198},112470335817571,"1fe0029e-883e-4738-aede-c30ebb931733","EcoPro signs $34 billion deal to supply Samsung with cathode material","ecopro-signs-34-billion-deal-to-supply-samsung-with-cathode-material","article/ecopro-signs-34-billion-deal-to-supply-samsung-with-cathode-material",{"_uid":46199,"date":46200,"tags":46201,"editor":46205,"content":46209,"excerpt":46340,"featured":50,"reporter":46341,"_editable":46345,"component":689,"seo_title":46195,"categories":46346,"visibility":697,"author_company":49,"data_vis_image":46349,"featured_image":46351,"seo_description":46340,"author_full_name":49,"author_job_title":49,"formattedDate":46354},"7cda4ee3-6c13-45fe-b9fb-c50be76d6deb","2023-12-06 00:00",[46202,46203,46204],{"slug":564,"name":565},{"slug":31388,"name":31389},{"slug":31861,"name":31862},[46206],{"slug":9249,"name":9250,"content":46207},{"job_title":9252,"image":46208,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":46210},[46211,46216,46227,46237,46242,46250,46262,46267,46275,46280,46293,46298,46307,46315,46328],{"type":580,"attrs":46212,"content":46213},{"textAlign":49},[46214],{"text":46215,"type":585},"South Korea’s Samsung SDI will purchase nickel cobalt aluminium (NCA) cathode materials from EcoPro BM, in a deal worth 43.9 trillion KRW ($34 billion).",{"type":580,"attrs":46217,"content":46218},{"textAlign":49},[46219,46221,46226],{"text":46220,"type":585},"EcoPro is the largest producer of NCA cathode material globally, producing 34% of the global supply of the material last year, according to ",{"text":29586,"type":585,"marks":46222},[46223],{"type":590,"attrs":46224},{"href":46225,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts/cathode/reports",{"text":1538,"type":585},{"type":580,"attrs":46228,"content":46229},{"textAlign":49},[46230,46232,46236],{"text":46231,"type":585},"The deal comes amidst falling cathode prices due to oversupply in China and weakening demand. NCA cathode material prices, specifically, fell 2.3% last month and 50.9% so far this year, on the back of falling raw material costs and persistent weak demand across end-use demand sectors, according to ",{"text":43664,"type":585,"marks":46233},[46234],{"type":590,"attrs":46235},{"href":43668,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":46238,"content":46239},{"textAlign":49},[46240],{"text":46241,"type":585},"“This deal is very significant as the demand for EVs has slowed, causing automakers and battery producers to delay battery projects,” Anya Sidhu, an analyst at Benchmark, said.",{"type":580,"attrs":46243,"content":46244},{"textAlign":49},[46245],{"type":1847,"attrs":46246},{"id":49,"alt":46247,"src":46248,"title":49,"source":49,"copyright":49,"meta_data":46249},"EcoPro BM leads global NCA production","https://a.storyblok.com/f/287943243085208/489e01073c/bm-nca-2022-producers.png",{},{"type":580,"attrs":46251,"content":46252},{"textAlign":49},[46253,46255,46261],{"text":46254,"type":585},"The supply contract is from the start of 2024 through to the end of 2028. After this period, the supply deal can continue and will be linked to raw material prices, according to a ",{"text":46256,"type":585,"marks":46257},"filing by EcoPro",[46258],{"type":590,"attrs":46259},{"href":46260,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://englishdart.fss.or.kr/dsbh001/main.do?rcpNo=20231201900749",{"text":1538,"type":585},{"type":580,"attrs":46263,"content":46264},{"textAlign":49},[46265],{"text":46266,"type":585},"EcoPro are the primary suppliers of cathode material to Samsung. The two companies operate a joint venture NCA cathode production facility in North Gyeongsang, South Korea.",{"type":580,"attrs":46268,"content":46269},{"textAlign":49},[46270],{"type":1847,"attrs":46271},{"id":49,"alt":46272,"src":46273,"title":49,"source":49,"copyright":49,"meta_data":46274},"NCA prices have more than halved this year","https://a.storyblok.com/f/287943243085208/87ce8753b6/bm-nca-price-chart.png",{},{"type":580,"attrs":46276,"content":46277},{"textAlign":49},[46278],{"text":46279,"type":585},"Samsung currently has 17.2 gigawatt-hours of cell production capacity and has 242.3 GWh in its 2030 pipeline. The largest gigafactory operated by Samsung is its Göd facility in Hungary which produces both NCA and nickel-cobalt-manganese (NCM) cells.",{"type":580,"attrs":46281,"content":46282},{"textAlign":49},[46283,46285,46291],{"text":46284,"type":585},"In October, ",{"text":46286,"type":585,"marks":46287},"Samsung signed a deal with Hyuandai",[46288],{"type":590,"attrs":46289},{"href":46290,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/samsung-and-hyundais-first-battery-deal-targets-european-market",{"text":46292,"type":585}," to supply the Korean automaker with NCA batteries from its facility in Hungary for seven years from 2026. These prismatic cells use a cathode made up of 91% nickel, as well as a silicon-based anode. ",{"type":580,"attrs":46294,"content":46295},{"textAlign":49},[46296],{"text":46297,"type":585},"“NCA has a high energy density, similar to NCM, and has a good fast-charging capability, which is beneficial for use in EVs,” Sidhu said.",{"type":580,"attrs":46299,"content":46300},{"textAlign":49},[46301,46305],{"text":29586,"type":585,"marks":46302},[46303],{"type":590,"attrs":46304},{"href":46225,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":46306,"type":585}," shows that supply of NCA cathode material is expected to be sufficient to meet demand through to 2040. However, this is contingent on cathode producers having access to critical raw material supplies.",{"type":580,"attrs":46308,"content":46309},{"textAlign":49},[46310],{"type":1847,"attrs":46311},{"id":49,"alt":46312,"src":46313,"title":49,"source":49,"copyright":49,"meta_data":46314},"NCA market is forecast to have sufficient supply to meet demand","https://a.storyblok.com/f/287943243085208/22596892aa/bm-nca-market-balance-1.png",{},{"type":580,"attrs":46316,"content":46317},{"textAlign":49},[46318,46320,46326],{"text":46319,"type":585},"For NCA cathodes, lithium and cobalt could be constraining factors. Benchmark forecasts that the two metals will ",{"text":46321,"type":585,"marks":46322},"enter deficits",[46323],{"type":590,"attrs":46324},{"href":46325,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lithium-oversupply-not-likely-five-main-reasons-why",{"text":46327,"type":585}," from 2028 and 2027, respectively.",{"type":580,"attrs":46329,"content":46330},{"textAlign":49},[46331,46333,46339],{"text":46332,"type":585},"EcoPro is also building a joint venture high-nickel NCM cathode production facility in Bécancour, Canada with ",{"text":46334,"type":585,"marks":46335},"Ford and SK Innovation",[46336],{"type":590,"attrs":46337},{"href":46338,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/ford-ecopro-and-sk-on-turn-to-canadas-ev-battery-hub-for-cathode-factory",{"text":1538,"type":585},"South Korea’s Samsung SDI will purchase nickel cobalt aluminium (NCA) cathode materials from EcoPro BM, in a deal worth 43.9 trillion KRW ($34 billion). EcoPro is the largest producer of NCA cathode material globally, producing 34% of the global supply of the material last year, according to Benchmark’s Cathode Forecast. The deal comes amidst falling […]",[46342],{"slug":9249,"name":9250,"content":46343},{"job_title":9252,"image":46344,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7cda4ee3-6c13-45fe-b9fb-c50be76d6deb\", \"id\": \"\"}-->",[46347,46348],{"slug":956,"name":957},{"slug":2623,"name":298},{"id":49,"alt":46247,"name":645,"focus":645,"title":46247,"source":645,"filename":46248,"copyright":645,"fieldtype":701,"meta_data":46350,"is_external_url":51},{"alt":46247,"title":46247,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":46352,"copyright":645,"fieldtype":701,"meta_data":46353,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/0940b12ce8/bm-samsung-sdi.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Dec 06, 2023",{"id":46356,"uuid":46357,"name":46358,"slug":46359,"full_slug":46360,"content":46361},112470393366388,"51ecbdfd-2405-4d5b-9860-df176d253bc5","EU increases critical mineral recycling targets in bid to increase self-reliance","eu-increases-critical-mineral-recycling-targets-in-bid-to-increase-self-reliance","article/eu-increases-critical-mineral-recycling-targets-in-bid-to-increase-self-reliance",{"_uid":46362,"date":46363,"tags":46364,"editor":46370,"content":46374,"excerpt":46612,"featured":51,"reporter":46613,"_editable":46617,"component":689,"seo_title":46358,"categories":46618,"visibility":697,"author_company":49,"data_vis_image":46622,"featured_image":46625,"seo_description":46612,"author_full_name":49,"author_job_title":49,"formattedDate":46628},"849bd8e1-41aa-46f2-b00b-a7f4c6440796","2023-11-22 00:00",[46365,46366,46367,46368,46369],{"slug":7392,"name":7393},{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":1303,"name":1304},{"slug":13546,"name":13547},[46371],{"slug":1466,"name":1467,"content":46372},{"job_title":1469,"image":46373,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":46375},[46376,46387,46392,46401,46413,46418,46431,46442,46447,46455,46467,46472,46477,46482,46487,46498,46503,46508,46513,46518,46526,46531,46536,46544,46549,46554,46559,46564,46576,46588,46599],{"type":580,"attrs":46377,"content":46378},{"textAlign":49},[46379,46381,46385],{"text":46380,"type":585},"The European Union has increased its target for the proportion of annual demand for critical minerals that should be sourced from ",{"text":7742,"type":585,"marks":46382},[46383],{"type":590,"attrs":46384},{"href":38506,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":46386,"type":585},", in an effort to reduce its reliance on China for clean energy inputs. ",{"type":580,"attrs":46388,"content":46389},{"textAlign":49},[46390],{"text":46391,"type":585},"The Council and the European Parliament reached an agreement this month on the Critical Raw Materials Act, which could see it passed into law next year. The target for recycled materials has increased from 15% to 25% of annual demand by 2030.",{"type":580,"attrs":46393,"content":46394},{"textAlign":49},[46395,46399],{"text":42151,"type":585,"marks":46396},[46397],{"type":590,"attrs":46398},{"href":44100,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":46400,"type":585}," show that no battery mineral is set to be produced from recycled sources in high enough quantities to meet this benchmark by 2030.",{"type":580,"attrs":46402,"content":46403},{"textAlign":49},[46404,46406,46411],{"text":46405,"type":585},"“These targets are ambitious,” Beatrice Browning, a recycling analyst at Benchmark, said. “In order for this to happen the EU needs to ramp up ",{"text":46407,"type":585,"marks":46408},"hydrometallurgical capacity",[46409],{"type":590,"attrs":46410},{"href":14570,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":46412,"type":585},", particularly for lithium recovery.”",{"type":580,"attrs":46414,"content":46415},{"textAlign":49},[46416],{"text":46417,"type":585},"Previous drafts of the CRMA required that recycled sources account for at least 15% of the EU’s annual strategic raw material consumption. ",{"type":580,"attrs":46419,"content":46420},{"textAlign":49},[46421,46423,46429],{"text":46422,"type":585},"The previous ",{"text":46424,"type":585,"marks":46425},"benchmark was already ambitious",[46426],{"type":590,"attrs":46427},{"href":46428,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/how-achievable-are-the-eu-critical-raw-materials-targets",{"text":46430,"type":585},". Benchmark’s data shows that current projections for Europe’s 2030 scrap pool and recycling technology mix could mean recycled sources will account for just 5% of the bloc’s lithium demand from batteries.",{"type":580,"attrs":46432,"content":46433},{"textAlign":49},[46434,46436,46441],{"text":46435,"type":585},"Although these are benchmarks, rather than mandatory targets, the increased prominence given to recycling could ",{"text":46437,"type":585,"marks":46438},"boost the industry in the bloc",[46439],{"type":590,"attrs":46440},{"href":44178,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":46443,"content":46444},{"textAlign":49},[46445],{"text":46446,"type":585},"“By increasing the 2030 recycling benchmark, the EU sends a signal that it is taking recycling very seriously and sees this as an important strategy to increase its security of supply,” Bryan Bille, an analyst at Benchmark, said.",{"type":580,"attrs":46448,"content":46449},{"textAlign":49},[46450],{"type":1847,"attrs":46451},{"id":49,"alt":46452,"src":46453,"title":49,"source":49,"copyright":49,"meta_data":46454},"Recycling in the EU needs to be improved across the board to meet CRMA targets","https://a.storyblok.com/f/287943243085208/dd6cc9d4e0/bm-recycling-crma.png",{},{"type":580,"attrs":46456,"content":46457},{"textAlign":49},[46458,46460,46465],{"text":46459,"type":585},"Earlier this year, the EU adopted ",{"text":46461,"type":585,"marks":46462},"new battery regulations",[46463],{"type":590,"attrs":46464},{"href":43085,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":46466,"type":585}," which stipulate mandatory minimum levels of recycled content for batteries. ",{"type":580,"attrs":46468,"content":46469},{"textAlign":49},[46470],{"text":46471,"type":585},"Unlike the CRMA benchmarks, these are mandatory targets.",{"type":580,"attrs":46473,"content":46474},{"textAlign":49},[46475],{"text":46476,"type":585},"The targets are set to 6%, 6%, and 16% for lithium, nickel and cobalt, respectively, from 2031. The minimum percentages in the battery regulations increase to 12%, 15%, and 26% from 2036.",{"type":647,"attrs":46478,"content":46479},{"level":13022,"textAlign":49},[46480],{"text":46481,"type":585},"Geopolitical momentum",{"type":580,"attrs":46483,"content":46484},{"textAlign":49},[46485],{"text":46486,"type":585},"The proposed updates to the Act are in addition to the requirements that at least 10% of the EU’s strategic raw material consumption be mined in the bloc and at least 40% of its consumption be processed in the bloc.",{"type":580,"attrs":46488,"content":46489},{"textAlign":49},[46490,46492,46497],{"text":46491,"type":585},"The CRMA also states that for any given strategic raw material, no more than 65% of the EU’s annual consumption should come from a ",{"text":46493,"type":585,"marks":46494},"single third country",[46495],{"type":590,"attrs":46496},{"href":45233,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":46499,"content":46500},{"textAlign":49},[46501],{"text":46502,"type":585},"“By publishing these benchmarks, the EU aims to create geopolitical momentum and drive the development of local critical raw material supply chains forward,” Bille said.",{"type":580,"attrs":46504,"content":46505},{"textAlign":49},[46506],{"text":46507,"type":585},"Bille added that the CRMA currently lacks any “real incentives for private investments” and doesn’t have any targeted funding “despite calls from the industry to create a European Critical Raw Materials Fund.”",{"type":580,"attrs":46509,"content":46510},{"textAlign":49},[46511],{"text":46512,"type":585},"“This is a major difference between the US Inflation Reduction Act and the EU CRMA,” he said.",{"type":580,"attrs":46514,"content":46515},{"textAlign":49},[46516],{"text":46517,"type":585},"The mining benchmark is forecast to be met by most battery minerals, with cobalt seeing the largest gap between EU supply and demand.",{"type":580,"attrs":46519,"content":46520},{"textAlign":49},[46521],{"type":1847,"attrs":46522},{"id":49,"alt":46523,"src":46524,"title":49,"source":49,"copyright":49,"meta_data":46525},"Most battery minerals are close to, or above, the CRMA's 10% EU mining target","https://a.storyblok.com/f/287943243085208/a94dfb4106/bm-mining-crma.png",{},{"type":580,"attrs":46527,"content":46528},{"textAlign":49},[46529],{"text":46530,"type":585},"On the processing side, only battery-grade manganese and synthetic graphite are forecast to meet the 40% target. Lithium chemicals and spherical graphite, in particular, fall far short of the target.",{"type":580,"attrs":46532,"content":46533},{"textAlign":49},[46534],{"text":46535,"type":585},"However, the benchmarks are aggregated across all strategic raw materials meaning a shortfall in one raw material could be compensated for by others.",{"type":580,"attrs":46537,"content":46538},{"textAlign":49},[46539],{"type":1847,"attrs":46540},{"id":49,"alt":46541,"src":46542,"title":49,"source":49,"copyright":49,"meta_data":46543},"Lithium chemical and spherical graphite production will require more investment to meet CRMA processing targets","https://a.storyblok.com/f/287943243085208/b4d859145a/bm-processing-crma.png",{},{"type":580,"attrs":46545,"content":46546},{"textAlign":49},[46547],{"text":46548,"type":585},"This provisional version of the Act has been agreed between the European Parliament and the Council of the EU, but will still need to be formally approved in both EU institutions before entering into force.",{"type":647,"attrs":46550,"content":46551},{"level":13022,"textAlign":49},[46552],{"text":46553,"type":585},"Synthetic graphite joins critical materials list",{"type":580,"attrs":46555,"content":46556},{"textAlign":49},[46557],{"text":46558,"type":585},"The EU’s critical raw materials list was last updated earlier this year and features battery minerals including lithium, cobalt, nickel, manganese and natural graphite. The latest revision to the CRMA would designate synthetic graphite as a strategic raw material in the three years leading up to the next revision of the list.",{"type":580,"attrs":46560,"content":46561},{"textAlign":49},[46562],{"text":46563,"type":585},"Inclusion as strategic raw materials means the mining, processing and recycling benchmarks will apply to it as well.",{"type":580,"attrs":46565,"content":46566},{"textAlign":49},[46567,46569,46574],{"text":46568,"type":585},"EU and EFTA countries are currently forecast by Benchmark to produce 64% of the ",{"text":15376,"type":585,"marks":46570},[46571],{"type":590,"attrs":46572},{"href":46573,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/five-reasons-western-automakers-face-a-synthetic-graphite-problem",{"text":46575,"type":585}," demanded by the battery industry. However, much of this may be redirected to other demand segments such as stainless steel production.",{"type":580,"attrs":46577,"content":46578},{"textAlign":49},[46579,46581,46586],{"text":46580,"type":585},"Spherical graphite, the precursor to natural graphite anodes, is a ",{"text":46582,"type":585,"marks":46583},"major sticking point",[46584],{"type":590,"attrs":46585},{"href":39131,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":46587,"type":585},", with forecast production of just 16% of the EU’s battery-related demand for the material in 2030.",{"type":580,"attrs":46589,"content":46590},{"textAlign":49},[46591,46593,46598],{"text":46592,"type":585},"Benchmark data shows China exerts dominance over ",{"text":46594,"type":585,"marks":46595},"three-quarters of the anode supply chain",[46596],{"type":590,"attrs":46597},{"href":45233,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":46600,"content":46601},{"textAlign":49},[46602,46604,46610],{"text":46603,"type":585},"“The addition of synthetic graphite fits perfectly in the ",{"text":46605,"type":585,"marks":46606},"current geopolitical competition",[46607],{"type":590,"attrs":46608},{"href":46609,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/china-graphite-export-restrictions-could-hinder-ex-china-anode-development",{"text":46611,"type":585}," for access to these strategic resources and China’s dominant position in the graphite supply chain,” Bille said.","The European Union has increased its target for the proportion of annual demand for critical minerals that should be sourced from recycling, in an effort to reduce its reliance on China for clean energy inputs. The Council and the European Parliament reached an agreement this month on the Critical Raw Materials Act, which could see […]",[46614],{"slug":1466,"name":1467,"content":46615},{"job_title":1469,"image":46616,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"849bd8e1-41aa-46f2-b00b-a7f4c6440796\", \"id\": \"\"}-->",[46619,46620,46621],{"slug":1142,"name":1143},{"slug":7742,"name":7743},{"slug":14595,"name":14596},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":46623,"copyright":645,"fieldtype":701,"meta_data":46624,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1700668207/www-production/Recycling-CRMA-no-Y/Recycling-CRMA-no-Y.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":46626,"copyright":645,"fieldtype":701,"meta_data":46627,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d71e6d8f78/bm-eu-flags.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Nov 22, 2023",{"id":46630,"uuid":46631,"name":46632,"slug":46633,"full_slug":46634,"content":46635},112470451074945,"646af976-ba14-43a7-91b2-b21eb4fc9dd3","How the battery supply chain has changed since the first Benchmark Week in 2016 ","how-the-battery-supply-chain-has-changed-since-the-first-benchmark-week-in-2016","article/how-the-battery-supply-chain-has-changed-since-the-first-benchmark-week-in-2016",{"_uid":46636,"date":46637,"tags":46638,"editor":46643,"content":46647,"excerpt":46866,"featured":51,"reporter":46867,"_editable":46871,"component":689,"seo_title":46632,"categories":46872,"visibility":697,"author_company":49,"data_vis_image":46883,"featured_image":46886,"seo_description":46866,"author_full_name":49,"author_job_title":49,"formattedDate":46889},"a505c00f-8869-4628-9b15-5cce5fa4663e","2023-11-15 00:00",[46639,46642],{"slug":46640,"name":46641},"benchmark-week-2023","Benchmark Week 2023",{"slug":564,"name":565},[46644],{"slug":1466,"name":1467,"content":46645},{"job_title":1469,"image":46646,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":46648},[46649,46654,46659,46664,46671,46676,46686,46691,46698,46703,46713,46718,46723,46730,46735,46740,46745,46750,46755,46760,46767,46772,46777,46796,46808,46815,46820,46825,46835,46847,46859],{"type":580,"attrs":46650,"content":46651},{"textAlign":49},[46652],{"text":46653,"type":585},"Benchmark Week has been the leading gathering for the world’s lithium ion battery supply chain since 2016. In the years following the first Benchmark Week the industry has been transformed with gigafactories now producing battery cells at an unprecedented scale. ",{"type":580,"attrs":46655,"content":46656},{"textAlign":49},[46657],{"text":46658,"type":585},"In terms of broad market trends, both battery demand and supply have ramped up significantly with the proliferation of electric vehicles (EVs). In turn, markets for key battery raw materials – lithium, cobalt, nickel, natural graphite, synthetic graphite – have been reshaped. In many cases, the market for batteries is now the dominant source of demand for these materials. ",{"type":580,"attrs":46660,"content":46661},{"textAlign":49},[46662],{"text":46663,"type":585},"Here we outline some of the most significant changes in the market since 2016, demonstrating the rapid scale-up in EV demand, China’s growing dominance in the market, and how battery demand has grown the markets for key raw materials.",{"type":647,"attrs":46665,"content":46666},{"level":13022,"textAlign":49},[46667,46669],{"text":46668,"type":585},"1. ",{"text":46670,"type":585},"Electric vehicles drive 10x growth in demand for batteries",{"type":580,"attrs":46672,"content":46673},{"textAlign":49},[46674],{"text":46675,"type":585},"In 2016, EVs and portable electronics each made up 49% of battery demand. Up to that point portable electronics had been lithium ion’s main end market but 2016 was the first year where the balance tipped towards EVs. ",{"type":580,"attrs":46677,"content":46678},{"textAlign":49},[46679,46681,46685],{"text":46680,"type":585},"Since then, huge increases in EV production have driven total battery demand to grow more than ten-fold to a forecast 900 gigawatt-hours (GWh) this year according to ",{"text":28866,"type":585,"marks":46682},[46683],{"type":590,"attrs":46684},{"href":38889,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":14640,"type":585},{"type":580,"attrs":46687,"content":46688},{"textAlign":49},[46689],{"text":46690,"type":585},"Energy storage systems (ESS) demand has grown at the fastest rate during this period, increasing from less than 2 GWh to a forecast 123 GWh this year and is now the second largest market by application.",{"type":580,"attrs":46692,"content":46693},{"textAlign":49},[46694],{"type":1847,"attrs":46695},{"id":49,"alt":645,"src":46696,"title":49,"source":49,"copyright":49,"meta_data":46697},"https://a.storyblok.com/f/287943243085208/a2cbd5351d/bm-remade-chart-for-james-2.jpg",{},{"type":647,"attrs":46699,"content":46700},{"level":13022,"textAlign":49},[46701],{"text":46702,"type":585},"2. China’s dominance increases, reshaping the lithium ion top 10 ",{"type":580,"attrs":46704,"content":46705},{"textAlign":49},[46706,46708,46712],{"text":46707,"type":585},"Chinese companies have increased their share of battery production from 52% in 2016 to a forecast 74% in 2023, at the expense of Japanese and South Korean companies’ market share according to data from ",{"text":28866,"type":585,"marks":46709},[46710],{"type":590,"attrs":46711},{"href":38889,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":14640,"type":585},{"type":580,"attrs":46714,"content":46715},{"textAlign":49},[46716],{"text":46717,"type":585},"Today, CATL has firmly established itself as the leading battery producer globally and Benchmark forecasts it will account for almost one third of global production this year. China’s BYD and South Korea’s LG Energy Solution (LGES) will between them account for 20% of the market this year. ",{"type":580,"attrs":46719,"content":46720},{"textAlign":49},[46721],{"text":46722,"type":585},"This marks a substantial change from 2016, when the leading producers were Japan’s Panasonic and South Korea’s Samsung SDI, and LG Chem. While LG Chem through LGES has retained its place as the third largest supplier, Panasonic and Samsung SDI have fallen to fifth and sixth place.",{"type":580,"attrs":46724,"content":46725},{"textAlign":49},[46726],{"type":1847,"attrs":46727},{"id":49,"alt":645,"src":46728,"title":49,"source":49,"copyright":49,"meta_data":46729},"https://a.storyblok.com/f/287943243085208/5caae255bd/bm-c2-top10-battery-producers.png",{},{"type":647,"attrs":46731,"content":46732},{"level":13022,"textAlign":49},[46733],{"text":46734,"type":585},"3. Cathode demand has evolved ",{"type":580,"attrs":46736,"content":46737},{"textAlign":49},[46738],{"text":46739,"type":585},"The change in cathode chemistry demand reflects the shift toward an EV dominated battery industry. ",{"type":580,"attrs":46741,"content":46742},{"textAlign":49},[46743],{"text":46744,"type":585},"Up to 2016, lithium cobalt oxide (LCO) cathodes had been the leading chemistry by application. LCO is the predominant cathode material for portable electronics which were responsible for the majority of battery demand at that time.",{"type":580,"attrs":46746,"content":46747},{"textAlign":49},[46748],{"text":46749,"type":585},"By 2018, NCM (nickel, cobalt, manganese) had become the leading cathode material, reflecting the growth in demand for EVs where the chemistry is favoured. ",{"type":580,"attrs":46751,"content":46752},{"textAlign":49},[46753],{"text":46754,"type":585},"More recently, lithium iron phosphate (LFP) cells have grown in popularity, particularly in China, as technological innovations have helped to lower costs. This cost efficiency is why Benchmark is forecasting LFP demand to overtake NCM in the short term. ",{"type":580,"attrs":46756,"content":46757},{"textAlign":49},[46758],{"text":46759,"type":585},"This year Benchmark forecasts LFP demand will overtake NCM demand for the first time.",{"type":580,"attrs":46761,"content":46762},{"textAlign":49},[46763],{"type":1847,"attrs":46764},{"id":49,"alt":645,"src":46765,"title":49,"source":49,"copyright":49,"meta_data":46766},"https://a.storyblok.com/f/287943243085208/ccfaa53eac/bm-c3-cathode-demand-evolution.png",{},{"type":647,"attrs":46768,"content":46769},{"level":13022,"textAlign":49},[46770],{"text":46771,"type":585},"4. Anode demand has reshaped the graphite industry ",{"type":580,"attrs":46773,"content":46774},{"textAlign":49},[46775],{"text":46776,"type":585},"Both synthetic and natural graphite are critical anode materials but in 2016 just 15% of demand for natural graphite came from the battery sector, and 7% for synthetic graphite. ",{"type":580,"attrs":46778,"content":46779},{"textAlign":49},[46780,46782,46788,46789,46795],{"text":46781,"type":585},"This year the battery sector will consume more than half of the world’s natural flake graphite and 40% of synthetic graphite according to Benchmark’s ",{"text":46783,"type":585,"marks":46784},"Natural",[46785],{"type":590,"attrs":46786},{"href":46787,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts/natural-graphite/",{"text":6709,"type":585},{"text":46790,"type":585,"marks":46791},"Synthetic Graphite Forecasts",[46792],{"type":590,"attrs":46793},{"href":46794,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts/synthetic-graphite/",{"text":14640,"type":585},{"type":580,"attrs":46797,"content":46798},{"textAlign":49},[46799,46801,46806],{"text":46800,"type":585},"China dominated the supply chains for both materials in 2016 and still does, ",{"text":46802,"type":585,"marks":46803},"controlling 75% and 74% of the natural graphite and synthetic graphite supply chains",[46804],{"type":590,"attrs":46805},{"href":45233,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":46807,"type":585},", according to data from Benchmark. This is set to increase to 85% by the end of the decade according to Tony Alderson, an analyst at Benchmark.",{"type":580,"attrs":46809,"content":46810},{"textAlign":49},[46811],{"type":1847,"attrs":46812},{"id":49,"alt":645,"src":46813,"title":49,"source":49,"copyright":49,"meta_data":46814},"https://a.storyblok.com/f/287943243085208/9f2526e3b6/bm-charts-for-james-new-headlines-dec-11-04-gr-use.jpg",{},{"type":647,"attrs":46816,"content":46817},{"level":13022,"textAlign":49},[46818],{"text":46819,"type":585},"5. Batteries transform cobalt and lithium markets; nickel to follow",{"type":580,"attrs":46821,"content":46822},{"textAlign":49},[46823],{"text":46824,"type":585},"The battery market has driven significant increases in demand for lithium, cobalt and nickel since 2016. ",{"type":580,"attrs":46826,"content":46827},{"textAlign":49},[46828,46830,46834],{"text":46829,"type":585},"Lithium demand from across cathode chemistries means that 87% of its demand will come from the battery industry in 2023, up from 40% in 2016 according to ",{"text":17833,"type":585,"marks":46831},[46832],{"type":590,"attrs":46833},{"href":39094,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":14640,"type":585},{"type":580,"attrs":46836,"content":46837},{"textAlign":49},[46838,46840,46845],{"text":46839,"type":585},"For cobalt, the battery industry will be responsible for 75% of demand this year. In 2016 battery demand for cobalt exceeded 50% for the first time according to ",{"text":27605,"type":585,"marks":46841},[46842],{"type":590,"attrs":46843},{"href":46844,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts/cobalt/reports/",{"text":46846,"type":585},". While cobalt demand has increased considerably since then, increases in demand for LFP and high nickel NCM batteries means it hasn’t seen as rapid growth as other raw materials. ",{"type":580,"attrs":46848,"content":46849},{"textAlign":49},[46850,46852,46858],{"text":46851,"type":585},"The rise of NCM cathodes, driven by growing EV demand means refined nickel demand has seen a substantial increase in relative terms, increasing from 4% of the market in 2016 to more than 16% in 2023. This trend is set to continue with demand from high nickel cathodes forecast to exceed demand from ",{"text":46853,"type":585,"marks":46854},"stainless steel in the 2030s",[46855],{"type":590,"attrs":46856},{"href":46857,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/nickel-demand-for-batteries-to-overtake-stainless-steel-in-late-2030s",{"text":1538,"type":585},{"type":580,"attrs":46860,"content":46861},{"textAlign":49},[46862],{"type":1847,"attrs":46863},{"id":49,"alt":645,"src":46864,"title":49,"source":49,"copyright":49,"meta_data":46865},"https://a.storyblok.com/f/287943243085208/4d2438323c/bm-charts-for-james-new-headlines-dec-11-05-last-use.jpg",{},"Benchmark Week has been the leading gathering for the world’s lithium ion battery supply chain since 2016. In the years following the first Benchmark Week the industry has been transformed with gigafactories now producing battery cells at an unprecedented scale. In terms of broad market trends, both battery demand and supply have ramped up significantly […]",[46868],{"slug":1466,"name":1467,"content":46869},{"job_title":1469,"image":46870,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a505c00f-8869-4628-9b15-5cce5fa4663e\", \"id\": \"\"}-->",[46873,46874,46875,46876,46877,46878,46879,46880,46881,46882],{"slug":2162,"name":261},{"slug":956,"name":957},{"slug":2623,"name":298},{"slug":2544,"name":115},{"slug":1142,"name":1143},{"slug":950,"name":951},{"slug":692,"name":693},{"slug":2627,"name":2628},{"slug":1693,"name":8},{"slug":2553,"name":150},{"id":49,"alt":46884,"name":645,"focus":645,"title":46884,"source":645,"filename":46696,"copyright":645,"fieldtype":701,"meta_data":46885,"is_external_url":51},"Chart showing the change in demand for different components of the lithium ion market (electric vehicles, energy storage, and portable electrics).",{"alt":46884,"title":46884,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":46887,"copyright":645,"fieldtype":701,"meta_data":46888,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d5393970c1/bm-china-battery-factory.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Nov 15, 2023",{"id":46891,"uuid":46892,"name":46893,"slug":46894,"full_slug":46895,"content":46896},112470499198960,"e267fb42-dcfe-4ab9-bc89-d770adb6713c","UK faces battery supply chain challenges amid global competition","uk-faces-battery-supply-chain-challenges-amid-global-competition","article/uk-faces-battery-supply-chain-challenges-amid-global-competition",{"_uid":46897,"date":46898,"tags":46899,"editor":46903,"content":46907,"excerpt":47247,"featured":51,"reporter":47248,"_editable":47252,"component":689,"seo_title":46893,"categories":47253,"visibility":697,"author_company":49,"data_vis_image":47259,"featured_image":47262,"seo_description":47247,"author_full_name":49,"author_job_title":49,"formattedDate":47265},"24cacba6-84e8-4314-8181-64b70aeda458","2023-11-08 00:00",[46900,46901,46902],{"slug":564,"name":565},{"slug":15682,"name":15683},{"slug":13546,"name":13547},[46904],{"slug":1466,"name":1467,"content":46905},{"job_title":1469,"image":46906,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":46908},[46909,46914,46927,46939,46944,46949,46954,46959,46964,46969,46974,46979,46984,46997,47002,47007,47012,47024,47032,47037,47042,47047,47052,47057,47069,47074,47087,47092,47097,47102,47107,47112,47117,47125,47130,47135,47140,47145,47150,47155,47160,47165,47170,47175,47180,47185,47190,47195,47200,47205,47217,47222,47227,47232,47237,47242],{"type":580,"attrs":46910,"content":46911},{"textAlign":49},[46912],{"text":46913,"type":585},"Investment in the UK battery supply chain has picked up this year, backed by renewed government attention and a number of company announcements. But can the country scale fast enough to remain relevant on the global stage?",{"type":580,"attrs":46915,"content":46916},{"textAlign":49},[46917,46919,46925],{"text":46918,"type":585},"The government of prime minister Rishi Sunak has announced a number of critical mineral agreements this year, including with Japan, Zambia, and Canada. And in July Tata, the Indian owner of Jaguar Land Rover, agreed to build a £4 billion ($5.2 billion) ",{"text":46920,"type":585,"marks":46921},"battery gigafactory in Somerset",[46922],{"type":590,"attrs":46923},{"href":46924,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/tata-jaguar-land-rover-gigafactory-more-than-doubles-uk-pipeline-capacity",{"text":46926,"type":585},", in a boost to the UK’s electric vehicle industry.",{"type":580,"attrs":46928,"content":46929},{"textAlign":49},[46930,46932,46938],{"text":46931,"type":585},"Yet the UK still lacks enough battery capacity to meet the demand of its automotive industry, as well as supplies of midstream materials such as cathode and anode. In addition, it also faces regulatory challenges to export electric vehicles to the European Union under ",{"text":46933,"type":585,"marks":46934},"post-Brexit trading arrangements",[46935],{"type":590,"attrs":46936},{"href":46937,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/cathode-supply-poses-problems-for-post-brexit-ev-trade-rules",{"text":14640,"type":585},{"type":580,"attrs":46940,"content":46941},{"textAlign":49},[46942],{"text":46943,"type":585},"That could leave the UK heavily reliant on China, which produces over 80% of batteries globally, as assessed by Benchmark’s Lithium ion Battery Database, and dominates the processing of critical raw materials. Chinese electric vehicles are also starting to make inroads into the UK market. ",{"type":580,"attrs":46945,"content":46946},{"textAlign":49},[46947],{"text":46948,"type":585},"“I think the reality is, regardless of which market you’re in, to have one country having 80% of the market isn’t healthy,” Nusrat Ghani, Minister of State at the UK’s Department for Business and Trade, told Benchmark Source. “It’s imperative that we diversify our supply chain.”",{"type":580,"attrs":46950,"content":46951},{"textAlign":49},[46952],{"text":46953,"type":585},"To others, however, the UK is behind its Western allies in encouraging its own domestic industry, as it lacks the government financial support found in the US Inflation Reduction Act.",{"type":580,"attrs":46955,"content":46956},{"textAlign":49},[46957],{"text":46958,"type":585},"“We [the UK] are very late to the party,” Jeremy Wrathall, the chief executive of lithium developer Cornish Lithium, said to Benchmark Source. “It’s only when the IRA came along, and the EU critical raw materials act, that Britain finally woke up.”",{"type":647,"attrs":46960,"content":46961},{"level":13022,"textAlign":49},[46962],{"text":46963,"type":585},"Sunak’s delayed EV target ",{"type":580,"attrs":46965,"content":46966},{"textAlign":49},[46967],{"text":46968,"type":585},"By 2035 all new car sales in the UK must be zero emission. ",{"type":580,"attrs":46970,"content":46971},{"textAlign":49},[46972],{"text":46973,"type":585},"This target was originally 2030, though Rishi Sunak, the current UK prime minister, pushed it back saying this put the UK in line with other countries such as France and Germany. ",{"type":580,"attrs":46975,"content":46976},{"textAlign":49},[46977],{"text":46978,"type":585},"As part of the announcement of the 2035 target, Sunak’s government also set out the UK’s zero emissions vehicle mandate.",{"type":580,"attrs":46980,"content":46981},{"textAlign":49},[46982],{"text":46983,"type":585},"This states 22% of new cars must be zero emission from next year, gradually rising to 80% of new cars (and 70% of new vans) by 2030 and 100% by 2035 which the UK says is in line with other countries such as France and Germany.",{"type":580,"attrs":46985,"content":46986},{"textAlign":49},[46987,46989,46995],{"text":46988,"type":585},"To meet at least some of this demand domestically requires an extensive supply chain. The UK could need up to ",{"text":46990,"type":585,"marks":46991},"three to four supersized gigafactories",[46992],{"type":590,"attrs":46993},{"href":46994,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/uk-strategy-needs-to-align-with-battery-ambitions",{"text":46996,"type":585}," by 2030 to meet the growing demand. These will need to be fed with anode and cathode material from a currently non-existent UK production base.",{"type":580,"attrs":46998,"content":46999},{"textAlign":49},[47000],{"text":47001,"type":585},"So far, the UK is falling far short of meeting those targets. ",{"type":647,"attrs":47003,"content":47004},{"level":13022,"textAlign":49},[47005],{"text":47006,"type":585},"Battery shortage",{"type":580,"attrs":47008,"content":47009},{"textAlign":49},[47010],{"text":47011,"type":585},"The UK currently has just 1.9 gigawatt hours of gigafactory capacity, entirely from the Envision AESC plant in Sunderland in the northeast of England. A second plant is set to be built by Envision and Nissan due to begin operations in 2025 with 12 GWh of capacity, eventually rising to 30 GWh.",{"type":580,"attrs":47013,"content":47014},{"textAlign":49},[47015,47017,47022],{"text":47016,"type":585},"India’s Tata will build a ",{"text":47018,"type":585,"marks":47019},"40 GWh gigafactory in Somerset in the southwest of England",[47020],{"type":590,"attrs":47021},{"href":46924,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":47023,"type":585},". The facility is due to begin operations in 2026 and will supply Jaguar Land Rover, also owned by Tata. The site may also rely on Envision for battery technology, according to media reports.",{"type":580,"attrs":47025,"content":47026},{"textAlign":49},[47027],{"type":1847,"attrs":47028},{"id":49,"alt":47029,"src":47030,"title":49,"source":49,"copyright":49,"meta_data":47031},"UK Gigafactory pipeline to reach 66.9 GWh by 2030","https://a.storyblok.com/f/287943243085208/1edd4808ee/bm-uk-gigafactory-capacity-oct-2023-1.png",{},{"type":580,"attrs":47033,"content":47034},{"textAlign":49},[47035],{"text":47036,"type":585},"The West Midlands Gigafactory in Coventry is a site with the planning permission to house a 60 GWh facility. As yet no battery maker has invested in the site, though Jim O’Boyle, a councillor in the Coventry City Council, said in a statement that they were in “advanced discussions with leading Asian battery manufacturers who want to develop a presence in the UK.”",{"type":580,"attrs":47038,"content":47039},{"textAlign":49},[47040],{"text":47041,"type":585},"All told, the UK currently has only 66.9 GWh of capacity in the pipeline for 2030, enough for around 1.2 million electric vehicles a year if operated at full capacity, according to Luke Gear, an analyst at Benchmark.",{"type":647,"attrs":47043,"content":47044},{"level":13022,"textAlign":49},[47045],{"text":47046,"type":585},"Critical minerals at home and abroad",{"type":580,"attrs":47048,"content":47049},{"textAlign":49},[47050],{"text":47051,"type":585},"For critical minerals, the UK is most advanced in lithium, and is set to produce 28,000 tonnes LCE of lithium chemicals by 2030, according to Benchmark’s Lithium Forecast.",{"type":580,"attrs":47053,"content":47054},{"textAlign":49},[47055],{"text":47056,"type":585},"The UK is home to Europe’s only lithium refiner outside of Russia: Leverton Lithium. They produce lithium carbonate and lithium hydroxide, though at a relatively small scale and most of this is destined for non-battery applications. They have a JV with Germany’s Helm AG to build a refinery to produce battery grade lithium in the UK towards the end of the decade.",{"type":580,"attrs":47058,"content":47059},{"textAlign":49},[47060,47062,47067],{"text":47061,"type":585},"Several other companies are hoping to build lithium refineries in the UK with ",{"text":47063,"type":585,"marks":47064},"Green Lithium",[47065],{"type":590,"attrs":47066},{"href":17877,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":47068,"type":585}," and Tees Valley Lithium looking to Teeside in the North East of England.",{"type":580,"attrs":47070,"content":47071},{"textAlign":49},[47072],{"text":47073,"type":585},"“Producing in the UK offers some of the lowest operational costs, meaning we are able to weather price fluctuations like those we see today,” Richard Taylor, co-founder of UK-based lithium aspirant Green Lithium, said. “The UK also has one of the strongest and most skilled labour forces.”",{"type":580,"attrs":47075,"content":47076},{"textAlign":49},[47077,47079,47085],{"text":47078,"type":585},"Further upstream, Cornish Lithium and ",{"text":47080,"type":585,"marks":47081},"British Lithium are looking to extract lithium in Cornwall",[47082],{"type":590,"attrs":47083},{"href":47084,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/uk-set-to-begin-lithium-mining-as-frances-imerys-agrees-deal-with-british-lithium",{"text":47086,"type":585}," in the Southwest of the country and Northern Lithium have plans in County Durham in the North East.",{"type":580,"attrs":47088,"content":47089},{"textAlign":49},[47090],{"text":47091,"type":585},"Still, the government needs to do more to support critical mineral mining and processing, however, according to Jeremy Wrathall, chief executive of Cornish Lithium. ",{"type":580,"attrs":47093,"content":47094},{"textAlign":49},[47095],{"text":47096,"type":585},"“There is very, very little–pitifully little–[money for] the primary raw materials,” Wrathall said, emphasising that they are grateful for the support they have got. “I think the realisation has dawned that without the raw materials, you’ve got nothing.”",{"type":580,"attrs":47098,"content":47099},{"textAlign":49},[47100],{"text":47101,"type":585},"Cornish Lithium recently secured £24 million ($30 million) in equity financing from the UK Infrastructure Bank, which is backed by the UK Treasury and was set up to fulfil the role of the European Investment Bank post-Brexit.",{"type":580,"attrs":47103,"content":47104},{"textAlign":49},[47105],{"text":47106,"type":585},"Projects like Cornish Lithium and Green Lithium have also received small amounts from the £850 million ($1 billion) Automotive Transformation Fund (ATF) which aims to develop an end-to-end supply chain for electric vehicles in the UK.",{"type":580,"attrs":47108,"content":47109},{"textAlign":49},[47110],{"text":47111,"type":585},"“R&D funding has been really instrumental in creating a real focused effort within the UK to develop technology and innovation in this space,” Ian Constance, the chief executive of the Advanced Propulsion Centre which runs the ATF, told Benchmark Source. “But to build the supply chain at scale, we need to do more than just the R&D–we actually have to put capital on the table.”",{"type":580,"attrs":47113,"content":47114},{"textAlign":49},[47115],{"text":47116,"type":585},"The UK currently produces a significant quantity of low-sulphur petroleum coke, the precursor for synthetic graphite, at P66’s Humberside facility. However, the UK has no large scale synthetic graphite production facilities suited to the battery industry, so much of this is exported to Asia.",{"type":580,"attrs":47118,"content":47119},{"textAlign":49},[47120],{"type":1847,"attrs":47121},{"id":49,"alt":47122,"src":47123,"title":49,"source":49,"copyright":49,"meta_data":47124},"The UK lacks anode and cathode production","https://a.storyblok.com/f/287943243085208/711d150d70/bm-uk-upstream-q3-2023.png",{},{"type":580,"attrs":47126,"content":47127},{"textAlign":49},[47128],{"text":47129,"type":585},"The UK is a part of the Mineral Security Partnership (MSP), a coalition of 14 governments including the UK, US, and Australia representing 50% of global GDP. The MSP aims to encourage public and private sector investment into the critical mineral supply chain.",{"type":580,"attrs":47131,"content":47132},{"textAlign":49},[47133],{"text":47134,"type":585},"Last month, the UK hosted the latest meeting of the partnership where 17 projects were selected to be driven forward by the MSP. This includes HyProMag, a UK-based company developing a large-scale rare earth magnet recycling plant in Birmingham.",{"type":647,"attrs":47136,"content":47137},{"level":13022,"textAlign":49},[47138],{"text":47139,"type":585},"Relying on imports ",{"type":580,"attrs":47141,"content":47142},{"textAlign":49},[47143],{"text":47144,"type":585},"“There is currently a geopolitical competition ongoing to secure access to battery minerals and the UK, like the US, the EU, Japan and other Western mineral-consuming countries and organisations realise they ultimately need to rely on battery mineral imports,” Bryan Bille, an analyst at Benchmark, said.",{"type":580,"attrs":47146,"content":47147},{"textAlign":49},[47148],{"text":47149,"type":585},"This is a reality the UK government recognises.",{"type":580,"attrs":47151,"content":47152},{"textAlign":49},[47153],{"text":47154,"type":585},"“We know we need to secure more minerals,” Minister Ghani said. “We need to partner up and collaborate with other countries that share our values. We can’t do this alone.”",{"type":580,"attrs":47156,"content":47157},{"textAlign":49},[47158],{"text":47159,"type":585},"To this end, the UK has embarked on a world tour of sorts, strengthening relations and signing agreements with countries it views as allies in the industry.",{"type":580,"attrs":47161,"content":47162},{"textAlign":49},[47163],{"text":47164,"type":585},"“This is a new space so we’ve got to make sure that we are working with like minded partners in providing some more certainty and resilience in our supply chains with partners that we can work with,” Ghani said.",{"type":580,"attrs":47166,"content":47167},{"textAlign":49},[47168],{"text":47169,"type":585},"Across the pond, the UK has signed the Atlantic Declaration. With this initiative, both parties have launched negotiations aimed at securing a UK-US critical minerals agreement, ensuring battery minerals extracted or processed in the UK count towards the sourcing requirements for the 30D clean vehicle credit in the Inflation Reduction Act. The negotiations are still ongoing at this stage.",{"type":580,"attrs":47171,"content":47172},{"textAlign":49},[47173],{"text":47174,"type":585},"“This is a huge differentiator from Europe,” Green Lithium’s Taylor said. “We’ve got the whole of America as a potential customer base, whereas refineries setting up in Europe don’t have that.”",{"type":580,"attrs":47176,"content":47177},{"textAlign":49},[47178],{"text":47179,"type":585},"But even to import raw materials, the UK will need to build out anode or cathode production facilities. There are currently no plants in the pipeline, according to Benchmark.",{"type":580,"attrs":47181,"content":47182},{"textAlign":49},[47183],{"text":47184,"type":585},"“Despite the presence of anode operations in the UK, these are scattered R&D operations and commercialisation efforts have faced limited investment,” Tony Alderson, an analyst at Benchmark, said. “If anode operations are to capture a moderate global market share, much more investment and development is needed.”",{"type":580,"attrs":47186,"content":47187},{"textAlign":49},[47188],{"text":47189,"type":585},"To supply the UK’s 66.9 GWh of pipeline gigafactory capacity will require around 115,000 tonnes of cathode material and 79,000 tonnes of anode material.",{"type":580,"attrs":47191,"content":47192},{"textAlign":49},[47193],{"text":47194,"type":585},"Benchmark’s chief executive Simon Moores explained to the UK’s House of Commons in May this year that building out this midstream will help the whole supply chain.",{"type":580,"attrs":47196,"content":47197},{"textAlign":49},[47198],{"text":47199,"type":585},"“The key thing is that the UK does not have to just do the deals [for raw materials] itself,” Moores said. “It has to attract the midstream of the supply chain—the big companies that build these battery plants and the cathode and anode plants in the middle—to then give them enough incentive to go and get those raw materials themselves.”",{"type":647,"attrs":47201,"content":47202},{"level":13022,"textAlign":49},[47203],{"text":47204,"type":585},"Post-Brexit trade restrictions ",{"type":580,"attrs":47206,"content":47207},{"textAlign":49},[47208,47210,47215],{"text":47209,"type":585},"Part of the Trade and Cooperation Agreement that came into force in 2020 concerns “",{"text":47211,"type":585,"marks":47212},"rules of origin",[47213],{"type":590,"attrs":47214},{"href":17927,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":47216,"type":585},",” which dictate whether a product is local enough to qualify for a preferential tariff rate, otherwise a tariff has to be paid.",{"type":580,"attrs":47218,"content":47219},{"textAlign":49},[47220],{"text":47221,"type":585},"In order to export EVs from the UK to the EU tariff-free (and vice-versa), 40% of the value of the EV must originate from the UK and the EU. From the start of next year, however, this rises to 45% of the EV and 60% of the value of the battery pack. If these requirements are not met, a 10% tariff will need to paid.",{"type":580,"attrs":47223,"content":47224},{"textAlign":49},[47225],{"text":47226,"type":585},"With cathode inputs making up around 56% of the costs of a battery cell, the absence of any commercial production in the UK will prove a sticking point for meeting the rules of origin requirements even if sufficient battery production capacity is developed.",{"type":580,"attrs":47228,"content":47229},{"textAlign":49},[47230],{"text":47231,"type":585},"The high value of the battery relative to the price of a car means these rules will disproportionately impact EVs compared to petrol and diesel cars. At a time when the UK and EU are trying to accelerate the roll out of EVs, this could increase their costs and make them less attractive to consumers.",{"type":580,"attrs":47233,"content":47234},{"textAlign":49},[47235],{"text":47236,"type":585},"Almost three-quarters of cars manufactured in the UK last month were exported according to The Society of Motor Manufacturers and Traders (SMMT). Since January this year, over a third of the UK’s auto exports were EVs.",{"type":580,"attrs":47238,"content":47239},{"textAlign":49},[47240],{"text":47241,"type":585},"The EU is the UK’s largest trading partner for cars accounting for 80% of the UK’s exports so far this year. Bilateral trade of EVs with the bloc more than doubled from £7.3 billion in 2020 to £15.3 billion in 2022, according to SMMT.",{"type":580,"attrs":47243,"content":47244},{"textAlign":49},[47245],{"text":47246,"type":585},"“Today the industry does not have sufficient supply of locally-sourced batteries and components to meet demand,” Tim Slatter, Ford’s Britain chair, said in a statement. “Tightening the trade rules at this point risks undermining the switch to EVs with tariffs and adding pointless cost to customers wanting to go green.”","Investment in the UK battery supply chain has picked up this year, backed by renewed government attention and a number of company announcements. But can the country scale fast enough to remain relevant on the global stage? The government of prime minister Rishi Sunak has announced a number of critical mineral agreements this year, including […]",[47249],{"slug":1466,"name":1467,"content":47250},{"job_title":1469,"image":47251,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"24cacba6-84e8-4314-8181-64b70aeda458\", \"id\": \"\"}-->",[47254,47255,47256,47257,47258],{"slug":956,"name":957},{"slug":1142,"name":1143},{"slug":695,"name":696},{"slug":3379,"name":3380},{"slug":14595,"name":14596},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":47260,"copyright":645,"fieldtype":701,"meta_data":47261,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1699446873/www-production/UK-gigafactory-capacity-Oct-2023-no-y/UK-gigafactory-capacity-Oct-2023-no-y.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":47263,"copyright":645,"fieldtype":701,"meta_data":47264,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/12e5fbaca5/bm-shutterstock-2152798997-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Nov 08, 2023",{"id":47267,"uuid":47268,"name":47269,"slug":47270,"full_slug":47271,"content":47272},112470508730354,"946e05a3-2eed-479d-ac37-da8d09fa6302","Infographic: China controls three-quarters of graphite anode supply chain","infographic-china-controls-three-quarters-of-graphite-anode-supply-chain","article/infographic-china-controls-three-quarters-of-graphite-anode-supply-chain",{"_uid":47273,"date":47274,"tags":47275,"editor":47286,"content":47290,"excerpt":47436,"featured":51,"reporter":47437,"_editable":47441,"component":689,"seo_title":47269,"categories":47442,"visibility":2019,"author_company":49,"data_vis_image":47447,"featured_image":47450,"seo_description":47436,"author_full_name":49,"author_job_title":49,"formattedDate":47454},"da3b6aac-5f87-4781-a18c-2630a78d0210","2023-11-07 00:00",[47276,47277,47278,47279,47282,47285],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":10568,"name":10569},{"slug":47280,"name":47281},"flake-graphite","flake graphite",{"slug":47283,"name":47284},"spherical-graphite","Spherical graphite",{"slug":2633,"name":12958},[47287],{"slug":9249,"name":9250,"content":47288},{"job_title":9252,"image":47289,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":47291},[47292,47304,47309,47327,47332,47337,47345,47350,47355,47360,47372,47382,47387,47392,47397,47402,47410,47421,47426,47431],{"type":580,"attrs":47293,"content":47294},{"textAlign":49},[47295,47297,47303],{"text":47296,"type":585},"Battery anodes depend on a supply chain in which China dominates at every stage from feedstock material to ",{"text":47298,"type":585,"marks":47299},"active anode material production",[47300],{"type":590,"attrs":47301},{"href":47302,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/in-charts-why-decoupling-from-chinas-anode-market-could-be-difficult-for-the-west",{"text":1538,"type":585},{"type":580,"attrs":47305,"content":47306},{"textAlign":49},[47307],{"text":47308,"type":585},"Chinese production represents 74% of the total supply chain for graphite anodes, according to data from Benchmark.",{"type":580,"attrs":47310,"content":47311},{"textAlign":49},[47312,47313,47318,47320,47326],{"text":41946,"type":585},{"text":47314,"type":585,"marks":47315},"poses a risk to supply chain security",[47316],{"type":590,"attrs":47317},{"href":45142,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":47319,"type":585}," for anode producers in South Korea and elsewhere as ",{"text":47321,"type":585,"marks":47322},"China seeks to regulate the exports of its graphite products",[47323],{"type":590,"attrs":47324},{"href":47325,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/what-chinas-graphite-export-restrictions-mean-for-prices",{"text":1538,"type":585},{"type":580,"attrs":47328,"content":47329},{"textAlign":49},[47330],{"text":47331,"type":585},"“In addition to China’s current dominance, the nation is on track to retain over 85% of the global anode market share by the end of the decade,” Tony Alderson, an analyst at Benchmark, said. “As such, a notable amount of investment will be required to diversify supply away from China and create a more balanced global landscape.”",{"type":580,"attrs":47333,"content":47334},{"textAlign":49},[47335],{"text":47336,"type":585},"The infographic below illustrates the scale of this challenge and the technical and sustainability questions that form part of the graphite dilemma.",{"type":580,"attrs":47338,"content":47339},{"textAlign":49},[47340],{"type":1847,"attrs":47341},{"id":49,"alt":47342,"src":47343,"title":49,"source":49,"copyright":49,"meta_data":47344},"Comparing synthetic and natural graphite anode supply chains. China controls three-quarters of the global graphite anode supply chain.","https://a.storyblok.com/f/287943243085208/cf615d45bc/bm-nat-and-syn-graphite-infographic-1.jpg",{},{"type":580,"attrs":47346,"content":47347},{"textAlign":49},[47348],{"text":47349,"type":585},"During the charging of a battery, lithium ions flow to the anode where they intercalate with the layers of graphite. The reverse process occurs when the battery is discharged.",{"type":580,"attrs":47351,"content":47352},{"textAlign":49},[47353],{"text":47354,"type":585},"Both natural and synthetic forms of graphite can be used to make the anode material. Although the two feedstocks produce broadly similar materials, natural graphite anodes offer higher capacities whereas synthetic graphite anodes typically boast longer cycle lifes.",{"type":580,"attrs":47356,"content":47357},{"textAlign":49},[47358],{"text":47359,"type":585},"As anode producers seek to maximise these different properties, batteries increasingly contain a blend of both synthetic and natural graphite in their anode materials, though the proportions vary by producer, and ultimately the requirements of the application.",{"type":580,"attrs":47361,"content":47362},{"textAlign":49},[47363,47365,47371],{"text":47364,"type":585},"The raw material feedstock for a natural graphite anode is mined flake graphite. This is then separated by size, with the small-to-medium mesh material being the ",{"text":47366,"type":585,"marks":47367},"optimal size for battery material processing",[47368],{"type":590,"attrs":47369},{"href":47370,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/deficit-of-100-flake-graphite-deficit-could-push-anode-makers-to-larger-flakes",{"text":14640,"type":585},{"type":580,"attrs":47373,"content":47374},{"textAlign":49},[47375,47376,47380],{"text":2077,"type":585},{"text":34228,"type":585,"marks":47377},[47378],{"type":590,"attrs":47379},{"href":46787,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":47381,"type":585}," shows that material at this mesh size represented only 49% of a total global market of 1.2 million tonnes of flake graphite concentrate in 2023.",{"type":580,"attrs":47383,"content":47384},{"textAlign":49},[47385],{"text":47386,"type":585},"The flake graphite is then micronised, purified and spheronised to produce uncoated spherical graphite, the precursor to natural graphite anode material. Less than 1% of uncoated spherical graphite production is forecast to take place outside of China this year.",{"type":580,"attrs":47388,"content":47389},{"textAlign":49},[47390],{"text":47391,"type":585},"For synthetic graphite anodes, the starting material is petroleum coke or coal tar pitch, byproducts of the oil and coal industries. China again dominates, accounting for 69% of global low sulphur petroleum coke production in 2023. Japan and the US represent 11% and 10% of global coke production, respectively.",{"type":580,"attrs":47393,"content":47394},{"textAlign":49},[47395],{"text":47396,"type":585},"To convert coke or pitch into synthetic graphite requires the material to undergo an energy intensive graphitisation process. Inner Mongolia in China is home to many graphitisation facilities but the region uses coal for much of its electricity generation. This results in the average synthetic graphite anode material having a carbon intensity over three times that of the average natural graphite anode material produced in China.",{"type":580,"attrs":47398,"content":47399},{"textAlign":49},[47400],{"text":47401,"type":585},"Despite these environmental concerns, the cost competitiveness and scale of China’s anode industry means the global market has a major obstacle to overcome in reducing its dependence on China, which stands as high as 99% in some parts of the supply chain. ",{"type":580,"attrs":47403,"content":47404},{"textAlign":49},[47405],{"type":1847,"attrs":47406},{"id":49,"alt":47407,"src":47408,"title":49,"source":49,"copyright":49,"meta_data":47409},"Tuesday 14th to Thursday 16 November in LA, USA. Joint the graphite industry's premiere conference","https://a.storyblok.com/f/287943243085208/21b887ecaa/bm-benchmark-week-footer-design.jpg",{},{"type":580,"attrs":47411,"content":47412},{"textAlign":49},[47413,47415,47420],{"text":47414,"type":585},"Join the graphite industry’s premiere conference at Graphite and Anodes 2023, part of ",{"text":46641,"type":585,"marks":47416},[47417],{"type":590,"attrs":47418},{"href":47419,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://benchmarkevents.benchmarkminerals.com/benchmarkweek23",{"text":1538,"type":585},{"type":580,"attrs":47422,"content":47423},{"textAlign":49},[47424],{"text":47425,"type":585},"Benchmark provides market leading prices, forecasts and ESG analysis for natural graphite, synthetic graphite, anodes and the full lithium ion battery supply chain.",{"type":580,"attrs":47427,"content":47428},{"textAlign":49},[47429],{"text":47430,"type":585},"In 2024, we will be expanding our coverage with the launch of a new forecast service for the silicon anode market.",{"type":580,"attrs":47432,"content":47433},{"textAlign":49},[47434],{"text":47435,"type":585},"To learn more about Benchmark’s services and to speak to our experts – please provide your details here:","Battery anodes depend on a supply chain in which China dominates at every stage from feedstock material to active anode material production. Chinese production represents 74% of the total supply chain for graphite anodes, according to data from Benchmark. This poses a risk to supply chain security for anode producers in South Korea and elsewhere […]",[47438],{"slug":9249,"name":9250,"content":47439},{"job_title":9252,"image":47440,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"da3b6aac-5f87-4781-a18c-2630a78d0210\", \"id\": \"\"}-->",[47443,47444,47445,47446],{"slug":2162,"name":261},{"slug":956,"name":957},{"slug":1142,"name":1143},{"slug":2627,"name":2628},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":47448,"copyright":645,"fieldtype":701,"meta_data":47449,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1699286431/www-production/Graphite-anode-infographic-extract/Graphite-anode-infographic-extract.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":47451,"name":645,"focus":645,"title":47451,"source":645,"filename":47452,"copyright":645,"fieldtype":701,"meta_data":47453,"is_external_url":51},"Open pit graphite quarry","https://a.storyblok.com/f/287943243085208/c1745558f8/bm-shutterstock-1628580370-1.jpg",{"alt":47451,"title":47451,"source":645,"copyright":645},"Nov 07, 2023",{"id":47456,"uuid":47457,"name":47458,"slug":47459,"full_slug":47460,"content":47461},112470533969911,"6dc13075-7528-4a0b-ade0-c59d80537a74","Three reasons why China’s EV market is still strong ","three-reasons-why-chinas-ev-market-is-still-strong","article/three-reasons-why-chinas-ev-market-is-still-strong",{"_uid":47462,"date":47463,"tags":47464,"editor":47467,"content":47471,"excerpt":47648,"featured":50,"reporter":47649,"_editable":47653,"component":689,"seo_title":47458,"categories":47654,"visibility":697,"author_company":49,"data_vis_image":47657,"featured_image":47660,"seo_description":47648,"author_full_name":49,"author_job_title":49,"formattedDate":47663},"0f9bd486-c8e0-4f13-8463-013c724dcf02","2023-10-31 00:00",[47465,47466],{"slug":720,"name":721},{"slug":564,"name":565},[47468],{"slug":1466,"name":1467,"content":47469},{"job_title":1469,"image":47470,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":47472},[47473,47478,47483,47488,47493,47498,47503,47516,47529,47534,47539,47544,47549,47554,47561,47566,47576,47581,47586,47591,47603,47610,47615,47626,47631,47636,47643],{"type":580,"attrs":47474,"content":47475},{"textAlign":49},[47476],{"text":47477,"type":585},"China’s electric vehicle (EV) market has slowed down this year, amid concerns about a downturn in the world’s second-largest economy. ",{"type":580,"attrs":47479,"content":47480},{"textAlign":49},[47481],{"text":47482,"type":585},"China’s plug-in car sales are on course to grow by 32% this year, while sales in North America are expected to grow by 45%, according to Rho Motion. ",{"type":580,"attrs":47484,"content":47485},{"textAlign":49},[47486],{"text":47487,"type":585},"Yet despite the slower growth, China still continues to lead the global market towards the green transition.",{"type":580,"attrs":47489,"content":47490},{"textAlign":49},[47491],{"text":47492,"type":585},"Rho Motion estimates China will account for 58% of global electric car sales by the end of this year. ",{"type":580,"attrs":47494,"content":47495},{"textAlign":49},[47496],{"text":47497,"type":585},"Here are three reasons why China still dominates the global electric car market.",{"type":647,"attrs":47499,"content":47500},{"level":13022,"textAlign":49},[47501],{"text":47502,"type":585},"1. China EV sales still growing despite slowing pace",{"type":580,"attrs":47504,"content":47505},{"textAlign":49},[47506,47508,47514],{"text":47507,"type":585},"Demand for electric vehicles in China ",{"text":47509,"type":585,"marks":47510},"took a hit at the start of the year",[47511],{"type":590,"attrs":47512},{"href":47513,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/china-nev-sales-fall-by-48-in-january-hitting-battery-raw-material-prices",{"text":47515,"type":585}," due to the end of purchase subsidies and the start of the country’s Spring Festival holiday. ",{"type":580,"attrs":47517,"content":47518},{"textAlign":49},[47519,47521,47527],{"text":47520,"type":585},"In late June, China ",{"text":47522,"type":585,"marks":47523},"extended",[47524],{"type":590,"attrs":47525},{"href":47526,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/china-ev-recovery-fails-to-stir-lithium-prices",{"text":47528,"type":585}," tax breaks for certain electric vehicles until 2027, and focused on stimulating rural demand in response to weak sales. NEV sales have since climbed higher and rose again last month to reach a new record. ",{"type":580,"attrs":47530,"content":47531},{"textAlign":49},[47532],{"text":47533,"type":585},"China’s NEV sales, which includes fuel cell vehicles, plug-in hybrids and battery electric vehicles (BEVs), reached 904,000 in September, an increase of 6.8% on a month-on-month basis, according to data from the China Association of Automobile Manufacturers (CAAM). Sales increased 27.7% compared to the month last year.",{"type":580,"attrs":47535,"content":47536},{"textAlign":49},[47537],{"text":47538,"type":585},"BEVs already contribute to 70% of total NEV sales in China, with sales increasing 5% month-on-month to 627,000 vehicles in September, and rising 16% year-on-year, according to CAAM.",{"type":580,"attrs":47540,"content":47541},{"textAlign":49},[47542],{"text":47543,"type":585},"This translated through to battery cell production statistics, with monthly battery production rising by 5.6% m-o-m, to reach 77.4 GWh in September.",{"type":580,"attrs":47545,"content":47546},{"textAlign":49},[47547],{"text":47548,"type":585},"For October, China’s leading producer BYD reported that its NEV sales rose by 39% year-on-year to reach 301,833 units. ",{"type":580,"attrs":47550,"content":47551},{"textAlign":49},[47552],{"text":47553,"type":585},"Benchmark estimates China’s NEV penetration rate is on course to reach 38.3% this year, from 28% in 2022. China is years ahead of its target it set in 2020 for NEVs to reach a penetration rate of 25% in 2025.",{"type":580,"attrs":47555,"content":47556},{"textAlign":49},[47557],{"type":1847,"attrs":47558},{"id":49,"alt":645,"src":47559,"title":49,"source":49,"copyright":49,"meta_data":47560},"https://a.storyblok.com/f/287943243085208/3781b1da02/bm-china-nev-sales.png",{},{"type":580,"attrs":47562,"content":47563},{"textAlign":49},[47564],{"text":47565,"type":585},"China’s plug-in car sales will reach 8 million this year, up from 6 million units in 2022, according to Rho Motion. In contrast, the European electric vehicle market is expected to reach 3 million units this year, from 2.61 million units in 2022. The North American electric vehicle market is expected to reach 1.5 million this year, from 1 million units in 2022.",{"type":647,"attrs":47567,"content":47568},{"level":13022,"textAlign":49},[47569],{"text":47570,"type":585,"marks":47571},"Watch Benchmark analyst Luke Gear discuss the key EV market trends of 2023",[47572,47575],{"type":590,"attrs":47573},{"href":47574,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/analyst-insights-the-key-ev-market-trends-of-2023",{"type":1992},{"type":647,"attrs":47577,"content":47578},{"level":13022,"textAlign":49},[47579],{"text":47580,"type":585},"2. China’s battery cell prices are the lowest globally",{"type":580,"attrs":47582,"content":47583},{"textAlign":49},[47584],{"text":47585,"type":585},"China accounts for the bulk of global lithium ion battery cell production and battery prices in the country are as a result lower than elsewhere. ",{"type":580,"attrs":47587,"content":47588},{"textAlign":49},[47589],{"text":47590,"type":585},"The global weighted average price of EV lithium ion cells is $94.6 per kilowatt-hour (kWh), as assessed by Benchmark.",{"type":580,"attrs":47592,"content":47593},{"textAlign":49},[47594,47596,47602],{"text":47595,"type":585},"The Chinese lithium-iron-phosphate (LFP) prismatic cell price is $81.1 per kWh, and $86.9/kWh for nickel cobalt manganese (NCM) 622 cells, according to ",{"text":47597,"type":585,"marks":47598},"Benchmark’s Lithium Ion Battery Cell Price Assessment",[47599],{"type":590,"attrs":47600},{"href":47601,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/price-assessments/lithium/portal/?tab=table",{"text":14640,"type":585},{"type":580,"attrs":47604,"content":47605},{"textAlign":49},[47606],{"type":1847,"attrs":47607},{"id":49,"alt":645,"src":47608,"title":49,"source":49,"copyright":49,"meta_data":47609},"https://a.storyblok.com/f/287943243085208/3d44a9df4a/bm-china-cell-prices-edited-1.png",{},{"type":647,"attrs":47611,"content":47612},{"level":13022,"textAlign":49},[47613],{"text":47614,"type":585},"3. China’s growing LFP share helps lower-cost models",{"type":580,"attrs":47616,"content":47617},{"textAlign":49},[47618,47620,47624],{"text":47619,"type":585},"China has rapidly adopted cheaper LFP cathodes over NCM chemistries. ",{"text":29586,"type":585,"marks":47621},[47622],{"type":590,"attrs":47623},{"href":41507,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":47625,"type":585}," estimates China’s LFP share will grow to 71% by the end of the decade from 60% this year. In 2021, China’s LFP share was 49%.",{"type":580,"attrs":47627,"content":47628},{"textAlign":49},[47629],{"text":47630,"type":585},"That has helped reduce the cost of Chinese electric vehicles, with the Hongguang Mini electric vehicle starting at 29,800 RMB ($4,100). ",{"type":580,"attrs":47632,"content":47633},{"textAlign":49},[47634],{"text":47635,"type":585},"“LFP is crucial to keep battery pack prices down in recent times and will play an important role in the future for the lower-end of EVs,” said Robert Burrell, analyst at Benchmark.",{"type":580,"attrs":47637,"content":47638},{"textAlign":49},[47639],{"type":1847,"attrs":47640},{"id":49,"alt":645,"src":47641,"title":49,"source":49,"copyright":49,"meta_data":47642},"https://a.storyblok.com/f/287943243085208/e500123f4e/bm-lfp-v-ncm-china.png",{},{"type":580,"attrs":47644,"content":47645},{"textAlign":49},[47646],{"text":47647,"type":585},"“Low price-point and entry-level EVs are not achievable without LFP cathodes and it is this market where we will see the largest shift for consumers.” ","China’s electric vehicle (EV) market has slowed down this year, amid concerns about a downturn in the world’s second-largest economy. China’s plug-in car sales are on course to grow by 32% this year, while sales in North America are expected to grow by 45%, according to Rho Motion. Yet despite the slower growth, China still […]",[47650],{"slug":1466,"name":1467,"content":47651},{"job_title":1469,"image":47652,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0f9bd486-c8e0-4f13-8463-013c724dcf02\", \"id\": \"\"}-->",[47655,47656],{"slug":956,"name":957},{"slug":692,"name":693},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":47658,"copyright":645,"fieldtype":701,"meta_data":47659,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1699027198/www-production/Chinese-cell-prices/Chinese-cell-prices.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":47661,"copyright":645,"fieldtype":701,"meta_data":47662,"is_external_url":51},"https://wp-admin.benchmarkminerals.com/app/uploads/BYD-charging-scaled.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Oct 31, 2023",{"id":47665,"uuid":47666,"name":47667,"slug":47668,"full_slug":47669,"content":47670},112470539253752,"b8fa8360-7f43-4db2-8d1b-b2b81188331a","Where are the world’s gigafactories?","where-are-the-worlds-gigafactories","article/where-are-the-worlds-gigafactories",{"_uid":47671,"date":47463,"tags":47672,"editor":47677,"content":47681,"excerpt":47914,"featured":51,"reporter":47915,"_editable":47919,"component":689,"seo_title":47667,"categories":47920,"visibility":2019,"author_company":49,"data_vis_image":47923,"featured_image":47925,"seo_description":47914,"author_full_name":49,"author_job_title":49,"formattedDate":47663},"d4c0eee7-71b0-4e38-87f3-e50f6623bef6",[47673,47674,47675,47676],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":1720,"name":1721},[47678],{"slug":1466,"name":1467,"content":47679},{"job_title":1469,"image":47680,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":47682},[47683,47700,47713,47732,47750,47762,47770,47775,47794,47799,47810,47822,47827,47836,47841,47846,47857,47862,47867,47877,47889,47894,47899,47904],{"type":580,"attrs":47684,"content":47685},{"textAlign":49},[47686,47688,47693,47695,47699],{"text":47687,"type":585},"There are over 240 operational gigafactories across the world, with this currently ",{"text":47689,"type":585,"marks":47690},"set to rise to over 400 by 2030",[47691],{"type":590,"attrs":47692},{"href":46129,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":47694,"type":585}," as assessed by ",{"text":28266,"type":585,"marks":47696},[47697],{"type":590,"attrs":47698},{"href":39414,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":47701,"content":47702},{"textAlign":49},[47703,47705,47711],{"text":47704,"type":585},"Combined, these gigafactories have a ",{"text":47706,"type":585,"marks":47707},"2030 pipeline capacity",[47708],{"type":590,"attrs":47709},{"href":47710,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/battery-capacity-to-increase-4-fold-by-2030-amid-qualification-challenge-outside-asia",{"text":47712,"type":585}," of nine terawatt-hours (TWh).",{"type":580,"attrs":47714,"content":47715},{"textAlign":49},[47716,47717,47722,47724,47730],{"text":15254,"type":585},{"text":47718,"type":585,"marks":47719},"82% of gigafactory capacity this year is located in China",[47720],{"type":590,"attrs":47721},{"href":46099,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":47723,"type":585},", Western policies aimed at encouraging ",{"text":47725,"type":585,"marks":47726},"domestic production",[47727],{"type":590,"attrs":47728},{"href":47729,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/ira-supercharges-usas-gigafactory-capacity-pipeline-as-it-overtakes-europe-for-first-time",{"text":47731,"type":585}," sees this drop to 68% in 2030.",{"type":580,"attrs":47733,"content":47734},{"textAlign":49},[47735,47736,47741,47743,47748],{"text":32343,"type":585},{"text":47737,"type":585,"marks":47738},"China holds close to 70% of the battery cell pipeline capacity",[47739],{"type":590,"attrs":47740},{"href":17463,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":47742,"type":585},", which has led to significant policy movements in both Europe and North America in order to reduce reliance on Chinese cells for the EV transition,” ",{"text":5877,"type":585,"marks":47744},[47745],{"type":590,"attrs":47746},{"href":47747,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/analyst-insights-takeaways-from-benchmarks-china-gigafactory-field-trip",{"text":47749,"type":585},", an analyst at Benchmark, said. ",{"type":580,"attrs":47751,"content":47752},{"textAlign":49},[47753,47755,47761],{"text":47754,"type":585},"Benchmark has mapped the 2030 gigafactory pipeline in a free ",{"text":47756,"type":585,"marks":47757},"Special Issue available on Benchmark Source",[47758],{"type":590,"attrs":47759},{"href":47760,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/downloads/special-issues/1305958",{"text":1538,"type":585},{"type":580,"attrs":47763,"content":47764},{"textAlign":49},[47765],{"type":1847,"attrs":47766},{"id":49,"alt":47767,"src":47768,"title":49,"source":49,"copyright":49,"meta_data":47769},"68% of the global 2030 gigafactory pipeline is in China","https://a.storyblok.com/f/287943243085208/f972fd0f7d/bm-global-gigafactory-pipeline-2022-2030-2.png",{},{"type":647,"attrs":47771,"content":47772},{"level":13022,"textAlign":49},[47773],{"text":47774,"type":585},"Disrupting China’s dominance",{"type":580,"attrs":47776,"content":47777},{"textAlign":49},[47778,47780,47785,47787,47792],{"text":47779,"type":585},"China is home to seven of the ",{"text":47781,"type":585,"marks":47782},"ten largest battery makers",[47783],{"type":590,"attrs":47784},{"href":43720,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":47786,"type":585}," by capacity today, with ",{"text":2045,"type":585,"marks":47788},[47789],{"type":590,"attrs":47790},{"href":47791,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinas-battery-kings-diverging-fortunes-of-catl-and-byd-highlight-raw-material-challenge",{"text":47793,"type":585}," firmly in the top spot.",{"type":580,"attrs":47795,"content":47796},{"textAlign":49},[47797],{"text":47798,"type":585},"Although China will remain the dominant battery production centre in 2030, Western nations are investing and regulating their way into a stronger position in the market.",{"type":580,"attrs":47800,"content":47801},{"textAlign":49},[47802,47804,47808],{"text":47803,"type":585},"The US has been largely successful in this through President Biden’s ",{"text":25844,"type":585,"marks":47805},[47806],{"type":590,"attrs":47807},{"href":42255,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":47809,"type":585}," (IRA). With generous production tax incentives, the IRA has accelerated North America’s 2030 pipeline up to 1.3 TWh.",{"type":580,"attrs":47811,"content":47812},{"textAlign":49},[47813,47815,47820],{"text":47814,"type":585},"The IRA is explicitly designed to reduce China’s hold on the US EV market by excluding vehicles containing battery components and materials sourced from so-called “",{"text":47816,"type":585,"marks":47817},"Foreign Entities of Concern",[47818],{"type":590,"attrs":47819},{"href":43297,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":47821,"type":585},"” from the tax credits.",{"type":580,"attrs":47823,"content":47824},{"textAlign":49},[47825],{"text":47826,"type":585},"Although the exact definition of these entities is yet to be confirmed, it will effectively prevent automakers using batteries produced in China from accessing many of the credits. There is no explicit prohibition preventing a Chinese company building plants in the US to access the incentives, however.",{"type":580,"attrs":47828,"content":47829},{"textAlign":49},[47830,47834],{"text":15962,"type":585,"marks":47831},[47832],{"type":590,"attrs":47833},{"href":46290,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":47835,"type":585},", over half of the 1.2 TWh pipeline capacity for 2030 is located in Germany, Hungary and France, which are set to be home to 19 of the region’s 36 gigafactories.",{"type":580,"attrs":47837,"content":47838},{"textAlign":49},[47839],{"text":47840,"type":585},"Unlike the US, Europe is more accepting of Chinese companies building gigafactories there. In 2030, two of the five largest gigafactories in Europe will be operated by CATL in Hungary and Germany.",{"type":580,"attrs":47842,"content":47843},{"textAlign":49},[47844],{"text":47845,"type":585},"“With so much capacity in China another consequence has been the rise in Chinese companies pursuing overseas strategy in order to escape the strong domestic competition created by oversupply fears,” Hartley said. ",{"type":580,"attrs":47847,"content":47848},{"textAlign":49},[47849,47851,47855],{"text":47850,"type":585},"Europe’s less exclusionary approach is reflected in ",{"text":28866,"type":585,"marks":47852},[47853],{"type":590,"attrs":47854},{"href":39439,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":47856,"type":585},", which forecasts that just 9.2% of North America’s battery production in 2030 is set to be owned by a Chinese company compared to 31% in Europe.",{"type":647,"attrs":47858,"content":47859},{"level":13022,"textAlign":49},[47860],{"text":47861,"type":585},"Critical raw material disconnect",{"type":580,"attrs":47863,"content":47864},{"textAlign":49},[47865],{"text":47866,"type":585},"The growth of the gigafactory pipeline will require a corresponding amount of growth in the upstream supply chain.",{"type":580,"attrs":47868,"content":47869},{"textAlign":49},[47870,47872,47876],{"text":47871,"type":585},"In this regard, Benchmark views lithium as the critical limiting mineral. In 2030, 2.7 million tonnes of lithium are expected to be produced, according to ",{"text":17833,"type":585,"marks":47873},[47874],{"type":590,"attrs":47875},{"href":41935,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":47878,"content":47879},{"textAlign":49},[47880,47882,47887],{"text":47881,"type":585},"This corresponds to just 3.4 TWh of lithium ion battery cell production, a far cry from the 7 TWh of batteries required if ",{"text":47883,"type":585,"marks":47884},"governmental policy and company targets",[47885],{"type":590,"attrs":47886},{"href":37856,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":47888,"type":585}," are to be met, as per Benchmark’s high case demand scenario.",{"type":580,"attrs":47890,"content":47891},{"textAlign":49},[47892],{"text":47893,"type":585},"“Whilst not all this capacity will come online, the hypothetical raw material demand generated from the gigafactory pipeline will require 7.5 million tonnes of lithium annually by 2030, which really highlights the scale of the battery cell factory build out,” Hartley said.",{"type":647,"attrs":47895,"content":47896},{"level":13022,"textAlign":49},[47897],{"text":47898,"type":585},"Download Benchmark’s Global Gigafactories 2023 Map",{"type":580,"attrs":47900,"content":47901},{"textAlign":49},[47902],{"text":47903,"type":585},"Drawing on Benchmark’s proprietary data this infographic maps out the major regions where gigafactories are being built and the key data to the lithium ion story.",{"type":580,"attrs":47905,"content":47906},{"textAlign":49},[47907,47909,47913],{"text":47908,"type":585},"Download the map ",{"text":20730,"type":585,"marks":47910},[47911],{"type":590,"attrs":47912},{"href":47760,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},"There are over 240 operational gigafactories across the world, with this currently set to rise to over 400 by 2030 as assessed by Benchmark’s Gigafactory Assessment. Combined, these gigafactories have a 2030 pipeline capacity of nine terawatt-hours (TWh). Although 82% of gigafactory capacity this year is located in China, Western policies aimed at encouraging domestic […]",[47916],{"slug":1466,"name":1467,"content":47917},{"job_title":1469,"image":47918,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d4c0eee7-71b0-4e38-87f3-e50f6623bef6\", \"id\": \"\"}-->",[47921,47922],{"slug":956,"name":957},{"slug":3379,"name":3380},{"id":49,"alt":47767,"name":645,"focus":645,"title":47767,"source":645,"filename":47768,"copyright":645,"fieldtype":701,"meta_data":47924,"is_external_url":51},{"alt":47767,"title":47767,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":47926,"copyright":645,"fieldtype":701,"meta_data":47927,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d97368fd1f/bm-p90473547-highres.jpg",{"alt":645,"title":645,"source":645,"copyright":645},{"id":47929,"uuid":47930,"name":47931,"slug":47932,"full_slug":47933,"content":47934},112470569744382,"ba81c4f4-7cd2-49d4-bf25-97ebd684088e","In charts: Why decoupling from China’s anode market could be difficult for the West","in-charts-why-decoupling-from-chinas-anode-market-could-be-difficult-for-the-west","article/in-charts-why-decoupling-from-chinas-anode-market-could-be-difficult-for-the-west",{"_uid":47935,"date":47936,"tags":47937,"editor":47941,"content":47945,"excerpt":48155,"featured":51,"reporter":48156,"_editable":48160,"component":689,"seo_title":47931,"categories":48161,"visibility":697,"author_company":49,"data_vis_image":48165,"featured_image":48167,"seo_description":48155,"author_full_name":49,"author_job_title":49,"formattedDate":48169},"ef40f985-bac3-4e1b-ba26-ed868c808d17","2023-10-25 00:00",[47938,47939,47940],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":10568,"name":10569},[47942],{"slug":9249,"name":9250,"content":47943},{"job_title":9252,"image":47944,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":47946},[47947,47960,47972,47977,47982,47987,48004,48012,48015,48020,48025,48033,48038,48043,48055,48063,48068,48079,48090,48095,48103,48108,48113,48125,48130,48138],{"type":580,"attrs":47948,"content":47949},{"textAlign":49},[47950,47952,47958],{"text":47951,"type":585},"Benchmark data shows that a ",{"text":47953,"type":585,"marks":47954},"severe lack of anode developments",[47955],{"type":590,"attrs":47956},{"href":47957,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/europes-looming-battery-anode-shortage",{"text":47959,"type":585}," outside of China will see global reliance on the country continue into the 2030s.",{"type":580,"attrs":47961,"content":47962},{"textAlign":49},[47963,47965,47970],{"text":47964,"type":585},"China’s recent decision to ",{"text":47966,"type":585,"marks":47967},"restrict some exports of graphite products",[47968],{"type":590,"attrs":47969},{"href":46609,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":47971,"type":585}," has put the anode supply chain under increased scrutiny.",{"type":580,"attrs":47973,"content":47974},{"textAlign":49},[47975],{"text":47976,"type":585},"In the near term, the restrictions could slow battery anode production in markets such as South Korea. However, if the restrictions continue into the long term it could accelerate the development of an ex-China supply chain.",{"type":580,"attrs":47978,"content":47979},{"textAlign":49},[47980],{"text":47981,"type":585},"“This measure may have some short term impact on the ex-China graphite markets, but it remains a question how this will impact longer term,” Rob Burrell, an analyst at Benchmark, said. “An important thing to keep in mind is that China produces far more material than it needs domestically, so they will not want to shut themselves off completely.”",{"type":647,"attrs":47983,"content":47984},{"level":13022,"textAlign":49},[47985],{"text":47986,"type":585},"China supplies the world",{"type":580,"attrs":47988,"content":47989},{"textAlign":49},[47990,47992,47996,47997,48002],{"text":47991,"type":585},"This year, ",{"text":32921,"type":585,"marks":47993},[47994],{"type":590,"attrs":47995},{"href":45225,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":826,"type":585},{"text":47998,"type":585,"marks":47999},"China will account for 92% of anode production",[48000],{"type":590,"attrs":48001},{"href":17463,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":48003,"type":585}," globally. This is forecast to drop over the rest of the decade but China is still expected to account for over 80% of anode production in 2030.",{"type":580,"attrs":48005,"content":48006},{"textAlign":49},[48007],{"type":1847,"attrs":48008},{"id":49,"alt":48009,"src":48010,"title":49,"source":49,"copyright":49,"meta_data":48011},"China's anode dominance extends into 2030s","https://a.storyblok.com/f/287943243085208/87c470945e/bm-regional-anode-percentages-q3-2023-1307563c5514.png",{},{"type":580,"attrs":48013,"content":48014},{"textAlign":49},[],{"type":580,"attrs":48016,"content":48017},{"textAlign":49},[48018],{"text":48019,"type":585},"China’s dominance means its anode production massively outstrips its domestic demand. The surplus of anode production in China is larger than the combined deficit of the rest of the world.",{"type":580,"attrs":48021,"content":48022},{"textAlign":49},[48023],{"text":48024,"type":585},"However, even China’s global strength is forecast to be unable to meet the world’s ever-increasing demand for anode material, primarily driven by skyrocketing demand for electric vehicles. From 2028, China’s surplus will be less than the rest of the world’s deficit for the first time.",{"type":580,"attrs":48026,"content":48027},{"textAlign":49},[48028],{"type":1847,"attrs":48029},{"id":49,"alt":48030,"src":48031,"title":49,"source":49,"copyright":49,"meta_data":48032},"China is oversupplied with anode material","https://a.storyblok.com/f/287943243085208/76cabc3807/bm-anode-market-balance-q3-2023-1.png",{},{"type":580,"attrs":48034,"content":48035},{"textAlign":49},[48036],{"text":48037,"type":585},"The grip China has on the anode supply chain is led by relatively few Tier 1 companies. Just four companies account for over half of the global anode supply chain and all are based in China.",{"type":580,"attrs":48039,"content":48040},{"textAlign":49},[48041],{"text":48042,"type":585},"The leader is BTR New Energy with almost a fifth of the global market (including its joint ventures). Benchmark forecasts they will triple their production between 2023 and 2030 including new operations in Indonesia.",{"type":580,"attrs":48044,"content":48045},{"textAlign":49},[48046,48048,48053],{"text":48047,"type":585},"Shanshan and Putailai, the second and third largest anode producers, also have plans to develop anode production outside of China with plants in ",{"text":32887,"type":585,"marks":48049},[48050],{"type":590,"attrs":48051},{"href":48052,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinas-shanshan-to-build-e1-28-billion-synthetic-anode-plant-in-finland",{"text":48054,"type":585}," and Sweden, respectively.",{"type":580,"attrs":48056,"content":48057},{"textAlign":49},[48058],{"type":1847,"attrs":48059},{"id":49,"alt":48060,"src":48061,"title":49,"source":49,"copyright":49,"meta_data":48062},"Just four companies account for over half of global anode production","https://a.storyblok.com/f/287943243085208/6f63fdc519/bm-chart-screenshot-51.png",{},{"type":580,"attrs":48064,"content":48065},{"textAlign":49},[48066],{"text":48067,"type":585},"Outside of China, Japan and South Korea are the strongest anode makers, producing 47% and 39% of ex-China anode supplies, respectively.",{"type":580,"attrs":48069,"content":48070},{"textAlign":49},[48071,48073,48077],{"text":48072,"type":585},"The largest non-Chinese company by tonnes of anode production in 2023 is ",{"text":16474,"type":585,"marks":48074},[48075],{"type":590,"attrs":48076},{"href":45255,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":48078,"type":585},", based in South Korea. It accounts for 3% of global production.",{"type":580,"attrs":48080,"content":48081},{"textAlign":49},[48082,48083,48088],{"text":1935,"type":585},{"text":11356,"type":585,"marks":48084},[48085],{"type":590,"attrs":48086},{"href":48087,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/japans-role-in-developing-the-lithium-ion-battery-industry",{"text":48089,"type":585},", Resonac and the Mitsubishi Chemical Corporation are the largest producers.",{"type":580,"attrs":48091,"content":48092},{"textAlign":49},[48093],{"text":48094,"type":585},"Outside of Asia, the US and Sweden are the next strongest countries, representing 8.6% of ex-China supply combined.",{"type":580,"attrs":48096,"content":48097},{"textAlign":49},[48098],{"type":1847,"attrs":48099},{"id":49,"alt":48100,"src":48101,"title":49,"source":49,"copyright":49,"meta_data":48102},"Japan and South Korea dominate ex-China anode production","https://a.storyblok.com/f/287943243085208/93aa67173c/bm-ex-china-anode-producers-q3-2023-2.png",{},{"type":647,"attrs":48104,"content":48105},{"level":13022,"textAlign":49},[48106],{"text":48107,"type":585},"Chemistry matters",{"type":580,"attrs":48109,"content":48110},{"textAlign":49},[48111],{"text":48112,"type":585},"The strength of China’s dominance in anode production varies by chemistry.",{"type":580,"attrs":48114,"content":48115},{"textAlign":49},[48116,48117,48123],{"text":1203,"type":585},{"text":48118,"type":585,"marks":48119},"synthetic graphite anodes",[48120],{"type":590,"attrs":48121},{"href":48122,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinas-anode-players-announce-3-9-billion-for-synthetic-graphite-projects",{"text":48124,"type":585},", 98% of global production is forecast to occur in China this year. However for natural graphite anodes, this drops to 79%.",{"type":580,"attrs":48126,"content":48127},{"textAlign":49},[48128],{"text":48129,"type":585},"The majority of ex-China natural graphite anode production is in South Korea and Japan, but North America could match those countries by 2030 if its pipeline projects come online.",{"type":580,"attrs":48131,"content":48132},{"textAlign":49},[48133],{"type":1847,"attrs":48134},{"id":49,"alt":48135,"src":48136,"title":49,"source":49,"copyright":49,"meta_data":48137},"Synthetic anode production more stongly controlled by China than natural graphite anode production","https://a.storyblok.com/f/287943243085208/457fb1a4c6/bm-regional-synthetic-vs-natural-anode-q3-2023-1.png",{},{"type":580,"attrs":48139,"content":48140},{"textAlign":49},[48141,48143,48147,48149,48154],{"text":48142,"type":585},"However, despite ex-China’s slight strength in natural anode production compared to synthetic, it should be noted that the upstream is still dominated by China with 99% of spherical graphite, the precursor for natural graphite anodes, coming from the country in 2023 according to ",{"text":40409,"type":585,"marks":48144},[48145],{"type":590,"attrs":48146},{"href":43200,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":48148,"type":585},". China is also set to produce 69% of synthetic graphite globally according to ",{"text":13060,"type":585,"marks":48150},[48151],{"type":590,"attrs":48152},{"href":48153,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts/synthetic-graphite/reports",{"text":1538,"type":585},"Benchmark data shows that a severe lack of anode developments outside of China will see global reliance on the country continue into the 2030s. China’s recent decision to restrict some exports of graphite products has put the anode supply chain under increased scrutiny. In the near term, the restrictions could slow battery anode production in […]",[48157],{"slug":9249,"name":9250,"content":48158},{"job_title":9252,"image":48159,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ef40f985-bac3-4e1b-ba26-ed868c808d17\", \"id\": \"\"}-->",[48162,48163,48164],{"slug":2162,"name":261},{"slug":956,"name":957},{"slug":695,"name":696},{"id":49,"alt":48009,"name":645,"focus":645,"title":48009,"source":645,"filename":48010,"copyright":645,"fieldtype":701,"meta_data":48166,"is_external_url":51},{"alt":48009,"title":48009,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":24289,"copyright":645,"fieldtype":701,"meta_data":48168,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},"Oct 25, 2023",{"id":48171,"uuid":48172,"name":48173,"slug":48174,"full_slug":48175,"content":48176},112470671345686,"04dd37f0-8c48-4159-adae-e054979a4661","Joe Manchin says Treasury guidance “waters down” Inflation Reduction Act","joe-manchin-says-treasury-guidance-waters-down-inflation-reduction-act","article/joe-manchin-says-treasury-guidance-waters-down-inflation-reduction-act",{"_uid":48177,"date":48178,"tags":48179,"editor":48183,"content":48187,"excerpt":48426,"featured":51,"reporter":48427,"_editable":48431,"component":689,"seo_title":48173,"categories":48432,"visibility":697,"author_company":49,"data_vis_image":48435,"featured_image":48437,"seo_description":48426,"author_full_name":49,"author_job_title":49,"formattedDate":48441},"081f290f-eaa3-4de8-88a0-fe9e68b0375b","2023-10-06 00:00",[48180,48181,48182],{"slug":564,"name":565},{"slug":31859,"name":25844},{"slug":561,"name":562},[48184],{"slug":9249,"name":9250,"content":48185},{"job_title":9252,"image":48186,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":48188},[48189,48210,48241,48252,48257,48262,48270,48275,48280,48285,48290,48295,48300,48305,48310,48315,48320,48332,48337,48342,48355,48360,48365,48376,48381,48386,48391,48403,48408,48421],{"type":580,"attrs":48190,"content":48191},{"textAlign":49},[48192,48194,48200,48202,48208],{"text":48193,"type":585},"Democrat ",{"text":48195,"type":585,"marks":48196},"senator Joe Manchin",[48197],{"type":590,"attrs":48198},{"href":48199,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/manchin-says-major-strides-made-in-critical-mineral-permitting-after-debt-limit-deal",{"text":48201,"type":585}," warned a committee that China could use critical minerals as “leverage” over the ",{"text":48203,"type":585,"marks":48204},"US as the country ramps up",[48205],{"type":590,"attrs":48206},{"href":48207,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/can-north-america-build-a-battery-supply-chain",{"text":48209,"type":585}," its electric vehicle ambitions.",{"type":580,"attrs":48211,"content":48212},{"textAlign":49},[48213,48218,48220,48225,48227,48232,48234,48239],{"text":48214,"type":585,"marks":48215},"China dominates in the processing of battery minerals",[48216],{"type":590,"attrs":48217},{"href":17463,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":48219,"type":585},", forecast to produce 66% of the world’s ",{"text":48221,"type":585,"marks":48222},"lithium chemicals",[48223],{"type":590,"attrs":48224},{"href":41935,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":48226,"type":585},", 75% of ",{"text":48228,"type":585,"marks":48229},"nickel sulphate",[48230],{"type":590,"attrs":48231},{"href":43141,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":48233,"type":585}," and 76% of ",{"text":48235,"type":585,"marks":48236},"refined cobalt",[48237],{"type":590,"attrs":48238},{"href":39119,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":48240,"type":585}," this year, according to Benchmark. The US, by contrast produces just 1.5%, 1%, and 0%, respectively.",{"type":580,"attrs":48242,"content":48243},{"textAlign":49},[48244,48245,48250],{"text":1005,"type":585},{"text":25844,"type":585,"marks":48246},[48247],{"type":590,"attrs":48248},{"href":48249,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/what-does-the-us-inflation-reduction-act-mean-for-the-ev-battery-supply-chain",{"text":48251,"type":585}," was designed, in part, to incentivise both the purchasing of electric vehicles and to encourage industry to develop domestic supply chains in which critical minerals are extracted or processed in the US and Free Trade Agreement countries.",{"type":580,"attrs":48253,"content":48254},{"textAlign":49},[48255],{"text":48256,"type":585},"However, Manchin argues that the US Treasury guidance on what constitutes a critical raw material extracted or processed in the US or an FTA country “waters down” the sourcing requirements.",{"type":580,"attrs":48258,"content":48259},{"textAlign":49},[48260],{"text":48261,"type":585},"“This administration appears to care more about getting EVs on the road than our energy security and competition with China,” he said at the Committee Hearing to Examine Opportunities to Counter the People’s Republic of China’s Control of Critical Mineral Supply Chains.",{"type":580,"attrs":48263,"content":48264},{"textAlign":49},[48265],{"type":1847,"attrs":48266},{"id":49,"alt":48267,"src":48268,"title":49,"source":49,"copyright":49,"meta_data":48269},"China dominates in the processing of critical minerals","https://a.storyblok.com/f/287943243085208/599bf5b6f1/bm-fta-supply.png",{},{"type":647,"attrs":48271,"content":48272},{"level":13022,"textAlign":49},[48273],{"text":48274,"type":585},"Interpretation of the IRA",{"type":580,"attrs":48276,"content":48277},{"textAlign":49},[48278],{"text":48279,"type":585},"The US Environmental Protection Agency estimates that 67% of new light-duty vehicles in 2032 will be electric in order to meet its emissions standards for vehicles.",{"type":580,"attrs":48281,"content":48282},{"textAlign":49},[48283],{"text":48284,"type":585},"The Inflation Reduction Act incentivises the purchase of EVs through a consumer tax credit up to $7,500 on a vehicle, described in section 30D of the act.",{"type":580,"attrs":48286,"content":48287},{"textAlign":49},[48288],{"text":48289,"type":585},"A total of $3,750 of this credit is made available if a certain percentage of the value of the critical raw materials are extracted or processed in the US or a free trade agreement country, or recycled in North America.",{"type":580,"attrs":48291,"content":48292},{"textAlign":49},[48293],{"text":48294,"type":585},"The applicable percentage starts at 40% up to 2024 and increases to 80% by 2028.",{"type":580,"attrs":48296,"content":48297},{"textAlign":49},[48298],{"text":48299,"type":585},"Manchin’s concerns arise from US Treasury’s guidance which states a mineral can be said to have been extracted or processed in the US or FTA country if just 50% of value added to the mineral occurs in that country.",{"type":580,"attrs":48301,"content":48302},{"textAlign":49},[48303],{"text":48304,"type":585},"“Through guidance, the administration is attempting to cut the critical mineral sourcing percentage requirements in the IRA in half,” Manchin said.",{"type":580,"attrs":48306,"content":48307},{"textAlign":49},[48308],{"text":48309,"type":585},"A threshold reduces the sourcing requirements, but it could also help OEMs take full advantage of the credits.",{"type":580,"attrs":48311,"content":48312},{"textAlign":49},[48313],{"text":48314,"type":585},"“The issue is the realities of the supply chain are such that any OEM would find it difficult to get hold of the $7,500 credit in totality,” Manish Dua, an analyst at Benchmark said. “And even then they would still need to ramp up quickly across the supply chain – make investments, find materials and bypass China.”",{"type":647,"attrs":48316,"content":48317},{"level":13022,"textAlign":49},[48318],{"text":48319,"type":585},"Building mines",{"type":580,"attrs":48321,"content":48322},{"textAlign":49},[48323,48325,48330],{"text":48324,"type":585},"Another point raised by Manchin in his address to the committee is that more mines are needed, citing Benchmark’s previous report that over ",{"text":48326,"type":585,"marks":48327},"300 new mines",[48328],{"type":590,"attrs":48329},{"href":44365,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":48331,"type":585}," are needed to meet the demand for battery minerals.",{"type":580,"attrs":48333,"content":48334},{"textAlign":49},[48335],{"text":48336,"type":585},"“However, an insufficient number of new mines are currently in development to meet that demand, while those projects that are under development face long timeframes and considerable risk,” he said. “When we refuse to allow mining and processing here in a timely fashion, we encourage it to occur in countries with lower environmental and labor standards than we would permit at home.”",{"type":580,"attrs":48338,"content":48339},{"textAlign":49},[48340],{"text":48341,"type":585},"The US has awarded grants and loans to projects associated with critical minerals, but the majority of this has been on the processing side, according to Dua.",{"type":580,"attrs":48343,"content":48344},{"textAlign":49},[48345,48347,48353],{"text":48346,"type":585},"Last year, the US Department of Energy awarded ",{"text":48348,"type":585,"marks":48349},"$2.8 billion in grants across 20 companies",[48350],{"type":590,"attrs":48351},{"href":48352,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/us-targets-lithium-graphite-and-nickel-with-2-8-billion-doe-grants-to-take-on-china",{"text":48354,"type":585}," in the battery supply chain. ",{"type":580,"attrs":48356,"content":48357},{"textAlign":49},[48358],{"text":48359,"type":585},"Much of the money that has been awarded for mining projects has come through the Department of Defense, which was given the authority to strengthen domestic mining and processing of critical minerals when the Biden Administration invoked the Defense Production Act Title III authorities.",{"type":580,"attrs":48361,"content":48362},{"textAlign":49},[48363],{"text":48364,"type":585},"Through this, the DoD has awarded funds to lithium, nickel, graphite and cobalt projects in the US.",{"type":580,"attrs":48366,"content":48367},{"textAlign":49},[48368,48374],{"text":48369,"type":585,"marks":48370},"Albemarle received $90 million",[48371],{"type":590,"attrs":48372},{"href":48373,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/us-department-of-defense-awards-110-million-to-boost-lithium-and-nickel-mining",{"text":48375,"type":585}," to support the reopening of its Kings Mountain lithium mine in North Carolina. Talon Metals received $20.6 million to further explore nickel deposits in Minnesota and Michigan. Graphite One received $37.5 million to expedite its feasibility study for its Graphite Creek mining project. Jervois Mining USA also received $15 million for its feasibility study looking at cobalt extraction in Idaho.",{"type":580,"attrs":48377,"content":48378},{"textAlign":49},[48379],{"text":48380,"type":585},"Recently, the DOE awarded $10.9 million in grants to ten companies working on direct lithium extraction.",{"type":647,"attrs":48382,"content":48383},{"level":13022,"textAlign":49},[48384],{"text":48385,"type":585},"FTAs and Foreign Entities of Concern",{"type":580,"attrs":48387,"content":48388},{"textAlign":49},[48389],{"text":48390,"type":585},"The third aspect to Manchin’s concerns are over the definitions of Foreign Entities of Concern and Free Trade Agreement countries.",{"type":580,"attrs":48392,"content":48393},{"textAlign":49},[48394,48396,48401],{"text":48395,"type":585},"On the former, the Treasury is ",{"text":48397,"type":585,"marks":48398},"yet to release guidance on what exactly one is",[48399],{"type":590,"attrs":48400},{"href":43297,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":48402,"type":585}," and what proportion of involvement a company from a country such as China can have in a project before it becomes ineligible for IRA tax credits.",{"type":580,"attrs":48404,"content":48405},{"textAlign":49},[48406],{"text":48407,"type":585},"Although there is a list of formal FTA countries, Manchin decries the creation of new agreements which he calls “fake”, referring to the FTA-like agreement the US reached with Japan and the proposed agreement with Indonesia.",{"type":580,"attrs":48409,"content":48410},{"textAlign":49},[48411,48413,48419],{"text":48412,"type":585},"In March this year, the ",{"text":48414,"type":585,"marks":48415},"US and Japan signed a critical minerals agreement",[48416],{"type":590,"attrs":48417},{"href":48418,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/us-japan-call-for-global-collaboration-to-meet-growing-battery-demand",{"text":48420,"type":585}," which effectively afforded Japan FTA-like status with regards to the trade of critical minerals. The UK and EU are in negotiations with the US for a similar deal.",{"type":580,"attrs":48422,"content":48423},{"textAlign":49},[48424],{"text":48425,"type":585},"Indonesia has also proposed a similar deal on the back of its large mined and refined nickel production. Benchmark forecasts that Indonesia will produce 50% of refined nickel this year potentially rising to 66% by 2030.","Democrat senator Joe Manchin warned a committee that China could use critical minerals as “leverage” over the US as the country ramps up its electric vehicle ambitions. China dominates in the processing of battery minerals, forecast to produce 66% of the world’s lithium chemicals, 75% of nickel sulphate and 76% of refined cobalt this year, […]",[48428],{"slug":9249,"name":9250,"content":48429},{"job_title":9252,"image":48430,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"081f290f-eaa3-4de8-88a0-fe9e68b0375b\", \"id\": \"\"}-->",[48433,48434],{"slug":1142,"name":1143},{"slug":695,"name":696},{"id":49,"alt":48267,"name":645,"focus":645,"title":48267,"source":645,"filename":48268,"copyright":645,"fieldtype":701,"meta_data":48436,"is_external_url":51},{"alt":48267,"title":48267,"source":645,"copyright":645},{"id":49,"alt":48438,"name":645,"focus":645,"title":48438,"source":645,"filename":48439,"copyright":645,"fieldtype":701,"meta_data":48440,"is_external_url":51},"US Congress dome closeup with background of water fountain splashing, American flag waving in Washington DC, USA closeup on Capital capitol hill, columns, pillars","https://a.storyblok.com/f/287943243085208/d1d41a6a60/bm-us-capitol.jpg",{"alt":48438,"title":48438,"source":645,"copyright":645},"Oct 06, 2023",{"id":48443,"uuid":48444,"name":48445,"slug":48446,"full_slug":48447,"content":48448},112470739154981,"1b8222f2-3901-4643-9dd8-c2dba32b8dea","Western Australia awards A$1 billion in contracts for battery energy storage, includes CATL","western-australia-awards-1-billion-in-contracts-for-battery-energy-storage-includes-catl","article/western-australia-awards-1-billion-in-contracts-for-battery-energy-storage-includes-catl",{"_uid":48449,"date":48450,"tags":48451,"editor":48456,"content":48460,"excerpt":48608,"featured":50,"reporter":48609,"_editable":48613,"component":689,"seo_title":48445,"categories":48614,"visibility":697,"author_company":49,"data_vis_image":48618,"featured_image":48621,"seo_description":48608,"author_full_name":49,"author_job_title":49,"formattedDate":48624},"f40e88c9-2cdb-4ea5-83eb-ce17a6ca3da2","2023-09-22 00:00",[48452,48453,48454,48455],{"slug":4990,"name":4991},{"slug":2044,"name":2045},{"slug":564,"name":565},{"slug":27748,"name":27749},[48457],{"slug":9249,"name":9250,"content":48458},{"job_title":9252,"image":48459,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":48461},[48462,48474,48479,48484,48489,48494,48499,48504,48509,48514,48519,48524,48529,48548,48556,48561,48566,48571,48576,48583,48588,48593,48598,48603],{"type":580,"attrs":48463,"content":48464},{"textAlign":49},[48465,48467,48472],{"text":48466,"type":585},"The Western Australian government has awarded A$1 billion ($644 million) in contracts for the building and expansion of ",{"text":16860,"type":585,"marks":48468},[48469],{"type":590,"attrs":48470},{"href":48471,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/what-technologies-will-meet-the-worlds-need-for-energy-storage",{"text":48473,"type":585}," (BESS) in the state.",{"type":580,"attrs":48475,"content":48476},{"textAlign":49},[48477],{"text":48478,"type":585},"This investment is part of a larger A$2.8 billion ($1.87 billion) commitment from the state government for delivering renewable energy projects, highlighting Australia’s commitment to moving away from a high carbon electricity grid.",{"type":580,"attrs":48480,"content":48481},{"textAlign":49},[48482],{"text":48483,"type":585},"“Australia is aggressively decommissioning its coal peaking capacity, the largest proportion of its energy mix in 2022, and replacing it largely with renewables,” Aran Waid, an analyst at Benchmark, said. “As a result, there is a need for energy storage deployment to provide grid-resiliency and transmission services in lieu of coal peaking capacity, as well as renewable integration services.”",{"type":580,"attrs":48485,"content":48486},{"textAlign":49},[48487],{"text":48488,"type":585},"In 2021, two-fifths of Australia’s renewable electricity generation was from solar which peaks in the middle of the day. Of this, the majority is small-scale solar such as rooftop installations.",{"type":580,"attrs":48490,"content":48491},{"textAlign":49},[48492],{"text":48493,"type":585},"China’s CATL, the world’s largest battery producer, will supply the battery systems for the 200 megawatt/800 megawatt hour Kwinana BESS stage 2 and the 500 MW/2000 MWh Collie BESS.",{"type":580,"attrs":48495,"content":48496},{"textAlign":49},[48497],{"text":48498,"type":585},"Inverters for the projects will be supplied by Power Electronics.",{"type":580,"attrs":48500,"content":48501},{"textAlign":49},[48502],{"text":48503,"type":585},"The two BESS projects are being developed by the state’s energy provider Synergy. Both battery systems offer up to four hours of storage.",{"type":580,"attrs":48505,"content":48506},{"textAlign":49},[48507],{"text":48508,"type":585},"The Collie battery will be the largest such system in Western Australia when it comes online, which Synergy estimates will be 2025. The Kwinana BESS stage 1 began commissioning earlier this year and stage 2 is due to be completed in 2024.",{"type":647,"attrs":48510,"content":48511},{"level":13022,"textAlign":49},[48512],{"text":48513,"type":585},"CATL’s BESS offerings",{"type":580,"attrs":48515,"content":48516},{"textAlign":49},[48517],{"text":48518,"type":585},"CATL will provide about 300 EnerC Plus units for Kwinana BESS stage 2 and about 650 for the Collie BESS.",{"type":580,"attrs":48520,"content":48521},{"textAlign":49},[48522],{"text":48523,"type":585},"The EnerC Plus systems are liquid cooled containerised battery systems that CATL first revealed at the World Smart Energy Week in Tokyo in March this year.",{"type":580,"attrs":48525,"content":48526},{"textAlign":49},[48527],{"text":48528,"type":585},"The systems use CATL’s cell-to-pack technology which increases the volumetric energy density of a battery pack by reducing the amount of inactive material taking up space in a pack by eliminating the need for a module.",{"type":580,"attrs":48530,"content":48531},{"textAlign":49},[48532,48534,48539,48541,48546],{"text":48533,"type":585},"The batteries use ",{"text":23878,"type":585,"marks":48535},[48536],{"type":590,"attrs":48537},{"href":48538,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinas-lfp-dominance-could-constrain-us-energy-storage-deployment",{"text":48540,"type":585}," (LFP) chemistry, which is the cathode chemistry of choice for most energy storage systems. ",{"text":28866,"type":585,"marks":48542},[48543],{"type":590,"attrs":48544},{"href":48545,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts/lithium-ion-batteries",{"text":48547,"type":585}," shows that 87% of battery demand from the energy storage sector this year is for LFP batteries.",{"type":580,"attrs":48549,"content":48550},{"textAlign":49},[48551],{"type":1847,"attrs":48552},{"id":49,"alt":48553,"src":48554,"title":49,"source":49,"copyright":49,"meta_data":48555},"LFP dominates the energy storage market","https://a.storyblok.com/f/287943243085208/c8516a0c65/bm-lfp-dominates-the-energy-storage-market.png",{},{"type":580,"attrs":48557,"content":48558},{"textAlign":49},[48559],{"text":48560,"type":585},"CATL already provides the battery systems for Kwinana BESS stage 1, which is a 100 MW/200 MWh project with up to two hours of storage.",{"type":647,"attrs":48562,"content":48563},{"level":13022,"textAlign":49},[48564],{"text":48565,"type":585},"Australia’s push to renewables",{"type":580,"attrs":48567,"content":48568},{"textAlign":49},[48569],{"text":48570,"type":585},"Australia still has a large dependence on coal and gas for its electricity generation. According to Australia’s Department of Climate Change, Energy, the Environment and Water, 51% of electricity generation was from coal and 18% from gas in 2021. Renewables accounted for 29% of electricity generation.",{"type":580,"attrs":48572,"content":48573},{"textAlign":49},[48574],{"text":48575,"type":585},"In Western Australia, the proportion of coal-based electricity generation in 2021 drops to 22% but natural gas rises to 57%. Just 15% of Western Australia’s electricity generation was from renewables.",{"type":580,"attrs":48577,"content":48578},{"textAlign":49},[48579],{"type":1847,"attrs":48580},{"id":49,"alt":645,"src":48581,"title":49,"source":49,"copyright":49,"meta_data":48582},"https://a.storyblok.com/f/287943243085208/58edd1681b/bm-image-89-1344055146cb.png",{},{"type":580,"attrs":48584,"content":48585},{"textAlign":49},[48586],{"text":48587,"type":585},"Both the Collie and Kwinana systems are being built to help cope with the increased renewable energy generation that is a part of Western Australia’s emissions reduction plans.",{"type":580,"attrs":48589,"content":48590},{"textAlign":49},[48591],{"text":48592,"type":585},"Western Australia’s 2023-24 State Budget has allocated A$3 billion ($2.01 billion) to tackle climate change and build climate resilience and A$2.8 billion ($1.87 billion) to the transition to “cleaner, reliable and affordable energy” of which this latest announcement is a part.",{"type":580,"attrs":48594,"content":48595},{"textAlign":49},[48596],{"text":48597,"type":585},"The Collie BESS is being built near the 340 MW Collie Power Station, a coal power station operated by Synergy that is due to be decomissioned in 2027 and replaced with renewable energy generation. The BESS will operate independently of the power station.",{"type":580,"attrs":48599,"content":48600},{"textAlign":49},[48601],{"text":48602,"type":585},"The Kwinana BESS is based near the former Kwinana Power Station which began decommissioning in 2016. The station burned coal, natural gas and oil.",{"type":580,"attrs":48604,"content":48605},{"textAlign":49},[48606],{"text":48607,"type":585},"“Battery energy storage systems will play a key role in our decarbonisation plans, storing excess renewable energy generated in the day and discharging during times of high demand,” Roger Cook, Western Australia’s Premier, said.","The Western Australian government has awarded A$1 billion ($644 million) in contracts for the building and expansion of battery energy storage systems (BESS) in the state. This investment is part of a larger A$2.8 billion ($1.87 billion) commitment from the state government for delivering renewable energy projects, highlighting Australia’s commitment to moving away from a […]",[48610],{"slug":9249,"name":9250,"content":48611},{"job_title":9252,"image":48612,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f40e88c9-2cdb-4ea5-83eb-ce17a6ca3da2\", \"id\": \"\"}-->",[48615,48616,48617],{"slug":956,"name":957},{"slug":950,"name":951},{"slug":954,"name":750},{"id":49,"alt":48553,"name":645,"focus":645,"title":48553,"source":645,"filename":48619,"copyright":645,"fieldtype":701,"meta_data":48620,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1695388175/www-production/chart-screenshot-46/chart-screenshot-46.png?_i=AA",{"alt":48553,"title":48553,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":48622,"copyright":645,"fieldtype":701,"meta_data":48623,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/49bc0bba14/bm-cabinet-website-photo.png",{"alt":645,"title":645,"source":645,"copyright":645},"Sep 22, 2023",{"id":48626,"uuid":48627,"name":48628,"slug":48629,"full_slug":48630,"content":48631},112470777628818,"b7aed7e8-d0ec-43b8-968b-23c8cc803002","Two-fifths of cobalt could come from nickel mines by 2030","two-fifths-of-cobalt-could-come-from-nickel-mines-by-2030","article/two-fifths-of-cobalt-could-come-from-nickel-mines-by-2030",{"_uid":48632,"date":48633,"tags":48634,"editor":48638,"content":48642,"excerpt":48852,"featured":51,"reporter":48853,"_editable":48857,"component":689,"seo_title":48628,"categories":48858,"visibility":2019,"author_company":49,"data_vis_image":48861,"featured_image":48863,"seo_description":48852,"author_full_name":49,"author_job_title":49,"formattedDate":48866},"4d3bf47d-1be5-4354-97f1-ead1d5bb250c","2023-09-15 00:00",[48635,48636,48637],{"slug":564,"name":565},{"slug":982,"name":983},{"slug":6028,"name":6029},[48639],{"slug":1466,"name":1467,"content":48640},{"job_title":1469,"image":48641,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":48643},[48644,48662,48674,48686,48691,48696,48701,48709,48714,48719,48724,48729,48734,48739,48766,48794,48799,48804,48809,48814,48819,48832,48837,48842,48847],{"type":580,"attrs":48645,"content":48646},{"textAlign":49},[48647,48649,48655,48656,48661],{"text":48648,"type":585},"The proportion of global cobalt supply that is mined as a byproduct of nickel could increase from 25% this year to 41% in 2030, driven primarily by the rise ",{"text":48650,"type":585,"marks":48651},"of production in Indonesia",[48652],{"type":590,"attrs":48653},{"href":48654,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/analyst-insights-could-indonesias-growth-threaten-drcs-strength-in-cobalt",{"text":18763,"type":585},{"text":27605,"type":585,"marks":48657},[48658],{"type":590,"attrs":48659},{"href":48660,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts/cobalt",{"text":1538,"type":585},{"type":580,"attrs":48663,"content":48664},{"textAlign":49},[48665,48667,48672],{"text":48666,"type":585},"The majority of cobalt is currently mined as a byproduct of copper, with this accounting for three-quarters of this year’s forecast cobalt production. This could drop to 57% in 2030. This form of cobalt production almost entirely takes place in the ",{"text":32035,"type":585,"marks":48668},[48669],{"type":590,"attrs":48670},{"href":48671,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/cmoc-could-overtake-glencore-with-cobalt-production-boost",{"text":48673,"type":585}," (DRC).",{"type":580,"attrs":48675,"content":48676},{"textAlign":49},[48677,48679,48685],{"text":48678,"type":585},"Although Benchmark’s Cobalt Forecast shows that the cobalt market is currently oversupplied, a structural deficit is forecast from 2027 onwards meaning it is key that ",{"text":48680,"type":585,"marks":48681},"new supply planned in Indonesia comes online",[48682],{"type":590,"attrs":48683},{"href":48684,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/analyst-insights-the-rise-of-indonesia-in-the-nickel-supply-chain",{"text":1538,"type":585},{"type":580,"attrs":48687,"content":48688},{"textAlign":49},[48689],{"text":48690,"type":585},"But cobalt supply is not in the hands of the cobalt market, rather it is at the whims of copper and nickel mining, which it is a byproduct of.",{"type":580,"attrs":48692,"content":48693},{"textAlign":49},[48694],{"text":48695,"type":585},"“If you don’t understand the copper and nickel markets, you don’t understand cobalt,” Piotr Kulas, an analyst at Benchmark, said.",{"type":580,"attrs":48697,"content":48698},{"textAlign":49},[48699],{"text":48700,"type":585},"Just 1% of cobalt mined this year will be the primary product of the mine from which it is produced, according to Benchmark’s Cobalt Forecast.",{"type":580,"attrs":48702,"content":48703},{"textAlign":49},[48704],{"type":1847,"attrs":48705},{"id":49,"alt":48706,"src":48707,"title":49,"source":49,"copyright":49,"meta_data":48708},"Cobalt mined as a byproduct of nickel is on the rise","https://a.storyblok.com/f/287943243085208/3258031a8a/bm-cobalt-byproduct.png",{},{"type":647,"attrs":48710,"content":48711},{"level":13022,"textAlign":49},[48712],{"text":48713,"type":585},"Different forms of cobalt",{"type":580,"attrs":48715,"content":48716},{"textAlign":49},[48717],{"text":48718,"type":585},"Cobalt produced from a copper mine is in the form of a copper-cobalt oxide. The two are separated through a sulphuric acid leaching process which produces cobalt hydroxide that is then shipped to China for conversion into cobalt sulphate for batteries.",{"type":580,"attrs":48720,"content":48721},{"textAlign":49},[48722],{"text":48723,"type":585},"The rise in cobalt production from nickel mines has been enabled by the high pressure acid leaching process (HPAL) which produces a mixed hydroxide precipitate (MHP) containing nickel, cobalt and manganese hydroxides. This is then converted into sulphates for batteries primarily in China.",{"type":580,"attrs":48725,"content":48726},{"textAlign":49},[48727],{"text":48728,"type":585},"Indonesia is the largest country for this kind of production. In 2030, Benchmark’s Cobalt Forecast shows the country could represent 82% of cobalt produced through the HPAL process. Australia and Papua New Guinea are forecast to represent 7% and 4% of the HPAL cobalt production in the same year. ",{"type":580,"attrs":48730,"content":48731},{"textAlign":49},[48732],{"text":48733,"type":585},"Indonesian cobalt production has risen on the back of the country banning the export of nickel ores in 2020. This led to an uptick in HPAL project investments, primarily by Chinese companies, increasing the amount of cobalt produced as a byproduct.",{"type":580,"attrs":48735,"content":48736},{"textAlign":49},[48737],{"text":48738,"type":585},"Another driver for the rise of Indonesian cobalt is increasing concerns from automakers over the challenges associated with the DRC.",{"type":580,"attrs":48740,"content":48741},{"textAlign":49},[48742,48743,48749,48751,48757,48758,48764],{"text":30863,"type":585},{"text":48744,"type":585,"marks":48745},"country experiences constant logistical",[48746],{"type":590,"attrs":48747},{"href":48748,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/cobalt-hydroxide-prices-rise-as-truck-shortages-slows-freight-out-of-drc",{"text":48750,"type":585}," and power issues, and responsible sourcing from the ",{"text":48752,"type":585,"marks":48753},"artisanal sector",[48754],{"type":590,"attrs":48755},{"href":48756,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/drc-to-push-ahead-with-government-control-of-small-scale-mining-presidential-advisor-says",{"text":26677,"type":585},{"text":48759,"type":585,"marks":48760},"big concern for many market players",[48761],{"type":590,"attrs":48762},{"href":48763,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/drc-needs-to-improve-esg-of-cobalt-to-become-key-to-climate-crisis",{"text":48765,"type":585},",” Jorge Uzcategui, an analyst at Benchmark, said.",{"type":580,"attrs":48767,"content":48768},{"textAlign":49},[48769,48771,48776,48778,48784,48786,48792],{"text":48770,"type":585},"Although Indonesia also has its own set of ",{"text":48772,"type":585,"marks":48773},"environmental",[48774],{"type":590,"attrs":48775},{"href":45427,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":48777,"type":585},", social, and ",{"text":48779,"type":585,"marks":48780},"governance",[48781],{"type":590,"attrs":48782},{"href":48783,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/nickel-refiners-in-indonesia-lag-global-peers-on-water-pollution-monitoring",{"text":48785,"type":585}," (ESG) ",{"text":48787,"type":585,"marks":48788},"concerns",[48789],{"type":590,"attrs":48790},{"href":48791,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/analyst-insights-esg-concerns-for-indonesian-nickel-production",{"text":48793,"type":585},", there are reports suggesting that the country could get a Free Trade Agreement-like arrangement with the US, making critical minerals from the country potentially compliant with the Inflation Reduction Act.",{"type":580,"attrs":48795,"content":48796},{"textAlign":49},[48797],{"text":48798,"type":585},"Cobalt mined as a byproduct of nickel production also has the advantage of being produced in conjunction with other battery minerals. Kulas noted that the ratios of nickel and cobalt in MHP is similar to that required by NCM 811 cathode material, providing an advantage over cobalt sourced from the DRC which requires separate sourcing of nickel and manganese feedstocks.",{"type":580,"attrs":48800,"content":48801},{"textAlign":49},[48802],{"text":48803,"type":585},"But with the cobalt market forecast to enter a deficit from 2027, supply is needed soon and the DRC has the advantage of being a more mature producer and higher cobalt grades.",{"type":580,"attrs":48805,"content":48806},{"textAlign":49},[48807],{"text":48808,"type":585},"“One of the most significant aspects of this shift is that the cobalt market will become slightly more diversified,” Uzcategui said. ",{"type":647,"attrs":48810,"content":48811},{"level":13022,"textAlign":49},[48812],{"text":48813,"type":585},"Cobalt’s unique pricing dynamics",{"type":580,"attrs":48815,"content":48816},{"textAlign":49},[48817],{"text":48818,"type":585},"A consequence of cobalt being mined as a byproduct of other metals is that supply and price are not as intimately connected as is the case for other battery metals.",{"type":580,"attrs":48820,"content":48821},{"textAlign":49},[48822,48824,48830],{"text":48823,"type":585},"“A good example of this is that right now, ",{"text":48825,"type":585,"marks":48826},"cobalt hydroxide is at the lowest it has been in the last five years",[48827],{"type":590,"attrs":48828},{"href":48829,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/cobalts-brief-price-rally-ends-as-logistical-constraints-ease-surplus-continues",{"text":48831,"type":585},", though, despite that, cobalt mining isn’t slowing down at all,” Roman Aubry, an analyst at Benchmark, said.",{"type":580,"attrs":48833,"content":48834},{"textAlign":49},[48835],{"text":48836,"type":585},"Aubry suggests that a rise in the prevalence of cobalt produced as a byproduct of nickel mining, could call for greater standardisation in fledgling MHP cobalt payable pricing.",{"type":580,"attrs":48838,"content":48839},{"textAlign":49},[48840],{"text":48841,"type":585},"“That being said, since cobalt in MHP is such a small amount, it still very much takes a backseat to nickel in MHP,” he said.",{"type":580,"attrs":48843,"content":48844},{"textAlign":49},[48845],{"text":48846,"type":585},"Benchmark provides a range of prices, data and market intelligence services for the nickel and cobalt markets:",{"type":580,"attrs":48848,"content":48849},{"textAlign":49},[48850],{"text":48851,"type":585},"To learn more about any of these services and to speak to our experts, please provide your details here:","The proportion of global cobalt supply that is mined as a byproduct of nickel could increase from 25% this year to 41% in 2030, driven primarily by the rise of production in Indonesia, according to Benchmark’s Cobalt Forecast. The majority of cobalt is currently mined as a byproduct of copper, with this accounting for three-quarters […]",[48854],{"slug":1466,"name":1467,"content":48855},{"job_title":1469,"image":48856,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4d3bf47d-1be5-4354-97f1-ead1d5bb250c\", \"id\": \"\"}-->",[48859,48860],{"slug":2544,"name":115},{"slug":1142,"name":1143},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":48707,"copyright":645,"fieldtype":701,"meta_data":48862,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":48864,"copyright":645,"fieldtype":701,"meta_data":48865,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/67cbc079ce/bm-morowali-2.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Sep 15, 2023",{"id":48868,"uuid":48869,"name":48870,"slug":48871,"full_slug":48872,"content":48873},112470866233519,"66ea0abc-1f26-4c48-994a-dc9e0bd636cb","Five provinces account for over half of China’s 2030 gigafactory pipeline capacity","five-provinces-account-for-over-half-of-chinas-2030-gigafactory-pipeline-capacity","article/five-provinces-account-for-over-half-of-chinas-2030-gigafactory-pipeline-capacity",{"_uid":48874,"date":48875,"tags":48876,"editor":48879,"content":48883,"excerpt":49014,"featured":51,"reporter":49015,"_editable":49019,"component":689,"seo_title":48870,"categories":49020,"visibility":697,"author_company":49,"data_vis_image":49023,"featured_image":49026,"seo_description":49014,"author_full_name":49,"author_job_title":49,"formattedDate":49029},"ac19471b-29b0-48d5-aba3-ada7bd061f4e","2023-08-25 00:00",[48877,48878],{"slug":720,"name":721},{"slug":564,"name":565},[48880],{"slug":1466,"name":1467,"content":48881},{"job_title":1469,"image":48882,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":48884},[48885,48890,48909,48922,48927,48934,48939,48944,48954,48965,48970,48983,49004,49009],{"type":580,"attrs":48886,"content":48887},{"textAlign":49},[48888],{"text":48889,"type":585},"China has over six terawatt-hours of capacity in its 2030 gigafactory pipeline, representing two-thirds of the world total.",{"type":580,"attrs":48891,"content":48892},{"textAlign":49},[48893,48895,48900,48902,48907],{"text":48894,"type":585},"This month, ",{"text":28266,"type":585,"marks":48896},[48897],{"type":590,"attrs":48898},{"href":48899,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/market-assessments/gigafactory-assessment",{"text":48901,"type":585}," showed that there are now ",{"text":48903,"type":585,"marks":48904},"401 gigafactories in the 2030 pipeline",[48905],{"type":590,"attrs":48906},{"href":46129,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":48908,"type":585}," with a total capacity of 8.9 TWh.",{"type":580,"attrs":48910,"content":48911},{"textAlign":49},[48912,48914,48920],{"text":48913,"type":585},"Just five provinces in China account for 53% of the country’s total capacity. ",{"text":48915,"type":585,"marks":48916},"Jiangsu province",[48917],{"type":590,"attrs":48918},{"href":48919,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/the-chinese-province-producing-more-batteries-than-the-rest-of-the-world",{"text":48921,"type":585}," alone accounts for 18% of the country’s pipeline capacity.",{"type":580,"attrs":48923,"content":48924},{"textAlign":49},[48925],{"text":48926,"type":585},"“Business [in Jiangsu] has a better environment, the government has more experience, location between Beijing and Shanghai with ports for sea and river transportation,” Albert Li, an analyst at Benchmark, said.",{"type":580,"attrs":48928,"content":48929},{"textAlign":49},[48930],{"type":1847,"attrs":48931},{"id":49,"alt":645,"src":48932,"title":49,"source":49,"copyright":49,"meta_data":48933},"https://a.storyblok.com/f/287943243085208/3e17c82d34/bm-benchmark-china-gigafactory-top-5-provinces-gwh.png",{},{"type":580,"attrs":48935,"content":48936},{"textAlign":49},[48937],{"text":48938,"type":585},"Jiangsu province has 1.1 TWh of 2030 pipeline capacity, equivalent to 12.5% of the global pipeline. The province’s pipeline is close to that of the US which has the second largest pipeline capacity of any country at 1.2 TWh.",{"type":580,"attrs":48940,"content":48941},{"textAlign":49},[48942],{"text":48943,"type":585},"Last year, Jiangsu produced more lithium ion batteries than the rest of the world (excluding China) combined.",{"type":580,"attrs":48945,"content":48946},{"textAlign":49},[48947,48952],{"text":11348,"type":585,"marks":48948},[48949],{"type":590,"attrs":48950},{"href":48951,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lges-aims-to-surpass-catl-with-10-8-billion-battery-ipo",{"text":48953,"type":585}," has 135 GWh in its 2030 pipeline in Jiangsu and CATL has 111 GWh of capacity there as well.",{"type":580,"attrs":48955,"content":48956},{"textAlign":49},[48957,48963],{"text":48958,"type":585,"marks":48959},"Sichuan province",[48960],{"type":590,"attrs":48961},{"href":48962,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/what-impact-will-the-sichuan-power-cuts-have-on-chinas-battery-supply-chain",{"text":48964,"type":585}," has the second largest pipeline capacity in China at 591 GWh.",{"type":580,"attrs":48966,"content":48967},{"textAlign":49},[48968],{"text":48969,"type":585},"“Sichuan has rich lithium mine resources with the best quality and the lithium chemical industrial chain is mature,” Li said. “It also has the richest and biggest clean hydro power energy resource.”",{"type":580,"attrs":48971,"content":48972},{"textAlign":49},[48973,48975,48981],{"text":48974,"type":585},"This clean power gives ",{"text":48976,"type":585,"marks":48977},"Sichuan an advantage when exporting to non-Chinese markets",[48978],{"type":590,"attrs":48979},{"href":48980,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/how-big-are-catls-battery-emissions",{"text":48982,"type":585}," such as Europe which value the low carbon emissions associated with batteries made there compared to other provinces.",{"type":580,"attrs":48984,"content":48985},{"textAlign":49},[48986,48990,48992,48997,48998,49002],{"text":11565,"type":585,"marks":48987},[48988],{"type":590,"attrs":48989},{"href":47791,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":48991,"type":585}," 2030 pipeline includes 211 GWh in Sichuan. ",{"text":4465,"type":585,"marks":48993},[48994],{"type":590,"attrs":48995},{"href":48996,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinas-calb-files-for-ipo-as-it-looks-to-challenge-catls-battery-dominance",{"text":6709,"type":585},{"text":20547,"type":585,"marks":48999},[49000],{"type":590,"attrs":49001},{"href":39553,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":49003,"type":585}," also have large ambitions for the province with 130 GWh and 119 GWh in their respective 2030 pipelines.",{"type":580,"attrs":49005,"content":49006},{"textAlign":49},[49007],{"text":49008,"type":585},"Anhui, Zhejiang, and Hubei round off the top five Chinese provinces with 518 GWh, 497 GWh, and 490 GWh of pipeline capacity, respectively.",{"type":580,"attrs":49010,"content":49011},{"textAlign":49},[49012],{"text":49013,"type":585},"The local governments in these provinces are competing with each other to attract investment, Li said.","China has over six terawatt-hours of capacity in its 2030 gigafactory pipeline, representing two-thirds of the world total. This month, Benchmark’s Gigafactory Assessment showed that there are now 401 gigafactories in the 2030 pipeline with a total capacity of 8.9 TWh. Just five provinces in China account for 53% of the country’s total capacity. Jiangsu […]",[49016],{"slug":1466,"name":1467,"content":49017},{"job_title":1469,"image":49018,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ac19471b-29b0-48d5-aba3-ada7bd061f4e\", \"id\": \"\"}-->",[49021,49022],{"slug":956,"name":957},{"slug":3379,"name":3380},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":49024,"copyright":645,"fieldtype":701,"meta_data":49025,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1694691205/www-production/data-vs-redacted/data-vs-redacted.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":49027,"copyright":645,"fieldtype":701,"meta_data":49028,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4b260a3c00/bm-lg-energy-solution-nanjing-china.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Aug 25, 2023",{"id":49031,"uuid":49032,"name":49033,"slug":49034,"full_slug":49035,"content":49036},112470924216507,"4bbdd14f-6ac9-4bc1-866e-e1258c23d85c","How much cheaper are Chinese lithium ion battery cells?","how-much-cheaper-are-chinese-lithium-ion-battery-cells","article/how-much-cheaper-are-chinese-lithium-ion-battery-cells",{"_uid":49037,"date":49038,"tags":49039,"editor":49043,"content":49047,"excerpt":49162,"featured":50,"reporter":49163,"_editable":49167,"component":689,"seo_title":49033,"categories":49168,"visibility":697,"author_company":49,"data_vis_image":49171,"featured_image":49174,"seo_description":49162,"author_full_name":49,"author_job_title":49,"formattedDate":49177},"d25f1196-13bd-4ee2-b343-7053a3e427d6","2023-08-14 00:00",[49040,49041,49042],{"slug":22127,"name":22128},{"slug":720,"name":721},{"slug":564,"name":565},[49044],{"slug":1466,"name":1467,"content":49045},{"job_title":1469,"image":49046,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":49048},[49049,49062,49073,49078,49086,49103,49108,49113,49121,49132,49137,49142,49154],{"type":580,"attrs":49050,"content":49051},{"textAlign":49},[49052,49054,49060],{"text":49053,"type":585},"The price of ",{"text":49055,"type":585,"marks":49056},"lithium ion battery cells",[49057],{"type":590,"attrs":49058},{"href":49059,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/price-assessments/lithium-ion-batteries/portal/",{"text":49061,"type":585}," in China could be as much as 15% cheaper than those in North America, due to higher operating costs and raw material prices. ",{"type":580,"attrs":49063,"content":49064},{"textAlign":49},[49065,49067,49071],{"text":49066,"type":585},"The price of nickel cobalt manganese (NCM) 622 pouch cells in China are $103.6 per kilowatt-hour, compared to $121.9 in North America, according to Benchmark’s ",{"text":44742,"type":585,"marks":49068},[49069],{"type":590,"attrs":49070},{"href":49059,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":49072,"type":585},". The same trend is seen across the other battery chemistries and formats.",{"type":580,"attrs":49074,"content":49075},{"textAlign":49},[49076],{"text":49077,"type":585},"“Chinese cell prices are traditionally lower than those elsewhere, as among other factors the raw material costs, along with processing costs like labour and electricity are lower within the region,” Evan Hartley, an analyst at Benchmark, said.",{"type":580,"attrs":49079,"content":49080},{"textAlign":49},[49081],{"type":1847,"attrs":49082},{"id":49,"alt":49083,"src":49084,"title":49,"source":49,"copyright":49,"meta_data":49085},"Chinese cell prices more than 15% cheaper than the rest of the world","https://a.storyblok.com/f/287943243085208/df28cb8e3f/bm-cell-prices.png",{},{"type":580,"attrs":49087,"content":49088},{"textAlign":49},[49089,49091,49096,49097,49101],{"text":49090,"type":585},"China is, by far, the ",{"text":49092,"type":585,"marks":49093},"largest producer of battery cells",[49094],{"type":590,"attrs":49095},{"href":17463,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":14640,"type":585},{"text":28866,"type":585,"marks":49098},[49099],{"type":590,"attrs":49100},{"href":48545,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":49102,"type":585}," forecasts that China will account for 80% of global cell production.",{"type":580,"attrs":49104,"content":49105},{"textAlign":49},[49106],{"text":49107,"type":585},"Benchmark’s Lithium ion Battery Cell Price Assessment derives prices based on its IOSCO-approved critical raw material price assessments, market knowledge, and external data sources.",{"type":580,"attrs":49109,"content":49110},{"textAlign":49},[49111],{"text":49112,"type":585},"Benchmark estimates that operating costs contribute around 12% ($14.8 per kWh) of the price for NCM622 pouch cells in North America compared to just 7.6% ($7.9 per kWh) in China. Operating costs are even higher in Europe and the rest of Asia, representing 14.6% and 14.5% of the price, respectively.",{"type":580,"attrs":49114,"content":49115},{"textAlign":49},[49116],{"type":1847,"attrs":49117},{"id":49,"alt":49118,"src":49119,"title":49,"source":49,"copyright":49,"meta_data":49120},"Operating costs represent just 7.6% of Chinese cell price","https://a.storyblok.com/f/287943243085208/352117cbba/bm-operating-costs.png",{},{"type":580,"attrs":49122,"content":49123},{"textAlign":49},[49124,49126,49131],{"text":49125,"type":585},"The differential in cell prices between China and the rest of the world has grown since a year ago when the same Chinese cells were calculated to be just 3.8% cheaper than in North America. In part, this is due to the impact of falling ",{"text":10783,"type":585,"marks":49127},[49128],{"type":590,"attrs":49129},{"href":49130,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinese-lithium-prices-continue-to-fall-as-miners-dismiss-demand-concerns",{"text":1538,"type":585},{"type":580,"attrs":49133,"content":49134},{"textAlign":49},[49135],{"text":49136,"type":585},"In the latest price assessment, lithium contributed 29.2% ($30.3 per kWh) to Chinese NCM622 prismatic cell prices compared to 33% ($40.2 per kWh) in North America.",{"type":580,"attrs":49138,"content":49139},{"textAlign":49},[49140],{"text":49141,"type":585},"“Currently [cell] prices in China are significantly lower as global lithium prices for ex China producers, negotiated on a contract basis, lag behind the price fall across the Chinese lithium spot market across 2023,” Hartley said.",{"type":580,"attrs":49143,"content":49144},{"textAlign":49},[49145,49147,49152],{"text":49146,"type":585},"Lithium hydroxide is currently trading on the Chinese spot market at RMB 253,000 ($35,175) per tonne LCE, according to ",{"text":1565,"type":585,"marks":49148},[49149],{"type":590,"attrs":49150},{"href":49151,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/price-assessments/lithium",{"text":49153,"type":585},". The CIF Asia contract price is 28% higher at $45,000 per tonne LCE.",{"type":580,"attrs":49155,"content":49156},{"textAlign":49},[49157],{"type":1847,"attrs":49158},{"id":49,"alt":49159,"src":49160,"title":49,"source":49,"copyright":49,"meta_data":49161},"Difference between cell prices in China compared to elsewhere has grown over past year","https://a.storyblok.com/f/287943243085208/84d545a9ce/bm-ncm622-pouch-prices.png",{},"The price of lithium ion battery cells in China could be as much as 15% cheaper than those in North America, due to higher operating costs and raw material prices. The price of nickel cobalt manganese (NCM) 622 pouch cells in China are $103.6 per kilowatt-hour, compared to $121.9 in North America, according to Benchmark’s […]",[49164],{"slug":1466,"name":1467,"content":49165},{"job_title":1469,"image":49166,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d25f1196-13bd-4ee2-b343-7053a3e427d6\", \"id\": \"\"}-->",[49169,49170],{"slug":956,"name":957},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":49172,"copyright":645,"fieldtype":701,"meta_data":49173,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1692311327/www-production/ncm622-pouch-prices_wy/ncm622-pouch-prices_wy.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":49175,"copyright":645,"fieldtype":701,"meta_data":49176,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/571f93ee11/bm-lithium-ion-cell-prices-feature-image.png",{"alt":645,"title":645,"source":645,"copyright":645},"Aug 14, 2023",{"id":49179,"uuid":49180,"name":49181,"slug":49182,"full_slug":49183,"content":49184},112470948182208,"c30167cb-2702-4b68-8ba1-9f1a059331ad","Three-quarters of North American gigafactory 2030 pipeline capacity associated with automakers","three-quarters-of-north-american-gigafactory-2030-pipeline-capacity-associated-with-automakers","article/three-quarters-of-north-american-gigafactory-2030-pipeline-capacity-associated-with-automakers",{"_uid":49185,"date":49186,"tags":49187,"editor":49195,"content":49199,"excerpt":49332,"featured":50,"reporter":49333,"_editable":49337,"component":689,"seo_title":49181,"categories":49338,"visibility":697,"author_company":49,"data_vis_image":49342,"featured_image":49345,"seo_description":49332,"author_full_name":49,"author_job_title":49,"formattedDate":49348},"0aa99954-0b92-4f63-842e-e53684ed144b","2023-08-08 00:00",[49188,49189,49190,49191,49192,49193,49194],{"slug":1294,"name":1295},{"slug":720,"name":721},{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":7773,"name":7774},{"slug":1720,"name":1721},{"slug":4449,"name":4450},[49196],{"slug":9249,"name":9250,"content":49197},{"job_title":9252,"image":49198,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":49200},[49201,49211,49224,49236,49248,49266,49274,49283,49301,49306,49311,49316],{"type":580,"attrs":49202,"content":49203},{"textAlign":49},[49204,49206,49210],{"text":49205,"type":585},"Three-quarters of North America’s 2030 pipeline gigafactory capacity is associated with an automaker through either a solo or joint venture, according to ",{"text":28266,"type":585,"marks":49207},[49208],{"type":590,"attrs":49209},{"href":48899,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":49212,"content":49213},{"textAlign":49},[49214,49216,49222],{"text":49215,"type":585},"This is a significantly higher proportion than the ",{"text":49217,"type":585,"marks":49218},"global 2030 pipeline",[49219],{"type":590,"attrs":49220},{"href":49221,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/battery-gigafactory-plans-accelerate-in-2022-as-planned-capacity-tops-8-twh",{"text":49223,"type":585},", in which only 29% of capacity is associated with an automaker.",{"type":580,"attrs":49225,"content":49226},{"textAlign":49},[49227,49229,49234],{"text":49228,"type":585},"China, ",{"text":49230,"type":585,"marks":49231},"by far the largest producer of batteries",[49232],{"type":590,"attrs":49233},{"href":17463,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":49235,"type":585},", notably has the lowest proportion of automaker involvement in its gigafactory pipeline at only 17% of planned capacity.",{"type":580,"attrs":49237,"content":49238},{"textAlign":49},[49239,49241,49246],{"text":49240,"type":585},"“Automakers have over the last few years, and will continue to, invest in the lithium ion battery cell production, in order to secure themselves supply, and allow themselves control over cell cost,” ",{"text":5877,"type":585,"marks":49242},[49243],{"type":590,"attrs":49244},{"href":49245,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/analyst-insights-benchmarks-tiering-system",{"text":49247,"type":585},", an analyst at Benchmark, said.",{"type":580,"attrs":49249,"content":49250},{"textAlign":49},[49251,49252,49258,49260,49265],{"text":1005,"type":585},{"text":49253,"type":585,"marks":49254},"average cost of cells for the EV market",[49255],{"type":590,"attrs":49256},{"href":49257,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/ev-battery-prices-rise-for-first-time-this-year-as-chinas-lithium-prices-rebound",{"text":49259,"type":585}," has fallen 15.1% so far this year to $106.9 per kWh, according to ",{"text":47597,"type":585,"marks":49261},[49262],{"type":590,"attrs":49263},{"href":49264,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/price-assessments/lithium-ion-batteries",{"text":1538,"type":585},{"type":580,"attrs":49267,"content":49268},{"textAlign":49},[49269],{"type":1847,"attrs":49270},{"id":49,"alt":49271,"src":49272,"title":49,"source":49,"copyright":49,"meta_data":49273},"73% of North America's 2030 gigafactory pipeline capacity associated with automakers","https://a.storyblok.com/f/287943243085208/52ae1373fe/bm-automaker-battery-involvement.png",{},{"type":580,"attrs":49275,"content":49276},{"textAlign":49},[49277,49281],{"text":1721,"type":585,"marks":49278},[49279],{"type":590,"attrs":49280},{"href":48207,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":49282,"type":585}," has a 1.3 TWh 2030 pipeline, with 393 GWh coming from automakers alone. Joint ventures between automakers and battery producers account for 547 GWh of pipeline capacity.",{"type":580,"attrs":49284,"content":49285},{"textAlign":49},[49286,49292,49294,49300],{"text":49287,"type":585,"marks":49288},"Tesla’s gigafactory",[49289],{"type":590,"attrs":49290},{"href":49291,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/who-is-building-100-gigawatt-hour-battery-plants-not-just-tesla",{"text":49293,"type":585}," in Austin, Texas is the largest planned factory by an automaker at 200 GWh. Two of the largest joint venture gigafactories are also in the US, through the two 50 GWh facilities planned by ",{"text":49295,"type":585,"marks":49296},"GM in collaboration with LG Energy Solution",[49297],{"type":590,"attrs":49298},{"href":49299,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/gm-targets-2-6-billion-third-battery-factory-with-lges",{"text":1538,"type":585},{"type":580,"attrs":49302,"content":49303},{"textAlign":49},[49304],{"text":49305,"type":585},"Europe and Asia (excluding China) each have around a third of their capacity associated with automakers.",{"type":580,"attrs":49307,"content":49308},{"textAlign":49},[49309],{"text":49310,"type":585},"Earlier this year, Porsche, a German automaker, took complete control of Cellforce which it previously operated as a joint-venture with Customcells. Cellforce produces batteries for high end applications and plans to build a 10-20 GWh gigafactory in Europe or North America.",{"type":580,"attrs":49312,"content":49313},{"textAlign":49},[49314],{"text":49315,"type":585},"Although China has the lowest proportion of automaker involvement in its pipeline, it has the highest total capacity from automakers with 739 GWh from automakers alone and 290 GWh from joint ventures.",{"type":580,"attrs":49317,"content":49318},{"textAlign":49},[49319,49323,49325,49330],{"text":1295,"type":585,"marks":49320},[49321],{"type":590,"attrs":49322},{"href":47791,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":49324,"type":585},", a Chinese automaker, is also one of the ",{"text":49326,"type":585,"marks":49327},"world’s largest battery makers",[49328],{"type":590,"attrs":49329},{"href":43720,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":49331,"type":585}," with 500 GWh of capacity in China’s 2030 pipeline.","Three-quarters of North America’s 2030 pipeline gigafactory capacity is associated with an automaker through either a solo or joint venture, according to Benchmark’s Gigafactory Assessment. This is a significantly higher proportion than the global 2030 pipeline, in which only 29% of capacity is associated with an automaker. China, by far the largest producer of batteries, […]",[49334],{"slug":9249,"name":9250,"content":49335},{"job_title":9252,"image":49336,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0aa99954-0b92-4f63-842e-e53684ed144b\", \"id\": \"\"}-->",[49339,49340,49341],{"slug":956,"name":957},{"slug":692,"name":693},{"slug":3379,"name":3380},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":49343,"copyright":645,"fieldtype":701,"meta_data":49344,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1692311644/www-production/automaker-battery-involvement-1/automaker-battery-involvement-1.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":49346,"copyright":645,"fieldtype":701,"meta_data":49347,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d1e3ca388b/bm-automaker-battery-involvement-featured.png",{"alt":645,"title":645,"source":645,"copyright":645},"Aug 08, 2023",{"id":49350,"uuid":49351,"name":49352,"slug":49353,"full_slug":49354,"content":49355},112470967433412,"1402bdac-60b9-40f9-a4ff-aaf98d1cc2f5","Lithium industry needs over $116 billion to meet automaker and policy targets by 2030","lithium-industry-needs-over-116-billion-to-meet-automaker-and-policy-targets-by-2030","article/lithium-industry-needs-over-116-billion-to-meet-automaker-and-policy-targets-by-2030",{"_uid":49356,"date":49357,"tags":49358,"editor":49360,"content":49364,"excerpt":49635,"featured":51,"reporter":49636,"_editable":49640,"component":689,"seo_title":49641,"categories":49642,"visibility":2019,"author_company":49,"data_vis_image":49645,"featured_image":49648,"seo_description":49651,"author_full_name":49,"author_job_title":49,"formattedDate":49652},"a06f33b1-58ac-4396-ba30-dc7642195998","2023-08-04 00:00",[49359],{"slug":564,"name":565},[49361],{"slug":9249,"name":9250,"content":49362},{"job_title":9252,"image":49363,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":49365},[49366,49371,49376,49388,49400,49405,49417,49427,49432,49439,49444,49449,49454,49459,49464,49469,49474,49479,49499,49518,49530,49542,49547,49559,49564,49569,49581,49586,49597,49602,49609,49614,49619,49624,49629],{"type":580,"attrs":49367,"content":49368},{"textAlign":49},[49369],{"text":49370,"type":585},"The lithium industry needs to invest $116 billion by 2030 if the world is to meet the ambitions targets set by governments and the largest automakers, according to a Benchmark analysis.",{"type":580,"attrs":49372,"content":49373},{"textAlign":49},[49374],{"text":49375,"type":585},"This “high case” scenario is based on automakers hitting their targets and electric vehicle penetration increasing on the back of enacted decarbonisation policies from governments around the world.",{"type":580,"attrs":49377,"content":49378},{"textAlign":49},[49379,49381,49387],{"text":49380,"type":585},"This is more than double the $54 billion investment needed to meet Benchmark’s base case lithium demand scenario. This is an updated calculation following the ",{"text":49382,"type":585,"marks":49383},"investment analysis Benchmark developed last quarter",[49384],{"type":590,"attrs":49385},{"href":49386,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/financing-the-battery-arms-race-the-514-billion-cost-of-bridging-the-global-ev-supply-chain-divide",{"text":1538,"type":585},{"type":580,"attrs":49389,"content":49390},{"textAlign":49},[49391,49393,49398],{"text":49392,"type":585},"This money needs to go into building new mines and refineries, ",{"text":49394,"type":585,"marks":49395},"as well as expanding existing assets",[49396],{"type":590,"attrs":49397},{"href":46325,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":49399,"type":585},". Even if every asset in the pipeline came online on time and hit their projected lithium production capacities, the world would still need 1.8 million tonnes on top of that to meet the high case demand.",{"type":580,"attrs":49401,"content":49402},{"textAlign":49},[49403],{"text":49404,"type":585},"The high case scenario, which encompasses data from Rho Motion on automakers’ passenger EV targets as well as data from the International Energy Agency on enacted country-level policies, would require 5.3 million tonnes of lithium carbonate equivalent (LCE). This is compared to the 915,000 tonnes LCE production in operation today.",{"type":580,"attrs":49406,"content":49407},{"textAlign":49},[49408,49410,49415],{"text":49409,"type":585},"“It’s almost impossible, and definitely a race against time,” ",{"text":3797,"type":585,"marks":49411},[49412],{"type":590,"attrs":49413},{"href":49414,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/analyst-insights-lithium-automakers-unconventional-supply-and-esg",{"text":49416,"type":585},", an analyst at Benchmark, said. “The big money that needs to be spent takes time to get approval for and to deploy.”",{"type":580,"attrs":49418,"content":49419},{"textAlign":49},[49420,49425],{"text":17833,"type":585,"marks":49421},[49422],{"type":590,"attrs":49423},{"href":49424,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts/lithium",{"text":49426,"type":585}," tracks around 400 projects, but Perks is concerned that those with the deepest pockets are not going to rush to invest heavily in even more projects.",{"type":580,"attrs":49428,"content":49429},{"textAlign":49},[49430],{"text":49431,"type":585},"“The players with skin in the game are the least likely to rush their spending,” he said. “They don’t want to flood the market with lithium too quickly. They want to release it slowly to maximise their return.”",{"type":580,"attrs":49433,"content":49434},{"textAlign":49},[49435],{"type":1847,"attrs":49436},{"id":49,"alt":645,"src":49437,"title":49,"source":49,"copyright":49,"meta_data":49438},"https://a.storyblok.com/f/287943243085208/f6e93ed859/bm-lithium-supply-and-investment-1.png",{},{"type":647,"attrs":49440,"content":49441},{"level":13022,"textAlign":49},[49442],{"text":49443,"type":585},"Optimistic automakers invest upstream",{"type":580,"attrs":49445,"content":49446},{"textAlign":49},[49447],{"text":49448,"type":585},"A major driver behind the high case demand scenario are optimistic automaker targets.",{"type":580,"attrs":49450,"content":49451},{"textAlign":49},[49452],{"text":49453,"type":585},"General Motors and Mercedes-Benz, for example, aim to produce only electric vehicles by 2035 and 2030, respectively.",{"type":580,"attrs":49455,"content":49456},{"textAlign":49},[49457],{"text":49458,"type":585},"Stellantis aims for 100% of its Chinese vehicles to be electric by 2030. The company is also targeting 50% of all its vehicles in the US and 100% of all its passenger vehicles in Europe to be electric by 2030.",{"type":580,"attrs":49460,"content":49461},{"textAlign":49},[49462],{"text":49463,"type":585},"Tesla is targeting production of 20 million passenger EVs by 2030. In 2022, the company produced just over 1.3 million EVs.",{"type":580,"attrs":49465,"content":49466},{"textAlign":49},[49467],{"text":49468,"type":585},"Benchmark’s high case scenario forecasts that 7.0 TWh of batteries will be needed in 2030, compared to 3.9 TWh in the base case scenario.",{"type":580,"attrs":49470,"content":49471},{"textAlign":49},[49472],{"text":49473,"type":585},"But without large increases in the amount of lithium, these targets will be impossible to hit. With the amount of lithium production forecast by Benchmark for 2030, only 3.2 TWh of lithium ion batteries can be produced, highlighting that the mineral is a constraining factor.",{"type":580,"attrs":49475,"content":49476},{"textAlign":49},[49477],{"text":49478,"type":585},"“As a carmaker, consumer, or EV policy maker, should I be alarmed? Yes,” Perks said.",{"type":580,"attrs":49480,"content":49481},{"textAlign":49},[49482,49484,49490,49492,49498],{"text":49483,"type":585},"In order to meet these ambitious targets, ",{"text":49485,"type":585,"marks":49486},"automakers are increasingly cutting out the middlemen",[49487],{"type":590,"attrs":49488},{"href":49489,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/gm-locks-up-lithium-and-cathode-supply-with-livent-and-gm-deals",{"text":49491,"type":585}," and looking to ",{"text":49493,"type":585,"marks":49494},"secure lithium directly",[49495],{"type":590,"attrs":49496},{"href":49497,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/ford-signs-five-lithium-deals-to-secure-north-american-and-ira-compliant-supply",{"text":1538,"type":585},{"type":580,"attrs":49500,"content":49501},{"textAlign":49},[49502,49504,49510,49511,49516],{"text":49503,"type":585},"In January this year, ",{"text":49505,"type":585,"marks":49506},"GM announced it would invest $650 million",[49507],{"type":590,"attrs":49508},{"href":49509,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/gm-commits-650-million-to-secure-us-lithium-production",{"text":1496,"type":585},{"text":33955,"type":585,"marks":49512},[49513],{"type":590,"attrs":49514},{"href":49515,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/this-is-going-to-represent-a-turning-point-qa-with-lithium-americas-ceo-jon-evans",{"text":49517,"type":585}," to help the developer progress their Thacker Pass lithium mine in Nevada.",{"type":580,"attrs":49519,"content":49520},{"textAlign":49},[49521,49523,49529],{"text":49522,"type":585},"Tesla will invest over a billion dollars to build its own lithium hydroxide refinery in Texas which began construction in May this year. Chief executive ",{"text":49524,"type":585,"marks":49525},"Elon Musk cites lithium chemical production as being the bottleneck for the battery industry",[49526],{"type":590,"attrs":49527},{"href":49528,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/opinion-why-elon-musk-is-right-about-lithium-refining-being-a-bottleneck",{"text":1538,"type":585},{"type":580,"attrs":49531,"content":49532},{"textAlign":49},[49533,49535,49540],{"text":49534,"type":585},"Last September CATL, the world’s largest cell producer, ",{"text":49536,"type":585,"marks":49537},"established",[49538],{"type":590,"attrs":49539},{"href":13199,"uuid":49,"anchor":49,"target":1492,"linktype":1570},{"text":49541,"type":585}," a joint venture with Chinese cathode producer Lopal and lithium producer Tangshan Xinfeng Lithium to build a 30,000 tonne lithium carbonate facility.",{"type":580,"attrs":49543,"content":49544},{"textAlign":49},[49545],{"text":49546,"type":585},"CATL also acquired Yajiang Sinuowei Mining in March this year, following its bankruptcy. The mining junior has a spodumene exploration permit.",{"type":580,"attrs":49548,"content":49549},{"textAlign":49},[49550,49552,49557],{"text":49551,"type":585},"BYD, one of the world’s largest cell and EV producers, announced in ",{"text":49553,"type":585,"marks":49554},"August last year ",[49555],{"type":590,"attrs":49556},{"href":13199,"uuid":49,"anchor":49,"target":1492,"linktype":1570},{"text":49558,"type":585},"that it will invest RMB 28.5 billion ($4.2 billion) to build a 30 GWh battery plant and a 100,000 tonne lithium carbonate facility that will process lepidolite.",{"type":580,"attrs":49560,"content":49561},{"textAlign":49},[49562],{"text":49563,"type":585},"BYD is also developing a 30,000 tonne brine project in Qinghai province as part of a joint venture with Qinghai Salt Lake.",{"type":647,"attrs":49565,"content":49566},{"level":13022,"textAlign":49},[49567],{"text":49568,"type":585},"Policy pushing up penetration rates",{"type":580,"attrs":49570,"content":49571},{"textAlign":49},[49572,49574,49579],{"text":49573,"type":585},"Another major driver for the increased demand of the high-case scenario compared to the base case is primarily driven by ambitious ",{"text":49575,"type":585,"marks":49576},"governmental policies",[49577],{"type":590,"attrs":49578},{"href":45967,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":49580,"type":585}," that aim to reduce the carbon emissions of the transport sector.",{"type":580,"attrs":49582,"content":49583},{"textAlign":49},[49584],{"text":49585,"type":585},"The US is targeting a 50% penetration rate of EVs (battery, plug-in hybrid, and fuel cell) in new sales by 2030. The UK will ban the sale of new internal combustion engine vehicles in the same year, with hybrids allowed until 2035. The EU has an ICE ban from 2035.",{"type":580,"attrs":49587,"content":49588},{"textAlign":49},[49589,49591,49595],{"text":49590,"type":585},"Globally, ",{"text":28866,"type":585,"marks":49592},[49593],{"type":590,"attrs":49594},{"href":13199,"uuid":49,"anchor":49,"target":1492,"linktype":1570},{"text":49596,"type":585}," forecasts that 43.7% of new vehicle sales will be electric by 2030. This drastically increases to 82.5% if OEM targets and current policy targets are met. As a result, demand for lithium ion batteries jumps in 2030 from 3.9 TWh in the base case to 6.1 TWh in the high case.",{"type":580,"attrs":49598,"content":49599},{"textAlign":49},[49600],{"text":49601,"type":585},"China, one of the largest EV markets, plans to phase out ICE vehicles by 2035.",{"type":580,"attrs":49603,"content":49604},{"textAlign":49},[49605],{"type":1847,"attrs":49606},{"id":49,"alt":645,"src":49607,"title":49,"source":49,"copyright":49,"meta_data":49608},"https://a.storyblok.com/f/287943243085208/149bba5f84/bm-image-88-13440539257a.png",{},{"type":580,"attrs":49610,"content":49611},{"textAlign":49},[49612],{"text":49613,"type":585},"A range of subsidies for EVs will also boost demand. Although the US doesn’t have a binding target for when to have out ICE vehicles by, it does have the Inflation Reduction Act which offers up to $7,500 in tax incentives to purchase EVs that meet certain criteria.",{"type":580,"attrs":49615,"content":49616},{"textAlign":49},[49617],{"text":49618,"type":585},"The IRA also offers generous tax incentives for the development of domestic lithium and other critical mineral resources.",{"type":580,"attrs":49620,"content":49621},{"textAlign":49},[49622],{"text":49623,"type":585},"The US’s Department of Energy is also contributing towards the potential $100 billion lithium bill. The department’s Loan Programs Office offered a conditional $700 million loan to Ioneer at the start of this year for its Rhyolite Ridge project which plans to produce lithium carbonate at the mine site in Nevada.",{"type":580,"attrs":49625,"content":49626},{"textAlign":49},[49627],{"text":49628,"type":585},"This analysis is drawn from the detail in Benchmark’s Lithium Forecast service – which provides detailed analysis and forecasts for supply, demand, prices and costs out to 2040.",{"type":580,"attrs":49630,"content":49631},{"textAlign":49},[49632,49634],{"text":49633,"type":585},"To learn more about our Lithium Forecast service – please provide your details here and our team will contact you shortly",{"text":17247,"type":585},"The lithium industry needs to invest $116 billion by 2030 if the world is to meet the ambitions targets set by governments and the largest automakers, according to a Benchmark analysis. This “high case” scenario is based on automakers hitting their targets and electric vehicle penetration increasing on the back of enacted decarbonisation policies from […]",[49637],{"slug":9249,"name":9250,"content":49638},{"job_title":9252,"image":49639,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a06f33b1-58ac-4396-ba30-dc7642195998\", \"id\": \"\"}-->","Lithium industry needs over $116 billion to meet automaker",[49643,49644],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":49646,"copyright":645,"fieldtype":701,"meta_data":49647,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1694087715/www-production/Lithium-supply-and-investment-redact/Lithium-supply-and-investment-redact.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":49649,"copyright":645,"fieldtype":701,"meta_data":49650,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/2a607aa808/bm-sdj-2611.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"The lithium industry needs to invest $116 billion by 2030 if the world is to meet the ambitions targets set by governments and the largest automakers, according to a Benchmark analysis. ","Aug 04, 2023",{"id":49654,"uuid":49655,"name":49656,"slug":49657,"full_slug":49658,"content":49659},112470996375854,"434aa0b0-a7f0-4138-ae17-0272e77285f0","Four charts to understand the state of the cathode market","four-charts-to-understand-the-state-of-the-cathode-market","article/four-charts-to-understand-the-state-of-the-cathode-market",{"_uid":49660,"date":49661,"tags":49662,"editor":49664,"content":49668,"excerpt":49865,"featured":51,"reporter":49866,"_editable":49870,"component":689,"seo_title":49656,"categories":49871,"visibility":697,"author_company":49,"data_vis_image":49874,"featured_image":49877,"seo_description":49865,"author_full_name":49,"author_job_title":49,"formattedDate":49880},"4786ed6c-b8f2-45ed-b523-fc38f366169f","2023-08-01 00:00",[49663],{"slug":564,"name":565},[49665],{"slug":1466,"name":1467,"content":49666},{"job_title":1469,"image":49667,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":49669},[49670,49682,49709,49714,49733,49741,49753,49758,49763,49768,49773,49781,49786,49799,49804,49809,49817,49822,49827,49832,49837,49842,49850,49855,49860],{"type":580,"attrs":49671,"content":49672},{"textAlign":49},[49673,49675,49680],{"text":49674,"type":585},"The cathode market is set to be balanced until 2027, after which it is forecast to enter a growing deficit, according to ",{"text":29586,"type":585,"marks":49676},[49677],{"type":590,"attrs":49678},{"href":49679,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts/cathode",{"text":49681,"type":585},". Despite this overall balance, a closer look reveals imbalances in some areas of the cathode market.",{"type":580,"attrs":49683,"content":49684},{"textAlign":49},[49685,49687,49692,49693,49699,49701,49707],{"text":49686,"type":585},"Firstly, ",{"text":49688,"type":585,"marks":49689},"only China",[49690],{"type":590,"attrs":49691},{"href":17463,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":43080,"type":585},{"text":49694,"type":585,"marks":49695},"rest of Asia",[49696],{"type":590,"attrs":49697},{"href":49698,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/indonesia-expands-presence-in-ev-supply-chain-with-chinese-cathode-and-anode-plants",{"text":49700,"type":585}," have surplus cathode supply relative to their demand. ",{"text":49702,"type":585,"marks":49703},"Western markets are all in deficit",[49704],{"type":590,"attrs":49705},{"href":49706,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/the-looming-us-and-europe-cathode-shortage",{"text":49708,"type":585}," as their growth in demand outpaces growth in domestic supply.",{"type":580,"attrs":49710,"content":49711},{"textAlign":49},[49712],{"text":49713,"type":585},"Secondly, China has a large number of Tier 2 and Tier 3 cathode material producers which cannot sell into Western EV markets resulting in surplus production of cathode material in these tiers and a deficit of Tier 1 material.",{"type":580,"attrs":49715,"content":49716},{"textAlign":49},[49717,49719,49724,49726,49731],{"text":49718,"type":585},"Further, the market is only balanced in terms of overall cathode material tonnage. Growth in demand for some specific chemistries such as ",{"text":23878,"type":585,"marks":49720},[49721],{"type":590,"attrs":49722},{"href":49723,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinese-lfp-cathode-prices-rise-as-battery-demand-recovers",{"text":49725,"type":585}," (LFP) and some forms of ",{"text":23890,"type":585,"marks":49727},[49728],{"type":590,"attrs":49729},{"href":49730,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/ncm-811-cathode-production-in-deficit-from-next-year",{"text":49732,"type":585}," (NCM) is outpacing supply growth.",{"type":580,"attrs":49734,"content":49735},{"textAlign":49},[49736],{"type":1847,"attrs":49737},{"id":49,"alt":49738,"src":49739,"title":49,"source":49,"copyright":49,"meta_data":49740},"The overall cathode market is balanced in the short term","https://a.storyblok.com/f/287943243085208/02dfa2373e/bm-cathode-overall-balance.png",{},{"type":580,"attrs":49742,"content":49743},{"textAlign":49},[49744,49746,49751],{"text":49745,"type":585},"Analysis by Benchmark showed that at least ",{"text":49747,"type":585,"marks":49748},"$39.5 billion of investment",[49749],{"type":590,"attrs":49750},{"href":49386,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":49752,"type":585}," is needed in cathode production to close the gap between today’s supply and 2030’s demand.",{"type":580,"attrs":49754,"content":49755},{"textAlign":49},[49756],{"text":49757,"type":585},"“The consequence of the imbalances is that we will see greater investment upstream, specifically for LFP which will allow for considerably lower EV prices,” Rob Burrell, an analyst at Benchmark, said.",{"type":647,"attrs":49759,"content":49760},{"level":13022,"textAlign":49},[49761],{"text":49762,"type":585},"Tier and regional imbalances",{"type":580,"attrs":49764,"content":49765},{"textAlign":49},[49766],{"text":49767,"type":585},"Cathode production is so highly concentrated in Asia, that the region produces significantly more material than it needs. China, the largest producer of cathode material, is forecast to produce 57% more material than is needed to meet its domestic battery demand this year.",{"type":580,"attrs":49769,"content":49770},{"textAlign":49},[49771],{"text":49772,"type":585},"The rest of the world relies almost entirely on imports from Asia to support their domestic needs.",{"type":580,"attrs":49774,"content":49775},{"textAlign":49},[49776],{"type":1847,"attrs":49777},{"id":49,"alt":49778,"src":49779,"title":49,"source":49,"copyright":49,"meta_data":49780},"Asia is forecast to produce surplus cathode material relative to its domestic requirements","https://a.storyblok.com/f/287943243085208/46f4c767db/bm-cathode-regional-balance.png",{},{"type":580,"attrs":49782,"content":49783},{"textAlign":49},[49784],{"text":49785,"type":585},"Although the Inflation Reduction Act has stimulated investment into the US supply chain, the country will still depend heavily on supplies of cathode material from outside the country until this market matures.",{"type":580,"attrs":49787,"content":49788},{"textAlign":49},[49789,49791,49797],{"text":49790,"type":585},"As such, ",{"text":49792,"type":585,"marks":49793},"Western markets",[49794],{"type":590,"attrs":49795},{"href":49796,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinas-xtc-and-orano-strike-e1-5-billion-deal-for-frances-first-cathode-production",{"text":49798,"type":585}," still rely on Asian cathode material. But in China, a significant number of producers are Tier 2 or 3 and are not qualified to be used in cells destined for Western EV markets",{"type":580,"attrs":49800,"content":49801},{"textAlign":49},[49802],{"text":49803,"type":585},"To meet the requirements of non-Chinese companies, cell makers need to use cathode material from Tier 1 suppliers. Benchmark forecasts this tier will be in a deficit for the first time this year.",{"type":580,"attrs":49805,"content":49806},{"textAlign":49},[49807],{"text":49808,"type":585},"“OEMs will look to qualify Tier 2 material in order to cover the Tier 1 deficits,” Burrell said.",{"type":580,"attrs":49810,"content":49811},{"textAlign":49},[49812],{"type":1847,"attrs":49813},{"id":49,"alt":49814,"src":49815,"title":49,"source":49,"copyright":49,"meta_data":49816},"Tier 1 cathode material in deficit for the first time this year","https://a.storyblok.com/f/287943243085208/f1156a7ca6/bm-cathode-tier-balance-1.png",{},{"type":647,"attrs":49818,"content":49819},{"level":13022,"textAlign":49},[49820],{"text":49821,"type":585},"LFP and NCM undersupply",{"type":580,"attrs":49823,"content":49824},{"textAlign":49},[49825],{"text":49826,"type":585},"This year, LFP is forecast to be in a deficit of 228,000 tonnes though this will reduce to 107,000 by 2026 as new capacity is brought online. However, demand is forecast to grow rapidly, significantly outpacing the forecast growth in supply in the latter half of the decade.",{"type":580,"attrs":49828,"content":49829},{"textAlign":49},[49830],{"text":49831,"type":585},"Burrell says that in the mid-term, China has the ability to bring online enough new capacity to close this gap. Benchmark’s Cathode Forecast shows that 99% of LFP cathode material will be produced in China this year, dropping slightly to 95% in 2030.",{"type":580,"attrs":49833,"content":49834},{"textAlign":49},[49835],{"text":49836,"type":585},"“The challenge would be for getting enough Tier 1 LFP capacity online for the EV market,” Burrell said, adding that the LFP deficit is particularly severe for North America as the region looks to move away from Chinese supply.",{"type":580,"attrs":49838,"content":49839},{"textAlign":49},[49840],{"text":49841,"type":585},"Demand for high-nickel cathode chemistries is expected to grow rapidly in the coming years as more high-end applications emerge. This growth will be especially strong in North America due to the high demand for EVs with longer ranges.",{"type":580,"attrs":49843,"content":49844},{"textAlign":49},[49845],{"type":1847,"attrs":49846},{"id":49,"alt":49847,"src":49848,"title":49,"source":49,"copyright":49,"meta_data":49849},"LFP and NCM 811 represent most of deficit in 2030","https://a.storyblok.com/f/287943243085208/bf981b3fed/bm-cathode-chemistry-balance.png",{},{"type":580,"attrs":49851,"content":49852},{"textAlign":49},[49853],{"text":49854,"type":585},"NCM 811 demand is on track to grow over six times between 2023 and 2030, with a deficit emerging from 2025.",{"type":580,"attrs":49856,"content":49857},{"textAlign":49},[49858],{"text":49859,"type":585},"To meet the growing demand for NCM 811, some applications may shift to other chemistries such as NCM 622 or 523, the latter of which is in a surplus.",{"type":580,"attrs":49861,"content":49862},{"textAlign":49},[49863],{"text":49864,"type":585},"“I think mid-nickel variants will be able to satisfy most needs in relation to performance, especially when they are not in the high-performance category,” Burrell said. “NCM 811 will still be required to achieve the highest ranges, however.”","The cathode market is set to be balanced until 2027, after which it is forecast to enter a growing deficit, according to Benchmark’s Cathode Forecast. Despite this overall balance, a closer look reveals imbalances in some areas of the cathode market. Firstly, only China and the rest of Asia have surplus cathode supply relative to […]",[49867],{"slug":1466,"name":1467,"content":49868},{"job_title":1469,"image":49869,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4786ed6c-b8f2-45ed-b523-fc38f366169f\", \"id\": \"\"}-->",[49872,49873],{"slug":956,"name":957},{"slug":2623,"name":298},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":49875,"copyright":645,"fieldtype":701,"meta_data":49876,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1694087942/www-production/Cathode-tier-balance-redact/Cathode-tier-balance-redact.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":49878,"copyright":645,"fieldtype":701,"meta_data":49879,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c9b817b381/bm-operators-working-in-the-cathode-production-in-nysa-poland.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Aug 01, 2023",{"id":49882,"uuid":49883,"name":49884,"slug":49885,"full_slug":49886,"content":49887},112471042451769,"b355130f-59c1-462e-a41e-4058e3bc706c","Deficit of -100 flake graphite could push anode makers to larger mesh sizes","deficit-of-100-flake-graphite-deficit-could-push-anode-makers-to-larger-flakes","article/deficit-of-100-flake-graphite-deficit-could-push-anode-makers-to-larger-flakes",{"_uid":49888,"date":49889,"tags":49890,"editor":49902,"content":49906,"excerpt":50066,"featured":51,"reporter":50067,"_editable":50071,"component":689,"seo_title":49884,"categories":50072,"visibility":697,"author_company":49,"data_vis_image":50075,"featured_image":50078,"seo_description":50066,"author_full_name":49,"author_job_title":49,"formattedDate":50081},"28196251-36e9-4a5f-9a47-a314d94852a4","2023-07-21 00:00",[49891,49892,49893,49896,49899],{"slug":564,"name":565},{"slug":47280,"name":47281},{"slug":49894,"name":49895},"mesh-size","Mesh size",{"slug":49897,"name":49898},"nextsource-materials","NextSource Materials",{"slug":49900,"name":49901},"syrah-resources","Syrah Resources",[49903],{"slug":1466,"name":1467,"content":49904},{"job_title":1469,"image":49905,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":49907},[49908,49913,49918,49923,49928,49939,49944,49949,49954,49959,49964,49969,49974,49979,49986,49991,49996,50001,50006,50011,50016,50021,50026,50031,50036,50041,50046,50051,50056,50061],{"type":580,"attrs":49909,"content":49910},{"textAlign":49},[49911],{"text":49912,"type":585},"Anode makers could look to larger flake graphite sizes keep up with battery demand as Benchmark forecasts a growing -100 flake graphite deficit. ",{"type":580,"attrs":49914,"content":49915},{"textAlign":49},[49916],{"text":49917,"type":585},"Before being converted into the spherical graphite required for battery anode material, flake graphite must first be micronised.",{"type":580,"attrs":49919,"content":49920},{"textAlign":49},[49921],{"text":49922,"type":585},"Given that the larger graphite flake sizes sell at a premium and also need more micronisation, anode producers are generally reluctant to buy these large sizes and so look to buy the smallest flake graphite (i.e., -100 mesh).",{"type":580,"attrs":49924,"content":49925},{"textAlign":49},[49926],{"text":49927,"type":585},"“The anode producer’s mentality is, why pay more for a larger flake size when the less expensive small flake is then further reduced in size as part of the anode making process?” Brent Nykoliation, executive vice president of NextSource Materials–a Canadian flake graphite miner operating the Molo graphite mine in Madagascar–told Benchmark Source.",{"type":580,"attrs":49929,"content":49930},{"textAlign":49},[49931,49933,49937],{"text":49932,"type":585},"But this size of graphite is in a deficit, according to ",{"text":40409,"type":585,"marks":49934},[49935],{"type":590,"attrs":49936},{"href":46787,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":49938,"type":585},". The industries which require the larger graphite sizes are not growing at the same pace as the battery industry, leading to a surplus of the larger mesh sizes.",{"type":580,"attrs":49940,"content":49941},{"textAlign":49},[49942],{"text":49943,"type":585},"If they can’t source enough of the -100 flake graphite of the purity required, they may look to using lower purity material, according to Tony Alderson, an analyst at Benchmark. This requires a larger throughput of material and degrades equipment quicker.",{"type":580,"attrs":49945,"content":49946},{"textAlign":49},[49947],{"text":49948,"type":585},"“Then once they utilise that avenue, the larger flake sizes and synthetic graphite anode options open up,” Alderson said.",{"type":580,"attrs":49950,"content":49951},{"textAlign":49},[49952],{"text":49953,"type":585},"But both the larger mesh sizes and synthetic graphite options typically incur higher costs.",{"type":647,"attrs":49955,"content":49956},{"level":13022,"textAlign":49},[49957],{"text":49958,"type":585},"Growing -100 deficit",{"type":580,"attrs":49960,"content":49961},{"textAlign":49},[49962],{"text":49963,"type":585},"In 2023, the supply of -100 flake graphite is forecast to be 69% of demand, despite the overall graphite market being in a slight surplus. In 2030, Benchmark forecasts that supply of -100 flake will be just 46% of demand with the market in an overall deficit.",{"type":580,"attrs":49965,"content":49966},{"textAlign":49},[49967],{"text":49968,"type":585},"But despite the deficit forecast for 2030, it is only supply of the -100 mesh size that will actually be lower than demand. The vast majority of mines produce a mix of mesh sizes with just 28 out of the 73 mines in operation of development tracked by Benchmark having -100 flake production representing 50% or more of their production.",{"type":580,"attrs":49970,"content":49971},{"textAlign":49},[49972],{"text":49973,"type":585},"As a result of the push to open more graphite mines to meet the growing demand for batteries, supply of larger flake sizes of graphite is growing, despite the demand for such grades being relatively steady.",{"type":580,"attrs":49975,"content":49976},{"textAlign":49},[49977],{"text":49978,"type":585},"Between 2023 and 2030, demand for -100 flake graphite is forecast to grow 202%. Demand for all other mesh sizes combined is forecast to grow just 11% in the same period. Yet supply of these larger mesh sizes is forecast to increase by 118% and -100 to grow by 104%.",{"type":580,"attrs":49980,"content":49981},{"textAlign":49},[49982],{"type":1847,"attrs":49983},{"id":49,"alt":645,"src":49984,"title":49,"source":49,"copyright":49,"meta_data":49985},"https://a.storyblok.com/f/287943243085208/3351c79bb8/bm-graphite-balance-chart-by-flake.png",{},{"type":647,"attrs":49987,"content":49988},{"level":13022,"textAlign":49},[49989],{"text":49990,"type":585},"How will anode material producers respond?",{"type":580,"attrs":49992,"content":49993},{"textAlign":49},[49994],{"text":49995,"type":585},"Given the increasing undersupply of -100 flake graphite and the oversupply of larger mesh sizes, it is possible that some anode makers will have to buy the currently more expensive larger mesh sizes and process those down to the size needed to produce the spherical graphite required for battery anode material.",{"type":580,"attrs":49997,"content":49998},{"textAlign":49},[49999],{"text":50000,"type":585},"“You can use any material, you just have to put more work into it,” Joe Williams, head of technical marketing at Syrah Resources–an Australian flake graphite miner operating in Mozambique–told Benchmark Source.",{"type":580,"attrs":50002,"content":50003},{"textAlign":49},[50004],{"text":50005,"type":585},"Earlier this year, Syrah Resources paused operations at its Balama graphite mine in response to the current low graphite prices resulting from an oversupply in the overall market, anode makers having large inventories and relatively weak downstream demand.",{"type":580,"attrs":50007,"content":50008},{"textAlign":49},[50009],{"text":50010,"type":585},"Williams added that currently anode active material producers wouldn’t look to use the larger mesh sizes to produce their product unless the price of the larger mesh size was “pretty much the same” as the smaller size.",{"type":580,"attrs":50012,"content":50013},{"textAlign":49},[50014],{"text":50015,"type":585},"In addition to mesh size, purity is also important. Typically for spherical graphite production for anode material, 94-95% purity feedstock is used. Williams said that some buyers are mixing lower purity graphite in with Syrah’s high purity flake to lower costs.",{"type":580,"attrs":50017,"content":50018},{"textAlign":49},[50019],{"text":50020,"type":585},"Although -100 prices are currently lower than large mesh sizes, this emerging disparity in the market balances of the respective grades could change the picture.",{"type":580,"attrs":50022,"content":50023},{"textAlign":49},[50024],{"text":50025,"type":585},"“The market for large, coarse flake, commands a premium but is small in comparison to the market demand for anode material,” Nykoliation said. “Graphite buyers in turn will need to decide if they are willing to pay a premium for larger flake material that may only be available at times to meet the demand for anode feedstock,” he added.  ",{"type":647,"attrs":50027,"content":50028},{"level":13022,"textAlign":49},[50029],{"text":50030,"type":585},"The benefits of vertical integration",{"type":580,"attrs":50032,"content":50033},{"textAlign":49},[50034],{"text":50035,"type":585},"Both Syrah and NextSource have planned integrated operations meaning they can go from mining the graphite through to producing natural graphite anode material.",{"type":580,"attrs":50037,"content":50038},{"textAlign":49},[50039],{"text":50040,"type":585},"Syrah has their Vidalia facility for producing anode active material in Louisiana in the US, whereas NextSource are planning to construct an AAM production facility in Mauritius.",{"type":580,"attrs":50042,"content":50043},{"textAlign":49},[50044],{"text":50045,"type":585},"Through integration, a company is able to reduce their exposure to changing graphite prices by taking the material through to completed anode material. And if they have a surplus of larger flake graphite material this can be used in their own processes.",{"type":580,"attrs":50047,"content":50048},{"textAlign":49},[50049],{"text":50050,"type":585},"“Generally, it is roughly the same cost for us to produce large and jumbo flake in our plant as it is to produce the medium and small (-100 mesh) material at the flotation stage,” Nykoliation said. “The classification into the different flake sizes occurs at the end of the process,” he added.",{"type":580,"attrs":50052,"content":50053},{"textAlign":49},[50054],{"text":50055,"type":585},"Another advantage of integration is the simplification of customer supply chains. With the Inflation Reduction Act requiring US automakers to cut out supply from “foreign entities of concern”, a company covering the whole value chain from mine to AAM is useful.",{"type":580,"attrs":50057,"content":50058},{"textAlign":49},[50059],{"text":50060,"type":585},"Given that Benchmark forecasts China will produce 65% of the world’s flake graphite and 98% of spherical graphite this year, the need for increased diversity of supply is clear.",{"type":580,"attrs":50062,"content":50063},{"textAlign":49},[50064],{"text":50065,"type":585},"“One of the benefits of vertical integration is that the customer benefits from having that visible chain of custody and security of supply,” Williams said.","Anode makers could look to larger flake graphite sizes keep up with battery demand as Benchmark forecasts a growing -100 flake graphite deficit. Before being converted into the spherical graphite required for battery anode material, flake graphite must first be micronised. Given that the larger graphite flake sizes sell at a premium and also need […]",[50068],{"slug":1466,"name":1467,"content":50069},{"job_title":1469,"image":50070,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"28196251-36e9-4a5f-9a47-a314d94852a4\", \"id\": \"\"}-->",[50073,50074],{"slug":1142,"name":1143},{"slug":2627,"name":2628},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":50076,"copyright":645,"fieldtype":701,"meta_data":50077,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1694088398/www-production/100-redact/100-redact.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":50079,"copyright":645,"fieldtype":701,"meta_data":50080,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d1c91ea071/bm-nextsource-molo-madagascar.jpeg",{"alt":645,"title":645,"source":645,"copyright":645},"Jul 21, 2023",{"id":50083,"uuid":50084,"name":50085,"slug":50086,"full_slug":50087,"content":50088},112471095236935,"28f0c991-ad33-47af-be10-2133d348d9ab","Nickel demand for batteries to overtake stainless steel in late 2030s","nickel-demand-for-batteries-to-overtake-stainless-steel-in-late-2030s","article/nickel-demand-for-batteries-to-overtake-stainless-steel-in-late-2030s",{"_uid":50089,"date":50090,"tags":50091,"editor":50093,"content":50097,"excerpt":50202,"featured":51,"reporter":50203,"_editable":50207,"component":689,"seo_title":50085,"categories":50208,"visibility":697,"author_company":49,"data_vis_image":50211,"featured_image":50214,"seo_description":50202,"author_full_name":49,"author_job_title":49,"formattedDate":50217},"e7dd019b-f457-42cb-b2cb-46e83c3a1b65","2023-07-11 00:00",[50092],{"slug":564,"name":565},[50094],{"slug":9249,"name":9250,"content":50095},{"job_title":9252,"image":50096,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":50098},[50099,50110,50115,50120,50131,50138,50143,50148,50159,50171,50190,50195],{"type":580,"attrs":50100,"content":50101},{"textAlign":49},[50102,50104,50109],{"text":50103,"type":585},"Nickel demand from the battery industry is expected to grow 27% this year, compared to just 4% from stainless steel, according to ",{"text":22535,"type":585,"marks":50105},[50106],{"type":590,"attrs":50107},{"href":50108,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts/nickel",{"text":1538,"type":585},{"type":580,"attrs":50111,"content":50112},{"textAlign":49},[50113],{"text":50114,"type":585},"The stainless steel industry is currently the primary demand driver for refined nickel, accounting for more than 60% of demand this year.",{"type":580,"attrs":50116,"content":50117},{"textAlign":49},[50118],{"text":50119,"type":585},"This is forecast by Benchmark to change in 2036, when batteries will be the largest single market for nickel. In 2020, the battery market became the second largest demand driver for batteries when it overtook the non-ferrous market.",{"type":580,"attrs":50121,"content":50122},{"textAlign":49},[50123,50125,50130],{"text":50124,"type":585},"“Most of the growth is from batteries,” Harry Fisher, a project manager at Benchmark, said. “The total volume growth in NCM [nickel cobalt manganese] battery cells is driving this increase. In particular, most of this volume growth we are seeing is ",{"text":50126,"type":585,"marks":50127},"NCM 811",[50128],{"type":590,"attrs":50129},{"href":49730,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":38038,"type":585},{"type":580,"attrs":50132,"content":50133},{"textAlign":49},[50134],{"type":1847,"attrs":50135},{"id":49,"alt":645,"src":50136,"title":49,"source":49,"copyright":49,"meta_data":50137},"https://a.storyblok.com/f/287943243085208/59a8a0c31c/bm-nickel-demand-by-sector-1.png",{},{"type":580,"attrs":50139,"content":50140},{"textAlign":49},[50141],{"text":50142,"type":585},"Battery demand dominates other minerals",{"type":580,"attrs":50144,"content":50145},{"textAlign":49},[50146],{"text":50147,"type":585},"Demand for other battery minerals have been overtaking their respective incumbent markets over the past few years.",{"type":580,"attrs":50149,"content":50150},{"textAlign":49},[50151,50153,50157],{"text":50152,"type":585},"Although the battery industry has been the largest sector for lithium since Benchmark began tracking the mineral in 2015, it became over 50% of the market for the first time in 2018. ",{"text":17833,"type":585,"marks":50154},[50155],{"type":590,"attrs":50156},{"href":49424,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":50158,"type":585}," expects the battery industry to be 87% of lithium demand this year.",{"type":580,"attrs":50160,"content":50161},{"textAlign":49},[50162,50164,50169],{"text":50163,"type":585},"Cobalt has a similar story to lithium. The battery sector drove over 50% of demand for the mineral in 2016 and ",{"text":50165,"type":585,"marks":50166},"Benchmark’s Cobalt Forecas",[50167],{"type":590,"attrs":50168},{"href":48660,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":50170,"type":585},"t expects the sector to account for 74% of demand this year.",{"type":580,"attrs":50172,"content":50173},{"textAlign":49},[50174,50176,50182,50184,50189],{"text":50175,"type":585},"The battery industry overtook the stainless steel industry for demand of ",{"text":50177,"type":585,"marks":50178},"flake graphite in 2021",[50179],{"type":590,"attrs":50180},{"href":50181,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/analyst-insights-natural-flake-graphites-lithium-ion-moment",{"text":50183,"type":585}," and then reached above 50% of demand for the material in 2022, according to ",{"text":40409,"type":585,"marks":50185},[50186],{"type":590,"attrs":50187},{"href":50188,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts/natural-graphite",{"text":1538,"type":585},{"type":580,"attrs":50191,"content":50192},{"textAlign":49},[50193],{"text":50194,"type":585},"Unlike the minerals described above, nickel is a bulk commodity with major applications outside of the battery sector, especially the large stainless steel market. In 2016, the nickel market exceeded two million tonnes, compared to cobalt which was less than 100,000 tonnes in the same year, highlighting the stark difference in the markets.",{"type":580,"attrs":50196,"content":50197},{"textAlign":49},[50198],{"type":1847,"attrs":50199},{"id":49,"alt":645,"src":50200,"title":49,"source":49,"copyright":49,"meta_data":50201},"https://a.storyblok.com/f/287943243085208/516be4b98d/bm-battery-demand-by-mineral.png",{},"Nickel demand from the battery industry is expected to grow 27% this year, compared to just 4% from stainless steel, according to Benchmark’s Nickel Forecast. The stainless steel industry is currently the primary demand driver for refined nickel, accounting for more than 60% of demand this year. This is forecast by Benchmark to change in […]",[50204],{"slug":9249,"name":9250,"content":50205},{"job_title":9252,"image":50206,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e7dd019b-f457-42cb-b2cb-46e83c3a1b65\", \"id\": \"\"}-->",[50209,50210],{"slug":1142,"name":1143},{"slug":2553,"name":150},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":50212,"copyright":645,"fieldtype":701,"meta_data":50213,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1692311912/www-production/Nickel-demand-by-sector-1-1/Nickel-demand-by-sector-1-1.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":50215,"copyright":645,"fieldtype":701,"meta_data":50216,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5784f313f5/bm-nickel-demand-featured-image.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Jul 11, 2023",{"id":50219,"uuid":50220,"name":50221,"slug":50222,"full_slug":50223,"content":50224},112471134464336,"25889d3e-0133-4bdb-8e7d-0fc6559ce35d","China’s lithium vulnerability: reliance on imports set to rise this decade","chinas-lithium-vulnerability-reliance-on-imports-set-to-rise-this-decade","article/chinas-lithium-vulnerability-reliance-on-imports-set-to-rise-this-decade",{"_uid":50225,"date":50226,"tags":50227,"editor":50232,"content":50236,"excerpt":50338,"featured":50,"reporter":50339,"_editable":50343,"component":689,"seo_title":50221,"categories":50344,"visibility":697,"author_company":49,"data_vis_image":50348,"featured_image":50351,"seo_description":50338,"author_full_name":49,"author_job_title":49,"formattedDate":50354},"21ddb9f7-e782-41a6-9f46-001a50cfb631","2023-06-29 00:00",[50228,50229,50230,50231],{"slug":993,"name":994},{"slug":4990,"name":4991},{"slug":720,"name":721},{"slug":564,"name":565},[50233],{"slug":9249,"name":9250,"content":50234},{"job_title":9252,"image":50235,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":50237},[50238,50250,50255,50266,50273,50284,50289,50306,50311,50316,50321,50333],{"type":580,"attrs":50239,"content":50240},{"textAlign":49},[50241,50243,50248],{"text":50242,"type":585},"Despite 60% of lithium chemicals globally being ",{"text":50244,"type":585,"marks":50245},"produced in China",[50246],{"type":590,"attrs":50247},{"href":17463,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":50249,"type":585}," last year, the vast majority of this is not produced from domestic feedstock materials.",{"type":580,"attrs":50251,"content":50252},{"textAlign":49},[50253],{"text":50254,"type":585},"In China, 86% of lithium chemicals, such as lithium carbonate and lithium hydroxide, are derived from hard rock sources. ",{"type":580,"attrs":50256,"content":50257},{"textAlign":49},[50258,50260,50265],{"text":50259,"type":585},"In 2030, China is forecast to mine 265,000 tonnes LCE of hard rock domestically, but Chinese converters will demand 1.2 million tonnes LCE of hard rock. Consequently China’s conversion industry is heavily reliant on hard rock imports from other countries, with 90% coming from Australia and an ",{"text":50261,"type":585,"marks":50262},"increasing proportion from Africa",[50263],{"type":590,"attrs":50264},{"href":42064,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":50267,"content":50268},{"textAlign":49},[50269],{"type":1847,"attrs":50270},{"id":49,"alt":645,"src":50271,"title":49,"source":49,"copyright":49,"meta_data":50272},"https://a.storyblok.com/f/287943243085208/9b806f7ec9/bm-china-import.png",{},{"type":580,"attrs":50274,"content":50275},{"textAlign":49},[50276,50278,50282],{"text":50277,"type":585},"Australia is the world’s largest producer of spodumene and 88% of its output was from projects in which a Chinese company was a top three shareholder, according to ",{"text":17833,"type":585,"marks":50279},[50280],{"type":590,"attrs":50281},{"href":49424,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":50283,"type":585},". Although China’s presence in Australia is forecast to decrease by 2030, Chinese companies will still have involvement in 64% of Australian spodumene production that year.",{"type":647,"attrs":50285,"content":50286},{"level":13022,"textAlign":49},[50287],{"text":50288,"type":585},"China in Africa",{"type":580,"attrs":50290,"content":50291},{"textAlign":49},[50292,50297,50299,50304],{"text":50293,"type":585,"marks":50294},"China’s presence in Africa is even stronger",[50295],{"type":590,"attrs":50296},{"href":41960,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":50298,"type":585},", in part due to China’s Belt and Road Initiative. Chinese companies are associated with 93% of ",{"text":50300,"type":585,"marks":50301},"Africa’s mined lithium",[50302],{"type":590,"attrs":50303},{"href":42071,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":50305,"type":585}," output. ",{"type":580,"attrs":50307,"content":50308},{"textAlign":49},[50309],{"text":50310,"type":585},"And although an increasing number of Australian and US-owned companies will set up operations in the region by 2030, Benchmark forecasts Chinese involvement to only drop slightly to 83% of the region’s output.",{"type":580,"attrs":50312,"content":50313},{"textAlign":49},[50314],{"text":50315,"type":585},"Africa is forecast to account for 18% of global lithium hard rock mining in 2030, up from 2.3% last year.",{"type":580,"attrs":50317,"content":50318},{"textAlign":49},[50319],{"text":50320,"type":585},"An increasing number of African countries are imposing export bans of direct shipping ore–that is raw mined material that hasn’t been processed–in order to capture a greater share of the lithium value chain. ",{"type":580,"attrs":50322,"content":50323},{"textAlign":49},[50324,50326,50331],{"text":50325,"type":585},"Namibia this month banned such exports, following in the footsteps of ",{"text":50327,"type":585,"marks":50328},"Zimbabwe, which implemented a ban in December last year",[50329],{"type":590,"attrs":50330},{"href":18973,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":50332,"type":585},". Zimbabwe accounted for 1.4% of global lithium hard rock mining in 2022 and is forecast to reach 10% of global supply in 2030. However, spodumene concentrate can still be exported from Zimbabwe, which is the form of lithium most Chinese companies in the country intend to produce.",{"type":580,"attrs":50334,"content":50335},{"textAlign":49},[50336],{"text":50337,"type":585},"“It’s pretty unlikely that China is at risk of being cut off from its feedstock supply completely, particularly before lithium chemical production can increase outside of China,” Claudia Cook, an analyst at Benchmark, said. “Even when it does increase, there will likely be plenty of non-integrated mines that would happily send lithium products to China.”","Despite 60% of lithium chemicals globally being produced in China last year, the vast majority of this is not produced from domestic feedstock materials. In China, 86% of lithium chemicals, such as lithium carbonate and lithium hydroxide, are derived from hard rock sources. In 2030, China is forecast to mine 265,000 tonnes LCE of hard […]",[50340],{"slug":9249,"name":9250,"content":50341},{"job_title":9252,"image":50342,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"21ddb9f7-e782-41a6-9f46-001a50cfb631\", \"id\": \"\"}-->",[50345,50346,50347],{"slug":1142,"name":1143},{"slug":695,"name":696},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":50349,"copyright":645,"fieldtype":701,"meta_data":50350,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1692312134/www-production/China-import-1/China-import-1.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":50352,"copyright":645,"fieldtype":701,"meta_data":50353,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/09882d2389/bm-china-import-dependence-featured.png",{"alt":645,"title":645,"source":645,"copyright":645},"Jun 29, 2023",{"id":50356,"uuid":50357,"name":50358,"slug":50359,"full_slug":50360,"content":50361},112471178594649,"af1633e6-5a6a-47bb-8da9-ccf381086dad","Financing the battery arms race: the $514 billion cost of bridging the global EV supply chain divide","financing-the-battery-arms-race-the-514-billion-cost-of-bridging-the-global-ev-supply-chain-divide","article/financing-the-battery-arms-race-the-514-billion-cost-of-bridging-the-global-ev-supply-chain-divide",{"_uid":50362,"date":50363,"tags":50364,"editor":50366,"content":50370,"excerpt":50582,"featured":51,"reporter":50583,"_editable":50587,"component":689,"seo_title":50358,"categories":50588,"visibility":697,"author_company":49,"featured_image":50593,"seo_description":50582,"author_full_name":49,"author_job_title":49,"formattedDate":50596},"63303b10-c060-40a3-84a4-3846ca8f3346","2023-06-19 00:00",[50365],{"slug":564,"name":565},[50367],{"slug":1466,"name":1467,"content":50368},{"job_title":1469,"image":50369,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":50371},[50372,50382,50387,50392,50399,50404,50409,50414,50419,50430,50435,50445,50450,50462,50467,50472,50484,50489,50494,50499,50504,50509,50514,50519,50524,50529,50541,50551,50556,50561,50566,50571,50576],{"type":580,"attrs":50373,"content":50374},{"textAlign":49},[50375,50377,50381],{"text":50376,"type":585},"Globally, the battery industry needs to invest at least $514 billion across the whole supply chain to meet expected demand in 2030, and $920 billion by 2035, according to a new analysis by ",{"text":26129,"type":585,"marks":50378},[50379],{"type":590,"attrs":50380},{"href":29368,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":50383,"content":50384},{"textAlign":49},[50385],{"text":50386,"type":585},"Demand for lithium ion batteries is forecast to grow to 3.7 terawatt-hours by 2030, up from around 1 TWh this year. Most of this growth is driven by an ever increasing demand for electric vehicles.",{"type":580,"attrs":50388,"content":50389},{"textAlign":49},[50390],{"text":50391,"type":585},"Producing the critical raw materials will require $220 billion (43% of the total), with nickel and lithium accounting for over half of that. Manufacturing the additional 2.7 TWh of batteries needed by 2030 will require $201 billion and the midstream production of battery materials will take the remaining $93 billion.",{"type":580,"attrs":50393,"content":50394},{"textAlign":49},[50395],{"type":1847,"attrs":50396},{"id":49,"alt":645,"src":50397,"title":49,"source":49,"copyright":49,"meta_data":50398},"https://a.storyblok.com/f/287943243085208/9f82d6c146/bm-benchmark-infographic-investment-needed-in-battery-supply-chain-1.jpg",{},{"type":580,"attrs":50400,"content":50401},{"textAlign":49},[50402],{"text":50403,"type":585},"The amount is just a fraction of the estimated $35 trillion needed to be spent on the energy transition by 2030, according to the International Renewable Energy Agency. This includes spending on renewables such as wind and solar as well as grid and other infrastructure. ",{"type":580,"attrs":50405,"content":50406},{"textAlign":49},[50407],{"text":50408,"type":585},"Global investment in technologies to help the energy transition reached a record $1.3 trillion in 2022, IRENA said. ",{"type":580,"attrs":50410,"content":50411},{"textAlign":49},[50412],{"text":50413,"type":585},"“The energy transition is still in its early stages and massive capital deployment is going to be needed in order to meet the goals of industry and policy makers,” Andrew Miller, Benchmark’s chief operating officer, said. “Energy storage might form a relatively small piece of the overall financing required, but it is a strategically critical piece of the puzzle. Batteries are the platform technology for clean energy goals, so financing these supply chains is at the heart of the race towards net zero.”",{"type":647,"attrs":50415,"content":50416},{"level":13022,"textAlign":49},[50417],{"text":50418,"type":585},"Critical Raw Materials ",{"type":580,"attrs":50420,"content":50421},{"textAlign":49},[50422,50424,50429],{"text":50423,"type":585},"This year is expected to see over a million tonnes LCE of lithium mined for the first time, according to Benchmark’s ",{"text":33980,"type":585,"marks":50425},[50426],{"type":590,"attrs":50427},{"href":50428,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts/lithium/",{"text":1538,"type":585},{"type":580,"attrs":50431,"content":50432},{"textAlign":49},[50433],{"text":50434,"type":585},"By 2030 this number will need to increase to 2.8 million tonnes, with almost all of this demand growth driven by the need for lithium ion batteries. Benchmark’s analysis shows that the expansion of the global lithium industry will need $51 billion of investment.",{"type":580,"attrs":50436,"content":50437},{"textAlign":49},[50438,50440,50444],{"text":50439,"type":585},"Benchmark’s view is that lithium, more than any other part of the supply chain, will be the bottleneck for the growth of the battery industry. To put the scale of the lithium challenge into context, more lithium will be needed in 2030 than was mined between 2015 and 2022, according to Benchmark’s ",{"text":33980,"type":585,"marks":50441},[50442],{"type":590,"attrs":50443},{"href":50428,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":50446,"content":50447},{"textAlign":49},[50448],{"text":50449,"type":585},"Refined nickel, too, will pose a challenge. With a near two million tonne supply gap between what is in production today and what is needed globally by 2030, nickel requires the largest critical mineral investment of $66 billion.",{"type":580,"attrs":50451,"content":50452},{"textAlign":49},[50453,50455,50461],{"text":50454,"type":585},"Most nickel demand is for non-battery applications with stainless steel accounting for half of global nickel demand in 2030. However, batteries are the fastest-growing demand market for nickel. This year nickel demand from batteries is just 15%, but this is forecast to rise to 32% by 2030, according to Benchmark’s ",{"text":50456,"type":585,"marks":50457},"Nickel Forecast",[50458],{"type":590,"attrs":50459},{"href":50460,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts/nickel/",{"text":1538,"type":585},{"type":580,"attrs":50463,"content":50464},{"textAlign":49},[50465],{"text":50466,"type":585},"Natural and synthetic graphite are forecast by Benchmark to have a combined supply gap of 3.6 million tonnes, but the relatively lower capital requirements for graphite mines and synthetic graphite production facilities results in an investment need of $4.3 billion. ",{"type":647,"attrs":50468,"content":50469},{"level":13022,"textAlign":49},[50470],{"text":50471,"type":585},"The rise of gigafactories ",{"type":580,"attrs":50473,"content":50474},{"textAlign":49},[50475,50477,50482],{"text":50476,"type":585},"In 2030, Benchmark forecasts that annual global demand for lithium ion batteries will hit 3.7 TWh, as assessed in Benchmark’s ",{"text":28896,"type":585,"marks":50478},[50479],{"type":590,"attrs":50480},{"href":50481,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts/lithium-ion-batteries/",{"text":50483,"type":585},". This year, the world is forecast to produce 1.0 TWh.",{"type":580,"attrs":50485,"content":50486},{"textAlign":49},[50487],{"text":50488,"type":585},"Closing this 2.7 TWh gap will need $201 billion of investment. Most of this (56%) will be put towards building 1.2 TWh of new gigafactories on greenfield sites. The remaining $89 billion is needed to expand and develop brownfield sites where industry players such as CATL are already operating, and thus capex intensity is lower.",{"type":647,"attrs":50490,"content":50491},{"level":13022,"textAlign":49},[50492],{"text":50493,"type":585},"Cathodes and anodes ",{"type":580,"attrs":50495,"content":50496},{"textAlign":49},[50497],{"text":50498,"type":585},"Although the lion’s share of investment into the battery supply chain is needed for critical raw materials and gigafactories, anode and cathode production still requires significant attention.",{"type":580,"attrs":50500,"content":50501},{"textAlign":49},[50502],{"text":50503,"type":585},"Indeed, Benchmark’s analysis suggests cathode production will require $40 billion and anode production $15 billion to close the supply gap currently looming over 2030.",{"type":580,"attrs":50505,"content":50506},{"textAlign":49},[50507],{"text":50508,"type":585},"Without investment into the midstream, the gigafactories won’t be able to operate at full capacity if access to anodes and cathodes becomes a bottleneck.",{"type":580,"attrs":50510,"content":50511},{"textAlign":49},[50512],{"text":50513,"type":585},"The bulk of investment into cathode production will need to focus on the two chemistries that are emerging as most popular: lithium iron phosphate (LFP) and NCM811.",{"type":580,"attrs":50515,"content":50516},{"textAlign":49},[50517],{"text":50518,"type":585},"Electrolytes and separators also need significant investment, with Benchmark’s analysis showing that the area needs $38 billion to close the supply gap by 2030.",{"type":647,"attrs":50520,"content":50521},{"level":13022,"textAlign":49},[50522],{"text":50523,"type":585},"Adding the cost of geopolitics",{"type":580,"attrs":50525,"content":50526},{"textAlign":49},[50527],{"text":50528,"type":585},"Currently, China dominates in every segment of the battery supply chain. With this, the country has built up substantial expertise in building the required production facilities at a relatively low cost.",{"type":580,"attrs":50530,"content":50531},{"textAlign":49},[50532,50534,50539],{"text":50533,"type":585},"The $514 billion bill for the industry will likely grow as countries increasingly look to develop regional supply chains. Take US lithium producer Albemarle, for example: their ",{"text":50535,"type":585,"marks":50536},"lithium refinery",[50537],{"type":590,"attrs":50538},{"href":49528,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":50540,"type":585}," in Meishan, China, is projected to cost around $500 million for 50,000 tonnes LCE. Their equivalently sized facility in South Carolina, USA is projected to cost $1.3 billion.",{"type":580,"attrs":50542,"content":50543},{"textAlign":49},[50544,50549],{"text":50545,"type":585,"marks":50546},"IRA tax credits",[50547],{"type":590,"attrs":50548},{"href":47729,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":50550,"type":585}," may lessen the burden on companies operating in the US, but ultimately the bill has to be paid, whether by a company or a government subsidising the industry. ",{"type":647,"attrs":50552,"content":50553},{"level":13022,"textAlign":49},[50554],{"text":50555,"type":585},"Timeline considerations",{"type":580,"attrs":50557,"content":50558},{"textAlign":49},[50559],{"text":50560,"type":585},"A gigafactory can be built in two to five years. A refinery can be built in two. But the mines needed upstream of them take between 5 and 25 years to develop.",{"type":580,"attrs":50562,"content":50563},{"textAlign":49},[50564],{"text":50565,"type":585},"So even though gigafactories require the largest amount of investment, it is imperative that investment is made now in the mines. Otherwise, the gigafactories will stand idle with production constrained by limited feedstock.",{"type":580,"attrs":50567,"content":50568},{"textAlign":49},[50569],{"text":50570,"type":585},"The industry must use joined-up thinking to ensure all aspects of the supply chain grow in tandem to maximise efficiency, according to Simon Moores, chief executive of Benchmark. ",{"type":580,"attrs":50572,"content":50573},{"textAlign":49},[50574],{"text":50575,"type":585},"Benchmark’s analysis is built on the market forecast databases and cost models in Benchmark’s Forecast services for Lithium, Nickel, Cobalt, Graphite, Anode, Cathode, Battery Cells and Recycling.",{"type":580,"attrs":50577,"content":50578},{"textAlign":49},[50579,50581],{"text":50580,"type":585},"To learn more about Benchmark’s Forecast services, provide your details here and our team will contact you shortly",{"text":17247,"type":585},"Globally, the battery industry needs to invest at least $514 billion across the whole supply chain to meet expected demand in 2030, and $920 billion by 2035, according to a new analysis by Benchmark. Demand for lithium ion batteries is forecast to grow to 3.7 terawatt-hours by 2030, up from around 1 TWh this year. […]",[50584],{"slug":1466,"name":1467,"content":50585},{"job_title":1469,"image":50586,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"63303b10-c060-40a3-84a4-3846ca8f3346\", \"id\": \"\"}-->",[50589,50590,50591,50592],{"slug":956,"name":957},{"slug":1142,"name":1143},{"slug":950,"name":951},{"slug":692,"name":693},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":50594,"copyright":645,"fieldtype":701,"meta_data":50595,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4204545bc3/bm-global-investment-2030-banner-v3.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Jun 19, 2023",{"id":50598,"uuid":50599,"name":50600,"slug":50601,"full_slug":50602,"content":50603},112471250401739,"ce0ea7bb-4115-4a79-825a-6298f5a3c59b","IRA supercharges USA’s gigafactory capacity pipeline as it overtakes Europe for first time","ira-supercharges-usas-gigafactory-capacity-pipeline-as-it-overtakes-europe-for-first-time","article/ira-supercharges-usas-gigafactory-capacity-pipeline-as-it-overtakes-europe-for-first-time",{"_uid":50604,"date":50605,"tags":50606,"editor":50611,"content":50615,"excerpt":50687,"featured":51,"reporter":50688,"_editable":50692,"component":689,"seo_title":50600,"categories":50693,"visibility":2019,"author_company":49,"data_vis_image":50696,"featured_image":50700,"seo_description":50687,"author_full_name":49,"author_job_title":49,"formattedDate":50703},"abf092b4-dc57-43fb-a198-5c3918e2b36d","2023-06-02 00:00",[50607,50608,50609,50610],{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":31859,"name":25844},{"slug":561,"name":562},[50612],{"slug":9249,"name":9250,"content":50613},{"job_title":9252,"image":50614,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":50616},[50617,50622,50634,50639,50652,50659,50664,50669,50674],{"type":580,"attrs":50618,"content":50619},{"textAlign":49},[50620],{"text":50621,"type":585},"The US battery capacity pipeline has overtaken Europe’s for the first time, as the Inflation Reduction Act (IRA) accelerates the country’s clean energy transition.",{"type":580,"attrs":50623,"content":50624},{"textAlign":49},[50625,50627,50632],{"text":50626,"type":585},"A total of 436 gigawatt hours (GWh) of battery capacity has been added to the US pipeline since the IRA was passed, a jump of 57.9%, according to ",{"text":28266,"type":585,"marks":50628},[50629],{"type":590,"attrs":50630},{"href":50631,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/market-assessments/gigafactory-assessment/",{"text":50633,"type":585},". The USA’s battery capacity pipeline to 2031 now sits at 1,190 GWh. In comparison, Europe’s battery capacity pipeline has increased only 3%, or 35 GWh, over the same period.",{"type":580,"attrs":50635,"content":50636},{"textAlign":49},[50637],{"text":50638,"type":585},"“Since the inception of the IRA last year, the US battery cell production capacity pipeline has experienced a growth rate significantly higher than Europe, and even China, highlighting the attraction the country now has for cell producers,” said Evan Hartley, an analyst at Benchmark.",{"type":580,"attrs":50640,"content":50641},{"textAlign":49},[50642,50644,50650],{"text":50643,"type":585},"“The majority of announcements are coming from globally ",{"text":50645,"type":585,"marks":50646},"renowned automakers and Tier 1 cell producers",[50647],{"type":590,"attrs":50648},{"href":50649,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/hyundai-announces-second-us-battery-jv-with-4-3-billion-lges-gigafactory",{"text":50651,"type":585}," seeking to establish and develop their place in the North American EV supply chain, however, the IRA has also prompted capacity commitments from numerous smaller producers and start ups,” Hartley said.",{"type":580,"attrs":50653,"content":50654},{"textAlign":49},[50655],{"type":1847,"attrs":50656},{"id":49,"alt":645,"src":50657,"title":49,"source":49,"copyright":49,"meta_data":50658},"https://a.storyblok.com/f/287943243085208/22c4ff9045/bm-us-v-europe-ira.png",{},{"type":580,"attrs":50660,"content":50661},{"textAlign":49},[50662],{"text":50663,"type":585},"The US had a total of 22 announced gigafactory projects until August last year. That number has now grown to 34 as of May as the country added 12 new projects to its pipeline. ",{"type":580,"attrs":50665,"content":50666},{"textAlign":49},[50667],{"text":50668,"type":585},"In contrast, Europe added only three new projects to bring its gigafactory pipeline to 34, matching that of the US. ",{"type":580,"attrs":50670,"content":50671},{"textAlign":49},[50672],{"text":50673,"type":585},"However, both the USA and Europe continue to trail China’s capacity expansions. China announced 41 gigafactories during the period to bring its latest tally to 283.",{"type":580,"attrs":50675,"content":50676},{"textAlign":49},[50677,50679,50685],{"text":50678,"type":585},"Benchmark’s Battery Gigafactories USA conference takes place this week in Washington DC on 8-9 June – ",{"text":50680,"type":585,"marks":50681},"register here",[50682],{"type":590,"attrs":50683},{"href":50684,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://benchmarkevents.benchmarkminerals.com/gigausa/home",{"text":50686,"type":585}," and secure your place from the last remaining tickets.","The US battery capacity pipeline has overtaken Europe’s for the first time, as the Inflation Reduction Act (IRA) accelerates the country’s clean energy transition. A total of 436 gigawatt hours (GWh) of battery capacity has been added to the US pipeline since the IRA was passed, a jump of 57.9%, according to Benchmark’s Gigafactory Assessment. […]",[50689],{"slug":9249,"name":9250,"content":50690},{"job_title":9252,"image":50691,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"abf092b4-dc57-43fb-a198-5c3918e2b36d\", \"id\": \"\"}-->",[50694,50695],{"slug":956,"name":957},{"slug":695,"name":696},{"id":49,"alt":50697,"name":645,"focus":645,"title":50697,"source":645,"filename":50698,"copyright":645,"fieldtype":701,"meta_data":50699,"is_external_url":51},"The IRA impact: US gigafactory capacity pipeline overtakes Europe for first time","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1685710302/www-production/US-Europe-GWh-Graph-2/US-Europe-GWh-Graph-2.png?_i=AA",{"alt":50697,"title":50697,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":50701,"copyright":645,"fieldtype":701,"meta_data":50702,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/ce415b37f0/bm-usa-eu-flag-surkovdimitri-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Jun 02, 2023",{"id":50705,"uuid":50706,"name":50707,"slug":50708,"full_slug":50709,"content":50710},112471366515174,"e676319f-a579-4d15-b8e3-2605e82a7398","Emerging solid-state industry has 9% utilisation rate as production ramps up","emerging-solid-state-industry-has-9-utilisation-rate-as-production-ramps-up","article/emerging-solid-state-industry-has-9-utilisation-rate-as-production-ramps-up",{"_uid":50711,"date":50712,"tags":50713,"editor":50716,"content":50720,"excerpt":50802,"featured":51,"reporter":50803,"_editable":50807,"component":689,"seo_title":50707,"categories":50808,"visibility":697,"author_company":49,"data_vis_image":50812,"featured_image":50815,"seo_description":50802,"author_full_name":49,"author_job_title":49,"formattedDate":50818},"21c682e1-f49b-4d05-a4a4-fd4fc3ba9a47","2023-05-11 00:00",[50714,50715],{"slug":564,"name":565},{"slug":20051,"name":20052},[50717],{"slug":9249,"name":9250,"content":50718},{"job_title":9252,"image":50719,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":50721},[50722,50735,50746,50759,50764,50772,50777,50789,50794],{"type":580,"attrs":50723,"content":50724},{"textAlign":49},[50725,50727,50733],{"text":50726,"type":585},"Although the solid-state battery industry is expected to break the ",{"text":50728,"type":585,"marks":50729},"two gigawatt-hour (GWh) production barrier this year",[50730],{"type":590,"attrs":50731},{"href":50732,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/solid-state-production-forecast-to-hit-2-gwh-this-year-as-oxide-batteries-dominate",{"text":50734,"type":585},", the total nameplate capacity will be over 25 GWh.",{"type":580,"attrs":50736,"content":50737},{"textAlign":49},[50738,50740,50745],{"text":50739,"type":585},"This effectively gives the emerging solid-state battery industry a nine per cent utilisation rate, far lower than the more mature lithium ion industry, ",{"text":50741,"type":585,"marks":50742},"highlighting the importance of looking beyond just announced capacities",[50743],{"type":590,"attrs":50744},{"href":38801,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":50747,"content":50748},{"textAlign":49},[50749,50751,50757],{"text":50750,"type":585},"This low utilisation rate is a product of the naturally lower ramp-up rates for a solid-state battery gigafactory compared to a lithium ion gigafactory, as manufacturers focus on ",{"text":50752,"type":585,"marks":50753},"overcoming technical hurdles",[50754],{"type":590,"attrs":50755},{"href":50756,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/solid-state-needs-lithium-metal-production-to-gear-up-to-meet-future-demand",{"text":50758,"type":585}," and standardisation.",{"type":580,"attrs":50760,"content":50761},{"textAlign":49},[50762],{"text":50763,"type":585},"“Critically, these cells must pass qualification for their desired application before considerable ramp-up is initiated,” Rory McNulty, an analyst at Benchmark, said. “Facility ramp-up really begins four to six years from the initiation of that qualification procedure.”",{"type":580,"attrs":50765,"content":50766},{"textAlign":49},[50767],{"type":1847,"attrs":50768},{"id":49,"alt":50769,"src":50770,"title":49,"source":49,"copyright":49,"meta_data":50771},"Solid-state production capacity doesn't tell the whole story","https://a.storyblok.com/f/287943243085208/28e3e4b475/bm-solid-state-stacked-chart.png",{},{"type":580,"attrs":50773,"content":50774},{"textAlign":49},[50775],{"text":50776,"type":585},"The effective utilisation is forecast by Benchmark to increase throughout the decade as solid-state battery makers work their way through the qualification process and the manufacturing of next-generation technologies matures.",{"type":580,"attrs":50778,"content":50779},{"textAlign":49},[50780,50781,50787],{"text":44659,"type":585},{"text":50782,"type":585,"marks":50783},"Benchmark’s Solid-state and Lithium Metal Forecast",[50784],{"type":590,"attrs":50785},{"href":50786,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts/solid-state",{"text":50788,"type":585}," expects 44% of nameplate capacity to be utilised, far closer to that of the incumbent lithium ion industry with which it aims to co-exist.",{"type":580,"attrs":50790,"content":50791},{"textAlign":49},[50792],{"text":50793,"type":585},"“In the long-term, Benchmark anticipates that these ramp-up timelines will eventually reach parity with current lithium ion battery technologies,” McNulty said.",{"type":580,"attrs":50795,"content":50796},{"textAlign":49},[50797],{"type":1847,"attrs":50798},{"id":49,"alt":50799,"src":50800,"title":49,"source":49,"copyright":49,"meta_data":50801},"Forecast solid-state battery production as a percentage of nameplate capacity","https://a.storyblok.com/f/287943243085208/4a45f1262d/bm-utilisation-rate.png",{},"Although the solid-state battery industry is expected to break the two gigawatt-hour (GWh) production barrier this year, the total nameplate capacity will be over 25 GWh. This effectively gives the emerging solid-state battery industry a nine per cent utilisation rate, far lower than the more mature lithium ion industry, highlighting the importance of looking beyond […]",[50804],{"slug":9249,"name":9250,"content":50805},{"job_title":9252,"image":50806,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"21c682e1-f49b-4d05-a4a4-fd4fc3ba9a47\", \"id\": \"\"}-->",[50809,50810,50811],{"slug":956,"name":957},{"slug":959,"name":960},{"slug":3379,"name":3380},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":50813,"copyright":645,"fieldtype":701,"meta_data":50814,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1692312647/www-production/Solid-state-stacked-chart-1_1304504f4259/Solid-state-stacked-chart-1_1304504f4259.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":50816,"copyright":645,"fieldtype":701,"meta_data":50817,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/92be9af475/bm-solid-state-stacked-chart-featured.png",{"alt":645,"title":645,"source":645,"copyright":645},"May 11, 2023",{"id":50820,"uuid":50821,"name":50822,"slug":50823,"full_slug":50824,"content":50825},112471385602538,"60ba00b3-2801-4d15-8feb-c9b0a674512d","Sodium ion 2030 pipeline capacity hits 150 GWh as cathode trends emerge","sodium-ion-2030-pipeline-capacity-hits-150-gwh-as-cathode-trends-emerge","article/sodium-ion-2030-pipeline-capacity-hits-150-gwh-as-cathode-trends-emerge",{"_uid":50826,"date":50827,"tags":50828,"editor":50832,"content":50836,"excerpt":50959,"featured":51,"reporter":50960,"_editable":50964,"component":689,"seo_title":50822,"categories":50965,"visibility":697,"author_company":49,"data_vis_image":50969,"featured_image":50972,"seo_description":50959,"author_full_name":49,"author_job_title":49,"formattedDate":50975},"029f2b29-2ee8-493d-a835-ac4999e90008","2023-05-05 00:00",[50829,50830,50831],{"slug":564,"name":565},{"slug":5201,"name":5202},{"slug":20054,"name":20055},[50833],{"slug":9249,"name":9250,"content":50834},{"job_title":9252,"image":50835,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":50837},[50838,50851,50856,50861,50866,50871,50882,50889,50894,50899,50904,50909,50914,50919,50924,50929,50934,50939,50944,50949,50954],{"type":580,"attrs":50839,"content":50840},{"textAlign":49},[50841,50843,50849],{"text":50842,"type":585},"As the 2030 pipeline for ",{"text":50844,"type":585,"marks":50845},"sodium ion gigafactories continues to grow",[50846],{"type":590,"attrs":50847},{"href":50848,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/over-100-gwh-of-sodium-ion-battery-capacity-planned-for-2030-as-industry-seeks-alternative-to-lithium",{"text":50850,"type":585},", layered metal oxides are emerging as the cathode family of choice for the fledgling industry.",{"type":580,"attrs":50852,"content":50853},{"textAlign":49},[50854],{"text":50855,"type":585},"Sodium ion’s 2030 pipeline capacity is now at 152 gigawatt-hours, and layered metal oxides will be used as the cathode for 76% of this, according to Benchmark data.",{"type":580,"attrs":50857,"content":50858},{"textAlign":49},[50859],{"text":50860,"type":585},"Although polyanionic and analogues of Prussian Blue are also being developed as cathodes for sodium ion batteries, layered metal oxides are similar to those used in traditional lithium ion batteries and tend to have the highest capacities.",{"type":580,"attrs":50862,"content":50863},{"textAlign":49},[50864],{"text":50865,"type":585},"“[Layered metal oxides] have the most flexibility and show the most promise,” Scott Lilley, project manager at NEXGENNA–a Faraday Institution project researching and developing sodium ion battery technology–told Benchmark Source.",{"type":647,"attrs":50867,"content":50868},{"level":13022,"textAlign":49},[50869],{"text":50870,"type":585},"Layered metal oxides have flexible structures",{"type":580,"attrs":50872,"content":50873},{"textAlign":49},[50874,50876],{"text":50875,"type":585},"Layered metal oxides are a similar structure to the lithium nickel cobalt manganese (NCM) cathodes used in ",{"text":50877,"type":585,"marks":50878},"traditional lithium ion batteries.",[50879],{"type":590,"attrs":50880},{"href":50881,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/falling-lithium-prices-challenge-potential-cost-advantages-of-sodium-batteries",{"type":580,"attrs":50883,"content":50884},{"textAlign":49},[50885],{"type":1847,"attrs":50886},{"id":49,"alt":645,"src":50887,"title":49,"source":49,"copyright":49,"meta_data":50888},"https://a.storyblok.com/f/287943243085208/8ae60d15e7/bm-sodium-ion-cathode-split.png",{},{"type":580,"attrs":50890,"content":50891},{"textAlign":49},[50892],{"text":50893,"type":585},"As sodium ions are larger than lithium ions, fewer of them can be stored in between the layers of metal oxide. This reduces the capacity of the sodium ion battery compared to a traditional lithium ion battery using a similar cathode material.",{"type":580,"attrs":50895,"content":50896},{"textAlign":49},[50897],{"text":50898,"type":585},"However, Lilley said that the larger sodium ion also results in a greater range of possible structures for the layered oxides to take.",{"type":580,"attrs":50900,"content":50901},{"textAlign":49},[50902],{"text":50903,"type":585},"“The advantage of that is you’ve got more things to play with, more levers to pull,” he said.",{"type":580,"attrs":50905,"content":50906},{"textAlign":49},[50907],{"text":50908,"type":585},"Layered metal oxides can also assemble in different ways, known as phases. Lilley explained that some phases are better for supplying energy whereas others are better for providing power.",{"type":580,"attrs":50910,"content":50911},{"textAlign":49},[50912],{"text":50913,"type":585},"“So if you engineer your synthesis to get the right blend [of phases] you can get a better battery,” he said, noting that this approach is used by Faradion, a UK-based sodium ion developer, and other sodium ion developers using this family of cathode.",{"type":647,"attrs":50915,"content":50916},{"level":13022,"textAlign":49},[50917],{"text":50918,"type":585},"Philosophy of sustainability",{"type":580,"attrs":50920,"content":50921},{"textAlign":49},[50922],{"text":50923,"type":585},"The raw materials feeding into layered metal oxide production are metal carbonates similar to those used for NCM production. However, Lilley noted that almost all producers are avoiding cobalt and many aim to minimise nickel usage.",{"type":580,"attrs":50925,"content":50926},{"textAlign":49},[50927],{"text":50928,"type":585},"Instead, many of the layered metal oxide chemistries use copper, iron, manganese and titanium–metals generally considered better from environmental, social, and governance (ESG) standpoint.",{"type":580,"attrs":50930,"content":50931},{"textAlign":49},[50932],{"text":50933,"type":585},"“The whole philosophy is to use something more available, more sustainable,” Lilley said. “Almost everyone that’s engaged in the field realises that they have to maintain that philosophy if they’re going to have a commercial product.”",{"type":647,"attrs":50935,"content":50936},{"level":13022,"textAlign":49},[50937],{"text":50938,"type":585},"Other sodium ion cathodes",{"type":580,"attrs":50940,"content":50941},{"textAlign":49},[50942],{"text":50943,"type":585},"The other two major sodium ion cathode families are the polyanionics and the Prussian Blue analogues which make up 16% and 8% of the 2030 sodium ion 2030 pipeline, respectively.",{"type":580,"attrs":50945,"content":50946},{"textAlign":49},[50947],{"text":50948,"type":585},"Lilley explained that polyanionics generally have lower energy densities, but can supply much higher powers. This means they are good for use in power tools and for cold-starting cars. Tiamat, a French developer which uses polyanionic cathodes for their sodium ion cells, recently announced it was the first to produce sodium ion cells for use in power tools.",{"type":580,"attrs":50950,"content":50951},{"textAlign":49},[50952],{"text":50953,"type":585},"Prussian Blue Analogues (PBAs) have the potential to be the cheapest cathode material, with sodium and iron being the primary constituents. Natron, a US-based sodium ion developer, is looking at this family of cathodes in its cells.",{"type":580,"attrs":50955,"content":50956},{"textAlign":49},[50957],{"text":50958,"type":585},"The downside of PBAs is that they are extremely moisture sensitive and so need to be handled in specialised manufacturing environments.","As the 2030 pipeline for sodium ion gigafactories continues to grow, layered metal oxides are emerging as the cathode family of choice for the fledgling industry. Sodium ion’s 2030 pipeline capacity is now at 152 gigawatt-hours, and layered metal oxides will be used as the cathode for 76% of this, according to Benchmark data. Although […]",[50961],{"slug":9249,"name":9250,"content":50962},{"job_title":9252,"image":50963,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"029f2b29-2ee8-493d-a835-ac4999e90008\", \"id\": \"\"}-->",[50966,50967,50968],{"slug":956,"name":957},{"slug":959,"name":960},{"slug":2623,"name":298},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":50970,"copyright":645,"fieldtype":701,"meta_data":50971,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1694089614/www-production/sodium-cathode-split-redact/sodium-cathode-split-redact.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":50973,"copyright":645,"fieldtype":701,"meta_data":50974,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/f4db88afdf/bm-sodium-ion-cathode-split-featured.png",{"alt":645,"title":645,"source":645,"copyright":645},"May 05, 2023",{"id":50977,"uuid":50978,"name":50979,"slug":50980,"full_slug":50981,"content":50982},112471442672218,"9db1ed70-0bb2-41e3-b2d5-e1f1ebfa7986","Tanzanian graphite’s growing global presence","tanzanian-graphites-growing-global-presence","article/tanzanian-graphites-growing-global-presence",{"_uid":50983,"date":50984,"tags":50985,"editor":50995,"content":50999,"excerpt":51103,"featured":51,"reporter":51104,"_editable":51108,"component":689,"seo_title":50979,"categories":51109,"visibility":697,"author_company":49,"data_vis_image":51112,"featured_image":51115,"seo_description":51103,"author_full_name":49,"author_job_title":49,"formattedDate":51118},"f6633f93-b2f2-4698-9a2e-339e22f95e8f","2023-04-25 00:00",[50986,50987,50988,50990,50992],{"slug":993,"name":994},{"slug":564,"name":565},{"slug":50989,"name":43189},"madagascar",{"slug":50991,"name":43182},"mozambique",{"slug":50993,"name":50994},"tanzania","Tanzania",[50996],{"slug":1466,"name":1467,"content":50997},{"job_title":1469,"image":50998,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":51000},[51001,51020,51031,51036,51043,51048,51060,51065,51072,51084,51096],{"type":580,"attrs":51002,"content":51003},{"textAlign":49},[51004,51006,51011,51013,51019],{"text":51005,"type":585},"Production of flake graphite in Tanzania is forecast by Benchmark to increase by forty-fold this decade, ",{"text":51007,"type":585,"marks":51008},"potentially overtaking Madagascar",[51009],{"type":590,"attrs":51010},{"href":43193,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":51012,"type":585}," as the continent’s second largest producer of the ",{"text":51014,"type":585,"marks":51015},"anode feedstock material",[51016],{"type":590,"attrs":51017},{"href":51018,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/thriving-battery-anode-market-drives-demand-for-natural-flake-graphite-2022-in-review",{"text":14640,"type":585},{"type":580,"attrs":51021,"content":51022},{"textAlign":49},[51023,51025,51030],{"text":51024,"type":585},"By 2030, Tanzania is expected to produce 11.4% of the world’s graphite, up from just 0.6% last year, according to Benchmark’s weighted ",{"text":51026,"type":585,"marks":51027},"Flake Graphite Forecast",[51028],{"type":590,"attrs":51029},{"href":40413,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":51032,"content":51033},{"textAlign":49},[51034],{"text":51035,"type":585},"This comes as the Tanzanian government this month bought 16% stakes in both Evolution Energy Materials and EcoGraf, two Australian-based graphite miners who are looking to further develop their graphite projects in Tanzania.",{"type":580,"attrs":51037,"content":51038},{"textAlign":49},[51039],{"type":1847,"attrs":51040},{"id":49,"alt":645,"src":51041,"title":49,"source":49,"copyright":49,"meta_data":51042},"https://a.storyblok.com/f/287943243085208/97a846acd8/bm-image-124-13441372c7ec.png",{},{"type":580,"attrs":51044,"content":51045},{"textAlign":49},[51046],{"text":51047,"type":585},"“Tanzania is looking to bring online local mining projects in order to maintain the nation’s economic focus on mining, which accounts for nearly half of the country’s exports, by fast-tracking projects in fast-growing markets such as graphite,” George Miller, an analyst at Benchmark, said.",{"type":580,"attrs":51049,"content":51050},{"textAlign":49},[51051,51053,51058],{"text":51052,"type":585},"African graphite is set to constitute ",{"text":51054,"type":585,"marks":51055},"39% of global graphite production in 2030",[51056],{"type":590,"attrs":51057},{"href":43208,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":51059,"type":585},", with Tanzania accounting for 29% of that total, according to Benchmark.",{"type":580,"attrs":51061,"content":51062},{"textAlign":49},[51063],{"text":51064,"type":585},"The growth of African graphite supply could be a boon for regions such as North America and Europe, which are currently highly dependent on China for graphite.",{"type":580,"attrs":51066,"content":51067},{"textAlign":49},[51068],{"type":1847,"attrs":51069},{"id":49,"alt":645,"src":51070,"title":49,"source":49,"copyright":49,"meta_data":51071},"https://a.storyblok.com/f/287943243085208/304c4c794b/bm-african-graphite-1.png",{},{"type":580,"attrs":51073,"content":51074},{"textAlign":49},[51075,51077,51082],{"text":51076,"type":585},"“Africa has a wealth of flake graphite deposits, and given most of the cost of graphite mining is tied up in labour and energy, the region is well placed to compete with China on costs,” Miller said. “Crucially, this allows regions with rapidly increasing graphite demand, including North America and the EU, to diversify their anode supply chains away from ",{"text":51078,"type":585,"marks":51079},"Chinese dependency",[51080],{"type":590,"attrs":51081},{"href":17463,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":51083,"type":585}," at current.”",{"type":580,"attrs":51085,"content":51086},{"textAlign":49},[51087,51089,51094],{"text":51088,"type":585},"However for anode supply chains to truly diversify, capacity to process flake graphite into spherical graphite needs to develop in tandem. Last year ",{"text":51090,"type":585,"marks":51091},"100% of spherical graphite",[51092],{"type":590,"attrs":51093},{"href":39131,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":51095,"type":585}," was produced in China, and this dominance will continue through into the next decade.",{"type":580,"attrs":51097,"content":51098},{"textAlign":49},[51099],{"type":1847,"attrs":51100},{"id":49,"alt":645,"src":51101,"title":49,"source":49,"copyright":49,"meta_data":51102},"https://a.storyblok.com/f/287943243085208/2a2ca2cdc4/bm-image-125-1344138f3dbb.png",{},"Production of flake graphite in Tanzania is forecast by Benchmark to increase by forty-fold this decade, potentially overtaking Madagascar as the continent’s second largest producer of the anode feedstock material. By 2030, Tanzania is expected to produce 11.4% of the world’s graphite, up from just 0.6% last year, according to Benchmark’s weighted Flake Graphite Forecast. […]",[51105],{"slug":1466,"name":1467,"content":51106},{"job_title":1469,"image":51107,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f6633f93-b2f2-4698-9a2e-339e22f95e8f\", \"id\": \"\"}-->",[51110,51111],{"slug":1142,"name":1143},{"slug":2627,"name":2628},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":51113,"copyright":645,"fieldtype":701,"meta_data":51114,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1692310519/www-production/tanzanian-graphite/tanzanian-graphite.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":51116,"copyright":645,"fieldtype":701,"meta_data":51117,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/48028618f5/bm-tanzania-featured-4.png",{"alt":645,"title":645,"source":645,"copyright":645},"Apr 25, 2023",{"id":51120,"uuid":51121,"name":51122,"slug":51123,"full_slug":51124,"content":51125},112471506917999,"1a224b03-eaeb-404e-b648-a8c5d4a9d341","NCM 811 cathode production in deficit from next year","ncm-811-cathode-production-in-deficit-from-next-year","article/ncm-811-cathode-production-in-deficit-from-next-year",{"_uid":51126,"date":51127,"tags":51128,"editor":51131,"content":51135,"excerpt":51255,"featured":51,"reporter":51256,"_editable":51260,"component":689,"seo_title":51122,"categories":51261,"visibility":697,"author_company":49,"data_vis_image":51264,"featured_image":51267,"seo_description":51255,"author_full_name":49,"author_job_title":49,"formattedDate":51270},"bf4f0420-68c6-4e22-bc46-2c11ad3cde24","2023-04-14 00:00",[51129,51130],{"slug":564,"name":565},{"slug":4786,"name":4787},[51132],{"slug":9249,"name":9250,"content":51133},{"job_title":9252,"image":51134,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":51136},[51137,51150,51188,51193,51201,51206,51211,51218,51231],{"type":580,"attrs":51138,"content":51139},{"textAlign":49},[51140,51142,51148],{"text":51141,"type":585},"High nickel cathode chemistries have seen robust growth in recent years and are forecast to continue to grow in popularity, as ",{"text":51143,"type":585,"marks":51144},"demand for more powerful electric vehicle batteries",[51145],{"type":590,"attrs":51146},{"href":51147,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/manganese-demand-rising-as-alternative-cathode-chemistries-gain-popularity",{"text":51149,"type":585}," continues to increase.",{"type":580,"attrs":51151,"content":51152},{"textAlign":49},[51153,51155,51160,51161,51166,51167,51172,51174,51180,51182,51187],{"text":51154,"type":585},"But production of the lithium, ",{"text":2553,"type":585,"marks":51156},[51157],{"type":590,"attrs":51158},{"href":51159,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/investment-in-indonesian-nickel-diversifies-from-china-as-ford-joins-4-5-billion-project",{"text":12828,"type":585},{"text":4962,"type":585,"marks":51162},[51163],{"type":590,"attrs":51164},{"href":51165,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/umicore-to-introduce-manganese-rich-high-lithium-cathode-by-2026",{"text":33338,"type":585},{"text":2544,"type":585,"marks":51168},[51169],{"type":590,"attrs":51170},{"href":51171,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/the-340-million-stockpile-weighing-on-the-global-cobalt-market",{"text":51173,"type":585}," (NCM) cathode chemistry with the highest nickel content, NCM 811, is not expected to keep up with ",{"text":51175,"type":585,"marks":51176},"this demand.",[51177],{"type":590,"attrs":51178},{"href":51179,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/infographic-how-ev-choice-affects-lithium-nickel-and-cobalt-demand",{"text":51181,"type":585}," Next year is forecast to be the first time NCM 811 production will be lower than demand, according to ",{"text":29586,"type":585,"marks":51183},[51184],{"type":590,"attrs":51185},{"href":51186,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/cathode-prices-fall-for-first-time-since-may-on-weaker-demand",{"text":1538,"type":585},{"type":580,"attrs":51189,"content":51190},{"textAlign":49},[51191],{"text":51192,"type":585},"“Demand for NCM 811 is growing rapidly, particularly in the EV market where the high-nickel chemistry can provide higher energy densities for longer ranges,” Rob Burrell, an analyst at Benchmark, said. “Although NCM 811 production capacity buildout is strong, it can’t keep up with the soaring demand.”",{"type":580,"attrs":51194,"content":51195},{"textAlign":49},[51196],{"type":1847,"attrs":51197},{"id":49,"alt":51198,"src":51199,"title":49,"source":49,"copyright":49,"meta_data":51200},"NCM811 to enter deficit next year","https://a.storyblok.com/f/287943243085208/ebe02cd82d/bm-ncm-market-balance.jpg",{},{"type":580,"attrs":51202,"content":51203},{"textAlign":49},[51204],{"text":51205,"type":585},"In 2020, just 4.3% of global cathode demand was for NCM 811. This year it will be 18%, making it the second most in demand cathode chemistry after lithium iron phosphate (LFP).",{"type":580,"attrs":51207,"content":51208},{"textAlign":49},[51209],{"text":51210,"type":585},"By 2030, NCM 811 is expected to make up a third of global cathode demand but just 22% of global cathode production. This will put the NCM 811 market almost a million tonnes in deficit that year.",{"type":580,"attrs":51212,"content":51213},{"textAlign":49},[51214],{"type":1847,"attrs":51215},{"id":49,"alt":645,"src":51216,"title":49,"source":49,"copyright":49,"meta_data":51217},"https://a.storyblok.com/f/287943243085208/4898404979/bm-image-123-1344134d5b4a.png",{},{"type":580,"attrs":51219,"content":51220},{"textAlign":49},[51221,51223,51229],{"text":51222,"type":585},"This year, China produced 77% of NCM 811 globally, with South Korea producing the majority of the rest. In 2030, ",{"text":51224,"type":585,"marks":51225},"China’s dominance",[51226],{"type":590,"attrs":51227},{"href":51228,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinas-stronghold-grip-on-cathodes-set-to-near-90-by-2030",{"text":51230,"type":585}," will subside somewhat but still make up the majority of production at 52%.",{"type":580,"attrs":51232,"content":51233},{"textAlign":49},[51234,51236,51241,51242,51247,51249,51254],{"text":51235,"type":585},"“China currently has the largest supply pipeline for NCM 811 globally, but even this won’t cope with demand from other regions,” Burrell said. “",{"text":1721,"type":585,"marks":51237},[51238],{"type":590,"attrs":51239},{"href":51240,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lg-chem-tennessee-cathode-plant-could-double-north-american-production",{"text":6709,"type":585},{"text":1292,"type":585,"marks":51243},[51244],{"type":590,"attrs":51245},{"href":51246,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/europe-faces-cathode-and-anode-shortage-in-drive-to-evs",{"text":51248,"type":585},", therefore, need a more immediate ramp-up schedule if they are to ",{"text":51250,"type":585,"marks":51251},"keep up with domestic demand",[51252],{"type":590,"attrs":51253},{"href":49706,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":38038,"type":585},"High nickel cathode chemistries have seen robust growth in recent years and are forecast to continue to grow in popularity, as demand for more powerful electric vehicle batteries continues to increase. But production of the lithium, nickel, manganese, and cobalt (NCM) cathode chemistry with the highest nickel content, NCM 811, is not expected to keep […]",[51257],{"slug":9249,"name":9250,"content":51258},{"job_title":9252,"image":51259,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"bf4f0420-68c6-4e22-bc46-2c11ad3cde24\", \"id\": \"\"}-->",[51262,51263],{"slug":956,"name":957},{"slug":2623,"name":298},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":51265,"copyright":645,"fieldtype":701,"meta_data":51266,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1692313056/www-production/NCM-market-balance-1024x822-1/NCM-market-balance-1024x822-1.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":51268,"copyright":645,"fieldtype":701,"meta_data":51269,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/3325e5a9dd/bm-ncm-market-balance-no-axis-129817079262.png",{"alt":645,"title":645,"source":645,"copyright":645},"Apr 14, 2023",{"id":51272,"uuid":51273,"name":51274,"slug":51275,"full_slug":51276,"content":51277},112471525911157,"722744cb-fb07-47e3-b684-516900c26806","Chinese cell oversupply hits Tier 3 producers","chinese-cell-oversupply-hits-tier-3-producers","article/chinese-cell-oversupply-hits-tier-3-producers",{"_uid":51278,"date":51279,"tags":51280,"editor":51283,"content":51287,"excerpt":51431,"featured":51,"reporter":51432,"_editable":51436,"component":689,"seo_title":51274,"categories":51437,"visibility":2019,"author_company":49,"data_vis_image":51440,"featured_image":51442,"seo_description":51431,"author_full_name":49,"author_job_title":49,"formattedDate":51445},"aa40f47a-9e97-4556-97d4-1392c09934ef","2023-04-12 00:00",[51281,51282],{"slug":720,"name":721},{"slug":564,"name":565},[51284],{"slug":9249,"name":9250,"content":51285},{"job_title":9252,"image":51286,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":51288},[51289,51310,51315,51336,51348,51356,51361,51374,51394,51399,51406,51413,51422],{"type":580,"attrs":51290,"content":51291},{"textAlign":49},[51292,51294,51300,51302,51308],{"text":51293,"type":585},"Continued ",{"text":51295,"type":585,"marks":51296},"investment in China’s battery production scene",[51297],{"type":590,"attrs":51298},{"href":51299,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/investment-in-battery-gigafactories-nears-300-billion-since-2019-as-china-extends-battery-dominance",{"text":51301,"type":585}," is increasingly pushing its market into oversupply, putting strain on Tier 3 producers who are unable to access ",{"text":51303,"type":585,"marks":51304},"large global EV markets",[51305],{"type":590,"attrs":51306},{"href":51307,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/shortage-of-top-tier-battery-supply-expected-this-decade",{"text":51309,"type":585}," and are forced to compete in the saturated domestic space.",{"type":580,"attrs":51311,"content":51312},{"textAlign":49},[51313],{"text":51314,"type":585},"Benchmark’s Lithium ion Battery Cell Database shows the Chinese market’s surplus will continue to grow to at least 2030. This makes the non-Chinese market vital for producers in the country to find customers.",{"type":580,"attrs":51316,"content":51317},{"textAlign":49},[51318,51320,51326,51328,51334],{"text":51319,"type":585},"But the only markets that Tier 3 producers can access globally are for ",{"text":51321,"type":585,"marks":51322},"portables",[51323],{"type":590,"attrs":51324},{"href":51325,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/cobalt-prices-fall-40-as-weak-global-economy-hits-smartphone-sales",{"text":51327,"type":585}," and some ",{"text":51329,"type":585,"marks":51330},"energy stationary storage",[51331],{"type":590,"attrs":51332},{"href":51333,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/energy-storage-is-fastest-growing-battery-market-as-government-policy-boosts-installations",{"text":51335,"type":585}," applications. Importantly, such producers cannot supply the huge, and ever-growing, electric vehicle market.",{"type":580,"attrs":51337,"content":51338},{"textAlign":49},[51339,51341,51346],{"text":51340,"type":585},"Total Chinese Tier 3 production next year is forecast to be 2% larger than the demand for Tier 3 batteries globally. By 2026, Benchmark forecasts Tier 3 production to be 31% higher than demand, even accounting for producers using ",{"text":51342,"type":585,"marks":51343},"less of their installed capacity",[51344],{"type":590,"attrs":51345},{"href":38801,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":51347,"type":585}," as a result.",{"type":580,"attrs":51349,"content":51350},{"textAlign":49},[51351],{"type":1847,"attrs":51352},{"id":49,"alt":51353,"src":51354,"title":49,"source":49,"copyright":49,"meta_data":51355},"Chinese Tier 3 producers under pressure","https://a.storyblok.com/f/287943243085208/c3a0a55906/bm-tier-3-china-supply-v-demand-1.jpg",{},{"type":580,"attrs":51357,"content":51358},{"textAlign":49},[51359],{"text":51360,"type":585},"“Capacity continues to be added and although demand is growing in China, capacity expansions seem to be outpacing demand,” Aran Waid, an analyst at Benchmark, said. “The overseas market will become even more important for China to export to so they can keep production levels going, but Tier 3 producers may struggle to access export markets in the same way as Tier 1 and 2 producers.”",{"type":580,"attrs":51362,"content":51363},{"textAlign":49},[51364,51366,51372],{"text":51365,"type":585},"This is a concern for China’s president, Xi Jinping, who said regulation could be needed to prevent the Chinese battery industry from suffering “a ",{"text":51367,"type":585,"marks":51368},"boom and a headlong rush",[51369],{"type":590,"attrs":51370},{"href":51371,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/mining-investment-needs-to-catch-up-with-gigafactory-arms-race-benchmark-delegates-warn",{"text":51373,"type":585}," that would dissipate in the end.”",{"type":580,"attrs":51375,"content":51376},{"textAlign":49},[51377,51379,51385,51387,51392],{"text":51378,"type":585},"In order to remain competitive, Tier 3 producers need to qualify their cells for the global EV market and ",{"text":51380,"type":585,"marks":51381},"reach Tier 1",[51382],{"type":590,"attrs":51383},{"href":51384,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/do-automakers-face-a-tier-one-battery-supply-problem",{"text":51386,"type":585},". But this process is difficult, and even if they succeed they need to compete against the ",{"text":51388,"type":585,"marks":51389},"large battery incumbents",[51390],{"type":590,"attrs":51391},{"href":43720,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":51393,"type":585},", such as CATL, which are able to offer preferential pricing.",{"type":580,"attrs":51395,"content":51396},{"textAlign":49},[51397],{"text":51398,"type":585},"Benchmark’s analysts will be taking a closer look at the battery market in our upcoming webinar on Thursday 20 April – Lithium Ion Battery Economics and the Race to 1 TWh.",{"type":580,"attrs":51400,"content":51401},{"textAlign":49},[51402],{"text":51403,"type":585,"marks":51404},"Join our experts as they explore the evolution of the battery industry, key trends shaping the path to 1 TWh production and factors underpinning the long-term market outlook.",[51405],{"type":1992},{"type":580,"attrs":51407,"content":51408},{"textAlign":49},[51409],{"text":51410,"type":585,"marks":51411},"This webinar will draw from Benchmark’s first-of-its-kind Lithium ion Battery Cell Price Assessment, as well as our comprehensive Battery Database Forecast.",[51412],{"type":1992},{"type":580,"attrs":51414,"content":51415},{"textAlign":49},[51416],{"text":51417,"type":585,"marks":51418},"Register here for the 08:00-09:00 (GMT+1) session",[51419],{"type":590,"attrs":51420},{"href":51421,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://us02web.zoom.us/webinar/register/7016795048136/WN_ET1J6NJHSyWM4mYGTttQdQ",{"type":580,"attrs":51423,"content":51424},{"textAlign":49},[51425],{"text":51426,"type":585,"marks":51427},"Register here for the 15:00-16:00 (GMT+1) session",[51428],{"type":590,"attrs":51429},{"href":51430,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://us02web.zoom.us/webinar/register/3216795046307/WN_wMqyOEAQT5i7zH48xF11aA","Continued investment in China’s battery production scene is increasingly pushing its market into oversupply, putting strain on Tier 3 producers who are unable to access large global EV markets and are forced to compete in the saturated domestic space. Benchmark’s Lithium ion Battery Cell Database shows the Chinese market’s surplus will continue to grow to […]",[51433],{"slug":9249,"name":9250,"content":51434},{"job_title":9252,"image":51435,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"aa40f47a-9e97-4556-97d4-1392c09934ef\", \"id\": \"\"}-->",[51438,51439],{"slug":956,"name":957},{"slug":3379,"name":3380},{"id":49,"alt":51353,"name":645,"focus":645,"title":51353,"source":645,"filename":51354,"copyright":645,"fieldtype":701,"meta_data":51441,"is_external_url":51},{"alt":51353,"title":51353,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":51443,"copyright":645,"fieldtype":701,"meta_data":51444,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/22bff4da87/bm-china-tier-3-featured-image-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Apr 12, 2023",{"id":51447,"uuid":51448,"name":51449,"slug":51450,"full_slug":51451,"content":51452},112471535671927,"a5d4bb16-8e0a-4e17-adf6-214cda6a4b8b","Tesla’s Master Plan may underestimate scale of mining investment","teslas-master-plan-may-underestimate-scale-of-mining-investment","article/teslas-master-plan-may-underestimate-scale-of-mining-investment",{"_uid":51453,"date":51454,"tags":51455,"editor":51458,"content":51462,"excerpt":51531,"featured":50,"reporter":51532,"_editable":51536,"component":689,"seo_title":51449,"categories":51537,"visibility":2019,"author_company":49,"data_vis_image":51540,"featured_image":51543,"seo_description":51531,"author_full_name":49,"author_job_title":49,"formattedDate":51546},"594e10a0-734c-4ace-ad53-dad9deaf50a3","2023-04-06 00:00",[51456,51457],{"slug":564,"name":565},{"slug":4449,"name":4450},[51459],{"slug":1466,"name":1467,"content":51460},{"job_title":1469,"image":51461,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":51463},[51464,51469,51474,51481,51499,51506,51519],{"type":580,"attrs":51465,"content":51466},{"textAlign":49},[51467],{"text":51468,"type":585},"Tesla today released the details behind its plan to transition the world to clean energy, estimating how much it will cost for the world to reach 240 terawatt hours of total battery deployment.",{"type":580,"attrs":51470,"content":51471},{"textAlign":49},[51472],{"text":51473,"type":585},"The total bill for mining, refining, chemicals, battery production and gigafactories came to $3.4 trillion, Tesla said. The biggest mining and refining investments required by Tesla’s plan are needed for lithium ($374 billion) and graphite ($282 billion).",{"type":580,"attrs":51475,"content":51476},{"textAlign":49},[51477],{"type":1847,"attrs":51478},{"id":49,"alt":645,"src":51479,"title":49,"source":49,"copyright":49,"meta_data":51480},"https://a.storyblok.com/f/287943243085208/2e8541f0c8/bm-image-120-1344127edee2.png",{},{"type":580,"attrs":51482,"content":51483},{"textAlign":49},[51484,51486,51490,51492,51497],{"text":51485,"type":585},"Tesla said a total of $2 trillion investment is needed for ",{"text":3379,"type":585,"marks":51487},[51488],{"type":590,"attrs":51489},{"href":49291,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":51491,"type":585}," for both electric vehicles and energy storage as well as ",{"text":7742,"type":585,"marks":51493},[51494],{"type":590,"attrs":51495},{"href":51496,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/catl-to-quadruple-recycling-capacity-with-3-5-billion-investment",{"text":51498,"type":585},". This is in line with Benchmark’s estimate of $1.5 to $2 trillion.",{"type":580,"attrs":51500,"content":51501},{"textAlign":49},[51502],{"type":1847,"attrs":51503},{"id":49,"alt":645,"src":51504,"title":49,"source":49,"copyright":49,"meta_data":51505},"https://a.storyblok.com/f/287943243085208/aa0a0e185c/bm-image-121-134412857397.png",{},{"type":580,"attrs":51507,"content":51508},{"textAlign":49},[51509,51511,51517],{"text":51510,"type":585},"But their estimate that investment in mining, refining and chemicals will be $1.4 trillion, is ",{"text":51512,"type":585,"marks":51513},"below Benchmark’s lower bound estimate",[51514],{"type":590,"attrs":51515},{"href":51516,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/analysis-lithium-industry-needs-42-billion-to-meet-2030-demand",{"text":51518,"type":585}," of $2.5 trillion and under half of Benchmark’s upper bound estimate of $3 trillion.",{"type":580,"attrs":51520,"content":51521},{"textAlign":49},[51522,51524,51529],{"text":51523,"type":585},"“Let’s not make the same error we made with gigafactories, with all the ",{"text":51525,"type":585,"marks":51526},"money for them and none for mining",[51527],{"type":590,"attrs":51528},{"href":51371,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":51530,"type":585},",” Simon Moores, Benchmark’s chief executive, said. “The industry needs joined up thinking.”","Tesla today released the details behind its plan to transition the world to clean energy, estimating how much it will cost for the world to reach 240 terawatt hours of total battery deployment. The total bill for mining, refining, chemicals, battery production and gigafactories came to $3.4 trillion, Tesla said. The biggest mining and refining […]",[51533],{"slug":1466,"name":1467,"content":51534},{"job_title":1469,"image":51535,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"594e10a0-734c-4ace-ad53-dad9deaf50a3\", \"id\": \"\"}-->",[51538,51539],{"slug":956,"name":957},{"slug":1142,"name":1143},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":51541,"copyright":645,"fieldtype":701,"meta_data":51542,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1692359966/www-production/tesla_1304529d943d/tesla_1304529d943d.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":51544,"copyright":645,"fieldtype":701,"meta_data":51545,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/9009693aa1/bm-tesla-vs-benchmark-capex-featured-v3-1297691ff525.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Apr 06, 2023",{"id":51548,"uuid":51549,"name":51550,"slug":51551,"full_slug":51552,"content":51553},112471611173511,"7713a3a9-caba-4e40-89e4-885e5a8251be","The looming US and Europe cathode shortage","the-looming-us-and-europe-cathode-shortage","article/the-looming-us-and-europe-cathode-shortage",{"_uid":51554,"date":51555,"tags":51556,"editor":51558,"content":51562,"excerpt":51598,"featured":50,"reporter":51599,"_editable":51603,"component":689,"seo_title":51550,"categories":51604,"visibility":697,"author_company":49,"data_vis_image":51606,"featured_image":51609,"seo_description":51598,"author_full_name":49,"author_job_title":49,"formattedDate":51612},"11f4a844-77e0-432d-9183-07b227dad35f","2023-03-24 00:00",[51557],{"slug":564,"name":565},[51559],{"slug":1466,"name":1467,"content":51560},{"job_title":1469,"image":51561,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":51563},[51564,51569,51581,51586,51591],{"type":580,"attrs":51565,"content":51566},{"textAlign":49},[51567],{"text":51568,"type":585},"The US and Europe face a looming shortage of cathodes that could leave automakers reliant on Chinese supply for production of electric vehicles, according to Benchmark. ",{"type":580,"attrs":51570,"content":51571},{"textAlign":49},[51572,51574,51580],{"text":51573,"type":585},"Investments in planned battery production capacity in Europe and the US grew rapidly in 2022, but the midstream has yet to catch up, ",{"text":51575,"type":585,"marks":51576},"according to James Mills, an analyst at Benchmark",[51577],{"type":590,"attrs":51578},{"href":51579,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/lithium-filling-the-supply-gap",{"text":1538,"type":585},{"type":580,"attrs":51582,"content":51583},{"textAlign":49},[51584],{"text":51585,"type":585},"This could leave automakers in both regions reliant on Chinese cathode materials, which could become ineligible for government subsidies. This is especially the case in the US, where the Inflation Reduction Act rules out sourcing supplies from “Foreign Entities of Concern.” ",{"type":580,"attrs":51587,"content":51588},{"textAlign":49},[51589],{"text":51590,"type":585},"“The real focus in the downstream to developing regional capacity that really needs to happen in the midstream as well,” he said. “Otherwise there’s a very strong risk of failure of developing and meeting the particular objectives of these regions.”  ",{"type":580,"attrs":51592,"content":51593},{"textAlign":49},[51594],{"type":1847,"attrs":51595},{"id":49,"alt":645,"src":51596,"title":49,"source":49,"copyright":49,"meta_data":51597},"https://a.storyblok.com/f/287943243085208/c730e97b71/bm-cathode-bottlenecks-1.jpg",{},"The US and Europe face a looming shortage of cathodes that could leave automakers reliant on Chinese supply for production of electric vehicles, according to Benchmark. Investments in planned battery production capacity in Europe and the US grew rapidly in 2022, but the midstream has yet to catch up, according to James Mills, an analyst […]",[51600],{"slug":1466,"name":1467,"content":51601},{"job_title":1469,"image":51602,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"11f4a844-77e0-432d-9183-07b227dad35f\", \"id\": \"\"}-->",[51605],{"slug":2623,"name":298},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":51607,"copyright":645,"fieldtype":701,"meta_data":51608,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1692313296/www-production/looming/looming.png?_i=AA",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":51610,"copyright":645,"fieldtype":701,"meta_data":51611,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5a559ab8e2/bm-regional-cathode-capacity-featured.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Mar 24, 2023",{"id":51614,"uuid":51615,"name":51616,"slug":51617,"full_slug":51618,"content":51619},112471640009358,"fa4868bb-7068-4bfc-b70c-0262a180cc96","Infographic: How EV choice affects lithium, nickel, and cobalt demand","infographic-how-ev-choice-affects-lithium-nickel-and-cobalt-demand","article/infographic-how-ev-choice-affects-lithium-nickel-and-cobalt-demand",{"_uid":51620,"date":51621,"tags":51622,"editor":51624,"content":51628,"excerpt":51657,"featured":51,"reporter":51658,"_editable":51662,"component":689,"seo_title":51616,"categories":51663,"visibility":697,"author_company":49,"featured_image":51669,"seo_description":51657,"author_full_name":49,"author_job_title":49,"formattedDate":51672},"8485605c-7728-4152-919a-ee54607858c3","2023-03-22 00:00",[51623],{"slug":564,"name":565},[51625],{"slug":1466,"name":1467,"content":51626},{"job_title":1469,"image":51627,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":51629},[51630,51635,51640,51645,51650],{"type":580,"attrs":51631,"content":51632},{"textAlign":49},[51633],{"text":51634,"type":585},"The decision to buy any electric vehicle (EV) based on its range, type, battery pack and end use has a direct impact on critical battery material demand.",{"type":580,"attrs":51636,"content":51637},{"textAlign":49},[51638],{"text":51639,"type":585},"The amount of lithium, nickel and cobalt that goes into making a battery pack varies greatly across different electric vehicle models, depending on the battery pack’s size and cathode chemistry. ",{"type":580,"attrs":51641,"content":51642},{"textAlign":49},[51643],{"text":51644,"type":585},"In fact, based on the upper range of Benchmark’s analysis, if you replaced all 1.5 billion vehicles on the road with a Wuling Mini you would use 8.25 million tonnes of lithium. If you replaced them with a Tesla Model 3 you would use eight times as much.",{"type":580,"attrs":51646,"content":51647},{"textAlign":49},[51648],{"text":51649,"type":585},"In the infographic below we have assessed what different battery pack sizes and cathode chemistries means for lithium, cobalt, and nickel use in each electric vehicle.",{"type":580,"attrs":51651,"content":51652},{"textAlign":49},[51653],{"type":1847,"attrs":51654},{"id":49,"alt":645,"src":51655,"title":49,"source":49,"copyright":49,"meta_data":51656},"https://a.storyblok.com/f/287943243085208/ae322d8df0/bm-how-car-size-impacts-mineral-demand-bmi-logo.jpg",{},"The decision to buy any electric vehicle (EV) based on its range, type, battery pack and end use has a direct impact on critical battery material demand. The amount of lithium, nickel and cobalt that goes into making a battery pack varies greatly across different electric vehicle models, depending on the battery pack’s size and […]",[51659],{"slug":1466,"name":1467,"content":51660},{"job_title":1469,"image":51661,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8485605c-7728-4152-919a-ee54607858c3\", \"id\": \"\"}-->",[51664,51665,51666,51667,51668],{"slug":956,"name":957},{"slug":2544,"name":115},{"slug":1142,"name":1143},{"slug":1693,"name":8},{"slug":2553,"name":150},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":51670,"copyright":645,"fieldtype":701,"meta_data":51671,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/ef94dc4d56/bm-how-car-size-impacts-mineral-demand-cover-image-1920x1080-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Mar 22, 2023",{"id":51674,"uuid":51675,"name":51676,"slug":51677,"full_slug":51678,"content":51679},112471655139985,"f1e3535c-3c91-47ad-b5e2-9bafc302ed91","Sweden is only EU member set to produce spherical graphite by 2030","sweden-is-only-eu-member-set-to-produce-spherical-graphite-by-2030","article/sweden-is-only-eu-member-set-to-produce-spherical-graphite-by-2030",{"_uid":51680,"date":51681,"tags":51682,"editor":51691,"content":51695,"excerpt":51737,"featured":50,"reporter":51738,"_editable":51742,"component":689,"seo_title":51676,"categories":51743,"visibility":697,"author_company":49,"data_vis_image":51746,"featured_image":51748,"seo_description":51737,"author_full_name":49,"author_job_title":49,"formattedDate":51751},"1eadf080-f5bd-4e72-ba50-8df36a0cfb2a","2023-03-17 00:00",[51683,51684,51685,51686,51687,51688],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":1303,"name":1304},{"slug":47283,"name":47284},{"slug":51689,"name":51690},"talga","Talga",[51692],{"slug":1466,"name":1467,"content":51693},{"job_title":1469,"image":51694,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":51696},[51697,51710,51720,51725,51730],{"type":580,"attrs":51698,"content":51699},{"textAlign":49},[51700,51702,51708],{"text":51701,"type":585},"The European Union is looking to have 40% of processed critical raw materials come from within the bloc. But for ",{"text":51703,"type":585,"marks":51704},"spherical graphite",[51705],{"type":590,"attrs":51706},{"href":51707,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/could-flake-graphite-bottlenecks-push-automakers-to-synthetic",{"text":51709,"type":585},", Sweden is the only member state forecast to produce any of the material through to 2040, according to Benchmark’s Flake Graphite Forecast.",{"type":580,"attrs":51711,"content":51712},{"textAlign":49},[51713,51718],{"text":51714,"type":585,"marks":51715},"China absolutely dominates the production of spherical graphite",[51716],{"type":590,"attrs":51717},{"href":17463,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":51719,"type":585},", with 100% of the material coming from the country last year. Just nine companies across six countries are forecast to produce the material outside of China by 2030.",{"type":580,"attrs":51721,"content":51722},{"textAlign":49},[51723],{"text":51724,"type":585},"“100% of commercial scale supply is currently in China. It doesn’t get more difficult than that,” George Miller, an analyst at Benchmark, said.",{"type":580,"attrs":51726,"content":51727},{"textAlign":49},[51728],{"text":51729,"type":585},"The Talga Group, a battery anode and materials producer listed on the Australian stock exchange, is developing a spherical graphite production facility in Sweden. The company aims to be a vertically integrated anode producer. It is developing a flake graphite mine in Vittangi, Sweden. Both the mine and SPG production facility are due to begin operations in 2024.",{"type":580,"attrs":51731,"content":51732},{"textAlign":49},[51733],{"type":1847,"attrs":51734},{"id":49,"alt":51676,"src":51735,"title":49,"source":49,"copyright":49,"meta_data":51736},"https://a.storyblok.com/f/287943243085208/a779666956/bm-spg-eu-vs-china.jpg",{},"The European Union is looking to have 40% of processed critical raw materials come from within the bloc. But for spherical graphite, Sweden is the only member state forecast to produce any of the material through to 2040, according to Benchmark’s Flake Graphite Forecast. China absolutely dominates the production of spherical graphite, with 100% of […]",[51739],{"slug":1466,"name":1467,"content":51740},{"job_title":1469,"image":51741,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1eadf080-f5bd-4e72-ba50-8df36a0cfb2a\", \"id\": \"\"}-->",[51744,51745],{"slug":1142,"name":1143},{"slug":2627,"name":2628},{"id":49,"alt":51676,"name":645,"focus":645,"title":51676,"source":645,"filename":51735,"copyright":645,"fieldtype":701,"meta_data":51747,"is_external_url":51},{"alt":51676,"title":51676,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":51749,"copyright":645,"fieldtype":701,"meta_data":51750,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/08d89b7bd7/bm-spg-eu-vs-china-feature-2.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Mar 17, 2023",{"id":51753,"uuid":51754,"name":51755,"slug":51756,"full_slug":51757,"content":51758},112471719938818,"47cc947e-a183-4697-b139-8128d097f061","Battery powered: 20 years of lithium demand","battery-powered-20-years-of-lithium-demand","article/battery-powered-20-years-of-lithium-demand",{"_uid":51759,"date":51760,"tags":51761,"editor":51763,"content":51767,"excerpt":51818,"featured":50,"reporter":51819,"_editable":51823,"component":689,"seo_title":51755,"categories":51824,"visibility":2019,"author_company":49,"data_vis_image":51827,"featured_image":51830,"seo_description":51818,"author_full_name":49,"author_job_title":49,"formattedDate":51832},"161c9849-855f-49e9-a2dc-706c8c7323f4","2023-03-09 00:00",[51762],{"slug":564,"name":565},[51764],{"slug":9249,"name":9250,"content":51765},{"job_title":9252,"image":51766,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":51768},[51769,51781,51786,51791,51796,51803,51808,51813],{"type":580,"attrs":51770,"content":51771},{"textAlign":49},[51772,51774,51779],{"text":51773,"type":585},"The battery industry is set to extend its dominance of the ",{"text":1693,"type":585,"marks":51775},[51776],{"type":590,"attrs":51777},{"href":51778,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lithium-prices-slip-again-in-february-as-weak-ev-demand-slows-two-year-rally",{"text":51780,"type":585}," market this decade, with Benchmark forecasting that by 2026 it will account for 90% of lithium demand. ",{"type":580,"attrs":51782,"content":51783},{"textAlign":49},[51784],{"text":51785,"type":585},"Rapid growth in electric vehicle (EV) adoption has seen the battery industry develop from a relatively small consumer of lithium to become the market’s primary driver within twenty years.",{"type":580,"attrs":51787,"content":51788},{"textAlign":49},[51789],{"text":51790,"type":585},"In 2006, lithium was primarily used by the glass, ceramics, and grease industries whereas batteries, which were mostly used in portable electronic devices, accounted for only 22% of the market. ",{"type":580,"attrs":51792,"content":51793},{"textAlign":49},[51794],{"text":51795,"type":585},"Since then growing demand for electric vehicles saw a steady shift and in 2016 batteries used 38% of the world’s lithium. By 2018, for the first time, the battery industry accounted for 51% of lithium demand.",{"type":580,"attrs":51797,"content":51798},{"textAlign":49},[51799],{"type":1847,"attrs":51800},{"id":49,"alt":645,"src":51801,"title":49,"source":49,"copyright":49,"meta_data":51802},"https://a.storyblok.com/f/287943243085208/8dba1d00bc/bm-battery-powered-20-years-of-lithium-demand-1.jpg",{},{"type":580,"attrs":51804,"content":51805},{"textAlign":49},[51806],{"text":51807,"type":585},"This year Benchmark forecasts lithium ion batteries, driven largely by electric vehicle demand, will consume 85% of all lithium. ",{"type":580,"attrs":51809,"content":51810},{"textAlign":49},[51811],{"text":51812,"type":585},"Benchmark forecasts that in 2023 lithium demand will reach 900,000 tonnes, a jump of 27% year-over-year, according to the Benchmark Lithium Forecast. Lithium demand is forecast to reach 1.5 million tonnes in 2026. ",{"type":647,"attrs":51814,"content":51815},{"level":13022,"textAlign":49},[51816],{"text":51817,"type":585},"To learn more about Benchmark’s Lithium Forecast please fill in the form below. ","The battery industry is set to extend its dominance of the lithium market this decade, with Benchmark forecasting that by 2026 it will account for 90% of lithium demand. Rapid growth in electric vehicle (EV) adoption has seen the battery industry develop from a relatively small consumer of lithium to become the market’s primary driver […]",[51820],{"slug":9249,"name":9250,"content":51821},{"job_title":9252,"image":51822,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"161c9849-855f-49e9-a2dc-706c8c7323f4\", \"id\": \"\"}-->",[51825,51826],{"slug":956,"name":957},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":51828,"copyright":645,"fieldtype":701,"meta_data":51829,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d8850cd6b6/bm-battery-powered-20-years-of-lithium-demand.jpg",{"alt":645,"title":645,"source":645,"copyright":645},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":51828,"copyright":645,"fieldtype":701,"meta_data":51831,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},"Mar 09, 2023",{"id":51834,"uuid":51835,"name":51836,"slug":51837,"full_slug":51838,"content":51839},112471745313543,"adc8e4a6-4a55-46b2-b4a2-d057a538cf4d","Hard rock lithium vs. brine – how do their carbon curves compare?","hard-rock-vs-brine-how-do-their-carbon-curves-compare","article/hard-rock-vs-brine-how-do-their-carbon-curves-compare",{"_uid":51840,"date":51841,"tags":51842,"editor":51848,"content":51852,"excerpt":52121,"featured":51,"reporter":52122,"_editable":52126,"component":689,"seo_title":51836,"categories":52127,"visibility":2019,"author_company":49,"featured_image":52131,"seo_description":52121,"author_full_name":49,"author_job_title":49,"formattedDate":52134},"43854f96-f0ba-4034-a0d3-ffe63cd01268","2023-03-03 00:00",[51843,51846,51847],{"slug":51844,"name":51845},"carbon-curve","Carbon curve",{"slug":564,"name":565},{"slug":17604,"name":17605},[51849],{"slug":9249,"name":9250,"content":51850},{"job_title":9252,"image":51851,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":51853},[51854,51859,51864,51877,51882,51890,51895,51907,51912,51924,51929,51934,51945,51950,51955,51963,51968,51973,51978,51983,51988,52001,52006,52018,52023,52028,52036,52041,52046,52051,52056,52068,52073,52078,52083,52088,52095,52102,52109],{"type":580,"attrs":51855,"content":51856},{"textAlign":49},[51857],{"text":51858,"type":585},"Lithium chemicals derived from hard rock sources such as spodumene can be over three times as carbon-intensive as that from brine sources, according to Benchmark’s Lithium ESG Report.",{"type":580,"attrs":51860,"content":51861},{"textAlign":49},[51862],{"text":51863,"type":585},"Hard rock sources of lithium currently make up 60% of global mined lithium supply and are forecast to continue to do so through to 2030, according to Benchmark’s Lithium Forecast.",{"type":580,"attrs":51865,"content":51866},{"textAlign":49},[51867,51869,51875],{"text":51868,"type":585},"The top 20 ",{"text":51870,"type":585,"marks":51871},"lithium chemical producers",[51872],{"type":590,"attrs":51873},{"href":51874,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/south-koreas-lg-chem-expands-north-america-footprint-with-lithium-investment-and-offtake",{"text":51876,"type":585}," who use hard rock sources all have higher carbon emissions than those using brine sources, as shown in Benchmark’s new lithium carbon intensity curve.",{"type":580,"attrs":51878,"content":51879},{"textAlign":49},[51880],{"text":51881,"type":585},"“Processing hard rock is a much more energy-intensive process than brine,” Olivia Lin, an analyst at Benchmark, said.",{"type":580,"attrs":51883,"content":51884},{"textAlign":49},[51885],{"type":1847,"attrs":51886},{"id":49,"alt":51887,"src":51888,"title":49,"source":49,"copyright":49,"meta_data":51889},"Hard rock lithium sources are three time as carbon intensive as brine","https://a.storyblok.com/f/287943243085208/8419e09df7/bm-carbon-curves.jpg",{},{"type":647,"attrs":51891,"content":51892},{"level":13022,"textAlign":49},[51893],{"text":51894,"type":585},"Carbon intensity",{"type":580,"attrs":51896,"content":51897},{"textAlign":49},[51898,51899,51905],{"text":1005,"type":585},{"text":51900,"type":585,"marks":51901},"carbon intensity of the electricity grids",[51902],{"type":590,"attrs":51903},{"href":51904,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/twin-power-crises-hit-chinas-synthetic-graphite-producers",{"text":51906,"type":585}," where the raw material is mined and concentrated and where the lithium chemical is produced strongly impacts the overall carbon intensity of the process.",{"type":580,"attrs":51908,"content":51909},{"textAlign":49},[51910],{"text":51911,"type":585},"The majority of spodumene is mined in Australia where it is processed into spodumene concentrate. This concentrate is then shipped to China where it is processed into lithium hydroxide.",{"type":580,"attrs":51913,"content":51914},{"textAlign":49},[51915,51917,51922],{"text":51916,"type":585},"Over half of the emissions associated with producing lithium hydroxide from spodumene come from China’s electricity grid (27%) or from the energy-intensive production of spodumene concentrate (29%). Both the Australian and the ",{"text":51918,"type":585,"marks":51919},"Chinese electricity grids",[51920],{"type":590,"attrs":51921},{"href":48962,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":51923,"type":585}," are highly dependent on fossil fuels with a large amount of coal power.",{"type":580,"attrs":51925,"content":51926},{"textAlign":49},[51927],{"text":51928,"type":585},"For lithium carbonate produced from brine sources, only 6% of the carbon emissions are associated with the Chilean electricity grid. The largest single contributor to the carbon emissions is the production of soda ash (29%) used to precipitate out lithium carbonate from the brine solution.",{"type":647,"attrs":51930,"content":51931},{"level":13022,"textAlign":49},[51932],{"text":51933,"type":585},"More than just carbon",{"type":580,"attrs":51935,"content":51936},{"textAlign":49},[51937,51943],{"text":51938,"type":585,"marks":51939},"Benchmark’s life cycle assessment",[51940],{"type":590,"attrs":51941},{"href":51942,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/benchmark-ranks-lithium-producers-in-new-esg-report",{"text":51944,"type":585}," considers more than just the carbon intensity of the process, however.",{"type":580,"attrs":51946,"content":51947},{"textAlign":49},[51948],{"text":51949,"type":585},"Processing hard rock lithium sources is more water-intensive than that of brines.",{"type":580,"attrs":51951,"content":51952},{"textAlign":49},[51953],{"text":51954,"type":585},"“Even though brine-based producers encounter media pressures surrounding water consumption, it is clear that, based on life cycle assessment (LCA) analysis for processing needs, water use, and impact, are higher for spodumene,” according to Benchmark’s Lithium ESG Report.",{"type":580,"attrs":51956,"content":51957},{"textAlign":49},[51958],{"type":1847,"attrs":51959},{"id":49,"alt":51960,"src":51961,"title":49,"source":49,"copyright":49,"meta_data":51962},"Environmental impacts of spodumene vs brine","https://a.storyblok.com/f/287943243085208/9e75c44aa5/bm-screenshot-2023-03-03-142015.png",{},{"type":580,"attrs":51964,"content":51965},{"textAlign":49},[51966],{"text":51967,"type":585},"In almost every metric, lithium chemicals from hard rock sources are more environmentally damaging than those from brine sources.",{"type":580,"attrs":51969,"content":51970},{"textAlign":49},[51971],{"text":51972,"type":585},"Benchmark’s LCA finds that the production of the chemicals used in the extraction and conversion processes for both brine and hard rock sources are major contributors to many environmental metrics.",{"type":580,"attrs":51974,"content":51975},{"textAlign":49},[51976],{"text":51977,"type":585},"The soda ash needed in brine processing, for example, is the most significant contributor to many impact categories assessed by Benchmark’s LCA. Similarly, the sulphuric acid needed in lithium hydroxide production from spodumene contributes 56% towards the ecotoxicity of the process and 39% to human toxicity.",{"type":580,"attrs":51979,"content":51980},{"textAlign":49},[51981],{"text":51982,"type":585},"“Both brine and spodumene have serious burdens and risks that need to be mitigated in order to reduce overall environmental burden,” Benchmark’s report finds.",{"type":647,"attrs":51984,"content":51985},{"level":13022,"textAlign":49},[51986],{"text":51987,"type":585},"Future sources",{"type":580,"attrs":51989,"content":51990},{"textAlign":49},[51991,51993,51999],{"text":51992,"type":585},"Currently, hard rock sources of lithium account for 60% of the ",{"text":51994,"type":585,"marks":51995},"global supply of mined lithium",[51996],{"type":590,"attrs":51997},{"href":51998,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/where-will-the-new-lithium-cobalt-and-nickel-supply-come-from-in-2023",{"text":52000,"type":585},". In part, this is a consequence of geography and geology.",{"type":580,"attrs":52002,"content":52003},{"textAlign":49},[52004],{"text":52005,"type":585},"Although lithium chemicals from brine sources are better across the board environmentally, there are strong limitations on where such projects can be developed.",{"type":580,"attrs":52007,"content":52008},{"textAlign":49},[52009,52011,52016],{"text":52010,"type":585},"“There is actually a limited geographical location in which you can develop a traditional brine project with the right temperature, evaporation rate, and precipitation rate,” ",{"text":52012,"type":585,"marks":52013},"Cameron Perks, an analyst at Benchmark",[52014],{"type":590,"attrs":52015},{"href":49414,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":52017,"type":585},", said. “You’re looking at a year or two just to evaporate your first product.”",{"type":580,"attrs":52019,"content":52020},{"textAlign":49},[52021],{"text":52022,"type":585},"Direct lithium extraction (DLE) is a new technology being developed to more efficiently extract lithium from brine sources. Benchmark’s Lithium Forecast suggest the deployment of DLE will encroach on the market share of traditional brine sources over the coming decade and reach over 16% of the total mined lithium market share.",{"type":580,"attrs":52024,"content":52025},{"textAlign":49},[52026],{"text":52027,"type":585},"“DLE has a good chance of being a significant component of supply by 2030,” according to Perks.",{"type":580,"attrs":52029,"content":52030},{"textAlign":49},[52031],{"type":1847,"attrs":52032},{"id":49,"alt":52033,"src":52034,"title":49,"source":49,"copyright":49,"meta_data":52035},"DLE sources encroaching on traditional brine by the end of the decade","https://a.storyblok.com/f/287943243085208/e97ba5ee8f/bm-dle-sources.jpg",{},{"type":580,"attrs":52037,"content":52038},{"textAlign":49},[52039],{"text":52040,"type":585},"However, given the nascent state of DLE technologies, the environmental credentials compared to traditional brine sources are not currently assessed by Benchmark.",{"type":580,"attrs":52042,"content":52043},{"textAlign":49},[52044],{"text":52045,"type":585},"“Employing DLE does not necessarily mean that the whole production is cleaner given the variations in DLE methods and project designs, which bring about uncertainties in its environmental impact such as the actual energy and water usage,” Lin said. “It is therefore important to carry out LCAs for DLE too for a fairer and more accurate comparison with the conventional evaporitic technology.”",{"type":647,"attrs":52047,"content":52048},{"level":13022,"textAlign":49},[52049],{"text":52050,"type":585},"Importance of Life Cycle Assessments",{"type":580,"attrs":52052,"content":52053},{"textAlign":49},[52054],{"text":52055,"type":585},"Life cycle assessments form a vital component of a company’s overall environmental, social and governance (ESG) reporting. They can be carried out at a company level or be more granular and focus on individual processes.",{"type":580,"attrs":52057,"content":52058},{"textAlign":49},[52059,52061,52067],{"text":52060,"type":585},"“LCAs are used to identify environmental risks so you can mitigate them in the future,” Bruna Grossl, an LCA practitioner at Benchmark, said in a ",{"text":52062,"type":585,"marks":52063},"video for Benchmark Source",[52064],{"type":590,"attrs":52065},{"href":52066,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/analyst-insights-life-cycle-assessments-in-the-battery-supply-chain",{"text":1538,"type":585},{"type":580,"attrs":52069,"content":52070},{"textAlign":49},[52071],{"text":52072,"type":585},"An LCA takes into account not only the impacts directly associated with a project, but Scope 2 and Scope 3 impacts as well.",{"type":580,"attrs":52074,"content":52075},{"textAlign":49},[52076],{"text":52077,"type":585},"For example, Scope 2 accounts for electricity purchased by a converter from the grid of the country they are operating in. If a country has a highly fossil-dependent grid, Scope 2 emissions can be significant. Scope 3 accounts for the production of the chemical reagents required by the processes (such as sulphuric acid and soda ash) as well as transportation.",{"type":580,"attrs":52079,"content":52080},{"textAlign":49},[52081],{"text":52082,"type":585},"Benchmark’s Lithium ESG Report found that although the top five miners and the top five converters all produce publicly available ESG reports, only a third of all operating lithium miners and converters do. This highlights a major lack of transparency in the industry.",{"type":580,"attrs":52084,"content":52085},{"textAlign":49},[52086],{"text":52087,"type":585},"“Disclosure of numbers is something that we see as a critical thing to be improved,” Grossl said. “Transparency is key.”",{"type":580,"attrs":52089,"content":52090},{"textAlign":49},[52091],{"text":52092,"type":585,"marks":52093},"Benchmark’s Lithium ESG Report provides an independent and detailed assessment of the ESG performance and approach of more than 250 lithium producers worldwide.",[52094],{"type":1992},{"type":580,"attrs":52096,"content":52097},{"textAlign":49},[52098],{"text":52099,"type":585,"marks":52100},"Our Lithium ESG Report is part of our suite of services analysing sustainability issues in the lithium ion battery supply chain, along with our Cobalt and Nickel ESG Reports and our Life Cycle Assessment (LCA) work.",[52101],{"type":1992},{"type":580,"attrs":52103,"content":52104},{"textAlign":49},[52105],{"text":52106,"type":585,"marks":52107},"If you’d like to see more information about our ESG analysis services, please provide your details here and our team will contact you to discuss further.",[52108],{"type":1992},{"type":580,"attrs":52110,"content":52111},{"textAlign":49},[52112,52114,52120],{"text":52113,"type":585},"And join us on Thursday 23 March for our ESG webinar – ",{"text":52115,"type":585,"marks":52116},"Sustainability of the Lithium Ion Battery Supply Chain",[52117],{"type":590,"attrs":52118},{"href":52119,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/webinar-sign-up/?webinar=2023_Mar_ESG",{"text":1538,"type":585},"Lithium chemicals derived from hard rock sources such as spodumene can be over three times as carbon-intensive as that from brine sources, according to Benchmark’s Lithium ESG Report. Hard rock sources of lithium currently make up 60% of global mined lithium supply and are forecast to continue to do so through to 2030, according to […]",[52123],{"slug":9249,"name":9250,"content":52124},{"job_title":9252,"image":52125,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"43854f96-f0ba-4034-a0d3-ffe63cd01268\", \"id\": \"\"}-->",[52128,52129,52130],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"slug":14595,"name":14596},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":52132,"copyright":645,"fieldtype":701,"meta_data":52133,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/b9eb59d3a8/bm-argentina-brine-1-e1642525912906.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Mar 03, 2023",{"id":52136,"uuid":52137,"name":52138,"slug":52139,"full_slug":52140,"content":52141},112471764917003,"a0146df7-2773-41c8-9538-7cc5c983bc2b","Could flake graphite bottlenecks push automakers to synthetic?","could-flake-graphite-bottlenecks-push-automakers-to-synthetic","article/could-flake-graphite-bottlenecks-push-automakers-to-synthetic",{"_uid":52142,"date":52143,"tags":52144,"editor":52149,"content":52153,"excerpt":52327,"featured":51,"reporter":52328,"_editable":52332,"component":689,"seo_title":52138,"categories":52333,"visibility":697,"author_company":49,"featured_image":52336,"seo_description":52327,"author_full_name":49,"author_job_title":49,"formattedDate":52339},"29d4b9ea-4ad3-4019-9dfa-40d0e51c64ec","2023-02-27 00:00",[52145,52146,52147,52148],{"slug":564,"name":565},{"slug":47280,"name":47281},{"slug":49897,"name":49898},{"slug":2633,"name":12958},[52150],{"slug":9249,"name":9250,"content":52151},{"job_title":9252,"image":52152,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":52154},[52155,52160,52165,52188,52193,52201,52206,52211,52219,52224,52235,52240,52245,52250,52258,52263,52268,52273,52278,52291,52304,52309,52317,52322],{"type":580,"attrs":52156,"content":52157},{"textAlign":49},[52158],{"text":52159,"type":585},"The -100 natural flake graphite deficit is forecast by Benchmark to more than double this year, despite supply increasing by 15%.",{"type":580,"attrs":52161,"content":52162},{"textAlign":49},[52163],{"text":52164,"type":585},"The synthetic graphite market, by contrast, is forecast by Benchmark to be in a surplus until 2028, with this year’s surplus growing 23% on last year.",{"type":580,"attrs":52166,"content":52167},{"textAlign":49},[52168,52173,52175,52180,52182,52187],{"text":52169,"type":585,"marks":52170},"Flake graphite is generally preferred by Western automakers",[52171],{"type":590,"attrs":52172},{"href":50181,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":52174,"type":585}," over synthetic graphite as it gives a higher capacity anode material, lower cost and typically has better ",{"text":52176,"type":585,"marks":52177},"environmental credentials owing to the lower energy use in its production",[52178],{"type":590,"attrs":52179},{"href":43179,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":52181,"type":585},". But synthetic graphite and related coke feedstocks are set to maintain a supply surplus, making it the chemistry of choice for new ",{"text":52183,"type":585,"marks":52184},"anode manufacturers",[52185],{"type":590,"attrs":52186},{"href":45248,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":38803,"type":585},{"type":580,"attrs":52189,"content":52190},{"textAlign":49},[52191],{"text":52192,"type":585},"“In the near term we are likely to see greater deployment of synthetic anode material over natural graphite anode material, and a higher proportion of synthetic in blended anode material because of the restricted availability of natural graphite anode feedstock” George Miller, an analyst at Benchmark, said.",{"type":580,"attrs":52194,"content":52195},{"textAlign":49},[52196],{"type":1847,"attrs":52197},{"id":49,"alt":52198,"src":52199,"title":49,"source":49,"copyright":49,"meta_data":52200},"Flake graphite deficit set to increase through to 2030","https://wp-admin.benchmarkminerals.com/app/uploads/Flake-graphite-and-synthetic-market-balance--1024x918.jpg",{},{"type":647,"attrs":52202,"content":52203},{"level":13022,"textAlign":49},[52204],{"text":52205,"type":585},"Alternative graphite options",{"type":580,"attrs":52207,"content":52208},{"textAlign":49},[52209],{"text":52210,"type":585},"The lack of -100 mesh sized graphite could be compensated for by the other mesh sizes which can be ground down. The downside of this is that material is lost as fines during the grinding process and adds extra costs to the process of producing anode material.",{"type":580,"attrs":52212,"content":52213},{"textAlign":49},[52214],{"type":1847,"attrs":52215},{"id":49,"alt":52216,"src":52217,"title":49,"source":49,"copyright":49,"meta_data":52218},"-100 mesh flake graphite deficit to grow rapidly","https://a.storyblok.com/f/287943243085208/eba1f4c944/bm-nat-flake-market-balance.jpg",{},{"type":580,"attrs":52220,"content":52221},{"textAlign":49},[52222],{"text":52223,"type":585},"“Will the minus 100 mesh deficit push automakers to mill down large mesh sizes of flake graphite? It’s possible it will,” Miller said. “But as long as costs are lower than using synthetic graphite anodes.”",{"type":580,"attrs":52225,"content":52226},{"textAlign":49},[52227,52228,52233],{"text":9741,"type":585},{"text":52229,"type":585,"marks":52230},"preference for natural graphite anode material",[52231],{"type":590,"attrs":52232},{"href":51018,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":52234,"type":585}," outside of China, automakers are not necessarily the ones willing to drive change in anode feedstock availability, however.",{"type":580,"attrs":52236,"content":52237},{"textAlign":49},[52238],{"text":52239,"type":585},"“I don’t think auto-OEMs currently have much of a feedstock consideration within the anode value chain, as of yet because prices haven’t been volatile and because anodes aren’t a big proportion of overall cell costs,” Miller said.",{"type":580,"attrs":52241,"content":52242},{"textAlign":49},[52243],{"text":52244,"type":585},"Brent Nykoliation, the executive vice president of Next Source Materials, a natural graphite developer entering commissioning at its Molo project in Madagascar, told Benchmark that all the OEMs they are dealing with will be using a majority of synthetic graphite feedstock rather than natural flake graphite.",{"type":580,"attrs":52246,"content":52247},{"textAlign":49},[52248],{"text":52249,"type":585},"“[Automakers] don’t have a lot of options to find natural graphite from a reliable source from a country that’s not an issue or a foreign concern and in the quantities and in the quality that you need it so that’s what’s hampering it,” he said.",{"type":580,"attrs":52251,"content":52252},{"textAlign":49},[52253],{"type":1847,"attrs":52254},{"id":49,"alt":52255,"src":52256,"title":49,"source":49,"copyright":49,"meta_data":52257},"Natural flake graphite supply by region","https://a.storyblok.com/f/287943243085208/3da24f2c04/bm-flake-graphite-production.jpg",{},{"type":580,"attrs":52259,"content":52260},{"textAlign":49},[52261],{"text":52262,"type":585},"“All these car companies realise they need huge amounts [of graphite],” Nykoliation said. “But there’s no plan really to fund the projects in order to get them up and running because it’s going to take anywhere between three to seven years to develop these projects.”",{"type":647,"attrs":52264,"content":52265},{"level":13022,"textAlign":49},[52266],{"text":52267,"type":585},"The geography of processing",{"type":580,"attrs":52269,"content":52270},{"textAlign":49},[52271],{"text":52272,"type":585},"China’s dominance grows stronger in both the synthetic and natural graphite supply chains when the processing steps are considered.",{"type":580,"attrs":52274,"content":52275},{"textAlign":49},[52276],{"text":52277,"type":585},"Once natural graphite is mined, it is converted into spherical graphite before it can be used in an anode.",{"type":580,"attrs":52279,"content":52280},{"textAlign":49},[52281,52283,52289],{"text":52282,"type":585},"All of the capacity to carry out this process last year was in China. This year, with ",{"text":52284,"type":585,"marks":52285},"spherical graphite facilities",[52286],{"type":590,"attrs":52287},{"href":52288,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/panasonics-canadian-graphite-deal-highlights-north-american-opportunity",{"text":52290,"type":585}," from companies such as Syrah and Westwater in the US and Nouveau Monde in Canada due to begin coming online, China’s control of the market will fall slightly to 98%, according to Benchmark’s Flake Graphite Forecast.",{"type":580,"attrs":52292,"content":52293},{"textAlign":49},[52294,52296,52302],{"text":52295,"type":585},"Production of anode-quality synthetic graphite from ",{"text":52297,"type":585,"marks":52298},"coke feedstocks",[52299],{"type":590,"attrs":52300},{"href":52301,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/china-makes-steps-towards-reducing-reliance-on-needle-coke-imports",{"text":52303,"type":585}," is also mostly in China. Just 4.5% of anode-grade synthetic graphite in 2023 is expected to be produced outside of China according to Benchmark’s Synthetic Graphite Forecast.",{"type":580,"attrs":52305,"content":52306},{"textAlign":49},[52307],{"text":52308,"type":585},"By 2030, this will have increased slightly to 9.7%, mostly driven by US producers Anovion and Novonix.",{"type":580,"attrs":52310,"content":52311},{"textAlign":49},[52312],{"type":1847,"attrs":52313},{"id":49,"alt":52314,"src":52315,"title":49,"source":49,"copyright":49,"meta_data":52316},"Chinese spherical graphite dominance set to remain this decade","https://wp-admin.benchmarkminerals.com/app/uploads/SPG-1024x939.jpg",{},{"type":580,"attrs":52318,"content":52319},{"textAlign":49},[52320],{"text":52321,"type":585},"Although the production of spherical graphite is energy-intensive, it is significantly less energy intensive than the production of synthetic graphite. Energy intensity is important from both cost and environmental perspectives and is one reason why many western automakers prefer natural graphite to synthetic.",{"type":580,"attrs":52323,"content":52324},{"textAlign":49},[52325],{"text":52326,"type":585},"“Synthetic is winning now and for the near term on good availability,” Miller said. “But in the long term, natural graphite anode material has the potential to win on ESG and cost considerations.”","The -100 natural flake graphite deficit is forecast by Benchmark to more than double this year, despite supply increasing by 15%. The synthetic graphite market, by contrast, is forecast by Benchmark to be in a surplus until 2028, with this year’s surplus growing 23% on last year. Flake graphite is generally preferred by Western automakers […]",[52329],{"slug":9249,"name":9250,"content":52330},{"job_title":9252,"image":52331,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"29d4b9ea-4ad3-4019-9dfa-40d0e51c64ec\", \"id\": \"\"}-->",[52334,52335],{"slug":1142,"name":1143},{"slug":2627,"name":2628},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":52337,"copyright":645,"fieldtype":701,"meta_data":52338,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/033b50adbc/bm-conveyor-and-plant-12-12-22-reduced.jpeg",{"alt":645,"title":645,"source":645,"copyright":645},"Feb 27, 2023",{"id":52341,"uuid":52342,"name":52343,"slug":52344,"full_slug":52345,"content":52346},112471799143186,"b220d6c4-0ec4-49c2-9598-9cce22be7ea1","Can Japan hit its 2030 target of 20% battery market share?","can-japan-hit-its-2030-target-of-20-battery-market-share","article/can-japan-hit-its-2030-target-of-20-battery-market-share",{"_uid":52347,"date":52348,"tags":52349,"editor":52352,"content":52356,"excerpt":52443,"featured":51,"reporter":52444,"_editable":52448,"component":689,"seo_title":52343,"categories":52449,"visibility":697,"author_company":49,"featured_image":52453,"seo_description":52443,"author_full_name":49,"author_job_title":49,"formattedDate":52456},"cc2b8f09-1adf-4b1c-9922-9fd5e440a0be","2023-02-20 00:00",[52350,52351],{"slug":564,"name":565},{"slug":11355,"name":11356},[52353],{"slug":1466,"name":1467,"content":52354},{"job_title":1469,"image":52355,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":52357},[52358,52363,52368,52373,52380,52385,52390,52399,52404,52409,52416,52421,52426,52431,52436],{"type":580,"attrs":52359,"content":52360},{"textAlign":49},[52361],{"text":52362,"type":585},"Japan will struggle to meet its target of its battery makers owning a 20% share of the global market by 2030, according to an analysis by Benchmark.",{"type":580,"attrs":52364,"content":52365},{"textAlign":49},[52366],{"text":52367,"type":585},"Japan’s trade and industry ministry, METI, last year set a target for Japanese producers to achieve 600 gigawatt hours (GWh) of production or a 20% market share by the end of the decade.",{"type":580,"attrs":52369,"content":52370},{"textAlign":49},[52371],{"text":52372,"type":585},"Benchmark forecasts, however, that Japanese companies will produce just 3.5% of the world’s lithium ion battery output by 2030.",{"type":580,"attrs":52374,"content":52375},{"textAlign":49},[52376],{"type":1847,"attrs":52377},{"id":49,"alt":645,"src":52378,"title":49,"source":49,"copyright":49,"meta_data":52379},"https://a.storyblok.com/f/287943243085208/7e32cb4a59/bm-image-112-1344106ffad8.png",{},{"type":647,"attrs":52381,"content":52382},{"level":13022,"textAlign":49},[52383],{"text":52384,"type":585},"Overshadowed by its battery neighbours",{"type":580,"attrs":52386,"content":52387},{"textAlign":49},[52388],{"text":52389,"type":585},"Over the past five years Japanese battery manufacturers have lost market share as Chinese and South Korean players such as CATL, LGES, and SK On have expanded operations. ",{"type":580,"attrs":52391,"content":52392},{"textAlign":49},[52393,52397],{"text":11351,"type":585,"marks":52394},[52395],{"type":590,"attrs":52396},{"href":43720,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":52398,"type":585}," is the only Japanese company listed among the top 10 producers worldwide.",{"type":580,"attrs":52400,"content":52401},{"textAlign":49},[52402],{"text":52403,"type":585},"In 2018, Japanese companies produced 25% of the world’s batteries. This year Benchmark forecasts their share of production to fall to 6%. During that time South Korean companies have maintained a ~25% market share. ",{"type":580,"attrs":52405,"content":52406},{"textAlign":49},[52407],{"text":52408,"type":585},"In contrast, Chinese producers have increased their share of production from 49% of global supply in 2018 to 67% last year.",{"type":580,"attrs":52410,"content":52411},{"textAlign":49},[52412],{"type":1847,"attrs":52413},{"id":49,"alt":645,"src":52414,"title":49,"source":49,"copyright":49,"meta_data":52415},"https://a.storyblok.com/f/287943243085208/a56b722d5d/bm-image-113-13441076da92.png",{},{"type":580,"attrs":52417,"content":52418},{"textAlign":49},[52419],{"text":52420,"type":585},"Domestic developments ",{"type":580,"attrs":52422,"content":52423},{"textAlign":49},[52424],{"text":52425,"type":585},"As part of Japan’s 2030 battery targets the country is also looking to develop 150 GWh of domestic battery cell production. This year, Benchmark forecasts the country will produce 30 GWh of battery cells.",{"type":580,"attrs":52427,"content":52428},{"textAlign":49},[52429],{"text":52430,"type":585},"The country has several gigafactory expansions underway such as Chinese producer Envision’s 18 GWh capacity Ibaraki plant, or Panasonic and Toyota joint venture PPES’s 20 GWh capacity Himeji gigafactory, but the country is home to few large scale developments.  ",{"type":580,"attrs":52432,"content":52433},{"textAlign":49},[52434],{"text":52435,"type":585},"While Benchmark forecasts that Japan is set to increase its battery output by 128% between 2023 and 2030 to 68 GWh it is set to fall short of its domestic production targets. ",{"type":580,"attrs":52437,"content":52438},{"textAlign":49},[52439],{"type":1847,"attrs":52440},{"id":49,"alt":645,"src":52441,"title":49,"source":49,"copyright":49,"meta_data":52442},"https://a.storyblok.com/f/287943243085208/444c27467f/bm-japan-battery-production-1.png",{},"Japan will struggle to meet its target of its battery makers owning a 20% share of the global market by 2030, according to an analysis by Benchmark. Japan’s trade and industry ministry, METI, last year set a target for Japanese producers to achieve 600 gigawatt hours (GWh) of production or a 20% market share by […]",[52445],{"slug":1466,"name":1467,"content":52446},{"job_title":1469,"image":52447,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"cc2b8f09-1adf-4b1c-9922-9fd5e440a0be\", \"id\": \"\"}-->",[52450,52451,52452],{"slug":956,"name":957},{"slug":695,"name":696},{"slug":3379,"name":3380},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":52454,"copyright":645,"fieldtype":701,"meta_data":52455,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/70b90781ad/bm-tokyo-night-time.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Feb 20, 2023",{"id":52458,"uuid":52459,"name":52460,"slug":52461,"full_slug":52462,"content":52463},112471823559448,"8d1e9ba5-785c-4156-a81c-a84d1373aaa8","The rise of LFP batteries outside of China","the-rise-of-lfp-batteries-outside-of-china","article/the-rise-of-lfp-batteries-outside-of-china",{"_uid":52464,"date":52465,"tags":52466,"editor":52468,"content":52472,"excerpt":52638,"featured":51,"reporter":52639,"_editable":52643,"component":689,"seo_title":52460,"categories":52644,"visibility":697,"author_company":49,"featured_image":52650,"seo_description":52638,"author_full_name":49,"author_job_title":49,"formattedDate":52653},"94a3ce5f-1aa2-434f-8722-a8ecf17ff33c","2023-02-14 00:00",[52467],{"slug":564,"name":565},[52469],{"slug":9249,"name":9250,"content":52470},{"job_title":9252,"image":52471,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":52473},[52474,52493,52498,52503,52508,52513,52520,52525,52530,52535,52540,52545,52550,52555,52560,52565,52570,52575,52582,52589,52594,52599,52606,52611,52616,52621,52633],{"type":580,"attrs":52475,"content":52476},{"textAlign":49},[52477,52479,52484,52486,52492],{"text":52478,"type":585},"Ford’s ",{"text":52480,"type":585,"marks":52481},"decision",[52482],{"type":590,"attrs":52483},{"href":40033,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":52485,"type":585}," to build a plant in the US to produce cheaper lithium iron phosphate (LFP) batteries significantly advances production of the chemistry ",{"text":52487,"type":585,"marks":52488},"outside of China",[52489],{"type":590,"attrs":52490},{"href":52491,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/west-needs-to-build-lfp-battery-capacity-for-technology-to-go-global",{"text":14640,"type":585},{"type":580,"attrs":52494,"content":52495},{"textAlign":49},[52496],{"text":52497,"type":585},"LFP chemistry was invented and developed in North America, with patents held until recently by a consortium including Hydro-Québec, the University of Montreal, the National Centre for Scientific Research in Canada, and Johnson Matthey. ",{"type":580,"attrs":52499,"content":52500},{"textAlign":49},[52501],{"text":52502,"type":585},"But efforts to produce LFP cells in the US failed over a decade ago when battery startup A123 Systems went bankrupt. ",{"type":580,"attrs":52504,"content":52505},{"textAlign":49},[52506],{"text":52507,"type":585},"Today China dominates production of LFP battery cells, led by BYD and CATL, as well as production of LFP cathode. LFP batteries accounted for 62% of batteries installed in vehicles last year, according to government figures.",{"type":580,"attrs":52509,"content":52510},{"textAlign":49},[52511],{"text":52512,"type":585},"Companies outside of China “underestimated” the potential of LFP over the past few years and focused on NCM and NCA chemistries, according to Albert Li, an analyst at Benchmark. At the same time, the Chinese government has promoted the chemistry due to its safety. ",{"type":580,"attrs":52514,"content":52515},{"textAlign":49},[52516],{"type":1847,"attrs":52517},{"id":49,"alt":645,"src":52518,"title":49,"source":49,"copyright":49,"meta_data":52519},"https://a.storyblok.com/f/287943243085208/b3d1adfe1d/bm-image-109-134410143c64.png",{},{"type":647,"attrs":52521,"content":52522},{"level":13022,"textAlign":49},[52523],{"text":52524,"type":585},"It’s cheaper ",{"type":580,"attrs":52526,"content":52527},{"textAlign":49},[52528],{"text":52529,"type":585},"Automakers in the West are increasingly adopting the chemistry, however, since it is cheaper, longer-lasting and does not require nickel and cobalt. ",{"type":580,"attrs":52531,"content":52532},{"textAlign":49},[52533],{"text":52534,"type":585},"LFP cells are also becoming the most popular choice for energy storage systems (ESS.)",{"type":580,"attrs":52536,"content":52537},{"textAlign":49},[52538],{"text":52539,"type":585},"Tesla already uses LFP cells from CATL, while Stellantis, Volkswagen, Mercedes and Hyundai are also adopting the chemistry. Tata Motors in India is also using LFP.",{"type":580,"attrs":52541,"content":52542},{"textAlign":49},[52543],{"text":52544,"type":585},"Ford said last year LFP cells would give it a 10 to 15% cost savings for materials compared to nickel cobalt manganese batteries.",{"type":580,"attrs":52546,"content":52547},{"textAlign":49},[52548],{"text":52549,"type":585},"Prices for NCM622 lithium ion cells were assessed at $145.2/kWh in January compared to $95 a kWh for LFP cells, according to Benchmark’s Lithium Ion Battery Cell Assessment. ",{"type":580,"attrs":52551,"content":52552},{"textAlign":49},[52553],{"text":52554,"type":585},"In January LFP cathode prices fell for the first time since May 2022, decreasing 4.5% to RMB 160,000/tonne ($23,475), whereas prices for NCM 622 cathode traded at an average price of RMB 344,000/tonne ($50,471). ",{"type":647,"attrs":52556,"content":52557},{"level":13022,"textAlign":49},[52558],{"text":52559,"type":585},"LFP cathode",{"type":580,"attrs":52561,"content":52562},{"textAlign":49},[52563],{"text":52564,"type":585},"In terms of LFP cathode China has a 99% share of the global market, according to Benchmark’s Cathode Forecast. At the moment, that’s not expected to change much by the end of the decade. ",{"type":580,"attrs":52566,"content":52567},{"textAlign":49},[52568],{"text":52569,"type":585},"As the LFP industry has grown in China so has the supply chain, from raw materials to cathode, according to Li. ",{"type":580,"attrs":52571,"content":52572},{"textAlign":49},[52573],{"text":52574,"type":585},"“You can establish one new LFP cell factory outside China, but what about its supply chain? This supply chain will be new too,” he said. ",{"type":580,"attrs":52576,"content":52577},{"textAlign":49},[52578],{"type":1847,"attrs":52579},{"id":49,"alt":645,"src":52580,"title":49,"source":49,"copyright":49,"meta_data":52581},"https://a.storyblok.com/f/287943243085208/006f28bc9f/bm-image-110-1344102e9701.png",{},{"type":580,"attrs":52583,"content":52584},{"textAlign":49},[52585],{"type":1847,"attrs":52586},{"id":49,"alt":645,"src":52587,"title":49,"source":49,"copyright":49,"meta_data":52588},"https://a.storyblok.com/f/287943243085208/a4f5577c07/bm-image-111-1344103bd5f9.png",{},{"type":647,"attrs":52590,"content":52591},{"level":13022,"textAlign":49},[52592],{"text":52593,"type":585},"Rise of ex-China LFP battery plants",{"type":580,"attrs":52595,"content":52596},{"textAlign":49},[52597],{"text":52598,"type":585},"However, LFP battery plants are starting to be built in Vietnam, India, Norway, and the US. ",{"type":580,"attrs":52600,"content":52601},{"textAlign":49},[52602],{"type":1847,"attrs":52603},{"id":49,"alt":645,"src":52604,"title":49,"source":49,"copyright":49,"meta_data":52605},"https://a.storyblok.com/f/287943243085208/302081402e/bm-lfp-battery-capacity-1.png",{},{"type":580,"attrs":52607,"content":52608},{"textAlign":49},[52609],{"text":52610,"type":585},"LG Energy Solution, the world’s second-largest battery producer, said last year it will start producing LFP batteries in China this year and at its plant in Michigan next year. ",{"type":580,"attrs":52612,"content":52613},{"textAlign":49},[52614],{"text":52615,"type":585},"Gotion, another big Chinese producer of LFP cells, said it wants to have 100 GWh of battery capacity overseas by 2025. This month it signed an agreement with Slovakia-based InoBat to consider building a gigafactory with 40 GWh of cell capacity.",{"type":580,"attrs":52617,"content":52618},{"textAlign":49},[52619],{"text":52620,"type":585},"Last November Norwegian startup Freyr said it would build a LFP battery plant in the US state of Georgia with a capacity of 34 GWh for $1.7 billion.  ",{"type":580,"attrs":52622,"content":52623},{"textAlign":49},[52624,52626,52631],{"text":52625,"type":585},"Battery startup ",{"text":19027,"type":585,"marks":52627},[52628],{"type":590,"attrs":52629},{"href":52630,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/bmw-to-trial-dual-chemistry-lfp-lmo-battery-from-our-next-energy",{"text":52632,"type":585}," has also announced a plan to invest $1.6 billion in a 20 GWh battery factory in Michigan. ",{"type":580,"attrs":52634,"content":52635},{"textAlign":49},[52636],{"text":52637,"type":585},"Yet catching up to China in terms of total forecast capacity will take a lot more investment. At the moment China accounts for over 90% of planned LFP battery capacity out to 2030, according to Benchmark’s Gigafactory Assessment. ","Ford’s decision to build a plant in the US to produce cheaper lithium iron phosphate (LFP) batteries significantly advances production of the chemistry outside of China. LFP chemistry was invented and developed in North America, with patents held until recently by a consortium including Hydro-Québec, the University of Montreal, the National Centre for Scientific Research […]",[52640],{"slug":9249,"name":9250,"content":52641},{"job_title":9252,"image":52642,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"94a3ce5f-1aa2-434f-8722-a8ecf17ff33c\", \"id\": \"\"}-->",[52645,52646,52647,52648,52649],{"slug":956,"name":957},{"slug":2623,"name":298},{"slug":950,"name":951},{"slug":692,"name":693},{"slug":695,"name":696},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":52651,"copyright":645,"fieldtype":701,"meta_data":52652,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/801bfb7af8/bm-batteries-11312bf43.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Feb 14, 2023",{"id":52655,"uuid":52656,"name":52657,"slug":52658,"full_slug":52659,"content":52660},112471910767505,"a01e33bf-88f9-4004-b25f-befbaf862274","The big get bigger in batteries: top ten producers set to grow output 400%","the-big-get-bigger-in-batteries-top-ten-producers-set-to-grow-output-400","article/the-big-get-bigger-in-batteries-top-ten-producers-set-to-grow-output-400",{"_uid":52661,"date":52662,"tags":52663,"editor":52678,"content":52682,"excerpt":52874,"featured":51,"reporter":52875,"_editable":52879,"component":689,"seo_title":52657,"categories":52880,"visibility":697,"author_company":49,"featured_image":52884,"seo_description":52874,"author_full_name":49,"author_job_title":49,"formattedDate":52887},"80c7bf55-099f-464e-a762-8bee859a63bd","2023-01-27 00:00",[52664,52667,52668,52669,52670,52671,52674,52675,52676,52677],{"slug":52665,"name":52666},"atl","ATL",{"slug":1294,"name":1295},{"slug":4464,"name":4465},{"slug":2044,"name":2045},{"slug":564,"name":565},{"slug":52672,"name":52673},"eve","EVE",{"slug":4461,"name":4462},{"slug":7773,"name":7774},{"slug":11350,"name":11351},{"slug":31861,"name":31862},[52679],{"slug":1466,"name":1467,"content":52680},{"job_title":1469,"image":52681,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":52683},[52684,52689,52713,52718,52728,52735,52760,52765,52777,52788,52795,52800,52805,52810,52815,52820,52825,52837,52842,52847,52859,52864,52869],{"type":580,"attrs":52685,"content":52686},{"textAlign":49},[52687],{"text":52688,"type":585},"The world’s ten largest battery companies accounted for 71% of all lithium ion battery cells produced last year. ",{"type":580,"attrs":52690,"content":52691},{"textAlign":49},[52692,52694,52699,52700,52705,52706,52711],{"text":52693,"type":585},"Just three producers – ",{"text":2045,"type":585,"marks":52695},[52696],{"type":590,"attrs":52697},{"href":52698,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/bolivia-chooses-chinese-consortium-led-by-catl-for-1-billion-lithium-investment",{"text":12828,"type":585},{"text":11348,"type":585,"marks":52701},[52702],{"type":590,"attrs":52703},{"href":52704,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lges-expands-north-america-footprint-with-canada-and-arizona-gigafactories",{"text":33338,"type":585},{"text":1295,"type":585,"marks":52707},[52708],{"type":590,"attrs":52709},{"href":52710,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/tesla-lays-down-2-twh-battery-challenge-to-panasonic",{"text":52712,"type":585},", accounted for 44% of all production. ",{"type":580,"attrs":52714,"content":52715},{"textAlign":49},[52716],{"text":52717,"type":585},"The top ten battery producers, who supply most of the global electric vehicle industry, are set to increase production by 400% by 2030 as they plan to invest billions of dollars in expansion plans to keep up with rising sales of electric vehicles. ",{"type":580,"attrs":52719,"content":52720},{"textAlign":49},[52721,52726],{"text":52722,"type":585,"marks":52723},"Last year a total of $131 billion of investment was committed to battery gigafactories",[52724],{"type":590,"attrs":52725},{"href":51299,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":52727,"type":585},", according to Benchmark’s Gigafactory Assessment, a 24% increase on the year before. China accounted for 74% of the total investment.",{"type":580,"attrs":52729,"content":52730},{"textAlign":49},[52731],{"type":1847,"attrs":52732},{"id":49,"alt":645,"src":52733,"title":49,"source":49,"copyright":49,"meta_data":52734},"https://a.storyblok.com/f/287943243085208/fb7ec948b9/bm-top-10-2022.png",{},{"type":580,"attrs":52736,"content":52737},{"textAlign":49},[52738,52740,52746,52748,52753,52758],{"text":52739,"type":585},"The world’s largest ",{"text":52741,"type":585,"marks":52742},"battery producer CATL",[52743],{"type":590,"attrs":52744},{"href":52745,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/eve-and-catl-in-10-billion-euro-cylindrical-cell-push-with-bmw",{"text":52747,"type":585}," is set to see the largest absolute growth in battery production this decade, according to Benchmark, ",{"text":52749,"type":585,"marks":52750},"growing output by",[52751],{"type":590,"attrs":52752},{"href":47791,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":52754,"type":585,"marks":52755},"over half a terawatt-hour",[52756],{"type":590,"attrs":52757},{"href":47791,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":52759,"type":585}," between now and 2030.",{"type":647,"attrs":52761,"content":52762},{"level":13022,"textAlign":49},[52763],{"text":52764,"type":585},"Asia’s strength",{"type":580,"attrs":52766,"content":52767},{"textAlign":49},[52768,52770,52775],{"text":52769,"type":585},"Chinese companies accounted for 57% of the top ten’s ",{"text":52771,"type":585,"marks":52772},"production output",[52773],{"type":590,"attrs":52774},{"href":38801,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":52776,"type":585}," in 2022, whereas South Korean companies accounted for about a third. Panasonic, the only Japanese company on the list, contributed 9% to the group’s total.",{"type":580,"attrs":52778,"content":52779},{"textAlign":49},[52780,52782,52787],{"text":52781,"type":585},"“China’s dominance in vertical integration across the rest of the EV supply chain, supported by rapid growth in the domestic EV market, puts the country way ahead of other battery manufacturing nations,” Waid said. “China continues to lead the way in capacity expansion plans, with Chinese manufacturers SVolt and Sunwoda soon expected to enter the top ten, increasing ",{"text":52783,"type":585,"marks":52784},"China’s top ten share to 70% by 2030",[52785],{"type":590,"attrs":52786},{"href":48919,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":38038,"type":585},{"type":580,"attrs":52789,"content":52790},{"textAlign":49},[52791],{"type":1847,"attrs":52792},{"id":49,"alt":645,"src":52793,"title":49,"source":49,"copyright":49,"meta_data":52794},"https://a.storyblok.com/f/287943243085208/144bd532a0/bm-top-10-cell-producers-2022-v4.jpg",{},{"type":580,"attrs":52796,"content":52797},{"textAlign":49},[52798],{"text":52799,"type":585},"South Korean and Japanese battery companies including LG Energy Solution, SK On, Samsung SDI and Panasonic are all investing heavily in the North American market, as a result of subsidies unveiled in the Inflation Reduction Act. ",{"type":580,"attrs":52801,"content":52802},{"textAlign":49},[52803],{"text":52804,"type":585},"LG Energy Solution said this week it would increase capital expenditure by 50 percent this year from 6.3 trillion won ($5 billion) in 2022 as it targets annual production capacity of 300 gigawatt-hours by the end of this year. ",{"type":580,"attrs":52806,"content":52807},{"textAlign":49},[52808],{"text":52809,"type":585},"But they are still losing ground globally to Chinese manufacturers, Waid said. ",{"type":647,"attrs":52811,"content":52812},{"level":13022,"textAlign":49},[52813],{"text":52814,"type":585},"Biggest growers",{"type":580,"attrs":52816,"content":52817},{"textAlign":49},[52818],{"text":52819,"type":585},"In proportional terms, China Aviation Lithium Battery (CALB), which listed on the Hong Kong stock market last year, is expected to grow the most with a potential 15-fold increase in its output by 2030 if its announced plans come to fruition. ",{"type":580,"attrs":52821,"content":52822},{"textAlign":49},[52823],{"text":52824,"type":585},"Benchmark’s forecast shows it has the potential to have about three-quarters of the battery production of BYD in that year.",{"type":580,"attrs":52826,"content":52827},{"textAlign":49},[52828,52830,52835],{"text":52829,"type":585},"“CALB raised $1.26 billion in Hong Kong’s ",{"text":52831,"type":585,"marks":52832},"third-largest IPO last year",[52833],{"type":590,"attrs":52834},{"href":48996,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":52836,"type":585}," and is expected to use this to fund its ambitious expansion plans, domestically and overseas,” Waid said. ",{"type":580,"attrs":52838,"content":52839},{"textAlign":49},[52840],{"text":52841,"type":585},"In November, the company confirmed plans to build its first European production site in Portugal and is expected to become the fourth largest battery producer by 2030, based on current forecasts.",{"type":647,"attrs":52843,"content":52844},{"level":13022,"textAlign":49},[52845],{"text":52846,"type":585},"The declining role of portables",{"type":580,"attrs":52848,"content":52849},{"textAlign":49},[52850,52852,52857],{"text":52851,"type":585},"Amperex Technology Limited (ATL) is the only company on the list that produces lithium ion batteries for the ",{"text":52853,"type":585,"marks":52854},"portables market",[52855],{"type":590,"attrs":52856},{"href":51325,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":52858,"type":585},". As a result its growth plans are significantly less than those companies targeting the EV industry. ",{"type":580,"attrs":52860,"content":52861},{"textAlign":49},[52862],{"text":52863,"type":585},"ATL is currently the seventh largest battery maker in the world, according to Benchmark’s Lithium ion Battery Database. However, it is forecast to grow just 22% between 2022 and 2030, whereas CATL will grow almost 320% in the same time period, thanks to the ever-growing demand for electric vehicle batteries.",{"type":580,"attrs":52865,"content":52866},{"textAlign":49},[52867],{"text":52868,"type":585},"This year the top ten are likely to be entirely those who produce batteries for electric vehicles, Waid said.",{"type":580,"attrs":52870,"content":52871},{"textAlign":49},[52872],{"text":52873,"type":585},"“With the portables market being a mature market and with greater focus on sustainability, we expect governments to push portable manufacturers to increase device lifespans, which could impact long-term demand for new devices,” Waid said. “On the other hand, EVs will play a key role in lowering emissions and meeting global goals on climate change, as EV demand is set to grow around 460% by 2030.”","The world’s ten largest battery companies accounted for 71% of all lithium ion battery cells produced last year. Just three producers – CATL, LG Energy Solution, and BYD, accounted for 44% of all production. The top ten battery producers, who supply most of the global electric vehicle industry, are set to increase production by 400% […]",[52876],{"slug":1466,"name":1467,"content":52877},{"job_title":1469,"image":52878,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"80c7bf55-099f-464e-a762-8bee859a63bd\", \"id\": \"\"}-->",[52881,52882,52883],{"slug":956,"name":957},{"slug":3379,"name":3380},{"slug":954,"name":750},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":52885,"copyright":645,"fieldtype":701,"meta_data":52886,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/463af1c2cf/bm-top-10-cell-producers-2022-cover-image.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Jan 27, 2023",{"id":52889,"uuid":52890,"name":52891,"slug":52892,"full_slug":52893,"content":52894},112471940774810,"85fbb1d6-1d45-4950-a952-f642c284ca37","Where will the new lithium, cobalt and nickel supply come from in 2023?","where-will-the-new-lithium-cobalt-and-nickel-supply-come-from-in-2023","article/where-will-the-new-lithium-cobalt-and-nickel-supply-come-from-in-2023",{"_uid":52895,"date":52896,"tags":52897,"editor":52899,"content":52903,"excerpt":53205,"featured":51,"reporter":53206,"_editable":53210,"component":689,"seo_title":52891,"categories":53211,"visibility":697,"author_company":49,"featured_image":53216,"seo_description":53205,"author_full_name":49,"author_job_title":49,"formattedDate":53218},"2a6e8aad-6a63-48a2-b994-e5a6f0a3c2f1","2023-01-24 00:00",[52898],{"slug":564,"name":565},[52900],{"slug":9249,"name":9250,"content":52901},{"job_title":9252,"image":52902,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":52904},[52905,52910,52915,52922,52934,52939,52944,52949,52962,52969,52981,52986,52991,53002,53016,53027,53039,53052,53057,53062,53074,53081,53086,53091,53104,53109,53114,53119,53132,53137,53142,53155,53162,53167,53172,53177,53182,53187,53192],{"type":580,"attrs":52906,"content":52907},{"textAlign":49},[52908],{"text":52909,"type":585},"Investment in new mines as well as expansions to existing assets are set to increase the supply of battery minerals this year. ",{"type":580,"attrs":52911,"content":52912},{"textAlign":49},[52913],{"text":52914,"type":585},"Lithium supply is expected to have the biggest increase, rising by over 40% compared to 2022, while production of cobalt and nickel is expected to grow at more modest rates of 9% and 7%, respectively, according to Benchmark.",{"type":580,"attrs":52916,"content":52917},{"textAlign":49},[52918],{"type":1847,"attrs":52919},{"id":49,"alt":645,"src":52920,"title":49,"source":49,"copyright":49,"meta_data":52921},"https://a.storyblok.com/f/287943243085208/f1c9f14dc4/bm-mined-lithium-to-grow-faster-than-other-metals-in-2023.png",{},{"type":580,"attrs":52923,"content":52924},{"textAlign":49},[52925,52927,52932],{"text":52926,"type":585},"While the lithium market is set to be in a ",{"text":52928,"type":585,"marks":52929},"small deficit,",[52930],{"type":590,"attrs":52931},{"href":46325,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":52933,"type":585}," cobalt and nickel are set for a surplus of supply.",{"type":580,"attrs":52935,"content":52936},{"textAlign":49},[52937],{"text":52938,"type":585},"For lithium, the expansion of production is spread between Australia, South America and China. However, for cobalt and nickel, the growth is more concentrated with the vast majority being from the Democratic Republic of the Congo and Indonesia.",{"type":580,"attrs":52940,"content":52941},{"textAlign":49},[52942],{"text":52943,"type":585},"We take a look at where the supply growth is coming from for each of the three battery cathode minerals which Benchmark forecasts.",{"type":647,"attrs":52945,"content":52946},{"level":13022,"textAlign":49},[52947],{"text":52948,"type":585},"Lithium’s supply growth",{"type":580,"attrs":52950,"content":52951},{"textAlign":49},[52952,52954,52960],{"text":52953,"type":585},"Lithium is set for the largest year-on-year percentage growth in supply since 2016, according to Benchmark’s Lithium Forecast, due to expansions by the ",{"text":52955,"type":585,"marks":52956},"largest producers SQM",[52957],{"type":590,"attrs":52958},{"href":52959,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lithium-majors-tianqi-and-sqm-make-swoop-for-australian-juniors",{"text":52961,"type":585}," and Albemarle, as well as by new entrants in Africa and China.",{"type":580,"attrs":52963,"content":52964},{"textAlign":49},[52965],{"type":1847,"attrs":52966},{"id":49,"alt":645,"src":52967,"title":49,"source":49,"copyright":49,"meta_data":52968},"https://a.storyblok.com/f/287943243085208/8b28b4583e/bm-2023-lithium.jpg",{},{"type":580,"attrs":52970,"content":52971},{"textAlign":49},[52972,52974,52979],{"text":52973,"type":585},"About two-fifths of this year’s ",{"text":52975,"type":585,"marks":52976},"supply growth is set to come from Australia",[52977],{"type":590,"attrs":52978},{"href":43529,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":52980,"type":585},", which could see over 100,000 tonnes (LCE) of additional spodumene concentrate production, led by the Greenbushes lithium mine. Benchmark forecasts Greenbushes will grow its output by 16% this year.",{"type":580,"attrs":52982,"content":52983},{"textAlign":49},[52984],{"text":52985,"type":585},"In terms of new mines, SQM and Wesfarmers are set to start production at the Mt Holland mine this year, while Core Lithium sent out its first shipment of 1.4% lithium oxide direct shipping ore (DSO) on January 5th this year from its Finniss mine. ",{"type":580,"attrs":52987,"content":52988},{"textAlign":49},[52989],{"text":52990,"type":585},"Outside of Australia the single largest new lithium project to come online this year is expected to be Sigma Lithium’s mine in Brazil. It is expected to begin commercial production in April of this year with an initial production of 12,500 tonnes LCE.",{"type":580,"attrs":52992,"content":52993},{"textAlign":49},[52994,53000],{"text":52995,"type":585,"marks":52996},"Ganfeng Lithium and Lithium Americas’",[52997],{"type":590,"attrs":52998},{"href":52999,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/exclusive-ganfeng-eyes-us-oems-for-strategic-stake-in-mexican-lithium-project",{"text":53001,"type":585}," Salar de Cauchari mine in the Jujuy province of Argentina is also expected to come online in 2023, with an initial production of 10,000 tonnes LCE.",{"type":580,"attrs":53003,"content":53004},{"textAlign":49},[53005,53009,53010,53014],{"text":1721,"type":585,"marks":53006},[53007],{"type":590,"attrs":53008},{"href":48207,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":6709,"type":585},{"text":994,"type":585,"marks":53011},[53012],{"type":590,"attrs":53013},{"href":42071,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":53015,"type":585}," will see the largest proportional increase in their mined lithium production growing 375% and 276%, respectively, albeit from a small base.",{"type":580,"attrs":53017,"content":53018},{"textAlign":49},[53019,53025],{"text":53020,"type":585,"marks":53021},"In Canada",[53022],{"type":590,"attrs":53023},{"href":53024,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/canada-puts-breaks-on-chinas-4-billion-lithium-acquisition-spree",{"text":53026,"type":585},", Sayona Mining’s mine in Quebec is expected to start this year and Sinomine’s Tanco mine in Manitoba will continue to ramp up with its production increasing five-fold compared to 2022.",{"type":580,"attrs":53028,"content":53029},{"textAlign":49},[53030,53032,53037],{"text":53031,"type":585},"In Africa, China’s Xinfeng is forecast to increase its ",{"text":53033,"type":585,"marks":53034},"direct shipment ore",[53035],{"type":590,"attrs":53036},{"href":18973,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":53038,"type":585}," exports out of Namibia five-fold this year while in Zimbabwe Chinese miners Sinomine and Zhejiang Huayou Cobalt are both forecast to begin production in their respective mines.",{"type":580,"attrs":53040,"content":53041},{"textAlign":49},[53042,53044,53050],{"text":53043,"type":585},"“These new sources of supply will likely take some time to ramp up and may not really be operating at full capacity until 2024 or beyond,” Daisy ",{"text":53045,"type":585,"marks":53046},"Jennings-Gray, an analyst at Benchmark, said",[53047],{"type":590,"attrs":53048},{"href":53049,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/video/watch/analyst-insights-what-is-happening-in-the-lithium-market",{"text":53051,"type":585},". “Even if we do see new projects come to market, the time that it will take for that material to be qualified with customers […] may be longer than a lot of people would expect from surface-level announcements.”",{"type":647,"attrs":53053,"content":53054},{"level":13022,"textAlign":49},[53055],{"text":53056,"type":585},"Cobalt and the DRC",{"type":580,"attrs":53058,"content":53059},{"textAlign":49},[53060],{"text":53061,"type":585},"Benchmark’s cobalt forecast shows that the 2023 production of mined cobalt is expected to grow by 9% compared to 2022. ",{"type":580,"attrs":53063,"content":53064},{"textAlign":49},[53065,53067,53072],{"text":53066,"type":585},"Almost 40% of this growth is from the ",{"text":53068,"type":585,"marks":53069},"Democratic Republic of the Congo",[53070],{"type":590,"attrs":53071},{"href":48763,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":53073,"type":585},", which will continue to command the lion’s share of cobalt production globally.",{"type":580,"attrs":53075,"content":53076},{"textAlign":49},[53077],{"type":1847,"attrs":53078},{"id":49,"alt":645,"src":53079,"title":49,"source":49,"copyright":49,"meta_data":53080},"https://a.storyblok.com/f/287943243085208/c365dc0e99/bm-cobalt-2023.jpg",{},{"type":580,"attrs":53082,"content":53083},{"textAlign":49},[53084],{"text":53085,"type":585},"Supply from the DRC is expected to increase by nearly 5% this year, led by expansions at Glencore’s Katanga and Mutanda mines, Eurasian Resource Group’s (ERG) Roan Tailings Reclamation (RTR) mine and CMOC’s Tenke Fungurume mine. ",{"type":580,"attrs":53087,"content":53088},{"textAlign":49},[53089],{"text":53090,"type":585},"With supply growth outstripping demand-side growth in the near term, a growing surplus of supply is set to drive further negative pressure on prices in 2023.",{"type":580,"attrs":53092,"content":53093},{"textAlign":49},[53094,53096,53102],{"text":53095,"type":585},"However, China’s CMOC remains locked in a legal dispute with the DRC government over royalty payments at the ",{"text":53097,"type":585,"marks":53098},"Tenke mine",[53099],{"type":590,"attrs":53100},{"href":53101,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/congo-court-ejects-china-moly-from-tenke-cobalt-mine",{"text":53103,"type":585},", with exports having been stopped in July 2022.",{"type":580,"attrs":53105,"content":53106},{"textAlign":49},[53107],{"text":53108,"type":585},"“With no immediate settlement to this legal wrangling in sight, there is a real possibility that the world’s second-largest cobalt mine may have to stop production this year,” Greg Miller, an analyst at Benchmark, said. ",{"type":580,"attrs":53110,"content":53111},{"textAlign":49},[53112],{"text":53113,"type":585},"This year CMOC was set to begin production on its Kisanfu project in the DRC, which Benchmark forecasts would be the largest new addition to mined cobalt supply in 2023 if it goes ahead.",{"type":580,"attrs":53115,"content":53116},{"textAlign":49},[53117],{"text":53118,"type":585},"The shakedown of Chinese entities has not been limited to CMOC. The DRC government has also targeted the Sicomines joint venture it has with two Chinese state-owned companies. ",{"type":580,"attrs":53120,"content":53121},{"textAlign":49},[53122,53124,53130],{"text":53123,"type":585},"Outside of the DRC, ",{"text":53125,"type":585,"marks":53126},"Indonesia will account for about 37%",[53127],{"type":590,"attrs":53128},{"href":53129,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/indonesia-cobalt-supply-to-push-market-into-surplus-this-decade",{"text":53131,"type":585}," of the cobalt growth in 2023, almost doubling its market share to 6.5%. All of Indonesia’s pipeline cobalt production is from nickel processing plants.",{"type":647,"attrs":53133,"content":53134},{"level":13022,"textAlign":49},[53135],{"text":53136,"type":585},"Nickel’s Indonesian growth",{"type":580,"attrs":53138,"content":53139},{"textAlign":49},[53140],{"text":53141,"type":585},"Indonesia is set to dominate growth in refined nickel supply this year, with the ocuntry set to increase production by 25%.",{"type":580,"attrs":53143,"content":53144},{"textAlign":49},[53145,53147,53153],{"text":53146,"type":585},"Globally, however,",{"text":53148,"type":585,"marks":53149}," refined nickel production ",[53150],{"type":590,"attrs":53151},{"href":53152,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/whats-in-store-for-cobalt-and-nickel-in-2023",{"text":53154,"type":585},"is set to increase only modestly, rising 6.7% compared to 2022, about half the growth rate seen between 2021 and 2022.",{"type":580,"attrs":53156,"content":53157},{"textAlign":49},[53158],{"type":1847,"attrs":53159},{"id":49,"alt":645,"src":53160,"title":49,"source":49,"copyright":49,"meta_data":53161},"https://a.storyblok.com/f/287943243085208/1bd075d654/bm-nickel-2023.jpg",{},{"type":580,"attrs":53163,"content":53164},{"textAlign":49},[53165],{"text":53166,"type":585},"In 2020, Indonesia banned the export of nickel ore to stimulate value-added investment in the country. This meant China could no longer import ore from the region to produce nickel pig iron (NPI) to produce stainless steel. ",{"type":580,"attrs":53168,"content":53169},{"textAlign":49},[53170],{"text":53171,"type":585},"This stimulated value-added investment in Indonesia, where Chinese companies have built large-scale industrial parks centred on refined nickel and stainless steel production.",{"type":580,"attrs":53173,"content":53174},{"textAlign":49},[53175],{"text":53176,"type":585},"With lithium ion batteries representing the fastest-growing end-use market, Chinese companies have also built a number of high-pressure acid leach plants to process nickel ore into a semi-refined nickel product suited to battery precursor production.",{"type":580,"attrs":53178,"content":53179},{"textAlign":49},[53180],{"text":53181,"type":585},"The largest nameplate capacity refinery to come online in 2023 is expected to be Huayou Cobalt’s Weda Bay high-pressure acid leaching nickel and cobalt project, which is jointly owned by Huayou and battery producer EVE Energy, along with Yongrui, Glaucous International, and Lindo Investment.",{"type":580,"attrs":53183,"content":53184},{"textAlign":49},[53185],{"text":53186,"type":585},"When fully operational, the plant will have a capacity of 120,000 tonnes of nickel and 15,000 tonnes of cobalt. Benchmark forecasts it will produce 10,000 tonnes of contained nickel in 2023 in the form of mixed hydroxide precipitate.",{"type":580,"attrs":53188,"content":53189},{"textAlign":49},[53190],{"text":53191,"type":585},"In total, Benchmark forecasts seven new projects could begin operation in Weda Bay this year, with overall production in the industrial park increasing by nearly 40% compared to last year.",{"type":580,"attrs":53193,"content":53194},{"textAlign":49},[53195,53197,53203],{"text":53196,"type":585},"That will cement ",{"text":53198,"type":585,"marks":53199},"Indonesia’s position as the key supplier",[53200],{"type":590,"attrs":53201},{"href":53202,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/automakers-esg-woes-grow-over-indonesian-nickel",{"text":53204,"type":585}," of nickel to the global battery market.","Investment in new mines as well as expansions to existing assets are set to increase the supply of battery minerals this year. Lithium supply is expected to have the biggest increase, rising by over 40% compared to 2022, while production of cobalt and nickel is expected to grow at more modest rates of 9% and […]",[53207],{"slug":9249,"name":9250,"content":53208},{"job_title":9252,"image":53209,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"2a6e8aad-6a63-48a2-b994-e5a6f0a3c2f1\", \"id\": \"\"}-->",[53212,53213,53214,53215],{"slug":2544,"name":115},{"slug":1142,"name":1143},{"slug":1693,"name":8},{"slug":2553,"name":150},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":6432,"copyright":645,"fieldtype":701,"meta_data":53217,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},"Jan 24, 2023",{"id":53220,"uuid":53221,"name":53222,"slug":53223,"full_slug":53224,"content":53225},112472018561965,"8cdb61ff-37d6-41be-9198-d447765485c2","Manganese demand rising as alternative cathode chemistries gain popularity","manganese-demand-rising-as-alternative-cathode-chemistries-gain-popularity","article/manganese-demand-rising-as-alternative-cathode-chemistries-gain-popularity",{"_uid":53226,"date":53227,"tags":53228,"editor":53231,"content":53235,"excerpt":53383,"featured":51,"reporter":53384,"_editable":53388,"component":689,"seo_title":53222,"categories":53389,"visibility":697,"author_company":49,"featured_image":53394,"seo_description":53383,"author_full_name":49,"author_job_title":49,"formattedDate":53397},"234bf4fa-bf9e-461e-aba5-87a442da48e9","2023-01-06 00:00",[53229,53230],{"slug":564,"name":565},{"slug":8737,"name":8738},[53232],{"slug":1466,"name":1467,"content":53233},{"job_title":1469,"image":53234,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":53236},[53237,53242,53247,53252,53257,53270,53275,53280,53285,53290,53295,53302,53307,53312,53319,53324,53329,53342,53347,53367,53378],{"type":580,"attrs":53238,"content":53239},{"textAlign":49},[53240],{"text":53241,"type":585},"Manganese demand from batteries is set to increase almost five-fold over the next ten years, as forecast by Benchmark.",{"type":580,"attrs":53243,"content":53244},{"textAlign":49},[53245],{"text":53246,"type":585},"Lithium nickel cobalt manganese (NCM) cathode chemistries have dominated the demand for manganese over the past few years, but this is expected to change moving into the next decade.",{"type":580,"attrs":53248,"content":53249},{"textAlign":49},[53250],{"text":53251,"type":585},"Alternative cathode chemistries, such as lithium manganese nickel oxide (LMNO), lithium iron manganese phosphate (LMFP), or nickel manganese-based cathodes (NMX) with similar structures to NCM are increasing in popularity as end-users look to cut cobalt out of their supply chains.",{"type":580,"attrs":53253,"content":53254},{"textAlign":49},[53255],{"text":53256,"type":585},"“The key driver for battery innovation has always been a combination of performance improvement counterbalanced with the reduction of reliance on scarce and costly minerals,” Evan Hartley, an analyst at Benchmark, said. “Many cathode and cell producers are now investing in the development of manganese-rich cathode.”",{"type":580,"attrs":53258,"content":53259},{"textAlign":49},[53260,53262,53268],{"text":53261,"type":585},"To meet the rising demand for manganese for battery applications requires high-purity manganese sulphate or metal. Most of this is produced in China, but there are an ",{"text":53263,"type":585,"marks":53264},"increasing number of projects in development around the world",[53265],{"type":590,"attrs":53266},{"href":53267,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/why-manganese-could-be-the-next-battery-supply-chain-headache",{"text":53269,"type":585},", especially in Europe and North America.",{"type":647,"attrs":53271,"content":53272},{"level":13022,"textAlign":49},[53273],{"text":53274,"type":585},"Changing cathode chemistries",{"type":580,"attrs":53276,"content":53277},{"textAlign":49},[53278],{"text":53279,"type":585},"NCM cathodes are a popular choice for high-end electric vehicles. They have a higher energy density than lithium iron phosphate (LFP) cathodes, enabling the longer ranges demanded by their end users.",{"type":580,"attrs":53281,"content":53282},{"textAlign":49},[53283],{"text":53284,"type":585},"“NCM is mostly driving the [manganese] market at the moment,” Anna Fleming, a consultant at Benchmark said.",{"type":580,"attrs":53286,"content":53287},{"textAlign":49},[53288],{"text":53289,"type":585},"In 2022, NCM cathodes accounted for a third of cathode demand, but 90% of manganese demand. The bulk of NCM cathodes were NCM523 and NCM622, where the numbers correspond to the approximate proportions of the constituent minerals in the cathode.",{"type":580,"attrs":53291,"content":53292},{"textAlign":49},[53293],{"text":53294,"type":585},"In 2032, the proportion of cathode demand assigned to NCM cathodes is forecast by Benchmark to be relatively unchanged at 35%. However, the vast majority of it will be for the high-nickel NCM811 form, which has a third less manganese than NCM523.",{"type":580,"attrs":53296,"content":53297},{"textAlign":49},[53298],{"type":1847,"attrs":53299},{"id":49,"alt":645,"src":53300,"title":49,"source":49,"copyright":49,"meta_data":53301},"https://a.storyblok.com/f/287943243085208/9e5a802d42/bm-ncm811-on-the-rise.png",{},{"type":580,"attrs":53303,"content":53304},{"textAlign":49},[53305],{"text":53306,"type":585},"This leads to NCM cathodes dropping to 60% of manganese demand that year.",{"type":580,"attrs":53308,"content":53309},{"textAlign":49},[53310],{"text":53311,"type":585},"Despite accounting for only 3% of 2032 overall cathode demand, LMNO will make up most of the remaining demand for manganese in 2032. This cathode material has up to ten times the manganese content of NCM811, but is still yet to be proven at a large scale.",{"type":580,"attrs":53313,"content":53314},{"textAlign":49},[53315],{"type":1847,"attrs":53316},{"id":49,"alt":645,"src":53317,"title":49,"source":49,"copyright":49,"meta_data":53318},"https://a.storyblok.com/f/287943243085208/5284c2de88/bm-manganese-demand-on-the-rise.png",{},{"type":647,"attrs":53320,"content":53321},{"level":13022,"textAlign":49},[53322],{"text":53323,"type":585},"New developments",{"type":580,"attrs":53325,"content":53326},{"textAlign":49},[53327],{"text":53328,"type":585},"Beyond NCM and LMNO, new cathode developments are also focusing on manganese.",{"type":580,"attrs":53330,"content":53331},{"textAlign":49},[53332,53334,53340],{"text":53333,"type":585},"Chinese cathode majors Dynanonic and Ronbay are both producing, or ",{"text":53335,"type":585,"marks":53336},"building capacity to produce, LMFP",[53337],{"type":590,"attrs":53338},{"href":53339,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lmfp-cathodes-advance-as-chinese-producers-test-material-with-automakers",{"text":53341,"type":585},"–a new form of LFP with manganese added to improve its capacity. In September 2022, Dynanonic said it believed LMFP would replace LFP in automotive applications.",{"type":580,"attrs":53343,"content":53344},{"textAlign":49},[53345],{"text":53346,"type":585},"CATL, the world’s largest battery maker and Tesla supplier, announced a new battery chemistry called M3P in July 2022. This material is based on LFP with added manganese alongside other metals.",{"type":580,"attrs":53348,"content":53349},{"textAlign":49},[53350,53352,53358,53360,53366],{"text":53351,"type":585},"Beyond LFP-based materials, BASF, a ",{"text":53353,"type":585,"marks":53354},"German chemicals and cathode producer",[53355],{"type":590,"attrs":53356},{"href":53357,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/clean-energy-lures-gm-posco-and-basf-cathode-projects-to-quebec",{"text":53359,"type":585},", is licensed to produce a manganese-rich, cobalt-free form of NCM developed by the ",{"text":53361,"type":585,"marks":53362},"US’s Argonne National Laboratory",[53363],{"type":590,"attrs":53364},{"href":53365,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/basf-umicore-patent-agreement-shows-importance-of-ip-in-cathode-industry",{"text":1538,"type":585},{"type":580,"attrs":53368,"content":53369},{"textAlign":49},[53370,53376],{"text":53371,"type":585,"marks":53372},"SVolt",[53373],{"type":590,"attrs":53374},{"href":53375,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/indias-exide-moves-ahead-with-svolt-backed-gigafactory-plan",{"text":53377,"type":585},", a Chinese battery maker, has also pursued high-manganese battery cathodes for the last few years. In 2021, the company partnered with BASF for cathode material development.",{"type":580,"attrs":53379,"content":53380},{"textAlign":49},[53381],{"text":53382,"type":585},"“The increasing number of LMFP cathode production lines in China, and the global push towards research for manganese-rich, cobalt-free NCM cells, are indicators of manganese’s rising importance in the supply chain,” Hartley said.","Manganese demand from batteries is set to increase almost five-fold over the next ten years, as forecast by Benchmark. Lithium nickel cobalt manganese (NCM) cathode chemistries have dominated the demand for manganese over the past few years, but this is expected to change moving into the next decade. Alternative cathode chemistries, such as lithium manganese […]",[53385],{"slug":1466,"name":1467,"content":53386},{"job_title":1469,"image":53387,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"234bf4fa-bf9e-461e-aba5-87a442da48e9\", \"id\": \"\"}-->",[53390,53391,53392,53393],{"slug":956,"name":957},{"slug":2623,"name":298},{"slug":1142,"name":1143},{"slug":4962,"name":4963},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":53395,"copyright":645,"fieldtype":701,"meta_data":53396,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/846e54be92/bm-basf-cathode-active-material.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Jan 06, 2023",{"id":53399,"uuid":53400,"name":53401,"slug":53402,"full_slug":53403,"content":53404},112472028789679,"4a1cde23-ce12-4040-9996-4350df8a6a8c","Can the EU meet its proposed battery metals recycling targets?","can-the-eu-meet-its-proposed-battery-metals-recycling-targets","article/can-the-eu-meet-its-proposed-battery-metals-recycling-targets",{"_uid":53405,"date":53406,"tags":53407,"editor":53411,"content":53415,"excerpt":53634,"featured":51,"reporter":53635,"_editable":53639,"component":689,"seo_title":53401,"categories":53640,"visibility":2019,"author_company":49,"featured_image":53643,"seo_description":53634,"author_full_name":49,"author_job_title":49,"formattedDate":53645},"c017ad4d-2f24-4fc7-b9c3-9edcfb65d391","2023-01-05 00:00",[53408,53409,53410],{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":1303,"name":1304},[53412],{"slug":9249,"name":9250,"content":53413},{"job_title":9252,"image":53414,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":53416},[53417,53422,53427,53448,53453,53458,53469,53474,53479,53484,53489,53494,53499,53504,53511,53516,53521,53526,53538,53543,53550,53555,53560,53565,53570,53575,53580,53585,53590,53595,53600,53619,53624,53629],{"type":580,"attrs":53418,"content":53419},{"textAlign":49},[53420],{"text":53421,"type":585},"Towards the end of 2022, the European Parliament and Council provisionally agreed on legislation to regulate the full lifecycle of a battery to improve circularity and sustainability.",{"type":580,"attrs":53423,"content":53424},{"textAlign":49},[53425],{"text":53426,"type":585},"Included in the regulations are recovery and collection targets, and mandatory minimum targets for how much of a new battery’s raw materials should come from recycled sources.",{"type":580,"attrs":53428,"content":53429},{"textAlign":49},[53430,53432,53438,53440,53446],{"text":53431,"type":585},"Yet ",{"text":53433,"type":585,"marks":53434},"Europe may struggle",[53435],{"type":590,"attrs":53436},{"href":53437,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/opinion-europe-is-on-a-mission-to-secure-critical-minerals-heres-three-things-it-should-do",{"text":53439,"type":585}," to produce sufficient recycled lithium or cobalt by the end of the decade to meet these targets, according to an analysis by Benchmark, without an increased build-out of recycling capacity and ",{"text":53441,"type":585,"marks":53442},"improvements in the technology",[53443],{"type":590,"attrs":53444},{"href":53445,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/glencore-and-the-circular-economy-qa-with-kunal-sinha",{"text":53447,"type":585}," to recover lithium.",{"type":580,"attrs":53449,"content":53450},{"textAlign":49},[53451],{"text":53452,"type":585},"“I think it’s ambitious,” Sarah Colbourn, an analyst at Benchmark, said. “But it’s a necessary step to incentivise recyclers and investors into this space.”",{"type":647,"attrs":53454,"content":53455},{"level":13022,"textAlign":49},[53456],{"text":53457,"type":585},"Meeting mandates",{"type":580,"attrs":53459,"content":53460},{"textAlign":49},[53461,53463,53468],{"text":53462,"type":585},"The regulations are part of the European Green Deal and were updated in December 2022 to make some of the targets more ambitious than ",{"text":53464,"type":585,"marks":53465},"previously proposed",[53466],{"type":590,"attrs":53467},{"href":44119,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":53470,"content":53471},{"textAlign":49},[53472],{"text":53473,"type":585},"The new mandated targets for recycled lithium, nickel, and cobalt contained in lithium ion batteries sold in the EU will start at 6% for lithium and nickel and 16% for cobalt in 2031, if the legislation is passed this year. ",{"type":580,"attrs":53475,"content":53476},{"textAlign":49},[53477],{"text":53478,"type":585},"These will rise to 12% for lithium, 15% for nickel and 26% for cobalt in 2036 (or 13 years after the legislation is passed).",{"type":580,"attrs":53480,"content":53481},{"textAlign":49},[53482],{"text":53483,"type":585},"By 2031, Benchmark forecasts Europe’s battery cell demand to be 958 gigawatt hours. To meet the mandatory 6% target will require around 42,000 tonnes of recycled lithium (lithium carbonate equivalents).",{"type":580,"attrs":53485,"content":53486},{"textAlign":49},[53487],{"text":53488,"type":585},"Globally, recycled lithium is set to make up around 10% of the lithium supply in 2031, rising to over 20% in 2036, according to Benchmark’s Lithium Forecast.",{"type":580,"attrs":53490,"content":53491},{"textAlign":49},[53492],{"text":53493,"type":585},"However, Benchmark’s Recycling Report forecasts that Europe will only produce just over three-quarters of the required recycled lithium to meet this mandate in 2031. For cobalt, the region is expected to produce just under 70% of the required recycled material.",{"type":580,"attrs":53495,"content":53496},{"textAlign":49},[53497],{"text":53498,"type":585},"Nickel is the only recycled metal currently forecast by Benchmark to be produced in sufficient quantities to meet Europe’s target.",{"type":580,"attrs":53500,"content":53501},{"textAlign":49},[53502],{"text":53503,"type":585},"In 2036, Benchmark forecasts that Europe is not on track to produce enough of any of the metals to meet the increased minimum requirements.",{"type":580,"attrs":53505,"content":53506},{"textAlign":49},[53507],{"type":1847,"attrs":53508},{"id":49,"alt":645,"src":53509,"title":49,"source":49,"copyright":49,"meta_data":53510},"https://a.storyblok.com/f/287943243085208/60cf2dee2b/bm-eu-recycled-content-targets-are-ambitious.png",{},{"type":647,"attrs":53512,"content":53513},{"level":13022,"textAlign":49},[53514],{"text":53515,"type":585},"Improving recovery rates",{"type":580,"attrs":53517,"content":53518},{"textAlign":49},[53519],{"text":53520,"type":585},"That is not to say the targets are impossible.",{"type":580,"attrs":53522,"content":53523},{"textAlign":49},[53524],{"text":53525,"type":585},"Beyond the minimum recycled content targets, the new regulations also set out targets that recyclers should recover 50% of the lithium in a battery in 2027, increasing to 80% in 2031. For nickel and cobalt, this target is 95%.",{"type":580,"attrs":53527,"content":53528},{"textAlign":49},[53529,53531,53536],{"text":53530,"type":585},"If the EU’s recycling industry hits these targets, Benchmark’s analysis shows there is sufficient lithium, nickel and cobalt contained in the bloc’s end-of-life and ",{"text":53532,"type":585,"marks":53533},"process scrap",[53534],{"type":590,"attrs":53535},{"href":44155,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":53537,"type":585}," pools to meet the minimum recycled metal targets. This will require more capacity to be brought online.",{"type":580,"attrs":53539,"content":53540},{"textAlign":49},[53541],{"text":53542,"type":585},"“Looking to the early 2030s, Europe’s scrap pool will have grown significantly in comparison to today’s pool,” Colbourn said. “This offers Europe the availability of recycling feedstock required to meet targets for lithium, nickel, and cobalt.”",{"type":580,"attrs":53544,"content":53545},{"textAlign":49},[53546],{"type":1847,"attrs":53547},{"id":49,"alt":645,"src":53548,"title":49,"source":49,"copyright":49,"meta_data":53549},"https://a.storyblok.com/f/287943243085208/9dc57b38e2/bm-image-2.png",{},{"type":580,"attrs":53551,"content":53552},{"textAlign":49},[53553],{"text":53554,"type":585},"However, the majority of recycling in Europe currently uses pyrometallurgical processes. Colbourn explained that this is good for recovering nickel and cobalt, but the lithium ends up in the waste slag.",{"type":580,"attrs":53556,"content":53557},{"textAlign":49},[53558],{"text":53559,"type":585},"Achieving an average of 80% lithium recovery by 2031 will require significantly more capacity to be built using hydrometallurgical technologies which can recover lithium.",{"type":580,"attrs":53561,"content":53562},{"textAlign":49},[53563],{"text":53564,"type":585},"“There are drives in technology to improve lithium recovery, with more recyclers advancing hydrometallurgical processes that promise higher recovery rates for the material,” Colbourn said.",{"type":580,"attrs":53566,"content":53567},{"textAlign":49},[53568],{"text":53569,"type":585},"Many European facilities in the recycling value chain in Europe currently focus on the pretreatment of scrap batteries at the moment, producing black mass as an intermediate product, rather than battery-grade material, Colbourn said.",{"type":647,"attrs":53571,"content":53572},{"level":13022,"textAlign":49},[53573],{"text":53574,"type":585},"Developing a collection ecosystem",{"type":580,"attrs":53576,"content":53577},{"textAlign":49},[53578],{"text":53579,"type":585},"The legislation also introduces collection rates for end-of-life batteries, with the EU targeting the collection of 73% of used portable batteries by 2030 and 61% of used batteries used for light mobility applications such as e-scooters by 2031.",{"type":580,"attrs":53581,"content":53582},{"textAlign":49},[53583],{"text":53584,"type":585},"Cesar Santos, a policy officer at the European Commission, said in September at the 2022 International Congress for Battery Recycling that the legislation contains an implicit target of 100% collection of end-of-life EV batteries.",{"type":580,"attrs":53586,"content":53587},{"textAlign":49},[53588],{"text":53589,"type":585},"“End-of-life battery collection is one of the challenges that the recycling industry faces, requiring coordination from policymakers, through to battery producers and end consumers,” Colbourn said. “Recent moves from governments, including the EU, to introduce extended producer responsibility rules, which define who is responsible for lithium ion battery recycling, is critical for building out a recycling ecosystem.”",{"type":580,"attrs":53591,"content":53592},{"textAlign":49},[53593],{"text":53594,"type":585},"Currently, the collection of portable batteries is a long way off the EU target, according to Colbourn.",{"type":580,"attrs":53596,"content":53597},{"textAlign":49},[53598],{"text":53599,"type":585},"The majority of end-of-life battery waste will come from electric vehicles. An ecosystem needs to develop if the EU is to source all the end-of-life batteries required to meet its targets.",{"type":580,"attrs":53601,"content":53602},{"textAlign":49},[53603,53605,53611,53612,53618],{"text":53604,"type":585},"One way for recyclers to get hold of end-of-life batteries is to ",{"text":53606,"type":585,"marks":53607},"partner with an automaker",[53608],{"type":590,"attrs":53609},{"href":53610,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/bmw-teams-up-with-huayou-to-recycle-batteries",{"text":44173,"type":585},{"text":53613,"type":585,"marks":53614},"battery producer",[53615],{"type":590,"attrs":53616},{"href":53617,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/glencore-britishvolt-to-build-uk-battery-recycling-plant",{"text":1538,"type":585},{"type":580,"attrs":53620,"content":53621},{"textAlign":49},[53622],{"text":53623,"type":585},"“Utilising existing networks of automakers to collect EV batteries, and partnering with lithium ion battery recyclers, helps overcome some of the hurdles associated with the logistical challenges of battery recycling,” Colbourn said.",{"type":580,"attrs":53625,"content":53626},{"textAlign":49},[53627],{"text":53628,"type":585},"Analysis by Benchmark shows that the mandated minimum recycled metal targets can be met if both the overall collection rate of batteries and the recovery rates of metals in the recycling processes are improved, assuming there is sufficient capacity to process the end-of-life batteries.",{"type":580,"attrs":53630,"content":53631},{"textAlign":49},[53632],{"text":53633,"type":585},"“Meeting these targets is dependent on collection infrastructure, recycling capacity, and technology capabilities all being in place to facilitate substantial recovery of metals,” Colbourn said.","Towards the end of 2022, the European Parliament and Council provisionally agreed on legislation to regulate the full lifecycle of a battery to improve circularity and sustainability. Included in the regulations are recovery and collection targets, and mandatory minimum targets for how much of a new battery’s raw materials should come from recycled sources. Yet […]",[53636],{"slug":9249,"name":9250,"content":53637},{"job_title":9252,"image":53638,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c017ad4d-2f24-4fc7-b9c3-9edcfb65d391\", \"id\": \"\"}-->",[53641,53642],{"slug":7742,"name":7743},{"slug":14595,"name":14596},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":7918,"copyright":645,"fieldtype":701,"meta_data":53644,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},"Jan 05, 2023",{"id":53647,"uuid":10605,"name":53648,"slug":53649,"full_slug":53650,"content":53651},112472048122805,"Zimbabwe’s lithium ore export ban highlights Africa’s lithium potential","zimbabwes-lithium-ore-export-ban-highlights-africas-lithium-potential","article/zimbabwes-lithium-ore-export-ban-highlights-africas-lithium-potential",{"_uid":53652,"date":53653,"tags":53654,"editor":53661,"content":53665,"excerpt":53778,"featured":51,"reporter":53779,"_editable":53783,"component":689,"seo_title":53648,"categories":53784,"visibility":697,"author_company":49,"featured_image":53788,"seo_description":53778,"author_full_name":49,"author_job_title":49,"formattedDate":53790},"5e937ff4-69ef-4d92-8880-1ef2f0bea5a0","2022-12-23 00:00",[53655,53656,53657,53660],{"slug":993,"name":994},{"slug":564,"name":565},{"slug":53658,"name":53659},"sinomine","Sinomine",{"slug":3520,"name":3521},[53662],{"slug":9249,"name":9250,"content":53663},{"job_title":9252,"image":53664,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":53666},[53667,53672,53677,53682,53687,53692,53697,53702,53707,53714,53719,53726,53731,53736,53741,53746,53751,53763,53768,53773],{"type":580,"attrs":53668,"content":53669},{"textAlign":49},[53670],{"text":53671,"type":585},"This week Zimbabwe’s government banned the export of unprocessed lithium ores, citing concerns over increased trade by artisanal miners.",{"type":580,"attrs":53673,"content":53674},{"textAlign":49},[53675],{"text":53676,"type":585},"Beyond artisanal mining, the ban will also encourage lithium developers in the country to process the raw lithium ore into a concentrated form before exporting it to China or elsewhere to produce battery-grade lithium chemicals.",{"type":580,"attrs":53678,"content":53679},{"textAlign":49},[53680],{"text":53681,"type":585},"All of Zimbabwe’s official mined lithium is produced by a single Chinese company, with many projects in the pipeline in the country also under Chinese ownership. The ban should ensure Zimbabwe captures more of the value of its resources before they are exported, with the concentrated lithium products being taxable, whereas unprocessed ore is exempt.",{"type":580,"attrs":53683,"content":53684},{"textAlign":49},[53685],{"text":53686,"type":585},"“It forces Chinese-owned companies to develop at least some processing capacity in Africa,” Daisy Jennings-Gray, an analyst at Benchmark.",{"type":580,"attrs":53688,"content":53689},{"textAlign":49},[53690],{"text":53691,"type":585},"Jennings-Gray explained that this ban will have minimal impact on the lithium supply forecast from the country, given that the planned projects in Zimbabwe are set to produce concentrate for export, but is indicative of changing strategies within Africa to ensure more value is captured, and also a heavier focus on environmental, social and governance concerns.",{"type":580,"attrs":53693,"content":53694},{"textAlign":49},[53695],{"text":53696,"type":585},"Benchmark’s lithium forecast suggests less than 10% of Zimbabwe’s mined lithium came from artisanal sources in 2022.",{"type":647,"attrs":53698,"content":53699},{"level":13022,"textAlign":49},[53700],{"text":53701,"type":585},"Zimbabwe dominates African lithium",{"type":580,"attrs":53703,"content":53704},{"textAlign":49},[53705],{"text":53706,"type":585},"In 2022, the Al Hayat mine in the Masvingo province of Zimbabwe was the only commercial lithium mine operating in Africa. Operated by Chinese state-owned mining company Sinomine, the mine is forecast to produce just over 0.7% of global mined lithium this year.",{"type":580,"attrs":53708,"content":53709},{"textAlign":49},[53710],{"type":1847,"attrs":53711},{"id":49,"alt":645,"src":53712,"title":49,"source":49,"copyright":49,"meta_data":53713},"https://a.storyblok.com/f/287943243085208/1e0ae262f7/bm-zimbabwe-dominates-african-lithium-in-2030.png",{},{"type":580,"attrs":53715,"content":53716},{"textAlign":49},[53717],{"text":53718,"type":585},"By 2030, Africa’s share of the world’s mined lithium production is forecast by Benchmark to rise to just under 11%. Zimbabwe is expected to account for over 60% of this, with its production growing over 25-fold between now and the end of the decade.",{"type":580,"attrs":53720,"content":53721},{"textAlign":49},[53722],{"type":1847,"attrs":53723},{"id":49,"alt":645,"src":53724,"title":49,"source":49,"copyright":49,"meta_data":53725},"https://a.storyblok.com/f/287943243085208/61450d2c7b/bm-image-1-12937512142c.png",{},{"type":580,"attrs":53727,"content":53728},{"textAlign":49},[53729],{"text":53730,"type":585},"Although Sinomine’s currently operating mine will be one of the smallest in the country by that year, it has plans to develop two far larger mines this decade. If it comes to fruition, its Bikita mine in Masvingo province in Zimbabwe could be the second-largest lithium mine on the continent.",{"type":647,"attrs":53732,"content":53733},{"level":13022,"textAlign":49},[53734],{"text":53735,"type":585},"Direct-shipping ore",{"type":580,"attrs":53737,"content":53738},{"textAlign":49},[53739],{"text":53740,"type":585},"The direct shipping of ore from lithium mines remains a relatively uncommon practice, only typically becoming economic amid a very high-price environment, according to Jennings-Gray.",{"type":580,"attrs":53742,"content":53743},{"textAlign":49},[53744],{"text":53745,"type":585},"The advantage of shipping ore directly from a mine is that deliveries can begin quickly once a mine is developed, however, refineries which are able to deal with this ore are limited, Jennings-Gray said.",{"type":580,"attrs":53747,"content":53748},{"textAlign":49},[53749],{"text":53750,"type":585},"Shipments of direct shipping ore (DSO) have been recorded out of other African nations in 2022, but the continent’s official production figures remain minimal.",{"type":580,"attrs":53752,"content":53753},{"textAlign":49},[53754,53756,53761],{"text":53755,"type":585},"Sinomine, like many other mine operators in Africa, is a ",{"text":53757,"type":585,"marks":53758},"Chinese-owned company",[53759],{"type":590,"attrs":53760},{"href":42071,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":53762,"type":585},". Although the company won’t be affected by the ban as it already processes the ore into concentrate, Jennings-Gray explained that China’s large presence in the region is not without risk.",{"type":580,"attrs":53764,"content":53765},{"textAlign":49},[53766],{"text":53767,"type":585},"Xingfeng, a Chinese lithium developer in Namibia, exports around 50,000 tonnes of DSO per month from the country. If Namibia were to enact a similar ban to Zimbabwe, the company would have to concentrate the ore before shipping out, potentially keeping a greater proportion of the added value in Namibia.",{"type":580,"attrs":53769,"content":53770},{"textAlign":49},[53771],{"text":53772,"type":585},"Africa’s lithium industry remains nascent, and with foreign investment beginning to be pumped into the nation, particularly from Chinese companies, the continent still has a number of geopolitical and environmental issues to iron out.",{"type":580,"attrs":53774,"content":53775},{"textAlign":49},[53776],{"text":53777,"type":585},"“These African nations are at risk of not capturing some of the value that Chinese companies enjoy,” Jennings-Gray said. “[This ban] is cracking down on ensuring that some of the value-add goes back to the country where the material is mined and also allows for more stringent ESG standards.”","This week Zimbabwe’s government banned the export of unprocessed lithium ores, citing concerns over increased trade by artisanal miners. Beyond artisanal mining, the ban will also encourage lithium developers in the country to process the raw lithium ore into a concentrated form before exporting it to China or elsewhere to produce battery-grade lithium chemicals. All […]",[53780],{"slug":9249,"name":9250,"content":53781},{"job_title":9252,"image":53782,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"5e937ff4-69ef-4d92-8880-1ef2f0bea5a0\", \"id\": \"\"}-->",[53785,53786,53787],{"slug":1142,"name":1143},{"slug":695,"name":696},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":10828,"copyright":645,"fieldtype":701,"meta_data":53789,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},"Dec 23, 2022",{"id":53792,"uuid":53793,"name":53794,"slug":53795,"full_slug":53796,"content":53797},112472121072686,"03310895-e1cf-43f7-b601-885e72b9232f","Brazil set to double share of global lithium mining this decade as Sigma accelerates plans","brazil-set-to-double-share-of-lithium-mining-this-decade-as-sigma-accelerates-plans","article/brazil-set-to-double-share-of-lithium-mining-this-decade-as-sigma-accelerates-plans",{"_uid":53798,"date":53799,"tags":53800,"editor":53804,"content":53808,"excerpt":53917,"featured":51,"reporter":53918,"_editable":53922,"component":689,"seo_title":53794,"categories":53923,"visibility":697,"author_company":49,"featured_image":53926,"seo_description":53917,"author_full_name":49,"author_job_title":49,"formattedDate":53929},"10a32d99-2786-4ddf-8683-622513cca298","2022-12-08 00:00",[53801,53802,53803],{"slug":13671,"name":13672},{"slug":564,"name":565},{"slug":3524,"name":3525},[53805],{"slug":1466,"name":1467,"content":53806},{"job_title":1469,"image":53807,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":53809},[53810,53815,53820,53831,53836,53841,53848,53853,53860,53865,53870,53875,53880,53885,53890,53895,53907,53912],{"type":580,"attrs":53811,"content":53812},{"textAlign":49},[53813],{"text":53814,"type":585},"Brazil is forecast to more than double its share of the global mined lithium market over the next few years, becoming a significant new producer in South America. ",{"type":580,"attrs":53816,"content":53817},{"textAlign":49},[53818],{"text":53819,"type":585},"Benchmark forecasts the country is set to account for 4.4% of global production by 2024, half of the forecast global market share of Argentina. ",{"type":580,"attrs":53821,"content":53822},{"textAlign":49},[53823,53829],{"text":53824,"type":585,"marks":53825},"Brazil is often overshadowed by Chile and Argentina",[53826],{"type":590,"attrs":53827},{"href":53828,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chiles-lithium-growth-challenged-by-political-uncertainty",{"text":53830,"type":585}," when it comes to lithium production, yet the country is forecast to more than triple its output in the next two years. ",{"type":580,"attrs":53832,"content":53833},{"textAlign":49},[53834],{"text":53835,"type":585},"Luiz Inácio Lula da Silva, who was voted in as Brazil’s next president in October, has also pledged to work towards a sustainable energy transition, with a role for “greener” mining.",{"type":580,"attrs":53837,"content":53838},{"textAlign":49},[53839],{"text":53840,"type":585},"A further boost to Brazil’s position in the battery supply chain could come from BYD. The Chinese electric vehicle maker has plans to build electric vehicle production facilities and lithium processing plants in the state of Bahia in the northeast of the country. ",{"type":580,"attrs":53842,"content":53843},{"textAlign":49},[53844],{"type":1847,"attrs":53845},{"id":49,"alt":645,"src":53846,"title":49,"source":49,"copyright":49,"meta_data":53847},"https://a.storyblok.com/f/287943243085208/defe02f7a9/bm-top-five-lithium-mining-countries-in-2024.png",{},{"type":580,"attrs":53849,"content":53850},{"textAlign":49},[53851],{"text":53852,"type":585},"By 2030, the country’s output will be five times this year’s production, a faster growth rate than that of South America as a whole, which is forecast to grow just under three times in the same period.",{"type":580,"attrs":53854,"content":53855},{"textAlign":49},[53856],{"type":1847,"attrs":53857},{"id":49,"alt":645,"src":53858,"title":49,"source":49,"copyright":49,"meta_data":53859},"https://a.storyblok.com/f/287943243085208/9544ab80bb/bm-brazils-share-of-lithium-production-to-double-by-2024.png",{},{"type":580,"attrs":53861,"content":53862},{"textAlign":49},[53863],{"text":53864,"type":585},"“The country has always flown under the radar,” Cameron Perks, an analyst at Benchmark, said. “When we talk about South American lithium, we almost always speak of Chile and Argentina but not pegmatites in Brazil.”",{"type":647,"attrs":53866,"content":53867},{"level":13022,"textAlign":49},[53868],{"text":53869,"type":585},"Sigma Lithium’s dominance",{"type":580,"attrs":53871,"content":53872},{"textAlign":49},[53873],{"text":53874,"type":585},"The majority of the country’s mined lithium production is from Sigma Lithium Resources, a Canadian company operating in Brazil, which this month announced it would ship products from its Grota de Cirilo project by the end of April 2023.",{"type":580,"attrs":53876,"content":53877},{"textAlign":49},[53878],{"text":53879,"type":585},"Benchmark tracks three lithium mining companies with 2024 operations in Brazil. Of these, Sigma Lithium is forecast to account for over 60% of the country’s production and is could grow its share to nearly 80% by 2026.",{"type":580,"attrs":53881,"content":53882},{"textAlign":49},[53883],{"text":53884,"type":585},"The company mines spodumene from the state of Minas Gerais in Brazil. It currently operates a pilot-scale facility producing spodumene concentrate.",{"type":580,"attrs":53886,"content":53887},{"textAlign":49},[53888],{"text":53889,"type":585},"Sigma announced earlier this month that this facility is currently undergoing commissioning and will be sending lithium concentrate to customers from April next year. The company tripled its production target from 36,700 tonnes per year of LCE to 104,200 tonnes per year of LCE.",{"type":580,"attrs":53891,"content":53892},{"textAlign":49},[53893],{"text":53894,"type":585},"There are two other companies operating in Brazil in 2024.",{"type":580,"attrs":53896,"content":53897},{"textAlign":49},[53898,53900,53905],{"text":53899,"type":585},"AMG, a German company, has extracted spodumene from tantalum tailings since 2018 and is due to expand this operation in 2023. The spodumene is currently ",{"text":53901,"type":585,"marks":53902},"sent to China for processing",[53903],{"type":590,"attrs":53904},{"href":17463,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":53906,"type":585},", but AMG is building a processing facility in Germany to produce lithium hydroxide, due to begin operation next year.",{"type":580,"attrs":53908,"content":53909},{"textAlign":49},[53910],{"text":53911,"type":585},"Companhia Brasileira de Lítio operates the Cachoeira project, with around 2,000 tonnes LCE of spodumene production a year.",{"type":580,"attrs":53913,"content":53914},{"textAlign":49},[53915],{"text":53916,"type":585},"Brazil’s output could be further bolstered by up-and-coming juniors developing the country’s significant pegmatite resources. Benchmark tracks at least four companies with projects in the early stages of exploration in the country.","Brazil is forecast to more than double its share of the global mined lithium market over the next few years, becoming a significant new producer in South America. Benchmark forecasts the country is set to account for 4.4% of global production by 2024, half of the forecast global market share of Argentina. Brazil is often […]",[53919],{"slug":1466,"name":1467,"content":53920},{"job_title":1469,"image":53921,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"10a32d99-2786-4ddf-8683-622513cca298\", \"id\": \"\"}-->",[53924,53925],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":53927,"copyright":645,"fieldtype":701,"meta_data":53928,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/de79b3d483/bm-sigma-16-12-22-30.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Dec 08, 2022",{"id":53931,"uuid":53932,"name":53933,"slug":53934,"full_slug":53935,"content":53936},112472116202541,"b161a6ac-4001-4fad-8519-33d432d5504e","The Chinese province producing more batteries than the rest of the world ","the-chinese-province-producing-more-batteries-than-the-rest-of-the-world","article/the-chinese-province-producing-more-batteries-than-the-rest-of-the-world",{"_uid":53937,"date":53799,"tags":53938,"editor":53941,"content":53945,"excerpt":54053,"featured":51,"reporter":54054,"_editable":54058,"component":689,"seo_title":53933,"categories":54059,"visibility":697,"author_company":49,"featured_image":54062,"seo_description":54053,"author_full_name":49,"author_job_title":49,"formattedDate":53929},"4cc6968f-c066-4c0a-8112-bf5e2d63b22d",[53939,53940],{"slug":720,"name":721},{"slug":564,"name":565},[53942],{"slug":1466,"name":1467,"content":53943},{"job_title":1469,"image":53944,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":53946},[53947,53952,53957,53962,53967,53974,53979,53984,53989,53994,53999,54004,54009,54014,54019,54026,54031,54036,54043,54048],{"type":580,"attrs":53948,"content":53949},{"textAlign":49},[53950],{"text":53951,"type":585},"China’s Jiangsu province will produce more batteries than the rest of the world this year and is set to extend its lead in 2023, according to a Benchmark analysis.",{"type":580,"attrs":53953,"content":53954},{"textAlign":49},[53955],{"text":53956,"type":585},"Jiangsu is forecast to produce almost 250 gigawatt-hours (GWh) of battery cells next year, 10 GWh more than all other non-Chinese countries, data from Benchmark’s Lithium ion Battery Database shows. ",{"type":580,"attrs":53958,"content":53959},{"textAlign":49},[53960],{"text":53961,"type":585},"“In the EV supply chain, Changzhou is the main area in Jiangsu. Government support and planning on the EV supply chain was a gamble. The government saw the opportunity first and decided to invest more at an early stage to develop the industry faster,” Albert Li, an analyst from Benchmark, said. ",{"type":580,"attrs":53963,"content":53964},{"textAlign":49},[53965],{"text":53966,"type":585},"The rapid development of battery production in the region highlights the disparity between Chinese provinces and other countries looking to scale up battery production.",{"type":580,"attrs":53968,"content":53969},{"textAlign":49},[53970],{"type":1847,"attrs":53971},{"id":49,"alt":645,"src":53972,"title":49,"source":49,"copyright":49,"meta_data":53973},"https://a.storyblok.com/f/287943243085208/dc3cbb2a28/bm-rise-of-jiangsu.png",{},{"type":580,"attrs":53975,"content":53976},{"textAlign":49},[53977],{"text":53978,"type":585},"In 2015, there were only two battery factories in Jiangsu producing at gigawatt-hour scale. Following major investments from Chinese and South Korean battery manufacturers there are now 28 plants producing at gigawatt-hour scale. ",{"type":580,"attrs":53980,"content":53981},{"textAlign":49},[53982],{"text":53983,"type":585},"In comparison, Benchmark forecasts that only 31 gigafactories outside of China will produce more than one gigawatt-hour of cells in 2022. ",{"type":580,"attrs":53985,"content":53986},{"textAlign":49},[53987],{"text":53988,"type":585},"Changzhou introduced CALB to establish cell factories in 2015, CATL in 2016, and SVOLT in 2018, Li said. ",{"type":580,"attrs":53990,"content":53991},{"textAlign":49},[53992],{"text":53993,"type":585},"“These projects drew more downstream and upstream projects to actively work with cell producers,” he said.",{"type":580,"attrs":53995,"content":53996},{"textAlign":49},[53997],{"text":53998,"type":585},"Expansions from tier 1 battery producers have been key to Jiangsu’s battery production growth and will account for 64% of output next year. The province is home to seven of nine tier 1 battery manufacturers including CATL, BYD, LG Energy Solution (LGES), and SK On. ",{"type":647,"attrs":54000,"content":54001},{"level":13022,"textAlign":49},[54002],{"text":54003,"type":585},"Competing with continents ",{"type":580,"attrs":54005,"content":54006},{"textAlign":49},[54007],{"text":54008,"type":585},"The growth of Jiangsu’s battery industry has seen it quickly overtake other parts of the world. In 2018, North America’s cell production output was 40% more than Jiangsu province at 27 GWh. ",{"type":580,"attrs":54010,"content":54011},{"textAlign":49},[54012],{"text":54013,"type":585},"Since then, Jiangsu’s battery production has increased by 850%, while North America’s has almost doubled. ",{"type":580,"attrs":54015,"content":54016},{"textAlign":49},[54017],{"text":54018,"type":585},"This year, Jiangsu province is on track to produce almost four times more than North America and three times Europe. Benchmark forecasts that it will take until 2029 for the two continents to match Jiangsu’s lithium ion output.",{"type":580,"attrs":54020,"content":54021},{"textAlign":49},[54022],{"type":1847,"attrs":54023},{"id":49,"alt":645,"src":54024,"title":49,"source":49,"copyright":49,"meta_data":54025},"https://a.storyblok.com/f/287943243085208/96bdb68968/bm-jiangsu-v-europe-v-north-america-1.png",{},{"type":580,"attrs":54027,"content":54028},{"textAlign":49},[54029],{"text":54030,"type":585},"A Chinese battery and economic hub",{"type":580,"attrs":54032,"content":54033},{"textAlign":49},[54034],{"text":54035,"type":585},"Jiangsu has been central to the growth of China’s battery industry and is forecast to produce almost a third of the country’s battery output this year, according to Benchmark’s Lithium ion Battery Database.",{"type":580,"attrs":54037,"content":54038},{"textAlign":49},[54039],{"type":1847,"attrs":54040},{"id":49,"alt":645,"src":54041,"title":49,"source":49,"copyright":49,"meta_data":54042},"https://a.storyblok.com/f/287943243085208/af70e0e06f/bm-china-battery-provinces.png",{},{"type":580,"attrs":54044,"content":54045},{"textAlign":49},[54046],{"text":54047,"type":585},"“Jiangsu province’s GDP has ranked second in China for three decades. The region has a strong business environment, an experienced local government, and is located between Beijing and Shanghai ports for sea and river transportation,” Li said. ",{"type":580,"attrs":54049,"content":54050},{"textAlign":49},[54051],{"text":54052,"type":585},"“Government support with real promises is very important – not just in finance but also in policy and real execution,” he added. ","China’s Jiangsu province will produce more batteries than the rest of the world this year and is set to extend its lead in 2023, according to a Benchmark analysis. Jiangsu is forecast to produce almost 250 gigawatt-hours (GWh) of battery cells next year, 10 GWh more than all other non-Chinese countries, data from Benchmark’s Lithium […]",[54055],{"slug":1466,"name":1467,"content":54056},{"job_title":1469,"image":54057,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4cc6968f-c066-4c0a-8112-bf5e2d63b22d\", \"id\": \"\"}-->",[54060,54061],{"slug":956,"name":957},{"slug":3379,"name":3380},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":54063,"copyright":645,"fieldtype":701,"meta_data":54064,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/989cfc8c16/bm-changzhou-jiangsu-province.jpg",{"alt":645,"title":645,"source":645,"copyright":645},{"id":54066,"uuid":54067,"name":54068,"slug":54069,"full_slug":54070,"content":54071},112472186444860,"c9ef5097-48d3-405f-8e53-51c346e78c05","LG Chem Tennessee cathode plant could double North American production","lg-chem-tennessee-cathode-plant-could-double-north-american-production","article/lg-chem-tennessee-cathode-plant-could-double-north-american-production",{"_uid":54072,"date":54073,"tags":54074,"editor":54078,"content":54082,"excerpt":54214,"featured":51,"reporter":54215,"_editable":54219,"component":689,"seo_title":54068,"categories":54220,"visibility":697,"author_company":49,"featured_image":54223,"seo_description":54214,"author_full_name":49,"author_job_title":49,"formattedDate":54226},"194f96f0-a07c-458d-a48c-32c965c50f2e","2022-11-24 00:00",[54075,54076,54077],{"slug":564,"name":565},{"slug":36724,"name":36725},{"slug":561,"name":562},[54079],{"slug":9249,"name":9250,"content":54080},{"job_title":9252,"image":54081,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":54083},[54084,54089,54094,54113,54126,54131,54138,54143,54148,54155,54160,54165,54170,54177,54182,54187,54192,54204,54209],{"type":580,"attrs":54085,"content":54086},{"textAlign":49},[54087],{"text":54088,"type":585},"LG Chem’s decision to build a $3.2 billion battery cathode facility in Tennessee could more than double North American cathode production in five years, highlighting the scale of new investments in the US following the passing of landmark climate legislation this summer. ",{"type":580,"attrs":54090,"content":54091},{"textAlign":49},[54092],{"text":54093,"type":585},"The South Korean company said the 120,000 tonnes per year plant is scheduled for completion in 2027, enough for 1.2 million electric vehicles. Benchmark currently forecasts North American cathode production in that year to potentially be just under 100,000 tonnes.",{"type":580,"attrs":54095,"content":54096},{"textAlign":49},[54097,54099,54105,54107,54111],{"text":54098,"type":585},"The announcement comes following the provision of generous tax incentives for US producers of ",{"text":54100,"type":585,"marks":54101},"battery materials such as cathodes",[54102],{"type":590,"attrs":54103},{"href":54104,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/can-the-us-meet-the-critical-mineral-requirements-of-the-climate-bill",{"text":54106,"type":585}," in the ",{"text":25844,"type":585,"marks":54108},[54109],{"type":590,"attrs":54110},{"href":48249,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":54112,"type":585},", which was passed in August. The bill provides tax credits of up to 10% of production costs a year for cathode producers.",{"type":580,"attrs":54114,"content":54115},{"textAlign":49},[54116,54118,54124],{"text":54117,"type":585},"That’s helped accelerate the development of the US battery supply chain, with the US overtaking Europe ",{"text":54119,"type":585,"marks":54120},"in the second half of this year",[54121],{"type":590,"attrs":54122},{"href":54123,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/ira-lifts-us-battery-pipeline-growth-in-second-half-of-the-year-outpacing-europe",{"text":54125,"type":585}," in terms of announced new battery capacity, according to Benchmark.  ",{"type":580,"attrs":54127,"content":54128},{"textAlign":49},[54129],{"text":54130,"type":585},"LG Chem’s investment in the cathode production facility is the single largest announced foreign direct investment in Tennessee’s history, according to the Tennessee Department of Economic and Community Development.",{"type":580,"attrs":54132,"content":54133},{"textAlign":49},[54134],{"type":1847,"attrs":54135},{"id":49,"alt":645,"src":54136,"title":49,"source":49,"copyright":49,"meta_data":54137},"https://a.storyblok.com/f/287943243085208/15d71cf38e/bm-tennessee-attracts-billions-of-dollars.png",{},{"type":580,"attrs":54139,"content":54140},{"textAlign":49},[54141],{"text":54142,"type":585},"The plant could supply 18% of North America’s 2030 cathode demand if it operated at its full announced capacity. This would be a significant boon to the region’s currently lacking midstream.",{"type":580,"attrs":54144,"content":54145},{"textAlign":49},[54146],{"text":54147,"type":585},"LG said the plant would start production in the second half of 2025.",{"type":580,"attrs":54149,"content":54150},{"textAlign":49},[54151],{"type":1847,"attrs":54152},{"id":49,"alt":645,"src":54153,"title":49,"source":49,"copyright":49,"meta_data":54154},"https://a.storyblok.com/f/287943243085208/b6254ab726/bm-lg-vs-2027-1.jpg",{},{"type":647,"attrs":54156,"content":54157},{"level":13022,"textAlign":49},[54158],{"text":54159,"type":585},"Tennessee Battery Hub",{"type":580,"attrs":54161,"content":54162},{"textAlign":49},[54163],{"text":54164,"type":585},"The deal also consolidates Tennessee’s position as one of the hubs for America’s battery supply chain development, with several facilities in the state under construction.",{"type":580,"attrs":54166,"content":54167},{"textAlign":49},[54168],{"text":54169,"type":585},"“LG Chem’s decision to locate its new cathode manufacturing facility in Clarksville underscores Tennessee’s growing profile as a hub for US and global companies,” Stuart McWhorter, Tennessee’s commissioner for the Department of Economic and Community Development, said.",{"type":580,"attrs":54171,"content":54172},{"textAlign":49},[54173],{"type":1847,"attrs":54174},{"id":49,"alt":645,"src":54175,"title":49,"source":49,"copyright":49,"meta_data":54176},"https://a.storyblok.com/f/287943243085208/34e37aa114/bm-tennessee-map-3.jpg",{},{"type":580,"attrs":54178,"content":54179},{"textAlign":49},[54180],{"text":54181,"type":585},"LG Chem said Tennessee was the location of choice for the cathode facility in part because of its proximity to key customers.",{"type":580,"attrs":54183,"content":54184},{"textAlign":49},[54185],{"text":54186,"type":585},"Benchmark tracks four gigafactories in the state, including a plant being built by LG Energy Solution, a battery spin-off from LG Chem, with GM. ",{"type":580,"attrs":54188,"content":54189},{"textAlign":49},[54190],{"text":54191,"type":585},"A total of $9 billion has been invested in Tennessean gigafactories with a total capacity of 77 gigawatt-hours. A joint venture between Ford and SK On provided the largest chunk of this with $5.6 billion for their 43 GWh Blue Oval City plant in Stanton, Tennessee, which is under construction.",{"type":580,"attrs":54193,"content":54194},{"textAlign":49},[54195,54197,54202],{"text":54196,"type":585},"There have also been other investments in the midstream of the battery supply chain. Novonix has a synthetic graphite anode production facility under construction in the state. Novonix recently received $150 million from the ",{"text":54198,"type":585,"marks":54199},"Department of Energy’s battery materials opportunity fund",[54200],{"type":590,"attrs":54201},{"href":48352,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":54203,"type":585},", and matched that with over $877 million.",{"type":580,"attrs":54205,"content":54206},{"textAlign":49},[54207],{"text":54208,"type":585},"The state is also home to the US’s only nickel sulphate production facility, operated by Umicore.",{"type":580,"attrs":54210,"content":54211},{"textAlign":49},[54212],{"text":54213,"type":585},"Piedmont Lithium is developing a lithium hydroxide production facility in Etowah, Tennessee due to begin operations in 2026, according to Benchmark. The company said it plans to invest $600 million on the plant and recently received a grant of over $140 million from the Department of Energy towards this.","LG Chem’s decision to build a $3.2 billion battery cathode facility in Tennessee could more than double North American cathode production in five years, highlighting the scale of new investments in the US following the passing of landmark climate legislation this summer. The South Korean company said the 120,000 tonnes per year plant is scheduled […]",[54216],{"slug":9249,"name":9250,"content":54217},{"job_title":9252,"image":54218,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"194f96f0-a07c-458d-a48c-32c965c50f2e\", \"id\": \"\"}-->",[54221,54222],{"slug":956,"name":957},{"slug":2623,"name":298},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":54224,"copyright":645,"fieldtype":701,"meta_data":54225,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/f1de774bf9/bm-image-11.png",{"alt":645,"title":645,"source":645,"copyright":645},"Nov 24, 2022",{"id":54228,"uuid":54229,"name":54230,"slug":54231,"full_slug":54232,"content":54233},112472201227328,"dc6af2d6-c31b-4731-a758-5d6e11cb07a2","IRA lifts US battery pipeline growth in second half of the year, outpacing Europe ","ira-lifts-us-battery-pipeline-growth-in-second-half-of-the-year-outpacing-europe","article/ira-lifts-us-battery-pipeline-growth-in-second-half-of-the-year-outpacing-europe",{"_uid":54234,"date":54235,"tags":54236,"editor":54241,"content":54245,"excerpt":54323,"featured":51,"reporter":54324,"_editable":54328,"component":689,"seo_title":54230,"categories":54329,"visibility":697,"author_company":49,"featured_image":54333,"seo_description":54323,"author_full_name":49,"author_job_title":49,"formattedDate":54336},"af7eaea5-d8f9-46f2-88d1-63f0eb910f6b","2022-11-23 00:00",[54237,54238,54239,54240],{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":31859,"name":25844},{"slug":561,"name":562},[54242],{"slug":9249,"name":9250,"content":54243},{"job_title":9252,"image":54244,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":54246},[54247,54258,54263,54268,54273,54278,54285,54290,54303,54308,54313,54318],{"type":580,"attrs":54248,"content":54249},{"textAlign":49},[54250,54252,54256],{"text":54251,"type":585},"The US announced more battery capacity and gigafactories to its pipeline than Europe in the second half of the year, following the unveiling of tax incentives in President Joe Biden’s ",{"text":33085,"type":585,"marks":54253},[54254],{"type":590,"attrs":54255},{"href":48207,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":54257,"type":585}," in August. ",{"type":580,"attrs":54259,"content":54260},{"textAlign":49},[54261],{"text":54262,"type":585},"A total of 242 giga-watt hours (GWh) of battery capacity was added to the US pipeline in the second half of the year, an increase of 34.3% since July, according to Benchmark’s Lithium on Battery Gigafactory Assessment.",{"type":580,"attrs":54264,"content":54265},{"textAlign":49},[54266],{"text":54267,"type":585},"In comparison, Europe’s battery capacity pipeline has increased by 16.7% or 170 GWh over the same period, with Chinese companies responsible for all new gigafactories. ",{"type":580,"attrs":54269,"content":54270},{"textAlign":49},[54271],{"text":54272,"type":585},"“The IRA announcement can be clearly seen within the announced North American pipeline, and whilst the European pipeline has increased, that growth is more stable, continuing the trend seen throughout the year,” said Evan Hartley, an analyst with Benchmark. ",{"type":580,"attrs":54274,"content":54275},{"textAlign":49},[54276],{"text":54277,"type":585},"“Additionally the major announcements within Europe since the IRA have been led by Chinese producers, who may now be increasingly drawn to the European market, as a result of reduced North American market access.”",{"type":580,"attrs":54279,"content":54280},{"textAlign":49},[54281],{"type":1847,"attrs":54282},{"id":49,"alt":645,"src":54283,"title":49,"source":49,"copyright":49,"meta_data":54284},"https://a.storyblok.com/f/287943243085208/82b7a27fc2/bm-the-ira-effect-us-gigafactory-pipeline-nears-1-twh.png",{},{"type":580,"attrs":54286,"content":54287},{"textAlign":49},[54288],{"text":54289,"type":585},"The data shows Europe risks falling behind the US in terms of battery cell developments as companies look to benefit from the incentives to quickly scale up operations in North America provided by the IRA. ",{"type":580,"attrs":54291,"content":54292},{"textAlign":49},[54293,54295,54301],{"text":54294,"type":585},"The developments come at a time when ",{"text":54296,"type":585,"marks":54297},"Europe has been forecast to struggle",[54298],{"type":590,"attrs":54299},{"href":54300,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/europe-set-for-battery-supply-shortage-this-decade-as-us-asia-expand-production/",{"text":54302,"type":585}," to keep pace with rising demand for electric vehicles this decade, as the region falls behind the US and Asia in terms of becoming self-sufficient in lithium ion battery cells.",{"type":580,"attrs":54304,"content":54305},{"textAlign":49},[54306],{"text":54307,"type":585},"The European Union raised serious concerns about the IRA earlier this month, calling it discriminatory, and saying it risks causing economic damage to both the US and its closest trading partners leading to a “global subsidy race to the bottom on key technologies and inputs for the green transition.” ",{"type":580,"attrs":54309,"content":54310},{"textAlign":49},[54311],{"text":54312,"type":585},"The USA’s pipeline grew by less than 5 GWh in the first six months of the year while Europe’s pipeline increased by 18.8% or 161 GWh, according to Benchmark Lithium Ion Battery Gigafactory Assessment.",{"type":580,"attrs":54314,"content":54315},{"textAlign":49},[54316],{"text":54317,"type":585},"However, on a year-to-date basis, Europe’s battery capacity growth outpaced that of the US as the latter increased its battery pipeline by 35.2% or 247 GWh. In contrast Europe’s pipeline has increased by 38.7% or 331 GWh year-to-date. Chinese producers have added over 220 GWh of capacity to Europe’s pipeline this year.",{"type":580,"attrs":54319,"content":54320},{"textAlign":49},[54321],{"text":54322,"type":585},"“Since the IRA announcement, CATL, CALB, and SVOLT have all made further European capacity commitments. Whether that is as a direct result of the IRA is pretty debatable but it is notable that with Chinese producers blocked from setting up cell production in the US…the European market may see further Chinese investment from companies trying to develop an international presence,” Hartley said.","The US announced more battery capacity and gigafactories to its pipeline than Europe in the second half of the year, following the unveiling of tax incentives in President Joe Biden’s Inflation Reduction Act (IRA) in August. A total of 242 giga-watt hours (GWh) of battery capacity was added to the US pipeline in the second […]",[54325],{"slug":9249,"name":9250,"content":54326},{"job_title":9252,"image":54327,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"af7eaea5-d8f9-46f2-88d1-63f0eb910f6b\", \"id\": \"\"}-->",[54330,54331,54332],{"slug":956,"name":957},{"slug":695,"name":696},{"slug":3379,"name":3380},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":54334,"copyright":645,"fieldtype":701,"meta_data":54335,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c3bbfde28b/bm-bmw-us-plant.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Nov 23, 2022",{"id":54338,"uuid":54339,"name":54340,"slug":54341,"full_slug":54342,"content":54343},112472216132675,"8e45ffd0-5ae8-425f-bcfe-7e00819f313b","Lithium majors expand in China despite geopolitical tensions","lithium-majors-expand-in-china-despite-geopolitical-tensions","article/lithium-majors-expand-in-china-despite-geopolitical-tensions",{"_uid":54344,"date":54345,"tags":54346,"editor":54349,"content":54353,"excerpt":54496,"featured":51,"reporter":54497,"_editable":54501,"component":689,"seo_title":54340,"categories":54502,"visibility":697,"author_company":49,"featured_image":54506,"seo_description":54496,"author_full_name":49,"author_job_title":49,"formattedDate":54509},"f10e531f-56ca-46d1-8cc3-de65550db9ec","2022-11-21 00:00",[54347,54348],{"slug":720,"name":721},{"slug":564,"name":565},[54350],{"slug":9249,"name":9250,"content":54351},{"job_title":9252,"image":54352,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":54354},[54355,54360,54365,54370,54375,54382,54387,54392,54397,54402,54409,54414,54419,54424,54429,54434,54439,54444,54449,54454,54459,54464,54471,54476,54481,54486,54491],{"type":580,"attrs":54356,"content":54357},{"textAlign":49},[54358],{"text":54359,"type":585},"The three biggest lithium producers outside of China are continuing to invest in Chinese production assets, despite mounting geopolitical tensions and efforts by the US to build a domestic supply chain. ",{"type":580,"attrs":54361,"content":54362},{"textAlign":49},[54363],{"text":54364,"type":585},"Albemarle, Livent and SQM have all announced new processing plants in China this year to produce lithium hydroxide and lithium carbonate, with production set to dwarf that from North America. ",{"type":580,"attrs":54366,"content":54367},{"textAlign":49},[54368],{"text":54369,"type":585},"The investments reflect the reality of China’s dominance in the electric vehicle market, with Chinese sales likely to account for over half of global EV figures this year. Currently, over 70% of the revenue for producers such as Livent comes from Asia, while for SQM it is over 90%. ",{"type":580,"attrs":54371,"content":54372},{"textAlign":49},[54373],{"text":54374,"type":585},"China’s experience building lithium conversion plants makes investing in the country quicker and cheaper than building in North America. Albemarle is building two conversion plants in China, with total capacity set to be greater than that planned for the US by the end of 2024. ",{"type":580,"attrs":54376,"content":54377},{"textAlign":49},[54378],{"type":1847,"attrs":54379},{"id":49,"alt":645,"src":54380,"title":49,"source":49,"copyright":49,"meta_data":54381},"https://a.storyblok.com/f/287943243085208/677e5c785d/bm-chart-1-us-majors-china-v-n-america.png",{},{"type":580,"attrs":54383,"content":54384},{"textAlign":49},[54385],{"text":54386,"type":585},"China is too big to ignore for major lithium producers, according to Daisy Jennings-Gray, an analyst at Benchmark. ",{"type":580,"attrs":54388,"content":54389},{"textAlign":49},[54390],{"text":54391,"type":585},"“They may not particularly want a decoupling because so much of their downstream demand is in China, where it looks set to remain for at least the next decade,” she said. “It is easier and more affordable to get operations up and running in China, and it is helpful to have regional hubs to feed the demand in different areas and meet different customers’ needs.” ",{"type":580,"attrs":54393,"content":54394},{"textAlign":49},[54395],{"text":54396,"type":585},"Benchmark expects lithium chemical supply from North America could increase to 70,000 tonnes LCE by 2025 if all capacity announcements come to market successfully, representing an ambitious four-fold increase on 2022 supply. ",{"type":580,"attrs":54398,"content":54399},{"textAlign":49},[54400],{"text":54401,"type":585},"That, however, is far less than forecasts for China, where production is set to top 847,000 tonnes LCE by that date if facilities from all producers are considered. ",{"type":580,"attrs":54403,"content":54404},{"textAlign":49},[54405],{"type":1847,"attrs":54406},{"id":49,"alt":645,"src":54407,"title":49,"source":49,"copyright":49,"meta_data":54408},"https://a.storyblok.com/f/287943243085208/83657077e0/bm-chart-2-us-majors-china-v-usa-fta.png",{},{"type":647,"attrs":54410,"content":54411},{"level":649,"textAlign":49},[54412],{"text":54413,"type":585},"Albemarle expands in China",{"type":580,"attrs":54415,"content":54416},{"textAlign":49},[54417],{"text":54418,"type":585},"Livent, Albemarle and SQM are set to own over 145,000 tonnes LCE of production capacity in China over the next few years. ",{"type":580,"attrs":54420,"content":54421},{"textAlign":49},[54422],{"text":54423,"type":585},"In October, US producer Albemarle completed the acquisition of Guangxi Tianyuan New Energy Materials, a Chinese converter, for around $200 million. ",{"type":580,"attrs":54425,"content":54426},{"textAlign":49},[54427],{"text":54428,"type":585},"The conversion plant near the port of Qinzhou in Guangxi province has a designed annual conversion capacity of up to 25,000 tonnes and can produce battery-grade lithium carbonate and lithium hydroxide.",{"type":580,"attrs":54430,"content":54431},{"textAlign":49},[54432],{"text":54433,"type":585},"A few months earlier Albemarle held a ceremony for the groundbreaking of a lithium conversion plant in Meishan, Sichuan province, that will have a capacity of 50,000 tonnes a year of lithium hydroxide. Its other Chinese plant under construction is in Zhangjiagang in eastern Jiangsu province.",{"type":580,"attrs":54435,"content":54436},{"textAlign":49},[54437],{"text":54438,"type":585},"By 2030, Albemarle is likely to increase production in China from 41,600 tonnes LCE to 171,600, according to Benchmark, while in the US, this will rise from 7,500 tonnes to 53,900 tonnes. ",{"type":580,"attrs":54440,"content":54441},{"textAlign":49},[54442],{"text":54443,"type":585},"Albemarle plans to build a conversion facility in the southeast of the US with a capacity to produce up to 100,000 tonnes of battery-grade lithium a year, yet a location has yet to be determined. It is set to be completed by 2029, according to the company. ",{"type":647,"attrs":54445,"content":54446},{"level":13022,"textAlign":49},[54447],{"text":54448,"type":585},"Livent’s expansion plans",{"type":580,"attrs":54450,"content":54451},{"textAlign":49},[54452],{"text":54453,"type":585},"Livent mines lithium in Argentina that is then processed in North Carolina. This month the company held a ceremony for the completion of a 5,000 tonne capacity expansion of its lithium hydroxide facility located in Bessemer City.",{"type":580,"attrs":54455,"content":54456},{"textAlign":49},[54457],{"text":54458,"type":585},"The company aims to double its lithium hydroxide production capacity by the end of 2025 to 55,000 tonnes, excluding its share of Nemaska Lithium, a mining and refining project in Quebec that Livent owns half of. ",{"type":580,"attrs":54460,"content":54461},{"textAlign":49},[54462],{"text":54463,"type":585},"Yet most of that growth in capacity will come from China, where Livent is building a new 15,000 tonne capacity lithium hydroxide plant in Zhejiang province that is set to start production in 2023. ",{"type":580,"attrs":54465,"content":54466},{"textAlign":49},[54467],{"type":1847,"attrs":54468},{"id":49,"alt":645,"src":54469,"title":49,"source":49,"copyright":49,"meta_data":54470},"https://a.storyblok.com/f/287943243085208/cfdc7dbaa8/bm-chart-3-american-majors-us-fta-v-china-1.png",{},{"type":647,"attrs":54472,"content":54473},{"level":13022,"textAlign":49},[54474],{"text":54475,"type":585},"Regionalisation of lithium supply chains",{"type":580,"attrs":54477,"content":54478},{"textAlign":49},[54479],{"text":54480,"type":585},"Global lithium producers will likely use their North American assets to supply their customers in North America, and their Chinese assets to supply their customers in Asia, which should enable a  shorter supply chain, Jennings-Gray said.",{"type":580,"attrs":54482,"content":54483},{"textAlign":49},[54484],{"text":54485,"type":585},"As concern grows over China’s control of almost 60% of the world’s capacity for processing raw lithium products into battery-grade chemicals, governments in the West are offering incentives to boost domestic production.",{"type":580,"attrs":54487,"content":54488},{"textAlign":49},[54489],{"text":54490,"type":585},"Last month Albemarle said it was awarded a $150 million grant from the Department of Energy to build a spodumene concentrator facility at its Kings Mountain mine in North Carolina.",{"type":580,"attrs":54492,"content":54493},{"textAlign":49},[54494],{"text":54495,"type":585},"Yet China is still where the vast majority of battery quality lithium supply will come from by the end of the decade, she said, “because it is in such a position to quickly build capacity.” ","The three biggest lithium producers outside of China are continuing to invest in Chinese production assets, despite mounting geopolitical tensions and efforts by the US to build a domestic supply chain. Albemarle, Livent and SQM have all announced new processing plants in China this year to produce lithium hydroxide and lithium carbonate, with production set […]",[54498],{"slug":9249,"name":9250,"content":54499},{"job_title":9252,"image":54500,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f10e531f-56ca-46d1-8cc3-de65550db9ec\", \"id\": \"\"}-->",[54503,54504,54505],{"slug":1142,"name":1143},{"slug":695,"name":696},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":54507,"copyright":645,"fieldtype":701,"meta_data":54508,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/65898acf46/bm-china.png",{"alt":645,"title":645,"source":645,"copyright":645},"Nov 21, 2022",{"id":54511,"uuid":54512,"name":54513,"slug":54514,"full_slug":54515,"content":54516},112472230530119,"e3fb9604-bfac-4505-bd9d-238bdc7809ec","Can North America build a battery supply chain?","can-north-america-build-a-battery-supply-chain","article/can-north-america-build-a-battery-supply-chain",{"_uid":54517,"date":54518,"tags":54519,"editor":54522,"content":54526,"excerpt":54650,"featured":51,"reporter":54651,"_editable":54655,"component":689,"seo_title":54513,"categories":54656,"visibility":697,"author_company":49,"featured_image":54659,"seo_description":54650,"author_full_name":49,"author_job_title":49,"formattedDate":54662},"5fa3bafa-a3ee-4475-9b27-ace300c9d331","2022-11-17 00:00",[54520,54521],{"slug":564,"name":565},{"slug":1720,"name":1721},[54523],{"slug":1466,"name":1467,"content":54524},{"job_title":1469,"image":54525,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":54527},[54528,54533,54538,54543,54548,54553,54558,54563,54570,54575,54580,54585,54590,54595,54600,54605,54610,54615,54620,54625,54630,54635,54640,54645],{"type":580,"attrs":54529,"content":54530},{"textAlign":49},[54531],{"text":54532,"type":585},"Increased penetration of electric vehicles and large-scale deployment of energy storage systems is driving the rising demand for batteries in North America.",{"type":580,"attrs":54534,"content":54535},{"textAlign":49},[54536],{"text":54537,"type":585},"Benchmark forecasts regional demand will increase nearly six-fold between 2022 and 2030.",{"type":580,"attrs":54539,"content":54540},{"textAlign":49},[54541],{"text":54542,"type":585},"But while battery cell production is expected to meet the region’s demand this decade, there is a lack of forecast capacity in the mid and upstream to supply new gigafactories with battery materials. ",{"type":580,"attrs":54544,"content":54545},{"textAlign":49},[54546],{"text":54547,"type":585},"That means North America will still be reliant on imports to fulfil its demands. ",{"type":580,"attrs":54549,"content":54550},{"textAlign":49},[54551],{"text":54552,"type":585},"Only 3% of the demand for anodes and cathodes is expected to be met with domestic supply by the end of the decade, according to Benchmark.",{"type":580,"attrs":54554,"content":54555},{"textAlign":49},[54556],{"text":54557,"type":585},"“All of this raw material supply is great,” George Miller, an analyst at Benchmark, said. “But ultimately if you don’t have the midstream production steps, those materials will have to be exported elsewhere to be then reimported into the region as cathode and anode.”",{"type":580,"attrs":54559,"content":54560},{"textAlign":49},[54561],{"text":54562,"type":585},"“Every step of the supply chain needs to be present to make sense as a localised supply chain.”",{"type":580,"attrs":54564,"content":54565},{"textAlign":49},[54566],{"type":1847,"attrs":54567},{"id":49,"alt":645,"src":54568,"title":49,"source":49,"copyright":49,"meta_data":54569},"https://a.storyblok.com/f/287943243085208/50740c838a/bm-na-supply-demand.jpg",{},{"type":647,"attrs":54571,"content":54572},{"level":13022,"textAlign":49},[54573],{"text":54574,"type":585},"Lack of cathode and anode ",{"type":580,"attrs":54576,"content":54577},{"textAlign":49},[54578],{"text":54579,"type":585},"In 2030, Benchmark forecasts North America will only be able to fulfil 3.5% and 3.4% of its domestic cathode and anode demands domestically.",{"type":580,"attrs":54581,"content":54582},{"textAlign":49},[54583],{"text":54584,"type":585},"“It’s very underdeveloped in the midstream,” Miller said.",{"type":580,"attrs":54586,"content":54587},{"textAlign":49},[54588],{"text":54589,"type":585},"China currently has over 90% of the world’s anode production capacity, which doubled over the past year, according to Benchmark. Benchmark’s Anode forecast shows there are only two operating anode facilities in North America, one of which is a small-scale silicon anode production plant operated by Group14.",{"type":580,"attrs":54591,"content":54592},{"textAlign":49},[54593],{"text":54594,"type":585},"There are currently four cathode facilities in operation in the US and one in Canada, though most of these are not at commercial scale yet. Panasonic recently signed a deal with Redwood Materials, a Nevada-based cathode producer, to supply its new gigafactory in Kansas.",{"type":580,"attrs":54596,"content":54597},{"textAlign":49},[54598],{"text":54599,"type":585},"Although there are more facilities set to come online over the next few years, North America’s cathode production deficit is still set to increase 3.5 times between now and 2030.",{"type":647,"attrs":54601,"content":54602},{"level":13022,"textAlign":49},[54603],{"text":54604,"type":585},"Raw materials ",{"type":580,"attrs":54606,"content":54607},{"textAlign":49},[54608],{"text":54609,"type":585},"Although North America can’t meet all of its downstream raw material needs domestically, the forecast looks promising for lithium, with over 60% of its domestic battery needs possible to be met with domestic supply, according to Benchmark.",{"type":580,"attrs":54611,"content":54612},{"textAlign":49},[54613],{"text":54614,"type":585},"Companies including Albemarle and Livent are expanding their lithium processing capacity in the US market. ",{"type":580,"attrs":54616,"content":54617},{"textAlign":49},[54618],{"text":54619,"type":585},"Similarly, refined nickel production in the region could meet nearly 60% of 2030 battery demand. However, much of this will enter the steel supply chain rather than be used for batteries.",{"type":580,"attrs":54621,"content":54622},{"textAlign":49},[54623],{"text":54624,"type":585},"“The region, especially the US, will be reliant on other free trade agreement countries and probably China to meet the unfulfilled domestic demand,” Miller said.",{"type":647,"attrs":54626,"content":54627},{"level":13022,"textAlign":49},[54628],{"text":54629,"type":585},"Brief cell surplus",{"type":580,"attrs":54631,"content":54632},{"textAlign":49},[54633],{"text":54634,"type":585},"For battery cells, North America is forecast by Benchmark to have a slight surplus of cell production by the end of the decade.",{"type":580,"attrs":54636,"content":54637},{"textAlign":49},[54638],{"text":54639,"type":585},"“There has been a real focus in the US to invest in the downstream of the supply chain,” Miller said. “The need for cells was much more apparent to the automakers.”",{"type":580,"attrs":54641,"content":54642},{"textAlign":49},[54643],{"text":54644,"type":585},"Aran Waid, an analyst at Benchmark, explained the surplus is due to several gigafactories coming online around 2025 and ramping up. But demand is rising rapidly, so a deficit is expected beyond 2030.",{"type":580,"attrs":54646,"content":54647},{"textAlign":49},[54648],{"text":54649,"type":585},"“There need to be further expansions,” Waid said. “If North America EV penetration rates increase more than expected then that could push demand up even further in future years.”","Increased penetration of electric vehicles and large-scale deployment of energy storage systems is driving the rising demand for batteries in North America. Benchmark forecasts regional demand will increase nearly six-fold between 2022 and 2030. But while battery cell production is expected to meet the region’s demand this decade, there is a lack of forecast capacity […]",[54652],{"slug":1466,"name":1467,"content":54653},{"job_title":1469,"image":54654,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"5fa3bafa-a3ee-4475-9b27-ace300c9d331\", \"id\": \"\"}-->",[54657,54658],{"slug":956,"name":957},{"slug":1142,"name":1143},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":54660,"copyright":645,"fieldtype":701,"meta_data":54661,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5acab65434/bm-na-supply-header-image-copy.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Nov 17, 2022",{"id":54664,"uuid":54665,"name":54666,"slug":54667,"full_slug":54668,"content":54669},112472279964753,"45b9475b-74ed-429d-9f31-862b06f94ca8","The missing middle: UK’s first lithium refinery highlights need for domestic battery materials","the-missing-middle-uks-first-lithium-refinery-highlights-need-for-domestic-battery-materials","article/the-missing-middle-uks-first-lithium-refinery-highlights-need-for-domestic-battery-materials",{"_uid":54670,"date":54671,"tags":54672,"editor":54680,"content":54684,"excerpt":54823,"featured":51,"reporter":54824,"_editable":54828,"component":689,"seo_title":54666,"categories":54829,"visibility":697,"author_company":49,"featured_image":54831,"seo_description":54823,"author_full_name":49,"author_job_title":49,"formattedDate":54834},"b55c9360-7ef6-4a0d-ba80-c17b5fa96d4a","2022-11-11 00:00",[54673,54676,54677,54679],{"slug":54674,"name":54675},"britishvolt","Britishvolt",{"slug":564,"name":565},{"slug":54678,"name":47063},"green-lithium",{"slug":15682,"name":15683},[54681],{"slug":9249,"name":9250,"content":54682},{"job_title":9252,"image":54683,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":54685},[54686,54701,54708,54713,54718,54723,54728,54733,54738,54743,54748,54753,54758,54763,54768,54773,54778,54783,54788,54793,54798,54803,54808,54813,54818],{"type":580,"attrs":54687,"content":54688},{"textAlign":49},[54689,54691,54693,54695,54697,54699],{"text":54690,"type":585},"Plans for the UK’s first lithium refinery were announced to guests on a blustery day at a port in north-east Teesside this week, in a step forward for the country’s battery supply chain.",{"text":54692,"type":585},"Green Lithium said the £600 million refinery would produce around 50,000 tonnes of battery-grade lithium hydroxide starting in 2025, enough for around 1 million electric vehicles. The project is backed by commodity trader Trafigura, who will also help source feedstock for the plant.",{"text":54694,"type":585},"It comes as the UK battery industry is struggling to expand production to meet the demand for electric vehicles, following reports last month that homegrown battery startup Britishvolt may enter administration unless it secures further funding.",{"text":54696,"type":585},"Britishvolt planned to build a battery gigafactory 60 miles away in Blyth, starting in 2023, but delays to its multi-billion pound plant mean it is now struggling for cash.",{"text":54698,"type":585},"Yet even if Britishvolt and the new lithium refinery succeeds, the UK is missing a key component: the midstream cathode and anode production.",{"text":54700,"type":585},"“The UK needs to create the right environment to encourage the establishment of cathode active material production in the UK,” Guy Hatcher, technical director at Green Lithium, told Benchmark. “Not to do so would be a missed opportunity.”",{"type":580,"attrs":54702,"content":54703},{"textAlign":49},[54704],{"type":1847,"attrs":54705},{"id":49,"alt":645,"src":54706,"title":49,"source":49,"copyright":49,"meta_data":54707},"https://a.storyblok.com/f/287943243085208/448f4d8ee7/bm-uk-battery-scene-updated-3.jpg",{},{"type":647,"attrs":54709,"content":54710},{"level":649,"textAlign":49},[54711],{"text":54712,"type":585},"The missing middle",{"type":580,"attrs":54714,"content":54715},{"textAlign":49},[54716],{"text":54717,"type":585},"There are no UK-based anode or cathode production facilities in Benchmark’s forecasts. The only production associated with the UK was Johnson Matthey’s pilot cathode active material plant in the UK and commercial production facilities in Poland. Earlier this year the company exited the battery industry, and the plants and patents were bought by EV Metals for £50m.",{"type":580,"attrs":54719,"content":54720},{"textAlign":49},[54721],{"text":54722,"type":585},"“Without any UK-based active material production, the materials will have to be processed elsewhere, likely Europe,” Robert Burrell, an analyst at Benchmark, said.",{"type":580,"attrs":54724,"content":54725},{"textAlign":49},[54726],{"text":54727,"type":585},"But Europe doesn’t have enough production to meet its own needs, so the UK could struggle to depend on the continent for its anodes and cathodes, he said.",{"type":580,"attrs":54729,"content":54730},{"textAlign":49},[54731],{"text":54732,"type":585},"“Although there is a lot of movement in Europe, there will still be a supply deficit in the region so it needs additional manufacturing facilities and expansions,” Burell said. “Although the UK could tap into that, it won’t be enough.”",{"type":580,"attrs":54734,"content":54735},{"textAlign":49},[54736],{"text":54737,"type":585},"Hatcher from Green Lithium said partnerships in Europe “will be fundamental if we’re going to develop strong and resilient battery metal supply chains fit for the decades ahead.”",{"type":580,"attrs":54739,"content":54740},{"textAlign":49},[54741],{"text":54742,"type":585},"The only place without a deficit of cathode and anode material production going into the next decade is China. But Burrell said it is unlikely the UK will want to send its lithium chemicals to, nor import active materials from, China.",{"type":580,"attrs":54744,"content":54745},{"textAlign":49},[54746],{"text":54747,"type":585},"Burrell explained that the key for the UK to avoid reliance on China would be for Tier One cathode and anode producers to develop rapidly in Europe.",{"type":580,"attrs":54749,"content":54750},{"textAlign":49},[54751],{"text":54752,"type":585},"A potential source of cathode material in the UK could be through the recycling of end-of-life batteries and process scrap. Recently, Altilium Metals also chose Teesside as the location of its new recycling facility with the aim to directly recycle the feedstock into cathode active material.",{"type":647,"attrs":54754,"content":54755},{"level":649,"textAlign":49},[54756],{"text":54757,"type":585},"Giga Britain",{"type":580,"attrs":54759,"content":54760},{"textAlign":49},[54761],{"text":54762,"type":585},"The UK lacks significant battery production capacity to support a battery materials industry domestically.",{"type":580,"attrs":54764,"content":54765},{"textAlign":49},[54766],{"text":54767,"type":585},"The UK currently has just one gigafactory, operated by Envision AESC in Sunderland. The 1.9 GWh factory produces pouch cells for Nissan. The company plans to expand its Sunderland operations in collaboration with Nissan with 11 GWh of capacity due to begin in 2024, eventually growing to 38 GWh.",{"type":580,"attrs":54769,"content":54770},{"textAlign":49},[54771],{"text":54772,"type":585},"Britishvolt had planned to build a 38 GWh gigafactory with operations beginning around 2024. The company was promised £100 million in government funding earlier this year, but has been unable to access this capital as it has so far failed to meet the agreed milestones needed to unlock the funds.",{"type":580,"attrs":54774,"content":54775},{"textAlign":49},[54776],{"text":54777,"type":585},"Glencore, a mining giant and early investor in Britishvolt, provided the battery maker a £5 million lifeline to keep the company afloat, but this funding will last around five weeks as Britishvolt look for more funds.",{"type":580,"attrs":54779,"content":54780},{"textAlign":49},[54781],{"text":54782,"type":585},"Britishvolt’s public plight could spook others from investing in the UK. If gigafactories are struggling to be built in the country, then companies are unlikely to want to build midstream processing there.",{"type":580,"attrs":54784,"content":54785},{"textAlign":49},[54786],{"text":54787,"type":585},"Earlier this year, the company entered an arrangement with Posco for the supply of cathode and anode active materials with the intention of securing a localised supply chain in Europe.",{"type":647,"attrs":54789,"content":54790},{"level":649,"textAlign":49},[54791],{"text":54792,"type":585},"Upstream growth",{"type":580,"attrs":54794,"content":54795},{"textAlign":49},[54796],{"text":54797,"type":585},"Cornwall, in the southwest of the UK, has several resources under exploration by Cornish Lithium and British Lithium. The former hopes to use direct lithium extraction to produce lithium hydroxide, though both the resource and the technology have yet to be proven at a commercial scale.",{"type":580,"attrs":54799,"content":54800},{"textAlign":49},[54801],{"text":54802,"type":585},"Leverton Lithium has long produced lithium chemicals in the country, though many of its products are not destined for the battery market. At the start of the year, the company joined forces with European chemical producer Helm to expand its production capacity to 20,000 tonnes a year of “high-quality lithium chemicals.”",{"type":580,"attrs":54804,"content":54805},{"textAlign":49},[54806],{"text":54807,"type":585},"Green Lithium said it would produce battery-grade lithium hydroxide in Teesport with less than 50% of the carbon emissions seen in refineries in Asia. It also plans to use hydrogen instead of natural gas in the calcination step and deploy carbon capture to further reduce emissions. It expects to commission the plant around 2025.",{"type":580,"attrs":54809,"content":54810},{"textAlign":49},[54811],{"text":54812,"type":585},"The freeport in Teesside has strong connections to renewable electricity sources, green and blue hydrogen production, and connections to Europe.",{"type":580,"attrs":54814,"content":54815},{"textAlign":49},[54816],{"text":54817,"type":585},"Tees Valley Lithium also plans on building a facility in Teesside to produce lithium hydroxide from lithium sulphate.",{"type":580,"attrs":54819,"content":54820},{"textAlign":49},[54821],{"text":54822,"type":585},"“There is a lot of interest for a secure supply of local, low-carbon lithium chemicals in Europe,” Hatcher said.","Plans for the UK’s first lithium refinery were announced to guests on a blustery day at a port in north-east Teesside this week, in a step forward for the country’s battery supply chain.Green Lithium said the £600 million refinery would produce around 50,000 tonnes of battery-grade lithium hydroxide starting in 2025, enough for around 1 […]",[54825],{"slug":9249,"name":9250,"content":54826},{"job_title":9252,"image":54827,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b55c9360-7ef6-4a0d-ba80-c17b5fa96d4a\", \"id\": \"\"}-->",[54830],{"slug":1142,"name":1143},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":54832,"copyright":645,"fieldtype":701,"meta_data":54833,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/62df966f4d/bm-green-lithium-071122-58-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Nov 11, 2022",{"id":54836,"uuid":54837,"name":54838,"slug":54839,"full_slug":54840,"content":54841},112472319138906,"50752910-02b9-44b8-bfc9-116000b03054","Indonesia cobalt supply to push market into surplus this decade","indonesia-cobalt-supply-to-push-market-into-surplus-this-decade","article/indonesia-cobalt-supply-to-push-market-into-surplus-this-decade",{"_uid":54842,"date":54843,"tags":54844,"editor":54847,"content":54851,"excerpt":54967,"featured":51,"reporter":54968,"_editable":54972,"component":689,"seo_title":54838,"categories":54973,"visibility":697,"author_company":49,"featured_image":54976,"seo_description":54967,"author_full_name":49,"author_job_title":49,"formattedDate":54978},"6f75369f-4786-4c55-857a-63ab6ec874c5","2022-10-26 00:00",[54845,54846],{"slug":564,"name":565},{"slug":6028,"name":6029},[54848],{"slug":1466,"name":1467,"content":54849},{"job_title":1469,"image":54850,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":54852},[54853,54858,54863,54868,54873,54878,54883,54890,54895,54900,54905,54910,54915,54920,54925,54930,54935,54942,54947,54952,54957,54962],{"type":580,"attrs":54854,"content":54855},{"textAlign":49},[54856],{"text":54857,"type":585},"Indonesia’s cobalt production could increase more than thirty-fold this decade, making it the second-largest producer after the Democratic Republic of the Congo and helping to ease concerns about a shortfall of the battery metal.",{"type":580,"attrs":54859,"content":54860},{"textAlign":49},[54861],{"text":54862,"type":585},"Supply from the South-East Asian country is expected to reach 76,345 tonnes a year by the end of 2030, from just 2,367 tonnes last year, according to Benchmark’s latest Cobalt Forecast.",{"type":580,"attrs":54864,"content":54865},{"textAlign":49},[54866],{"text":54867,"type":585},"That will help push the global cobalt market into a surplus this decade, just as sales of electric vehicles are set to acclerate. It will also help diversify supply away from the DRC, which currently dominates global production with 71% of supply.",{"type":580,"attrs":54869,"content":54870},{"textAlign":49},[54871],{"text":54872,"type":585},"“The sheer number and scale of the projects that have been announced in Indonesia this year has led us to revise our market outlook, as we now project the cobalt market to remain in oversupply until the end of the decade,” according to Benchmark’s Cobalt Forecast.",{"type":580,"attrs":54874,"content":54875},{"textAlign":49},[54876],{"text":54877,"type":585},"Indonesia’s share of global cobalt supply will increase from 1% last year to 19% by the end of 2030, according to Benchmark. DRC’s share, in contrast, will fall to 61% by the end of the decade even as the overall market grows.",{"type":580,"attrs":54879,"content":54880},{"textAlign":49},[54881],{"text":54882,"type":585},"“We are still forecasting a long term deficit, but the medium term view is quite different,” Harry Fisher, an analyst at Benchmark said.",{"type":580,"attrs":54884,"content":54885},{"textAlign":49},[54886],{"type":1847,"attrs":54887},{"id":49,"alt":645,"src":54888,"title":49,"source":49,"copyright":49,"meta_data":54889},"https://a.storyblok.com/f/287943243085208/75056ea5f2/bm-indonesia-cobalt.png",{},{"type":647,"attrs":54891,"content":54892},{"level":13022,"textAlign":49},[54893],{"text":54894,"type":585},"HPAL Projects Drive Growth",{"type":580,"attrs":54896,"content":54897},{"textAlign":49},[54898],{"text":54899,"type":585},"The growth in Indonesia’s cobalt is being driven by high-pressure acid leach (HPAL) projects that convert laterite ore into a mixed nickel-cobalt hydroxide precipitate (MHP) intermediate.",{"type":580,"attrs":54901,"content":54902},{"textAlign":49},[54903],{"text":54904,"type":585},"Benchmark is now tracking 38 cobalt-producing operations and projects in Indonesia, up from 10 in 2021.",{"type":580,"attrs":54906,"content":54907},{"textAlign":49},[54908],{"text":54909,"type":585},"“Indonesia has been interesting because up until recently, they basically didn’t produce any cobalt and the country has been a major nickel producer for many years,” said Harry Fisher, a Benchmark analyst.",{"type":580,"attrs":54911,"content":54912},{"textAlign":49},[54913],{"text":54914,"type":585},"“But the start of these HPAL facilities has enabled them to quickly build out large capacities for nickel and cobalt from the laterite deposits.”",{"type":580,"attrs":54916,"content":54917},{"textAlign":49},[54918],{"text":54919,"type":585},"These include Halmahera Persada Lygend, a joint venture between Indonesia’s Harita Group and China’s Ningbo Lygend. The JV’s HPAL plant is located at Kawasi village in North Maluku province, Indonesia.",{"type":580,"attrs":54921,"content":54922},{"textAlign":49},[54923],{"text":54924,"type":585},"There’s also PT Huayue, a joint venture between Tsingshan Holding Group and China Molybdenum Co, which started production last year.",{"type":580,"attrs":54926,"content":54927},{"textAlign":49},[54928],{"text":54929,"type":585},"PT QMB New Energy Material, a JV between GEM, CATL and EcoPro BM, started production of the first phase of its HPAL project in Central Sulawesi last month.",{"type":580,"attrs":54931,"content":54932},{"textAlign":49},[54933],{"text":54934,"type":585},"Further, Chinese mining major, Zhejiang Huayou Cobalt and mining giant, Vale Indonesia, announced in April and September plans to build two collaborative HPAL projects in South Sulawesi and Southeast Sulawesi, Indonesia respectively.",{"type":580,"attrs":54936,"content":54937},{"textAlign":49},[54938,54940],{"text":54939,"type":585},"In addition, last month Nanjing Hanrui Cobalt (Hanrui), announced plans",{"text":54941,"type":585},"to build an HPAL project in Morowali county, with a nameplate capacity of 7,500 tpa of cobalt contained in MHP.",{"type":580,"attrs":54943,"content":54944},{"textAlign":49},[54945],{"text":54946,"type":585},"Before China’s investments HPAL, as a technology, had a fairly rocky history as there were a number of facilities that missed their deadlines and went significantly over budget, Fisher said.",{"type":580,"attrs":54948,"content":54949},{"textAlign":49},[54950],{"text":54951,"type":585},"“There was a lot of scepticism from across the industry when these new HPAL facilities were announced in Indonesia. But that’s been proven wrong, really, by the success so far of the two existing producers that started last year,” said Fisher.",{"type":647,"attrs":54953,"content":54954},{"level":13022,"textAlign":49},[54955],{"text":54956,"type":585},"Chinese money in Indonesia",{"type":580,"attrs":54958,"content":54959},{"textAlign":49},[54960],{"text":54961,"type":585},"Of the 38 projects in Indonesia that Benchmark currently tracks, at least 26 are those that have some or the other kind of Chinese ownership.",{"type":580,"attrs":54963,"content":54964},{"textAlign":49},[54965],{"text":54966,"type":585},"“A lot of the money’s coming from China and that is what led to the success. There is a very strong supply chain between Indonesia and China. And that’s enabled them to quite successfully start this from scratch,” said Fisher.","Indonesia’s cobalt production could increase more than thirty-fold this decade, making it the second-largest producer after the Democratic Republic of the Congo and helping to ease concerns about a shortfall of the battery metal. Supply from the South-East Asian country is expected to reach 76,345 tonnes a year by the end of 2030, from just […]",[54969],{"slug":1466,"name":1467,"content":54970},{"job_title":1469,"image":54971,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6f75369f-4786-4c55-857a-63ab6ec874c5\", \"id\": \"\"}-->",[54974,54975],{"slug":2544,"name":115},{"slug":1142,"name":1143},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":48864,"copyright":645,"fieldtype":701,"meta_data":54977,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},"Oct 26, 2022",{"id":54980,"uuid":54981,"name":54982,"slug":54983,"full_slug":54984,"content":54985},112472353299654,"617afcf7-e7b3-4799-8169-f1bef3d95897","Lithium has to scale twenty times by 2050 as automakers face generational challenge","lithium-has-to-scale-twenty-times-by-2050-as-automakers-face-generational-challenge","article/lithium-has-to-scale-twenty-times-by-2050-as-automakers-face-generational-challenge",{"_uid":54986,"date":54987,"tags":54988,"editor":54990,"content":54994,"excerpt":55166,"featured":51,"reporter":55167,"_editable":55171,"component":689,"seo_title":54982,"categories":55172,"visibility":697,"author_company":49,"featured_image":55175,"seo_description":55166,"author_full_name":49,"author_job_title":49,"formattedDate":55178},"6329bc6e-f4f0-4ae0-b974-b29d3d057264","2022-10-13 00:00",[54989],{"slug":564,"name":565},[54991],{"slug":9249,"name":9250,"content":54992},{"job_title":9252,"image":54993,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":54995},[54996,55001,55006,55018,55023,55028,55033,55038,55043,55056,55061,55066,55079,55084,55089,55094,55099,55104,55127,55132,55144,55149,55154,55159],{"type":580,"attrs":54997,"content":54998},{"textAlign":49},[54999],{"text":55000,"type":585},"The world will need more than twenty times the amount of lithium than was mined last year to meet demand by mid-century, according to new data from Benchmark Mineral Intelligence, driven by growth in energy storage and electric vehicles.",{"type":580,"attrs":55002,"content":55003},{"textAlign":49},[55004],{"text":55005,"type":585},"Annual production of 11.2 million tonnes LCE will be needed by 2050 with energy storage making up two-thirds of battery demand by that date, due to the growth of renewable energy sources such as wind and solar. ",{"type":580,"attrs":55007,"content":55008},{"textAlign":49},[55009,55011,55017],{"text":55010,"type":585},"This is one of the core themes of Benchmark Week 2022, which will held on the 14 to 18 November in Los Angeles. ",{"text":55012,"type":585,"marks":55013},"Join us here",[55014],{"type":590,"attrs":55015},{"href":55016,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://events.benchmarkminerals.com/event/759109c6-9999-459c-aba5-bd4a47153714/summary",{"text":1538,"type":585},{"type":580,"attrs":55019,"content":55020},{"textAlign":49},[55021],{"text":55022,"type":585},"The data highlights the challenge of scaling up lithium production from new mining projects, which can take over five years to bring online. Near-term, a total of 2.9 million tonnes LCE will be needed by 2032, more than the 2.7 million tonnes of cumulative global production of lithium between 2015 and 2022, according to Benchmark’s Lithium Forecast. ",{"type":580,"attrs":55024,"content":55025},{"textAlign":49},[55026],{"text":55027,"type":585},"“The long term path for lithium is set, yet the supply chain scaling challenge has just begun,” Simon Moores, chief executive of Benchmark, explained. “What this data shows is that we are at just the beginning of a generational challenge, not one that’s going to be solved in the 2020s.”",{"type":580,"attrs":55029,"content":55030},{"textAlign":49},[55031],{"text":55032,"type":585},"By 2040, all of the lithium mined last year will only meet one month’s demand, even with the supply from recycled batteries.",{"type":580,"attrs":55034,"content":55035},{"textAlign":49},[55036],{"text":55037,"type":585},"“Lithium miners and refiners not only have to sensitively scale their supply base within the economics of today and near term future,” Moores said. “But they also attempt to plan for a world lithium ion economy that is an order of magnitude bigger than today.”",{"type":647,"attrs":55039,"content":55040},{"level":13022,"textAlign":49},[55041],{"text":55042,"type":585},"Recycling’s role",{"type":580,"attrs":55044,"content":55045},{"textAlign":49},[55046,55048,55054],{"text":55047,"type":585},"Without recycling, we will need ",{"text":55049,"type":585,"marks":55050},"234 new lithium mines by 2050",[55051],{"type":590,"attrs":55052},{"href":55053,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/more-than-300-new-mines-required-to-meet-battery-demand-by-2035/",{"text":55055,"type":585}," to meet this staggering demand. Today, Benchmark tracks just 40 mines which produced lithium this year.",{"type":580,"attrs":55057,"content":55058},{"textAlign":49},[55059],{"text":55060,"type":585},"This highlights how important recycling will be for meeting the lithium demand of the future. ",{"type":580,"attrs":55062,"content":55063},{"textAlign":49},[55064],{"text":55065,"type":585},"Benchmark forecasts that in 2040, nearly 20% of lithium chemicals will be produced from recycled batteries or process scrap.",{"type":580,"attrs":55067,"content":55068},{"textAlign":49},[55069,55071,55077],{"text":55070,"type":585},"In the near term, ",{"text":55072,"type":585,"marks":55073},"most recyclable materials will be sourced from process scrap",[55074],{"type":590,"attrs":55075},{"href":55076,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/battery-production-scrap-to-be-main-source-of-recyclable-material-this-decade/",{"text":55078,"type":585},". Though from the mid-2030s onwards an ever increasing majority of material will be sourced from end-of-life batteries.",{"type":647,"attrs":55080,"content":55081},{"level":13022,"textAlign":49},[55082],{"text":55083,"type":585},"Sustainable growth",{"type":580,"attrs":55085,"content":55086},{"textAlign":49},[55087],{"text":55088,"type":585},"Leading up to 2050, an increasing number of countries will transition their fleets to EVs. This has been the primary driver of growth in recent years. In 2015, EV’s represented just 39% of battery demand increasing to 79% this year, as assessed by Benchmark’s Lithium ion Battery Database.",{"type":580,"attrs":55090,"content":55091},{"textAlign":49},[55092],{"text":55093,"type":585},"The US and European Union have both pledged to have net zero greenhouse gas emissions by 2050, while China has  set a goal of reaching that date by 2060. As part of that goal, the EU has pledged to ban sales of petrol and diesel vehicles by 2035, while China has said it wants only “new-energy vehicles,” which includes hybrids and fuel-cell vehicles, to be sold by that date.",{"type":580,"attrs":55095,"content":55096},{"textAlign":49},[55097],{"text":55098,"type":585},"“It’s crucial that legacy OEMs, EV producers, and battery cell makers make the big and at times uncomfortable decisions in investing in long term generational critical minerals supply, especially for lithium,” Moores said. “If not, Automakers won’t hit their EVs, governments won’t achieve Net Zero by 2050, and market volatility will be here to stay for much longer.”",{"type":580,"attrs":55100,"content":55101},{"textAlign":49},[55102],{"text":55103,"type":585},"By 2050 Benchmark expects about a third of battery demand will be from EVs and the rest from energy storage.",{"type":580,"attrs":55105,"content":55106},{"textAlign":49},[55107,55109,55114,55120,55125],{"text":55108,"type":585},"For a sustainable future, Moores said ",{"text":55110,"type":585,"marks":55111},"energy ",[55112],{"type":590,"attrs":55113},{"href":48538,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":55115,"type":585,"marks":55116},"storage ",[55117],{"type":590,"attrs":55118},{"href":55119,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinas-lfp-dominance-could-constrain-us-energy-storage-deployment/",{"text":55121,"type":585,"marks":55122},"will be the biggest growth sector",[55123],{"type":590,"attrs":55124},{"href":48538,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":55126,"type":585}," up to 2050. These will be needed to balance the electricity grid as ever more intermittent renewable sources are added to it.",{"type":647,"attrs":55128,"content":55129},{"level":13022,"textAlign":49},[55130],{"text":55131,"type":585},"Join Benchmark Week 2022",{"type":580,"attrs":55133,"content":55134},{"textAlign":49},[55135,55137,55142],{"text":55136,"type":585},"To delve further into the challenges faced by the lithium ion battery supply chain, Benchmark’s flagship event returns in person this year. ",{"text":55138,"type":585,"marks":55139},"Benchmark Week",[55140],{"type":590,"attrs":55141},{"href":55016,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":55143,"type":585}," sees back-to-back conferences covering the entire supply chain.",{"type":580,"attrs":55145,"content":55146},{"textAlign":49},[55147],{"text":55148,"type":585},"Benchmark CEO Simon Moores will chart how we can reach a net-zero future by 2050 and the demands on the lithium supply chain.",{"type":580,"attrs":55150,"content":55151},{"textAlign":49},[55152],{"text":55153,"type":585},"Alongside Benchmark’s expert analysts, speakers from Rio Tinto and Allkem will deliver keynote talks and active players from across the supply chain will be involved in panel discussions all week.",{"type":580,"attrs":55155,"content":55156},{"textAlign":49},[55157],{"text":55158,"type":585},"For more in-depth discussion on lithium, the expert panels on Wednesday 16th November will explore hard rock and brine lithium mining as well as new extraction technologies.",{"type":580,"attrs":55160,"content":55161},{"textAlign":49},[55162],{"type":1847,"attrs":55163},{"id":49,"alt":645,"src":55164,"title":49,"source":49,"copyright":49,"meta_data":55165},"https://a.storyblok.com/f/287943243085208/4d20c79a3d/bm-benchmark-week.png",{},"The world will need more than twenty times the amount of lithium than was mined last year to meet demand by mid-century, according to new data from Benchmark Mineral Intelligence, driven by growth in energy storage and electric vehicles. Annual production of 11.2 million tonnes LCE will be needed by 2050 with energy storage making […]",[55168],{"slug":9249,"name":9250,"content":55169},{"job_title":9252,"image":55170,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6329bc6e-f4f0-4ae0-b974-b29d3d057264\", \"id\": \"\"}-->",[55173,55174],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":55176,"copyright":645,"fieldtype":701,"meta_data":55177,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/78df57e7d9/bm-olaroz-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Oct 13, 2022",{"id":55180,"uuid":55181,"name":55182,"slug":55183,"full_slug":55184,"content":55185},112472358091975,"4c3183e9-8609-4463-bf4b-bc804b47ff02","China’s LFP dominance could constrain US energy storage deployment","chinas-lfp-dominance-could-constrain-us-energy-storage-deployment","article/chinas-lfp-dominance-could-constrain-us-energy-storage-deployment",{"_uid":55186,"date":55187,"tags":55188,"editor":55193,"content":55197,"excerpt":55387,"featured":51,"reporter":55388,"_editable":55392,"component":689,"seo_title":55182,"categories":55393,"visibility":697,"author_company":49,"featured_image":55398,"seo_description":55387,"author_full_name":49,"author_job_title":49,"formattedDate":55401},"90bb110e-6345-49f0-abbc-a3aad41005d3","2022-10-12 00:00",[55189,55190,55191,55192],{"slug":720,"name":721},{"slug":564,"name":565},{"slug":1720,"name":1721},{"slug":561,"name":562},[55194],{"slug":1466,"name":1467,"content":55195},{"job_title":1469,"image":55196,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":55198},[55199,55204,55217,55222,55227,55232,55237,55242,55247,55254,55266,55278,55290,55295,55300,55305,55310,55315,55322,55342,55347,55352,55365,55377,55382],{"type":580,"attrs":55200,"content":55201},{"textAlign":49},[55202],{"text":55203,"type":585},"Lithium iron phosphate (LFP) has become the cathode chemistry of choice for energy storage applications around the world.",{"type":580,"attrs":55205,"content":55206},{"textAlign":49},[55207,55209,55215],{"text":55208,"type":585},"But China’s ",{"text":55210,"type":585,"marks":55211},"near monopoly",[55212],{"type":590,"attrs":55213},{"href":55214,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinas-stronghold-grip-on-cathodes-set-to-near-90-by-2030/",{"text":55216,"type":585}," in its production could hamper efforts to deploy such systems in North America.",{"type":580,"attrs":55218,"content":55219},{"textAlign":49},[55220],{"text":55221,"type":585},"Installations of energy storage are set to accelerate in the US, following the passing of the Inflation Reduction Act this summer, which provides tax credits for the deployment of large batteries that help integrate renewable energy into electricity grids. ",{"type":580,"attrs":55223,"content":55224},{"textAlign":49},[55225],{"text":55226,"type":585},"North America will see its battery demand for ESS (energy storage system) applications grow over four-fold between 2022 and 2030, according to Benchmark’s Lithium ion Battery Database. However, LFP cell production in the region is set to be just 19% of the ESS demand in 2030.",{"type":580,"attrs":55228,"content":55229},{"textAlign":49},[55230],{"text":55231,"type":585},"“North America is focused on the grid, but they are constrained by LFP supply,” Waid said.",{"type":647,"attrs":55233,"content":55234},{"level":13022,"textAlign":49},[55235],{"text":55236,"type":585},"Tax credits push US storage",{"type":580,"attrs":55238,"content":55239},{"textAlign":49},[55240],{"text":55241,"type":585},"Previously, investment tax credits (ITC) in the US were only available for storage systems connected to solar projects, Waid said. The inflation reduction act (IRA) has removed this constraint.",{"type":580,"attrs":55243,"content":55244},{"textAlign":49},[55245],{"text":55246,"type":585},"“This will allow for storage to be located in the best possible locations for optimising the grid, rather than in locations where it can also install solar,” Waid said. “These also need less land than paired projects so it opens up opportunities for cheaper developments.”",{"type":580,"attrs":55248,"content":55249},{"textAlign":49},[55250],{"type":1847,"attrs":55251},{"id":49,"alt":645,"src":55252,"title":49,"source":49,"copyright":49,"meta_data":55253},"https://a.storyblok.com/f/287943243085208/c7b13c19c2/bm-ess-regional.jpg",{},{"type":580,"attrs":55255,"content":55256},{"textAlign":49},[55257,55259,55265],{"text":55258,"type":585},"In addition the Advanced Manufacturing Production credits in the IRA will give a 10% production credit for domestically produced cathodes. Further credits of up to $45 per kWh for battery production could spur the ",{"text":55260,"type":585,"marks":55261},"investment needed to build up the local LFP supply required",[55262],{"type":590,"attrs":55263},{"href":55264,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/4-billion-potential-boost-to-us-lfp-capacity-as-ira-improves-economics/",{"text":1538,"type":585},{"type":580,"attrs":55267,"content":55268},{"textAlign":49},[55269,55271,55276],{"text":55270,"type":585},"This month battery startup Our Next Energy ",{"text":55272,"type":585,"marks":55273},"said",[55274],{"type":590,"attrs":55275},{"href":55264,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":55277,"type":585}," it would invest $1.6 billion to build a 20 gigawatt-hour LFP battery cell factory in Michigan.",{"type":580,"attrs":55279,"content":55280},{"textAlign":49},[55281,55282,55288],{"text":18312,"type":585},{"text":55283,"type":585,"marks":55284},"automakers could also help build up the LFP production base",[55285],{"type":590,"attrs":55286},{"href":55287,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/bmw-to-trial-dual-chemistry-lfp-lmo-battery-from-our-next-energy/",{"text":55289,"type":585}," to support ESS deployments. Ford said in July it would start using LFP battery chemistries in some of its vehicles.",{"type":580,"attrs":55291,"content":55292},{"textAlign":49},[55293],{"text":55294,"type":585},"“Commitments from automakers towards LFP for entry-level EVs will also further strengthen LFP in the US,” Waid said.",{"type":580,"attrs":55296,"content":55297},{"textAlign":49},[55298],{"text":55299,"type":585},"This week General Motors also said it will start offering stationary storage applications to customers under a new business unit, GM Energy. It would work with SunPower to develop  home energy system that includes solar and storage, it said.",{"type":647,"attrs":55301,"content":55302},{"level":13022,"textAlign":49},[55303],{"text":55304,"type":585},"Chemistry choice",{"type":580,"attrs":55306,"content":55307},{"textAlign":49},[55308],{"text":55309,"type":585},"The underlying chemistry of LFP cathodes makes them the preferred choice for grid-scale energy storage applications such as those used for load levelling or coupled to renewable energy installations.",{"type":580,"attrs":55311,"content":55312},{"textAlign":49},[55313],{"text":55314,"type":585},"“LFP systems are generally cheaper, safer and have a longer cycle life than other chemistries,” Waid said.",{"type":580,"attrs":55316,"content":55317},{"textAlign":49},[55318],{"type":1847,"attrs":55319},{"id":49,"alt":645,"src":55320,"title":49,"source":49,"copyright":49,"meta_data":55321},"https://a.storyblok.com/f/287943243085208/d008c00526/bm-ess-chemistry.jpg",{},{"type":580,"attrs":55323,"content":55324},{"textAlign":49},[55325,55326,55332,55334,55340],{"text":1005,"type":585},{"text":55327,"type":585,"marks":55328},"intrinsically safer nature of LFP",[55329],{"type":590,"attrs":55330},{"href":55331,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lmfp-cathodes-advance-as-chinese-producers-test-material-with-automakers/",{"text":55333,"type":585}," over lithium nickel cobalt manganese (NCM) battery chemistries led the Chinese government to suggest banning NCM and ",{"text":55335,"type":585,"marks":55336},"sodium sulphur batteries",[55337],{"type":590,"attrs":55338},{"href":55339,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/what-does-catls-sodium-ion-cell-mean-for-the-battery-supply-chain/",{"text":55341,"type":585}," from being used in ESS applications.",{"type":580,"attrs":55343,"content":55344},{"textAlign":49},[55345],{"text":55346,"type":585},"When NCM batteries are used, it is mostly for behind-the-metre applications such as residential or commercial storage systems combined with rooftop solar. But even for these applications LFP is increasingly the preferred choice.",{"type":647,"attrs":55348,"content":55349},{"level":13022,"textAlign":49},[55350],{"text":55351,"type":585},"Turning to China ",{"type":580,"attrs":55353,"content":55354},{"textAlign":49},[55355,55357,55363],{"text":55356,"type":585},"However, despite the IRA encouraging the deployment of grid-scale storage systems, sourcing the ",{"text":55358,"type":585,"marks":55359},"LFP required for these projects will likely rely on China",[55360],{"type":590,"attrs":55361},{"href":55362,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/west-needs-to-build-lfp-battery-capacity-for-technology-to-go-global/",{"text":55364,"type":585},". China will produce 99% of LFP cathodes this year and Benchmark forecasts this will only drop fractionally to 98% by 2030.",{"type":580,"attrs":55366,"content":55367},{"textAlign":49},[55368,55370,55376],{"text":55369,"type":585},"As a result US energy storage companies are already looking to Chinese companies for battery supply, despite this meaning they could potentially miss out on some of the IRA’s incentives, which ",{"text":55371,"type":585,"marks":55372},"ban the involvement of companies from China",[55373],{"type":590,"attrs":55374},{"href":55375,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/can-the-us-meet-the-critical-mineral-requirements-of-the-climate-bill/",{"text":14640,"type":585},{"type":580,"attrs":55378,"content":55379},{"textAlign":49},[55380],{"text":55381,"type":585},"Last month US energy storage company FlexGen signed a deal with China’s CATL for 10 GWh batteries in the form of its EnerC battery energy storage system which uses LFP cells.",{"type":580,"attrs":55383,"content":55384},{"textAlign":49},[55385],{"text":55386,"type":585},"“China has the strength in LFP,” Waid said. “China is able to get those projects up and running in the shorter term quicker than other regions.”","Lithium iron phosphate (LFP) has become the cathode chemistry of choice for energy storage applications around the world. But China’s near monopoly in its production could hamper efforts to deploy such systems in North America. Installations of energy storage are set to accelerate in the US, following the passing of the Inflation Reduction Act this […]",[55389],{"slug":1466,"name":1467,"content":55390},{"job_title":1469,"image":55391,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"90bb110e-6345-49f0-abbc-a3aad41005d3\", \"id\": \"\"}-->",[55394,55395,55396,55397],{"slug":956,"name":957},{"slug":950,"name":951},{"slug":695,"name":696},{"slug":954,"name":750},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":55399,"copyright":645,"fieldtype":701,"meta_data":55400,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/efd99b890e/bm-catl-booth-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Oct 12, 2022",{"id":55403,"uuid":55404,"name":55405,"slug":55406,"full_slug":55407,"content":55408},112472373206218,"def3dec9-497b-450e-9f7a-2ed9222749f7","Infographic: China’s lithium ion battery supply chain dominance","infographic-chinas-lithium-ion-battery-supply-chain-dominance","article/infographic-chinas-lithium-ion-battery-supply-chain-dominance",{"_uid":55409,"date":55410,"tags":55411,"editor":55414,"content":55418,"excerpt":55555,"featured":51,"reporter":55556,"_editable":55560,"component":689,"seo_title":55405,"categories":55561,"visibility":697,"author_company":49,"featured_image":55572,"seo_description":55555,"author_full_name":49,"author_job_title":49,"formattedDate":55574},"fd431218-90b8-435e-885a-ba79d53792ff","2022-10-03 00:00",[55412,55413],{"slug":720,"name":721},{"slug":564,"name":565},[55415],{"slug":1466,"name":1467,"content":55416},{"job_title":1469,"image":55417,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":55419},[55420,55425,55430,55435,55440,55447,55452,55457,55476,55481,55494,55506,55511,55522,55527,55532,55537,55542],{"type":580,"attrs":55421,"content":55422},{"textAlign":49},[55423],{"text":55424,"type":585},"North America and Europe want to develop local battery supply chains, but removing China from the equation will be difficult given how embedded the country is in the processing of battery minerals. ",{"type":580,"attrs":55426,"content":55427},{"textAlign":49},[55428],{"text":55429,"type":585},"While most of the world’s lithium, nickel, cobalt, and manganese for batteries is mined outside of China, the majority of all critical minerals for the battery supply chain are further refined and processed in China.",{"type":580,"attrs":55431,"content":55432},{"textAlign":49},[55433],{"text":55434,"type":585},"With the exception of mining, China controls at least half of the supply from every step needed to make a lithium ion battery.",{"type":580,"attrs":55436,"content":55437},{"textAlign":49},[55438],{"text":55439,"type":585},"“Continuous R&D and technology innovation, fast construction speed of infrastructure and factories, as well as labour advantages, have helped to form a complete chain from mining and chemical all the way to EV-making,” Albert Li, an analyst at Benchmark, said.",{"type":580,"attrs":55441,"content":55442},{"textAlign":49},[55443],{"type":1847,"attrs":55444},{"id":49,"alt":645,"src":55445,"title":49,"source":49,"copyright":49,"meta_data":55446},"https://a.storyblok.com/f/287943243085208/2f27390e89/bm-china-dominance-w-mang-scaled-1.png",{},{"type":647,"attrs":55448,"content":55449},{"level":7131,"textAlign":49},[55450],{"text":55451,"type":585},"Strength in refining",{"type":580,"attrs":55453,"content":55454},{"textAlign":49},[55455],{"text":55456,"type":585},"Lithium, mostly mined as spodumene in Australia or extracted from brine pools in Chile and Argentina, is typically shipped to China for conversion to lithium carbonate or lithium hydroxide. Almost 60% of lithium refining occurred in China, despite just 13% of lithium being mined there.",{"type":580,"attrs":55458,"content":55459},{"textAlign":49},[55460,55462,55467,55469,55475],{"text":55461,"type":585},"Of all the critical minerals, cobalt is the one China has the least amount of mining for, with less than 1% coming from the country. The vast majority is mined in the ",{"text":32035,"type":585,"marks":55463},[55464],{"type":590,"attrs":55465},{"href":55466,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/drc-to-push-ahead-with-government-control-of-small-scale-mining-presidential-advisor-says/",{"text":55468,"type":585}," (DRC). But three-quarters of this is then processed by China. Much of this is also sourced from ",{"text":55470,"type":585,"marks":55471},"Chinese-owned mines in the DRC",[55472],{"type":590,"attrs":55473},{"href":55474,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/congo-court-ejects-china-moly-from-tenke-cobalt-mine/",{"text":1538,"type":585},{"type":580,"attrs":55477,"content":55478},{"textAlign":49},[55479],{"text":55480,"type":585},"Of the metals, China has the largest share of refining for manganese. Despite mining less than 10% of the global supply, it refines 95% of it.",{"type":580,"attrs":55482,"content":55483},{"textAlign":49},[55484,55486,55492],{"text":55485,"type":585},"The material China has the biggest overall dominance over is graphite. Not only does it mine 64% of natural flake graphite, it has a monopoly on converting into the spherical graphite needed for anodes. From the mining side, China is forecast by Benchmark to ",{"text":55487,"type":585,"marks":55488},"fall second to Africa",[55489],{"type":590,"attrs":55490},{"href":55491,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/flake-graphite-production-in-africa-set-to-overtake-china-this-decade/",{"text":55493,"type":585}," over the next decade.",{"type":580,"attrs":55495,"content":55496},{"textAlign":49},[55497,55499,55505],{"text":55498,"type":585},"Over two-thirds of synthetic graphite, which is produced from petroleum coke, is produced in China. The majority of this comes either from Inner Mongolia where electricity is cheap, or Sichuan province where there is abundant hydroelectric power. However, recent changes in Inner Mongolia electricity policies, and drought in Sichuan ",{"text":55500,"type":585,"marks":55501},"put these sources under stress",[55502],{"type":590,"attrs":55503},{"href":55504,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/twin-power-crises-hit-chinas-synthetic-graphite-producers/",{"text":1538,"type":585},{"type":647,"attrs":55507,"content":55508},{"level":7131,"textAlign":49},[55509],{"text":55510,"type":585},"And strong all the way downstream",{"type":580,"attrs":55512,"content":55513},{"textAlign":49},[55514,55516,55521],{"text":55515,"type":585},"In 2022, Benchmark forecasts 70% of all batteries will be made in China. This is supported by strong control of the midstream, with a near monopoly over anode production and ",{"text":55517,"type":585,"marks":55518},"over three-quarters of cathode production",[55519],{"type":590,"attrs":55520},{"href":55214,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":55523,"content":55524},{"textAlign":49},[55525],{"text":55526,"type":585},"China’s battery dominance began with a policy decision in 2015 to effectively ban foreign battery producers from the market, by making them ineligible for subsidies. ",{"type":580,"attrs":55528,"content":55529},{"textAlign":49},[55530],{"text":55531,"type":585},"The so-called “White List” only contained domestic cell producers, forcing South Korean and Japanese companies like LG and Panasonic with factories in China out of the game. Although this list was cancelled in 2019, its influence can still be felt today.",{"type":580,"attrs":55533,"content":55534},{"textAlign":49},[55535],{"text":55536,"type":585},"“China took advantage of the prime and important years from 2015 to 2019 with the help of the White List,” Li said. “China started to nurture its own battery supply chain, and later formed a strong fleet of domestic cell producers, and all the other battery-related industries which were all growing strong together.”",{"type":647,"attrs":55538,"content":55539},{"level":7131,"textAlign":49},[55540],{"text":55541,"type":585},"Learn more about Benchmark’s services",{"type":580,"attrs":55543,"content":55544},{"textAlign":49},[55545,55547,55553],{"text":55546,"type":585},"To learn more about Benchmark’s Lithium, Nickel, Cobalt, Graphite, Anode and Cathode Forecasts, Manganese Services, and Lithium ion battery Database fill in this ",{"text":55548,"type":585,"marks":55549},"form",[55550],{"type":590,"attrs":55551},{"href":55552,"uuid":49,"anchor":49,"target":49,"linktype":1570},"/contact",{"text":55554,"type":585}," and we’ll be in touch.","North America and Europe want to develop local battery supply chains, but removing China from the equation will be difficult given how embedded the country is in the processing of battery minerals. While most of the world’s lithium, nickel, cobalt, and manganese for batteries is mined outside of China, the majority of all critical minerals […]",[55557],{"slug":1466,"name":1467,"content":55558},{"job_title":1469,"image":55559,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"fd431218-90b8-435e-885a-ba79d53792ff\", \"id\": \"\"}-->",[55562,55563,55564,55565,55566,55567,55568,55569,55570,55571],{"slug":2162,"name":261},{"slug":956,"name":957},{"slug":2623,"name":298},{"slug":2544,"name":115},{"slug":1142,"name":1143},{"slug":695,"name":696},{"slug":3379,"name":3380},{"slug":2627,"name":2628},{"slug":1693,"name":8},{"slug":4962,"name":4963},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":37644,"copyright":645,"fieldtype":701,"meta_data":55573,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},"Oct 03, 2022",{"id":55576,"uuid":55577,"name":55578,"slug":55579,"full_slug":55580,"content":55581},112472407624917,"b46e9824-e1cb-4319-b3f5-2284db9ed297","Nine companies control half of gigafactory capacity as pipeline exceeds 7 TWh","nine-companies-control-half-of-gigafactory-capacity-as-pipeline-exceeds-7-twh","article/nine-companies-control-half-of-gigafactory-capacity-as-pipeline-exceeds-7-twh",{"_uid":55582,"date":55583,"tags":55584,"editor":55586,"content":55590,"excerpt":55750,"featured":51,"reporter":55751,"_editable":55755,"component":689,"seo_title":55578,"categories":55756,"visibility":697,"author_company":49,"featured_image":55759,"seo_description":55750,"author_full_name":49,"author_job_title":49,"formattedDate":55762},"b218d13b-d1c6-4ac8-8372-63c0be9e08fc","2022-09-21 00:00",[55585],{"slug":564,"name":565},[55587],{"slug":9249,"name":9250,"content":55588},{"job_title":9252,"image":55589,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":55591},[55592,55604,55609,55614,55619,55624,55629,55634,55637,55642,55647,55658,55661,55673,55678,55683,55688,55705,55717,55730,55742,55747],{"type":580,"attrs":55593,"content":55594},{"textAlign":49},[55595,55597,55603],{"text":55596,"type":585},"The global capacity of lithium ion battery gigafactories is set to surpass seven terawatt hours (TWh) by 2031, according to Benchmark’s Gigafactory Assessment. This milestone comes just four months after the ",{"text":55598,"type":585,"marks":55599},"ten-year pipeline exceeded six TWh in April",[55600],{"type":590,"attrs":55601},{"href":55602,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lithium-ion-battery-pipeline-breaks-the-6twh-barrier",{"text":1538,"type":585},{"type":580,"attrs":55605,"content":55606},{"textAlign":49},[55607],{"text":55608,"type":585},"BYD last month announced a 30 GWh gigafactory in Yichun, China, tipping the pipeline capacity for the next decade past the milestone.",{"type":580,"attrs":55610,"content":55611},{"textAlign":49},[55612],{"text":55613,"type":585},"Gigafactories are being built at an ever rapid pace, with the ten-year pipeline growing quickly. However, despite the growing number of companies operating in the space, relatively few control the market.",{"type":580,"attrs":55615,"content":55616},{"textAlign":49},[55617],{"text":55618,"type":585},"“The growth is led by the increasing demand for EVs, and encouraged by monetary, and land-based subsidies offered by multiple national and provincial governments,”  Evan Hartley, an analyst at Benchmark said.",{"type":647,"attrs":55620,"content":55621},{"level":13022,"textAlign":49},[55622],{"text":55623,"type":585},"Many companies, few big winners",{"type":580,"attrs":55625,"content":55626},{"textAlign":49},[55627],{"text":55628,"type":585},"In 2021, there were 82 companies (including their joint ventures) which Benchmark assessed as having active production capacity. Of those, just six companies were responsible for 51% of capacity.",{"type":580,"attrs":55630,"content":55631},{"textAlign":49},[55632],{"text":55633,"type":585},"Benchmark tracks 118 companies which will be operating gigafactories in 2031. The top nine of these will be responsible for 52% of the pipeline capacity.",{"type":580,"attrs":55635,"content":55636},{"textAlign":49},[],{"type":580,"attrs":55638,"content":55639},{"textAlign":49},[55640],{"text":55641,"type":585},"“The number of companies involved in EV focused cell production continues to grow steadily, but it is those top Tier 1 producers that are key to the supply chain,” Hartley said.",{"type":580,"attrs":55643,"content":55644},{"textAlign":49},[55645],{"text":55646,"type":585},"CATL has been the number one cell producer since 2019, when it overtook Panasonic and LG Energy Solution. It remains in this spot in 2031, when it will have over 1.4 times the capacity of second place LGES.",{"type":580,"attrs":55648,"content":55649},{"textAlign":49},[55650,55656],{"text":55651,"type":585,"marks":55652},"BYD currently ranks third for capacity",[55653],{"type":590,"attrs":55654},{"href":55655,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/byd-to-supply-tesla-with-batteries-as-it-looks-to-become-key-industry-producer",{"text":55657,"type":585}," in the 2031 pipeline. Like CATL, the vast majority of its capacity is from plants it wholly owns. About 90% of each companies’ capacity comes from wholly owned-plants. This contrasts with LGES, which has 45% of its capacity associated with joint ventures.",{"type":580,"attrs":55659,"content":55660},{"textAlign":49},[],{"type":580,"attrs":55662,"content":55663},{"textAlign":49},[55664,55666,55671],{"text":55665,"type":585},"BYD’s latest announcement tipped the 2031 pipeline over the 7 TWh threshold. The new plant is an example of the company’s ",{"text":55667,"type":585,"marks":55668},"vertical integration strategy",[55669],{"type":590,"attrs":55670},{"href":55655,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":55672,"type":585},". The $4.2 billion investment is for both a 30 GWh gigafactory and a lithium carbonate processing base with a capacity of 100,000 tonnes per year.",{"type":580,"attrs":55674,"content":55675},{"textAlign":49},[55676],{"text":55677,"type":585},"“BYD enacts a strategy of vertical integration in the lithium ion battery supply chain, having control both downstream and upstream of its cell production, allowing it to absorb hikes in raw material prices and secure a regular supply of battery materials,” Hartley said.",{"type":647,"attrs":55679,"content":55680},{"level":13022,"textAlign":49},[55681],{"text":55682,"type":585},"China leads; Europe and North America building steam",{"type":580,"attrs":55684,"content":55685},{"textAlign":49},[55686],{"text":55687,"type":585},"Most of the growth in the 2031 pipeline capacity this year has been in China, the pipeline capacity for which has expanded 40% since January. According to the Benchmark Gigafactory Assessment, the country accounts for 67% of the global 2031 capacity.",{"type":580,"attrs":55689,"content":55690},{"textAlign":49},[55691,55696,55698,55704],{"text":1292,"type":585,"marks":55692},[55693],{"type":590,"attrs":55694},{"href":55695,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/europes-ev-gigafactory-capacity-pipeline-grows-6-fold-to-789-2gwh-to-2030-berlin-summit-to-dissect-battery-megatrend",{"text":55697,"type":585},", which accounts for 16% of the 2031 capacity, has expanded at a similar rate to China, ",{"text":55699,"type":585,"marks":55700},"having grown 39% this year so far",[55701],{"type":590,"attrs":55702},{"href":55703,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/northvolt-cathode-plant-to-boost-europes-capacity-75-by-2025",{"text":1538,"type":585},{"type":580,"attrs":55706,"content":55707},{"textAlign":49},[55708,55709,55715],{"text":32343,"type":585},{"text":55710,"type":585,"marks":55711},"North America saw multiple high profile capacity commitments",[55712],{"type":590,"attrs":55713},{"href":55714,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/15-billion-us-gigafactory-push-accelerates-north-american-capacity-growth",{"text":55716,"type":585}," in August 2022 which brought its pipeline capacity growth in line with Europe and China, with a 37% increase in 2022,” Hartley said. The region is set to have 13% of the global gigafactory capacity in 2031.",{"type":580,"attrs":55718,"content":55719},{"textAlign":49},[55720,55722,55728],{"text":55721,"type":585},"In North America and Asia, excluding China, 70% and 87% of capacity in the 2031 pipeline is from ",{"text":55723,"type":585,"marks":55724},"Tier One producers",[55725],{"type":590,"attrs":55726},{"href":55727,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/ford-could-require-fifth-of-2026-tier-1-battery-supply-to-meet-2-million-ev-goal",{"text":55729,"type":585},", in contrast to 36% in China. Nearly half of Europe’s capacity is from this tier.",{"type":580,"attrs":55731,"content":55732},{"textAlign":49},[55733,55735,55740],{"text":55734,"type":585},"Despite the lowest proportion of capacity from the top tier, China has more ",{"text":55736,"type":585,"marks":55737},"Tier One production capacity in the pipeline",[55738],{"type":590,"attrs":55739},{"href":51384,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":55741,"type":585}," than the rest of the world combined.",{"type":580,"attrs":55743,"content":55744},{"textAlign":49},[55745],{"text":55746,"type":585},"“The quickly increasing growth in capacity commitments comes from both existing Tier One and Tier Two cell majors looking to fortify and grow their global market share, buoyed by successes in the past year, and new market entrants seeking to gain a foothold,” Hartley said.",{"type":580,"attrs":55748,"content":55749},{"textAlign":49},[],"The global capacity of lithium ion battery gigafactories is set to surpass seven terawatt hours (TWh) by 2031, according to Benchmark’s Gigafactory Assessment. This milestone comes just four months after the ten-year pipeline exceeded six TWh in April. BYD last month announced a 30 GWh gigafactory in Yichun, China, tipping the pipeline capacity for the […]",[55752],{"slug":9249,"name":9250,"content":55753},{"job_title":9252,"image":55754,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b218d13b-d1c6-4ac8-8372-63c0be9e08fc\", \"id\": \"\"}-->",[55757,55758],{"slug":956,"name":957},{"slug":3379,"name":3380},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":55760,"copyright":645,"fieldtype":701,"meta_data":55761,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/06e69686d6/bm-7twh-pipeline-1-12867419cf3d.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Sep 21, 2022",{"id":55764,"uuid":55765,"name":55766,"slug":55767,"full_slug":55768,"content":55769},112472436686043,"e5f23ecb-ed6b-481f-bed1-ff6af554036b","More than 300 new mines required to meet battery demand by 2035","more-than-300-new-mines-required-to-meet-battery-demand-by-2035","article/more-than-300-new-mines-required-to-meet-battery-demand-by-2035",{"_uid":55770,"date":55771,"tags":55772,"editor":55774,"content":55778,"excerpt":55904,"featured":51,"reporter":55905,"_editable":55909,"component":689,"seo_title":55766,"categories":55910,"visibility":697,"author_company":49,"featured_image":55916,"seo_description":55904,"author_full_name":49,"author_job_title":49,"formattedDate":55919},"6937bc62-5c5b-4793-8b0a-4efa2233493d","2022-09-06 00:00",[55773],{"slug":564,"name":565},[55775],{"slug":1466,"name":1467,"content":55776},{"job_title":1469,"image":55777,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":55779},[55780,55785,55790,55795,55800,55805,55810,55813,55818,55823,55828,55833,55838,55843,55848,55853,55858,55863,55868,55873,55878,55883,55888,55893],{"type":580,"attrs":55781,"content":55782},{"textAlign":49},[55783],{"text":55784,"type":585},"More than 300 new mines could need to be built over the next decade to meet the demand for electric vehicle and energy storage batteries, according to a Benchmark forecast.",{"type":580,"attrs":55786,"content":55787},{"textAlign":49},[55788],{"text":55789,"type":585},"At least 384 new mines for graphite, lithium, nickel and cobalt are required to meet demand by 2035, based on average mine sizes in each industry, according to Benchmark. Taking into account recycling of raw materials, the number is around 336 mines.",{"type":580,"attrs":55791,"content":55792},{"textAlign":49},[55793],{"text":55794,"type":585},"The data highlights the height of the raw material challenge facing global automakers as they look to scale up production of electric vehicles this decade. Demand for lithium ion batteries is set to grow six-fold by 2032, according to Benchmark.",{"type":580,"attrs":55796,"content":55797},{"textAlign":49},[55798],{"text":55799,"type":585},"Yet supplies of lithium, graphite, nickel and cobalt will need to keep pace with demand, especially post 2030.",{"type":580,"attrs":55801,"content":55802},{"textAlign":49},[55803],{"text":55804,"type":585},"While recycling of raw materials will have the most impact on future cobalt supply, it’s not yet set to have much impact on materials such as graphite, according to Benchmark.",{"type":580,"attrs":55806,"content":55807},{"textAlign":49},[55808],{"text":55809,"type":585},"Though given the shorter lead time to build recycling facilities, new recycling technologies could displace some of the new mine requirements.",{"type":580,"attrs":55811,"content":55812},{"textAlign":49},[],{"type":647,"attrs":55814,"content":55815},{"level":13022,"textAlign":49},[55816],{"text":55817,"type":585},"Graphite Requirements",{"type":580,"attrs":55819,"content":55820},{"textAlign":49},[55821],{"text":55822,"type":585},"To meet demand for anode materials, an estimated 97 natural flake graphite mines will need to be built, assuming an average size of 56,000 tonnes a year and no contribution from recycling.",{"type":580,"attrs":55824,"content":55825},{"textAlign":49},[55826],{"text":55827,"type":585},"Natural graphite is normally mixed with synthetic graphite in lithium ion battery anodes.",{"type":580,"attrs":55829,"content":55830},{"textAlign":49},[55831],{"text":55832,"type":585},"There are currently 28 mines operating globally with the majority located in China and Africa.",{"type":580,"attrs":55834,"content":55835},{"textAlign":49},[55836],{"text":55837,"type":585},"Current lithium ion battery recycling has focused on recovering the battery cathode materials rather than the anode, but recycling projects are starting to discuss recovery of anode materials too. Recycling and recovery of graphite is needed to reduce the dependence on mined materials.",{"type":580,"attrs":55839,"content":55840},{"textAlign":49},[55841],{"text":55842,"type":585},"For synthetic graphite, which is produced using pet needle coke or coal tar pitch a total of 54 plants with an average size of 57,000 tonnes will need to be built by 2035, according to Benchmark.",{"type":580,"attrs":55844,"content":55845},{"textAlign":49},[55846],{"text":55847,"type":585},"If the amount of silicon added to the battery anode increases more than Benchmark expects, however, then the number of new graphite mines needed would be lower.",{"type":647,"attrs":55849,"content":55850},{"level":13022,"textAlign":49},[55851],{"text":55852,"type":585},"Lithium Rush",{"type":580,"attrs":55854,"content":55855},{"textAlign":49},[55856],{"text":55857,"type":585},"To meet the world’s lithium requirements would require 74 new lithium mines with an average size of 45,000 tonnes by 2035, according to Benchmark. Including forecast volumes from recycled lithium, however, it’s around 59 mines.",{"type":580,"attrs":55859,"content":55860},{"textAlign":49},[55861],{"text":55862,"type":585},"Since mines take at least five years to build these mines will need to be in operation by 2033, according to Cameron Perks, an analyst at Benchmark.",{"type":580,"attrs":55864,"content":55865},{"textAlign":49},[55866],{"text":55867,"type":585},"“That’s around 59 lithium mines up and running in just over 10 years,” he said.",{"type":580,"attrs":55869,"content":55870},{"textAlign":49},[55871],{"text":55872,"type":585},"Australia is set to remain the dominant producer of lithium this decade, according to Benchmark. There are currently over 13 lithium mines producing lithium-containing spodumene rock, over 75% of which is refined in China.",{"type":647,"attrs":55874,"content":55875},{"level":13022,"textAlign":49},[55876],{"text":55877,"type":585},"Nickel and Cobalt",{"type":580,"attrs":55879,"content":55880},{"textAlign":49},[55881],{"text":55882,"type":585},"Yet another 72 mining projects with an average size of 42,500 tonnes will be required to meet battery demand for refined nickel, according to Benchmark.",{"type":580,"attrs":55884,"content":55885},{"textAlign":49},[55886],{"text":55887,"type":585},"Recycling, however, is set to have the biggest impact on cobalt mining. Without recycling, the world would need to build 62 new cobalt mining projects of 5,000 tonnes each by the end of 2035.",{"type":580,"attrs":55889,"content":55890},{"textAlign":49},[55891],{"text":55892,"type":585},"With forecast recycled volumes, however, that number falls by almost half to 38.",{"type":647,"attrs":55894,"content":55895},{"level":13022,"textAlign":49},[55896,55898,55903],{"text":55897,"type":585},"To learn more about Benchmark’s Lithium, Nickel, Cobalt and Graphite Forecasts fill in the ",{"text":55899,"type":585,"marks":55900},"contact form",[55901],{"type":590,"attrs":55902},{"href":55552,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":55554,"type":585},"More than 300 new mines could need to be built over the next decade to meet the demand for electric vehicle and energy storage batteries, according to a Benchmark forecast. At least 384 new mines for graphite, lithium, nickel and cobalt are required to meet demand by 2035, based on average mine sizes in each […]",[55906],{"slug":1466,"name":1467,"content":55907},{"job_title":1469,"image":55908,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6937bc62-5c5b-4793-8b0a-4efa2233493d\", \"id\": \"\"}-->",[55911,55912,55913,55914,55915],{"slug":2544,"name":115},{"slug":1142,"name":1143},{"slug":2627,"name":2628},{"slug":1693,"name":8},{"slug":2553,"name":150},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":55917,"copyright":645,"fieldtype":701,"meta_data":55918,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6356be513e/bm-mine-requirements-copy.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Sep 06, 2022",{"id":55921,"uuid":55922,"name":55923,"slug":55924,"full_slug":55925,"content":55926},112472441355484,"6fbdff41-bc3e-4d98-a3ac-25d11a9916f7","Battery production scrap to be main source of recyclable material this decade","battery-production-scrap-to-be-main-source-of-recyclable-material-this-decade","article/battery-production-scrap-to-be-main-source-of-recyclable-material-this-decade",{"_uid":55927,"date":55928,"tags":55929,"editor":55931,"content":55935,"excerpt":56122,"featured":51,"reporter":56123,"_editable":56127,"component":689,"seo_title":55923,"categories":56128,"visibility":697,"author_company":49,"featured_image":56133,"seo_description":56122,"author_full_name":49,"author_job_title":49,"formattedDate":56136},"eb38011b-38e3-4a84-941b-a498ae829fa0","2022-09-05 00:00",[55930],{"slug":564,"name":565},[55932],{"slug":1466,"name":1467,"content":55933},{"job_title":1469,"image":55934,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":55936},[55937,55942,55947,55952,55957,55962,55965,55970,55975,55980,55985,55990,55995,56000,56005,56010,56015,56020,56025,56030,56035,56040,56045,56050,56055,56060,56065,56070,56082,56087,56092,56097,56102,56107,56112],{"type":580,"attrs":55938,"content":55939},{"textAlign":49},[55940],{"text":55941,"type":585},"Scrap from gigafactories will be the primary source of recyclable battery material for the next decade, according to Benchmark’s Recycling Report.",{"type":580,"attrs":55943,"content":55944},{"textAlign":49},[55945],{"text":55946,"type":585},"End-of-life batteries are not expected to become a major source of material until the 2030s as electric vehicles sold now won’t be scrapped for another ten years or so, according to Benchmark.",{"type":580,"attrs":55948,"content":55949},{"textAlign":49},[55950],{"text":55951,"type":585},"“Process scrap is huge both as a waste management opportunity and as a cost opportunity,” Sarah Colbourn, an analyst at Benchmark, said.",{"type":580,"attrs":55953,"content":55954},{"textAlign":49},[55955],{"text":55956,"type":585},"Recycling of raw materials will be vital to meet the growing demand for batteries as sales of electric vehicles accelerate this decade. Demand for lithium ion batteries is set to grow six-fold by 2032, according to Benchmark.",{"type":580,"attrs":55958,"content":55959},{"textAlign":49},[55960],{"text":55961,"type":585},"However, in the near-term recyclers are likely to use scrap material from the ever increasing number of gigafactories coming online rather than used electric vehicle batteries. Benchmark forecasts this scrap will account for 78% of the pool of recyclable materials in 2025.",{"type":580,"attrs":55963,"content":55964},{"textAlign":49},[],{"type":647,"attrs":55966,"content":55967},{"level":13022,"textAlign":49},[55968],{"text":55969,"type":585},"One factory’s trash is another factory’s treasure",{"type":580,"attrs":55971,"content":55972},{"textAlign":49},[55973],{"text":55974,"type":585},"In the first few years of operation, a battery gigafactory will be focused on ramping up and qualifying its production processes.",{"type":580,"attrs":55976,"content":55977},{"textAlign":49},[55978],{"text":55979,"type":585},"Loss rates vary by region, technology and stage of ramp up of a factory. The losses tend to be higher as a battery factory ramps up to full production, Colbourn said.",{"type":580,"attrs":55981,"content":55982},{"textAlign":49},[55983],{"text":55984,"type":585},"Whilst most losses occur in the preliminary stages of cell production, losses do also occur at final stages in the form of fully-completed cells.",{"type":580,"attrs":55986,"content":55987},{"textAlign":49},[55988],{"text":55989,"type":585},"Waste that occurs at the electrode manufacture stage can often be directly recycled by the cell producer and fed back into the production process.",{"type":580,"attrs":55991,"content":55992},{"textAlign":49},[55993],{"text":55994,"type":585},"Losses in the form of partially- or fully-completed cells which failed to meet the quality control standards are unable to be directly circulated back into the production process and must be collected for recycling.",{"type":580,"attrs":55996,"content":55997},{"textAlign":49},[55998],{"text":55999,"type":585},"This year Benchmark expects over 30 gigawatt hours of process scrap to be available for recycling, growing ten-fold across the next decade.",{"type":580,"attrs":56001,"content":56002},{"textAlign":49},[56003],{"text":56004,"type":585},"“In the long term, the loss rates will steady out but there will always be losses,” Colbourn said.",{"type":580,"attrs":56006,"content":56007},{"textAlign":49},[56008],{"text":56009,"type":585},"Although the rate of increase of the process scrap pool will slow down beyond 2030 there will still be a significant volume of scrap, she said.",{"type":647,"attrs":56011,"content":56012},{"level":13022,"textAlign":49},[56013],{"text":56014,"type":585},"End of life batteries arrive ",{"type":580,"attrs":56016,"content":56017},{"textAlign":49},[56018],{"text":56019,"type":585},"The available waste pool will see a shift around the mid-2030s when end-of-life batteries will overtake process scrap as the primary source of recyclable material, according to Benchmark.",{"type":580,"attrs":56021,"content":56022},{"textAlign":49},[56023],{"text":56024,"type":585},"Collecting process scrap is far simpler than collecting end-of-life batteries, however.",{"type":580,"attrs":56026,"content":56027},{"textAlign":49},[56028],{"text":56029,"type":585},"Rather than being concentrated in predictable gigafactories, these batteries will be geographically dispersed and require an extensive collection infrastructure.",{"type":580,"attrs":56031,"content":56032},{"textAlign":49},[56033],{"text":56034,"type":585},"The collected scrap is disassembled, discharged, and shredded to produce black mass, a valuable resource that can be processed via a variety of methods to extract the constituent lithium, cobalt, nickel, and other metals.",{"type":647,"attrs":56036,"content":56037},{"level":13022,"textAlign":49},[56038],{"text":56039,"type":585},"China dominates recycling capacity",{"type":580,"attrs":56041,"content":56042},{"textAlign":49},[56043],{"text":56044,"type":585},"China currently dominates the recycling scene. The top eight recyclers operating this year are all based in the country. As China hosts the majority of battery cell producers, they also generate the largest quantity of process scrap.",{"type":580,"attrs":56046,"content":56047},{"textAlign":49},[56048],{"text":56049,"type":585},"Benchmark forecasts over three-quarters of process scrap to come from China this year, though this proportion is expected to consistently drop over the coming decade as other regions’ gigafactories come online.",{"type":580,"attrs":56051,"content":56052},{"textAlign":49},[56053],{"text":56054,"type":585},"However, for end-of-life scrap, Benchmark forecasts this will be more evenly distributed between regions across the mid-to-late 2030s.",{"type":580,"attrs":56056,"content":56057},{"textAlign":49},[56058],{"text":56059,"type":585},"Although China has the most process scrap, other regions can still maximise on the opportunity presented by recycling.",{"type":580,"attrs":56061,"content":56062},{"textAlign":49},[56063],{"text":56064,"type":585},"“In the US and Europe, there’s increasing discussion about the critical role recycling plays in enabling a more circular economy,” Colbourn said, “From a geopolitical standpoint there is an opportunity for North America and Europe to establish their own value chains with recycling, reducing reliance on China and other regions.”",{"type":580,"attrs":56066,"content":56067},{"textAlign":49},[56068],{"text":56069,"type":585},"The recently passed US Inflation Reduction Act calls for more domestically sourced components and materials in EV batteries in an effort to regain some of the value China controls in the EV supply chain. Batteries using materials recycled in North America are eglible under the bill.",{"type":580,"attrs":56071,"content":56072},{"textAlign":49},[56073,56075,56080],{"text":56074,"type":585},"The EU is ",{"text":56076,"type":585,"marks":56077},"considering legislation that more specifically focuses on recycling",[56078],{"type":590,"attrs":56079},{"href":44119,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":56081,"type":585},". It requires batteries sold in and to the EU to contain a minimum percentage of recycled critical minerals by 2030. It also sets out targets for how efficient recycling processes should be within the bloc.",{"type":647,"attrs":56083,"content":56084},{"level":13022,"textAlign":49},[56085],{"text":56086,"type":585},"Competition for scrap",{"type":580,"attrs":56088,"content":56089},{"textAlign":49},[56090],{"text":56091,"type":585},"There will be intense competition for the currently constrained supply of recyclable materials. A recycling facility with a large capacity will only be useful if it has secured supply either of processing scrap or black mass.",{"type":580,"attrs":56093,"content":56094},{"textAlign":49},[56095],{"text":56096,"type":585},"“Outside of China partnerships are forming,” Colbourn explained. “For instance, in the UK Glencore and Britishvolt are building an ecosystem for manufacturing scrap.”",{"type":580,"attrs":56098,"content":56099},{"textAlign":49},[56100],{"text":56101,"type":585},"“We can expect more partnerships,” Colbourn said. “But there is going to be a struggle to get deals to get process scrap.”",{"type":580,"attrs":56103,"content":56104},{"textAlign":49},[56105],{"text":56106,"type":585},"Even with the most efficient collection of end-of-life scrap and good utilisation of process scrap, the quantity of critical materials that can be obtained through recycling is not enough to meet demand for these materials in the short- to mid-term.",{"type":580,"attrs":56108,"content":56109},{"textAlign":49},[56110],{"text":56111,"type":585},"“Recycling is not going to negate the need for virgin materials,” Colbourn explained. “But recycling materials can help towards plugging the supply deficit gap.”",{"type":647,"attrs":56113,"content":56114},{"level":13022,"textAlign":49},[56115,56117,56121],{"text":56116,"type":585},"To learn more about Benchmark’s Recycling Forecast please fill in the ",{"text":55899,"type":585,"marks":56118},[56119],{"type":590,"attrs":56120},{"href":55552,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":55554,"type":585},"Scrap from gigafactories will be the primary source of recyclable battery material for the next decade, according to Benchmark’s Recycling Report. End-of-life batteries are not expected to become a major source of material until the 2030s as electric vehicles sold now won’t be scrapped for another ten years or so, according to Benchmark. “Process scrap […]",[56124],{"slug":1466,"name":1467,"content":56125},{"job_title":1469,"image":56126,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"eb38011b-38e3-4a84-941b-a498ae829fa0\", \"id\": \"\"}-->",[56129,56130,56131,56132],{"slug":956,"name":957},{"slug":3379,"name":3380},{"slug":7742,"name":7743},{"slug":14595,"name":14596},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":56134,"copyright":645,"fieldtype":701,"meta_data":56135,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/bc6bfb8df0/bm-vw-battery-recycling.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Sep 05, 2022",{"id":56138,"uuid":56139,"name":56140,"slug":56141,"full_slug":56142,"content":56143},112472446086365,"70863157-a7a1-429e-adb9-ef3167447781","Ambition versus reality: why battery production capacity does not equal supply","ambition-versus-reality-why-battery-production-capacity-does-not-equal-supply","article/ambition-versus-reality-why-battery-production-capacity-does-not-equal-supply",{"_uid":56144,"date":56145,"tags":56146,"editor":56148,"content":56152,"excerpt":56286,"featured":51,"reporter":56287,"_editable":56291,"component":689,"seo_title":56140,"categories":56292,"visibility":697,"author_company":49,"featured_image":56295,"seo_description":56286,"author_full_name":49,"author_job_title":49,"formattedDate":56298},"20529d3c-cced-4e64-b078-714373bca2cf","2022-09-02 00:00",[56147],{"slug":564,"name":565},[56149],{"slug":1466,"name":1467,"content":56150},{"job_title":1469,"image":56151,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":56153},[56154,56165,56170,56175,56180,56185,56188,56193,56198,56203,56208,56213,56218,56223,56228,56233,56238,56243,56248,56251,56256,56261,56266,56271,56276,56281],{"type":580,"attrs":56155,"content":56156},{"textAlign":49},[56157,56159,56164],{"text":56158,"type":585},"Battery companies are pledging to invest billions of dollars in new production capacity to meet rising demand for electric vehicles, yet the actual supply of batteries is likely to be considerably lower than ",{"text":56160,"type":585,"marks":56161},"announced",[56162],{"type":590,"attrs":56163},{"href":55714,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":56166,"content":56167},{"textAlign":49},[56168],{"text":56169,"type":585},"New battery gigafactories take time to ramp up to full production and even then will rarely operate above 80% utilisation rates. In the first few years as much as a third of cell production may also be wasted and create scrap material for recycling.",{"type":580,"attrs":56171,"content":56172},{"textAlign":49},[56173],{"text":56174,"type":585},"Last year there was 1,036 GWh of global battery production capacity, but only around 450 GWh of actual production, according to Benchmark’s Gigafactory Assessment and Lithium ion Battery Database. That means on average the gigafactories were operating at around 50% capacity.",{"type":580,"attrs":56176,"content":56177},{"textAlign":49},[56178],{"text":56179,"type":585},"Benchmark forecasts total global supply of lithium ion batteries to reach 4.5 TWh by 2031 with factories operating at around a 64% utilisation rate. By contrast there’s around 7 TWh of forecast battery capacity planned by that date.",{"type":580,"attrs":56181,"content":56182},{"textAlign":49},[56183],{"text":56184,"type":585},"“Capacity gives a reflection of what the plant can potentially produce,” Aran Waid, an analyst at Benchmark, said. “Capacity reflects ambition.”",{"type":580,"attrs":56186,"content":56187},{"textAlign":49},[],{"type":647,"attrs":56189,"content":56190},{"level":13022,"textAlign":49},[56191],{"text":56192,"type":585},"Why capacity does not equal supply",{"type":580,"attrs":56194,"content":56195},{"textAlign":49},[56196],{"text":56197,"type":585},"The geographic differences in utilisation rates are most notable between China and the rest of the world.",{"type":580,"attrs":56199,"content":56200},{"textAlign":49},[56201],{"text":56202,"type":585},"Gigafactories outside of China generally have higher utilisation rates, according to Benchmark, with the most efficient plants based in South Korea and Japan.",{"type":580,"attrs":56204,"content":56205},{"textAlign":49},[56206],{"text":56207,"type":585},"Asian battery factories outside China will operate at a 77% utilisation rate this year, according to Benchmark, which may rise to 82% by 2035. China, by contrast, is expected to see utilisation rates of around 45% this year and 72% in 2035.",{"type":580,"attrs":56209,"content":56210},{"textAlign":49},[56211],{"text":56212,"type":585},"Even some of the largest Chinese battery companies use less of their production capacity than their peers outside the country.",{"type":580,"attrs":56214,"content":56215},{"textAlign":49},[56216],{"text":56217,"type":585},"Benchmark expects Tier One Chinese producers to reach about 70% of their installed capacity, compared to 75% to 80% for Tier One producers in the rest of the world. Tier One producers are defined as being qualified to supply more than one multinational OEM/EV producer outside of China.",{"type":580,"attrs":56219,"content":56220},{"textAlign":49},[56221],{"text":56222,"type":585},"“In China, supportive legislation and subsidised capital makes it easier for manufacturers to add capacity, rather than improve production efficiency, which can be a difficult multi-year process to achieve,” Waid said. “The West has a different capital allocation model than China, with greater importance on capital returns and utilisation rates.”",{"type":580,"attrs":56224,"content":56225},{"textAlign":49},[56226],{"text":56227,"type":585},"A total of 70% of forecast battery capacity by 2031 is set to be in China, according to Benchmark’s Gigafactory Assesment.",{"type":647,"attrs":56229,"content":56230},{"level":13022,"textAlign":49},[56231],{"text":56232,"type":585},"Starting from scratch",{"type":580,"attrs":56234,"content":56235},{"textAlign":49},[56236],{"text":56237,"type":585},"In the short term, production figures will have a bigger disparity to plant capacity as battery producers build up their utilisation rates. There are also qualification processes involved in phasing up production that may take time.",{"type":580,"attrs":56239,"content":56240},{"textAlign":49},[56241],{"text":56242,"type":585},"China, however, has more experience building gigafactories and so ramps up production quicker, Waid said.",{"type":580,"attrs":56244,"content":56245},{"textAlign":49},[56246],{"text":56247,"type":585},"“Everything is starting from scratch [outside of China] so it will take time for manufacturers to work out the most efficient processes,” Waid said. “There will be more scrap as they try to improve their processes, so managing that scrap and being able to recycle it will be key.”",{"type":580,"attrs":56249,"content":56250},{"textAlign":49},[],{"type":580,"attrs":56252,"content":56253},{"textAlign":49},[56254],{"text":56255,"type":585},"The only factories which come close to fully utilising their capacity are ones making batteries for portables. The maturity of the technology and processes to manufacture them at the required scale leads to very efficient factories. But even these processes will have an element of yield loss, Waid said.",{"type":647,"attrs":56257,"content":56258},{"level":13022,"textAlign":49},[56259],{"text":56260,"type":585},"Raw material limits ",{"type":580,"attrs":56262,"content":56263},{"textAlign":49},[56264],{"text":56265,"type":585},"If battery companies have not secured the necessary battery raw materials that may also limit the ability to meet planned production capacity.",{"type":580,"attrs":56267,"content":56268},{"textAlign":49},[56269],{"text":56270,"type":585},"“The raw materials just aren’t there for everyone to run at 100% capacity,” Waid said. “But if a plant has a high capacity, it implies the company has strong connections further up the supply chain with cathode and anode supply.”",{"type":580,"attrs":56272,"content":56273},{"textAlign":49},[56274],{"text":56275,"type":585},"Tesla, for instance, has very ambitious gigafactory plans. The 200 GWh factories in Berlin and Austin are, in part, a show of strength and confidence by Tesla, he said.",{"type":580,"attrs":56277,"content":56278},{"textAlign":49},[56279],{"text":56280,"type":585},"“Tesla has worked on its battery strategy for a long time and has inked deals with numerous battery suppliers and battery materials companies,” Waid said. “By securing upstream supply, this will help ensure their gigafactories are fed and production can ramp up to meet rising demand.”",{"type":580,"attrs":56282,"content":56283},{"textAlign":49},[56284],{"text":56285,"type":585},"However, just because a company claims a capacity does not mean it’s a done deal. “Tesla’s future capacity plans are ambitious and will be difficult to achieve without further investment and supply upstream but securing offtake agreements will be key to help shield production from future supply bottlenecks,” Waid said.","Battery companies are pledging to invest billions of dollars in new production capacity to meet rising demand for electric vehicles, yet the actual supply of batteries is likely to be considerably lower than announced. New battery gigafactories take time to ramp up to full production and even then will rarely operate above 80% utilisation rates. […]",[56288],{"slug":1466,"name":1467,"content":56289},{"job_title":1469,"image":56290,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"20529d3c-cced-4e64-b078-714373bca2cf\", \"id\": \"\"}-->",[56293,56294],{"slug":956,"name":957},{"slug":3379,"name":3380},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":56296,"copyright":645,"fieldtype":701,"meta_data":56297,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/cd69e24462/bm-giga-texas.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Sep 02, 2022",{"id":56300,"uuid":56301,"name":56302,"slug":56303,"full_slug":56304,"content":56305},112472451046622,"e62b1d12-5de9-408e-a4ba-0c7170d0ea34","$15 billion US gigafactory push accelerates North American capacity growth","15-billion-us-gigafactory-push-accelerates-north-american-capacity-growth","article/15-billion-us-gigafactory-push-accelerates-north-american-capacity-growth",{"_uid":56306,"date":56307,"tags":56308,"editor":56312,"content":56316,"excerpt":56423,"featured":51,"reporter":56424,"_editable":56428,"component":689,"seo_title":56302,"categories":56429,"visibility":697,"author_company":49,"featured_image":56432,"seo_description":56423,"author_full_name":49,"author_job_title":49,"formattedDate":56435},"dcaf4cd5-fc01-4691-81c9-cc9d1a62705a","2022-08-31 00:00",[56309,56310,56311],{"slug":564,"name":565},{"slug":31859,"name":25844},{"slug":561,"name":562},[56313],{"slug":1466,"name":1467,"content":56314},{"job_title":1469,"image":56315,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":56317},[56318,56323,56328,56340,56345,56350,56355,56360,56365,56370,56373,56378,56383,56388,56393,56398,56403,56408,56413,56418],{"type":580,"attrs":56319,"content":56320},{"textAlign":49},[56321],{"text":56322,"type":585},"A total of $15 billion could be invested into US gigafactories from announcements in the last two months, enough to build more than the entire current production capacity in the country, according to Benchmark.",{"type":580,"attrs":56324,"content":56325},{"textAlign":49},[56326],{"text":56327,"type":585},"The announcements from Tesla supplier Panasonic, Honda and LG Energy Solution, as well as Toyota, could result in an additional 157 gigawatt-hours of annual production capacity by mid-decade, including a reported second Panasonic plant in the US, according to Benchmark.",{"type":580,"attrs":56329,"content":56330},{"textAlign":49},[56331,56333,56338],{"text":56332,"type":585},"That would increase total forecast US battery production capacity by 60% by 2025 compared to Benchmark’s previous forecast. It comes following the passing of the Inflation Reduction Act ",{"text":56334,"type":585,"marks":56335},"this month",[56336],{"type":590,"attrs":56337},{"href":54104,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":56339,"type":585},", which includes production tax credits for battery manufacturing in the US.",{"type":580,"attrs":56341,"content":56342},{"textAlign":49},[56343],{"text":56344,"type":585},"“The recent surge in capacity commitments across the US is set to secure a much needed supply of cells for the many legacy and emergent automakers active in the North American market,” Evan Hartley, an analyst at Benchmark, said. “It’s a key step towards the region matching and exceeding European cell production capacity.”",{"type":580,"attrs":56346,"content":56347},{"textAlign":49},[56348],{"text":56349,"type":585},"The announcements include a planned $4.4 billion plant from Honda and LG Energy Solution; Toyota’s $5.6 billion battery investment plan of which $2.5 billion investment would be dedicated for the US and the rest for Japan, as well as Panasonic’s plans for a plant in Kansas as well as an additional $4 billion for a battery plant in Oklahoma.",{"type":580,"attrs":56351,"content":56352},{"textAlign":49},[56353],{"text":56354,"type":585},"Panasonic’s Oklahoma plant was reported by the Wall Street Journal last week.",{"type":647,"attrs":56356,"content":56357},{"level":13022,"textAlign":49},[56358],{"text":56359,"type":585},"Boosting capacity ",{"type":580,"attrs":56361,"content":56362},{"textAlign":49},[56363],{"text":56364,"type":585},"US gigafactory capacity is now expected to reach 108.8 GWh this year and rise to 536.5 GWh in 2025 when a bulk of the projects will come online, according to Benchmark’s Gigafactory Assessment. The forecast estimates this will rise to 940.6 GWh by 2031 following which the expansion pace is expected to ramp up at a slower pace over the next few years.",{"type":580,"attrs":56366,"content":56367},{"textAlign":49},[56368],{"text":56369,"type":585},"Before the announcements a total of 345.5 Gwh capacity was expected in north America by 2025.",{"type":580,"attrs":56371,"content":56372},{"textAlign":49},[],{"type":647,"attrs":56374,"content":56375},{"level":13022,"textAlign":49},[56376],{"text":56377,"type":585},"The Big Deals",{"type":580,"attrs":56379,"content":56380},{"textAlign":49},[56381],{"text":56382,"type":585},"Honda and LG Energy’s $4.4 billion battery plant for electric vehicles is expected to begin mass production of lithium-ion battery cells by the end of 2025. The two companies will establish a joint venture this year to build and run the battery plant.",{"type":580,"attrs":56384,"content":56385},{"textAlign":49},[56386],{"text":56387,"type":585},"“Our joint venture with Honda, which has a significant brand reputation, is yet another milestone in our mid- to long-term strategy of promoting electrification in the fast-growing North American market,” said Youngsoo Kwon, chief executive of LG Energy Solution.",{"type":580,"attrs":56389,"content":56390},{"textAlign":49},[56391],{"text":56392,"type":585},"Honda and LG Energy are yet to disclose the location for the plant. Honda currently makes cars at manufacturing facilities in Ohio, Alabama and Indiana.",{"type":580,"attrs":56394,"content":56395},{"textAlign":49},[56396],{"text":56397,"type":585},"Toyota said it would invest an additional $2.5 billion in its battery plant in North Carolina, which is set to start production in 2025 and produce battery cells for hybrid and pure electric vehicles.",{"type":580,"attrs":56399,"content":56400},{"textAlign":49},[56401],{"text":56402,"type":585},"Toyota said it aims to increase its combined annual battery production capacity in Japan and the United States by as much as 40 GWh.",{"type":580,"attrs":56404,"content":56405},{"textAlign":49},[56406],{"text":56407,"type":585},"Panasonic is reportedly planning to build another battery plant in the US that would take its total gigafactory investment to an estimated $8 billion. Panasonic said in July that it would build a gigafactory in Kansas to target growth in the US auto market.",{"type":580,"attrs":56409,"content":56410},{"textAlign":49},[56411],{"text":56412,"type":585},"The Osaka-based battery producer is Tesla’s largest supplier due to its Nevada gigafactory, a joint venture with Tesla that has a capacity of 44 GWh, as assessed by Benchmark.",{"type":580,"attrs":56414,"content":56415},{"textAlign":49},[56416],{"text":56417,"type":585},"Tesla has said it wants to produce 20 million electric vehicles by the end of the decade, as it aims to become a mass market auto producer.",{"type":580,"attrs":56419,"content":56420},{"textAlign":49},[56421],{"text":56422,"type":585},"Panasonic said in June it wants to triple or quadruple its capacity in North America by 2029 as it looks to capture some of the growth in the US auto market outside of Tesla.","A total of $15 billion could be invested into US gigafactories from announcements in the last two months, enough to build more than the entire current production capacity in the country, according to Benchmark. The announcements from Tesla supplier Panasonic, Honda and LG Energy Solution, as well as Toyota, could result in an additional 157 […]",[56425],{"slug":1466,"name":1467,"content":56426},{"job_title":1469,"image":56427,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"dcaf4cd5-fc01-4691-81c9-cc9d1a62705a\", \"id\": \"\"}-->",[56430,56431],{"slug":956,"name":957},{"slug":3379,"name":3380},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":56433,"copyright":645,"fieldtype":701,"meta_data":56434,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4783b05917/bm-giga-nevada-2.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Aug 31, 2022",{"id":56437,"uuid":56438,"name":56439,"slug":56440,"full_slug":56441,"content":56442},112472455814367,"aee6fed1-aef9-418d-a110-8d602453bd8f","VW, Mercedes head to Canada seeking raw materials but can it meet automaker demand?","vw-mercedes-head-to-canada-seeking-raw-materials-but-can-it-meet-automaker-demand","article/vw-mercedes-head-to-canada-seeking-raw-materials-but-can-it-meet-automaker-demand",{"_uid":56443,"date":56444,"tags":56445,"editor":56453,"content":56457,"excerpt":56665,"featured":50,"reporter":56666,"_editable":56670,"component":689,"seo_title":56439,"categories":56671,"visibility":697,"author_company":49,"featured_image":56680,"seo_description":56665,"author_full_name":49,"author_job_title":49,"formattedDate":56683},"ab471eba-8703-4802-82b1-38d48f0df402","2022-08-26 00:00",[56446,56447,56448,56451],{"slug":4093,"name":4094},{"slug":564,"name":565},{"slug":56449,"name":56450},"mercedes-benz","Mercedes Benz",{"slug":56452,"name":16162},"volkswagen",[56454],{"slug":9249,"name":9250,"content":56455},{"job_title":9252,"image":56456,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":56458},[56459,56464,56469,56480,56492,56503,56508,56511,56516,56521,56526,56531,56536,56541,56546,56551,56556,56561,56566,56571,56576,56581,56586,56591,56596,56601,56606,56618,56623,56628,56633,56638,56643,56648,56653],{"type":580,"attrs":56460,"content":56461},{"textAlign":49},[56462],{"text":56463,"type":585},"Canada is a key target for automakers looking to secure battery raw materials such as lithium, cobalt and nickel for the North American market. This week Volkswagen and Mercedes-Benz signed agreements with the government of prime minister Justin Trudeau, announcing their intention to source and produce battery materials in the country.",{"type":580,"attrs":56465,"content":56466},{"textAlign":49},[56467],{"text":56468,"type":585},"The high-level visit highlights the strategic importance the world’s largest automakers are placing on localising battery raw materials and reducing reliance on China. Volkswagen said there were “significant prospects” to “ramp up cathode material production together with partners and to offer Canadian suppliers an opportunity to act as raw material suppliers, refiners and processors.”",{"type":580,"attrs":56470,"content":56471},{"textAlign":49},[56472,56474,56478],{"text":56473,"type":585},"The recently passed ",{"text":43260,"type":585,"marks":56475},[56476],{"type":590,"attrs":56477},{"href":54104,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":56479,"type":585}," incentivises automakers to source or process critical battery minerals such as lithium, nickel, cobalt, and graphite, in the US or in a country with which it has a Free Trade Agreement such as Canada in order to receive tax credits. It also stipulates that the majority of the components of a battery such as cathodes are made in North America starting in 2024.",{"type":580,"attrs":56481,"content":56482},{"textAlign":49},[56483,56485,56490],{"text":56484,"type":585},"“Not only does Canada have access to a wide range of raw materials like lithium, nickel and cobalt, but it also has the industrial basis and infrastructure and most importantly the energy is ",{"text":56486,"type":585,"marks":56487},"CO2 free",[56488],{"type":590,"attrs":56489},{"href":53357,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":56491,"type":585},",” Hebert Diess, Volkswagen’s chief executive, said.",{"type":580,"attrs":56493,"content":56494},{"textAlign":49},[56495,56497,56501],{"text":56496,"type":585},"Yet Canada may struggle to produce enough raw materials and ",{"text":2623,"type":585,"marks":56498},[56499],{"type":590,"attrs":56500},{"href":53357,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":56502,"type":585}," this decade to meet expected demand for electric vehicles, according to Benchmark, without significant further investment. While lithium and graphite could meet up to half of North American demand, it could be harder for nickel and cobalt.",{"type":580,"attrs":56504,"content":56505},{"textAlign":49},[56506],{"text":56507,"type":585},"“If there’s a bifurcation of supply chains between the West and China and automakers are willing to pay a premium to have that nickel from an allied country, which will help them meet the requirements of the IRA then new mines could come on,” Greg Miller, an analyst at Benchmark, said. “But it’s still a bit of a long shot.”",{"type":580,"attrs":56509,"content":56510},{"textAlign":49},[],{"type":647,"attrs":56512,"content":56513},{"level":13022,"textAlign":49},[56514],{"text":56515,"type":585},"Nickel ambitions",{"type":580,"attrs":56517,"content":56518},{"textAlign":49},[56519],{"text":56520,"type":585},"Canada currently accounts for 4% of global refined nickel production, which is set to fall to 3% by the end of the decade, according to Benchmark. While new projects are under development in Canada, no new operations are expected to begin before 2026.",{"type":580,"attrs":56522,"content":56523},{"textAlign":49},[56524],{"text":56525,"type":585},"Canada hosts two major nickel refiners – Vale and Sherritt. Vale refines nickel sulphides from its Subdury, Manitoba and Long Harbor operations, while Sherritt refines intermediates imported from Moa Bay (Cuba) at its Fort Saskatchewan facility.",{"type":580,"attrs":56527,"content":56528},{"textAlign":49},[56529],{"text":56530,"type":585},"Vale already has a long-term contract with Tesla to supply nickel to the US from its operations in Canada. It’s also looking at building a nickel sulphate plant in Quebec designed to process 25,000 tonnes of contained nickel into nickel sulphate a year for batteries, near the site of a planned cathode plant being built by Posco and GM.",{"type":580,"attrs":56532,"content":56533},{"textAlign":49},[56534],{"text":56535,"type":585},"While Canada could satisfy half of North American battery demand for nickel by 2030, the battery industry will compete with the plating industry and other premium end use markets, according to Miller.",{"type":580,"attrs":56537,"content":56538},{"textAlign":49},[56539],{"text":56540,"type":585},"In addition, a glut of supply from Indonesia will likely lower nickel prices making it less attractive to start new mines in the country, according to Miller.",{"type":647,"attrs":56542,"content":56543},{"level":13022,"textAlign":49},[56544],{"text":56545,"type":585},"Cobalt refining capacity  ",{"type":580,"attrs":56547,"content":56548},{"textAlign":49},[56549],{"text":56550,"type":585},"On the cobalt front, Canada is forecast to grow its mining volume share to 8,600 tonnes in 2030, from 6,000 tonnes this year, according to the Benchmark Cobalt Forecast. That’s about 15% of the forecast North American demand by that date.",{"type":580,"attrs":56552,"content":56553},{"textAlign":49},[56554],{"text":56555,"type":585},"Canada’s share of global cobalt mining is expected to be just about 2% by 2030, with the Democratic Republic of the Congo expected to maintain its dominance in the supply chain.",{"type":580,"attrs":56557,"content":56558},{"textAlign":49},[56559],{"text":56560,"type":585},"Since the DRC is not a free trade agreement country another option is to process or refine cobalt in Canada. Electra is building a refinery in Ontario that is due to start production at the end of this year.",{"type":580,"attrs":56562,"content":56563},{"textAlign":49},[56564],{"text":56565,"type":585},"“Our recent travels to potential downstream clients across North America tell us that all stakeholders are getting behind an onshoring strategy. It’s a marked change in tone from two years ago where it was a stepped approach,” Trent Mell, chief executive of Electra, said this month. “Today, it’s all hands on deck and this bill [the IRA] is only going to help further that.”",{"type":580,"attrs":56567,"content":56568},{"textAlign":49},[56569],{"text":56570,"type":585},"Cobalt refining in Canada is expected to be slightly higher at 11,000 tonnes in 2030, or about 3.8% of the global supply then.",{"type":647,"attrs":56572,"content":56573},{"level":13022,"textAlign":49},[56574],{"text":56575,"type":585},"Canada’s lithium prospects ",{"type":580,"attrs":56577,"content":56578},{"textAlign":49},[56579],{"text":56580,"type":585},"Canada’s lithium supply outlook is perhaps the brightest due to new projects such as the James Bay mine in Quebec being built by Allkem as well as revived projects such as Nemaska Lithium, in which Livent holds a 50% stake.",{"type":580,"attrs":56582,"content":56583},{"textAlign":49},[56584],{"text":56585,"type":585},"Allkem says the James Bay mine will be completed by 2025.",{"type":580,"attrs":56587,"content":56588},{"textAlign":49},[56589],{"text":56590,"type":585},"In April Chinese lithium producer Yahua agreed to invest CAD 5m ($4m) in Canadian lithium explorer Ultra Lithium, in exchange for a 13.2% stake. It also bought a 60% stake in the Forgan Lake and Georgia Lake pegmatite lithium projects in Ontario, Canada",{"type":580,"attrs":56592,"content":56593},{"textAlign":49},[56594],{"text":56595,"type":585},"Canada’s lithium supply is forecast to rise to 137,992 tonnes LCE in 2030 from 2,256 tonnes this year, according to the Benchmark Lithium Forecast. That would be about 40% of North America’s forecast battery demand by that date.",{"type":580,"attrs":56597,"content":56598},{"textAlign":49},[56599],{"text":56600,"type":585},"Mercedes said it is exploring a strategic partnership with Rock Tech Lithium under which the Vancouver-based company would supply 10,000 tonnes of lithium hydroxide annually, starting in 2026. Rock Tech is expected to supply Mercedes with lithium from a processing facility in Guben, Brandenburg. The company is also developing a mine in Georgia Lake, Canada, however.",{"type":647,"attrs":56602,"content":56603},{"level":13022,"textAlign":49},[56604],{"text":56605,"type":585},"Cathode opportunities ",{"type":580,"attrs":56607,"content":56608},{"textAlign":49},[56609,56611,56616],{"text":56610,"type":585},"There have been a significant number of ",{"text":56612,"type":585,"marks":56613},"announcements",[56614],{"type":590,"attrs":56615},{"href":53357,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":56617,"type":585}," to build cathode plants in Canada over the past year, including plans by BASF, Umicore and Posco. Quebec’s abundant hydropower is a key attraction for these companies.",{"type":580,"attrs":56619,"content":56620},{"textAlign":49},[56621],{"text":56622,"type":585},"Belgium-based Umicore says it will combine “cathode and precursor materials manufacturing at a large industrial scale” at its plant in Loyalist, Ontario, which is set to start production at the end of 2025.",{"type":580,"attrs":56624,"content":56625},{"textAlign":49},[56626],{"text":56627,"type":585},"In March GM and Posco also said they will build a $400 million cathode plant in Bécancour, Quebec, to provide material for GM’s Ultium batteries.",{"type":580,"attrs":56629,"content":56630},{"textAlign":49},[56631],{"text":56632,"type":585},"Canada currently accounts for 0.02% of global cathode production capacity, which is set to rise to 2% by 2030, according to Benchmark’s Cathode Forecast.",{"type":647,"attrs":56634,"content":56635},{"level":13022,"textAlign":49},[56636],{"text":56637,"type":585},"Where’s the graphite? ",{"type":580,"attrs":56639,"content":56640},{"textAlign":49},[56641],{"text":56642,"type":585},"Neither VW nor Mercedes mentioned graphite in their agreements, but Canada is home to a growing supply of natural flake graphite.",{"type":580,"attrs":56644,"content":56645},{"textAlign":49},[56646],{"text":56647,"type":585},"Canada is set to produce 322,000 tonnes of natural graphite in 2030, around 43% of North America’s forecast demand by that date.",{"type":580,"attrs":56649,"content":56650},{"textAlign":49},[56651],{"text":56652,"type":585},"Currently, the only graphite production in Canada comes from Northern Graphite’s Lac des Iles graphite mine, which it agreed to purchase from Imerys at the end of 2021.",{"type":580,"attrs":56654,"content":56655},{"textAlign":49},[56656,56658,56663],{"text":56657,"type":585},"Benchmark forecasts that Nouveau Monde is set to be Canada’s largest natural flake graphite producer where it is developing the Matawinie mine in Quebec, which Benchmark anticipates will enter commercial production in 2023. It also aims to process feedstock from Matawinie at its battery-grade spherical ",{"text":2627,"type":585,"marks":56659},[56660],{"type":590,"attrs":56661},{"href":56662,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/western-ev-makers-face-up-to-chinas-grip-on-graphite-market",{"text":56664,"type":585}," purification facility in Bécancour.","Canada is a key target for automakers looking to secure battery raw materials such as lithium, cobalt and nickel for the North American market. This week Volkswagen and Mercedes-Benz signed agreements with the government of prime minister Justin Trudeau, announcing their intention to source and produce battery materials in the country. The high-level visit highlights […]",[56667],{"slug":9249,"name":9250,"content":56668},{"job_title":9252,"image":56669,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ab471eba-8703-4802-82b1-38d48f0df402\", \"id\": \"\"}-->",[56672,56673,56674,56675,56676,56677,56678,56679],{"slug":956,"name":957},{"slug":2544,"name":115},{"slug":1142,"name":1143},{"slug":692,"name":693},{"slug":695,"name":696},{"slug":2627,"name":2628},{"slug":1693,"name":8},{"slug":2553,"name":150},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":56681,"copyright":645,"fieldtype":701,"meta_data":56682,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/fb2064ceb6/bm-quebec-hydro-power-e1661528411907.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Aug 26, 2022",{"id":56685,"uuid":56686,"name":56687,"slug":56688,"full_slug":56689,"content":56690},112472460524768,"0e09e7d1-596c-495a-9408-11518e5505eb","What is driving lithium prices in 2022 and beyond?","what-is-driving-lithium-prices-in-2022-and-beyond","article/what-is-driving-lithium-prices-in-2022-and-beyond",{"_uid":56691,"date":56692,"tags":56693,"editor":56695,"content":56699,"excerpt":56922,"featured":51,"reporter":56923,"_editable":56927,"component":689,"seo_title":56687,"categories":56928,"visibility":697,"author_company":49,"featured_image":56931,"seo_description":56922,"author_full_name":49,"author_job_title":49,"formattedDate":56934},"b2526e41-3604-4af1-ad5a-7aebc9602004","2022-08-25 00:00",[56694],{"slug":564,"name":565},[56696],{"slug":9249,"name":9250,"content":56697},{"job_title":9252,"image":56698,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":56700},[56701,56713,56724,56729,56734,56739,56744,56749,56754,56757,56762,56767,56772,56777,56782,56787,56792,56797,56808,56813,56818,56823,56828,56833,56836,56841,56846,56851,56856,56861,56866,56871,56876,56879,56884,56889,56902,56907,56912],{"type":580,"attrs":56702,"content":56703},{"textAlign":49},[56704,56706,56711],{"text":56705,"type":585},"It’s been almost a year since lithium prices hit an inflection point to all time highs and three months since a controversial Goldman Sachs research note ",{"text":56707,"type":585,"marks":56708},"predicting",[56709],{"type":590,"attrs":56710},{"href":46325,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":56712,"type":585}," a price crash on increased lithium supply.",{"type":580,"attrs":56714,"content":56715},{"textAlign":49},[56716,56718,56722],{"text":56717,"type":585},"Yet Benchmark’s global average lithium ",{"text":23343,"type":585,"marks":56719},[56720],{"type":590,"attrs":56721},{"href":34181,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":56723,"type":585}," have held steady since April’s record high levels, with Chinese technical and battery-grade lithium carbonate prices continuing to increase. That’s in stark contrast to other battery metals such as cobalt and nickel, where prices have fallen this year.",{"type":580,"attrs":56725,"content":56726},{"textAlign":49},[56727],{"text":56728,"type":585},"Since the beginning of June Chinese battery-grade lithium carbonate prices have increased marginally but year-to-date Chinese battery-grade lithium carbonate prices have risen by 90% while lithium hydroxide is up by 127%.",{"type":580,"attrs":56730,"content":56731},{"textAlign":49},[56732],{"text":56733,"type":585},"At the same time competition for future lithium has only intensified as automakers from Ford to Stellantis sign agreements to lock up supply.",{"type":580,"attrs":56735,"content":56736},{"textAlign":49},[56737],{"text":56738,"type":585},"Government policy is also kicking demand into a new gear with the passing of the Inflation Reduction Act in the US which will only accelerate the need for automakers to secure lithium sources, especially in North America.",{"type":580,"attrs":56740,"content":56741},{"textAlign":49},[56742],{"text":56743,"type":585},"This week Mercedes-Benz and Volkswagen both announced they would look to secure battery raw materials such as lithium in Canada, as part of an agreement with the Canadian government.",{"type":580,"attrs":56745,"content":56746},{"textAlign":49},[56747],{"text":56748,"type":585},"“Government sway is now in play and we are seeing it in full force in the USA and just the beginning in Canada,” Simon Moores, chief executive of Benchmark, said. “The lithium ion battery is now geopolitical. And if EVs mean lithium ion batteries, then EVs mean mining.”",{"type":580,"attrs":56750,"content":56751},{"textAlign":49},[56752],{"text":56753,"type":585},"So, what are the short and long-term drivers of the current market?",{"type":580,"attrs":56755,"content":56756},{"textAlign":49},[],{"type":647,"attrs":56758,"content":56759},{"level":13022,"textAlign":49},[56760],{"text":56761,"type":585},"Short-term: A record year for lithium and battery demand continues ",{"type":580,"attrs":56763,"content":56764},{"textAlign":49},[56765],{"text":56766,"type":585},"Demand for lithium ion batteries is on track to grow 36% this year to 610 gigawatt-hours, according to Benchmark’s Lithium ion Battery Database. Lithium supply is set to expand 33%, according to Benchmark’s Lithium Forecast.",{"type":580,"attrs":56768,"content":56769},{"textAlign":49},[56770],{"text":56771,"type":585},"In the short-term, continued robust electric vehicle demand globally and record-breaking heat and drought in the southwest of China are the key drivers for the market.",{"type":580,"attrs":56773,"content":56774},{"textAlign":49},[56775],{"text":56776,"type":585},"Chinese electric vehicle sales have recovered from April, when Shanghai was placed in strict lock-down to combat the spread of Covid-19. Chinese sales of electric vehicles rose by 25% in June compared to a month earlier.",{"type":580,"attrs":56778,"content":56779},{"textAlign":49},[56780],{"text":56781,"type":585},"Globally sales of electric vehicles rose by 34% in June compared to a month earlier, according to Rho Motion.",{"type":580,"attrs":56783,"content":56784},{"textAlign":49},[56785],{"text":56786,"type":585},"At the same time supply of lithium is also being impacted by China’s worst heatwave in 60 years. Authorities in Sichuan province ordered factories in most cities to shut down production until August 25 to cope with a power shortage caused by a lack of hydropower generation due to a drought.",{"type":580,"attrs":56788,"content":56789},{"textAlign":49},[56790],{"text":56791,"type":585},"The shutdowns could impact around a quarter of China’s lithium production capacity, according to Benchmark. Companies including Yahua and Tianqi Lithium produce lithium in the province.",{"type":580,"attrs":56793,"content":56794},{"textAlign":49},[56795],{"text":56796,"type":585},"Battery-grade lithium carbonate prices in China rose by 1.4% in the period 17-24 August, the largest week-on-week increase since Benchmark began reporting weekly EXW China lithium prices on 4 May 2022, due in part to concerns over the power shortages.",{"type":580,"attrs":56798,"content":56799},{"textAlign":49},[56800,56802,56806],{"text":56801,"type":585},"Also driving prices are the sustained high prices for spodumene feedstock from ",{"text":4991,"type":585,"marks":56803},[56804],{"type":590,"attrs":56805},{"href":43529,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":56807,"type":585},". Prices for spodumene (6% Li2O) have risen by 189% year-to-date according to Benchmark.",{"type":580,"attrs":56809,"content":56810},{"textAlign":49},[56811],{"text":56812,"type":585},"“We hear from the market that converter inventories are low – this is buoying demand for carbonate and will eventually have a knock on effect in hydroxide pricing,” Daisy Jennings-Gray, an analyst at Benchmark said.",{"type":580,"attrs":56814,"content":56815},{"textAlign":49},[56816],{"text":56817,"type":585},"Internationally, lithium hydroxide is still trading at very high levels, around $80,000 a tonne for small spot market volumes in Europe and North America.",{"type":580,"attrs":56819,"content":56820},{"textAlign":49},[56821],{"text":56822,"type":585},"Prices used in contracts between lithium miners and buyers are still catching up to Chinese spot market prices as they are renegotiated, and it will likely take another six to 12 months for this process to be fully realised in all contracted prices, according to Benchmark.",{"type":580,"attrs":56824,"content":56825},{"textAlign":49},[56826],{"text":56827,"type":585},"Chilean lithium miner SQM said its average sales price for lithium was $54,000 a tonne during the second quarter.",{"type":580,"attrs":56829,"content":56830},{"textAlign":49},[56831],{"text":56832,"type":585},"“So even if the spot market were to fall, contract pricing has still got some chasing to do well into 2023,” Jennings-Gray said.",{"type":580,"attrs":56834,"content":56835},{"textAlign":49},[],{"type":647,"attrs":56837,"content":56838},{"level":13022,"textAlign":49},[56839],{"text":56840,"type":585},"Long term: lithium supply short for some time ",{"type":580,"attrs":56842,"content":56843},{"textAlign":49},[56844],{"text":56845,"type":585},"There is very little additional lithium production capacity coming online before late 2023 and early 2024, according to Benchmark, and many projects are still being delayed.",{"type":580,"attrs":56847,"content":56848},{"textAlign":49},[56849],{"text":56850,"type":585},"That’s in contrast to the view of Goldman Sachs, which predicted that the market would enter a “prolonged phase of surplus” starting this year, due to supply from new lithium projects in China.",{"type":580,"attrs":56852,"content":56853},{"textAlign":49},[56854],{"text":56855,"type":585},"“A shock to the system will bring prices down but the shock won’t be significant oversupply from China,” Moores, CEO of Benchmark, said.",{"type":580,"attrs":56857,"content":56858},{"textAlign":49},[56859],{"text":56860,"type":585},"Longer-term, the lithium market is likely to remain tight this decade but become more balanced by around 2026, pushing prices to more stable levels, according to Benchmark’s Lithium Forecast.",{"type":580,"attrs":56862,"content":56863},{"textAlign":49},[56864],{"text":56865,"type":585},"“High prices are incentivising accelerated capital spending which will bring forward the timeline for a number of development stage projects, however the speed of these expansions are struggling to keep pace with growing demand,” Andrew Miller, chief operating officer at Benchmark, said.",{"type":580,"attrs":56867,"content":56868},{"textAlign":49},[56869],{"text":56870,"type":585},"“The industry is facing a decade of perpetual change. A broader range of assets across a more diverse group of producing regions will be needed to meet the structural constraints facing the industry, and the increased geopolitical importance being placed on strategic supply chains.”",{"type":580,"attrs":56872,"content":56873},{"textAlign":49},[56874],{"text":56875,"type":585},"The supply deficit is expected to worsen from 2030 onwards, as demand grows by another 1 million tonnes LCE in a few years.",{"type":580,"attrs":56877,"content":56878},{"textAlign":49},[],{"type":647,"attrs":56880,"content":56881},{"level":13022,"textAlign":49},[56882],{"text":56883,"type":585},"How are Benchmark’s prices used in supply contracts? ",{"type":580,"attrs":56885,"content":56886},{"textAlign":49},[56887],{"text":56888,"type":585},"Benchmark’s lithium prices are used in supply contracts between lithium producers and the downstream and midstream supply chain, including automakers.",{"type":580,"attrs":56890,"content":56891},{"textAlign":49},[56892,56894,56900],{"text":56893,"type":585},"As contract agreements have shifted away from fixed price deals due to greater pricing volatility, buyers and sellers have looked to introduce market-led mechanisms into contracts, using Benchmark’s ",{"text":56895,"type":585,"marks":56896},"IOSCO certified",[56897],{"type":590,"attrs":56898},{"href":56899,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/benchmark-pra-completes-iosco-world-first-tailored-audit-for-lithium-prices-ev-battery-raw-materials",{"text":56901,"type":585}," lithium prices, or a basket of reported prices including Benchmark’s published grades. That allows them to price contracts in a way which accounts for increased price volatility in recent years and improves market transparency.",{"type":580,"attrs":56903,"content":56904},{"textAlign":49},[56905],{"text":56906,"type":585},"The frequency of Benchmark’s published prices also allows contracts that are tied to them to be renegotiated more frequently, meaning contract pricing can move in a more similar timeframe to significant upturns or downturns in spot market pricing.",{"type":647,"attrs":56908,"content":56909},{"level":13022,"textAlign":49},[56910],{"text":56911,"type":585},"Learn more about Benchmark’s Lithium Price Assessment",{"type":580,"attrs":56913,"content":56914},{"textAlign":49},[56915,56917,56921],{"text":56916,"type":585},"To learn more about Benchmark’s Lithium Price Assessment, fill in the ",{"text":55899,"type":585,"marks":56918},[56919],{"type":590,"attrs":56920},{"href":55552,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":55554,"type":585},"It’s been almost a year since lithium prices hit an inflection point to all time highs and three months since a controversial Goldman Sachs research note predicting a price crash on increased lithium supply. Yet Benchmark’s global average lithium prices have held steady since April’s record high levels, with Chinese technical and battery-grade lithium carbonate […]",[56924],{"slug":9249,"name":9250,"content":56925},{"job_title":9252,"image":56926,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b2526e41-3604-4af1-ad5a-7aebc9602004\", \"id\": \"\"}-->",[56929,56930],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":56932,"copyright":645,"fieldtype":701,"meta_data":56933,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/959a4ef156/bm-lithium-story.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Aug 25, 2022",{"id":56936,"uuid":56937,"name":56938,"slug":56939,"full_slug":56940,"content":56941},112472475004133,"92783c77-207c-4934-bdc0-786f0f4f28cd","Can the US meet the critical mineral requirements of the climate bill?","can-the-us-meet-the-critical-mineral-requirements-of-the-climate-bill","article/can-the-us-meet-the-critical-mineral-requirements-of-the-climate-bill",{"_uid":56942,"date":56943,"tags":56944,"editor":56949,"content":56953,"excerpt":57109,"featured":50,"reporter":57110,"_editable":57114,"component":689,"seo_title":56938,"categories":57115,"visibility":697,"author_company":49,"featured_image":57122,"seo_description":57109,"author_full_name":49,"author_job_title":49,"formattedDate":57125},"653e28bc-05b1-47ac-ae55-5cc6d48931fa","2022-08-16 00:00",[56945,56946,56947,56948],{"slug":564,"name":565},{"slug":31859,"name":25844},{"slug":561,"name":562},{"slug":13546,"name":13547},[56950],{"slug":9249,"name":9250,"content":56951},{"job_title":9252,"image":56952,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":56954},[56955,56960,56965,56970,56975,56978,56983,56988,56993,56998,57003,57008,57013,57018,57023,57028,57033,57038,57049,57054,57059,57064,57069,57074,57079,57084,57089,57094,57099,57104],{"type":580,"attrs":56956,"content":56957},{"textAlign":49},[56958],{"text":56959,"type":585},"US critical mineral supply chains are unlikely to meet the targets set in the Inflation Reduction Act in order for automakers to receive tax credits on sales of new electric vehicles, according to an analysis by Benchmark.",{"type":580,"attrs":56961,"content":56962},{"textAlign":49},[56963],{"text":56964,"type":585},"The act, which is expected to be signed by President Joe Biden on Tuesday, stipulates that a certain percentage of the value of critical minerals in a battery be mined or processed in the US or in a country with which it has a Free Trade Agreement. In addition, there are restrictions on minerals or components from China.",{"type":580,"attrs":56966,"content":56967},{"textAlign":49},[56968],{"text":56969,"type":585},"The strict requirements mean US automakers will have to invest considerably in mines and refineries this decade, or increase the deployment of recycled components in their vehicles to make their EVs eligible for the tax credit.",{"type":580,"attrs":56971,"content":56972},{"textAlign":49},[56973],{"text":56974,"type":585},"“There are other good elements in the Act, but there’s a little bit of an oversight on the tax credits for the EVs,” George Miller, a senior analyst at Benchmark, said. “I don’t see any car that is going to get the full credit.”",{"type":580,"attrs":56976,"content":56977},{"textAlign":49},[],{"type":647,"attrs":56979,"content":56980},{"level":13022,"textAlign":49},[56981],{"text":56982,"type":585},"Meeting the requirements",{"type":580,"attrs":56984,"content":56985},{"textAlign":49},[56986],{"text":56987,"type":585},"For the first half of the tax credit, worth $3,750, a certain percentage of the value of critical minerals in a battery must be mined or processed in the US or in a country with which it has a Free Trade Agreement.",{"type":580,"attrs":56989,"content":56990},{"textAlign":49},[56991],{"text":56992,"type":585},"The percentage starts at 40% before January 2024, rising to 50% in 2024, 60% in 2025, 70% in 2026 and to 80% in 2027.",{"type":580,"attrs":56994,"content":56995},{"textAlign":49},[56996],{"text":56997,"type":585},"On its own, the US lacks both the mining and the processing capacity to approach the requirements. Although some lithium mining capacity is forecast to be online by 2030, this represents just a third of the lithium required to enable all EVs in the country to be eligible for the credit.",{"type":580,"attrs":56999,"content":57000},{"textAlign":49},[57001],{"text":57002,"type":585},"To meet the demands of the tax credit will require the US to use around half of Australia’s and Chile’s lithium output suited for battery applications.",{"type":580,"attrs":57004,"content":57005},{"textAlign":49},[57006],{"text":57007,"type":585},"Without access to cobalt mined in the DRC and processed in China, the US will struggle to produce EVs eligible for the tax credit. Similarly, without Indonesia as a source of nickel, there will be insufficient nickel available to fulfil the 2030 requirements.",{"type":580,"attrs":57009,"content":57010},{"textAlign":49},[57011],{"text":57012,"type":585},"Even less nickel and cobalt is further processed in eligible countries.",{"type":580,"attrs":57014,"content":57015},{"textAlign":49},[57016],{"text":57017,"type":585},"Flake graphite of a suitable mesh size for battery applications mined from the US or FTA countries is just 52% of the supply required to produce EV batteries eligible for the credit, according to Benchmark.",{"type":580,"attrs":57019,"content":57020},{"textAlign":49},[57021],{"text":57022,"type":585},"To build up the required domestic mining and refining capacity within the timeframe set out by the IRA may therefore be difficult.",{"type":647,"attrs":57024,"content":57025},{"level":13022,"textAlign":49},[57026],{"text":57027,"type":585},"Homemade Components",{"type":580,"attrs":57029,"content":57030},{"textAlign":49},[57031],{"text":57032,"type":585},"The other half of the tax credit comes from having a certain value of the battery components (cathodes and anodes) made or assembled in North America. Up to 2024, this value needs to be 50%, reaching 80% by 2028 and 100% by 2029.",{"type":580,"attrs":57034,"content":57035},{"textAlign":49},[57036],{"text":57037,"type":585},"Initially, the cathode will be the focus of this aspect of the credit. The cathode is around 58% of the cost of the cell, compared to the anode which is just 3%. By 2029, however, all of the value of the cell needs to originate from North America.",{"type":580,"attrs":57039,"content":57040},{"textAlign":49},[57041,57043,57045,57047],{"text":57042,"type":585},"The region, however, is currently unprepared to meet its own demand. ",{"text":57044,"type":585}," North America is on track to have enough capacity to produce enough anode materials for 1m EVs by 2025 and less than ",{"text":57046,"type":585},"100,000 EVs in terms of cathode ",{"text":57048,"type":585},"by 2025, according to Benchmark. ",{"type":580,"attrs":57050,"content":57051},{"textAlign":49},[57052],{"text":57053,"type":585},"By 2030 North American cathode production is forecast to be around 0.3% of global production without further investment, according to Benchmark’s Cathode Forecast.",{"type":580,"attrs":57055,"content":57056},{"textAlign":49},[57057],{"text":57058,"type":585},"North American anode production is basically zero, forecast to rise to 0.6% of global supply by 2030.",{"type":580,"attrs":57060,"content":57061},{"textAlign":49},[57062],{"text":57063,"type":585},"However, automakers may be able to assemble their battery components in the US via joint ventures with Korean battery companies such as LG Energy Solution, SK Innovation and Samsung SDI.",{"type":647,"attrs":57065,"content":57066},{"level":13022,"textAlign":49},[57067],{"text":57068,"type":585},"No China or Russia, please",{"type":580,"attrs":57070,"content":57071},{"textAlign":49},[57072],{"text":57073,"type":585},"A notable exclusion contained in the Act is that none of the materials contained within the battery can come from “Foreign Entities of Concern”, which include Chinese and Russian companies.",{"type":580,"attrs":57075,"content":57076},{"textAlign":49},[57077],{"text":57078,"type":585},"China processes around 73% of the world’s cobalt for batteries, and 59% of the lithium, according to Benchmark, making it difficult for automakers to produce EVs eligible for any of the tax credit.",{"type":580,"attrs":57080,"content":57081},{"textAlign":49},[57082],{"text":57083,"type":585},"China also currently produces 91% of the world’s battery cathodes and 92% of the anodes, according to Benchmark’s cathode and anode forecasts.",{"type":647,"attrs":57085,"content":57086},{"level":13022,"textAlign":49},[57087],{"text":57088,"type":585},"How to get there?",{"type":580,"attrs":57090,"content":57091},{"textAlign":49},[57092],{"text":57093,"type":585},"Automakers will now need to invest along the entire supply chain if they are to receive the benefits afforded by the Act. Initially, processing minerals in North America might be easier than building new mines.",{"type":580,"attrs":57095,"content":57096},{"textAlign":49},[57097],{"text":57098,"type":585},"In addition, batteries recycled in North America could be a source of the critical minerals without needing to build new mines. Benchmark expects supply of recycled lithium in North America to increase by 300% by 2025 to 7,227 tonnes and recycled nickel to increase by 269% to 7,419 tonnes.",{"type":580,"attrs":57100,"content":57101},{"textAlign":49},[57102],{"text":57103,"type":585},"Miller noted that the rest of the Act contains many important provisions for stimulating build-out of the US supply chain such as production tax credits for the production of batteries, electrodes, and processing of minerals. Miners could be eligible for a credit equivalent to 10% of the “costs incurred by the taxpayer with respect to production of such mineral.”",{"type":580,"attrs":57105,"content":57106},{"textAlign":49},[57107],{"text":57108,"type":585},"“Ultimately, this is bigger than the EV tax credit,” he said.","US critical mineral supply chains are unlikely to meet the targets set in the Inflation Reduction Act in order for automakers to receive tax credits on sales of new electric vehicles, according to an analysis by Benchmark. The act, which is expected to be signed by President Joe Biden on Tuesday, stipulates that a certain […]",[57111],{"slug":9249,"name":9250,"content":57112},{"job_title":9252,"image":57113,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"653e28bc-05b1-47ac-ae55-5cc6d48931fa\", \"id\": \"\"}-->",[57116,57117,57118,57119,57120,57121],{"slug":2544,"name":115},{"slug":1142,"name":1143},{"slug":2627,"name":2628},{"slug":1693,"name":8},{"slug":2553,"name":150},{"slug":14595,"name":14596},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":57123,"copyright":645,"fieldtype":701,"meta_data":57124,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/0e120af5f9/bm-the-white-house-1-e1660644407470.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Aug 16, 2022",{"id":57127,"uuid":57128,"name":57129,"slug":57130,"full_slug":57131,"content":57132},112472489413864,"c6bcfb70-0d5f-454a-94d8-e19bebf03bde","Automakers’ ESG woes grow over Indonesian nickel","automakers-esg-woes-grow-over-indonesian-nickel","article/automakers-esg-woes-grow-over-indonesian-nickel",{"_uid":57133,"date":57134,"tags":57135,"editor":57138,"content":57142,"excerpt":57309,"featured":50,"reporter":57310,"_editable":57314,"component":689,"seo_title":57129,"categories":57315,"visibility":697,"author_company":49,"featured_image":57319,"seo_description":57309,"author_full_name":49,"author_job_title":49,"formattedDate":57322},"8f39287b-4bd0-43fe-8d34-f989e17c4e96","2022-08-09 00:00",[57136,57137],{"slug":564,"name":565},{"slug":17604,"name":17605},[57139],{"slug":1466,"name":1467,"content":57140},{"job_title":1469,"image":57141,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":57143},[57144,57149,57154,57159,57164,57169,57174,57179,57184,57187,57192,57197,57202,57207,57212,57224,57229,57234,57239,57244,57249,57254,57259,57264,57269,57274,57279,57284,57289,57294,57299,57304],{"type":580,"attrs":57145,"content":57146},{"textAlign":49},[57147],{"text":57148,"type":585},"Automakers are facing growing scrutiny over their use of Indonesian nickel as Tesla received an open letter from environmental groups outlining their concerns with nickel production in the country.",{"type":580,"attrs":57150,"content":57151},{"textAlign":49},[57152],{"text":57153,"type":585},"Electric vehicle manufacturers are increasingly looking to Indonesia to meet their growing nickel requirements, with Ford and Volkswagen announcing nickel supply deals in recent months. This week, Indonesian officials told CNBC that Tesla had signed contracts worth $5 billion to buy Indonesian nickel products.",{"type":580,"attrs":57155,"content":57156},{"textAlign":49},[57157],{"text":57158,"type":585},"Indonesia is one of the only countries seeing growth in nickel production, said Greg Miller, an analyst at Benchmark. Data from Benchmark’s Nickel Forecast shows that Indonesia is set to increase its share of the refined nickel market from 32% in 2021 to 54% in 2025.",{"type":580,"attrs":57160,"content":57161},{"textAlign":49},[57162],{"text":57163,"type":585},"“There is no nickel without Indonesia,” Miller said.",{"type":647,"attrs":57165,"content":57166},{"level":13022,"textAlign":49},[57167],{"text":57168,"type":585},"Indonesia’s nickel ambitions",{"type":580,"attrs":57170,"content":57171},{"textAlign":49},[57172],{"text":57173,"type":585},"“Indonesia has a proven track record of using policy instruments to stimulate downstream investment,” Miller said. “Since banning the export of nickel ore in 2014 and again in 2020, the country has rapidly emerged as a world leader in nickel processing and stainless steel production.”",{"type":580,"attrs":57175,"content":57176},{"textAlign":49},[57177],{"text":57178,"type":585},"The second largest producer of refined nickel is China, with just 18% of the market forecast for 2022, dropping to 10% in 2025. The nickel ore export bans have seen displacement of nickel refining capacity from China to Indonesia, Miller said.",{"type":580,"attrs":57180,"content":57181},{"textAlign":49},[57182],{"text":57183,"type":585},"“There will be insufficient supply to meet battery demand growth without Indonesia,” Miller said.",{"type":580,"attrs":57185,"content":57186},{"textAlign":49},[],{"type":580,"attrs":57188,"content":57189},{"textAlign":49},[57190],{"text":57191,"type":585},"However a large proportion of the nickel products currently produced in Indonesia are nickel pig iron (NPI) and ferronickel, more suited to the stainless steel industry than for battery cathode production. NPI can be upgraded into nickel matte for the battery industry, but generally nickel mixed hydroxide precipitate (MHP) is preferred.",{"type":580,"attrs":57193,"content":57194},{"textAlign":49},[57195],{"text":57196,"type":585},"Last week, the government announced it will increase tax on exports of low-nickel products. The tax aims to increase revenues from nickel exports whilst encouraging greater domestic production of the nickel products more suited for the battery supply chain.",{"type":580,"attrs":57198,"content":57199},{"textAlign":49},[57200],{"text":57201,"type":585},"“Indonesia has made no secret of its ambitions to leverage its significant nickel resources to build a domestic end-to-end EV supply chain,” Miller said. “We expect similar policies to extend the battery industry in the future.”",{"type":647,"attrs":57203,"content":57204},{"level":13022,"textAlign":49},[57205],{"text":57206,"type":585},"A dirty shade of green",{"type":580,"attrs":57208,"content":57209},{"textAlign":49},[57210],{"text":57211,"type":585},"The growing prominence of Indonesia in the nickel industry is not good news to everyone. In their letter to Tesla, environmental groups cited “systemic, large-scale environmental damage” as a major reason that Tesla should avoid investing in Indonesian nickel. The groups go on to discuss additional consequences such as the criminalisation of indigenous communities and environmental defenders protecting their lands.",{"type":580,"attrs":57213,"content":57214},{"textAlign":49},[57215,57217,57223],{"text":57216,"type":585},"Tesla is currently sourcing nickel from operations globally including in ",{"text":57218,"type":585,"marks":57219},"Australia, New Caledonia, and Canada",[57220],{"type":590,"attrs":57221},{"href":57222,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/vale-and-tesla-nickel-deal-highlights-automakers-carbon-conundrum",{"text":1538,"type":585},{"type":580,"attrs":57225,"content":57226},{"textAlign":49},[57227],{"text":57228,"type":585},"“Tesla has already locked in a lot of the existing ex-Indonesia supply,” Miller said. “There aren’t many other places they can go.”",{"type":580,"attrs":57230,"content":57231},{"textAlign":49},[57232],{"text":57233,"type":585},"Indonesian nickel occurs in laterite ores which require scraping vast swathes of land to access. “Environmentally it is really challenging,”  Charlotte Selvey-Miller, Head of ESG at Benchmark, said. “Nickel processes are very carbon intensive and use a lot of the land’s surface.”",{"type":580,"attrs":57235,"content":57236},{"textAlign":49},[57237],{"text":57238,"type":585},"“There is a lot of biodiversity in Indonesia,” she said. “Biodiversity loss can be irreversible, even with offsetting, especially with species endemic to the area.”",{"type":580,"attrs":57240,"content":57241},{"textAlign":49},[57242],{"text":57243,"type":585},"Life cycle analyses by Benchmark show that nickel sulphate produced from ferronickel mined in Indonesia and processed in China has CO2 equivalent emissions of 97 tonnes per tonne of nickel contained in the sulphate.",{"type":580,"attrs":57245,"content":57246},{"textAlign":49},[57247],{"text":57248,"type":585},"This is 1.6 times more carbon intensive than the equivalent process in Brazil (such as by Vale) with processing in Canada, with most of the emissions occurring in the country where the mineral is first mined and initially processed into intermediates.",{"type":580,"attrs":57250,"content":57251},{"textAlign":49},[57252],{"text":57253,"type":585},"Of the carbon emissions associated with the Indonesian/China nickel product, 94% comes from the mining and use of the rotary kiln-electric furnace (RKEF) used to produce the intermediate material in Indonesia. Only 6% is associated with the transport to and processing in China.",{"type":647,"attrs":57255,"content":57256},{"level":13022,"textAlign":49},[57257],{"text":57258,"type":585},"Cleaning up Indonesia’s nickel",{"type":580,"attrs":57260,"content":57261},{"textAlign":49},[57262],{"text":57263,"type":585},"Indonesia has a carbon intensive electricity grid using primarily coal and other fossil sources, worsening the environmental impact of the electric furnaces. Coal is also used as a reagent in the process, so renewable energy sources wouldn’t entirely clean up the RKEF process.",{"type":580,"attrs":57265,"content":57266},{"textAlign":49},[57267],{"text":57268,"type":585},"An alternative to the RKEF process is to use high pressure acid leaching (HPAL). This method produces nickel mixed hydroxide precipitate",{"type":580,"attrs":57270,"content":57271},{"textAlign":49},[57272],{"text":57273,"type":585},"Ford’s recent agreement with Vale and Huayou in Indonesia is for an HPAL project to provide the automaker with up to 84,000 tpa of nickel metal. Benchmark forecasts supply of nickel from Indonesian HPAL projects will increase over 2000% between 2021 and 2025.",{"type":580,"attrs":57275,"content":57276},{"textAlign":49},[57277],{"text":57278,"type":585},"HPAL is not without its downsides, however. Selvey-Miller explained that although HPAL in Indonesia is up to five times less carbon intensive than the RKEF process, the toxicity to ecosystems  can be as much as three times worse owing to the high quantities of sulphuric acid needed, as assessed in Benchmark’s upcoming Nickel ESG report.",{"type":580,"attrs":57280,"content":57281},{"textAlign":49},[57282],{"text":57283,"type":585},"“Indonesian nickel has quite a few ESG aspects of concern, many on the governance side,” Selvey-Miller said. “Lots of mines are coming on the market very quickly. Are they going through the right environmental regulations  and keeping the stakeholders engaged?”",{"type":580,"attrs":57285,"content":57286},{"textAlign":49},[57287],{"text":57288,"type":585},"To ensure that the nickel being sourced meets ESG requirements, “automakers need to ensure they are auditing at the mine site or using a very trusted third party auditor.”",{"type":580,"attrs":57290,"content":57291},{"textAlign":49},[57292],{"text":57293,"type":585},"Tesla is already a member of the Initiative for Responsible Mining Assurance (IRMA), which offers globally recognised third-party verification and certification for mines.",{"type":580,"attrs":57295,"content":57296},{"textAlign":49},[57297],{"text":57298,"type":585},"“Even if you do everything right legally, if you don’t have informed consent from the communities there will be push back,” Selvey-Miller said. The automakers and mining companies need to actively and transparently engage with the communities and go beyond just legal obligations to source materials morally, she said.",{"type":580,"attrs":57300,"content":57301},{"textAlign":49},[57302],{"text":57303,"type":585},"Serbia’s cancellation of Rio Tinto’s Jadar lithium project in January following weeks of protests highlights the risks of failing to engage with local communities.",{"type":580,"attrs":57305,"content":57306},{"textAlign":49},[57307],{"text":57308,"type":585},"Transparency from the automakers and mining companies is the key, Selvey-Miller explained. “When it’s in the open, they are held accountable for mitigating the risks.”","Automakers are facing growing scrutiny over their use of Indonesian nickel as Tesla received an open letter from environmental groups outlining their concerns with nickel production in the country. Electric vehicle manufacturers are increasingly looking to Indonesia to meet their growing nickel requirements, with Ford and Volkswagen announcing nickel supply deals in recent months. This […]",[57311],{"slug":1466,"name":1467,"content":57312},{"job_title":1469,"image":57313,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8f39287b-4bd0-43fe-8d34-f989e17c4e96\", \"id\": \"\"}-->",[57316,57317,57318],{"slug":1142,"name":1143},{"slug":2553,"name":150},{"slug":14595,"name":14596},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":57320,"copyright":645,"fieldtype":701,"meta_data":57321,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5881d8f327/bm-backhoe-load-warm-and-smokey-slag-material-into-mining-dump-truck-in-nickel-mining-in-south-sulaw.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Aug 09, 2022",{"id":57324,"uuid":57325,"name":57326,"slug":57327,"full_slug":57328,"content":57329},112472503848171,"70f2fe6a-2327-4983-adde-7514df3e9d34","Flake graphite production in Africa set to overtake China this decade","flake-graphite-production-in-africa-set-to-overtake-china-this-decade","article/flake-graphite-production-in-africa-set-to-overtake-china-this-decade",{"_uid":57330,"date":57331,"tags":57332,"editor":57335,"content":57339,"excerpt":57480,"featured":50,"reporter":57481,"_editable":57485,"component":689,"seo_title":57326,"categories":57486,"visibility":697,"author_company":49,"featured_image":57489,"seo_description":57480,"author_full_name":49,"author_job_title":49,"formattedDate":57492},"4ef28865-db28-47a0-984e-743e85eace2d","2022-08-02 00:00",[57333,57334],{"slug":993,"name":994},{"slug":564,"name":565},[57336],{"slug":1466,"name":1467,"content":57337},{"job_title":1469,"image":57338,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":57340},[57341,57346,57351,57364,57369,57374,57377,57382,57387,57392,57397,57402,57407,57412,57417,57422,57425,57430,57435,57440,57445,57450,57455,57460,57465,57470,57475],{"type":580,"attrs":57342,"content":57343},{"textAlign":49},[57344],{"text":57345,"type":585},"Africa could overtake China as the world’s largest producer of natural graphite for lithium ion batteries as soon as 2026, according to Benchmark, in a sign of the continent’s growing importance to the electric vehicle supply chain.",{"type":580,"attrs":57347,"content":57348},{"textAlign":49},[57349],{"text":57350,"type":585},"Benchmark forecasts Africa to increase its share of global graphite production from 15% in 2021 to 40% in 2026. In contrast, China is set to fall from 68% to 35%, according to Benchmark’s Flake Graphite Forecast.",{"type":580,"attrs":57352,"content":57353},{"textAlign":49},[57354,57356,57362],{"text":57355,"type":585},"The increased supply from Africa could help diversify global battery supply chains, if processing capacity is built outside of China. At the end of July, the ",{"text":57357,"type":585,"marks":57358},"US Department of Energy awarded a $102 million loan to Syrah Resources",[57359],{"type":590,"attrs":57360},{"href":57361,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/us-doe-awards-first-battery-supply-chain-loan-to-syrah-anode-project",{"text":57363,"type":585}," to build a processing plant in Louisiana to supply automakers such as Tesla that will be supplied with graphite from Mozambique. ",{"type":647,"attrs":57365,"content":57366},{"level":13022,"textAlign":49},[57367],{"text":57368,"type":585},"Africa’s advantage",{"type":580,"attrs":57370,"content":57371},{"textAlign":49},[57372],{"text":57373,"type":585},"“It is relatively cost effective to mine there,” Daisy Jennings-Gray, a senior Benchmark analyst, said. “Capital costs and labour are much more competitive with China. Canada also has a history of graphite mining, but it is far more expensive to develop a project there.”",{"type":580,"attrs":57375,"content":57376},{"textAlign":49},[],{"type":580,"attrs":57378,"content":57379},{"textAlign":49},[57380],{"text":57381,"type":585},"Currently, flake graphite mining in the region takes place in Mozambique, Madagascar, and Tanzania, with new projects being developed in Guinea, Namibia and Uganda.",{"type":580,"attrs":57383,"content":57384},{"textAlign":49},[57385],{"text":57386,"type":585},"The companies that operate these mines come from a wide variety of countries. Syrah Resources, an Australian mining company, operates Africa’s largest mine in the Cabo Delgado region of Mozambique. Triton Minerals is another Australian miner developing graphite facilities in Mozambique.",{"type":580,"attrs":57388,"content":57389},{"textAlign":49},[57390],{"text":57391,"type":585},"Jennings-Gray said there are also a handful of Chinese companies developing projects or operating in Africa as well as some based in the US, Canada and India.",{"type":580,"attrs":57393,"content":57394},{"textAlign":49},[57395],{"text":57396,"type":585},"However, the region isn’t without its issues. “There are notable ESG concerns over mining in Africa generally, as well as other challenges recently,” Jennings-Gray said. “We have seen cylones affect Madgascar this year and there has been terrorist insurgent attacks in Mozambique too.”",{"type":647,"attrs":57398,"content":57399},{"level":13022,"textAlign":49},[57400],{"text":57401,"type":585},"Mesh matters",{"type":580,"attrs":57403,"content":57404},{"textAlign":49},[57405],{"text":57406,"type":585},"Africa’s growth in graphite mining is not all suitable for battery anode production, however, Jennings-Gray noted. Flake graphite comes in various sizes, with the fine -100 mesh being the best suited for battery anodes. The larger mesh sizes can often sell for a higher price owing to the more niche applications, but there is less concern about the increase in demand for these sizes.",{"type":580,"attrs":57408,"content":57409},{"textAlign":49},[57410],{"text":57411,"type":585},"Until 2020, Benchmark’s Flake Graphite Forecast showed -100 flake graphite had the highest surplus of all sizes of flake graphite, given it is the most common flake product produced by Chinese graphite miners.",{"type":580,"attrs":57413,"content":57414},{"textAlign":49},[57415],{"text":57416,"type":585},"However, in recent years this has changed. In 2021 demand for -100 mesh graphite was greater than supply for the first time, though there was sufficient inventory of the material to cover this deficit. Given development plans at current, global supply of -100 flake graphite is set to fulfil less than half of market demand by 2031, highlighting the need to bring new projects to market.",{"type":580,"attrs":57418,"content":57419},{"textAlign":49},[57420],{"text":57421,"type":585},"Between now and 2031, Africa’s graphite production is forecast to be primarily in the larger mesh sizes, with only 40% of forecasted flake production falling within the -100 mesh size. In contrast, over 50% of Chinese domestic flake graphite production is forecast to be -100 mesh, the preferred size for processing into battery anode material.",{"type":580,"attrs":57423,"content":57424},{"textAlign":49},[],{"type":580,"attrs":57426,"content":57427},{"textAlign":49},[57428],{"text":57429,"type":585},"Although African graphite production is forecasted to rise beyond China’s by 2026 in absolute terms, Africa’s more even distribution of mesh sizes means China’s -100 mesh production is likely to dominate through to the end of the decade.",{"type":580,"attrs":57431,"content":57432},{"textAlign":49},[57433],{"text":57434,"type":585},"Not all mines in Africa face this issue, however. Syrah Resources’ Balama mine in Mozambique produces mostly -100 flake graphite. Tirupati Graphite’s Montepuez mine, also in Mozambique, is due to begin operating 2023, is the only other graphite mine in Africa Benchmark tracks that has over 50% of its output as -100 size graphite.",{"type":647,"attrs":57436,"content":57437},{"level":13022,"textAlign":49},[57438],{"text":57439,"type":585},"China conversion",{"type":580,"attrs":57441,"content":57442},{"textAlign":49},[57443],{"text":57444,"type":585},"Although China is losing its global share of flake graphite production, Benchmark forecasts the country to continue to dominate in processing graphite into spherical graphite.",{"type":580,"attrs":57446,"content":57447},{"textAlign":49},[57448],{"text":57449,"type":585},"It currently produces 100% of spherical graphite globally, and is forecast to produce 86% in 2031. Africa, by contrast, currently has no processing capacity and Benchmark does not forecast that the region will have any even by 2040.",{"type":580,"attrs":57451,"content":57452},{"textAlign":49},[57453],{"text":57454,"type":585},"Other regions could build capacity to process African graphite, however. ",{"type":580,"attrs":57456,"content":57457},{"textAlign":49},[57458],{"text":57459,"type":585},"In the US, Benchmark forecasts Syrah’s processing capacity in Louisiana using graphite sourced from its mining operations in Mozambique will be operational next year.",{"type":580,"attrs":57461,"content":57462},{"textAlign":49},[57463],{"text":57464,"type":585},"Westwater Resources, which is also based in the US, and Nouveau Monde in Canada will also begin processing graphite into spherical graphite next year.",{"type":580,"attrs":57466,"content":57467},{"textAlign":49},[57468],{"text":57469,"type":585},"Still, Africa is unlikely to be a centre for graphite processing, leaving most countries dependent on exports to China. “Africa has always struggled to take the next step downstream in the mining industry and graphite is no exception to that,” said Jennings-Gray.",{"type":580,"attrs":57471,"content":57472},{"textAlign":49},[57473],{"text":57474,"type":585},"“Nothing that happens in Africa really goes beyond mining and the production of graphite concentrate,” Jennings-Gray said.",{"type":580,"attrs":57476,"content":57477},{"textAlign":49},[57478],{"text":57479,"type":585},"There are some plans for more integrated producers to begin operating in the region, Jennings-Gray said. “But it’s not infrastructure that Africa has had previously,” she said. “Developing new downstream processing is challenging.”","Africa could overtake China as the world’s largest producer of natural graphite for lithium ion batteries as soon as 2026, according to Benchmark, in a sign of the continent’s growing importance to the electric vehicle supply chain. Benchmark forecasts Africa to increase its share of global graphite production from 15% in 2021 to 40% in […]",[57482],{"slug":1466,"name":1467,"content":57483},{"job_title":1469,"image":57484,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4ef28865-db28-47a0-984e-743e85eace2d\", \"id\": \"\"}-->",[57487,57488],{"slug":1142,"name":1143},{"slug":2627,"name":2628},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":57490,"copyright":645,"fieldtype":701,"meta_data":57491,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/2a8e419510/bm-madagasgar-graphite-mine-e1663151995485.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Aug 02, 2022",{"id":57494,"uuid":57495,"name":57496,"slug":57497,"full_slug":57498,"content":57499},112472542571770,"8442cfb8-bbfd-4098-b28d-8e0dac4065b0","Do automakers face a Tier One battery supply problem?","do-automakers-face-a-tier-one-battery-supply-problem","article/do-automakers-face-a-tier-one-battery-supply-problem",{"_uid":57500,"date":57501,"tags":57502,"editor":57504,"content":57508,"excerpt":57653,"featured":50,"reporter":57654,"_editable":57658,"component":689,"seo_title":57496,"categories":57659,"visibility":697,"author_company":49,"featured_image":57663,"seo_description":57653,"author_full_name":49,"author_job_title":49,"formattedDate":57666},"5ae9163f-7c59-42c6-a8a0-1120c22e243f","2022-07-14 00:00",[57503],{"slug":564,"name":565},[57505],{"slug":9249,"name":9250,"content":57506},{"job_title":9252,"image":57507,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":57509},[57510,57515,57520,57525,57536,57541,57546,57549,57554,57559,57564,57569,57574,57579,57584,57589,57594,57599,57610,57615,57620,57625,57630,57635,57648],{"type":580,"attrs":57511,"content":57512},{"textAlign":49},[57513],{"text":57514,"type":585},"The automotive industry could face a global shortage of high quality “Tier One” battery cells by the end of the decade, without investment by the leading battery companies in further capacity. ",{"type":580,"attrs":57516,"content":57517},{"textAlign":49},[57518],{"text":57519,"type":585},"By 2030, Benchmark forecasts a Tier One cell supply deficit of 695 gigawatt hours, up from 22 GWh this year. Tier One suppliers are defined as those with more than 5 GWh of annual cumulative production capacity who are also qualified to supply more than one multinational OEM/EV producer outside of China.",{"type":580,"attrs":57521,"content":57522},{"textAlign":49},[57523],{"text":57524,"type":585},"The chief executives of both Rivian and Tesla have recently warned about a looming shortage of battery cells, as demand outpaces supply. Rivian’s chief executive RJ Scaringe said in April that the shortage of battery cells would make the semiconductor shortage look like a “small appetizer.”  ",{"type":580,"attrs":57526,"content":57527},{"textAlign":49},[57528,57534],{"text":57529,"type":585,"marks":57530},"Last month Benchmark promoted Europe’s Northvolt and China’s Sunwoda to Tier One status",[57531],{"type":590,"attrs":57532},{"href":57533,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/northvolt-and-sunwoda-become-tier-one-ev-battery-manufacturers",{"text":57535,"type":585},". That reduced the 2030 deficit from 840 GWh to 695 GWh. ",{"type":580,"attrs":57537,"content":57538},{"textAlign":49},[57539],{"text":57540,"type":585},"“You can really see the difference from just having two large producers promoted,” said Aran Waid, an analyst at Benchmark.",{"type":580,"attrs":57542,"content":57543},{"textAlign":49},[57544],{"text":57545,"type":585},"To qualify as a Tier One supplier, a producer needs to supply more than one multinational OEM outside of China and have 5 GWh of production capacity or more. Tier Two producers are able to supply the domestic Chinese EV market, and Tier Three are not yet supplying any EV markets, but do have over one GWh of capacity.",{"type":580,"attrs":57547,"content":57548},{"textAlign":49},[],{"type":647,"attrs":57550,"content":57551},{"level":13022,"textAlign":49},[57552],{"text":57553,"type":585},"Tier One Woes",{"type":580,"attrs":57555,"content":57556},{"textAlign":49},[57557],{"text":57558,"type":585},"Supply of batteries from Tier Two producers is currently in surplus and is expected to remain so until 2035, Benchmark forecasts. Benchmark forecasts Tier Three will be in surplus past 2040. However, 2022 is the first time Tier Three will be in surplus since Benchmark began collecting data.",{"type":580,"attrs":57560,"content":57561},{"textAlign":49},[57562],{"text":57563,"type":585},"Benchmark does not forecast an overall deficit in cell production until 2030 due to the oversupply of Tier Two and Three cells in China. ",{"type":580,"attrs":57565,"content":57566},{"textAlign":49},[57567],{"text":57568,"type":585},"However, there will be a deficit of Tier One cells until past 2040, unless extra supply is brought online.",{"type":580,"attrs":57570,"content":57571},{"textAlign":49},[57572],{"text":57573,"type":585},"Tier One cells are primarily destined for EV producers outside of China, and for the global energy storage system (ESS) market, Waid said. Some Tier One producers will supply car factories in China, such as those operated by Tesla and other Western automakers.",{"type":580,"attrs":57575,"content":57576},{"textAlign":49},[57577],{"text":57578,"type":585},"The ESS market, including that located in China, will be primarily supplied from Tier One producers. This is due to safety concerns requiring a very high standard of production, Waid said.",{"type":647,"attrs":57580,"content":57581},{"level":13022,"textAlign":49},[57582],{"text":57583,"type":585},"China’s Surplus",{"type":580,"attrs":57585,"content":57586},{"textAlign":49},[57587],{"text":57588,"type":585},"China’s abundance of Tier Two producers means that it has a surplus of battery production. Benchmark forecasts that China’s supply will outstrip its demand unil the late 2030s.",{"type":580,"attrs":57590,"content":57591},{"textAlign":49},[57592],{"text":57593,"type":585},"Despite Tier Two being defined by the ability to sell into the Chinese EV market, Tier One producers have a strong presence in the country, too.",{"type":580,"attrs":57595,"content":57596},{"textAlign":49},[57597],{"text":57598,"type":585},"Of the 108 Tier One gigafactories tracked by Benchmark, 56% are in China. The majority of these are operated by CATL and BYD, a Chinese automaker which produces its own batteries.",{"type":580,"attrs":57600,"content":57601},{"textAlign":49},[57602,57603,57608],{"text":1005,"type":585},{"text":57604,"type":585,"marks":57605},"promotion of Sunwoda",[57606],{"type":590,"attrs":57607},{"href":57533,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":57609,"type":585}," added an extra nine Tier One Chinese gigafactories.",{"type":647,"attrs":57611,"content":57612},{"level":13022,"textAlign":49},[57613],{"text":57614,"type":585},"Closing the gap",{"type":580,"attrs":57616,"content":57617},{"textAlign":49},[57618],{"text":57619,"type":585},"”To close the Tier One deficit will need further expansions from existing Tier One suppliers,” Waid said.",{"type":580,"attrs":57621,"content":57622},{"textAlign":49},[57623],{"text":57624,"type":585},"Expanding the capacity of a gigafactory will only ease the deficit if that expansion is used, however. “They should improve their utilisation rates as well,” Waid said. ",{"type":580,"attrs":57626,"content":57627},{"textAlign":49},[57628],{"text":57629,"type":585},"“Chinese producers will start off with a higher utilisation rate in years one to three, as Chinese manufacturers tend to be more experienced,” Waid said. “But after years four and five, we see a shift so the rest of the world ends up with higher utilisation rates than China.”",{"type":580,"attrs":57631,"content":57632},{"textAlign":49},[57633],{"text":57634,"type":585},"Part of the reason for China’s lower utilisation rates in later years is the country’s faster rate of adding capacity onto the plants, Waid noted.",{"type":580,"attrs":57636,"content":57637},{"textAlign":49},[57638,57640,57646],{"text":57639,"type":585},"Beyond capacity and utilisation, Waid said that more Tier One producers are needed. “New ",{"text":57641,"type":585,"marks":57642},"startups",[57643],{"type":590,"attrs":57644},{"href":57645,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/britishvolt-secures-government-funding-for-uk-gigafactory",{"text":57647,"type":585}," need to accelerate their qualification roadmap,” he said.",{"type":580,"attrs":57649,"content":57650},{"textAlign":49},[57651],{"text":57652,"type":585},"When Northvolt and Sunwoda were promoted to Tier One status they collectively added 148 GWh of supply. This accounted for about 10% of the total Tier One supply available.","The automotive industry could face a global shortage of high quality “Tier One” battery cells by the end of the decade, without investment by the leading battery companies in further capacity. By 2030, Benchmark forecasts a Tier One cell supply deficit of 695 gigawatt hours, up from 22 GWh this year. Tier One suppliers are […]",[57655],{"slug":9249,"name":9250,"content":57656},{"job_title":9252,"image":57657,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"5ae9163f-7c59-42c6-a8a0-1120c22e243f\", \"id\": \"\"}-->",[57660,57661,57662],{"slug":956,"name":957},{"slug":692,"name":693},{"slug":3379,"name":3380},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":57664,"copyright":645,"fieldtype":701,"meta_data":57665,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/fd436652eb/bm-northvolt-ett.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Jul 14, 2022",{"id":57668,"uuid":11108,"name":57669,"slug":57670,"full_slug":57671,"content":57672},112472777932281,"Faltering trust in the LME leads to new MHP nickel pricing methods","faltering-trust-in-the-lme-leads-to-new-mhp-nickel-pricing-methods","article/faltering-trust-in-the-lme-leads-to-new-mhp-nickel-pricing-methods",{"_uid":57673,"date":57674,"tags":57675,"editor":57681,"content":57685,"excerpt":57887,"featured":51,"reporter":57888,"_editable":57892,"component":689,"seo_title":57669,"categories":57893,"visibility":697,"author_company":49,"featured_image":57896,"seo_description":57887,"author_full_name":49,"author_job_title":49,"formattedDate":57899},"e74fe933-ab5d-451f-b912-408ea628285a","2022-05-05 00:00",[57676,57677,57680],{"slug":564,"name":565},{"slug":57678,"name":57679},"lme","LME",{"slug":6025,"name":6026},[57682],{"slug":1466,"name":1467,"content":57683},{"job_title":1469,"image":57684,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":57686},[57687,57692,57697,57702,57715,57720,57725,57730,57735,57740,57745,57748,57753,57758,57761,57766,57771,57774,57779,57784,57789,57794,57799,57804,57809,57814,57821,57826,57831,57836,57841,57846,57851,57856,57861],{"type":580,"attrs":57688,"content":57689},{"textAlign":49},[57690],{"text":57691,"type":585},"So far during 2022, nickel prices have experienced significant volatility, with price increases and subsequent rising costs observed throughout the nickel and lithium ion battery and cathode supply chains, compounded by unprecedented levels of uncertainty in the market. ",{"type":580,"attrs":57693,"content":57694},{"textAlign":49},[57695],{"text":57696,"type":585},"A rally in the London Metal Exchange (LME) nickel price, driven by a short squeeze in March, and the subsequent cancelling of trades, has played a significant role in driving certain participants in the battery value chain towards implementing new methods of pricing. ",{"type":580,"attrs":57698,"content":57699},{"textAlign":49},[57700],{"text":57701,"type":585},"Questions over the reliability of the LME nickel contract, due to cancelled trades and repeated trading halts, as well as sustained high LME cash settlement prices, has begun to push market participants to consider using other mechanisms to price nickel transactions. ",{"type":580,"attrs":57703,"content":57704},{"textAlign":49},[57705,57707,57713],{"text":57706,"type":585},"For the battery supply chain, this has been most prominent in the ",{"text":57708,"type":585,"marks":57709},"mixed hydroxide precipitate (MHP)",[57710],{"type":590,"attrs":57711},{"href":57712,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/benchmark-launches-nickel-industrys-first-mixed-hydroxide-precipitate-mhp-price",{"text":57714,"type":585}," market where a payable to LME cash settled nickel prices has been the typical structure, with buyers and sellers in some cases instead opting for prices they believe better represent the current state of play in the nickel market. ",{"type":580,"attrs":57716,"content":57717},{"textAlign":49},[57718],{"text":57719,"type":585},"Moreover, recent legislation changes in China, allowing the import of black mass as an alternative feed, and the uptick in Covid-19 cases in China, including ensuing lockdowns, has accelerated this market shift due to weakened demand for battery grade nickel and expectation of improved feedstock availability in the Chinese market.",{"type":647,"attrs":57721,"content":57722},{"level":13022,"textAlign":49},[57723],{"text":57724,"type":585},"LME RALLY, COVID AND BLACK MASS",{"type":580,"attrs":57726,"content":57727},{"textAlign":49},[57728],{"text":57729,"type":585},"The LME nickel short squeeze in March saw prices reach record highs, surpassing $100,000/tonne briefly, before the LME cancelled all trades on the 8 March and backdated prices to $48,000/tonne. ",{"type":580,"attrs":57731,"content":57732},{"textAlign":49},[57733],{"text":57734,"type":585},"As a result, market participants have raised questions over the reliability of the LME as a pricing mechanism following the nickel price rally action, during which a reported $3.9bn of trades were cancelled by the exchange.",{"type":580,"attrs":57736,"content":57737},{"textAlign":49},[57738],{"text":57739,"type":585},"This sparked claims that the LME acted intentionally to protect large industry players who were affected by the rally, with some suggesting this was at the behest of the exchange’s owners, Hong Kong Exchanges and Clearing Limited (HKEX). ",{"type":580,"attrs":57741,"content":57742},{"textAlign":49},[57743],{"text":57744,"type":585},"Regardless of whether these accusations can be verified, these claims have done significant damage to the trust market participants have previously placed in the LME, by suggesting the exchange is not an independent and impartial entity. Following the incident, liquidity on the exchange has dropped significantly, with average daily transaction levels in April down by 49% from February volumes.",{"type":580,"attrs":57746,"content":57747},{"textAlign":49},[],{"type":580,"attrs":57749,"content":57750},{"textAlign":49},[57751],{"text":57752,"type":585},"For a number of Chinese players, the traditional method of pricing MHP transactions, which uses a payable level to LME cash settled nickel prices, has been abandoned, according to Benchmark’s market sources. So far, Benchmark has noted two alternative methods currently being used to price MHP. ",{"type":580,"attrs":57754,"content":57755},{"textAlign":49},[57756],{"text":57757,"type":585},"The first has seen a shift to use a payable level versus the Shanghai Futures Exchange (SHFE) nickel metal cash settled price, the initial trading level of which was significantly lower than payables to the LME, primarily due to the 13% VAT included in the SHFE price, however payables to the LME fell to a similar level by months end.",{"type":580,"attrs":57759,"content":57760},{"textAlign":49},[],{"type":580,"attrs":57762,"content":57763},{"textAlign":49},[57764],{"text":57765,"type":585},"Whilst certain elements of the supply chain are resorting to this method, it has created concerns amongst some producers that they will receive weaker pricing due to the lower payable levels being cited versus SHFE prices and could have a negative impact on pricing moving forward. ",{"type":580,"attrs":57767,"content":57768},{"textAlign":49},[57769],{"text":57770,"type":585},"The alternative method some market participants are currently offering is to maintain payables at 90%, similar to the levels being traded for MHP versus the LME price before the March short squeeze (Benchmark MHP payable, CIF Asia, 68.5% on 29 April 2022), with purchasers required to bid on the nickel metal price for the volumes in an auction process.",{"type":580,"attrs":57772,"content":57773},{"textAlign":49},[],{"type":580,"attrs":57775,"content":57776},{"textAlign":49},[57777],{"text":57778,"type":585},"Although LME nickel prices have fallen since the short-squeeze in mid-March, they remain at their highest level since 2007, currently at $32,430/tonne according to the LME cash price, significantly impacting battery grade nickel prices. ",{"type":580,"attrs":57780,"content":57781},{"textAlign":49},[57782],{"text":57783,"type":585},"This has caused disparity between LME and domestic Chinese prices, which have recently experienced downward momentum, with the price for MHP down by 32% m-o-m in April.",{"type":580,"attrs":57785,"content":57786},{"textAlign":49},[57787],{"text":57788,"type":585},"Prices have been impacted by a number of factors, primarily Covid-19 lockdowns in China negatively affecting production and utilisation rates across the lithium ion battery supply chain, including precursor facilities in several provinces, such as Fujian, Guangdong, Hunan, and Jiangsu, reducing demand for MHP. ",{"type":580,"attrs":57790,"content":57791},{"textAlign":49},[57792],{"text":57793,"type":585},"Availability of battery suitable feedstock in China is also expected to increase as, in April, 2022, the Chinese government allowed the import of black mass from recycled batteries, improving supply-side fundamentals.",{"type":580,"attrs":57795,"content":57796},{"textAlign":49},[57797],{"text":57798,"type":585},"Alongside growing supply from Indonesian battery focused nickel mining operations, expected later in 2022, black mass is perceived as a relatively cheap alternative source of feed for nickel refineries, expanding feedstock choice, deterring buyers further from paying higher prices for MHP priced against high LME exchange prices, exacerbated by fears of a another short squeeze further elevating prices.   ",{"type":580,"attrs":57800,"content":57801},{"textAlign":49},[57802],{"text":57803,"type":585},"The nickel market has been in a state of paralysis in recent weeks, as some buyers have been unwilling to accept payable levels referencing LME cash settled prices. As more black mass becomes available, some consumers may seek to source black mass as an alternative to MHP for additional spot volumes, again making the LME’s role in the battery supply chain less significant.",{"type":647,"attrs":57805,"content":57806},{"level":13022,"textAlign":49},[57807],{"text":57808,"type":585},"OUTLOOK",{"type":580,"attrs":57810,"content":57811},{"textAlign":49},[57812],{"text":57813,"type":585},"Although Benchmark has highlighted there was no real correlation between the LME price increase and underlying market fundamentals, the phenomenon has substantially affected the market’s confidence in the LME. ",{"type":580,"attrs":57815,"content":57816},{"textAlign":49},[57817,57819],{"text":57818,"type":585},"Consequently, if the LME is unable to restore market confidence in the exchange, it runs the risk of becoming redundant to the battery supply chain, particularly ",{"text":57820,"type":585},"in China, the global hub for battery nickel, as more market participants opt to use alternative pricing methods.",{"type":580,"attrs":57822,"content":57823},{"textAlign":49},[57824],{"text":57825,"type":585},"Most contacts have reported a willingness to use LME prices again if they return to a level more reflective of the current market, however, if prices fail to do so over the coming months, these participants indicated to Benchmark they will continue to use the new methods going forwards.",{"type":580,"attrs":57827,"content":57828},{"textAlign":49},[57829],{"text":57830,"type":585},"Furthermore, it raises broader questions about the suitability of futures exchanges as a terminal marketplace for more volatile growth markets, particularly battery metals. ",{"type":580,"attrs":57832,"content":57833},{"textAlign":49},[57834],{"text":57835,"type":585},"Whilst these exchanges have worked well in relatively stable industrial markets, the rally observed on 8 March 2022 could be a shot across the bows for the battery supply chain and how it should consider the future of pricing.",{"type":580,"attrs":57837,"content":57838},{"textAlign":49},[57839],{"text":57840,"type":585},"Benchmark forecasts that demand for lithium ion batteries will experience a 28% CAGR to the end of the decade, and as such the raw material markets needed to support this growth will undergo similar trajectories. ",{"type":580,"attrs":57842,"content":57843},{"textAlign":49},[57844],{"text":57845,"type":585},"Heavily structured futures exchanges, which require exact contract terms and product specifications may not have the flexibility to deal with such rapid growth rates and ensuing volatility in prices. ",{"type":580,"attrs":57847,"content":57848},{"textAlign":49},[57849],{"text":57850,"type":585},"Furthermore, these exchanges are heavily influenced and used by the financial sector, as opposed to producers and consumers active in the supply chain.",{"type":580,"attrs":57852,"content":57853},{"textAlign":49},[57854],{"text":57855,"type":585},"This highlights the need for independent references which assess the real transactions for physical material happening within the lithium ion battery supply chain between producers and consumers, as formally assessed by Benchmark.",{"type":647,"attrs":57857,"content":57858},{"level":13022,"textAlign":49},[57859],{"text":57860,"type":585},"Benchmark’s Nickel Price Assessment",{"type":580,"attrs":57862,"content":57863},{"textAlign":49},[57864,57868,57873,57877,57884],{"text":57865,"type":585,"marks":57866},"For more information about Benchmark’s Nickel Price Assessment fill in the ",[57867],{"type":1992},{"text":55899,"type":585,"marks":57869},[57870,57872],{"type":590,"attrs":57871},{"href":55552,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"type":1992},{"text":57874,"type":585,"marks":57875}," or email ",[57876],{"type":1992},{"text":57878,"type":585,"marks":57879},"info@benchmarkminerals.com",[57880,57883],{"type":590,"attrs":57881},{"href":57882,"uuid":49,"anchor":49,"target":49,"linktype":1570},"mailto:info@benchmarkminerals.com",{"type":1992},{"text":14640,"type":585,"marks":57885},[57886],{"type":1992},"So far during 2022, nickel prices have experienced significant volatility, with price increases and subsequent rising costs observed throughout the nickel and lithium ion battery and cathode supply chains, compounded by unprecedented levels of uncertainty in the market. A rally in the London Metal Exchange (LME) nickel price, driven by a short squeeze in March, […]",[57889],{"slug":1466,"name":1467,"content":57890},{"job_title":1469,"image":57891,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e74fe933-ab5d-451f-b912-408ea628285a\", \"id\": \"\"}-->",[57894,57895],{"slug":1142,"name":1143},{"slug":2553,"name":150},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":57897,"copyright":645,"fieldtype":701,"meta_data":57898,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/f7421a16d2/bm-15099264329-8e6e384623-c.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"May 05, 2022",{"id":57901,"uuid":57902,"name":57903,"slug":57904,"full_slug":57905,"content":57906},112472830082563,"204f6595-ba92-47c9-8c85-53f9504a10d9","What does Europe need to meet EU battery recycling targets?","what-does-europe-need-to-meet-eu-battery-recycling-targets","article/what-does-europe-need-to-meet-eu-battery-recycling-targets",{"_uid":57907,"date":57908,"tags":57909,"editor":57913,"content":57917,"excerpt":58070,"featured":51,"reporter":58071,"_editable":58075,"component":689,"seo_title":57903,"categories":58076,"visibility":697,"author_company":49,"featured_image":58079,"seo_description":58070,"author_full_name":49,"author_job_title":49,"formattedDate":58081},"f044fd84-d73f-4980-89ba-ddb01675e040","2022-04-14 00:00",[57910,57911,57912],{"slug":564,"name":565},{"slug":1291,"name":1292},{"slug":1303,"name":1304},[57914],{"slug":9249,"name":9250,"content":57915},{"job_title":9252,"image":57916,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":57918},[57919,57924,57929,57934,57939,57944,57949,57954,57959,57964,57969,57972,57977,57982,57987,57992,57997,58002,58007,58012,58017,58022,58027,58032,58037,58042,58047,58052,58057],{"type":580,"attrs":57920,"content":57921},{"textAlign":49},[57922],{"text":57923,"type":585},"The European Union’s proposed battery recycling targets could require a more than thirty-fold increase in recycled lithium supply from Europe by the end of the decade, according to Benchmark’s analysis.",{"type":580,"attrs":57925,"content":57926},{"textAlign":49},[57927],{"text":57928,"type":585},"That could leave battery producers struggling to meet the EU legislation with recycled materials produced at home, forcing them to turn to suppliers outside of the region.",{"type":580,"attrs":57930,"content":57931},{"textAlign":49},[57932],{"text":57933,"type":585},"The EU legislation, which is under discussion in Brussels, would require lithium ion batteries to use a mandated amount of recycled material by 2030 and 2035. The proposed regulation forms part of the EU’s Green Deal and will “promote the development of sustainable and safe battery production chains throughout their life cycle and create a level playing field on the internal market,” according to the Council of the EU.",{"type":580,"attrs":57935,"content":57936},{"textAlign":49},[57937],{"text":57938,"type":585},"The new regulations propose that by 2030, the recycled content of cobalt, nickel, and lithium in lithium ion cells should account for a minimum of 12%, 4%, and 4% of the total used, respectively. This will rise to 20%, 12%, and 10% by 2035.",{"type":580,"attrs":57940,"content":57941},{"textAlign":49},[57942],{"text":57943,"type":585},"The proposals have divided the industry, with some worrying it will apply too much pressure on battery producers in Europe who already have to compete against larger and more established Chinese rivals to secure raw materials. In addition, the legislation could benefit suppliers of recycled materials outside of the region who have more experience.",{"type":580,"attrs":57945,"content":57946},{"textAlign":49},[57947],{"text":57948,"type":585},"Automaker BMW said last year the targets were “required and achievable” but Swedish battery producer Northvolt has said the mandatory recycling targets risked “hampering the growth of battery production and hence the overall electrification in society.” Umicore, Europe’s largest recycler, told Benchmark there should be a greater focus on the quality of recycling rather than just the quantity.",{"type":647,"attrs":57950,"content":57951},{"level":13022,"textAlign":49},[57952],{"text":57953,"type":585},"EU SELF-SUFFICIENCY",{"type":580,"attrs":57955,"content":57956},{"textAlign":49},[57957],{"text":57958,"type":585},"If the targets are met from within the EU they could significantly improve Europe’s self-sufficiency in battery materials. Europe is set to account for almost 30% of global battery cell demand by 2030 whereas Benchmark forecasts Europe (excluding Russia) will only mine 6% and 0.5% of global lithium and cobalt, and produce 7% of refined nickel.",{"type":580,"attrs":57960,"content":57961},{"textAlign":49},[57962],{"text":57963,"type":585},"The bloc’s 2035 recycled lithium target would be 126 times the lithium produced from recycled sources in Europe in 2021. If it all comes from within the EU, it will almost equal the 115,000 tonnes of mined lithium supply Benchmark forecasts will be produced on the continent in 2035.",{"type":580,"attrs":57965,"content":57966},{"textAlign":49},[57967],{"text":57968,"type":585},"Still, meeting the targets will be a challenge. European battery cell demand is forecast to rise from 85 gigawatt hours in 2021 to over 700 GWh in 2030, rising to nearly 1.5 TWh by 2035 according to Benchmark’s Lithium ion Battery Database. To meet this demand and conform to the regulation’s minimum targets will require over 100,000 tonnes of recycled lithium, 94,000 tonnes of recycled nickel, and 24,000 tonnes of recycled cobalt in 2035.",{"type":580,"attrs":57970,"content":57971},{"textAlign":49},[],{"type":580,"attrs":57973,"content":57974},{"textAlign":49},[57975],{"text":57976,"type":585},"That will require a significant build-out of recycling capacity in the EU, especially the technologies that target lithium recovery.",{"type":647,"attrs":57978,"content":57979},{"level":13022,"textAlign":49},[57980],{"text":57981,"type":585},"LOST LITHIUM",{"type":580,"attrs":57983,"content":57984},{"textAlign":49},[57985],{"text":57986,"type":585},"The European Parliamentary Research Service notes that “almost no lithium is recovered in the EU because it is deemed not cost-effective compared with primary supplies.”",{"type":580,"attrs":57988,"content":57989},{"textAlign":49},[57990],{"text":57991,"type":585},"This could change, however, with higher lithium prices and improvements from newer and more efficient recycling techniques.",{"type":580,"attrs":57993,"content":57994},{"textAlign":49},[57995],{"text":57996,"type":585},"The regulations lay out requirements for improving the efficiency of the recycling process. Recycling lithium ion batteries under the new legislation should be 70% efficient by 2030. This is broken down further into targets for the recovery of specific metals: 95% recovery efficiency for cobalt and nickel, and 70% recovery efficiency for lithium.",{"type":580,"attrs":57998,"content":57999},{"textAlign":49},[58000],{"text":58001,"type":585},"However, Umicore told Benchmark that there should be a focus on the quality of the recycling, not only the quantity. The recycled materials needed to be high enough quality to be reused in a battery cell, it said.",{"type":580,"attrs":58003,"content":58004},{"textAlign":49},[58005],{"text":58006,"type":585},"“Umicore’s recycling process is developed with the aim to produce high-quality ‘battery-grade’ end-products, which are indistinguishable from the fine chemicals produced from virgin raw materials and which can be re-used in the production of new lithium-ion batteries,” it said.",{"type":647,"attrs":58008,"content":58009},{"level":13022,"textAlign":49},[58010],{"text":58011,"type":585},"BURNING BATTERY WASTE",{"type":580,"attrs":58013,"content":58014},{"textAlign":49},[58015],{"text":58016,"type":585},"Cobalt and nickel recycling has historically been more cost-effective than lithium recycling as those metals are easier to extract using pyrometallurgical techniques, which involves burning batteries in a furnace.",{"type":580,"attrs":58018,"content":58019},{"textAlign":49},[58020],{"text":58021,"type":585},"The technology is mature as similar processes are already in use by refining companies to process metal ores, according to Benchmark analyst Luke Sweeney.",{"type":580,"attrs":58023,"content":58024},{"textAlign":49},[58025],{"text":58026,"type":585},"However, lithium is lost in the waste slag along with aluminium. Some companies, such as Umicore, combine pyrometallurgy with hydrometallurgical processes that produce lithium carbonate, but many do not. Recyclers cannot continue to use pyrometallurgical processes else “we will permanently lose a lot of critical materials,” Sweeney said.",{"type":647,"attrs":58028,"content":58029},{"level":13022,"textAlign":49},[58030],{"text":58031,"type":585},"BATTERY COLLECTION",{"type":580,"attrs":58033,"content":58034},{"textAlign":49},[58035],{"text":58036,"type":585},"Despite rapid growth of the European EV market the regulations also do not include specific targets for the collection of end-of-life EV batteries.",{"type":580,"attrs":58038,"content":58039},{"textAlign":49},[58040],{"text":58041,"type":585},"For the regulations to succeed in helping secure supply chains, it is important that Europe doesn’t lose its recycling inputs to other regions, according to Sweeney. There is “nothing to stop larger companies collecting these resources and exporting elsewhere,” he said.",{"type":580,"attrs":58043,"content":58044},{"textAlign":49},[58045],{"text":58046,"type":585},"Emma Nehrenheim, chief environmental officer at Northvolt, said hazardous waste was being exported from the EU, including batteries and electronic scrap.",{"type":580,"attrs":58048,"content":58049},{"textAlign":49},[58050],{"text":58051,"type":585},"“I’m a little bit concerned by what I see,” she told Benchmark. “There’s a slight part of me that is worried about material slipping to Asia, where you can pick and choose among the material and where you might not have to recycle everything. It should not be allowed to export hazardous waste out of Europe.”",{"type":580,"attrs":58053,"content":58054},{"textAlign":49},[58055],{"text":58056,"type":585},"Last year the Korean recycler Sungeel Hitech opened a battery recycling plant in Hungary. However, the facility shreds end-of-life batteries before exporting the scrap to South Korea to be processed.",{"type":580,"attrs":58058,"content":58059},{"textAlign":49},[58060,58062,58068],{"text":58061,"type":585},"Europe will need to invest in its own recycling infrastructure so that it can process the increasing amount of end-of-life batteries it will generate. Until this capacity is operational, non-European recyclers such as ",{"text":58063,"type":585,"marks":58064},"GEM Co. in China",[58065],{"type":590,"attrs":58066},{"href":58067,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinas-gem-co-eyes-move-into-europes-battery-recycling-market",{"text":58069,"type":585}," may have an advantage in helping EU battery producers meet the recycling targets.","The European Union’s proposed battery recycling targets could require a more than thirty-fold increase in recycled lithium supply from Europe by the end of the decade, according to Benchmark’s analysis. That could leave battery producers struggling to meet the EU legislation with recycled materials produced at home, forcing them to turn to suppliers outside of […]",[58072],{"slug":9249,"name":9250,"content":58073},{"job_title":9252,"image":58074,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f044fd84-d73f-4980-89ba-ddb01675e040\", \"id\": \"\"}-->",[58077,58078],{"slug":7742,"name":7743},{"slug":14595,"name":14596},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":7753,"copyright":645,"fieldtype":701,"meta_data":58080,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},"Apr 14, 2022",{"id":58083,"uuid":58084,"name":58085,"slug":58086,"full_slug":58087,"content":58088},112472936373816,"7998c2fb-5595-4719-b302-2f21d1f7fa00","Tesla taps Australia for future lithium supply as prices hit record highs","tesla-taps-australia-for-future-lithium-supply-as-prices-hit-record-highs","article/tesla-taps-australia-for-future-lithium-supply-as-prices-hit-record-highs",{"_uid":58089,"date":58090,"tags":58091,"editor":58094,"content":58098,"excerpt":58218,"featured":50,"reporter":58219,"_editable":58223,"component":689,"seo_title":58085,"categories":58224,"visibility":697,"author_company":49,"featured_image":58227,"seo_description":58218,"author_full_name":49,"author_job_title":49,"formattedDate":58230},"0c72a830-1a8b-4540-a853-09ed7377e68b","2022-03-04 00:00",[58092,58093],{"slug":4990,"name":4991},{"slug":564,"name":565},[58095],{"slug":1466,"name":1467,"content":58096},{"job_title":1469,"image":58097,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":58099},[58100,58105,58110,58115,58120,58125,58141,58146,58151,58156,58161,58174,58179,58184,58190,58195,58198,58208,58213],{"type":580,"attrs":58101,"content":58102},{"textAlign":49},[58103],{"text":58104,"type":585},"Tesla is locking in future supplies of lithium by betting on conventional spodumene mines in Australia coming into production over the next few years. ",{"type":580,"attrs":58106,"content":58107},{"textAlign":49},[58108],{"text":58109,"type":585},"The electric carmaker has signed two deals over the last month with Australian lithium project developers Liontown Resources and Core Lithium that will provide over 20,000 tonnes of lithium carbonate equivalent (LCE) a year, according to Benchmark.",{"type":580,"attrs":58111,"content":58112},{"textAlign":49},[58113],{"text":58114,"type":585},"Tesla’s preference for traditional spodumene producers is a “relatively safe” bet according to Benchmark analyst Daisy Jennings-Gray.",{"type":580,"attrs":58116,"content":58117},{"textAlign":49},[58118],{"text":58119,"type":585},"The deals could provide the carmaker with guaranteed supplies of lithium ahead of its rivals. Tesla’s strategy is in contrast to that of General Motors and Volkswagen, who have signed agreements with lithium producers in Germany and the US that are using new direct-lithium extraction technologies rather than conventional processes. ",{"type":580,"attrs":58121,"content":58122},{"textAlign":49},[58123],{"text":58124,"type":585},"“A lot of OEMs have signed deals with prospective producers that are riding on more novel technologies,” Jennings-Gray said. ",{"type":580,"attrs":58126,"content":58127},{"textAlign":49},[58128,58130,58136,58138,58139],{"text":58129,"type":585},"These deals come as ",{"text":58131,"type":585,"marks":58132},"lithium prices continued their rise this month",[58133],{"type":590,"attrs":58134},{"href":58135,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/rising-lithium-prices-push-lfp-battery-cell-costs-above-high-nickel",{"text":58137,"type":585}," with Chinese domestic carbonate recording highs of $70,675 a tonne in the latest Lithium Price Assessment by Benchmark. ",{"text":26129,"type":585},{"text":58140,"type":585}," anticipates that the shortage of mined lithium supply will nearly triple by 2023 to over 70,000 tonnes LCE. ",{"type":580,"attrs":58142,"content":58143},{"textAlign":49},[58144],{"text":58145,"type":585},"Benchmark also predicts a deficit of 300,000 tonnes of LCE in 2030, highlighting the importance of securing future lithium supplies.",{"type":647,"attrs":58147,"content":58148},{"level":13022,"textAlign":49},[58149],{"text":58150,"type":585},"TESLA BETS ON AUSSIE LITHIUM",{"type":580,"attrs":58152,"content":58153},{"textAlign":49},[58154],{"text":58155,"type":585},"Last month Liontown agreed to supply Tesla with 700,000 tonnes of spodumene concentrate from its Kathleen Valley Lithium Project in Western Australia from 2024. The agreement commits Tesla to buying 100,000 tonnes in the first year, and 150,000 tonnes a year for four years after that.",{"type":580,"attrs":58157,"content":58158},{"textAlign":49},[58159],{"text":58160,"type":585},"Tesla’s deal with Core Lithium is lower volume, with up to 110,000 tonnes of spodumene concentrate supplied over 4 years from the Finniss Lithium Project in Darwin in Australia’s Northern Territories.",{"type":580,"attrs":58162,"content":58163},{"textAlign":49},[58164,58166,58172],{"text":58165,"type":585},"Combined, these deals are roughly equivalent to 600,000 EVs, or just over one year of output at ",{"text":58167,"type":585,"marks":58168},"Tesla’s new Berlin factory",[58169],{"type":590,"attrs":58170},{"href":58171,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/tesla-begins-shift-to-new-ev-battery-as-musk-expects-supply-chain-shortages-to-flip-from-chips-to-cells",{"text":58173,"type":585},", which recently received conditional approval from Brandenburg state officials.",{"type":580,"attrs":58175,"content":58176},{"textAlign":49},[58177],{"text":58178,"type":585},"Although VW and GM have chosen to back companies that claim their lithium is more ESG-friendly, Australian spodumene provides Tesla a surer supply of lithium in the near-term. “Supply of lithium feedstock is the bottleneck in the supply chain, given how long it takes to bring a lithium mine online.” Jennings-Gray says. “Getting spodumene supply guaranteed is putting a foot in the door before the raw material deficit worsens.”",{"type":647,"attrs":58180,"content":58181},{"level":13022,"textAlign":49},[58182],{"text":58183,"type":585},"AUSTRALIA’S PROCESSING FALLS SHORT",{"type":580,"attrs":58185,"content":58186},{"textAlign":49},[58187,58188],{"text":26129,"type":585},{"text":58189,"type":585}," forecasts that spodumene supply from Australia will almost double from around 250,000 tonnes LCE in 2022 to nearly 440,000 tonnes LCE in 2030, maintaining its position as the world’s largest source of lithium feedstock supply.",{"type":580,"attrs":58191,"content":58192},{"textAlign":49},[58193],{"text":58194,"type":585},"But although Australia dominates the market for spodumene production, it has very little of its own capacity to process the feedstock into lithium hydroxide or lithium carbonate. This processing capacity is almost entirely concentrated in China. As such, Chinese firms are continuing to sign offtake agreements with Australian spodumene producers.",{"type":580,"attrs":58196,"content":58197},{"textAlign":49},[],{"type":580,"attrs":58199,"content":58200},{"textAlign":49},[58201,58206],{"text":12590,"type":585,"marks":58202},[58203],{"type":590,"attrs":58204},{"href":58205,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/tesla-signs-three-year-lithium-supply-deal-with-chinas-ganfeng-lithium",{"text":58207,"type":585}," and Yahua have both signed agreements with Core Lithium totalling 80% of the Finniss Lithium Project’s output for the first 4 years of its operation. Another Australian mining company, Global Lithium operating in Western Australia this week signed a 10-year deal for Chinese firm Suzhou TA&A Ultra Clean Technology (who own 9.4% of Global Lithium) to buy at least 30% (and up to 45%) of their spodumene concentrate each year.",{"type":580,"attrs":58209,"content":58210},{"textAlign":49},[58211],{"text":58212,"type":585},"Australian firms are looking to reduce China’s dominance in spodumene processing, however. This would allow Australia to add value domestically. However, Benchmark’s Lithium Forecast expects China to maintain its dominance despite efforts to develop processing capabilities in Australia and other regions.",{"type":580,"attrs":58214,"content":58215},{"textAlign":49},[58216],{"text":58217,"type":585},"As part of its deal with Core Lithium, Tesla agreed to support the development of lithium chemical processing capacity in the Northern Territories. Although not a common feature in offtake deals, it gives advantages to both parties: Core Lithium increases their domestic production capacity and Tesla diversifies their supply chain and reduces reliance on China, according to Jennings-Gray.","Tesla is locking in future supplies of lithium by betting on conventional spodumene mines in Australia coming into production over the next few years. The electric carmaker has signed two deals over the last month with Australian lithium project developers Liontown Resources and Core Lithium that will provide over 20,000 tonnes of lithium carbonate equivalent […]",[58220],{"slug":1466,"name":1467,"content":58221},{"job_title":1469,"image":58222,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0c72a830-1a8b-4540-a853-09ed7377e68b\", \"id\": \"\"}-->",[58225,58226],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":58228,"copyright":645,"fieldtype":701,"meta_data":58229,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/468e52b5cf/bm-truck-carrying-australian-lithium.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Mar 04, 2022",{"id":58232,"uuid":58233,"name":58234,"slug":58235,"full_slug":58236,"content":58237},112472998821545,"a326b845-5296-429d-8aa0-c6a04a0c873e","Where will new lithium supply come from in 2022?","where-will-new-lithium-supply-come-from-in-2022","article/where-will-new-lithium-supply-come-from-in-2022",{"_uid":58238,"date":58239,"tags":58240,"editor":58242,"content":58246,"excerpt":58417,"featured":50,"reporter":58418,"_editable":58422,"component":689,"seo_title":58234,"categories":58423,"visibility":697,"author_company":49,"featured_image":58425,"seo_description":58417,"author_full_name":49,"author_job_title":49,"formattedDate":58428},"3e36e1e9-9989-4119-b6ff-bebfc91678e4","2022-02-04 00:00",[58241],{"slug":564,"name":565},[58243],{"slug":1466,"name":1467,"content":58244},{"job_title":1469,"image":58245,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":58247},[58248,58253,58258,58271,58276,58281,58286,58291,58296,58301,58306,58311,58316,58321,58326,58331,58336,58341,58346,58351,58354,58359,58364,58369,58374,58379,58384,58389,58394,58407,58412],{"type":580,"attrs":58249,"content":58250},{"textAlign":49},[58251],{"text":58252,"type":585},"The lithium market faces its biggest ever shortage in tonnage terms this year as labour shortages and border closures due to Covid-19 hinder mine expansions in a market already suffering from a lack of new supply.",{"type":580,"attrs":58254,"content":58255},{"textAlign":49},[58256],{"text":58257,"type":585},"Project ramp-ups are at the risk of delays that could result in a supply shortfall of around 26,000 tonnes of LCE this year, according to Benchmark.",{"type":580,"attrs":58259,"content":58260},{"textAlign":49},[58261,58263,58269],{"text":58262,"type":585},"That could keep lithium prices high if sales of electric vehicles continue to grow at the same rate after more than doubling last year. Chinese",{"text":58264,"type":585,"marks":58265}," battery-grade lithium carbonate prices",[58266],{"type":590,"attrs":58267},{"href":58268,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinese-battery-grade-lithium-prices-surge-21-in-first-half-of-january-battery-makers-move-to-secure-supplies",{"text":58270,"type":585}," have risen by 479% over the past year to a record high average of RMB 348,500 a tonne ($54,725).",{"type":580,"attrs":58272,"content":58273},{"textAlign":49},[58274],{"text":58275,"type":585},"“The lithium timeline in 2022 remains fraught with the risk of delays, given how typical lithium project timelines have unfolded in the past and the general logistics backlog given Covid,” Daisy Jennings-Gray, an analyst at Benchmark, said.",{"type":580,"attrs":58277,"content":58278},{"textAlign":49},[58279],{"text":58280,"type":585},"Demand for lithium from batteries is set to rise to 468,000 tonnes of LCE in 2022, a 22% increase from last year, according to Benchmark’s Lithium Forecast.",{"type":580,"attrs":58282,"content":58283},{"textAlign":49},[58284],{"text":58285,"type":585},"“There is a growing disconnect between available supply and surging demand,” Ken Brinsden, chief executive of Australian miner Pilbara Minerals, said this week.",{"type":647,"attrs":58287,"content":58288},{"level":13022,"textAlign":49},[58289],{"text":58290,"type":585},"Where’s the supply?",{"type":580,"attrs":58292,"content":58293},{"textAlign":49},[58294],{"text":58295,"type":585},"In 2021 the lithium industry saw record levels of investment, which has improved the market’s supply outlook, but there are still likely to be short term and long term deficits.",{"type":580,"attrs":58297,"content":58298},{"textAlign":49},[58299],{"text":58300,"type":585},"Without sufficient investment Benchmark expects the lithium market’s deficit to reach almost 300,000 tonnes of LCE by 2030.",{"type":580,"attrs":58302,"content":58303},{"textAlign":49},[58304],{"text":58305,"type":585},"In the short-term the spread of Covid-19 is adding to the difficulties of bringing new supply to the market. Border closures in Western Australia due to Covid-19 and labour shortages have created “production challenges,” Pilbara Minerals said this week.",{"type":580,"attrs":58307,"content":58308},{"textAlign":49},[58309],{"text":58310,"type":585},"It warned they could hamper its ability to expand capacity at its Pilgangoora mine to 580,000 tonnes of spodumene concentrate by the middle of this year, from 330,000 tonnes.",{"type":580,"attrs":58312,"content":58313},{"textAlign":49},[58314],{"text":58315,"type":585},"“It’s highly likely that on the supply side there will be challenges. The supplier response has already been overstated,” Brinsden said.",{"type":647,"attrs":58317,"content":58318},{"level":13022,"textAlign":49},[58319],{"text":58320,"type":585},"People shortages",{"type":580,"attrs":58322,"content":58323},{"textAlign":49},[58324],{"text":58325,"type":585},"The labour shortages in Australia are likely to impact other lithium projects in the country, according to Jennings-Gray. Spodumene prices have risen by 478% over the past year due to lack of supply, according to Benchmark’s Lithium Price Assessment.",{"type":580,"attrs":58327,"content":58328},{"textAlign":49},[58329],{"text":58330,"type":585},"“It’ll all be very stop-and-start this year – roster/FIFO (fly-in-fly-out) makes it a lot worse as an industry,” Jennings-Gray said.",{"type":580,"attrs":58332,"content":58333},{"textAlign":49},[58334],{"text":58335,"type":585},"Australian miner Mineral Resources said this month that border closures in Western Australia and lockdowns “continued to impact” its operations in the quarter ending December 31.",{"type":580,"attrs":58337,"content":58338},{"textAlign":49},[58339],{"text":58340,"type":585},"“Productivity was lower than expected with the forced curtailment of staff movements adversely impacting expected production volumes,” it said.",{"type":580,"attrs":58342,"content":58343},{"textAlign":49},[58344],{"text":58345,"type":585},"Despite that, the company has said its Wodgina project, which it owns with Albemarle, will be in full production in the first half of this year. Wodgina was previously put on care and maintenance in November 2019, due to weak lithium prices.",{"type":647,"attrs":58347,"content":58348},{"level":13022,"textAlign":49},[58349],{"text":58350,"type":585},"“The short term response is definitely going to be tight.”",{"type":580,"attrs":58352,"content":58353},{"textAlign":49},[],{"type":580,"attrs":58355,"content":58356},{"textAlign":49},[58357],{"text":58358,"type":585},"Cameron Perks, an analyst at Benchmark, said none of the supply additions this year were big enough to make a dent in the deficit, however.",{"type":580,"attrs":58360,"content":58361},{"textAlign":49},[58362],{"text":58363,"type":585},"“There aren’t enough projects that have been invested in the previous years that could come online,” he said. “The short term response is definitely going to be tight. If only we had three years ago another mine fully funded when prices were low we would be in balance this year.”",{"type":580,"attrs":58365,"content":58366},{"textAlign":49},[58367],{"text":58368,"type":585},"In South America, Lithium Americas is set to start production at its Cauchari-Olaroz project, while Sigma Lithium will bring on its hardrock mine in Brazil.",{"type":580,"attrs":58370,"content":58371},{"textAlign":49},[58372],{"text":58373,"type":585},"Despite this Benchmark’s Lithium Forecast anticipates that existing projects will account for over 60% of new supply, with the largest expansions coming from SQM in Chile and Greenbushes – owned by Albemarle, Tianqi, and IGO – in Western Australia.",{"type":580,"attrs":58375,"content":58376},{"textAlign":49},[58377],{"text":58378,"type":585},"At Greenbushes, spodumene concentrate production capacity is expected to expand to 1.5 million tonnes by the end of 2022 from 1.3 million tonnes currently. IGO and Tianqi Lithium are also set to start production of battery grade lithium hydroxide at the Kwinana refinery in March, but chief executive Peter Bradford warned last month that Covid-19 in the area could impact staff turning up to work.",{"type":647,"attrs":58380,"content":58381},{"level":13022,"textAlign":49},[58382],{"text":58383,"type":585},"Something’s gotta give",{"type":580,"attrs":58385,"content":58386},{"textAlign":49},[58387],{"text":58388,"type":585},"A lack of lithium supply and higher prices could lead to demand destruction, Perks said.",{"type":580,"attrs":58390,"content":58391},{"textAlign":49},[58392],{"text":58393,"type":585},"Globally, 44.0% of EV demand is expected to come from China in 2022, according to the Benchmark Lithium Ion Battery Database. But the Chinese government has reduced subsidies to the electric vehicle sector by 30% this year and will end them completely in 2023. At the same time the spread of the omicron variant is threatening the country’s economy.",{"type":580,"attrs":58395,"content":58396},{"textAlign":49},[58397,58399,58405],{"text":58398,"type":585},"China’s largest electric car maker BYD",{"text":58400,"type":585,"marks":58401}," raised prices",[58402],{"type":590,"attrs":58403},{"href":58404,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lithium-ion-battery-prices-rise-for-first-time-in-gigafactory-era-automakers-in-negotiations",{"text":58406,"type":585}," for some models this month by an extra Rmb 1,000 to Rmb 7,000 due to higher raw material prices and the reduction in subsidies.",{"type":580,"attrs":58408,"content":58409},{"textAlign":49},[58410],{"text":58411,"type":585},"Mercedes-Benz chief executive Ola Kaellenius said in an interview with German paper Die Zeit this week that lack of raw materials could delay the transition away from fossil fuel vehicles.",{"type":580,"attrs":58413,"content":58414},{"textAlign":49},[58415],{"text":58416,"type":585},"“The industrialization of mines and refinery capacities may not progress as quickly as demand increases. Should that happen, it would only delay e-mobility, but not prevent it,” Kaellenius said.","The lithium market faces its biggest ever shortage in tonnage terms this year as labour shortages and border closures due to Covid-19 hinder mine expansions in a market already suffering from a lack of new supply. Project ramp-ups are at the risk of delays that could result in a supply shortfall of around 26,000 tonnes […]",[58419],{"slug":1466,"name":1467,"content":58420},{"job_title":1469,"image":58421,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3e36e1e9-9989-4119-b6ff-bebfc91678e4\", \"id\": \"\"}-->",[58424],{"slug":1142,"name":1143},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":58426,"copyright":645,"fieldtype":701,"meta_data":58427,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/06e3542861/bm-benchmark-lithium-chile.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Feb 04, 2022",{"id":58430,"uuid":58431,"name":58432,"slug":58433,"full_slug":58434,"content":58435},112473126301391,"5ae83e1f-6179-4cc2-ba19-c2fed193fa6f","Western EV makers face up to China’s grip on graphite market","western-ev-makers-face-up-to-chinas-grip-on-graphite-market","article/western-ev-makers-face-up-to-chinas-grip-on-graphite-market",{"_uid":58436,"date":58437,"tags":58438,"editor":58441,"content":58445,"excerpt":58588,"featured":50,"reporter":58589,"_editable":58593,"component":689,"seo_title":58432,"categories":58594,"visibility":697,"author_company":49,"featured_image":58597,"seo_description":58588,"author_full_name":49,"author_job_title":49,"formattedDate":58600},"5ab6ff76-d67e-456f-a8bb-ea98893218c4","2021-12-10 00:00",[58439,58440],{"slug":720,"name":721},{"slug":564,"name":565},[58442],{"slug":9249,"name":9250,"content":58443},{"job_title":9252,"image":58444,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":58446},[58447,58460,58465,58478,58483,58488,58500,58505,58510,58515,58520,58525,58530,58535,58540,58545,58550,58555,58558,58563,58568,58573,58578,58583],{"type":580,"attrs":58448,"content":58449},{"textAlign":49},[58450,58452,58458],{"text":58451,"type":585},"China’s dominance of ",{"text":58453,"type":585,"marks":58454},"the graphite market",[58455],{"type":590,"attrs":58456},{"href":58457,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts/#graphite",{"text":58459,"type":585}," could pose problems for western automakers as demand for anode material is set to rise by over seven times this decade.",{"type":580,"attrs":58461,"content":58462},{"textAlign":49},[58463],{"text":58464,"type":585},"Automakers will need to diversify their sources of graphite to reduce the risks of relying on one country for a critical battery material, according to Benchmark Mineral Intelligence.",{"type":580,"attrs":58466,"content":58467},{"textAlign":49},[58468,58470,58476],{"text":58469,"type":585},"“China has become the central participant in all steps of this anode supply chain,” George Miller, an analyst at Benchmark Mineral Intelligence",{"text":58471,"type":585,"marks":58472}," told Benchmark Week",[58473],{"type":590,"attrs":58474},{"href":58475,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/video-library/",{"text":58477,"type":585},". “It presents a geopolitical and supply security risk for any other region that intends to participate in this energy transition and manufacture anode material.”",{"type":580,"attrs":58479,"content":58480},{"textAlign":49},[58481],{"text":58482,"type":585},"Tesla and Korean battery producer SK Innovation told the US government this month that it was impossible to source both synthetic and natural graphite for batteries outside of China. Tesla said that no company in the US was capable of producing graphite “to the required specifications and capacity needed for Tesla’s production.”",{"type":580,"attrs":58484,"content":58485},{"textAlign":49},[58486],{"text":58487,"type":585},"The remarks were part of a request to the Biden administration to extend an exclusion for graphite from a 25% tariff imposed on Chinese imports by former President Donald Trump. The previous extension ended at the end of last year.",{"type":580,"attrs":58489,"content":58490},{"textAlign":49},[58491,58493,58498],{"text":58492,"type":585},"China mines 69% of the world’s natural flake graphite and dominates the next step in the value chain where it produces 100% of global spherical graphite production, according to ",{"text":58494,"type":585,"marks":58495},"Benchmark’s Natural Flake Graphite Forecast",[58496],{"type":590,"attrs":58497},{"href":58457,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":58499,"type":585},". The bulk of synthetic anode production is also located in China. The current trend in the EV lithium ion market is a shift towards a blend of synthetic and natural graphite anodes to take advantage of their different properties.",{"type":580,"attrs":58501,"content":58502},{"textAlign":49},[58503],{"text":58504,"type":585},"“When looking at events over the past two years including the chips shortage … the risk in embuing one country with a hefty majority of the processing power in a supply chain as critical of this becomes evident,” Miller said.",{"type":580,"attrs":58506,"content":58507},{"textAlign":49},[58508],{"text":58509,"type":585},"SK Innovation, which has a partnership with Ford in the US to produce batteries, said that “presently, it is not feasible for SK Battery and its subsidiary BlueOvalSK to obtain graphite from other sources outside of China due to the uniqueness of the product, the incredible risk of entering the graphite industry, and the lack of suppliers that can meet our present needs.”",{"type":580,"attrs":58511,"content":58512},{"textAlign":49},[58513],{"text":58514,"type":585},"“A renewed exclusion will allow SK to manufacture quality breakthrough electric vehicle components at competitive prices for American OEMs,” it said.",{"type":647,"attrs":58516,"content":58517},{"level":13022,"textAlign":49},[58518],{"text":58519,"type":585},"‘The Western world needs some time to catch up.’ ",{"type":580,"attrs":58521,"content":58522},{"textAlign":49},[58523],{"text":58524,"type":585},"There are only a handful of mines outside of China that produce natural flake graphite. According to Benchmark’s Natural Flake Graphite Forecast, China will produce over 700,000 tonnes of flake graphite in 2021, which accounts for 70% of global flake graphite production.",{"type":580,"attrs":58526,"content":58527},{"textAlign":49},[58528],{"text":58529,"type":585},"“Significant localised supply of anode material will be required from a zero base,” Shaun Verner, chief executive of Syrah Resources, told Benchmark Week.",{"type":580,"attrs":58531,"content":58532},{"textAlign":49},[58533],{"text":58534,"type":585},"Syrah Resources is building a plant to produce graphite anodes in Louisiana using graphite from their mine in Mozambique while Nouveau Monde Graphite also aims to produce graphite for batteries from an integrated facility in Quebec.",{"type":580,"attrs":58536,"content":58537},{"textAlign":49},[58538],{"text":58539,"type":585},"“The western world needs some time to catch up to China but production is coming,” Julie Paquet, a vice president at Nouveau Monde Graphite, said.",{"type":580,"attrs":58541,"content":58542},{"textAlign":49},[58543],{"text":58544,"type":585},"Last week the French company Imerys said it had sold its Lac des Iles graphite mine in Quebec as well as a mothballed mine in Namibia to Canadian company Northern Graphite for €40 million. The Lac des Iles mine is the only producing graphite mine in North America.",{"type":580,"attrs":58546,"content":58547},{"textAlign":49},[58548],{"text":58549,"type":585},"The mine will produce up to 15,000 tonnes of graphite concentrate annually over the next three years, Northern Graphite said. It would look for opportunities to expand production, it added.",{"type":580,"attrs":58551,"content":58552},{"textAlign":49},[58553],{"text":58554,"type":585},"“We will be the only North American producer,” Greg Bowes, of Northern Graphite, said.",{"type":580,"attrs":58556,"content":58557},{"textAlign":49},[],{"type":647,"attrs":58559,"content":58560},{"level":13022,"textAlign":49},[58561],{"text":58562,"type":585},"Demand for synthetic graphite set to reach 1.25 million tonnes by 2030",{"type":580,"attrs":58564,"content":58565},{"textAlign":49},[58566],{"text":58567,"type":585},"While a few companies outside China produce synthetic graphite, their costs are much higher due to China’s supplies of needle coke feedstock, according to Manish Dua, senior analyst at Benchmark Mineral Intelligence.",{"type":580,"attrs":58569,"content":58570},{"textAlign":49},[58571],{"text":58572,"type":585},"In November, Australian-listed battery materials company, Novonix, started construction of its new synthetic graphite anode facility, near the VW assembly plant in Chattanooga, Tennessee, with a target capacity of 10,000 tonnes a year by 2023 and 40,000 tpa by 2025.",{"type":580,"attrs":58574,"content":58575},{"textAlign":49},[58576],{"text":58577,"type":585},"Chris Burns, managing director of Novonix, said this week the company would apply for some of the $6 billion available in President Biden’s US Infrastructure bill for the battery supply chain.",{"type":580,"attrs":58579,"content":58580},{"textAlign":49},[58581],{"text":58582,"type":585},"Demand for synthetic graphite in batteries is set to reach 1.25 million tonnes by 2030, Benchmark forecasts.",{"type":580,"attrs":58584,"content":58585},{"textAlign":49},[58586],{"text":58587,"type":585},"“It’s colossal growth and should really put a strain on graphite producers to scale to that level in that amount of time,” Miller said.","China’s dominance of the graphite market could pose problems for western automakers as demand for anode material is set to rise by over seven times this decade. Automakers will need to diversify their sources of graphite to reduce the risks of relying on one country for a critical battery material, according to Benchmark Mineral Intelligence. […]",[58590],{"slug":9249,"name":9250,"content":58591},{"job_title":9252,"image":58592,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"5ab6ff76-d67e-456f-a8bb-ea98893218c4\", \"id\": \"\"}-->",[58595,58596],{"slug":1142,"name":1143},{"slug":2627,"name":2628},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":58598,"copyright":645,"fieldtype":701,"meta_data":58599,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/43842d30c1/bm-dsc-02181.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Dec 10, 2021",{"id":58602,"uuid":58603,"name":58604,"slug":58605,"full_slug":58606,"content":58607},112473199255363,"bb212559-a0e4-4206-8c0a-f7244f2a5f8c","Millennial Lithium bidding war shows scramble for Argentinian lithium","millennial-lithium-bidding-war-shows-scramble-for-argentinian-lithium","article/millennial-lithium-bidding-war-shows-scramble-for-argentinian-lithium",{"_uid":58608,"date":58609,"tags":58610,"editor":58613,"content":58617,"excerpt":58716,"featured":50,"reporter":58717,"_editable":58721,"component":689,"seo_title":58604,"categories":58722,"visibility":697,"author_company":49,"featured_image":58725,"seo_description":58716,"author_full_name":49,"author_job_title":49,"formattedDate":58728},"6a7e16c6-6cc0-46b7-8f7f-3a240af2592c","2021-11-05 00:00",[58611,58612],{"slug":8532,"name":8533},{"slug":564,"name":565},[58614],{"slug":1466,"name":1467,"content":58615},{"job_title":1469,"image":58616,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":58618},[58619,58624,58629,58634,58639,58644,58649,58654,58659,58664,58669,58674,58679,58684,58689,58694,58699,58704,58709],{"type":580,"attrs":58620,"content":58621},{"textAlign":49},[58622],{"text":58623,"type":585},"A bidding war for the lithium producer Millennial Lithium is highlighting Argentina’s emergence as a key future supplier to the electric vehicle industry. ",{"type":580,"attrs":58625,"content":58626},{"textAlign":49},[58627],{"text":58628,"type":585},"Canadian miner Lithium Americas offered $400m this week in shares and cash for Vancouver-listed Millennial Lithium, the third offer for the company this year following one by China’s largest battery maker CATL and lithium producer Ganfeng Lithium. ",{"type":580,"attrs":58630,"content":58631},{"textAlign":49},[58632],{"text":58633,"type":585},"The deal comes amid a wave of investment in lithium assets in Argentina as the country looks set to produce almost as much lithium as its neighbor Chile by the end of the decade, according to Benchmark Mineral Intelligence’s Cameron Perks. ",{"type":580,"attrs":58635,"content":58636},{"textAlign":49},[58637],{"text":58638,"type":585},"Last month Chinese gold and copper miner Zijin Mining made a C$960 million all-cash offer to acquire Neo Lithium and its Tres Quebradas lithium project in Argentina, which is set to produce around 20,000 tonnes of lithium carbonate equivalent per year. ",{"type":580,"attrs":58640,"content":58641},{"textAlign":49},[58642],{"text":58643,"type":585},"Argentina could account for 14% of the global lithium market by 2031 from 8% today, almost equal to Chile’s share at 15%, according to Benchmark Mineral Intelligence’s Lithium Forecast.",{"type":580,"attrs":58645,"content":58646},{"textAlign":49},[58647],{"text":58648,"type":585},"The investment in Argentina comes despite an economic crisis in the country as the government grapples with annual inflation that is over 50%. ",{"type":580,"attrs":58650,"content":58651},{"textAlign":49},[58652],{"text":58653,"type":585},"Jon Evans, chief executive of Lithium Americas, said despite the macro economic uncertainties royalties for lithium exports in Argentina were still lower than in neighbouring Chile. In addition, Argentina’s provincial governments were supportive of the lithium industry as they are keen to get hold of foreign currency. ",{"type":580,"attrs":58655,"content":58656},{"textAlign":49},[58657],{"text":58658,"type":585},"“My belief is Argentina will be where the bulk of the investment goes because Chile is kind of a mess,” he said. “Argentina is open for business.” ",{"type":580,"attrs":58660,"content":58661},{"textAlign":49},[58662],{"text":58663,"type":585},"Renewed protests against the government in Chile this year have raised fears about politics in the country. Chile is in the process of rewriting its Pinochet-era constitution and will have an election on November 21. ",{"type":580,"attrs":58665,"content":58666},{"textAlign":49},[58667],{"text":58668,"type":585},"“There’s a lot happening in Chile,” Albemarle’s chief executive Jerry Masters said this week. “So there’s definitely political risk in Chile.”",{"type":580,"attrs":58670,"content":58671},{"textAlign":49},[58672],{"text":58673,"type":585},"Chile and Argentina produce lithium from brines that are extracted and evaporated using sunlight, a process that emits less carbon dioxide than lithium mined in Australia. ",{"type":580,"attrs":58675,"content":58676},{"textAlign":49},[58677],{"text":58678,"type":585},"Production of lithium in Chile accounts for 1.9 kilograms of CO2 equivalent per kilogram of lithium carbonate, compared to 13.3 kilograms of CO2 equivalent per kilogram of lithium hydroxide produced from Australian spodumene that is refined in China, according to Benchmark’s Lithium ESG report. ",{"type":580,"attrs":58680,"content":58681},{"textAlign":49},[58682],{"text":58683,"type":585},"Millennial Lithium’s Pastos Grandes project in Salta province is 100 kilometres from Lithium Americas’ Cauchari-Olaroz project, which the company is developing with Ganfeng Lithium. The chemistry of the two brine projects is similar, Evans said. ",{"type":580,"attrs":58685,"content":58686},{"textAlign":49},[58687],{"text":58688,"type":585},"Ganfeng, which also owns 12.5% of Lithium Americas, said this week it did not participate in board discussions regarding Lithium America’s bid for Millennial Lithium. Ganfeng has majority control of the Cauchari project with a 51% stake. ",{"type":580,"attrs":58690,"content":58691},{"textAlign":49},[58692],{"text":58693,"type":585},"Cauchari is set to come into production in the second half of next year. ",{"type":580,"attrs":58695,"content":58696},{"textAlign":49},[58697],{"text":58698,"type":585},"Lithium Americas said it would pay the $400m to Millennial shareholders mostly in shares of the company and the remainder in cash. Shares in Lithium Americas have risen by 158% this year, valuing the company at $3.53 billion. ",{"type":580,"attrs":58700,"content":58701},{"textAlign":49},[58702],{"text":58703,"type":585},"Based on the company’s closing price on October 29, 2021, Millennial shareholders would own around 9.9% of Lithium Americas.",{"type":580,"attrs":58705,"content":58706},{"textAlign":49},[58707],{"text":58708,"type":585},"Millennial Lithium has said CATL has until November 16 to make a higher offer for the company. The battery company has made a number of investments into the lithium space this year, investing a total of $250 million buying equity in lithium companies, according to Benchmark calculations. CATL was also a 8% shareholder in Neo Lithium prior to its takeover by Zijin.",{"type":580,"attrs":58710,"content":58711},{"textAlign":49},[58712],{"text":58713,"type":585,"marks":58714},"By Henry Sanderson",[58715],{"type":1992},"A bidding war for the lithium producer Millennial Lithium is highlighting Argentina’s emergence as a key future supplier to the electric vehicle industry. Canadian miner Lithium Americas offered $400m this week in shares and cash for Vancouver-listed Millennial Lithium, the third offer for the company this year following one by China’s largest battery maker CATL […]",[58718],{"slug":1466,"name":1467,"content":58719},{"job_title":1469,"image":58720,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6a7e16c6-6cc0-46b7-8f7f-3a240af2592c\", \"id\": \"\"}-->",[58723,58724],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":58726,"copyright":645,"fieldtype":701,"meta_data":58727,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7da1373c25/bm-millenial-lithium.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Nov 05, 2021",{"id":58730,"uuid":58731,"name":58732,"slug":58733,"full_slug":58734,"content":58735},112473255898959,"8fc446b1-a5a6-4502-b5f4-ff1bb532400d","Benchmark’s lithium carbonate prices reach new all-time highs","benchmarks-lithium-carbonate-prices-reach-new-all-time-highs","article/benchmarks-lithium-carbonate-prices-reach-new-all-time-highs",{"_uid":58736,"date":58737,"tags":58738,"editor":58741,"content":58745,"excerpt":58893,"featured":50,"reporter":58894,"_editable":58898,"component":689,"seo_title":58732,"categories":58899,"visibility":2019,"author_company":49,"featured_image":58902,"seo_description":58893,"author_full_name":49,"author_job_title":49,"formattedDate":58905},"ff7297e8-ddce-4839-9aa3-f4ba5b7842ff","2021-10-06 00:00",[58739,58740],{"slug":564,"name":565},{"slug":1458,"name":1459},[58742],{"slug":9249,"name":9250,"content":58743},{"job_title":9252,"image":58744,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":58746},[58747,58756,58767,58772,58784,58796,58801,58806,58811,58824,58836,58841,58846,58851,58856,58861,58866,58871,58882],{"type":580,"attrs":58748,"content":58749},{"textAlign":49},[58750,58752,58754],{"text":58751,"type":585},"Prices of lithium carbonate assessed by ",{"text":58753,"type":585},"Benchmark Mineral Intelligence ",{"text":58755,"type":585},"have reached new all-time highs on the back of limited supply and high and sustained lithium ion battery demand in China.",{"type":580,"attrs":58757,"content":58758},{"textAlign":49},[58759,58765],{"text":58760,"type":585,"marks":58761},"Benchmark’s EXW China (Battery) grade of lithium carbonate",[58762],{"type":590,"attrs":58763},{"href":58764,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/price-assessments/#lithium",{"text":58766,"type":585}," rose by 26.5% to RMB 160,000/tonne ($24,800) in the final two weeks of September 2021.",{"type":580,"attrs":58768,"content":58769},{"textAlign":49},[58770],{"text":58771,"type":585},"This surpasses the previous high of $24,750/tonne for battery grade lithium carbonate assessed on 30 March 2018, and marks a new era for the lithium industry.",{"type":580,"attrs":58773,"content":58774},{"textAlign":49},[58775,58777,58782],{"text":58776,"type":585},"The highest end of ",{"text":58778,"type":585,"marks":58779},"Benchmark’s published range for our EXW China",[58780],{"type":590,"attrs":58781},{"href":58764,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":58783,"type":585}," grade in September reached RMB 180,000/tonne ($27,900).",{"type":580,"attrs":58785,"content":58786},{"textAlign":49},[58787,58789,58794],{"text":58788,"type":585},"During the month, ",{"text":58790,"type":585,"marks":58791},"Benchmark’s EXW China (Technical) grade",[58792],{"type":590,"attrs":58793},{"href":58764,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":58795,"type":585}," of lithium carbonate increased by 29.5%, marking some of the largest price jumps ever experienced in the lithium industry.",{"type":580,"attrs":58797,"content":58798},{"textAlign":49},[58799],{"text":58800,"type":585},"Looking forward, record high spot transactions are likely to incentivise a strong upward revision of contract prices in Q4 as new deals and pricing breaks are negotiated for the start of 2022. Historically, supply contracts are negotiated in Q4 and can be influenced by sentiment in the spot market. It is this revision that sparked the surge in lithium chemicals pricing in 2015, indicating that the start of 2022 could see further momentum in price rises.",{"type":580,"attrs":58802,"content":58803},{"textAlign":49},[58804],{"text":58805,"type":585},"Market contacts have also reported to Benchmark that they expect a larger proportion of the supply chain may look to implement monthly, rather than quarterly, price breaks, fuelling the surge further if typically discounted contracted volumes become more regularly based on escalating spot deals.",{"type":580,"attrs":58807,"content":58808},{"textAlign":49},[58809],{"text":58810,"type":585},"Limited available supply within the domestic China market has served to push lithium carbonate prices to these new levels with lithium ion battery demand remaining high and steady after a year of significant growth.",{"type":580,"attrs":58812,"content":58813},{"textAlign":49},[58814,58816,58822],{"text":58815,"type":585},"Surging prices in the chemical market have not only been driven by tight supply and strong downstream demand, but also rapidly increasing feedstock costs as ",{"text":58817,"type":585,"marks":58818},"Benchmark’s Lithium Spodumene (FOB Australia) grade was assessed up 86% in September",[58819],{"type":590,"attrs":58820},{"href":58821,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/spodumene-up-86-in-september-what-does-this-mean-for-lithium-chemical-prices",{"text":58823,"type":585}," as lithium chemical converters scramble to secure available spot material.",{"type":580,"attrs":58825,"content":58826},{"textAlign":49},[58827,58829,58834],{"text":58828,"type":585},"While ",{"text":58830,"type":585,"marks":58831},"Benchmark’s EXW China hydroxide price",[58832],{"type":590,"attrs":58833},{"href":58764,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":58835,"type":585}," has also seen unprecedented upward movement, rising by 68.4% over Q3 to an average of RMB 157,500/tonne ($24,425), robust demand for LFP chemistry cathodes in China has once again placed carbonate at a historically unusual price premium over hydroxide.",{"type":647,"attrs":58837,"content":58838},{"level":13022,"textAlign":49},[58839],{"text":58840,"type":585},"Lithium carbonate v hydroxide, LFP’s role",{"type":580,"attrs":58842,"content":58843},{"textAlign":49},[58844],{"text":58845,"type":585},"High-nickel cathode chemistries, which require lithium hydroxide, have not been deployed as quickly as expected, at the same time lower energy density, but cheaper, LFP cathodes have dominated the Chinese cell production industry in recent months.",{"type":580,"attrs":58847,"content":58848},{"textAlign":49},[58849],{"text":58850,"type":585},"Cells with LFP cathodes have held an average market share of 51.1% so far in 2021, compared to 42.6% in 2020, showing a step-change in demand as a result of technological improvements to the cathode chemistry and indirect policy support from the Chinese government for applications most suited to LFP.",{"type":580,"attrs":58852,"content":58853},{"textAlign":49},[58854],{"text":58855,"type":585},"Carbonate’s rare premium over hydroxide was also seen in Q1 and Q2 2021 in the Chinese domestic market, when carbonate price growth outpaced hydroxide on the back of fears over supply tightness. Hydroxide narrowly regained its premium in late Q2 and into Q3 as additional seasonal carbonate supply from Chinese Qinghai Province brine producers provided some relief to upward carbonate price pressure, before the relationship again flipped at the end of September.",{"type":580,"attrs":58857,"content":58858},{"textAlign":49},[58859],{"text":58860,"type":585},"With newer Chinese conversion facilities now able to directly produce lithium hydroxide from spodumene feedstock, as well as having the flexibility to alternate production to favour the premium product, Benchmark expects the pricing relationship between the chemicals to exhibit more volatility in the future, dependent on demand dynamics.",{"type":580,"attrs":58862,"content":58863},{"textAlign":49},[58864],{"text":58865,"type":585},"Fundamentally, with little foreseeable downside price risk to carbonate or hydroxide pricing in the near term, as demand continues to outstrip raw material and chemical supply, the lithium industry is well and truly in the throes of its latest price rally, with further record prices expected in the coming months.",{"type":647,"attrs":58867,"content":58868},{"level":13022,"textAlign":49},[58869],{"text":58870,"type":585},"Subscribe to Benchmark’s Lithium Price Assessment",{"type":580,"attrs":58872,"content":58873},{"textAlign":49},[58874,58876,58880],{"text":58875,"type":585},"Subscribe to ",{"text":1565,"type":585,"marks":58877},[58878],{"type":590,"attrs":58879},{"href":58764,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":58881,"type":585}," for full access to Benchmark’s lithium carbonate, hydroxide, and spodumene pricing data.",{"type":580,"attrs":58883,"content":58884},{"textAlign":49},[58885,58887,58891],{"text":58886,"type":585},"Fill in the ",{"text":55899,"type":585,"marks":58888},[58889],{"type":590,"attrs":58890},{"href":55552,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":58892,"type":585}," to subscribe or to learn more.","Prices of lithium carbonate assessed by Benchmark Mineral Intelligence have reached new all-time highs on the back of limited supply and high and sustained lithium ion battery demand in China. Benchmark’s EXW China (Battery) grade of lithium carbonate rose by 26.5% to RMB 160,000/tonne ($24,800) in the final two weeks of September 2021. This surpasses the previous […]",[58895],{"slug":9249,"name":9250,"content":58896},{"job_title":9252,"image":58897,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ff7297e8-ddce-4839-9aa3-f4ba5b7842ff\", \"id\": \"\"}-->",[58900,58901],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":58903,"copyright":645,"fieldtype":701,"meta_data":58904,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/b3e28b592d/bm-lithium-carbonate-all-time-highs-modified.png",{"alt":645,"title":645,"source":645,"copyright":645},"Oct 06, 2021",{"id":58907,"uuid":58908,"name":58909,"slug":58910,"full_slug":58911,"content":58912},112473280474966,"35099564-b47d-4d9a-b812-926b8d574a00","Can the West fix its growing disconnect between battery ambitions and raw material supply?","can-the-west-fix-its-growing-disconnect-between-battery-ambitions-and-raw-material-supply","article/can-the-west-fix-its-growing-disconnect-between-battery-ambitions-and-raw-material-supply",{"_uid":58913,"date":58914,"tags":58915,"editor":58917,"content":58921,"excerpt":58983,"featured":50,"reporter":58984,"_editable":58988,"component":689,"seo_title":58909,"categories":58989,"visibility":697,"author_company":49,"featured_image":58992,"seo_description":58983,"author_full_name":49,"author_job_title":49,"formattedDate":58995},"7a0c0218-8e97-4859-8fa8-26fb50c9c18f","2021-09-02 00:00",[58916],{"slug":564,"name":565},[58918],{"slug":1466,"name":1467,"content":58919},{"job_title":1469,"image":58920,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":58922},[58923,58928,58933,58938,58943,58948,58953,58958,58963,58968,58973,58978],{"type":580,"attrs":58924,"content":58925},{"textAlign":49},[58926],{"text":58927,"type":585},"Outside of China, Europe and North America are the key regions developing significant lithium ion cell production capacity. Europe now has 778 GWh of capacity in the pipeline for 2030 — cell plants in production, under development, or planned — with North America’s pipeline currently sitting at 499 GWh.",{"type":580,"attrs":58929,"content":58930},{"textAlign":49},[58931],{"text":58932,"type":585},"There has been a notable uptick in investment into battery cell facilities in Europe and the USA since 2018 but this has not been matched by an increase in battery raw material mining and processing investment, leading to a growing disconnect between raw material demand and supply. Data from Benchmark’s Lithium Forecast shows how this growing disconnect could lead to an annual lithium supply shortfall of up to 225,000 tonnes in North America and 500,000 tonnes in Europe by 2030.",{"type":580,"attrs":58934,"content":58935},{"textAlign":49},[58936],{"text":58937,"type":585},"Benchmark’s Cameron Perks, Senior Analyst, explained that “in general, there is a lack of understanding of just how much lithium is required to fuel electric vehicle demand going forward. Some investors may have been scared away by the previous low-price environment. But it’s important to reiterate that we are in a completely different world now in terms of demand.”",{"type":580,"attrs":58939,"content":58940},{"textAlign":49},[58941],{"text":58942,"type":585},"Lithium prices fell consistently between early 2018 and late 2020, with Benchmark’s Global Weighted Lithium Carbonate and Hydroxide prices falling 67% and 56%, respectively, from their peaks. However, in late 2020, Chinese domestic lithium carbonate prices began to rise which spread through to the wider market. These price rises have continued and in 2021 Benchmark’s Lithium Carbonate Index has risen 135.0% and Benchmark’s Hydroxide Index is up 87.3% as at the end of August.",{"type":580,"attrs":58944,"content":58945},{"textAlign":49},[58946],{"text":58947,"type":585},"Perks said that to incentivise investment into the sector “there is going to have to be a sustained period of higher prices than we have seen over the past few years.” He added that while investment is important “there also has to be some level of education for decision makers on the severity of the shortfall and how much money and time it realistically takes to get a mine into operation and ramped up.”",{"type":580,"attrs":58949,"content":58950},{"textAlign":49},[58951],{"text":58952,"type":585},"While battery plants can be brought online and ramped up in under five years, Perks explained that “in mining and processing, where it can take up to 10 or more years to go from discovery to production, companies and investors often underestimate the time it takes to bring projects online.”",{"type":580,"attrs":58954,"content":58955},{"textAlign":49},[58956],{"text":58957,"type":585},"Developing midstream cathode production in these regions will also be key to incentivising the buildout of upstream extraction and processing. While there are several cathode projects being built in Europe, Perks explained that in the USA “there is a serious gap opening up between cathode supply and cell demand. But we expect announcements on cathode capacity to pick up speed following the increase in cell production announcements there.” Without sufficient local cathode capacity there would be little point in producing lithium or other raw materials in the USA to then ship it to Asia for cathode production.",{"type":647,"attrs":58959,"content":58960},{"level":13022,"textAlign":49},[58961],{"text":58962,"type":585},"Supply chain localisation critical ",{"type":580,"attrs":58964,"content":58965},{"textAlign":49},[58966],{"text":58967,"type":585},"Perks also noted how supply chain localisation and security are of growing importance for governments, saying that “countries want to be in control of their own destiny. They want to have an integrated system where higher profits stay within the country, they want to apply their own standards and specifications, they want to gain knowledge and intellectual property, and they want to remove the risk that shipping channels could once again get disrupted as we are seeing with COVID.”",{"type":580,"attrs":58969,"content":58970},{"textAlign":49},[58971],{"text":58972,"type":585},"While there is growing discussion in Western governments of the need for supply chain localisation, there has been little in terms of implementation to date. The EU is aiming for 80% of its lithium requirements to be sourced locally by 2025, but Benchmark’s Lithium Forecast estimates that by then only 3% of global lithium feedstock will be produced in Europe, falling considerably short of the EU’s target.",{"type":580,"attrs":58974,"content":58975},{"textAlign":49},[58976],{"text":58977,"type":585},"The USA’s National Lithium Battery Blueprint acknowledges that where domestic supply is insufficient it expects the USA to source raw materials from international allies. But there is a risk that lithium — such as Australian spodumene, much of which is being processed in China — and other raw materials are locked into long term supply contracts and unavailable to the wider market.",{"type":580,"attrs":58979,"content":58980},{"textAlign":49},[58981],{"text":58982,"type":585},"Whether sourcing internationally or domestically, Western countries will be facing a growing disconnect between demand and supply for lithium through the 2020s. Benchmark is forecasting a supply deficit emerging in 2022, which will continue to grow unless sufficient supply is brought online. While this supply shortfall will affect the global market, regions such as Europe and North America will be among the most exposed to these supply risks.","Outside of China, Europe and North America are the key regions developing significant lithium ion cell production capacity. Europe now has 778 GWh of capacity in the pipeline for 2030 — cell plants in production, under development, or planned — with North America’s pipeline currently sitting at 499 GWh. There has been a notable uptick […]",[58985],{"slug":1466,"name":1467,"content":58986},{"job_title":1469,"image":58987,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7a0c0218-8e97-4859-8fa8-26fb50c9c18f\", \"id\": \"\"}-->",[58990,58991],{"slug":956,"name":957},{"slug":1142,"name":1143},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":58993,"copyright":645,"fieldtype":701,"meta_data":58994,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/da0a2232f7/bm-usa-eu-flag-surkovdimitri.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Sep 02, 2021",{"id":58997,"uuid":58998,"name":58999,"slug":59000,"full_slug":59001,"content":59002},114850076599241,"cd37404b-cb5c-47c6-bd87-13afcdb3ba74","Chinese lithium hydroxide price restores its premium over carbonate","chinese-lithium-hydroxide-price-restores-its-premium-over-carbonate-2","article/chinese-lithium-hydroxide-price-restores-its-premium-over-carbonate-2",{"_uid":59003,"date":59004,"tags":59005,"editor":59008,"content":59012,"excerpt":59177,"featured":50,"reporter":59178,"component":689,"seo_title":59182,"categories":59183,"visibility":2019,"author_company":645,"featured_image":59186,"seo_description":59189,"author_full_name":645,"author_job_title":645,"formattedDate":59190},"26922156-6834-4c36-9791-4ce067608131","2021-06-07 00:00",[59006,59007],{"slug":564,"name":565},{"slug":1458,"name":1459},[59009],{"slug":9249,"name":9250,"content":59010},{"job_title":9252,"image":59011,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":59013},[59014,59025,59036,59049,59054,59059,59064,59069,59074,59085,59090,59095,59107,59112,59117,59122,59127,59132,59137,59142,59147,59152,59157,59162,59167],{"type":580,"attrs":59015,"content":59016},{"textAlign":49},[59017,59019,59023],{"text":59018,"type":585},"Benchmark’s May 2021 Lithium Price Assessment saw ",{"text":16570,"type":585,"marks":59020},[59021],{"type":590,"attrs":59022},{"href":13199,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":59024,"type":585}," restore its historical premium to lithium carbonate in the Chinese domestic market after the traditional price relationship between the chemicals inverted at the beginning of the year.",{"type":580,"attrs":59026,"content":59027},{"textAlign":49},[59028,59030,59034],{"text":59029,"type":585},"In January 2021, carbonate prices rallied on strong demand from LFP ",{"text":2623,"type":585,"marks":59031},[59032],{"type":590,"attrs":59033},{"href":13965,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":59035,"type":585}," manufacturers, inverting the historical relationship as hydroxide pricing moved to a discount on battery-grade carbonate; with hydroxide sitting firmly below both battery and technical grade carbonate in Benchmark’s Lithium Price Assessments from February through to April.",{"type":580,"attrs":59037,"content":59038},{"textAlign":49},[59039,59041,59047],{"text":59040,"type":585},"At its strongest premium through this period, Chinese battery-grade carbonate sat RMB 19,500/tonne ($3000) above hydroxide in the Benchmark mid-March 2021 ",{"text":59042,"type":585,"marks":59043},"price assessment",[59044],{"type":590,"attrs":59045},{"href":59046,"uuid":49,"anchor":49,"target":594,"linktype":1570},"https://www.benchmarkminerals.com/price-assessments",{"text":59048,"type":585},", with battery-grade carbonate prices at RMB 82,000/tonne ($12,625) and hydroxide prices at 62,500/tonne ($9,625), as assessed by Benchmark.",{"type":580,"attrs":59050,"content":59051},{"textAlign":49},[59052],{"text":59053,"type":585},"However, hydroxide prices in the Chinese domestic market began to play catch-up in recent months, eventually exceeding carbonate, gaining 33.8% (EXW China) across April and May, compared to Chinese battery-grade carbonate gains of 5.3% (EXW China) in the same period; a significant slowing down from the rally in Q1.",{"type":647,"attrs":59055,"content":59056},{"level":13022,"textAlign":49},[59057],{"text":59058,"type":585},"Hydroxide’s historic premium",{"type":580,"attrs":59060,"content":59061},{"textAlign":49},[59062],{"text":59063,"type":585},"Historically, lithium hydroxide has held a premium over carbonate in both the Chinese and international markets.",{"type":580,"attrs":59065,"content":59066},{"textAlign":49},[59067],{"text":59068,"type":585},"Hydroxide has typically sat above carbonate in international and Chinese market, due to the chemical’s traditional production method of being a product processed from lithium carbonate, rather than directly produced from spodumene feedstock as is common in today’s market. Consequently, a conversion cost of $1000-1500/tonne has historically been priced into hydroxide throughout the market’s history.",{"type":580,"attrs":59070,"content":59071},{"textAlign":49},[59072],{"text":59073,"type":585},"Changing feedstock supply, use dynamics and cathode evolution has seen this historic price relationship weakened in recent years.",{"type":580,"attrs":59075,"content":59076},{"textAlign":49},[59077,59079,59083],{"text":59078,"type":585},"Additionally, hydroxide production capacity has been scanter as a result of previous market trends which have driven for higher consumption of low-",{"text":2553,"type":585,"marks":59080},[59081],{"type":590,"attrs":59082},{"href":13975,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":59084,"type":585}," and lithium iron phosphate (LFP) cathodes. As such, the chemical is at a higher risk of supply tightness as processors struggle to meet soaring demand from the battery industry.",{"type":647,"attrs":59086,"content":59087},{"level":13022,"textAlign":49},[59088],{"text":59089,"type":585},"Q1 2021 role reversal ",{"type":580,"attrs":59091,"content":59092},{"textAlign":49},[59093],{"text":59094,"type":585},"Whilst this historic price relationship remained the case in international markets throughout early 2021, carbonate rallied to a premium to hydroxide in the Chinese domestic market through Q1.",{"type":580,"attrs":59096,"content":59097},{"textAlign":49},[59098,59100,59105],{"text":59099,"type":585},"This Q1 carbonate rally was largely driven by strong demand as the global ",{"text":59101,"type":585,"marks":59102},"EV market",[59103],{"type":590,"attrs":59104},{"href":3851,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":59106,"type":585},", buoyed by widespread stimulus and incentives put in place by governments, recovered post-COVID. This demand was even further boosted in China by resurging LFP cathode demand which utilises lithium carbonate in its production.",{"type":580,"attrs":59108,"content":59109},{"textAlign":49},[59110],{"text":59111,"type":585},"Meanwhile, demand for high-nickel cathode chemistries, which use lithium hydroxide for feedstock, had not taken off as quickly as expected, keeping price gains for lithium hydroxide limited in late 2020 and into early 2021.",{"type":580,"attrs":59113,"content":59114},{"textAlign":49},[59115],{"text":59116,"type":585},"Additionally, in a bullish market carbonate prices become very sensitive to shifts in demand, where small imbalances can have an outsized effect on pricing due to the relative volume of the carbonate market and the number of active players vying for material.",{"type":580,"attrs":59118,"content":59119},{"textAlign":49},[59120],{"text":59121,"type":585},"In late 2017 and early 2018, Chinese hydroxide also found itself at a discount to carbonate, highlighting that although the two chemicals rely on common feedstocks, the individual supply-demand balance of these products has always been distinct enough to invert the price relationship if market trends support this.",{"type":647,"attrs":59123,"content":59124},{"level":13022,"textAlign":49},[59125],{"text":59126,"type":585},"Chinese hydroxide restores its position above carbonate",{"type":580,"attrs":59128,"content":59129},{"textAlign":49},[59130],{"text":59131,"type":585},"However, demand for lithium hydroxide continues to rise as production of high-nickel cathode cells has begun to climb, alongside processors preferentially sourcing hydroxide – where possible taking advantage of the comparatively cheaper chemical – boosting demand for hydroxide and reversing this short-lived discount to carbonate.",{"type":580,"attrs":59133,"content":59134},{"textAlign":49},[59135],{"text":59136,"type":585},"Chinese domestic hydroxide prices assessed by Benchmark at the end of May sat at an average of RMB 91,000/tonne ($14,275), compared to RMB 82,500/tonne ($12,950) and RMB 89,000/tonne ($13,975), for technical and battery grade carbonate respectively, on an EXW China basis",{"type":580,"attrs":59138,"content":59139},{"textAlign":49},[59140],{"text":59141,"type":585},"So far in 2021, demand for nickel containing chemistries has gone from strength to strength with an average of 6.1GWh of NCM and NCA cathode cells produced every month in China, compared to the two-year average across 2019 and 2020 of 4.3GWh per month.",{"type":580,"attrs":59143,"content":59144},{"textAlign":49},[59145],{"text":59146,"type":585},"Downstream demand from Japan and South Korea supports this notion, with lithium hydroxide exports out of China to the rest of Asia increasing by an average of 5% per month so far in 2021 compared to average monthly exports in 2020.",{"type":580,"attrs":59148,"content":59149},{"textAlign":49},[59150],{"text":59151,"type":585},"On the flip side, carbonate price increases have tailed off as the market holds off buying further inventory at elevated prices and added supply from Qinghai brine projects in China has begun to filter through to the market. As such, supply tightness is now being eased by additional carbonate supply, whereas the same is not happening for hydroxide.",{"type":580,"attrs":59153,"content":59154},{"textAlign":49},[59155],{"text":59156,"type":585},"Looking forward, the historic price relationship between hydroxide and carbonate may not be as clear cut as it has been in the past, primarily due to newer Chinese conversion facilities being able to produce hydroxide directly from the rapidly expanding spodumene feedstock market, therefore removing the some of the additional conversion cost by skipping the carbonate step and theoretically reducing the premium over carbonate.",{"type":580,"attrs":59158,"content":59159},{"textAlign":49},[59160],{"text":59161,"type":585},"In addition, whilst there will always been a price relationship between the two chemicals due to their reliance on common feedstocks, the hydroxide premium may narrow over time, especially as newer Chinese conversion capacity is flexible and therefore able to favour the premium product and bring prices back to parity by adding additional supply to the market.",{"type":580,"attrs":59163,"content":59164},{"textAlign":49},[59165],{"text":59166,"type":585},"Benchmark forecast NCM cathodes to represent over 75% of cathode market share by 2030, with well over half of these being the 811 high-nickel variety, meaning demand for lithium hydroxide is only set to rise further and challenge the already delicate supply-demand balance, supporting Benchmark’s expectations of further rising prices in the Chinese domestic hydroxide market.",{"type":580,"attrs":59168,"content":59169},{"textAlign":49},[59170,59172,59176],{"text":59171,"type":585},"Ultimately, whilst the higher price environment has started to incentivise supply investments, there is still a long way to go to meet the looming deficit that is already becoming evident in the market today. As such both hydroxide and carbonate prices are set to rise in as the market tightens against surging ",{"text":11919,"type":585,"marks":59173},[59174],{"type":590,"attrs":59175},{"href":11391,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":1538,"type":585},"Benchmark’s May 2021 Lithium Price Assessment saw lithium hydroxide restore its historical premium to lithium carbonate in the Chinese domestic market after the traditional price relationship between the chemicals inverted at the beginning of the year. In January 2021, carbonate prices rallied on strong demand from LFP cathode manufacturers, inverting the historical relationship as hydroxide […]",[59179],{"slug":9249,"name":9250,"content":59180},{"job_title":9252,"image":59181,"bio":9255,"linkedin":9256},{"filename":9254},"Chinese lithium hydroxide price restores its premium over ...",[59184,59185],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":59187,"copyright":645,"fieldtype":701,"meta_data":59188,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4d3f10333f/bm-benchmark-lithium-prices-black-and-white.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Benchmark’s May 2021 Lithium Price Assessment saw lithium hydroxide restore its historical premium to lithium carbonate in the Chinese domestic market after the traditional price relationship between the chemicals inverted at the beginning of the year...","Jun 07, 2021",{"id":59192,"uuid":59193,"name":58999,"slug":59194,"full_slug":59195,"content":59196},112473370574837,"0b2c7a92-8d2f-4361-b6ca-e16ec99b5cdc","chinese-lithium-hydroxide-price-restores-its-premium-over-carbonate","article/chinese-lithium-hydroxide-price-restores-its-premium-over-carbonate",{"_uid":59197,"date":59004,"tags":59198,"editor":59201,"content":59205,"excerpt":59177,"featured":50,"reporter":59313,"_editable":59317,"component":689,"seo_title":58999,"categories":59318,"visibility":697,"author_company":49,"featured_image":59321,"seo_description":59177,"author_full_name":49,"author_job_title":49,"formattedDate":59190},"d35c4163-2972-408c-8224-d1b6f855a369",[59199,59200],{"slug":564,"name":565},{"slug":1458,"name":1459},[59202],{"slug":9249,"name":9250,"content":59203},{"job_title":9252,"image":59204,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":59206},[59207,59212,59217,59222,59226,59230,59234,59238,59242,59247,59251,59255,59260,59264,59268,59272,59276,59280,59284,59288,59292,59296,59300,59304,59308],{"type":580,"attrs":59208,"content":59209},{"textAlign":49},[59210],{"text":59211,"type":585},"Benchmark’s May 2021 Lithium Price Assessment saw lithium hydroxide restore its historical premium to lithium carbonate in the Chinese domestic market after the traditional price relationship between the chemicals inverted at the beginning of the year.",{"type":580,"attrs":59213,"content":59214},{"textAlign":49},[59215],{"text":59216,"type":585},"In January 2021, carbonate prices rallied on strong demand from LFP cathode manufacturers, inverting the historical relationship as hydroxide pricing moved to a discount on battery-grade carbonate; with hydroxide sitting firmly below both battery and technical grade carbonate in Benchmark’s Lithium Price Assessments from February through to April.",{"type":580,"attrs":59218,"content":59219},{"textAlign":49},[59220],{"text":59221,"type":585},"At its strongest premium through this period, Chinese battery-grade carbonate sat RMB 19,500/tonne ($3000) above hydroxide in the Benchmark mid-March 2021 price assessment, with battery-grade carbonate prices at RMB 82,000/tonne ($12,625) and hydroxide prices at 62,500/tonne ($9,625), as assessed by Benchmark.",{"type":580,"attrs":59223,"content":59224},{"textAlign":49},[59225],{"text":59053,"type":585},{"type":647,"attrs":59227,"content":59228},{"level":13022,"textAlign":49},[59229],{"text":59058,"type":585},{"type":580,"attrs":59231,"content":59232},{"textAlign":49},[59233],{"text":59063,"type":585},{"type":580,"attrs":59235,"content":59236},{"textAlign":49},[59237],{"text":59068,"type":585},{"type":580,"attrs":59239,"content":59240},{"textAlign":49},[59241],{"text":59073,"type":585},{"type":580,"attrs":59243,"content":59244},{"textAlign":49},[59245],{"text":59246,"type":585},"Additionally, hydroxide production capacity has been scanter as a result of previous market trends which have driven for higher consumption of low-nickel and lithium iron phosphate (LFP) cathodes. As such, the chemical is at a higher risk of supply tightness as processors struggle to meet soaring demand from the battery industry.",{"type":647,"attrs":59248,"content":59249},{"level":13022,"textAlign":49},[59250],{"text":59089,"type":585},{"type":580,"attrs":59252,"content":59253},{"textAlign":49},[59254],{"text":59094,"type":585},{"type":580,"attrs":59256,"content":59257},{"textAlign":49},[59258],{"text":59259,"type":585},"This Q1 carbonate rally was largely driven by strong demand as the global EV market, buoyed by widespread stimulus and incentives put in place by governments, recovered post-COVID. This demand was even further boosted in China by resurging LFP cathode demand which utilises lithium carbonate in its production.",{"type":580,"attrs":59261,"content":59262},{"textAlign":49},[59263],{"text":59111,"type":585},{"type":580,"attrs":59265,"content":59266},{"textAlign":49},[59267],{"text":59116,"type":585},{"type":580,"attrs":59269,"content":59270},{"textAlign":49},[59271],{"text":59121,"type":585},{"type":647,"attrs":59273,"content":59274},{"level":13022,"textAlign":49},[59275],{"text":59126,"type":585},{"type":580,"attrs":59277,"content":59278},{"textAlign":49},[59279],{"text":59131,"type":585},{"type":580,"attrs":59281,"content":59282},{"textAlign":49},[59283],{"text":59136,"type":585},{"type":580,"attrs":59285,"content":59286},{"textAlign":49},[59287],{"text":59141,"type":585},{"type":580,"attrs":59289,"content":59290},{"textAlign":49},[59291],{"text":59146,"type":585},{"type":580,"attrs":59293,"content":59294},{"textAlign":49},[59295],{"text":59151,"type":585},{"type":580,"attrs":59297,"content":59298},{"textAlign":49},[59299],{"text":59156,"type":585},{"type":580,"attrs":59301,"content":59302},{"textAlign":49},[59303],{"text":59161,"type":585},{"type":580,"attrs":59305,"content":59306},{"textAlign":49},[59307],{"text":59166,"type":585},{"type":580,"attrs":59309,"content":59310},{"textAlign":49},[59311],{"text":59312,"type":585},"Ultimately, whilst the higher price environment has started to incentivise supply investments, there is still a long way to go to meet the looming deficit that is already becoming evident in the market today. As such both hydroxide and carbonate prices are set to rise in as the market tightens against surging battery demand.",[59314],{"slug":9249,"name":9250,"content":59315},{"job_title":9252,"image":59316,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d35c4163-2972-408c-8224-d1b6f855a369\", \"id\": \"\"}-->",[59319,59320],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":59322,"copyright":645,"fieldtype":701,"meta_data":59323,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4f849e8332/bm-benchmark-lithium-prices-black-and-white-1.jpg",{"alt":645,"title":645,"source":645,"copyright":645},{"id":59325,"uuid":59326,"name":59327,"slug":59328,"full_slug":59329,"content":59330},112473553415490,"a9bcae5e-f479-4fe6-88ff-ba385742c787","Global battery arms race: the USA’s three EV to battery hubs to watch","global-battery-arms-race-the-usas-three-ev-to-battery-hubs-to-watch","article/global-battery-arms-race-the-usas-three-ev-to-battery-hubs-to-watch",{"_uid":59331,"date":59332,"tags":59333,"editor":59336,"content":59340,"excerpt":59455,"featured":50,"reporter":59456,"_editable":59460,"component":689,"seo_title":59327,"categories":59461,"visibility":2019,"author_company":49,"featured_image":59463,"seo_description":59455,"author_full_name":49,"author_job_title":49,"formattedDate":59466},"cddeef75-5fb6-40d8-97e3-3a954a6e54e8","2021-02-01 00:00",[59334,59335],{"slug":564,"name":565},{"slug":561,"name":562},[59337],{"slug":9249,"name":9250,"content":59338},{"job_title":9252,"image":59339,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":59341},[59342,59347,59368,59373,59379,59386,59399,59406,59411,59417,59430],{"type":580,"attrs":59343,"content":59344},{"textAlign":49},[59345],{"text":59346,"type":585},"The USA is fighting back in the global battery arms race with a number of new supply chain developments already this year.",{"type":580,"attrs":59348,"content":59349},{"textAlign":49},[59350,59352,59358,59360,59366],{"text":59351,"type":585},"In the past week alone, ",{"text":59353,"type":585,"marks":59354},"President Biden set out plans to electrify the US government fleet",[59355],{"type":590,"attrs":59356},{"href":59357,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/what-does-bidens-promise-to-electrify-the-us-government-fleet-mean-for-battery-and-raw-material-demand",{"text":59359,"type":585}," of approximately 645,000 vehicles, ",{"text":59361,"type":585,"marks":59362},"Sila Nanotechnologies raised a record $590 million of funding and plans to build a 100 GWh silicon anode plant",[59363],{"type":590,"attrs":59364},{"href":59365,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/sila-nanotechnologies-half-a-billion-dollar-raise-puts-anodes-at-the-centre-of-battery-and-ev-dialogue",{"text":59367,"type":585},", and General Motors (GM) pledged to eliminate the internal combustion engine (ICE) light-duty vehicles from its portfolio by 2035.",{"type":580,"attrs":59369,"content":59370},{"textAlign":49},[59371],{"text":59372,"type":585},"But behind the headlines, three EV-to-battery hubs have emerged in the USA which will be critical to the next phase of the country’s EV development.",{"type":580,"attrs":59374,"content":59375},{"textAlign":49},[59376,59377],{"text":16140,"type":585},{"text":59378,"type":585}," has identified and named these domestic regions as:",{"type":580,"attrs":59380,"content":59381},{"textAlign":49},[59382,59384],{"text":59383,"type":585},"Tesla West ",{"text":59385,"type":585},"leads the way, with the Gigafactory 1 already among the largest battery factories by capacity globally. This hub has been further strengthened by Tesla’s Texas Gigafactory and the hub has already shown the need for upstream capacity, with Tesla’s plans to develop a spodumene conversion operation.",{"type":580,"attrs":59387,"content":59388},{"textAlign":49},[59389,59391,59393,59395,59397],{"text":59390,"type":585},"Behind Tesla West, LG Chem is establishing growing capacity in the ",{"text":59392,"type":585},"New Detroit",{"text":59394,"type":585}," hub, which will largely be supportive of GM’s electric ambitions. Finally, the development of the third US Hub – ",{"text":59396,"type":585},"EV South",{"text":59398,"type":585}," – is being driven by LG Chem’s Korean rival SK Innovation, with two plants in the pipeline in Commerce, Georgia.",{"type":580,"attrs":59400,"content":59401},{"textAlign":49},[59402],{"text":59403,"type":585,"marks":59404},"UPDATE: On 10 February 2021 The US International Trade Commission imposed a 10-year import ban on South Korean battery manufacturer SK Innovation.",[59405],{"type":1992},{"type":647,"attrs":59407,"content":59408},{"level":13022,"textAlign":49},[59409],{"text":59410,"type":585},"Download Benchmark’s EV Hubs Map:",{"type":580,"attrs":59412,"content":59413},{"textAlign":49},[59414,59415],{"text":26129,"type":585},{"text":59416,"type":585}," has mapped out the USA’s three EV hubs using data from Benchmark’s Lithium ion Battery Megafactory Assessment.",{"type":580,"attrs":59418,"content":59419},{"textAlign":49},[59420,59422,59428],{"text":59421,"type":585},"Fill in ",{"text":59423,"type":585,"marks":59424},"this form",[59425],{"type":590,"attrs":59426},{"href":59427,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/downloadform/download-usas-three-ev-to-battery-hubs-map/",{"text":59429,"type":585}," to download a copy of Benchmark’s map showing the USA’s future EV hubs.",{"type":580,"attrs":59431,"content":59432},{"textAlign":49},[59433,59439,59441,59447,59449,59454],{"text":59434,"type":585,"marks":59435},"Benchmark Members",[59436],{"type":590,"attrs":59437},{"href":59438,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/membership-subscription",{"text":59440,"type":585}," can download a more detailed version of the map from ",{"text":59442,"type":585,"marks":59443},"Benchmark’s Presentation Archive",[59444],{"type":590,"attrs":59445},{"href":59446,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/archive/",{"text":59448,"type":585}," or directly ",{"text":20730,"type":585,"marks":59450},[59451],{"type":590,"attrs":59452},{"href":59453,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/download/1271310/",{"text":1538,"type":585},"The USA is fighting back in the global battery arms race with a number of new supply chain developments already this year. In the past week alone, President Biden set out plans to electrify the US government fleet of approximately 645,000 vehicles, Sila Nanotechnologies raised a record $590 million of funding and plans to build […]",[59457],{"slug":9249,"name":9250,"content":59458},{"job_title":9252,"image":59459,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"cddeef75-5fb6-40d8-97e3-3a954a6e54e8\", \"id\": \"\"}-->",[59462],{"slug":956,"name":957},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":59464,"copyright":645,"fieldtype":701,"meta_data":59465,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/91b5946a7c/bm-gm-ultium-platform-e1660747859940.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Feb 01, 2021",{"id":59468,"uuid":59469,"name":59470,"slug":59471,"full_slug":59472,"content":59473},112473612755844,"824ad5d4-823f-4bce-ae6e-4e6d653e5a56","Cobalt starts 2021 with a bang – but does this spell the end of low prices?","cobalt-starts-2021-with-a-bang-but-does-this-spell-the-end-of-low-prices","article/cobalt-starts-2021-with-a-bang-but-does-this-spell-the-end-of-low-prices",{"_uid":59474,"date":59475,"tags":59476,"editor":59478,"content":59482,"excerpt":59757,"featured":50,"reporter":59758,"_editable":59762,"component":689,"seo_title":59470,"categories":59763,"visibility":697,"author_company":49,"featured_image":59766,"seo_description":59757,"author_full_name":49,"author_job_title":49,"formattedDate":59769},"4ec93bd5-2185-43f4-8505-7ff12f581bd8","2021-01-11 00:00",[59477],{"slug":564,"name":565},[59479],{"slug":9249,"name":9250,"content":59480},{"job_title":9252,"image":59481,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":59483},[59484,59489,59494,59499,59504,59509,59514,59527,59532,59537,59542,59547,59552,59557,59562,59567,59572,59577,59582,59587,59592,59597,59602,59607,59612,59617,59629,59635,59638,59643,59646,59651,59656,59661,59666,59671,59676,59681,59693,59698,59709,59714,59719,59724,59727,59737,59742,59747,59752],{"type":580,"attrs":59485,"content":59486},{"textAlign":49},[59487],{"text":59488,"type":585},"Cobalt prices have started 2021 with a bang, with price increases observed across the supply chain, particularly for battery-focused feedstocks and chemicals.",{"type":580,"attrs":59490,"content":59491},{"textAlign":49},[59492],{"text":59493,"type":585},"The ground was set for a strong start to 2021 with the Chinese State Reserve Bureau (SRB) and its approved Chinese suppliers quietly agreeing a deal to acquire cobalt metal.",{"type":580,"attrs":59495,"content":59496},{"textAlign":49},[59497],{"text":59498,"type":585},"In late December, behind closed doors the SRB initiated its second round of cobalt metal purchasing in 4 months.",{"type":580,"attrs":59500,"content":59501},{"textAlign":49},[59502],{"text":59503,"type":585},"Whilst the deal has not yet been officially confirmed and may never be publicly disclosed, it is estimated the purchase could amount to up to 3,000 tonnes of metal delivered over the first half of 2021 on a fixed price basis – with the potential for more later in the year.",{"type":580,"attrs":59505,"content":59506},{"textAlign":49},[59507],{"text":59508,"type":585},"This adds to the recent purchase already reported by Benchmark in September 2020, with an estimated volume of 2,200 tonnes, delivered over the remainder of the year.",{"type":580,"attrs":59510,"content":59511},{"textAlign":49},[59512],{"text":59513,"type":585},"At the time, the purchase went largely under the radar outside of China, in part due to the festive shutdown for much of the industry, but in China prices for cobalt products began to react quickly.",{"type":580,"attrs":59515,"content":59516},{"textAlign":49},[59517,59519,59525],{"text":59518,"type":585},"Cobalt sulphate, which had otherwise been stable for the month of December began to climb with ",{"text":59520,"type":585,"marks":59521},"Benchmark’s December Cobalt Price Assessment",[59522],{"type":590,"attrs":59523},{"href":59524,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/price-assessments/#cobalt",{"text":59526,"type":585}," tracking an average price increase of 3.2% for the month on an EXW China basis, with the high end of transactions reaching RMB 58,000/tonne ($8,900) by month end.",{"type":580,"attrs":59528,"content":59529},{"textAlign":49},[59530],{"text":59531,"type":585},"The purchase by the SRB not only took material out of the market, it gave confidence to the industry that prices were expected to rise.",{"type":580,"attrs":59533,"content":59534},{"textAlign":49},[59535],{"text":59536,"type":585},"It also calmed fears of an oversupplied metal market in 2021.",{"type":580,"attrs":59538,"content":59539},{"textAlign":49},[59540],{"text":59541,"type":585},"Metal demand from industrial markets continues to be stifled by the impacts of the pandemic, particularly on the superalloy industry linked to aviation.",{"type":580,"attrs":59543,"content":59544},{"textAlign":49},[59545],{"text":59546,"type":585},"This was expected to be compounded by additional supply from the anticipated return to production of the Ambatovy operation in Madagascar, which spent much of 2020 on care and maintenance.",{"type":647,"attrs":59548,"content":59549},{"level":13022,"textAlign":49},[59550],{"text":59551,"type":585},"Coronavirus still impacting China cobalt operations",{"type":580,"attrs":59553,"content":59554},{"textAlign":49},[59555],{"text":59556,"type":585},"By the start of January 2021, as the global industry returned to work, the cobalt price increases of late December continued.",{"type":580,"attrs":59558,"content":59559},{"textAlign":49},[59560],{"text":59561,"type":585},"These were driven not only by the SRB news but a confluence of factors that helped further fuel the flames lit by the government purchase, under a backdrop of rapidly increasing demand from the battery sector.",{"type":580,"attrs":59563,"content":59564},{"textAlign":49},[59565],{"text":59566,"type":585},"Whilst China has largely overcome the pandemic, with very few cases reported domestically, it is still having an impact on operations.",{"type":580,"attrs":59568,"content":59569},{"textAlign":49},[59570],{"text":59571,"type":585},"With the Chinese New Year celebrations expected in late January and early February, the country largely grinds to a halt, with an extended closure for domestic logistics in the country.",{"type":580,"attrs":59573,"content":59574},{"textAlign":49},[59575],{"text":59576,"type":585},"This year the impact of that closure is widened as truck drivers will need to isolate before returning to their families for the holiday period, resulting in a lack of logistics and a scramble by the domestic cobalt industry to ensure it has the material needed on hand to see through the period until after the celebrations.",{"type":580,"attrs":59578,"content":59579},{"textAlign":49},[59580],{"text":59581,"type":585},"Not only are domestic Chinese logistics a concern, but also supply chain contacts have reported increasing concerns over interruptions to the export of cobalt from Africa.",{"type":580,"attrs":59583,"content":59584},{"textAlign":49},[59585],{"text":59586,"type":585},"The concerns arise not only from the worsening coronavirus situation across the continent, potentially disrupting the flow of material, but also from the challenges in securing limited available shipping capacity to transport material to consumers in Asia, primarily in China.",{"type":580,"attrs":59588,"content":59589},{"textAlign":49},[59590],{"text":59591,"type":585},"These concerns have further driven prices rises in the first week of January with Benchmark observing an increase of more than 6.0% in the high end of cobalt sulphate transactions, the highest transacted price for the salt since March 2019.",{"type":580,"attrs":59593,"content":59594},{"textAlign":49},[59595],{"text":59596,"type":585},"Cobalt hydroxide, the feedstock for cobalt sulphate production, has also seen an increase in observed payables (the value of cobalt contained in hydroxide compared to metal), which reached the highest level since March 2018 – the high of the most recent price spike.",{"type":580,"attrs":59598,"content":59599},{"textAlign":49},[59600],{"text":59601,"type":585},"Cobalt metal has also reacted, with Benchmark observing the high end of transactions in January to date to have increased by almost 8.0% on December averages on an EXW Europe basis.",{"type":580,"attrs":59603,"content":59604},{"textAlign":49},[59605],{"text":59606,"type":585},"But how much should the supply chain read into this January price action?",{"type":647,"attrs":59608,"content":59609},{"level":13022,"textAlign":49},[59610],{"text":59611,"type":585},"What does it mean for the EV and battery supply chain?",{"type":580,"attrs":59613,"content":59614},{"textAlign":49},[59615],{"text":59616,"type":585},"Prices for cobalt sulphate in January typically perform well as Chinese refiners purchase increased inventories to see them through the closures and logistics shutdowns tied to Chinese New Year.",{"type":580,"attrs":59618,"content":59619},{"textAlign":49},[59620,59622,59627],{"text":59621,"type":585},"In January 2020 average ",{"text":59623,"type":585,"marks":59624},"cobalt sulphate prices (EXW China), as assessed by Benchmark",[59625],{"type":590,"attrs":59626},{"href":59524,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":59628,"type":585}," increased by 10.3% despite significant price decreases in the preceding months and shortly thereafter in March as the virus took hold.",{"type":647,"attrs":59630,"content":59632},{"level":59631,"textAlign":49},5,[59633],{"text":59634,"type":585},"The January effect – average change in cobalt sulphate prices in China around the month of January",{"type":580,"attrs":59636,"content":59637},{"textAlign":49},[],{"type":580,"attrs":59639,"content":59640},{"textAlign":49},[59641],{"text":59642,"type":585},"In January 2019 the recorded increase was more muted but still significant considering the falling market, rising by 3.8%",{"type":580,"attrs":59644,"content":59645},{"textAlign":49},[],{"type":580,"attrs":59647,"content":59648},{"textAlign":49},[59649],{"text":59650,"type":585},"Equally, closures in China for the new year towards the end of January and in early February may provide some respite for cobalt prices, allowing things to cool off whilst the industry takes stock and prepares for the remainder of 2021.",{"type":580,"attrs":59652,"content":59653},{"textAlign":49},[59654],{"text":59655,"type":585},"So perhaps it is too early to call the end to low pricing in cobalt and the return to a bull market.",{"type":580,"attrs":59657,"content":59658},{"textAlign":49},[59659],{"text":59660,"type":585},"Ultimately, rapidly increasing prices are bad for the cobalt industry in the longer term, with the mineral already having a negative reputation with the downstream industry for high price volatility and high cost, driving substitution.",{"type":580,"attrs":59662,"content":59663},{"textAlign":49},[59664],{"text":59665,"type":585},"It should also be noted that prices are coming from a relatively low base, with average cobalt metal prices in December assessed at $15.45/lb ($34,050/tonne) sitting below the long-term average, and so positive news like that of a further SRB purchase and rising demand should naturally see prices increase to a slightly higher range anyway.",{"type":647,"attrs":59667,"content":59668},{"level":13022,"textAlign":49},[59669],{"text":59670,"type":585},"Tight cobalt supply in 2021 the differentiator",{"type":580,"attrs":59672,"content":59673},{"textAlign":49},[59674],{"text":59675,"type":585},"The one thing that 2021 does have that the preceding two years did not have is tight cobalt supply, particularly for the battery feedstock of choice, cobalt hydroxide.",{"type":580,"attrs":59677,"content":59678},{"textAlign":49},[59679],{"text":59680,"type":585},"Cobalt stocks have been whittled down due to the strengthening, real demand from the lithium ion battery sector due to electric vehicle (EV) sales.",{"type":580,"attrs":59682,"content":59683},{"textAlign":49},[59684,59686,59691],{"text":59685,"type":585},"The most recent cobalt price spike, which came to a head in April 2018 and saw ",{"text":59687,"type":585,"marks":59688},"Benchmark’s average prices for cobalt metal reach $43.63/lb ($96,200/tonne)",[59689],{"type":590,"attrs":59690},{"href":59524,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":59692,"type":585},", was primarily driven by bullish sentiment for cobalt due to excitement about the growing demand for the mineral from the EV sector.",{"type":580,"attrs":59694,"content":59695},{"textAlign":49},[59696],{"text":59697,"type":585},"Whilst the sentiment was real, true demand was not, as rising EV sales in China began to slow due to a decreasing subsidy regime and the rest of the world’s auto industry still gearing up for EV manufacturing.",{"type":580,"attrs":59699,"content":59700},{"textAlign":49},[59701,59703,59708],{"text":59702,"type":585},"With ample supply for cobalt in 2018 and 2019, due in part to expansions driven by high sentiment and higher prices, the market took a tumble with average prices for cobalt metal reaching a low of",{"text":59704,"type":585,"marks":59705}," $12.85/lb ($28,300/tonne) in July 2019, as assessed by Benchmark",[59706],{"type":590,"attrs":59707},{"href":59524,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},{"type":580,"attrs":59710,"content":59711},{"textAlign":49},[59712],{"text":59713,"type":585},"But as EV sales reached record highs in late 2020, totalling nearly 400,000 units globally in November 2020 alone, this current price rise is backed by real demand, as the world’s governments get behind the green revolution with financial stimulus and policy frameworks favouring emissions free transport.",{"type":580,"attrs":59715,"content":59716},{"textAlign":49},[59717],{"text":59718,"type":585},"Not only is demand increasing, but the cobalt market is set to transition into undersupply imminently as demand begins to outstrip supply, due to a lack of investment in the upstream following nearly 3 years of low or falling prices.",{"type":647,"attrs":59720,"content":59721},{"level":13022,"textAlign":49},[59722],{"text":59723,"type":585},"Cobalt’s fall from grace",{"type":580,"attrs":59725,"content":59726},{"textAlign":49},[],{"type":580,"attrs":59728,"content":59729},{"textAlign":49},[59730,59735],{"text":59731,"type":585,"marks":59732},"Benchmark forecasts the cobalt market will fall into marginal deficit by late 2021",[59733],{"type":590,"attrs":59734},{"href":44357,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":59736,"type":585},", with this growing from 2022 and beyond. This has come about due to a number of factors but primarily the rapid acceleration in demand following the virus recovery, particularly in the European and Chinese auto markets.",{"type":580,"attrs":59738,"content":59739},{"textAlign":49},[59740],{"text":59741,"type":585},"Further to this the delayed transition to high nickel, low cobalt cathodes has meant cobalt demand on a per unit basis has not fallen to the levels some in the supply chain expected, as automakers continue to wrestle with the technical challenges associated with high nickel cathode use.",{"type":580,"attrs":59743,"content":59744},{"textAlign":49},[59745],{"text":59746,"type":585},"Finally, the delay to new supply, for example the closure and subsequent delays to Chemaf’s Mutoshi operation in the DRC and Glencore’s Mutanda being placed on care and maintenance has taken a toll on hydroxide availability.",{"type":580,"attrs":59748,"content":59749},{"textAlign":49},[59750],{"text":59751,"type":585},"Does the January price action so far mean a reversal in fortunes for the cobalt market, with prices rallying back to 2018 highs? Almost certainly not – but the outlook for cobalt is as strong as it has been since the last price spike.",{"type":580,"attrs":59753,"content":59754},{"textAlign":49},[59755],{"text":59756,"type":585},"Whilst it is too early to say this is the start of sustained higher cobalt prices in 2021, better fundamentals and therefore better times for cobalt do appear to be on the horizon.","Cobalt prices have started 2021 with a bang, with price increases observed across the supply chain, particularly for battery-focused feedstocks and chemicals. The ground was set for a strong start to 2021 with the Chinese State Reserve Bureau (SRB) and its approved Chinese suppliers quietly agreeing a deal to acquire cobalt metal. In late December, behind closed […]",[59759],{"slug":9249,"name":9250,"content":59760},{"job_title":9252,"image":59761,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4ec93bd5-2185-43f4-8505-7ff12f581bd8\", \"id\": \"\"}-->",[59764,59765],{"slug":2544,"name":115},{"slug":1142,"name":1143},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":59767,"copyright":645,"fieldtype":701,"meta_data":59768,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/426f20170a/bm-vale-nickel-cobalt-mine.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Jan 11, 2021",{"id":59771,"uuid":59772,"name":59773,"slug":59774,"full_slug":59775,"content":59776},112473627214768,"e0d243c3-4f27-4e32-b40f-a38efb0ad164","Lithium prices see first sustained rise in 3 years","lithium-prices-see-first-sustained-rise-in-3-years","article/lithium-prices-see-first-sustained-rise-in-3-years",{"_uid":59777,"date":59778,"tags":59779,"editor":59781,"content":59785,"excerpt":59939,"featured":50,"reporter":59940,"_editable":59944,"component":689,"seo_title":59773,"categories":59945,"visibility":697,"author_company":49,"featured_image":59948,"seo_description":59939,"author_full_name":49,"author_job_title":49,"formattedDate":59950},"6f9cf4ba-b50d-4d47-9fb4-478eb12a978d","2021-01-06 00:00",[59780],{"slug":564,"name":565},[59782],{"slug":1466,"name":1467,"content":59783},{"job_title":1469,"image":59784,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":59786},[59787,59792,59797,59802,59807,59812,59824,59829,59834,59839,59844,59855,59858,59863,59868,59873,59878,59883,59888,59893,59905,59917,59928],{"type":580,"attrs":59788,"content":59789},{"textAlign":49},[59790],{"text":59791,"type":585},"Lithium prices within China, as assessed by Benchmark Mineral Intelligence, are beginning to rise for the first time in three years marked by rises in Chinese domestic chemical prices throughout Q4 2020, bringing an end to lithium’s two-and-a-half year bear market.",{"type":580,"attrs":59793,"content":59794},{"textAlign":49},[59795],{"text":59796,"type":585},"Benchmark’s Lithium Carbonate, EXW China Battery Grade, prices have increased by 11.7% from an average of $6,000/tonne in Benchmark’s October 2020 Assessment to an average of $6,700/tonne at the end of December.",{"type":580,"attrs":59798,"content":59799},{"textAlign":49},[59800],{"text":59801,"type":585},"Likewise, prices of Benchmark’s Lithium Hydroxide EXW China Battery Grade, have increased during the same period, albeit at a lower rate of 2.6%. Increasing from an average of $7,750/tonne in Benchmark’s October Assessment to $7,950/tonne and by the end of 2020.",{"type":580,"attrs":59803,"content":59804},{"textAlign":49},[59805],{"text":59806,"type":585},"While prices remain low, and flat, around the rest of the world, improving sentiment across the spodumene and chemical sectors is creating positive momentum for contract negotiations from Q1 2021 onwards.",{"type":647,"attrs":59808,"content":59809},{"level":13022,"textAlign":49},[59810],{"text":59811,"type":585},"Lithium enters a rising price environment",{"type":580,"attrs":59813,"content":59814},{"textAlign":49},[59815,59816,59822],{"text":1203,"type":585},{"text":59817,"type":585,"marks":59818},"Benchmark’s Lithium Price Assessments",[59819],{"type":590,"attrs":59820},{"href":59821,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/price-assessments/",{"text":59823,"type":585},", it is crucial to not only gain the granular detail (data and contextual evidence) that makes us the lithium industry’s reference price, but to also be able to call any rising price data points as a prevailing trend.",{"type":580,"attrs":59825,"content":59826},{"textAlign":49},[59827],{"text":59828,"type":585},"Since prices began to fall in 2018 there have been periods where both lithium carbonate and hydroxide prices have shown short-term rises. But these increases were isolated and not sustained.",{"type":580,"attrs":59830,"content":59831},{"textAlign":49},[59832],{"text":59833,"type":585},"However, this time is proving to be different.",{"type":580,"attrs":59835,"content":59836},{"textAlign":49},[59837],{"text":59838,"type":585},"For the last 6 months of 2020, all major lithium chemical prices that Benchmark collects were essentially flat lining together in unison for the first time since lithium prices peaked in Q1 2018.",{"type":580,"attrs":59840,"content":59841},{"textAlign":49},[59842],{"text":59843,"type":585},"In essence, lithium prices have bottomed out after nearly two years of declining prices.",{"type":580,"attrs":59845,"content":59846},{"textAlign":49},[59847,59849,59853],{"text":59848,"type":585},"While prices have bottomed out in the rest of the world, China, as ",{"text":1565,"type":585,"marks":59850},[59851],{"type":590,"attrs":59852},{"href":59821,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":59854,"type":585}," shows, has seen consistent price rises in both lithium carbonate and hydroxide during the same period.",{"type":580,"attrs":59856,"content":59857},{"textAlign":49},[],{"type":647,"attrs":59859,"content":59860},{"level":13022,"textAlign":49},[59861],{"text":59862,"type":585},"Why are lithium prices rising?",{"type":580,"attrs":59864,"content":59865},{"textAlign":49},[59866],{"text":59867,"type":585},"The main driver behind the upward movement of lithium carbonate prices in China is the strong growth in lithium iron phosphate (LFP) cathode which is finding renewed interest in passenger EVs in addition to electric buses.",{"type":580,"attrs":59869,"content":59870},{"textAlign":49},[59871],{"text":59872,"type":585},"Although China’s EV subsidies have been maintained, there is less incentive – particularly at current raw material pricing – to push towards the higher-nickel chemistries that fuelled the focus on NCM 811 around 2018.",{"type":580,"attrs":59874,"content":59875},{"textAlign":49},[59876],{"text":59877,"type":585},"In addition, the improvements that have been made in LFP cell-to-pack design mean that LFP can now compete on energy density terms with mid-nickel NCM variations. This within the context of improved battery demand sentiment moving into the new year saw a run on lithium carbonate volumes towards the end of Q4.",{"type":580,"attrs":59879,"content":59880},{"textAlign":49},[59881],{"text":59882,"type":585},"As was demonstrated in the industry’s previous price spike, which began in late-2015, demand growth at a rate that exceeds industry expectations can have profound implications for the future growth trajectory, and China has often proven a bellwether for the direction of global prices, with greater liquidity in the domestic market making pricing more responsive to market imbalances.",{"type":580,"attrs":59884,"content":59885},{"textAlign":49},[59886],{"text":59887,"type":585},"While it is too early to say whether this could be replicated in 2021, a reversal in the relationship between carbonate and hydroxide in China’s domestic market has often marked the peaks and troughs of lithium’s price cycle. The turnaround in pricing in late-Q4 could be an indicator of more turbulence in 2021.",{"type":647,"attrs":59889,"content":59890},{"level":13022,"textAlign":49},[59891],{"text":59892,"type":585},"The lithium industry’s reference price",{"type":580,"attrs":59894,"content":59895},{"textAlign":49},[59896,59898,59903],{"text":59897,"type":585},"Benchmark sets the lithium industry’s reference price in its monthly ",{"text":59899,"type":585,"marks":59900},"Lithium Price Assessment",[59901],{"type":590,"attrs":59902},{"href":59821,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":59904,"type":585}," service.",{"type":580,"attrs":59906,"content":59907},{"textAlign":49},[59908,59910,59915],{"text":59909,"type":585},"Benchmark collects and assesses data on ",{"text":59911,"type":585,"marks":59912},"6 lithium carbonate, 4 lithium hydroxide and 1 spodumene concentrate price",[59913],{"type":590,"attrs":59914},{"href":59821,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":59916,"type":585}," from various lithium hubs around the world.",{"type":580,"attrs":59918,"content":59919},{"textAlign":49},[59920,59922,59926],{"text":59921,"type":585},"These ",{"text":10783,"type":585,"marks":59923},[59924],{"type":590,"attrs":59925},{"href":59821,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":59927,"type":585}," are used by major actors in the supply chain to discuss and negotiate lithium contracts.",{"type":580,"attrs":59929,"content":59930},{"textAlign":49},[59931,59933,59938],{"text":59932,"type":585},"To subscribe or register your interest",{"text":59934,"type":585,"marks":59935}," fill in this form",[59936],{"type":590,"attrs":59937},{"href":34181,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":1538,"type":585},"Lithium prices within China, as assessed by Benchmark Mineral Intelligence, are beginning to rise for the first time in three years marked by rises in Chinese domestic chemical prices throughout Q4 2020, bringing an end to lithium’s two-and-a-half year bear market. Benchmark’s Lithium Carbonate, EXW China Battery Grade, prices have increased by 11.7% from an […]",[59941],{"slug":1466,"name":1467,"content":59942},{"job_title":1469,"image":59943,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6f9cf4ba-b50d-4d47-9fb4-478eb12a978d\", \"id\": \"\"}-->",[59946,59947],{"slug":1142,"name":1143},{"slug":1693,"name":8},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":59187,"copyright":645,"fieldtype":701,"meta_data":59949,"is_external_url":51},{"alt":645,"title":645,"source":645,"copyright":645},"Jan 06, 2021",{"id":59952,"uuid":59953,"name":59954,"slug":59955,"full_slug":59956,"content":59957},112473665889501,"33fffd70-1171-45ea-811e-ad5414d81909","Benchmark Analysis: Lithium ion battery cell prices close in on $100/kWh & come of EV age, but is this the end for double digit declines?","benchmark-analysis-lithium-ion-battery-cell-prices-close-in-on-100-kwh-come-of-ev-age-but-is-this-the-end-for-double-digit-declines","article/benchmark-analysis-lithium-ion-battery-cell-prices-close-in-on-100-kwh-come-of-ev-age-but-is-this-the-end-for-double-digit-declines",{"_uid":59958,"date":59959,"tags":59960,"editor":59962,"content":59966,"excerpt":60135,"featured":50,"reporter":60136,"_editable":60140,"component":689,"seo_title":59954,"categories":60141,"visibility":697,"author_company":49,"featured_image":60143,"seo_description":60135,"author_full_name":49,"author_job_title":49,"formattedDate":60146},"f1d07a52-445f-4ddb-a90d-c220568b3d7d","2020-12-03 00:00",[59961],{"slug":564,"name":565},[59963],{"slug":1466,"name":1467,"content":59964},{"job_title":1469,"image":59965,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":59967},[59968,59975,59982,59990,59995,60000,60005,60010,60015,60020,60025,60028,60033,60038,60043,60046,60051,60056,60061,60066,60075,60080,60085,60090,60095,60102,60107,60115,60120,60125,60130],{"type":580,"attrs":59969,"content":59970},{"textAlign":49},[59971],{"text":59972,"type":585,"marks":59973},"By Simon Moores, Managing Director, Benchmark Mineral Intelligence ",[59974],{"type":1992},{"type":580,"attrs":59976,"content":59977},{"textAlign":49},[59978,59980,59981],{"text":59979,"type":585},"The prevailing market price for lithium ion battery cells has fallen to $110/kWh from 2019’s average of $120/kWh as assessed by ",{"text":16140,"type":585},{"text":1538,"type":585},{"type":580,"attrs":59983,"content":59984},{"textAlign":49},[59985,59987,59988],{"text":59986,"type":585},"The average mid-point price of a lithium ion battery at a cell level per kWh, used in large automotive or electric vehicle (EV) contracts over 5 GWh/year, now stands at $110/kWh yet 6 years ago it was at $290/kWh, ",{"text":26129,"type":585},{"text":59989,"type":585}," data shows.",{"type":580,"attrs":59991,"content":59992},{"textAlign":49},[59993],{"text":59994,"type":585},"A long-term comparison of prices shows an impressive decline that is a good guide on how lithium ion battery production has come of EV age.",{"type":580,"attrs":59996,"content":59997},{"textAlign":49},[59998],{"text":59999,"type":585},"Lithium ion battery cell prices have fallen 62% since 2014 at an average of 14.9% each year.",{"type":580,"attrs":60001,"content":60002},{"textAlign":49},[60003],{"text":60004,"type":585},"Take that trend back to 2005 when the same average price – albeit not for automotive but large contract portable technology, the driving market at the time – was $1,300/kWh, over ten-fold today’s $110/kWh, and representing a 15.2% compound average annual fall.",{"type":580,"attrs":60006,"content":60007},{"textAlign":49},[60008],{"text":60009,"type":585},"However, this does not tell the full story.",{"type":580,"attrs":60011,"content":60012},{"textAlign":49},[60013],{"text":60014,"type":585},"If you look a little closer you will see that the landscape for lithium ion battery cell price declines has changed significantly over the last three years.",{"type":580,"attrs":60016,"content":60017},{"textAlign":49},[60018],{"text":60019,"type":585},"From 2014 and 2017, the price of lithium ion batteries fell an average of 21.6% a year.",{"type":580,"attrs":60021,"content":60022},{"textAlign":49},[60023],{"text":60024,"type":585},"Yet, between 2017 and 2020 the price of lithium ion batteries fell a fraction of that pace, at 7.7% a year.",{"type":580,"attrs":60026,"content":60027},{"textAlign":49},[],{"type":647,"attrs":60029,"content":60030},{"level":13022,"textAlign":49},[60031],{"text":60032,"type":585},"The problem with drawing a straight line ",{"type":580,"attrs":60034,"content":60035},{"textAlign":49},[60036],{"text":60037,"type":585},"The issue with analysing the price decline trend of lithium ion batteries over a longer period of time is that it does not give a nuanced or knowledgeable enough picture.",{"type":580,"attrs":60039,"content":60040},{"textAlign":49},[60041],{"text":60042,"type":585},"If we analysed this price trend between 2014 and 2020, the last 6 years, it would show a significant double digit compound annual decline of 14.9%, leaving the reader to suggest that:",{"type":580,"attrs":60044,"content":60045},{"textAlign":49},[],{"type":580,"attrs":60047,"content":60048},{"textAlign":49},[60049],{"text":60050,"type":585},"It is the same problem with experience curves: an over simplistic, non-industry approach to forecasting lithium ion batteries may have worked for a generalist but it is not fit for purpose for an industry participant going into the 2020s.",{"type":580,"attrs":60052,"content":60053},{"textAlign":49},[60054],{"text":60055,"type":585},"As large contract average lithium ion battery cell prices fall ever closer to the $100/kWh mark, the proportionate cost of the Bill of Materials increases.",{"type":580,"attrs":60057,"content":60058},{"textAlign":49},[60059],{"text":60060,"type":585},"And what is the largest input into the Bill of Materials? Minerals, metals and chemicals such as lithium, cobalt, nickel, graphite, manganese and copper.",{"type":580,"attrs":60062,"content":60063},{"textAlign":49},[60064],{"text":60065,"type":585},"Therefore to properly forecast lithium ion battery cell prices you need to understand raw materials.",{"type":580,"attrs":60067,"content":60068},{"textAlign":49},[60069],{"text":60070,"type":585,"marks":60071},"This Benchmark analysis from Andrew Leyland, our Head of Strategic Advisory, details how and why.",[60072],{"type":590,"attrs":60073},{"href":60074,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lithium-ion-battery-cell-prices-fall-to-110-kwh-but-raw-material-risk-looms-large",{"type":647,"attrs":60076,"content":60077},{"level":13022,"textAlign":49},[60078],{"text":60079,"type":585},"Can lithium ion battery cell prices continue to fall?",{"type":580,"attrs":60081,"content":60082},{"textAlign":49},[60083],{"text":60084,"type":585},"The answer is yes, lithium ion battery cell prices can continue to fall well below the perceived holy grail of $100/kWh, but:",{"type":580,"attrs":60086,"content":60087},{"textAlign":49},[60088],{"text":60089,"type":585},"Two of the largest input raw materials into a lithium ion battery, lithium hydroxide and nickel hydroxide, have experienced 10-year lows in price whilst at the same time the lithium ion battery industry was scaling.",{"type":580,"attrs":60091,"content":60092},{"textAlign":49},[60093],{"text":60094,"type":585},"The low raw material price environment won’t last forever.",{"type":580,"attrs":60096,"content":60097},{"textAlign":49},[60098,60100],{"text":60099,"type":585},"Benchmark’s",{"text":60101,"type":585}," Lithium Price Assessment Team are reporting signs of a change in sentiment in the market with some grades of lithium hydroxide and carbonate showing price increases in November 2020.",{"type":580,"attrs":60103,"content":60104},{"textAlign":49},[60105],{"text":60106,"type":585},"While it is too early to say whether this is a trend, Q1 2021 will bring a more solid picture as to whether prices will recover.",{"type":580,"attrs":60108,"content":60109},{"textAlign":49},[60110,60112,60113],{"text":60111,"type":585},"As the average large contract automotive price for lithium ion battery cells moves below ",{"text":60099,"type":585},{"text":60114,"type":585}," 2020 price of $110/kWh, it becomes a supply chain game for the end users.",{"type":580,"attrs":60116,"content":60117},{"textAlign":49},[60118],{"text":60119,"type":585},"The ability to keep that cell cost below $110/kWh, and crucially to ensure they continue to fall and remain low, will depend not on Big Auto’s negotiations with Big Battery but on the EV makers ability to lock in stable, lower cost raw material prices, especially for lithium and nickel, over the long term.",{"type":580,"attrs":60121,"content":60122},{"textAlign":49},[60123],{"text":60124,"type":585},"In the next decade, the primary goal should not be an obsession for consistent annual decreases, but on long term stability of raw material prices to ensure that the automaker can scale while keeping lithium ion cell prices between $80/kWh and $100/kWh.",{"type":580,"attrs":60126,"content":60127},{"textAlign":49},[60128],{"text":60129,"type":585},"The consistent annual decreases that the auto industry is used to will come as a result of this strategy.",{"type":580,"attrs":60131,"content":60132},{"textAlign":49},[60133],{"text":60134,"type":585},"In many ways, the position of battery supply chain manager in any large scale EV maker will be the most crucial of all as we truly enter this EV revolution.","By Simon Moores, Managing Director, Benchmark Mineral Intelligence The prevailing market price for lithium ion battery cells has fallen to $110/kWh from 2019’s average of $120/kWh as assessed by Benchmark Mineral Intelligence. The average mid-point price of a lithium ion battery at a cell level per kWh, used in large automotive or electric vehicle (EV) […]",[60137],{"slug":1466,"name":1467,"content":60138},{"job_title":1469,"image":60139,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f1d07a52-445f-4ddb-a90d-c220568b3d7d\", \"id\": \"\"}-->",[60142],{"slug":956,"name":957},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":60144,"copyright":645,"fieldtype":701,"meta_data":60145,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c22458c4ad/bm-dollar-kwh-numbers-2-1-e1607016336962.png",{"alt":645,"title":645,"source":645,"copyright":645},"Dec 03, 2020",{"id":60148,"uuid":60149,"name":60150,"slug":60151,"full_slug":60152,"content":60153},112473675588941,"480b3990-c037-4761-b26f-5e5eaf197af7","Lithium ion battery cell prices fall to $110/kWh, but raw material risk looms large","lithium-ion-battery-cell-prices-fall-to-110-kwh-but-raw-material-risk-looms-large","article/lithium-ion-battery-cell-prices-fall-to-110-kwh-but-raw-material-risk-looms-large",{"_uid":60154,"date":60155,"tags":60156,"editor":60158,"content":60162,"excerpt":60365,"featured":50,"reporter":60366,"component":689,"seo_title":60150,"categories":60370,"visibility":2019,"author_company":49,"featured_image":60372,"seo_description":60365,"author_full_name":49,"author_job_title":49,"formattedDate":60375},"e5f276d3-bc0b-45c7-a325-13177d74b3e4","2020-12-01 00:00",[60157],{"slug":564,"name":565},[60159],{"slug":1466,"name":1467,"content":60160},{"job_title":1469,"image":60161,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":60163},[60164,60171,60181,60192,60197,60202,60205,60210,60221,60226,60229,60234,60245,60250,60261,60266,60277,60282,60287,60290,60301,60306,60317,60322,60325,60330,60335,60340,60345,60350,60355,60360],{"type":580,"attrs":60165,"content":60166},{"textAlign":49},[60167],{"text":60168,"type":585,"marks":60169},"By Andrew Leyland, Head of Strategic Advisory",[60170],{"type":1992},{"type":580,"attrs":60172,"content":60173},{"textAlign":49},[60174,60179],{"text":60175,"type":585,"marks":60176},"Lithium ion battery",[60177],{"type":590,"attrs":60178},{"href":13199,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":60180,"type":585}," cell prices have decreased from $290/kWh in 2014 to $110/kWh in 2020 (large contract automotive), according to Benchmark’s latest data, yet there is a view in the lithium ion industry that this trend will continue indefinitely.",{"type":580,"attrs":60182,"content":60183},{"textAlign":49},[60184,60186,60190],{"text":60185,"type":585},"This in turn will lower the price of ",{"text":7081,"type":585,"marks":60187},[60188],{"type":590,"attrs":60189},{"href":3851,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":60191,"type":585}," and bring cost parity between internal combustion engine (ICE) and electric vehicles (EV) in the all-important $20,000-$30,000 mass market vehicle segment.",{"type":580,"attrs":60193,"content":60194},{"textAlign":49},[60195],{"text":60196,"type":585},"Given the strong track record of the industry over the years you could be forgiven for thinking this is a done deal.",{"type":580,"attrs":60198,"content":60199},{"textAlign":49},[60200],{"text":60201,"type":585},"It is not.",{"type":580,"attrs":60203,"content":60204},{"textAlign":49},[],{"type":580,"attrs":60206,"content":60207},{"textAlign":49},[60208],{"text":60209,"type":585},"What battery cost analysis often ignores is that declines have primarily been driven by two things, economies of scale and technological improvement, ignoring a third critical input to cell costs, the cost of raw materials.",{"type":580,"attrs":60211,"content":60212},{"textAlign":49},[60213,60215,60219],{"text":60214,"type":585},"Worryingly enough many automotive board members still expect battery costs to continue to decline at pace without understanding the ",{"text":11899,"type":585,"marks":60216},[60217],{"type":590,"attrs":60218},{"href":11903,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":60220,"type":585}," they are at the end of. Price volatility is introduced to the automotive battery supply chain at the mineral extraction phase. Here prices are determined by the market fundamentals of supply, demand, cost and inventory level.",{"type":580,"attrs":60222,"content":60223},{"textAlign":49},[60224],{"text":60225,"type":585},"This is something Benchmark Mineral Intelligence has built a global data and advisory business on.",{"type":580,"attrs":60227,"content":60228},{"textAlign":49},[],{"type":580,"attrs":60230,"content":60231},{"textAlign":49},[60232],{"text":60233,"type":585},"There is little argument that demand for critical raw materials and chemicals will continue to increase.",{"type":580,"attrs":60235,"content":60236},{"textAlign":49},[60237,60239,60243],{"text":60238,"type":585},"Even in this year with its unprecedented demand shock the market has been broadly favourable for EVs, with more and more announcements on EV sales targets, cell and ",{"text":2623,"type":585,"marks":60240},[60241],{"type":590,"attrs":60242},{"href":13965,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":60244,"type":585}," investments.",{"type":580,"attrs":60246,"content":60247},{"textAlign":49},[60248],{"text":60249,"type":585},"However, the mine finance side of the market has been more akin to the slow-moving train wreck for which 2020 will be mostly remembered. In short, we are financing demand for commodities and chemicals, but not their supply.",{"type":580,"attrs":60251,"content":60252},{"textAlign":49},[60253,60255,60259],{"text":60254,"type":585},"Mines and refineries require high sunk capital, often in challenging social and political environments. They take years to find, define, licence and construct. Geology does not recognise boarders and EU and other “Green Subsides” will not, for example, finance ",{"text":2553,"type":585,"marks":60256},[60257],{"type":590,"attrs":60258},{"href":13975,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":60260,"type":585}," and cobalt mining in Indonesia.",{"type":580,"attrs":60262,"content":60263},{"textAlign":49},[60264],{"text":60265,"type":585},"All of this leads us to the ever increasing need to build more extraction capacity. There is no geological shortage of these materials, there is a planning and financing shortage.",{"type":580,"attrs":60267,"content":60268},{"textAlign":49},[60269,60271,60275],{"text":60270,"type":585},"Capital requires a return, and in some industry ",{"text":14869,"type":585,"marks":60272},[60273],{"type":590,"attrs":60274},{"href":14873,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":60276,"type":585}," of cell costs falling to $60-70/KWh there is little room to pay for, let alone incentivise, all the greenfield mining projects required.",{"type":580,"attrs":60278,"content":60279},{"textAlign":49},[60280],{"text":60281,"type":585},"As shown in the chart below for lithium, the industry needs to double in size every 4-5 years, as do other battery raw materials.",{"type":580,"attrs":60283,"content":60284},{"textAlign":49},[60285],{"text":60286,"type":585},"Any industry would struggle to do this in a falling price environment, especially if it cannot service its debt. This will put a floor on how low raw material and battery costs can fall.",{"type":580,"attrs":60288,"content":60289},{"textAlign":49},[],{"type":580,"attrs":60291,"content":60292},{"textAlign":49},[60293,60295,60299],{"text":60294,"type":585},"It is worth noting the role of recycled supply (in red), which has an approximate 12-year lag on when material was first consumed. In lithium and other raw materials ",{"text":7742,"type":585,"marks":60296},[60297],{"type":590,"attrs":60298},{"href":9953,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":60300,"type":585}," will play an important role, but it will not solve supply questions alone until the late 2040s or 2050s at the earliest.",{"type":647,"attrs":60302,"content":60303},{"level":13022,"textAlign":49},[60304],{"text":60305,"type":585},"To understand lithium ion cell costs, you need to know raw materials ",{"type":580,"attrs":60307,"content":60308},{"textAlign":49},[60309,60311,60315],{"text":60310,"type":585},"In the below chart we look at what would happen to next generation NCM 811 cell costs if each of lithium, ",{"text":2544,"type":585,"marks":60312},[60313],{"type":590,"attrs":60314},{"href":15397,"uuid":49,"anchor":49,"target":594,"linktype":1570},{"text":60316,"type":585}," and nickel hit their highest price levels seen in the past 10 years. The result is an increase in cell costs from $87.2/kwh to $119.0/kwh. The same amount of lithium, cobalt, and nickel running along the same production line, but with a 36.5% cost increase.",{"type":580,"attrs":60318,"content":60319},{"textAlign":49},[60320],{"text":60321,"type":585},"These raw material price levels have happened before, and the market fundamentals show they could happen again.",{"type":580,"attrs":60323,"content":60324},{"textAlign":49},[],{"type":580,"attrs":60326,"content":60327},{"textAlign":49},[60328],{"text":60329,"type":585},"When a 10% cell producer margin is included, moving from a production cost to a price, in a 70KWh battery pack this adds almost $2,500 to every vehicle.",{"type":580,"attrs":60331,"content":60332},{"textAlign":49},[60333],{"text":60334,"type":585},"Given raw material markets are widely forecast to see supply deficits in the coming years it would seem to be optimistic to base investment plans on historical performance.",{"type":580,"attrs":60336,"content":60337},{"textAlign":49},[60338],{"text":60339,"type":585},"Battery costs and prices will not continue to decline because they have declined in the past.",{"type":580,"attrs":60341,"content":60342},{"textAlign":49},[60343],{"text":60344,"type":585},"Larger factories, higher nickel content, increased energy density from the anode and a thousand incremental improvements will all help drive cell costs lower, but, without investment in mining and refining capacity this could be quickly reversed.",{"type":647,"attrs":60346,"content":60347},{"level":13022,"textAlign":49},[60348],{"text":60349,"type":585},"Responsibility falls to the carmakers",{"type":580,"attrs":60351,"content":60352},{"textAlign":49},[60353],{"text":60354,"type":585},"Price risk falls at the feet of the consumer, in this case the carmaker or original equipment manufacturer (OEM). Raw material prices are cost pass-through for cathode and cell producers. They may negotiate and purchase the raw materials, but it is the OEM who ultimately pays for them.",{"type":580,"attrs":60356,"content":60357},{"textAlign":49},[60358],{"text":60359,"type":585},"Their ability to pass on these costs to their customers is also limited given EVs are in essence a substitute product for ICE vehicles.",{"type":580,"attrs":60361,"content":60362},{"textAlign":49},[60363],{"text":60364,"type":585},"The answer for OEMs is more active management of supply chains. It is unsurprising that Tesla as the Western World’s “Thought Leader” in all things EVs addressed this (albeit in a somewhat woolly fashion) during its Battery Day. Other OEMs should take heed and take a more active role in raw material sourcing and purchasing, or battery costs will soon reverse course.","By Andrew Leyland, Head of Strategic Advisory Lithium ion battery cell prices have decreased from $290/kWh in 2014 to $110/kWh in 2020 (large contract automotive), according to Benchmark’s latest data, yet there is a view in the lithium ion industry that this trend will continue indefinitely. This in turn will lower the price of electric […]",[60367],{"slug":1466,"name":1467,"content":60368},{"job_title":1469,"image":60369,"bio":1472,"linkedin":1473},{"filename":1471},[60371],{"slug":956,"name":957},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":60373,"copyright":645,"fieldtype":701,"meta_data":60374,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7cebea2041/bm-battery-cell-being-handled-e1563796545672.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Dec 01, 2020",{"id":60377,"uuid":60378,"name":60379,"slug":60380,"full_slug":60381,"content":60382},112473690351082,"793469ad-4364-406b-b700-356d0fa0ff06","UK calls last orders on combustion engine, but needs to spend $20bn on four EV battery gigafactories by 2027 – Benchmark Comment","uk-calls-last-orders-on-combustion-engine-but-needs-to-spend-20bn-on-four-ev-battery-gigafactories-by-2027-benchmark-comment","article/uk-calls-last-orders-on-combustion-engine-but-needs-to-spend-20bn-on-four-ev-battery-gigafactories-by-2027-benchmark-comment",{"_uid":60383,"date":60384,"tags":60385,"editor":60390,"content":60394,"excerpt":60702,"featured":50,"reporter":60703,"_editable":60707,"component":689,"seo_title":60379,"categories":60708,"visibility":2019,"author_company":49,"featured_image":60710,"seo_description":60702,"author_full_name":49,"author_job_title":49,"formattedDate":60713},"cf20b1c7-c4ba-488c-b4e4-500dcb9b47d5","2020-11-23 00:00",[60386,60389],{"slug":60387,"name":60388},"climate-change","Climate change",{"slug":564,"name":565},[60391],{"slug":9249,"name":9250,"content":60392},{"job_title":9252,"image":60393,"bio":9255,"linkedin":9256},{"filename":9254},{"type":577,"content":60395},[60396,60403,60408,60413,60419,60424,60432,60437,60442,60447,60452,60457,60462,60467,60472,60477,60482,60487,60492,60497,60505,60510,60515,60518,60521,60526,60531,60536,60541,60546,60549,60554,60559,60564,60570,60575,60580,60585,60593,60598,60603,60608,60613,60616,60623,60637,60642,60647,60660,60665,60670,60675,60680,60685,60690,60695],{"type":580,"attrs":60397,"content":60398},{"textAlign":49},[60399],{"text":60400,"type":585,"marks":60401},"By Simon Moores, Managing Director, Benchmark Mineral Intelligence",[60402],{"type":1992},{"type":580,"attrs":60404,"content":60405},{"textAlign":49},[60406],{"text":60407,"type":585},"The UK has placed electric vehicles (EV) and lithium ion batteries at the heart of a new “Ten Point Plan for a Green Industrial Revolution” and with it announced intentions to ban new sales of the internal combustion engine by 2030.",{"type":580,"attrs":60409,"content":60410},{"textAlign":49},[60411],{"text":60412,"type":585},"This aggressive move on climate change is setting the tone for COP26 in Glasgow next year, but the lack of progress on a mass-scale, commercial battery industrialisation plan risks the collapse of a major pillar in Prime Minister Boris Johnson’s UK decarbonisation plan.",{"type":580,"attrs":60414,"content":60415},{"textAlign":49},[60416,60417],{"text":16140,"type":585},{"text":60418,"type":585}," anticipates that the UK will need at least four gigafactories / battery megafactories to be built in the next 6 years at a cost of $20bn.",{"type":580,"attrs":60420,"content":60421},{"textAlign":49},[60422],{"text":60423,"type":585},"The Prime Ministers’ Office said: “[The UK intends to commit] nearly £500 million to be spent in the next four years for the development and mass-scale production of electric vehicle batteries, as part of our commitment to provide up to £1 billion, boosting international investment into our strong manufacturing bases including in the Midlands and North East.”",{"type":580,"attrs":60425,"content":60426},{"textAlign":49},[60427,60429,60430],{"text":60428,"type":585},"In a conservative forecast, ",{"text":26129,"type":585},{"text":60431,"type":585}," expects these four battery cell plants will need to be a combined capacity of 175GWh and to be ready and ramped up to full capacity by 2035. This will be enough to build little over 3m pure EVs a year with zero additional cells for energy storage systems and any new EVs.",{"type":580,"attrs":60433,"content":60434},{"textAlign":49},[60435],{"text":60436,"type":585},"With significant battery production, the UK needs to ensure the supply chains of critical raw materials are secured. After all, 175GWh will require 155,000 tonnes of lithium, 210,000 tonnes of graphite anode, 18,000 tonnes of cobalt, and 140,000 tonnes of nickel.",{"type":580,"attrs":60438,"content":60439},{"textAlign":49},[60440],{"text":60441,"type":585},"In an ever increasing competitive landscape for raw materials, this is some challenge for what are specialist, engineered chemicals and materials and not commodities.",{"type":647,"attrs":60443,"content":60444},{"level":7131,"textAlign":49},[60445],{"text":60446,"type":585},"UK needs half of the world’s 2020 lithium supply to meet future battery capacity challenge ",{"type":580,"attrs":60448,"content":60449},{"textAlign":49},[60450],{"text":60451,"type":585},"The UK’s demand for raw materials from four Gigafactories at a capacity of 175GWh would equate to:",{"type":647,"attrs":60453,"content":60454},{"level":13022,"textAlign":49},[60455],{"text":60456,"type":585},"Half of the world’s lithium chemicals (LCE) produced in 2020",{"type":647,"attrs":60458,"content":60459},{"level":13022,"textAlign":49},[60460],{"text":60461,"type":585},"More than the entire world’s supply of anode in 2020",{"type":647,"attrs":60463,"content":60464},{"level":13022,"textAlign":49},[60465],{"text":60466,"type":585},"30% of the world’s total cobalt supply that was destined for battery end markets in 2020",{"type":647,"attrs":60468,"content":60469},{"level":13022,"textAlign":49},[60470],{"text":60471,"type":585},"61% of total nickel sulphate supply in 2020",{"type":580,"attrs":60473,"content":60474},{"textAlign":49},[60475],{"text":60476,"type":585},"Geologically speaking, the UK does have these raw materials domestically and should be encouraging new supply bases, and most critically, new extraction techniques.",{"type":580,"attrs":60478,"content":60479},{"textAlign":49},[60480],{"text":60481,"type":585},"However, for the sheer volume needed, the UK will also need to strike partnerships with countries such as Canada, Australia, Chile, Argentina, Indonesia, and the Democratic Republic of Congo – strategic suppliers which will be crucial for at least 75% of the UK’s demand.",{"type":580,"attrs":60483,"content":60484},{"textAlign":49},[60485],{"text":60486,"type":585},"The lithium ion battery is the platform technology on which the UK is to build a lithium ion economy, the bedrock to Prime Minister Boris Johnson’s Ten Point Plan.",{"type":580,"attrs":60488,"content":60489},{"textAlign":49},[60490],{"text":60491,"type":585},"Yet, while the European Union, USA and China plan these lithium ion mega-projects, the UK is yet to attract a Tier One lithium ion battery producer – the likes of LG Chem, CATL, Panasonic, Tesla, Samsung SDI, SK Innovation and Envision AESC to build new domestically or begin construction on even one battery megafactory.",{"type":647,"attrs":60493,"content":60494},{"level":7131,"textAlign":49},[60495],{"text":60496,"type":585},"Global Battery Arms Race enters new gear post pandemic",{"type":580,"attrs":60498,"content":60499},{"textAlign":49},[60500,60502,60503],{"text":60501,"type":585},"Since 2015, we have witnessed a global battery arms race that has seen the number of super-sized battery plants increase from 3 to 175 according to ",{"text":26129,"type":585},{"text":60504,"type":585}," data.",{"type":580,"attrs":60506,"content":60507},{"textAlign":49},[60508],{"text":60509,"type":585},"Of this 175, 58 battery gigafactories have been added this year – a clear acceleration in the wake of coronavirus pandemic.",{"type":580,"attrs":60511,"content":60512},{"textAlign":49},[60513],{"text":60514,"type":585},"In 2020 alone, China has announced 38 battery plants, Europe 2 and, 3 in the US but zero in the UK.",{"type":580,"attrs":60516,"content":60517},{"textAlign":49},[],{"type":580,"attrs":60519,"content":60520},{"textAlign":49},[],{"type":580,"attrs":60522,"content":60523},{"textAlign":49},[60524],{"text":60525,"type":585},"This is a leadership position that the UK has failed to build upon despite hosting EV battery manufacturing in Sunderland for the Nissan LEAF since 2014 – the first automaker outside of China to understand the importance of in-house production.",{"type":580,"attrs":60527,"content":60528},{"textAlign":49},[60529],{"text":60530,"type":585},"The UK has also not yet attracted a tier one lithium ion battery producer that has the track record of producing battery cells in quality and quantity to EV makers.",{"type":580,"attrs":60532,"content":60533},{"textAlign":49},[60534],{"text":60535,"type":585},"Benchmark’s Tiers of Automotive Grade Battery Producers ranks global producers of lithium ion battery cells into three levels. The UK will need a wide variety of producers for its EV and energy storage ambitions but can not do without the quality supply base from Tier One battery makers: LG Chem, Panasonic-Tesla, Samsung SDI, CATL, SK Innovation and Envision AESC.",{"type":580,"attrs":60537,"content":60538},{"textAlign":49},[60539],{"text":60540,"type":585},"Interestingly, Envision AESC own the UK’s only battery megafactory in Sunderland, a plant that is geared for manufacturing cells for the Nissan LEAF.",{"type":580,"attrs":60542,"content":60543},{"textAlign":49},[60544],{"text":60545,"type":585},"However, a new or revamped plant design will be needed to scale into the tens of gigawatt hours on a single site. At present, Envision AESC’s capacity is 1.9GWh.",{"type":580,"attrs":60547,"content":60548},{"textAlign":49},[],{"type":647,"attrs":60550,"content":60551},{"level":7131,"textAlign":49},[60552],{"text":60553,"type":585},"Building a Lithium ion Economy in the UK: What does it need to do?",{"type":647,"attrs":60555,"content":60556},{"level":13022,"textAlign":49},[60557],{"text":60558,"type":585},"1. Lithium ion battery manufacturing at high volume, high quality and speed",{"type":580,"attrs":60560,"content":60561},{"textAlign":49},[60562],{"text":60563,"type":585},"Speed, Scale and Quality.",{"type":580,"attrs":60565,"content":60566},{"textAlign":49},[60567,60568],{"text":26129,"type":585},{"text":60569,"type":585}," has always advised the global battery supply chain, investors and governments that lithium ion battery production needs to have these three attributes at the centre of any plan.",{"type":580,"attrs":60571,"content":60572},{"textAlign":49},[60573],{"text":60574,"type":585},"Firstly, Tier One lithium ion battery production by the industry’s experts that know how to make and evolve high quality cells for electric vehicles is crucial. Battery making is where physical and chemical engineering crosses over.",{"type":580,"attrs":60576,"content":60577},{"textAlign":49},[60578],{"text":60579,"type":585},"The UK is a leader on the chemistry side, yet it needs large scale industrialists to turn this knowledge into commercial reality.",{"type":647,"attrs":60581,"content":60582},{"level":13022,"textAlign":49},[60583],{"text":60584,"type":585},"2. Building an ecosystem to support this lithium ion economy",{"type":580,"attrs":60586,"content":60587},{"textAlign":49},[60588,60590,60591],{"text":60589,"type":585},"A lithium ion economy – a term created by ",{"text":26129,"type":585},{"text":60592,"type":585}," – is not just about battery production but the ecosystem to support it.",{"type":580,"attrs":60594,"content":60595},{"textAlign":49},[60596],{"text":60597,"type":585},"It is critical that the UK builds the upstream and downstream of the battery cells to ensure that the industry scales and has the infrastructure to support continued growth.",{"type":580,"attrs":60599,"content":60600},{"textAlign":49},[60601],{"text":60602,"type":585},"The UK can take lessons from the combustion engine success: the making of actual cars has migrated elsewhere over the decades, yet a high quality knowledge pool offering services and manufacturing of high specification components has remained.",{"type":580,"attrs":60604,"content":60605},{"textAlign":49},[60606],{"text":60607,"type":585},"This blueprint has to be recreated but instead of for engines, it has to be centred on:",{"type":580,"attrs":60609,"content":60610},{"textAlign":49},[60611],{"text":60612,"type":585},"It is a challenge that every major economy in the world needs to tackle and one that Benchmark has testified to the US Senate on three times in two years.",{"type":580,"attrs":60614,"content":60615},{"textAlign":49},[],{"type":647,"attrs":60617,"content":60618},{"level":13022,"textAlign":49},[60619,60621],{"text":60620,"type":585},"3. ",{"text":60622,"type":585},"Establishing a UK ‘Lithium ion Economic Task Force’  ",{"type":580,"attrs":60624,"content":60625},{"textAlign":49},[60626,60628,60629,60630,60632,60633,60635],{"text":60627,"type":585},"The UK government needs to ensure its ",{"text":13546,"type":585},{"text":12828,"type":585},{"text":60631,"type":585},"legislation",{"text":6709,"type":585},{"text":60634,"type":585},"funding",{"text":60636,"type":585}," all align to meet the same goals: to build a domestic lithium ion economy. ",{"type":580,"attrs":60638,"content":60639},{"textAlign":49},[60640],{"text":60641,"type":585},"All too often, these three components sit in silos and do not talk to each other: usually a symptom of political interest over the national interest. ",{"type":580,"attrs":60643,"content":60644},{"textAlign":49},[60645],{"text":60646,"type":585},"The EU has taken a leadership role here with the creation of the Battery Alliance that brings together government, industry and money to ensure everyone is talking from the same playbook. ",{"type":580,"attrs":60648,"content":60649},{"textAlign":49},[60650,60652,60658],{"text":60651,"type":585},"Much like the UK has ",{"text":60653,"type":585,"marks":60654},"SAGE",[60655],{"type":590,"attrs":60656},{"href":60657,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.gov.uk/government/publications/scientific-advisory-group-for-emergencies-sage-coronavirus-covid-19-response-membership/list-of-participants-of-sage-and-related-sub-groups",{"text":60659,"type":585}," (Scientific Advisory Group for Emergencies) and COBR (Cabinet Office Briefing Rooms), the UK will need to establish its own Lithium ion Economic Task Force to ensure the path forward is as straight as possible. ",{"type":647,"attrs":60661,"content":60662},{"level":7131,"textAlign":49},[60663],{"text":60664,"type":585},"Is it too late for the UK?  ",{"type":580,"attrs":60666,"content":60667},{"textAlign":49},[60668],{"text":60669,"type":585},"Is it too late for the UK? Certainly not. ",{"type":580,"attrs":60671,"content":60672},{"textAlign":49},[60673],{"text":60674,"type":585},"However, the government and industry needs to understand that the first act has now been played out on a global scale – this global battery arms race is no longer a secret and it is scaling faster than the present pace of domestic development.",{"type":580,"attrs":60676,"content":60677},{"textAlign":49},[60678],{"text":60679,"type":585},"The second act has begun and it is about speed, scale and quality. ",{"type":580,"attrs":60681,"content":60682},{"textAlign":49},[60683],{"text":60684,"type":585},"The UK is not only playing catch up on Act One but also needs to get up to speed or ahead of the game in Act Two: building a rock solid base for a 21st century lithium ion economy in the UK, the enabling technology of any Green Industrial Revolution. ",{"type":580,"attrs":60686,"content":60687},{"textAlign":49},[60688],{"text":60689,"type":585},"And the UK Government and industry have to work in unison to have any chance of competing in the industry’s top echelons. ",{"type":580,"attrs":60691,"content":60692},{"textAlign":49},[60693],{"text":60694,"type":585},"—————————",{"type":580,"attrs":60696,"content":60697},{"textAlign":49},[60698],{"text":60699,"type":585,"marks":60700},"Simon Moores is managing director of Benchmark Mineral Intelligence, the world’s leading price reporting agency, data and advisory firm for the lithium ion battery to EV supply chain. ",[60701],{"type":1992},"By Simon Moores, Managing Director, Benchmark Mineral Intelligence The UK has placed electric vehicles (EV) and lithium ion batteries at the heart of a new “Ten Point Plan for a Green Industrial Revolution” and with it announced intentions to ban new sales of the internal combustion engine by 2030. This aggressive move on climate change […]",[60704],{"slug":9249,"name":9250,"content":60705},{"job_title":9252,"image":60706,"bio":9255,"linkedin":9256},{"filename":9254},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"cf20b1c7-c4ba-488c-b4e4-500dcb9b47d5\", \"id\": \"\"}-->",[60709],{"slug":956,"name":957},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":60711,"copyright":645,"fieldtype":701,"meta_data":60712,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/103e7f9f16/bm-number-10.png",{"alt":645,"title":645,"source":645,"copyright":645},"Nov 23, 2020",{"id":60715,"uuid":60716,"name":60717,"slug":60718,"full_slug":60719,"content":60720},112473705141741,"84ecf20a-9ce2-4a31-a136-750c3966ddc1","Cobalt’s price rises highlight shift to battery-driven pricing dynamics","cobalts-price-rises-highlight-shift-battery-driven-pricing-dynamics","article/cobalts-price-rises-highlight-shift-battery-driven-pricing-dynamics",{"_uid":60721,"date":60722,"tags":60723,"editor":60725,"content":60729,"excerpt":60881,"featured":50,"reporter":60882,"_editable":60886,"component":689,"seo_title":60717,"categories":60887,"visibility":697,"author_company":49,"featured_image":60889,"seo_description":60881,"author_full_name":49,"author_job_title":49,"formattedDate":60892},"7aa4386b-b7f7-4c3d-ba0b-1076be902587","2020-11-19 00:00",[60724],{"slug":564,"name":565},[60726],{"slug":1466,"name":1467,"content":60727},{"job_title":1469,"image":60728,"bio":1472,"linkedin":1473},{"filename":1471},{"type":577,"content":60730},[60731,60736,60748,60761,60766,60771,60784,60789,60794,60799,60804,60816,60828,60833,60843,60848,60853,60866,60871,60876],{"type":580,"attrs":60732,"content":60733},{"textAlign":49},[60734],{"text":60735,"type":585},"While cobalt prices have shown positive signs of late, there are nuances within the market which highlight the key fundamentals that will likely decide cobalt’s future price trend – which is taking its cues less and less from the industrial metal supply chain.",{"type":580,"attrs":60737,"content":60738},{"textAlign":49},[60739,60741,60746],{"text":60740,"type":585},"Cobalt metal prices (cobalt battery metal, min 99.8%, EXW Europe, USD/lb) have risen 15% from the July 2020 issue of ",{"text":60742,"type":585,"marks":60743},"Benchmark’s Cobalt Price Assessment",[60744],{"type":590,"attrs":60745},{"href":59524,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":60747,"type":585}," to the most recent data published at the end of October 2020. While these price rises seem promising, the cobalt metal market’s outlook in the medium term, at least, has mixed prospects ahead.",{"type":580,"attrs":60749,"content":60750},{"textAlign":49},[60751,60753,60759],{"text":60752,"type":585},"News that ",{"text":60754,"type":585,"marks":60755},"China’s SRB is stockpiling cobalt metal",[60756],{"type":590,"attrs":60757},{"href":60758,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/chinas-srb-reignites-cobalt-stockpiling",{"text":60760,"type":585}," alongside the recovery in some industrial markets has supported these price rises of late. In addition, metal purchasing by the battery supply chain for conversion to cobalt chemicals in summer, linked to hydroxide tightness, supported prices and drew down inventories of those holding stock of the correct physical form of metal suited to conversion.",{"type":580,"attrs":60762,"content":60763},{"textAlign":49},[60764],{"text":60765,"type":585},"However, the prospect of a second wave of coronavirus has now become a reality in many regions, with this uncertainty we are likely to continue to undergo reduced activity in the aviation industry, which is the key consumer of the metal.",{"type":580,"attrs":60767,"content":60768},{"textAlign":49},[60769],{"text":60770,"type":585},"Despite these uncertainties, cobalt metal has enjoyed relatively good price performance during H2 2020 to date, but what is really driving this? Such an uncertain demand outlook is usually detrimental for metal pricing – but positive sentiment around battery demand for cobalt chemicals is now the key indicator for future price trends in the market, outweighing the bearish sentiment around metal demand from traditional markets in the near term.",{"type":580,"attrs":60772,"content":60773},{"textAlign":49},[60774,60776,60782],{"text":60775,"type":585},"The (electric vehicle) EV market’s H2 2020 recovery has been strong, with ",{"text":60777,"type":585,"marks":60778},"China having its best quarter in over 12 months",[60779],{"type":590,"attrs":60780},{"href":60781,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/china-doubles-down-on-electric-vehicle-ambitions",{"text":60783,"type":585}," and Europe posting surging EV sales numbers, up over 101% Jan-Feb 2020 over the same period a year earlier.",{"type":580,"attrs":60785,"content":60786},{"textAlign":49},[60787],{"text":60788,"type":585},"This coupled with better than expected demand for portable electronics applications, linked to home working, and mobility products such as eBikes, has seen the sentiment for the outlook for cobalt demand from the battery supply chain improve considerably from where it stood at the start of the pandemic in early 2020.",{"type":580,"attrs":60790,"content":60791},{"textAlign":49},[60792],{"text":60793,"type":585},"As demand from the battery sector grows, it is natural that it becomes the driving force behind prices and sentiment, as the industry is increasingly focussed on the ‘new world’ of cobalt hydroxide, the battery feedstock to chemical supply chain and the forecasted market balance rather than the ‘old world’ – cobalt metal and the industrial supply chain.",{"type":580,"attrs":60795,"content":60796},{"textAlign":49},[60797],{"text":60798,"type":585},"Whilst activity in the metal supply chain will always remain important to the cobalt market, and especially cobalt pricing, shifting sands are starting to see greater and greater emphasis on cobalt hydroxide, and the availability of this feedstock to the battery market.",{"type":580,"attrs":60800,"content":60801},{"textAlign":49},[60802],{"text":60803,"type":585},"The transition to a hydroxide dominated prevailing price becomes more evident when you look at the global supply outlook. With only 25% of refined products annually produced in metal form, the balance has been in favour of chemicals for some years, largely focussed on the battery market.",{"type":580,"attrs":60805,"content":60806},{"textAlign":49},[60807,60809,60814],{"text":60808,"type":585},"This is even more evident when looking at the supply of intermediate products, with cobalt hydroxide accounting for 70% of unrefined supply in 2020 according to ",{"text":27605,"type":585,"marks":60810},[60811],{"type":590,"attrs":60812},{"href":60813,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://www.benchmarkminerals.com/forecasts/#cobalt",{"text":60815,"type":585},", with the proportion set to grow in the coming years.",{"type":580,"attrs":60817,"content":60818},{"textAlign":49},[60819,60821,60826],{"text":60820,"type":585},"But this growth in market dominance is needed as demand for cobalt from the battery sector takes up an increasing portion of supply. ",{"text":60822,"type":585,"marks":60823},"Benchmark’s Cobalt Forecast ",[60824],{"type":590,"attrs":60825},{"href":60813,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":60827,"type":585},"shows that 57% of cobalt demand will come from the battery sector by the end of 2020, with this is expected to rise to 72% by 2025.",{"type":580,"attrs":60829,"content":60830},{"textAlign":49},[60831],{"text":60832,"type":585},"With the cobalt world continuing to evolve to meet this new battery gold rush it is demand for feedstock, cobalt hydroxide, and any perceived tightness as we move in to 2021, alongside positive demand sentiment, that have helped support cobalt prices in 2020.",{"type":580,"attrs":60834,"content":60835},{"textAlign":49},[60836,60841],{"text":60837,"type":585,"marks":60838},"Benchmark’s cobalt hydroxide prices",[60839],{"type":590,"attrs":60840},{"href":59524,"uuid":49,"anchor":49,"target":49,"linktype":1570},{"text":60842,"type":585}," (100% Co contained basis, CIF Asia) have risen from a low of $21,600/tonne in April 2020, at the peak of concern of falling demand linked to the pandemic, to $27,150/tonne as assessed at the end of October 2020, an increase of 25.7%.",{"type":580,"attrs":60844,"content":60845},{"textAlign":49},[60846],{"text":60847,"type":585},"Implied payables over the period have increased from 63.0% to 79.3% in October, as concerns have mounted over hydroxide availability. Initially, the price increase was due to short term supply tightness linked to logistics disruptions from South Africa’s lockdown. But these high prices have remained as the demand outlook for 2021 strengthens, and fears begin to crystalise over long term availability, particularly from industrial Democratic Republic of the Congo (DRC) producers.",{"type":580,"attrs":60849,"content":60850},{"textAlign":49},[60851],{"text":60852,"type":585},"But is the outlook for cobalt as rosy as it seems? Not quite.",{"type":580,"attrs":60854,"content":60855},{"textAlign":49},[60856,60858,60864],{"text":60857,"type":585},"As automakers grapple with trying to reduce the cost of EVs to appeal to a wider market, alongside improvements in the technology, cheaper ",{"text":60859,"type":585,"marks":60860},"lithium iron phosphate (LFP) batteries have seen a resurgence",[60861],{"type":590,"attrs":60862},{"href":60863,"uuid":49,"anchor":49,"target":49,"linktype":1570},"https://source.benchmarkminerals.com/article/lfps-resurgence-illustrates-the-nuances-of-the-electric-vehicle-supply-chain",{"text":60865,"type":585}," in 2020.",{"type":580,"attrs":60867,"content":60868},{"textAlign":49},[60869],{"text":60870,"type":585},"Whilst this LFP growth is primarily linked to EVs in the Chinese domestic market, this is now starting to bleed into the international market with Tesla recently starting to export Chinese made Model 3 vehicles to Europe which contain LFP cells supplied by CATL.",{"type":580,"attrs":60872,"content":60873},{"textAlign":49},[60874],{"text":60875,"type":585},"Not only is cobalt facing challenges from LFP but also reducing concentrations in cathode technology as the industry continues its march towards high nickel cathodes, primarily NCM 811. Whilst the timeline for this is far from certain, as automakers still face difficulties with deploying the technology, it is looking to be an inevitability at this stage, and will see cobalt use on a per kWh basis continue to fall.",{"type":580,"attrs":60877,"content":60878},{"textAlign":49},[60879],{"text":60880,"type":585},"Nonetheless, these challenges do not spell the end for rising cobalt demand, as the expected growth in sales of batteries in the coming years will outweigh falling cobalt intensities in individual cells. Benchmark forecasts the battery industry will require a further 100,000 tonnes of the mineral by 2025, a 150% increase over the 5 years.","While cobalt prices have shown positive signs of late, there are nuances within the market which highlight the key fundamentals that will likely decide cobalt’s future price trend – which is taking its cues less and less from the industrial metal supply chain. Cobalt metal prices (cobalt battery metal, min 99.8%, EXW Europe, USD/lb) have […]",[60883],{"slug":1466,"name":1467,"content":60884},{"job_title":1469,"image":60885,"bio":1472,"linkedin":1473},{"filename":1471},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7aa4386b-b7f7-4c3d-ba0b-1076be902587\", \"id\": \"\"}-->",[60888],{"slug":1142,"name":1143},{"id":49,"alt":645,"name":645,"focus":645,"title":645,"source":645,"filename":60890,"copyright":645,"fieldtype":701,"meta_data":60891,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6eb6aa979e/bm-nickel-cobalt-pic.jpg",{"alt":645,"title":645,"source":645,"copyright":645},"Nov 19, 2020",1782841057800]