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This snapshot outlines and charts the key trends across the cell, cathode and anode markets. The data and insights in this snapshot draw on ",{"text":568,"type":559,"marks":569},"Benchmark’s Q4 2025 forecasts",[570],{"type":571,"attrs":572},"link",{"href":573,"uuid":49,"anchor":49,"target":49,"linktype":574},"https://www.benchmarkminerals.com/supply-chain-data","url",{"text":576,"type":559},".",{"type":578},"horizontal_rule",{"type":580,"attrs":581,"content":583},"heading",{"level":582,"textAlign":49},2,[584],{"text":585,"type":559},"Demand trends",{"type":587,"attrs":588},"blok",{"id":589,"body":590},"6ec89532-b609-4849-8592-a3f874d57bad",[591],{"id":592,"_uid":593,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"27317250","i-a1924b99-7ac8-41f3-9d8c-3b59ea2883e6","visualisation","ContentFlourish","",{"type":598,"content":599},"bullet_list",[600,616,639,662,669,689,696],{"type":601,"content":602},"list_item",[603],{"type":554,"attrs":604,"content":605},{"textAlign":49},[606,608,614],{"text":607,"type":559},"Benchmark increased its 2025 forecast for cell demand by 9% compared to its Q3 2025 forecast, due to changes in demand adjustment factors. ",{"text":609,"type":559,"marks":610},"2025 battery demand",[611],{"type":571,"attrs":612},{"href":613,"uuid":49,"anchor":49,"target":49,"linktype":574},"https://source.benchmarkminerals.com/article/battery-demand-to-reach-1-6-twh-in-2025-as-benchmark-week-comes-to-a-close-in-la",{"text":615,"type":559}," is forecast to have increased 27.8% compared to 2024 (as of the Q4 2025 forecast).",{"type":601,"content":617},[618],{"type":554,"attrs":619,"content":620},{"textAlign":49},[621,623,629,631,637],{"text":622,"type":559},"Over 300 GWh of new ",{"text":624,"type":559,"marks":625},"BESS capacity",[626],{"type":571,"attrs":627},{"href":628,"uuid":49,"anchor":49,"target":49,"linktype":574},"https://source.benchmarkminerals.com/article/china-bess-installations-in-december-surpass-us-2025-total",{"text":630,"type":559}," is forecast to have been deployed in 2025, ",{"text":632,"type":559,"marks":633},"up 44% from 211 GWh",[634],{"type":571,"attrs":635},{"href":636,"uuid":49,"anchor":49,"target":49,"linktype":574},"https://source.benchmarkminerals.com/article/global-bess-installments-increase-29-y-o-y",{"text":638,"type":559}," of new capacity deployed in 2024. New capacity installations are forecast to increase a further 51% in 2026.",{"type":601,"content":640},[641],{"type":554,"attrs":642,"content":643},{"textAlign":49},[644,646,652,654,660],{"text":645,"type":559},"Although the ",{"text":647,"type":559,"marks":648},"BESS market",[649],{"type":571,"attrs":650},{"href":651,"uuid":49,"anchor":49,"target":49,"linktype":574},"https://source.benchmarkminerals.com/article/saudis-bisha-battery-energy-storage-project-uses-30000-evs-worth-of-battery-minerals",{"text":653,"type":559}," is rapidly growing, ",{"text":655,"type":559,"marks":656},"EVs still represent",[657],{"type":571,"attrs":658},{"href":659,"uuid":49,"anchor":49,"target":49,"linktype":574},"https://source.benchmarkminerals.com/article/global-ev-sales-reach-20-7-million-units-in-2025-growing-by-20",{"text":661,"type":559}," the largest share of the battery market (76% in 2025).",{"type":601,"content":663},[664],{"type":554,"attrs":665,"content":666},{"textAlign":49},[667],{"text":668,"type":559},"In the US, Benchmark anticipates a 30% drop in EV sales in 2026. BESS demand is forecast to tick up, though this is not enough to stave off an overall decrease in battery demand.",{"type":601,"content":670},[671],{"type":554,"attrs":672,"content":673},{"textAlign":49},[674,679,686],{"text":675,"type":559,"marks":676},"Download Benchmark’s special issue reviewing the ",[677],{"type":678},"italic",{"text":680,"type":559,"marks":681},"first year of Trump 2.0",[682,685],{"type":571,"attrs":683},{"href":684,"uuid":49,"anchor":49,"target":49,"linktype":574},"https://source.benchmarkminerals.com/publications/special-issues/1351985",{"type":678},{"text":576,"type":559,"marks":687},[688],{"type":678},{"type":601,"content":690},[691],{"type":554,"attrs":692,"content":693},{"textAlign":49},[694],{"text":695,"type":559},"Lithium iron phosphate (LFP) battery deployment has increased 43% year-to-date on the back of strong growth in the Chinese EV market and the global BESS market. As such, LFP’s share of the 2025 market has increased to 60% compared to 52% in 2024. It is forecast to grow further to 71% by 2030.",{"type":601,"content":697},[698],{"type":554,"attrs":699,"content":700},{"textAlign":49},[701],{"text":702,"type":559},"On the anode side, Benchmark increased its forecast for silicon-bearing anodes, especially in the EV sector, on the back of technical developments in the area. Graphite–silicon composite anodes represent 5% of the market in 2025. By 2035, this is set to grow to 10%, with a further 4% taken up by silicon engineered anodes (with a Si loading above 10 wt%). In 2025, synthetic graphite anodes represent 81% of the market.",{"type":578},{"type":580,"attrs":705,"content":706},{"level":582,"textAlign":49},[707],{"text":708,"type":559},"Supply trends",{"type":587,"attrs":710},{"id":589,"body":711},[712],{"id":713,"_uid":714,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"27317244","i-365d2889-e8ec-42a9-b0a1-99eb356da367",{"type":598,"content":716},[717,731,738,753,781,788],{"type":601,"content":718},[719],{"type":554,"attrs":720,"content":721},{"textAlign":49},[722,724,730],{"text":723,"type":559},"Benchmark’s 2025 battery cell production forecast increased 12% compared to last quarter, primarily on the back of large increases in BESS cell output in China. North America also saw a notable uptick in its ",{"text":725,"type":559,"marks":726},"LFP cell pipeline",[727],{"type":571,"attrs":728},{"href":729,"uuid":49,"anchor":49,"target":49,"linktype":574},"https://source.benchmarkminerals.com/article/north-america-sees-lfp-production-capacity-pipeline-grow-driven-by-the-bess-market",{"text":576,"type":559},{"type":601,"content":732},[733],{"type":554,"attrs":734,"content":735},{"textAlign":49},[736],{"text":737,"type":559},"Overall, cell supply increased 36% in 2025 compared to 2024, cathode active material (CAM) supply increased 42%, and anode active material (AAM) supply increased 32%.",{"type":601,"content":739},[740],{"type":554,"attrs":741,"content":742},{"textAlign":49},[743,745,751],{"text":744,"type":559},"The largest Chinese gigafactory added to the pipeline in Q4 2025 is the 33.6 GWh Tier 1 facility by CALB/Leapmotor. Outside of China, the largest addition is ",{"text":746,"type":559,"marks":747},"Inobat’s Tier 3 facility in Spain",[748],{"type":571,"attrs":749},{"href":750,"uuid":49,"anchor":49,"target":49,"linktype":574},"https://source.benchmarkminerals.com/article/inobats-planned-spanish-gigafactory-gains-state-support",{"text":752,"type":559},", with a capacity of 32 GWh due online in 2027.",{"type":601,"content":754},[755],{"type":554,"attrs":756,"content":757},{"textAlign":49},[758,764,766,772,774,780],{"text":759,"type":559,"marks":760},"CATL",[761],{"type":571,"attrs":762},{"href":763,"uuid":49,"anchor":49,"target":49,"linktype":574},"https://source.benchmarkminerals.com/article/catl-posts-record-results-as-efficiency-and-capacity-expansion-drive-profit-growth",{"text":765,"type":559}," reportedly began mass production of its Gen V LFP cells in mid-November 2025. The company also took a controlling stake (51%) in Jiangxi Shenghua New Materials (the cathode subsidiary of Fulin Precision) in September, strengthening its position in the midstream. The technology to produce such CAM material was subject to ",{"text":767,"type":559,"marks":768},"China’s export controls",[769],{"type":571,"attrs":770},{"href":771,"uuid":49,"anchor":49,"target":49,"linktype":574},"https://source.benchmarkminerals.com/article/china-proposes-restrictions-on-lithium-and-cathode-technology-exports",{"text":773,"type":559},", though these have now been suspended until ",{"text":775,"type":559,"marks":776},"10 November 2026",[777],{"type":571,"attrs":778},{"href":779,"uuid":49,"anchor":49,"target":49,"linktype":574},"https://source.benchmarkminerals.com/article/china-delays-rare-earth-export-controls-after-us-china-trade-talks",{"text":576,"type":559},{"type":601,"content":782},[783],{"type":554,"attrs":784,"content":785},{"textAlign":49},[786],{"text":787,"type":559},"Compared to 2024, natural graphite and synthetic graphite anode active material supply is forecast to have risen by 16% and 36%, respectively, in 2025, driven by China.",{"type":601,"content":789},[790],{"type":554,"attrs":791,"content":792},{"textAlign":49},[793],{"text":794,"type":559},"The top 15 companies are forecast to represent 84%, 56%, and 79% of the cell, cathode, and anode markets in 2025, respectively.",{"type":587,"attrs":796},{"id":589,"body":797},[798],{"id":799,"_uid":800,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"27317249","i-e5b799bc-2ba4-4cc5-8eb4-36c6684b168b",{"type":578},{"type":580,"attrs":803,"content":804},{"level":582,"textAlign":49},[805],{"text":806,"type":559},"Market balances",{"type":598,"content":808},[809,816,823,830],{"type":601,"content":810},[811],{"type":554,"attrs":812,"content":813},{"textAlign":49},[814],{"text":815,"type":559},"Overall, the cell market is expected to be in surplus until 2034 in Benchmark’s base case scenario. Although China is the only region currently in a cell production surplus, North America is set to enter a surplus in 2027 on the back of reduced EV demand in the US. For NCM cell chemistries, this North American surplus is set to begin in 2026.",{"type":601,"content":817},[818],{"type":554,"attrs":819,"content":820},{"textAlign":49},[821],{"text":822,"type":559},"The global cathode market is forecast to be oversupplied until 2031, with the Asian and Chinese markets significantly oversupplied in the near term. LFP specifically is forecast to enter a deficit from 2030, and mid-nickel NCM chemistries in 2029. LCO and NCA cathode active materials are anticipated to remain in surplus through to 2040.",{"type":601,"content":824},[825],{"type":554,"attrs":826,"content":827},{"textAlign":49},[828],{"text":829,"type":559},"Although the CAM market is oversupplied based on end-use demand, the overproduction of battery cells means the market balance for CAM could be tighter than anticipated, with a deficit under this model as early as 2028. However, aggressive destocking of cells and adjustments in gigafactory utilisation rates could push this back to the end of the decade.",{"type":601,"content":831},[832],{"type":554,"attrs":833,"content":834},{"textAlign":49},[835],{"text":836,"type":559},"The anode active material market is forecast to be in surplus until 2035. However, demand growth for natural graphite AAM outpaces supply growth and is therefore expected to fall into a deficit earlier (2031). China is significantly oversupplied, with 2030 production forecast to be 162% greater than domestic demand.",{"type":587,"attrs":838},{"id":589,"body":839},[840],{"id":841,"_uid":842,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"27317241","i-cd44be6c-507b-4184-b4af-6035f2913cc1","Welcome to your Quarterly Battery Snapshot, part of your Benchmark Source subscription. This snapshot outlines and charts the key trends across the cell, cathode and anode markets. The data and insights in this snapshot draw on Benchmark’s Q4 2025 forecasts. Demand trends Supply trends Market balances","briefing",[846,848,851,853,855],{"slug":847,"name":261},"anode",{"slug":849,"name":850},"batteries","Batteries",{"slug":852,"name":298},"cathode",{"slug":854,"name":8},"lithium",{"slug":856,"name":857},"silicon-anode","Silicon Anode","private","quarterly","Jan 26, 2026",{"id":862,"uuid":863,"name":864,"slug":865,"full_slug":866,"content":867},186027698195988,"71b1ea88-1394-4253-a03a-98596aeaffa1","Benchmark Battery Minerals Snapshot: Q1 2026","benchmark-battery-minerals-snapshot-q1-2026","publications/briefings/battery-minerals-snapshots/benchmark-battery-minerals-snapshot-q1-2026",{"_uid":868,"date":869,"content":870,"excerpt":1168,"component":844,"categories":1169,"visibility":858,"publication_frequency":859,"formattedDate":1194},"ef898bd6-bb7b-4ee3-ad09-a0802edf0e1f","2026-05-01 00:00",{"type":551,"content":871},[872,883,888,895,903,923,950,959,968,982,987,992,1010,1017,1024,1029,1047,1065,1098,1116,1133,1147,1154,1161],{"type":554,"attrs":873,"content":874},{"textAlign":49},[875,877,881],{"text":876,"type":559},"Welcome to the ",{"text":878,"type":559,"marks":879},"Benchmark Battery Minerals Snapshot",[880],{"type":564},{"text":882,"type":559},". This briefing, part of your Benchmark Intelligence subscription, provides an overview of the key trends and dynamics that shaped battery raw material markets in the last quarter. The insights are drawn from Benchmark’s suite of battery raw material forecast reports.",{"type":580,"attrs":884,"content":885},{"level":582,"textAlign":49},[886],{"text":887,"type":559},"Highlights",{"type":587,"attrs":889},{"id":890,"body":891},"8dee7372-d0ea-4720-9313-704603fc336c",[892],{"id":893,"_uid":894,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"29233015","i-63c8267a-f23a-46eb-9dd9-489d9e6d15f6",{"type":554,"attrs":896,"content":897},{"textAlign":49},[898,901],{"text":8,"type":559,"marks":899},[900],{"type":564},{"text":902,"type":559},": The market is forecast to be broadly balanced out to 2033, though with a slight deficit in 2026 of 32kt LCE. This is supporting near term price rises. However, in 2027, a slight surplus (albeit one that is effectively a balanced market) is expected to lead to a drop in prices. ",{"type":554,"attrs":904,"content":905},{"textAlign":49},[906,910,912,921],{"text":907,"type":559,"marks":908},"Cobalt:",[909],{"type":564},{"text":911,"type":559}," The cobalt market is forecast to post a surplus of +61kt in 2025, as supply growth outpaces demand. However the DRC's ",{"text":913,"type":559,"marks":914},"cobalt export quotas",[915],{"type":571,"attrs":916},{"href":917,"uuid":918,"anchor":49,"target":919,"linktype":920},"/article/drc-to-lift-cobalt-export-ban-and-impose-quotas-through-2027","f7770a3b-8ebe-489f-ac18-ccd3d682f730","_self","story",{"text":922,"type":559}," introduced in October 2025 continue to impose a tightness on supply which kept cobalt prices high over the quarter. The continued increase in LFP's market share compared to NCM downgrades cobalt demand from the battery sector, though the EV market still accounts for 56% of battery-based cobalt demand in 2025.",{"type":554,"attrs":924,"content":925},{"textAlign":49},[926,930,932,939,941,948],{"text":927,"type":559,"marks":928},"Nickel: ",[929],{"type":564},{"text":931,"type":559},"The nickel market is set to post a record 231kt surplus in 2025, marking the fourth consecutive year of oversupply. Indonesia, the largest nickel producer, suspended ",{"text":933,"type":559,"marks":934},"nickel smelter permits",[935],{"type":571,"attrs":936},{"href":937,"uuid":938,"anchor":49,"target":919,"linktype":920},"/article/indonesias-new-smelter-ban-targets-value-added-growth","6bd7aaab-55f0-4bf4-b404-905e228e4541",{"text":940,"type":559}," and is using ",{"text":942,"type":559,"marks":943},"RKAB quotas",[944],{"type":571,"attrs":945},{"href":946,"uuid":947,"anchor":49,"target":919,"linktype":920},"/article/indonesia-announces-significantly-lower-nickel-rkab-quotas","4f8ae390-bfc8-4b79-8cf8-766487872aaa",{"text":949,"type":559}," to control output. The market surplus is anticipated to continue into the early 2030s without further intervention.",{"type":554,"attrs":951,"content":952},{"textAlign":49},[953,957],{"text":954,"type":559,"marks":955},"Natural graphite: ",[956],{"type":564},{"text":958,"type":559},"Although the overall flake graphite market is in a surplus, the -100 mesh size suited for battery anode applications is in a deficit.",{"type":554,"attrs":960,"content":961},{"textAlign":49},[962,966],{"text":963,"type":559,"marks":964},"Synthetic graphite:",[965],{"type":564},{"text":967,"type":559}," Synthetic graphite material is in a deficit based on end-use demand, though when compared to cell production the market is significantly tighter and more balanced. Needle coke (the feedstock for synthetic graphite) demand grew 15% in 2025 and is expected to grow another 15% in 2026.",{"type":554,"attrs":969,"content":970},{"textAlign":49},[971,975],{"text":972,"type":559,"marks":973},"For a price-focused outlook for 2026, read Benchmark's ",[974],{"type":678},{"text":976,"type":559,"marks":977},"2026 Outlook Whitepaper: A Turning Point for Critical Materials?",[978,981],{"type":571,"attrs":979},{"href":980,"uuid":49,"anchor":49,"target":919,"linktype":574},"https://intelligence.benchmarkminerals.com/publications/special-issues/2026-outlook-whitepaper-a-turning-point-for-critical-materials",{"type":678},{"type":580,"attrs":983,"content":984},{"level":582,"textAlign":49},[985],{"text":986,"type":559},"Demand Overview",{"type":554,"attrs":988,"content":989},{"textAlign":49},[990],{"text":991,"type":559},"Battery demand in 2026 is forecast to reach 2.2TWh, a 21% y-o-y increased compared to 2025. BESS demand is the fastest growing market at 54% growth year-on-year, though EVs remain the largest demand market.",{"type":554,"attrs":993,"content":994},{"textAlign":49},[995,999,1006],{"text":996,"type":559,"marks":997},"Read the ",[998],{"type":678},{"text":1000,"type":559,"marks":1001},"Battery Snapshot Briefing",[1002,1005],{"type":571,"attrs":1003},{"href":1004,"uuid":543,"anchor":49,"target":919,"linktype":920},"/publications/briefings/battery-snapshots/battery-snapshot-q4-2025",{"type":678},{"text":1007,"type":559,"marks":1008}," for a more detailed  overview of battery, cathode, and anode trends over the last quarter.",[1009],{"type":678},{"type":587,"attrs":1011},{"id":1012,"body":1013},"ae7dd51c-f548-42c9-bf58-118a09756323",[1014],{"id":1015,"_uid":1016,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"29233026","i-173e450f-4256-445c-bea3-1120e346a647",{"type":587,"attrs":1018},{"id":1019,"body":1020},"f9a9d512-0e1a-40f8-840d-0e01a4cd84b2",[1021],{"id":1022,"_uid":1023,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"29233024","i-8703e94d-0ef9-4984-8738-dc9c94411524",{"type":580,"attrs":1025,"content":1026},{"level":582,"textAlign":49},[1027],{"text":1028,"type":559},"Supply Overview",{"type":554,"attrs":1030,"content":1031},{"textAlign":49},[1032,1036,1038,1045],{"text":1033,"type":559,"marks":1034},"Lithium: ",[1035],{"type":564},{"text":1037,"type":559},"Global mined lithium supply is projected to grow 260kt (+15%) between 2025 and 2026, with this rising to 270kt LCE if recycling is included. ",{"text":1039,"type":559,"marks":1040},"Africa",[1041],{"type":571,"attrs":1042},{"href":1043,"uuid":1044,"anchor":49,"target":919,"linktype":920},"/article/africa-sees-largest-lithium-supply-growth-of-any-region-in-2025","d23cb2d3-7543-4bd4-b9a8-4bd5592bad0a",{"text":1046,"type":559}," is expected to be the largest contributor to this, adding 107kt, followed by Australia adding 75kt. China's mined additions will be just over 50kt. The largest output increase for an individual mine is forecast to be Greenbushes in Australia. China's dominance in lithium chemical production is set to drop from 66% in 2026 to 39% by 2035.",{"type":554,"attrs":1048,"content":1049},{"textAlign":49},[1050,1054,1056,1063],{"text":1051,"type":559,"marks":1052},"Cobalt: ",[1053],{"type":564},{"text":1055,"type":559},"Mined cobalt output in the DRC is forecast to fall significantly in 2026 due to the ",{"text":1057,"type":559,"marks":1058},"export quotas",[1059],{"type":571,"attrs":1060},{"href":1061,"uuid":1062,"anchor":49,"target":919,"linktype":920},"/videos/beyond-the-ban-unpacking-the-drcs-cobalt-export-suspension-decision","071fbb42-04e6-4a3f-aa90-61e2b1422e2f",{"text":1064,"type":559}," and market uncertainty. However, Indonesia is expected to post a 4.4kt increase, supporting buyers who are seeking alternative sources. After a dip in mined cobalt output in 2025 and 2026, Benchmark is forecasting an increase in supply from 2027. Indonesia is set to double its market share to 29% by 2030.",{"type":554,"attrs":1066,"content":1067},{"textAlign":49},[1068,1072,1074,1081,1083,1087,1094],{"text":1069,"type":559,"marks":1070},"Nickel:",[1071],{"type":564},{"text":1073,"type":559}," Refined nickel supply is forecast to rise 4.5% year-on-year in 2025, reaching about 3.7Mt, with nearly all growth driven by Indonesia. Outside of Indonesia, gains will be modest, with Australian production posting a drop as IGO advances with the closure of its Nova mine. ",{"text":1075,"type":559,"marks":1076},"MHP",[1077],{"type":571,"attrs":1078},{"href":1079,"uuid":1080,"anchor":49,"target":919,"linktype":920},"/article/nickel-intermediate-tightness-to-underpin-elevated-mhp-payables-into-q4","df46a979-2900-4413-b22f-156697f65198",{"text":1082,"type":559}," is the primary growth product, supported by an increase in HPAL operations. ",{"text":1084,"type":559,"marks":1085},"Read Benchmark's Special Issue \"",[1086],{"type":678},{"text":1088,"type":559,"marks":1089},"Nickel Margins Shrink as Indonesia Sets the Cost Floor",[1090,1093],{"type":571,"attrs":1091},{"href":1092,"uuid":49,"anchor":49,"target":919,"linktype":574},"https://intelligence.benchmarkminerals.com/publications/special-issues/nickel-margins-shrink-as-indonesia-sets-the-cost-floor",{"type":678},{"text":1095,"type":559,"marks":1096},"\".",[1097],{"type":678},{"type":554,"attrs":1099,"content":1100},{"textAlign":49},[1101,1105,1107,1114],{"text":1102,"type":559,"marks":1103},"Natural Graphite:",[1104],{"type":564},{"text":1106,"type":559}," Flake graphite supply is forecast to grow by around 2.6% in 2025, bolstered by ",{"text":1108,"type":559,"marks":1109},"strong growth in Africa",[1110],{"type":571,"attrs":1111},{"href":1112,"uuid":1113,"anchor":49,"target":919,"linktype":920},"/article/site-visit-permanent-minerals-highlights-africas-growing-flake-graphite-role","fd8d9fa2-3a92-4168-973e-760f72a44ef2",{"text":1115,"type":559}," which offsets the declining production in China and the rest of the world. Whilst China has dominated the flake graphite supply (72% in 2025), this is forecast to fall to 47% by 2035, with Africa growing to 39%.",{"type":554,"attrs":1117,"content":1118},{"textAlign":49},[1119,1122,1124,1131],{"text":963,"type":559,"marks":1120},[1121],{"type":564},{"text":1123,"type":559}," Supply of ",{"text":1125,"type":559,"marks":1126},"synthetic graphite anode material",[1127],{"type":571,"attrs":1128},{"href":1129,"uuid":1130,"anchor":49,"target":919,"linktype":920},"/videos/synthetic-graphites-price-power-is-cost-led-dominance-here-to-stay","9aa645e0-8c14-4dd6-9b48-14c41d1d6fbe",{"text":1132,"type":559}," is set to grow 36% in 2025 and another 17% in 2026. Production remains dominated by China. Whilst oil-based needle coke supply is set to drive the market in the near term, coal-based materials are anticipated to become the dominant growth market in the 2030s. China's dominance in needle coke production is expected to grow from 69% market share in 2025 to 77% by 2035.",{"type":554,"attrs":1134,"content":1135},{"textAlign":49},[1136,1140],{"text":1137,"type":559,"marks":1138},"For an overview of the key developments across the full mine-to-grid supply chain in 2025, read Benchmark's ",[1139],{"type":678},{"text":1141,"type":559,"marks":1142},"Mine to Grid: 2025 Year in Review.",[1143,1146],{"type":571,"attrs":1144},{"href":1145,"uuid":49,"anchor":49,"target":919,"linktype":574},"https://intelligence.benchmarkminerals.com/publications/special-issues/mine-to-grid-2025-year-in-review",{"type":678},{"type":587,"attrs":1148},{"id":1149,"body":1150},"460e993a-79c9-4fa1-ace6-d6c4e2fac716",[1151],{"id":1152,"_uid":1153,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"29233023","i-19fa6e70-a0c6-41d0-a02e-6f17dd018654",{"type":587,"attrs":1155},{"id":1156,"body":1157},"a89ed7b4-b92e-4cae-9bbb-21d7c045e141",[1158],{"id":1159,"_uid":1160,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"29233018","i-e8fce755-4b63-421a-bb30-0828d738850b",{"type":587,"attrs":1162},{"id":1163,"body":1164},"fdcacd79-f9f2-40ba-a018-cc8f18097df7",[1165],{"id":1166,"_uid":1167,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"29233020","i-cf3c12e9-9a2f-496a-ba03-c8118ac9bab0","Welcome to the Benchmark Battery Minerals Snapshot. This briefing, part of your Benchmark Intelligence subscription, provides an overview of the key trends and dynamics that shaped battery raw material markets in the last quarter. The insights are drawn from Benchmark’s suite of battery raw material forecast reports.",[1170,1171,1172,1174,1177,1178,1181,1183,1185,1188,1191],{"slug":847,"name":261},{"slug":852,"name":298},{"slug":1173,"name":115},"cobalt",{"slug":1175,"name":1176},"critical-minerals","Critical Minerals",{"slug":854,"name":8},{"slug":1179,"name":1180},"manganese","Manganese",{"slug":1182,"name":189},"natural-graphite",{"slug":1184,"name":150},"nickel",{"slug":1186,"name":1187},"phosphate","Phosphate",{"slug":1189,"name":1190},"graphite","Graphite",{"slug":1192,"name":1193},"synthetic-graphite","Synthetic Graphite","May 01, 2026",{"id":1196,"uuid":1197,"name":1198,"slug":1199,"full_slug":1200,"content":1201},194083291688791,"d7718047-4ac6-4efa-bed5-9c1e29ddb2f0","Benchmark China Briefing: July 2026","benchmark-china-briefing-july-2026","publications/briefings/china-briefings/benchmark-china-briefing-july-2026",{"_uid":1202,"date":1203,"content":1204,"excerpt":1404,"component":844,"categories":1405,"visibility":858,"publication_frequency":188,"formattedDate":1425},"6b354c5d-0332-4e3a-b369-7b6ef9dc814e","2026-07-03 00:00",{"type":551,"content":1205},[1206,1216,1228,1243,1248,1272,1280,1288,1310,1317,1322,1328,1346,1352,1359,1368],{"type":554,"attrs":1207,"content":1208},{"textAlign":49},[1209,1210,1214],{"text":876,"type":559},{"text":1211,"type":559,"marks":1212},"Benchmark China Briefing",[1213],{"type":564},{"text":1215,"type":559},". This briefing, part of the Benchmark Source subscription, provides a monthly deep-dive on key developments in China.",{"type":554,"attrs":1217,"content":1218},{"textAlign":49},[1219,1221,1227],{"text":1220,"type":559},"The insights are drawn from Benchmark’s suite of upstream, midstream, and downstream reports and assessments, providing a holistic view of China’s lithium-ion battery and electric vehicle (EV) supply chains. To learn more, click ",{"text":1222,"type":559,"marks":1223},"here",[1224],{"type":571,"attrs":1225},{"href":1226,"uuid":49,"anchor":49,"target":49,"linktype":574},"https://www.benchmarkminerals.com/forecasts",{"text":576,"type":559},{"type":554,"attrs":1229,"content":1230},{"textAlign":49},[1231,1233,1241],{"text":1232,"type":559},"You can also read our recent ",{"text":1234,"type":559,"marks":1235},"Regional Spotlight",[1236],{"type":571,"attrs":1237},{"href":1238,"uuid":1239,"anchor":49,"target":1240,"linktype":920},"/article/regional-spotlight-china","746036af-b9fc-4d0d-b721-56d0d1094635","_blank",{"text":1242,"type":559},", featuring visualisations of China's mine-to-grid supply chain and an overview of the country's recent policy changes.",{"type":580,"attrs":1244,"content":1245},{"level":582,"textAlign":49},[1246],{"text":1247,"type":559},"Battery & EV Roundup",{"type":554,"attrs":1249,"content":1250},{"textAlign":49},[1251,1258,1267],{"text":1252,"type":559,"marks":1253},"Sales of battery electric vehicles (BEVs) in China ",[1254],{"type":1255,"attrs":1256},"textStyle",{"color":1257},"black",{"text":1259,"type":559,"marks":1260},"ticked up in May",[1261,1265],{"type":571,"attrs":1262},{"href":1263,"uuid":1264,"anchor":49,"target":1240,"linktype":920},"/article/global-ev-sales-reach-1-8-million-units-in-may-2026","3d3b0521-aaed-4ef9-9a8c-97ccfd4102c8",{"type":1255,"attrs":1266},{"color":1257},{"text":1268,"type":559,"marks":1269},", tracking similarly to the same month in 2025 to reach 671,487 units. Plug-in hybrid EV (PHEV) sales, however, were below their May 2025 level, a trend that has been consistent since the start of the year.",[1270],{"type":1255,"attrs":1271},{"color":1257},{"type":554,"attrs":1273,"content":1274},{"textAlign":49},[1275],{"text":1276,"type":559,"marks":1277},"January-to-May year-on-year EV sales in China are down 15% overall after the implementation of a range of tax and subsidy changes earlier this year, with 3.9 million units sold through to the end of May.",[1278],{"type":1255,"attrs":1279},{"color":1257},{"type":554,"attrs":1281,"content":1282},{"textAlign":49},[1283],{"text":1284,"type":559,"marks":1285},"April's strong EV export numbers were sustained, however, as OEMs including BYD, Geely and Chery continue to help Chinese exports to record levels. Chinese EV sales in Europe continue to grow, with OEMs set to produce in Europe to utilise the continent's overcapacity. Leapmotor recently confirmed plans to use a Stellantis plant in Spain to produce its B10 EV.",[1286],{"type":1255,"attrs":1287},{"color":1257},{"type":554,"attrs":1289,"content":1290},{"textAlign":49},[1291,1296,1305],{"text":1292,"type":559,"marks":1293},"China's government has also published its ",[1294],{"type":1255,"attrs":1295},{"color":1257},{"text":1297,"type":559,"marks":1298},"15th Five-Year Plan for New Energy System Development",[1299,1303],{"type":571,"attrs":1300},{"href":1301,"uuid":1302,"anchor":49,"target":1240,"linktype":920},"/article/china-s-15th-five-year-plan-for-new-energy-system-development-key-takeaways","801f21b7-8c35-4070-9386-f9627c432c32",{"type":1255,"attrs":1304},{"color":1257},{"text":1306,"type":559,"marks":1307},". It sets out a range of new targets for renewables as a proportion of electricity production, with non-fossil fuel energy installed capacity expected to pass 3,500GW. It also targets 300GW in cumulative new-type energy storage installed by 2030.",[1308],{"type":1255,"attrs":1309},{"color":1257},{"type":587,"attrs":1311},{"id":1312,"body":1313},"858cf747-2f46-4c0c-96f1-a65479ccf034",[1314],{"id":1315,"_uid":1316,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"29572880","i-cd5547f5-c322-492c-abca-b515cafc2244",{"type":554,"attrs":1318,"content":1319},{"textAlign":49},[1320],{"text":1321,"type":559},"Battery demand in China was mostly steady from April, with a small shift downwards in battery energy stationary storage (BESS)-related demand largely compensated for by an uptick in passenger vehicle- and portables-related demand. Battery exports were also strong in May, reaching US$8 billion, a 37% year-on-year increase for the month. The year-to-May battery export figure is up 45% compared with 2025.",{"type":587,"attrs":1323},{"id":1312,"body":1324},[1325],{"id":1326,"_uid":1327,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"29572885","i-54311456-d308-4b6d-a7f6-3e435118c223",{"type":554,"attrs":1329,"content":1330},{"textAlign":49},[1331,1341],{"text":1332,"type":559,"marks":1333},"Lithium ion battery production in China",[1334,1338],{"type":571,"attrs":1335},{"href":1336,"uuid":1337,"anchor":49,"target":1240,"linktype":920},"/article/china-s-battery-exports-reach-40bn-in-first-five-months-of-2026-as-new-markets-emerge","4b45f94b-6c0c-435a-95d2-21f947ed2682",{"type":1255,"attrs":1339},{"color":1340},"#000000",{"text":1342,"type":559,"marks":1343}," increased for both LFP and NCM/NCA chemistries, with LFP up 2.3% and NCM/NCA up 12.7%. ",[1344],{"type":1255,"attrs":1345},{"color":1340},{"type":587,"attrs":1347},{"id":1312,"body":1348},[1349],{"id":1350,"_uid":1351,"type":920,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"3721471","i-42c2b7c2-8369-45c8-823b-1096e5c20cfe",{"type":580,"attrs":1353,"content":1354},{"level":582,"textAlign":49},[1355],{"text":1356,"type":559,"marks":1357},"China: EV battery supply chain trade dynamics",[1358],{"type":564},{"type":587,"attrs":1360},{"id":1312,"body":1361},[1362,1365],{"id":1363,"_uid":1364,"type":920,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"3721472","i-097462f6-6c56-4fb7-bdd8-cbc4f8cf7886",{"id":1366,"_uid":1367,"type":920,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"3721473","i-78e9cf1e-999b-4078-9c60-a9c61b1e24e3",{"type":554,"attrs":1369,"content":1370},{"textAlign":49},[1371,1376,1385,1390,1399],{"text":1372,"type":559,"marks":1373},"Upstream, ",[1374],{"type":1255,"attrs":1375},{"color":1340},{"text":1377,"type":559,"marks":1378},"CATL's Jianxiawo lepidolite mine restarted",[1379,1383],{"type":571,"attrs":1380},{"href":1381,"uuid":1382,"anchor":49,"target":1240,"linktype":920},"/article/jianxiawo-is-back-yet-jiangxi-s-lithium-balance-holds-firm","982f0aa3-9ed9-431c-8768-8d8769f8a03b",{"type":1255,"attrs":1384},{"color":1340},{"text":1386,"type":559,"marks":1387}," after its much anticipated safety production permit was granted on 29 June. However, the overall impact on supply is somewhat subdued by ",[1388],{"type":1255,"attrs":1389},{"color":1340},{"text":1391,"type":559,"marks":1392},"deferrals elsewhere",[1393,1397],{"type":571,"attrs":1394},{"href":1395,"uuid":1396,"anchor":49,"target":1240,"linktype":920},"/article/what-does-the-jinzifeng-huashan-merger-mean-for-jiangxi-s-lithium-supply-","cf768bdc-8a11-4a1e-9d47-20c80f2aff45",{"type":1255,"attrs":1398},{"color":1340},{"text":1400,"type":559,"marks":1401}," in Jiangxi province.",[1402],{"type":1255,"attrs":1403},{"color":1340},"Welcome to the Benchmark China Briefing. This briefing, part of the Benchmark Source subscription, provides a monthly deep-dive on key developments in China. The insights are drawn from Benchmark’s suite of upstream, midstream, and downstream reports and assessments, providing a holistic view of China's lithium-ion battery and electric vehicle (EV) supply chains.",[1406,1407,1410,1413,1414,1415,1416,1417,1418,1419,1420,1421,1424],{"slug":849,"name":850},{"slug":1408,"name":1409},"ev","EV",{"slug":1411,"name":1412},"ess","ESS",{"slug":1175,"name":1176},{"slug":1173,"name":115},{"slug":852,"name":298},{"slug":854,"name":8},{"slug":1189,"name":1190},{"slug":1182,"name":189},{"slug":1179,"name":1180},{"slug":1184,"name":150},{"slug":1422,"name":1423},"new-energy","New Energy",{"slug":1192,"name":1193},"Jul 03, 2026",{"id":1427,"uuid":1428,"name":1429,"slug":1430,"full_slug":1431,"content":1432},188502293903791,"6b32afd6-809c-4c2f-a538-4683c895cc79","Energy Indicators Monthly - June 2026","energy-indicators-monthly-june-2026","publications/briefings/energy-indicators/energy-indicators-monthly-june-2026",{"_uid":1433,"date":1434,"content":1435,"excerpt":1541,"component":844,"categories":1542,"visibility":858,"publication_frequency":188,"formattedDate":1550},"07ea97dd-f122-428e-8b9b-3b3daf5c3aeb","2026-06-17 00:00",{"type":551,"content":1436},[1437,1442,1446,1460,1473,1483,1488,1526],{"type":554,"attrs":1438,"content":1439},{"textAlign":49},[1440],{"text":1441,"type":559},"This report offers energy indicators for major global economies, designed to enhance understanding of the energy transition and to complement Benchmark’s data.",{"type":580,"attrs":1443,"content":1444},{"level":582,"textAlign":49},[1445],{"text":887,"type":559},{"type":554,"attrs":1447,"content":1448},{"textAlign":49},[1449,1451,1458],{"text":1450,"type":559},"The US peace deal with Iran announced on 15 June sent oil prices tumbling, with Brent crude dipping below the $80 mark for the first time since March the following day. The easing of a US naval blockade and reports of Iranian oil being shipped through ",{"text":1452,"type":559,"marks":1453},"the Strait of Hormuz",[1454],{"type":571,"attrs":1455},{"href":1456,"uuid":1457,"anchor":49,"target":1240,"linktype":920},"/article/what-the-sulphuric-acid-supply-crunch-means-for-critical-minerals","89fa6c30-d2f8-47dd-ab8c-c9a7c2cb86f5",{"text":1459,"type":559}," have driven it down, and the International Energy Agency (IEA) is now predicting an oil supply surplus in 2027 as a result of long-term resumption in shipping through the waterway. The organisation also expects global oil demand to drop by 1.1 million barrels per day before recovering next year on falling prices.",{"type":554,"attrs":1461,"content":1462},{"textAlign":49},[1463,1465,1471],{"text":1464,"type":559},"In renewables, Portugal's government has announced plans to create new areas where renewable energy development can be fast-tracked, boosting a sector that already provided 80% of the country's electricity consumption in Q1 2026. Electricity prices in both Portugal and Spain were among the lowest in Europe in the first part of the year, as recent buildout of renewables capacity in both countries shielded it from a spike in fossil fuel prices since the beginning of ",{"text":1466,"type":559,"marks":1467},"the Iran war",[1468],{"type":571,"attrs":1469},{"href":1470,"uuid":49,"anchor":49,"target":1240,"linktype":574},"https://intelligence.benchmarkminerals.com/publications/special-issues/the-sulphuric-acid-supply-squeeze-and-its-impact-on-critical-minerals-1",{"text":1472,"type":559},".     ",{"type":587,"attrs":1474},{"id":1475,"body":1476},"d200c24a-eb31-4c5f-8e42-e875db73a1e2",[1477,1480],{"id":1478,"_uid":1479,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"29382294","i-1f861b0d-cc1f-4815-be16-7d8b9148c98c",{"id":1481,"_uid":1482,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"29382313","i-0523a15c-5ce6-4dc6-8d21-efe4494357e0",{"type":580,"attrs":1484,"content":1485},{"level":582,"textAlign":49},[1486],{"text":1487,"type":559},"Energy in the news this month",{"type":598,"content":1489},[1490,1505,1512,1519],{"type":601,"content":1491},[1492],{"type":554,"attrs":1493,"content":1494},{"textAlign":49},[1495,1497,1503],{"text":1496,"type":559},"The US allowed a waiver of sanctions on Russian oil, initially introduced to mitigate heightened energy prices amid the Iran war, to lapse without renewal, with ",{"text":1498,"type":559,"marks":1499},"President Donald Trump",[1500],{"type":571,"attrs":1501},{"href":1502,"uuid":49,"anchor":49,"target":1240,"linktype":574},"https://intelligence.benchmarkminerals.com/publications/special-issues/trump-one-year-in-review",{"text":1504,"type":559}," indicating the waiver may not be reintroduced following the deal to end the war",{"type":601,"content":1506},[1507],{"type":554,"attrs":1508,"content":1509},{"textAlign":49},[1510],{"text":1511,"type":559},"Russian oil output fell 10% short of government targets in May due to Ukrainian strikes on Russia's energy infrastructure, down 5% year-on-year",{"type":601,"content":1513},[1514],{"type":554,"attrs":1515,"content":1516},{"textAlign":49},[1517],{"text":1518,"type":559},"EU proposals for the spending of member nation income on cross-border energy infrastructure after Sweden threatened restrictions of its electricity exports in protest at the plans",{"type":601,"content":1520},[1521],{"type":554,"attrs":1522,"content":1523},{"textAlign":49},[1524],{"text":1525,"type":559},"Brazil's government said it would end diesel and gasoline subsidies should crude prices remain steady around the $80 per barrel mark",{"type":587,"attrs":1527},{"id":1475,"body":1528},[1529,1532,1535,1538],{"id":1530,"_uid":1531,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"29410060","i-195f3256-c4d0-4254-a095-479c24016ede",{"id":1533,"_uid":1534,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"29382300","i-d8fa1b7b-dcac-423e-813e-4b4f193c5357",{"id":1536,"_uid":1537,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"29382311","i-873e3ed5-4a03-4590-bbc8-fafe191e6be3",{"id":1539,"_uid":1540,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"29382305","i-2f8f0d43-fa43-4c40-b0fc-14a4b465c3ed","Brent crude prices remain elevated this month, as US President Donald Trump’s visit to China appears not to have produced a breakthrough on an end to the Iran war and a relaxation of tensions in the Strait of Hormuz. US oil exports rose to their highest ever level as European and Asian demand grew as a result of the squeeze on Middle Eastern supply.",[1543,1546,1549],{"slug":1544,"name":1545},"geopolitics","Geopolitics",{"slug":1547,"name":1548},"sustainability","Sustainability",{"slug":1422,"name":1423},"Jun 17, 2026",{"id":1552,"uuid":1553,"name":1554,"slug":1555,"full_slug":1556,"content":1557},193398276315961,"9b739212-0362-44a2-b1ec-cc66e073cb08","Energy Transition Capital: June 2026","energy-transition-capital-june-2026","publications/briefings/energy-transition-capitals/energy-transition-capital-june-2026",{"_uid":1558,"date":1559,"content":1560,"excerpt":2369,"component":844,"categories":2370,"visibility":858,"publication_frequency":188,"formattedDate":2408},"322e1cef-ea61-4ce9-b2ed-6dac4192571d","2026-07-02 00:00",{"type":551,"content":1561},[1562,1573,1588,1592,1658,1726,1733,1739,1745,1752,1758,1794,1824,1833,1847,1853,1858,1864,1940,1978,1983,2157,2165,2171,2179,2220,2250,2271,2279],{"type":554,"attrs":1563,"content":1564},{"textAlign":49},[1565,1567,1571],{"text":1566,"type":559},"Welcome to",{"text":1568,"type":559,"marks":1569}," Energy Transition Capital Monthly",[1570],{"type":564},{"text":1572,"type":559},", part of your Benchmark Intelligence subscription. This report tracks companies related to the energy transition going public through IPOs or mergers via SPACs, as well as company share prices and broader industry trends through indices and funding data. It provides a comprehensive overview of the past month’s listings and announcements.",{"type":554,"attrs":1574,"content":1575},{"textAlign":49},[1576,1578,1587],{"text":1577,"type":559},"To access this report’s accompanying funding and IPO database, ",{"text":1579,"type":559,"marks":1580},"click here",[1581,1585],{"type":571,"attrs":1582},{"href":1583,"uuid":49,"anchor":49,"target":1240,"linktype":1584},"https://a.storyblok.com/f/287943243085208/x/3af44e0384/benchmark-etc-funding-data-june-2026.xlsx","asset",{"type":1586},"underline",{"text":576,"type":559},{"type":580,"attrs":1589,"content":1590},{"level":582,"textAlign":49},[1591],{"text":887,"type":559},{"type":554,"attrs":1593,"content":1594},{"textAlign":49},[1595,1600,1607,1612,1618,1623,1629,1634,1642,1647,1653],{"text":1596,"type":559,"marks":1597},"June was a major month for ",[1598],{"type":1255,"attrs":1599},{"color":1257},{"text":1601,"type":559,"marks":1602},"energy storage",[1603,1605],{"type":571,"attrs":1604},{"href":1301,"uuid":1302,"anchor":49,"target":1240,"linktype":920},{"type":1255,"attrs":1606},{"color":1257},{"text":1608,"type":559,"marks":1609},", with almost $6.5 billion in fresh funding globally for the sector. This was led by ",[1610],{"type":1255,"attrs":1611},{"color":1257},{"text":1613,"type":559,"marks":1614},"Cypress Creek Energy",[1615,1617],{"type":1255,"attrs":1616},{"color":1257},{"type":564},{"text":1619,"type":559,"marks":1620},", which secured $3.5 billion in financing for its Steel River Energy Center in Arkansas, one of the largest solar-plus-storage developments in the US. There was also a significant investment into ",[1621],{"type":1255,"attrs":1622},{"color":1257},{"text":1624,"type":559,"marks":1625},"Joulent",[1626,1628],{"type":1255,"attrs":1627},{"color":1257},{"type":564},{"text":1630,"type":559,"marks":1631},", a US firm providing energy storage alongside gas power for ",[1632],{"type":1255,"attrs":1633},{"color":1257},{"text":1635,"type":559,"marks":1636},"data centres",[1637,1640],{"type":571,"attrs":1638},{"href":1639,"uuid":49,"anchor":49,"target":1240,"linktype":574},"https://intelligence.benchmarkminerals.com/publications/special-issues/gigawatt-ambitions-data-centres-bess-and-the-race-to-power",{"type":1255,"attrs":1641},{"color":1257},{"text":1643,"type":559,"marks":1644},", from the UK's ",[1645],{"type":1255,"attrs":1646},{"color":1257},{"text":1648,"type":559,"marks":1649},"National Grid",[1650,1652],{"type":1255,"attrs":1651},{"color":1257},{"type":564},{"text":1654,"type":559,"marks":1655},", to the tune of $1.75 billion.",[1656],{"type":1255,"attrs":1657},{"color":1257},{"type":554,"attrs":1659,"content":1660},{"textAlign":49},[1661,1670,1675,1685,1690,1696,1701,1710,1715,1721],{"text":1662,"type":559,"marks":1663},"Rare earths",[1664,1668],{"type":571,"attrs":1665},{"href":1666,"uuid":1667,"anchor":49,"target":1240,"linktype":920},"/article/china-targets-us-rare-earth-and-defence-linked-entities-with-dual-use-export-ban","d27d23b1-f39e-4c31-999a-582e39033222",{"type":1255,"attrs":1669},{"color":1257},{"text":1671,"type":559,"marks":1672}," were also in the spotlight, as the US Department of Commerce confirmed it would give ",[1673],{"type":1255,"attrs":1674},{"color":1257},{"text":1676,"type":559,"marks":1677},"USA Rare Earth",[1678,1682,1684],{"type":571,"attrs":1679},{"href":1680,"uuid":1681,"anchor":49,"target":1240,"linktype":920},"/article/usa-rare-earth-acquires-serra-verde","033fd4f7-dd04-42d6-9b9e-d31d2ed1321c",{"type":1255,"attrs":1683},{"color":1257},{"type":564},{"text":1686,"type":559,"marks":1687}," access to a $1.6 billion debt and equity package under the CHIPS Act, following a $1.5 billion private capital raise earlier this year. The US government also signed a $725 million loan to ",[1688],{"type":1255,"attrs":1689},{"color":1257},{"text":1691,"type":559,"marks":1692},"Energy Fuels",[1693,1695],{"type":1255,"attrs":1694},{"color":1257},{"type":564},{"text":1697,"type":559,"marks":1698}," as part of its ",[1699],{"type":1255,"attrs":1700},{"color":1257},{"text":1702,"type":559,"marks":1703},"wider bid to expand domestic rare earth production",[1704,1708],{"type":571,"attrs":1705},{"href":1706,"uuid":1707,"anchor":49,"target":1240,"linktype":920},"/article/why-the-us-is-becoming-a-rare-earth-mine-to-magnet-destination","bb0713da-7c91-498a-a956-853d2402c999",{"type":1255,"attrs":1709},{"color":1257},{"text":1711,"type":559,"marks":1712},", and Energy Fuels itself bought out German magnet company ",[1713],{"type":1255,"attrs":1714},{"color":1257},{"text":1716,"type":559,"marks":1717},"Vacuumschmelze ",[1718,1720],{"type":1255,"attrs":1719},{"color":1257},{"type":564},{"text":1722,"type":559,"marks":1723},"in a $1.9 billion cash and stock deal.",[1724],{"type":1255,"attrs":1725},{"color":1257},{"type":587,"attrs":1727},{"id":1728,"body":1729},"2c0ace3f-3835-4571-80f8-a958a14b1ad3",[1730],{"id":1731,"_uid":1732,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"29557202","i-a2506105-e694-407e-b0cb-c1e3352bebe7",{"type":587,"attrs":1734},{"id":1728,"body":1735},[1736],{"id":1737,"_uid":1738,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"29557206","i-1bf3ecd9-7691-4dba-ae62-7d238890de2c",{"type":587,"attrs":1740},{"id":1728,"body":1741},[1742],{"id":1743,"_uid":1744,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"29557207","i-8085a38e-96a6-4638-a344-836d4dee3f48",{"type":587,"attrs":1746},{"id":1747,"body":1748},"2db9e37d-fe38-4b10-9591-cbae3432c0c0",[1749],{"id":1750,"_uid":1751,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"29557738","i-57f445b7-08b6-4a98-aec2-6ad76aea6c71",{"type":587,"attrs":1753},{"id":1747,"body":1754},[1755],{"id":1756,"_uid":1757,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"29557731","i-abdf8923-edc8-40ff-bc00-b6374e87b23b",{"type":554,"attrs":1759,"content":1760},{"textAlign":49},[1761,1767,1772,1778,1783,1789],{"text":1762,"type":559,"marks":1763},"New Gonow Auto ",[1764,1766],{"type":1255,"attrs":1765},{"color":1257},{"type":564},{"text":1768,"type":559,"marks":1769},"had another strong month of share price gains, while ",[1770],{"type":1255,"attrs":1771},{"color":1257},{"text":1773,"type":559,"marks":1774},"FuelCell Energy",[1775,1777],{"type":1255,"attrs":1776},{"color":1257},{"type":564},{"text":1779,"type":559,"marks":1780},"'s price rose on the back of new financing from the US Export-Import Bank. Robotics firm ",[1781],{"type":1255,"attrs":1782},{"color":1257},{"text":1784,"type":559,"marks":1785},"Ouster ",[1786,1788],{"type":1255,"attrs":1787},{"color":1257},{"type":564},{"text":1790,"type":559,"marks":1791},"has also performed strongly as it has announced a range of new products and partnerships.",[1792],{"type":1255,"attrs":1793},{"color":1257},{"type":554,"attrs":1795,"content":1796},{"textAlign":49},[1797,1799,1803,1805,1810,1812,1816,1818,1822],{"text":1798,"type":559},"Chinese consumer electronics firm ",{"text":1800,"type":559,"marks":1801},"UTime ",[1802],{"type":564},{"text":1804,"type":559},"dropped ahead of an acquisition by Feixiaohao Technology, Israeli ",{"text":1806,"type":559,"marks":1807},"EV firm",[1808],{"type":571,"attrs":1809},{"href":1263,"uuid":1264,"anchor":49,"target":1240,"linktype":920},{"text":1811,"type":559}," ",{"text":1813,"type":559,"marks":1814},"REE Automotive ",[1815],{"type":564},{"text":1817,"type":559},"fell after its recent announcement of heavy losses, and ",{"text":1819,"type":559,"marks":1820},"Brenmiller Energy",[1821],{"type":564},{"text":1823,"type":559},"'s announcement of issuance of new stock sparked concerns about dilution that drove a fall in its value. ",{"type":580,"attrs":1825,"content":1827},{"level":582,"textAlign":1826},"left",[1828],{"text":1829,"type":559,"marks":1830},"Spotlight: Post-IPO share price performance",[1831],{"type":1255,"attrs":1832},{"color":1257},{"type":554,"attrs":1834,"content":1835},{"textAlign":1826},[1836,1842],{"text":1837,"type":559,"marks":1838},"Vikram Solar",[1839,1841],{"type":1255,"attrs":1840},{"color":1257},{"type":564},{"text":1843,"type":559,"marks":1844},", an Indian solar energy developer and PV cell manufacturer, listed on the Bombay Stock Exchange in 2025. As of 1 June, its share price was 57% of what it was at its IPO.",[1845],{"type":1255,"attrs":1846},{"color":1257},{"type":587,"attrs":1848},{"id":1728,"body":1849},[1850],{"id":1851,"_uid":1852,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"29557741","i-af1cf625-2ded-4b63-873f-e08786b8f0a8",{"type":580,"attrs":1854,"content":1855},{"level":582,"textAlign":49},[1856],{"text":1857,"type":559},"Funding News",{"type":587,"attrs":1859},{"id":1728,"body":1860},[1861],{"id":1862,"_uid":1863,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"29568130","i-2a669b00-bcfa-46a9-b1f8-3d839ef2913d",{"type":598,"content":1865},[1866,1881,1902,1923],{"type":601,"content":1867},[1868],{"type":554,"attrs":1869,"content":1870},{"textAlign":49},[1871,1876],{"text":1613,"type":559,"marks":1872},[1873,1875],{"type":1255,"attrs":1874},{"color":1257},{"type":564},{"text":1877,"type":559,"marks":1878},"'s project funding for one of the US' largest ever solar-plus-storage sites, in a financing and tax equity deal that was comfortably the largest tranche of funding tracked this month.",[1879],{"type":1255,"attrs":1880},{"color":1257},{"type":601,"content":1882},[1883],{"type":554,"attrs":1884,"content":1885},{"textAlign":49},[1886,1891,1897],{"text":1887,"type":559,"marks":1888},"Spanish utility ",[1889],{"type":1255,"attrs":1890},{"color":1257},{"text":1892,"type":559,"marks":1893},"Iberdrola ",[1894,1896],{"type":1255,"attrs":1895},{"color":1257},{"type":564},{"text":1898,"type":559,"marks":1899},"announced a $1.7 billion raise from a European senior green bond issuance, which it said would be used to fund electricity grid upgrades across the markets in which it operates.",[1900],{"type":1255,"attrs":1901},{"color":1257},{"type":601,"content":1903},[1904],{"type":554,"attrs":1905,"content":1906},{"textAlign":49},[1907,1912,1918],{"text":1908,"type":559,"marks":1909},"EV fleet electrification and battery storage firm ",[1910],{"type":1255,"attrs":1911},{"color":1257},{"text":1913,"type":559,"marks":1914},"Zenobē",[1915,1917],{"type":1255,"attrs":1916},{"color":1257},{"type":564},{"text":1919,"type":559,"marks":1920}," secured over $1.3 billion to support the deployment of 1,200 new electric buses and charging infrastructure.",[1921],{"type":1255,"attrs":1922},{"color":1257},{"type":601,"content":1924},[1925],{"type":554,"attrs":1926,"content":1927},{"textAlign":49},[1928,1932,1934,1938],{"text":1929,"type":559,"marks":1930},"China Minmetals Corporation",[1931],{"type":564},{"text":1933,"type":559}," subsidiary and base metals miner ",{"text":1935,"type":559,"marks":1936},"MMG ",[1937],{"type":564},{"text":1939,"type":559},"raised $1.6 billion through the issuance of shares and zero-coupon convertible bonds, which it said would be used to both refinance existing debt and expand existing projects.",{"type":554,"attrs":1941,"content":1942},{"textAlign":1826},[1943,1948,1954,1958,1963,1968,1974],{"text":1944,"type":559,"marks":1945},"Over",[1946],{"type":1255,"attrs":1947},{"color":1257},{"text":1949,"type":559,"marks":1950}," $26 billion worth of financial transactions were tracked in June across over 90 deals",[1951,1953],{"type":1255,"attrs":1952},{"color":1257},{"type":564},{"text":576,"type":559,"marks":1955},[1956],{"type":1255,"attrs":1957},{"color":1257},{"text":1811,"type":559,"marks":1959},[1960,1962],{"type":1255,"attrs":1961},{"color":1257},{"type":564},{"text":1964,"type":559,"marks":1965},"To view all of this funding data in Excel, ",[1966],{"type":1255,"attrs":1967},{"color":1257},{"text":1579,"type":559,"marks":1969},[1970,1972],{"type":571,"attrs":1971},{"href":1583,"uuid":49,"anchor":49,"target":1240,"linktype":1584},{"type":1255,"attrs":1973},{"color":1257},{"text":576,"type":559,"marks":1975},[1976],{"type":1255,"attrs":1977},{"color":1257},{"type":580,"attrs":1979,"content":1980},{"level":582,"textAlign":1826},[1981],{"text":1982,"type":559},"M&A activity and other market news",{"type":598,"content":1984},[1985,2025,2057,2089,2130],{"type":601,"content":1986},[1987],{"type":554,"attrs":1988,"content":1989},{"textAlign":1826},[1990,1995,2001,2010,2014,2020],{"text":1991,"type":559,"marks":1992},"US clean energy firm ",[1993],{"type":1255,"attrs":1994},{"color":1257},{"text":1996,"type":559,"marks":1997},"Nextpower ",[1998,2000],{"type":1255,"attrs":1999},{"color":1257},{"type":564},{"text":2002,"type":559,"marks":2003},"acquired battery storage maker",[2004,2008],{"type":571,"attrs":2005},{"href":2006,"uuid":2007,"anchor":49,"target":1240,"linktype":920},"/article/us-solar-firm-nextpower-enters-energy-storage-market-through-acquisition-of-bess-maker-prevalon","b82f9e82-264c-4364-907f-b0e8181b2433",{"type":1255,"attrs":2009},{"color":1257},{"text":1811,"type":559,"marks":2011},[2012],{"type":1255,"attrs":2013},{"color":1257},{"text":2015,"type":559,"marks":2016},"Prevalon ",[2017,2019],{"type":1255,"attrs":2018},{"color":1257},{"type":564},{"text":2021,"type":559,"marks":2022},"as it looks to capitalise on demand for BESS for data centres.",[2023],{"type":1255,"attrs":2024},{"color":1257},{"type":601,"content":2026},[2027],{"type":554,"attrs":2028,"content":2029},{"textAlign":1826},[2030,2035,2041,2046,2052],{"text":2031,"type":559,"marks":2032},"There was another tie-up between a solar and a BESS player as solar startup ",[2033],{"type":1255,"attrs":2034},{"color":1257},{"text":2036,"type":559,"marks":2037},"T1 Energy ",[2038,2040],{"type":1255,"attrs":2039},{"color":1257},{"type":564},{"text":2042,"type":559,"marks":2043},"acquired BESS firm ",[2044],{"type":1255,"attrs":2045},{"color":1257},{"text":2047,"type":559,"marks":2048},"KORE Power",[2049,2051],{"type":1255,"attrs":2050},{"color":1257},{"type":564},{"text":2053,"type":559,"marks":2054}," in a $32 million deal.",[2055],{"type":1255,"attrs":2056},{"color":1257},{"type":601,"content":2058},[2059],{"type":554,"attrs":2060,"content":2061},{"textAlign":1826},[2062,2067,2073,2078,2084],{"text":2063,"type":559,"marks":2064},"EV charging firms ",[2065],{"type":1255,"attrs":2066},{"color":1257},{"text":2068,"type":559,"marks":2069},"Voltera ",[2070,2072],{"type":1255,"attrs":2071},{"color":1257},{"type":564},{"text":2074,"type":559,"marks":2075},"and ",[2076],{"type":1255,"attrs":2077},{"color":1257},{"text":2079,"type":559,"marks":2080},"Revel ",[2081,2083],{"type":1255,"attrs":2082},{"color":1257},{"type":564},{"text":2085,"type":559,"marks":2086},"will merge to consolidate and expand their charging infrastructure platform, and will trade under the Voltera name.",[2087],{"type":1255,"attrs":2088},{"color":1257},{"type":601,"content":2090},[2091],{"type":554,"attrs":2092,"content":2093},{"textAlign":1826},[2094,2099,2105,2110,2116,2120,2126],{"text":2095,"type":559,"marks":2096},"Shareholders in independent power producer ",[2097],{"type":1255,"attrs":2098},{"color":1257},{"text":2100,"type":559,"marks":2101},"Boralex ",[2102,2104],{"type":1255,"attrs":2103},{"color":1257},{"type":564},{"text":2106,"type":559,"marks":2107},"approved the company's acquisition by ",[2108],{"type":1255,"attrs":2109},{"color":1257},{"text":2111,"type":559,"marks":2112},"Brookfield ",[2113,2115],{"type":1255,"attrs":2114},{"color":1257},{"type":564},{"text":2074,"type":559,"marks":2117},[2118],{"type":1255,"attrs":2119},{"color":1257},{"text":2121,"type":559,"marks":2122},"La Caisse",[2123,2125],{"type":1255,"attrs":2124},{"color":1257},{"type":564},{"text":576,"type":559,"marks":2127},[2128],{"type":1255,"attrs":2129},{"color":1257},{"type":601,"content":2131},[2132],{"type":554,"attrs":2133,"content":2134},{"textAlign":1826},[2135,2141,2146,2152],{"text":2136,"type":559,"marks":2137},"SUNation Energy ",[2138,2140],{"type":1255,"attrs":2139},{"color":1257},{"type":564},{"text":2142,"type":559,"marks":2143},"is to merge with US solar cell maker ",[2144],{"type":1255,"attrs":2145},{"color":1257},{"text":2147,"type":559,"marks":2148},"Suniva ",[2149,2151],{"type":1255,"attrs":2150},{"color":1257},{"type":564},{"text":2153,"type":559,"marks":2154},"in a deal to continue under the Suniva name while retaining SUNation's Nasdaq listing.",[2155],{"type":1255,"attrs":2156},{"color":1257},{"type":580,"attrs":2158,"content":2159},{"level":582,"textAlign":49},[2160],{"text":2161,"type":559,"marks":2162},"2025/26 performance of energy transition IPO market",[2163],{"type":1255,"attrs":2164},{"color":1257},{"type":587,"attrs":2166},{"id":1747,"body":2167},[2168],{"id":2169,"_uid":2170,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"28849422","i-aeafcbd9-a9f7-48b5-8547-156aad074582",{"type":580,"attrs":2172,"content":2173},{"level":582,"textAlign":1826},[2174],{"text":2175,"type":559,"marks":2176},"Market listings and updates",[2177],{"type":1255,"attrs":2178},{"color":1257},{"type":554,"attrs":2180,"content":2181},{"textAlign":1826},[2182,2187,2193,2198,2204,2209,2215],{"text":2183,"type":559,"marks":2184},"In June, we tracked a range of IPOs across global stock markets that included the largest ever ipo, that of ",[2185],{"type":1255,"attrs":2186},{"color":1257},{"text":2188,"type":559,"marks":2189},"SpaceX",[2190,2192],{"type":1255,"attrs":2191},{"color":1257},{"type":564},{"text":2194,"type":559,"marks":2195},". The firm uses lithium ion batteries in its satellites. Elsewhere on the Nasdaq, ",[2196],{"type":1255,"attrs":2197},{"color":1257},{"text":2199,"type":559,"marks":2200},"Sunshine Silver Mining",[2201,2203],{"type":1255,"attrs":2202},{"color":1257},{"type":564},{"text":2205,"type":559,"marks":2206},", which mines copper as well as silver, raised $270 million. Small modular nuclear reactor firm ",[2207],{"type":1255,"attrs":2208},{"color":1257},{"text":2210,"type":559,"marks":2211},"Deep Fission ",[2212,2214],{"type":1255,"attrs":2213},{"color":1257},{"type":564},{"text":2216,"type":559,"marks":2217},"went public, raising $40 million. ",[2218],{"type":1255,"attrs":2219},{"color":1257},{"type":554,"attrs":2221,"content":2222},{"textAlign":1826},[2223,2228,2234,2239,2245],{"text":2224,"type":559,"marks":2225},"On the Hong Kong Stock Exchange, carbon capture firm ",[2226],{"type":1255,"attrs":2227},{"color":1257},{"text":2229,"type":559,"marks":2230},"Shougang LanzaTech ",[2231,2233],{"type":1255,"attrs":2232},{"color":1257},{"type":564},{"text":2235,"type":559,"marks":2236},"raised $74.5 million and lithium ion separator maker ",[2237],{"type":1255,"attrs":2238},{"color":1257},{"text":2240,"type":559,"marks":2241},"Shenzhen Senior Technology Material ",[2242,2244],{"type":1255,"attrs":2243},{"color":1257},{"type":564},{"text":2246,"type":559,"marks":2247},"raised $172 million. ",[2248],{"type":1255,"attrs":2249},{"color":1257},{"type":580,"attrs":2251,"content":2252},{"level":582,"textAlign":1826},[2253,2259,2264,2269],{"type":2254,"attrs":2255},"image",{"id":2256,"alt":596,"src":2257,"title":596,"source":596,"copyright":596,"meta_data":2258},193428872970856,"https://a.storyblok.com/f/287943243085208/651x671/51a40bf77f/screenshot-2026-07-01-124411.png",{},{"type":2254,"attrs":2260},{"id":2261,"alt":596,"src":2262,"title":596,"source":596,"copyright":596,"meta_data":2263},193429212152455,"https://a.storyblok.com/f/287943243085208/652x676/1102c789c1/screenshot-2026-07-01-144520.png",{},{"type":2254,"attrs":2265},{"id":2266,"alt":596,"src":2267,"title":596,"source":596,"copyright":596,"meta_data":2268},193399717198009,"https://a.storyblok.com/f/287943243085208/646x672/26d94a3f94/screenshot-2026-07-01-124457.png",{},{"text":2270,"type":559},"Announcements",{"type":554,"attrs":2272,"content":2273},{"textAlign":1826},[2274],{"text":2275,"type":559,"marks":2276},"Throughout June, several energy transition and critical mineral companies progressed or announced plans to list across exchanges:",[2277],{"type":1255,"attrs":2278},{"color":1257},{"type":598,"content":2280},[2281,2294,2305,2318,2337,2350],{"type":601,"content":2282},[2283],{"type":554,"attrs":2284,"content":2285},{"textAlign":1826},[2286,2288,2292],{"text":2287,"type":559},"Vedanta division ",{"text":2289,"type":559,"marks":2290},"CopperTech Metals",[2291],{"type":564},{"text":2293,"type":559}," is targeting a $3.57 billion valuation ahead of a planned listing on the back of a reported revenue boost, though the listing has now been delayed owing to volatility in global copper equities.",{"type":601,"content":2295},[2296],{"type":554,"attrs":2297,"content":2298},{"textAlign":1826},[2299,2303],{"text":2300,"type":559,"marks":2301},"China Resources New Energy",[2302],{"type":564},{"text":2304,"type":559}," is planning the largest Asian IPO of the year in Shenzhen on 2 July.",{"type":601,"content":2306},[2307],{"type":554,"attrs":2308,"content":2309},{"textAlign":49},[2310,2312,2316],{"text":2311,"type":559},"Lithium developer ",{"text":2313,"type":559,"marks":2314},"Savannah Resources",[2315],{"type":564},{"text":2317,"type":559}," is considering listing either in Portugal or Australia as investor interest continues to grow in critical minerals.",{"type":601,"content":2319},[2320],{"type":554,"attrs":2321,"content":2322},{"textAlign":49},[2323,2325,2329,2331,2335],{"text":2324,"type":559},"Rare earth recycling firm ",{"text":2326,"type":559,"marks":2327},"REEcycle",[2328],{"type":564},{"text":2330,"type":559}," and rare earths developer ",{"text":2332,"type":559,"marks":2333},"Tactical Resources",[2334],{"type":564},{"text":2336,"type":559}," are both planning to list on the Nasdaq via SPAC merger.",{"type":601,"content":2338},[2339],{"type":554,"attrs":2340,"content":2341},{"textAlign":49},[2342,2344,2348],{"text":2343,"type":559},"Energy storage system integrator ",{"text":2345,"type":559,"marks":2346},"Shenzhen Cooper Energy",[2347],{"type":564},{"text":2349,"type":559}," has filed to list on the Hong Kong Stock Exchange.",{"type":601,"content":2351},[2352],{"type":554,"attrs":2353,"content":2354},{"textAlign":49},[2355,2357,2361,2363,2367],{"text":2356,"type":559},"Cathode player ",{"text":2358,"type":559,"marks":2359},"Gansu Jinchuan Ruixiang New Materials",[2360],{"type":564},{"text":2362,"type":559}," (formerly ",{"text":2364,"type":559,"marks":2365},"Reshine",[2366],{"type":564},{"text":2368,"type":559},") has submitted an IPO application as it seeks funding to expand its LFP cathode production capacity by 500kt.","Welcome to Energy Transition Capital Monthly, part of your Benchmark Intelligence subscription. This report tracks companies related to the energy transition going public through IPOs or mergers via SPACs, as well as company share prices and broader industry trends through indices and funding data. It provides a comprehensive overview of the past month’s listings and announcements.",[2371,2372,2373,2376,2378,2379,2380,2383,2384,2385,2386,2389,2390,2393,2394,2395,2396,2397,2398,2399,2400,2402,2405,2406,2407],{"slug":847,"name":261},{"slug":849,"name":850},{"slug":2374,"name":2375},"battery-technology","Battery Technology",{"slug":2377,"name":373},"black-mass",{"slug":852,"name":298},{"slug":1173,"name":115},{"slug":2381,"name":2382},"copper","Copper",{"slug":1175,"name":1176},{"slug":1411,"name":1412},{"slug":1408,"name":1409},{"slug":2387,"name":2388},"fluorspar","Fluorspar",{"slug":1544,"name":1545},{"slug":2391,"name":2392},"gigafactories","Battery & Gigafactory",{"slug":1189,"name":1190},{"slug":854,"name":8},{"slug":1179,"name":1180},{"slug":1182,"name":189},{"slug":1422,"name":1423},{"slug":1184,"name":150},{"slug":1186,"name":1187},{"slug":2401,"name":414},"rare-earths",{"slug":2403,"name":2404},"recycling","Recycling",{"slug":856,"name":857},{"slug":1547,"name":1548},{"slug":1192,"name":1193},"Jul 02, 2026",{"id":2410,"uuid":2411,"name":2412,"slug":2413,"full_slug":2414,"content":2415},121614699371805,"b185f98f-d288-44d3-8fd0-1210abde5581","Energy Transition Profitability Heatmap","energy-transition-profitability-heatmap-2","publications/briefings/profitability-heatmaps/energy-transition-profitability-heatmap-2",{"_uid":2416,"date":2417,"content":2418,"excerpt":2424,"component":844,"categories":2432,"visibility":858,"publication_frequency":859,"formattedDate":2436},"a7f36ba6-22ee-4b92-bbec-59218f99bb53","2026-05-12 00:00",{"type":551,"content":2419},[2420,2425],{"type":554,"attrs":2421,"content":2422},{"textAlign":49},[2423],{"text":2424,"type":559},"Welcome to Benchmark’s “Energy Transition Profitability Heatmap”. This heatmap evaluates the operating margin of listed companies across the EV & Battery supply chain. By focusing on operating margin, it provides a clear lens into the core performance of businesses.",{"type":587,"attrs":2426},{"id":2427,"body":2428},"e98064fc-7d19-466f-b46a-6695cdf0e6b3",[2429],{"id":2430,"_uid":2431,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"28942913","i-db8b7627-f3aa-408e-b4cf-2eb23d4d3e16",[2433,2434,2435],{"slug":849,"name":850},{"slug":1175,"name":1176},{"slug":1422,"name":1423},"May 12, 2026",{"id":2438,"uuid":2439,"name":2440,"slug":2441,"full_slug":2442,"content":2443},175704397724269,"5148691a-a5a2-457d-be6e-d08015a0b327","EV Automakers League Table Q1 2026","ev-automakers-league-table-q1-2026","publications/briefings/automaker-league-tables/ev-automakers-league-table-q1-2026",{"_uid":2444,"date":2417,"content":2445,"excerpt":2465,"component":844,"categories":2466,"visibility":858,"publication_frequency":859,"formattedDate":2436},"513e3eff-5266-4533-8bc1-4cfbb6491b30",{"type":551,"content":2446},[2447,2452,2459],{"type":554,"attrs":2448,"content":2449},{"textAlign":49},[2450],{"text":2451,"type":559},"This briefing tracks EV unit retail sales of the top 20 EV automakers separating sales between China and the ROW. It is updated on a quarterly basis. ",{"type":587,"attrs":2453},{"id":2454,"body":2455},"d4eb8e2a-1c92-4317-82da-f2dee43aec9c",[2456],{"id":2457,"_uid":2458,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"28934581","i-a48a952a-1192-464a-9bf5-a413e1b2dee0",{"type":587,"attrs":2460},{"id":2454,"body":2461},[2462],{"id":2463,"_uid":2464,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"28924075","i-e0a4961a-3733-48e3-be77-acb8a3db95de","This briefing tracks EV unit retail sales of the top 20 EV automakers separating sales between China and the ROW. It is updated on a quarterly basis.",[2467,2468],{"slug":1408,"name":1409},{"slug":849,"name":850},{"id":2470,"uuid":2471,"name":2472,"slug":2473,"full_slug":2474,"content":2475},195553650655765,"8d546491-c5d4-4601-b64d-c0c8fb94d257","Geo-economic and policy briefing - Edition 6 2026","geo-economic-and-policy-briefing-edition-6-2026","publications/briefings/geo-economic-and-policy-briefings/geo-economic-and-policy-briefing-edition-6-2026",{"_uid":2476,"date":2477,"content":2478,"excerpt":2687,"component":844,"categories":2688,"visibility":858,"publication_frequency":188,"formattedDate":2704},"ba20ba81-b3b9-4acd-a732-54ddb2a3d58f","2026-07-07 00:00",{"type":551,"content":2479},[2480,2494,2508,2513,2518,2531,2536,2543,2551,2577,2582,2595,2602,2607,2612,2617,2622,2635,2641,2655,2663,2671,2679,2685],{"type":580,"attrs":2481,"content":2483},{"level":2482,"textAlign":49},4,[2484,2490],{"text":2485,"type":559,"marks":2486},"1.      ",[2487,2489],{"type":1255,"attrs":2488},{"color":596},{"type":564},{"text":2491,"type":559,"marks":2492},"Geo-economic tensions with China set to return to the top of US and EU policy agendas",[2493],{"type":564},{"type":554,"attrs":2495,"content":2497},{"textAlign":2496},"justify",[2498,2500,2506],{"text":2499,"type":559},"Geo-economic tensions with China are set to move back to the top of the US and EU policy agendas in the coming months. The European Commission has set an October deadline for “tangible results” in addressing its €360bn goods deficit with China, while ",{"text":2501,"type":559,"marks":2502},"China’s suspension of its October 2025 export control package",[2503],{"type":571,"attrs":2504},{"href":2505,"uuid":49,"anchor":49,"target":49,"linktype":574},"https://intelligence.benchmarkminerals.com/article/china-delays-rare-earth-export-controls-after-us-china-trade-talks",{"text":2507,"type":559}," is due to expire on 10 November 2026.",{"type":554,"attrs":2509,"content":2510},{"textAlign":2496},[2511],{"text":2512,"type":559},"If reinstated, the October 2025 package would tighten China’s grip over the battery and rare earth supply chains. The measures include export controls on five additional rare earth elements — holmium, erbium, thulium, europium and ytterbium — alongside the reactivation of Announcement 58. That measure imposes licensing requirements on lithium-ion cells above 300Wh/kg, synthetic graphite anode materials, and related production equipment and technology. Export approvals are handled on a case-by-case basis by the Ministry of Commerce (MOFCOM), with opaque timelines and broad administrative discretion. In practice, licensing delays can function as a supply constraint, particularly in markets where China retains dominant control over equipment, processing know-how and intermediate materials.",{"type":554,"attrs":2514,"content":2515},{"textAlign":2496},[2516],{"text":2517,"type":559},"There is a particular risk of escalation around the reapplication of the 0.1% de minimis rule. This would extend Chinese export licensing requirements to magnet-containing products manufactured outside China, creating extraterritorial exposure across EV drivetrains, battery systems and a wider range of downstream components. Even limited Chinese content could trigger compliance requirements.",{"type":554,"attrs":2519,"content":2520},{"textAlign":2496},[2521,2523,2529],{"text":2522,"type":559},"Supply pressure, however, is already evident. ",{"text":2524,"type":559,"marks":2525},"China’s April 2025 licensing regime",[2526],{"type":571,"attrs":2527},{"href":2528,"uuid":49,"anchor":49,"target":49,"linktype":574},"https://intelligence.benchmarkminerals.com/article/china-tightens-rare-earth-exports-amid-escalating-trade-tensions-with-us",{"text":2530,"type":559}," covering permanent magnets and seven medium- and heavy-rare earth elements, including dysprosium and terbium, remains in force. Approval timelines have stretched beyond 45 days and remain subject to discretionary review, contributing to supply disruptions and assembly-line stoppages through 2025.",{"type":554,"attrs":2532,"content":2533},{"textAlign":2496},[2534],{"text":2535,"type":559},"Alongside the suspended October 2025 export controls, China has also rolled out a broader outbound investment screening and economic security framework (see table below), reinforcing concerns in both Washington and Brussels over the strategic direction of Chinese industrial policy.",{"type":587,"attrs":2537},{"id":2538,"body":2539},"f69c5167-6682-4017-ba57-06b547b1a3b8",[2540],{"id":2541,"_uid":2542,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"29581227","i-5840ad97-d16b-48aa-b62d-621118684cfc",{"type":580,"attrs":2544,"content":2546},{"level":2545,"textAlign":2496},5,[2547],{"text":2548,"type":559,"marks":2549},"EU and US responses to China shock 2.0 are likely to intensify",[2550],{"type":564},{"type":554,"attrs":2552,"content":2553},{"textAlign":2496},[2554,2556,2562,2564,2569,2571,2575],{"text":2555,"type":559},"Europe continues to grapple with a widening trade imbalance with China, increasingly framed as a “China shock 2.0”. Chinese-built plug-in hybrid electric vehicle ",{"text":2557,"type":559,"marks":2558},"(PHEV) exports to Europe in 2025 rose more than fourfold compared to 2024",[2559],{"type":571,"attrs":2560},{"href":2561,"uuid":49,"anchor":49,"target":49,"linktype":574},"https://intelligence.benchmarkminerals.com/article/eu-looking-to-close-loophole-for-chinese-phevs",{"text":2563,"type":559},", and sales rose significantly again in 2026, with a threefold increase in the first four months of the year compared to the same period in 2025. Manufacturers including BYD, Changan and SAIC, which are responsible for 90% of Chinese PHEV sales in the region so far in 2026, increased export volumes to avoid the higher EU countervailing duties on BEVs. At the same time, competitive pressure on European automakers is intensifying. Volkswagen has reportedly said it is preparing to cut around 100,000 jobs ",{"text":2565,"type":559,"marks":2566},"–",[2567],{"type":1255,"attrs":2568},{"color":596},{"text":2570,"type":559}," roughly 15% of its global workforce ",{"text":2565,"type":559,"marks":2572},[2573],{"type":1255,"attrs":2574},{"color":596},{"text":2576,"type":559}," and halt production at four German sites, while its first-quarter sales in China fell by 20%.",{"type":554,"attrs":2578,"content":2579},{"textAlign":2496},[2580],{"text":2581,"type":559},"The EU’s current trade defence policy toolkit, including countervailing duties on EVs, has so far done little to narrow the underlying trade gap. Attention is therefore shifting towards more interventionist measures, including local content requirements, intellectual property and joint venture conditions for Chinese investments, and possible duties on imported batteries and PHEVs.",{"type":554,"attrs":2583,"content":2584},{"textAlign":2496},[2585,2587,2593],{"text":2586,"type":559},"The US, meanwhile, is pursuing a supply chain strategy aimed at excluding Chinese corporate involvement. Measures already in place or underway include additional Section 301 tariffs, Prohibited Foreign Entity (PFE) rules that restrict access to US tax credits for processed critical minerals, battery components and energy storage, connected vehicle regulations that limit the use of Chinese software and hardware for model years 2027 and 2030, ",{"text":2588,"type":559,"marks":2589},"driving the exit of EV manufacturers like Polestar",[2590],{"type":571,"attrs":2591},{"href":2592,"uuid":49,"anchor":49,"target":49,"linktype":574},"https://intelligence.benchmarkminerals.com/article/polestar-to-be-banned-from-us-market-under-connected-vehicle-rule",{"text":2594,"type":559},", and procurement restrictions linked to the defence sector.",{"type":580,"attrs":2596,"content":2597},{"level":2545,"textAlign":2496},[2598],{"text":2599,"type":559,"marks":2600},"What this means for the industry",[2601],{"type":564},{"type":554,"attrs":2603,"content":2604},{"textAlign":2496},[2605],{"text":2606,"type":559},"For industry, the direction of travel looks clear: continued higher procurement costs for ex-China supply, price bifurcation, particularly for downstream buyers, and tighter supply.",{"type":554,"attrs":2608,"content":2609},{"textAlign":2496},[2610],{"text":2611,"type":559},"Ex-China premiums for graphite, rare earths, and magnet materials are set to rise further as licensing risk, longer lead times, and policy uncertainty directly feed into procurement costs. At the same time, diversification is accelerating but remains constrained by China’s entrenched position in processing technology, equipment and intermediate supply. Heavy rare-earth magnets remain one of the clearest bottlenecks for both defence applications and EV motors.",{"type":554,"attrs":2613,"content":2614},{"textAlign":2496},[2615],{"text":2616,"type":559},"This is already changing corporate behaviour. Corporate stockpiling is rising, sourcing strategies are becoming more defensive, and US and Asian OEMs in particular are placing greater value on secure, non-Chinese supply, even at a premium.",{"type":554,"attrs":2618,"content":2619},{"textAlign":2496},[2620],{"text":2621,"type":559},"Given rising policy unpredictability and the looming risk of Chinese export controls, supply chain disruption should no longer be considered a tail risk but rather a core operating condition. November 2026 will define the pace and direction of the next phase.",{"type":580,"attrs":2623,"content":2624},{"level":2482,"textAlign":2496},[2625,2629],{"text":2626,"type":559,"marks":2627},"2. Monthly round-up of ",[2628],{"type":564},{"text":2630,"type":559,"marks":2631},"the remaining key geopolitical and policy updates",[2632,2634],{"type":1255,"attrs":2633},{"color":1257},{"type":564},{"type":587,"attrs":2636},{"id":2538,"body":2637},[2638],{"id":2639,"_uid":2640,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"29581172","i-8c426212-d73e-44fa-9e02-f24b1b74ea8d",{"type":580,"attrs":2642,"content":2643},{"level":2482,"textAlign":2496},[2644,2649],{"text":2645,"type":559,"marks":2646},"3. ",[2647],{"type":1255,"attrs":2648},{"color":1257},{"text":2650,"type":559,"marks":2651},"Key Macro-economic Indicators",[2652,2654],{"type":1255,"attrs":2653},{"color":1257},{"type":564},{"type":554,"attrs":2656,"content":2657},{"textAlign":2496},[2658],{"text":2659,"type":559,"marks":2660},"With oil prices on the slide globally following the tentative peace deal between the US and Iran, there are indications of a potential dip in US inflation. Federal Reserve chair Kevin Warsh has said inflationary risks are down and reiterated his commitment to hitting the central bank’s 2% target. The US economy added fewer jobs than expected in June, meanwhile, with the 57,000 new roles a significant dip after May’s 129,000.",[2661],{"type":1255,"attrs":2662},{"color":1257},{"type":554,"attrs":2664,"content":2665},{"textAlign":2496},[2666],{"text":2667,"type":559,"marks":2668},"In China, the official manufacturing PMI dropped to 50 from 50.3 in April, while the country’s infrastructure and machinery investment was 4.1% lower in May than the same month in 2025. The World Bank has also revised its projection of Chinese growth down to 4.4% in 2026 due to concerns about its housing market.",[2669],{"type":1255,"attrs":2670},{"color":1257},{"type":554,"attrs":2672,"content":2673},{"textAlign":49},[2674],{"text":2675,"type":559,"marks":2676},"In Europe, the eurozone’s annual inflation rate fell to 2.8% in June, down from 3.2% in May. Most of the region’s inflation was driven by rising energy prices (8.7%), while services also saw 3.2% price growth",[2677],{"type":1255,"attrs":2678},{"color":1257},{"type":587,"attrs":2680},{"id":2538,"body":2681},[2682],{"id":2683,"_uid":2684,"type":920,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"3698939","i-73bf9c5f-bb0a-4445-878a-b2dfac71c28d",{"type":554,"attrs":2686},{"textAlign":2496},"This is your monthly geo-economic and policy briefing, part of your Benchmark Intelligence subscription. Every month, this briefing examines the key geo-economic and policy trends shaping the mine-to-grid supply chains, from critical minerals to electric vehicles (EVs). ",[2689,2690,2691,2692,2693,2694,2695,2696,2697,2698,2699,2700,2701,2702,2703],{"slug":847,"name":261},{"slug":849,"name":850},{"slug":2374,"name":2375},{"slug":2381,"name":2382},{"slug":1175,"name":1176},{"slug":1411,"name":1412},{"slug":1408,"name":1409},{"slug":1544,"name":1545},{"slug":2391,"name":2392},{"slug":1189,"name":1190},{"slug":854,"name":8},{"slug":1182,"name":189},{"slug":1184,"name":150},{"slug":2401,"name":414},{"slug":1192,"name":1193},"Jul 07, 2026",{"id":2706,"uuid":2707,"name":2708,"slug":2709,"full_slug":2710,"content":2711},186726401906584,"e683e326-828c-4191-9ac4-fd2a28fd64e1","May 2026 Major Market EV Sales","may-2026-major-market-ev-sales","publications/briefings/all-ev-sales/may-2026-major-market-ev-sales",{"_uid":2712,"date":2713,"content":2714,"excerpt":2720,"component":844,"categories":2740,"visibility":858,"publication_frequency":188,"formattedDate":2749},"9746d7c4-6204-4e0d-98f1-c58978fc5055","2026-06-12 00:00",{"type":551,"content":2715},[2716,2721,2728,2734],{"type":554,"attrs":2717,"content":2718},{"textAlign":49},[2719],{"text":2720,"type":559},"The tables below presents the latest EV sales figures for this month as well as our forecast outlook.",{"type":587,"attrs":2722},{"id":2723,"body":2724},"59266a8a-dd6b-477a-be63-9c406944e927",[2725],{"id":2726,"_uid":2727,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"29353057","i-d2a49f52-a668-4eb0-84e6-74112da76abe",{"type":587,"attrs":2729},{"id":2723,"body":2730},[2731],{"id":2732,"_uid":2733,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"29353050","i-425390d7-83ff-49c1-bb4c-64e4ebb826ae",{"type":587,"attrs":2735},{"id":2723,"body":2736},[2737],{"id":2738,"_uid":2739,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"29353047","i-8dc4ee77-e3ec-44f6-8a7f-b0880fcb6b40",[2741,2742,2743,2744,2745,2746,2747,2748],{"slug":1408,"name":1409},{"slug":849,"name":850},{"slug":847,"name":261},{"slug":852,"name":298},{"slug":1175,"name":1176},{"slug":1544,"name":1545},{"slug":2391,"name":2392},{"slug":1422,"name":1423},"Jun 12, 2026",{"id":2751,"uuid":2752,"name":2753,"slug":2754,"full_slug":2755,"content":2756},193125787461674,"7633bef7-8e7d-4810-b51d-db242e9a5c1f","Monthly Lithium Inventory China – June 2026","monthly-lithium-inventory-china-june-2026","publications/briefings/lithium-inventory-tracker/monthly-lithium-inventory-china-june-2026",{"_uid":2757,"date":2758,"content":2759,"excerpt":2815,"component":844,"categories":2884,"visibility":858,"publication_frequency":188,"formattedDate":2890},"b8e8aa15-7650-4318-8e67-1a2de6f1fe81","2026-06-30 00:00",{"type":551,"content":2760},[2761,2768,2776,2792,2807,2849,2862,2880],{"type":587,"attrs":2762},{"id":2763,"body":2764},"bc72bd76-5ab7-4a6b-b0c4-fa50214e7e3e",[2765],{"id":2766,"_uid":2767,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"29537185","i-cb354335-fe24-4108-a890-f0f19d29b408",{"type":554,"attrs":2769,"content":2770},{"textAlign":49},[2771],{"type":2254,"attrs":2772},{"id":2773,"alt":596,"src":2774,"title":596,"source":596,"copyright":596,"meta_data":2775},193129374964961,"https://a.storyblok.com/f/287943243085208/2271x331/c6accd9429/2026-06-30-top-table.png",{},{"type":554,"attrs":2777,"content":2778},{"textAlign":49},[2779,2780,2784,2786,2790],{"text":1811,"type":559},{"text":2781,"type":559,"marks":2782},"*",[2783],{"type":564},{"text":2785,"type":559}," ",{"text":2787,"type":559,"marks":2788},"Lithium Chemicals Inventory ",[2789],{"type":564},{"text":2791,"type":559},"tracks changes in the lithium chemicals inventory across chemical producers, converters, traders, and any midstream or downstream end consumers in China.",{"type":554,"attrs":2793,"content":2794},{"textAlign":49},[2795,2801,2805],{"text":2796,"type":559,"marks":2797},"A ",[2798,2799],{"type":564},{"type":2800},"superscript",{"text":2802,"type":559,"marks":2803},"Cathode Inventory ",[2804],{"type":564},{"text":2806,"type":559},"tracks changes in the quantity of cathode active material held at midstream and downstream operations in China.",{"type":598,"content":2808},[2809,2819,2829,2839],{"type":601,"content":2810},[2811],{"type":554,"attrs":2812,"content":2813},{"textAlign":49},[2814],{"text":2815,"type":559,"marks":2816},"Throughout June 2026, lithium inventories were drawn down moderately, as robust consumption outstripped restocking efforts. Opportunistic restocking early in the month, spurred by dipping raw materials prices, reduced the pressure to buy lithium chemicals by the end of the period. By the end of June, lithium carbonate and hydroxide inventory had fallen 1,400 tonnes LCE.",[2817],{"type":1255,"attrs":2818},{"color":1257},{"type":601,"content":2820},[2821],{"type":554,"attrs":2822,"content":2823},{"textAlign":49},[2824],{"text":2825,"type":559,"marks":2826},"Lithium chemical shipments from Chile to China decreased in May, tightening material availability. Additionally, one brine producer in Qinghai Province undertook maintenance. This tightening was mostly counterbalanced by consistent hard rock conversion activity and increased chemical shipments from South Korea to China – primarily comprising consumers reselling excess material. Earthquakes in Qinghai during the month did not cause damage to brine operations, nor disrupt supply.",[2827],{"type":1255,"attrs":2828},{"color":1257},{"type":601,"content":2830},[2831],{"type":554,"attrs":2832,"content":2833},{"textAlign":49},[2834],{"text":2835,"type":559,"marks":2836},"Production schedules and inventory levels at NCM cathode producers were steady in June, maintaining the momentum of May’s domestic commercial vehicle and export EV demand pull-through. For LFP cathode producers, Benchmark tracked rising stocks, especially among larger players, leading to a total CAM inventory increase to 1.8 weeks worth of consumption.",[2837],{"type":1255,"attrs":2838},{"color":1257},{"type":601,"content":2840},[2841],{"type":554,"attrs":2842,"content":2843},{"textAlign":49},[2844],{"text":2845,"type":559,"marks":2846},"Among cell producers, demand forecasts remained robust and production levels were consistent. However, impending half-year financial reporting prompted cautious procurement, as companies worked to reduce the inventory on their balance sheets.",[2847],{"type":1255,"attrs":2848},{"color":1257},{"type":554,"attrs":2850,"content":2851},{"textAlign":49},[2852,2857],{"type":2254,"attrs":2853},{"id":2854,"alt":596,"src":2855,"title":596,"source":596,"copyright":596,"meta_data":2856},193129527745773,"https://a.storyblok.com/f/287943243085208/2296x434/b49d701e20/2026-06-30-bottom-table.png",{},{"type":2254,"attrs":2858},{"id":2859,"alt":596,"src":2860,"title":596,"source":596,"copyright":596,"meta_data":2861},193129187355868,"https://a.storyblok.com/f/287943243085208/1620x91/54aebdbede/2026-06-30-key.png",{},{"type":554,"attrs":2863,"content":2864},{"textAlign":49},[2865,2867,2872,2874,2878],{"text":2866,"type":559},"  ",{"text":2868,"type":559,"marks":2869},"B, C ",[2870,2871],{"type":564},{"type":2800},{"text":2873,"type":559}," The ",{"text":2875,"type":559,"marks":2876},"Lithium Chemicals Inventory Change Break Down and the Cathode Inventory Change Break Down ",[2877],{"type":564},{"text":2879,"type":559},"illustrates where inventory sits within the supply chain for lithium chemicals and cathode active material, respectively. Lighter orange denotes lower-than-typical inventory levels, darker orange denotes higher-than-typical inventory levels. An up arrow indicates restocking, a flat arrow indicates a static balance, and a down arrow indicates destocking. The inventory changes at these supply chain steps comprise the overall change in the inventory trackers above.",{"type":554,"attrs":2881,"content":2882},{"textAlign":49},[2883],{"text":2866,"type":559},[2885,2886,2887],{"slug":854,"name":8},{"slug":1175,"name":1176},{"slug":2888,"name":2889},"raw-materials","Raw Materials","Jun 30, 2026",{"id":2892,"uuid":2893,"name":2894,"slug":2895,"full_slug":2896,"content":2897},196574525013428,"0e538e99-e6a3-4350-862f-27f1b6b51187","Raw Materials Price Briefing: 10/07/2026","raw-materials-price-briefing-10-07-2026","publications/briefings/raw-material-prices/raw-materials-price-briefing-10-07-2026",{"_uid":2898,"date":2899,"content":2900,"excerpt":3012,"component":844,"categories":3013,"visibility":858,"publication_frequency":3022,"formattedDate":3023},"7bb1bb13-fc3d-4e36-a472-144599e8abbb","2026-07-10 00:00",{"type":551,"content":2901},[2902,2921,2928,2933,2938,2962,2977,3006],{"type":554,"attrs":2903,"content":2904},{"textAlign":49},[2905,2907,2911,2913,2919],{"text":2906,"type":559},"This is your ",{"text":2908,"type":559,"marks":2909},"Weekly Raw Material Prices Briefing (10/07/2026)",[2910],{"type":564},{"text":2912,"type":559},", part of your Benchmark Intelligence subscription. Every week, this briefing charts changes in prices across a key selection of minerals vital for battery and energy transition supply chains. You can view all of Benchmark's 2,500+ prices on the ",{"text":2914,"type":559,"marks":2915},"Prices Dashboard",[2916],{"type":571,"attrs":2917},{"href":2918,"uuid":49,"anchor":49,"target":919,"linktype":574},"https://prices.benchmarkminerals.com/",{"text":2920,"type":559},", which is also a part of your Intelligence subscription.",{"type":587,"attrs":2922},{"id":2923,"body":2924},"c840102f-dfe0-408e-93e6-f8d9d15b9df0",[2925],{"id":2926,"_uid":2927,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"29584292","i-f19ff518-a14f-4c44-8e2f-3eb2aaa081e5",{"type":580,"attrs":2929,"content":2930},{"level":582,"textAlign":49},[2931],{"text":2932,"type":559},"Price commentary",{"type":554,"attrs":2934,"content":2935},{"textAlign":49},[2936],{"text":2937,"type":559},"Here, Benchmark Intelligence explores the key trends underlying the price movements reported in Benchmark Price Assessments published in the last week.",{"type":554,"attrs":2939,"content":2940},{"textAlign":49},[2941,2944,2946,2952,2954,2960],{"text":1033,"type":559,"marks":2942},[2943],{"type":564},{"text":2945,"type":559},"Chinese lithium carbonate prices rose sharply week-on-week, though the price gains eased towards the end of the period as supply expectations improved. Weak NCM procurement led to lithium hydroxide price declines. Spodumene prices rose 2.9% supported by feedstock tightness despite softer sentiment. Benchmark released a ",{"text":2947,"type":559,"marks":2948},"Special Issue quantifying the China-Asia lithium price spread",[2949],{"type":571,"attrs":2950},{"href":2951,"uuid":49,"anchor":49,"target":919,"linktype":574},"https://intelligence.benchmarkminerals.com/publications/special-issues/quantifying-the-china-asia-lithium-spread-a-statistical-interrogation-of-the-cif-asia-exw-china-price-relationship-and-what-it-means-for-traders-buyers-and-producers",{"text":2953,"type":559},". [Download the latest ",{"text":2955,"type":559,"marks":2956},"Lithium Price Assessment",[2957],{"type":571,"attrs":2958},{"href":2959,"uuid":49,"anchor":49,"target":919,"linktype":574},"https://downloads.benchmarkminerals.com/?file=6c8fae32-3c51-4293-b010-7b91b1febce3&source=sharelink",{"text":2961,"type":559},"]",{"type":554,"attrs":2963,"content":2964},{"textAlign":49},[2965,2968,2970,2976],{"text":1051,"type":559,"marks":2966},[2967],{"type":564},{"text":2969,"type":559},"Cobalt market remains quiet with limited spot liquidity. Strong NCM demand has yet to translate into increased spot activity. Ongoing uncertainty around DRC customs processes is expected to shape market direction in the coming months, particularly with regard to anticipated August inflows. [Download the latest ",{"text":2971,"type":559,"marks":2972},"Cobalt Price Assessment",[2973],{"type":571,"attrs":2974},{"href":2975,"uuid":49,"anchor":49,"target":919,"linktype":574},"https://downloads.benchmarkminerals.com/?file=184975c4-4e90-4ca4-9dbb-290b249250aa&source=sharelink",{"text":2961,"type":559},{"type":554,"attrs":2978,"content":2979},{"textAlign":49},[2980,2984,2985,2990,2992,2997,2999,3005],{"text":2981,"type":559,"marks":2982},"Rare earths:",[2983],{"type":564},{"text":1811,"type":559},{"text":2986,"type":559,"marks":2987},"Chinese rare earth prices",[2988],{"type":571,"attrs":2989},{"href":1666,"uuid":1667,"anchor":49,"target":919,"linktype":920},{"text":2991,"type":559}," moved higher over the assessment period, led by further gains in PrNd as tighter supply and stronger spot activity supported the market. Heavy rare earths remained firm overall, with terbium edging higher and dysprosium holding broadly stable at elevated levels amidst ongoing supply constraints. ",{"text":2993,"type":559,"marks":2994},"Outside China",[2995],{"type":571,"attrs":2996},{"href":1706,"uuid":1707,"anchor":49,"target":919,"linktype":920},{"text":2998,"type":559},", prices were largely unchanged to slightly firmer, as muted spot activity and subdued procurement continued to offset structural tightness. [Download the latest ",{"text":3000,"type":559,"marks":3001},"Rare Earths Price Assessment",[3002],{"type":571,"attrs":3003},{"href":3004,"uuid":49,"anchor":49,"target":919,"linktype":574},"https://downloads.benchmarkminerals.com/?file=b1233a02-c9a7-41d2-8127-c5857cdb8beb&source=sharelink",{"text":2961,"type":559},{"type":587,"attrs":3007},{"id":2923,"body":3008},[3009],{"id":3010,"_uid":3011,"type":594,"component":595,"fixed_height":596,"use_fixed_height":50,"fixed_height_mobile":596,"fixed_height_tablet":596},"29584291","i-f1c2dc60-4ccc-44d7-b66c-8cd1d5f80ba8","This is your Weekly Raw Material Prices Briefing (10/07/2026), part of your Benchmark Intelligence subscription. Every week, this briefing charts changes in prices across a key selection of minerals vital for battery and energy transition supply chains. You can view all of Benchmark's 2,500+ prices on the Prices Dashboard, which is also a part of your Intelligence subscription.",[3014,3015,3016,3017,3018,3019,3020,3021],{"slug":1173,"name":115},{"slug":1175,"name":1176},{"slug":854,"name":8},{"slug":1179,"name":1180},{"slug":1182,"name":189},{"slug":1184,"name":150},{"slug":2401,"name":414},{"slug":1192,"name":1193},"weekly","Jul 10, 2026",1783682772952]