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High-Nickel",99.44,96.91,2.61,2.37,-3.84,[489,490,491,493,495,497,499,501,503,505,506,508],{"date":213,"value":483},{"date":216,"value":484},{"date":219,"value":492},97.09,{"date":222,"value":494},94.93,{"date":225,"value":496},97.13,{"date":467,"value":498},97.89,{"date":329,"value":500},101.4,{"date":339,"value":502},93.25,{"date":341,"value":504},98.94,{"date":344,"value":496},{"date":347,"value":507},98.69,{"date":350,"value":509},101.87,{"publishedDate":213,"updateFrequency":188,"updateFrequencyText":188,"label":511,"today":512,"last":513,"percentageChange":514,"yearToDate":515,"yearOnYear":516,"oneYearIndexTrend":517,"url":370,"subscription":49,"isProtected":50,"hasAccess":51},"NCM Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":789,"relatedVideos":790},121614678654234,"4f0264d1-deb0-4c2a-bf2e-d3fd1094abd9","Benchmark Battery Minerals Snapshot: Q3 2025","benchmark-battery-minerals-snapshot-q3-2025-2","publications/briefings/battery-minerals-snapshots/benchmark-battery-minerals-snapshot-q3-2025-2",{"_uid":547,"date":548,"content":549,"excerpt":760,"_editable":761,"component":762,"categories":763,"visibility":785,"publication_frequency":786,"formattedDate":787,"formattedArticleDate":788},"ef898bd6-bb7b-4ee3-ad09-a0802edf0e1f","2025-10-01 00:00",{"type":550,"content":551},"doc",[552,576,583,595,627,652,669,674,679,687,695,700,709,718,727,736,744,752],{"type":553,"attrs":554,"content":555},"paragraph",{"textAlign":49},[556,559,564,566,574],{"text":557,"type":558},"Welcome to the ","text",{"text":560,"type":558,"marks":561},"Benchmark Battery Minerals Snapshot",[562],{"type":563},"bold",{"text":565,"type":558},". This briefing, part of the Benchmark Source subscription, provides a quarterly overview of the key trends and dynamics shaping battery raw material markets. The insights are drawn from Benchmark’s suite of battery raw material forecast reports. To learn more, click ",{"text":567,"type":558,"marks":568},"here",[569],{"type":570,"attrs":571},"link",{"href":572,"uuid":49,"anchor":49,"target":49,"linktype":573},"https://www.benchmarkminerals.com/forecasts","url",{"text":575,"type":558},".",{"type":577,"attrs":578,"content":580},"heading",{"level":579,"textAlign":49},2,[581],{"text":582,"type":558},"Highlights",{"type":584,"attrs":585},"blok",{"id":586,"body":587},"8dee7372-d0ea-4720-9313-704603fc336c",[588],{"id":589,"_uid":590,"type":591,"_editable":592,"component":593,"fixed_height":594,"use_fixed_height":50,"fixed_height_mobile":594,"fixed_height_tablet":594},"25415030","i-63c8267a-f23a-46eb-9dd9-489d9e6d15f6","visualisation","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-63c8267a-f23a-46eb-9dd9-489d9e6d15f6\", \"id\": \"\"}-->","ContentFlourish","",{"type":553,"attrs":596,"content":597},{"textAlign":49},[598,601,603,609,611,617,619,625],{"text":8,"type":558,"marks":599},[600],{"type":563},{"text":602,"type":558},": Global lithium supply is set to surge in 2025, ",{"text":604,"type":558,"marks":605},"driven largely by Africa’s 60% y-o-y growth",[606],{"type":570,"attrs":607},{"href":608,"uuid":49,"anchor":49,"target":49,"linktype":573},"https://source.benchmarkminerals.com/article/africa-sees-largest-lithium-supply-growth-of-any-region-in-2025",{"text":610,"type":558},", led by Zimbabwe alongside emerging producers Nigeria and Mali. ",{"text":612,"type":558,"marks":613},"China will see modest gains",[614],{"type":570,"attrs":615},{"href":616,"uuid":49,"anchor":49,"target":49,"linktype":573},"https://source.benchmarkminerals.com/article/catl-and-gotion-secure-reserve-approvals-as-jiangxi-permitting-deadline-looms",{"text":618,"type":558},", while Argentina leads South America with 12% growth. Demand is forecast to rise 19%, fuelled mainly by ",{"text":620,"type":558,"marks":621},"electric vehicles and expanding energy storage",[622],{"type":570,"attrs":623},{"href":624,"uuid":49,"anchor":49,"target":49,"linktype":573},"https://source.benchmarkminerals.com/article/catl-revises-2026-production-guidance-up-30-to-1300gwh",{"text":626,"type":558},". However, oversupply will persist with a 157kt surplus, keeping prices under pressure at just above US$9,000/t. Surpluses are also expected through 2026 and 2027.",{"type":553,"attrs":628,"content":629},{"textAlign":49},[630,634,636,642,644,650],{"text":631,"type":558,"marks":632},"Cobalt:",[633],{"type":563},{"text":635,"type":558}," The cobalt market is forecast to post a surplus of +39kt in 2025, as DRC production continues despite export restrictions. ",{"text":637,"type":558,"marks":638},"High disruption risk persists due to the export ban and new quota system",[639],{"type":570,"attrs":640},{"href":641,"uuid":49,"anchor":49,"target":49,"linktype":573},"https://source.benchmarkminerals.com/article/drc-to-lift-cobalt-export-ban-and-impose-quotas-through-2027",{"text":643,"type":558},", raising volatility from late 2025. Demand growth slows in 2026 amid weaker US EV outlook, while ",{"text":645,"type":558,"marks":646},"US stockpiling begins modestly in 2025–26.",[647],{"type":570,"attrs":648},{"href":649,"uuid":49,"anchor":49,"target":49,"linktype":573},"https://source.benchmarkminerals.com/article/pentagon-launches-500m-cobalt-tender-to-bolster-us-supply-security",{"text":651,"type":558}," Prices, driven by sentiment, are set to rise with constrained hydroxide supply.",{"type":553,"attrs":653,"content":654},{"textAlign":49},[655,659,661,667],{"text":656,"type":558,"marks":657},"Nickel: ",[658],{"type":563},{"text":660,"type":558},"The nickel market is set for a 206kt surplus in 2025, driven by strong Indonesian output, which will account for 61% of global supply. Demand growth has been revised down to 2.9% in Q3, reflecting weaker stainless steel activity and slower adoption of nickel-rich batteries. ",{"text":662,"type":558,"marks":663},"Prices remain range-bound near $15,000–15,500/t, in 2025",[664],{"type":570,"attrs":665},{"href":666,"uuid":49,"anchor":49,"target":49,"linktype":573},"https://source.benchmarkminerals.com/article/nickel-prices-q3-2025-review-china-restocking-lifts-sulphate-and-mhp-as-lme-oversupply-persists",{"text":668,"type":558},", before softening in 2026 amid another surplus and rising stocks.",{"type":577,"attrs":670,"content":671},{"level":579,"textAlign":49},[672],{"text":673,"type":558},"Demand Overview",{"type":553,"attrs":675,"content":676},{"textAlign":49},[677],{"text":678,"type":558},"Battery demand is projected to reach 1.7TWh in 2025, marking a 26% year-on-year increase. By 2030, demand is expected to rise to 3.7TWh, with electric vehicles accounting for 74% and battery energy storage systems (BESS) contributing 22%.",{"type":584,"attrs":680},{"id":681,"body":682},"ae7dd51c-f548-42c9-bf58-118a09756323",[683],{"id":684,"_uid":685,"type":591,"_editable":686,"component":593,"fixed_height":594,"use_fixed_height":50,"fixed_height_mobile":594,"fixed_height_tablet":594},"25415743","i-173e450f-4256-445c-bea3-1120e346a647","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-173e450f-4256-445c-bea3-1120e346a647\", \"id\": \"\"}-->",{"type":584,"attrs":688},{"id":689,"body":690},"f9a9d512-0e1a-40f8-840d-0e01a4cd84b2",[691],{"id":692,"_uid":693,"type":591,"_editable":694,"component":593,"fixed_height":594,"use_fixed_height":50,"fixed_height_mobile":594,"fixed_height_tablet":594},"25415026","i-8703e94d-0ef9-4984-8738-dc9c94411524","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-8703e94d-0ef9-4984-8738-dc9c94411524\", \"id\": \"\"}-->",{"type":577,"attrs":696,"content":697},{"level":579,"textAlign":49},[698],{"text":699,"type":558},"Supply Overview",{"type":553,"attrs":701,"content":702},{"textAlign":49},[703,707],{"text":704,"type":558,"marks":705},"Lithium: ",[706],{"type":563},{"text":708,"type":558},"Global mined lithium supply is projected to grow strongly between 2025 and 2026, rising by around 16% year-on-year . Growth will be broad-based, with Africa, China, Australia, and South America all making significant contributions. Africa leads the gains through a mix of new and expanding operations, while China sees strong output from several new projects. Australia is set to rebound following earlier stagnation, and South America continues to build momentum as key sites ramp up production.",{"type":553,"attrs":710,"content":711},{"textAlign":49},[712,716],{"text":713,"type":558,"marks":714},"Cobalt: ",[715],{"type":563},{"text":717,"type":558},"Cobalt mine supply is forecast to fall to around 249kt in 2025 before rebounding to about 261kt in 2026, supported by new production growth. While some sites are expected to deliver more output and others less, overall changes remain modest. Refinery supply forecasts have also been slightly reduced following a review of Chinese operations. In total, refined production is now projected at roughly 239kt in 2025, rising to around 249kt in 2026, though export restrictions still pose a risk to the outlook.",{"type":553,"attrs":719,"content":720},{"textAlign":49},[721,725],{"text":722,"type":558,"marks":723},"Nickel:",[724],{"type":563},{"text":726,"type":558}," Refined nickel supply is forecast to rise 3.8% year-on-year in 2025, reaching about 3.67Mt, with nearly all growth driven by Indonesia. Outside of Indonesia, gains will be modest, with some operations expanding while others face ongoing constraints. Growth is set to come largely from Indonesian HPAL projects, as several new plants start up in 2025 and more follow in 2026. Most new output will be in the form of mixed hydroxide precipitate (MHP), while production of other forms is expected to remain broadly flat or contract.",{"type":553,"attrs":728,"content":729},{"textAlign":49},[730,734],{"text":731,"type":558,"marks":732},"Natural Graphite:",[733],{"type":563},{"text":735,"type":558}," Flake graphite supply is forecast to grow by around 4% in 2025, supported by rising African output offsetting broadly stable production in China. While smaller Chinese operations face shutdowns and reduced activity, large producers continue to sustain overall supply. Africa is set to record strong growth, driven by new projects and ongoing ramp-ups, with further substantial gains expected in 2026 as additional sites progress. This positions Africa as an increasingly important driver of global graphite supply growth over the medium term.",{"type":584,"attrs":737},{"id":738,"body":739},"460e993a-79c9-4fa1-ace6-d6c4e2fac716",[740],{"id":741,"_uid":742,"type":591,"_editable":743,"component":593,"fixed_height":594,"use_fixed_height":50,"fixed_height_mobile":594,"fixed_height_tablet":594},"25415033","i-19fa6e70-a0c6-41d0-a02e-6f17dd018654","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-19fa6e70-a0c6-41d0-a02e-6f17dd018654\", \"id\": \"\"}-->",{"type":584,"attrs":745},{"id":746,"body":747},"a89ed7b4-b92e-4cae-9bbb-21d7c045e141",[748],{"id":749,"_uid":750,"type":591,"_editable":751,"component":593,"fixed_height":594,"use_fixed_height":50,"fixed_height_mobile":594,"fixed_height_tablet":594},"25415023","i-e8fce755-4b63-421a-bb30-0828d738850b","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-e8fce755-4b63-421a-bb30-0828d738850b\", \"id\": \"\"}-->",{"type":584,"attrs":753},{"id":754,"body":755},"fdcacd79-f9f2-40ba-a018-cc8f18097df7",[756],{"id":757,"_uid":758,"type":591,"_editable":759,"component":593,"fixed_height":594,"use_fixed_height":50,"fixed_height_mobile":594,"fixed_height_tablet":594},"25415019","i-cf3c12e9-9a2f-496a-ba03-c8118ac9bab0","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-cf3c12e9-9a2f-496a-ba03-c8118ac9bab0\", \"id\": \"\"}-->","Welcome to the Benchmark Battery Minerals Snapshot. This briefing, part of the Benchmark Source subscription, provides a quarterly overview of the key trends and dynamics shaping battery raw material markets. The insights are drawn from Benchmark’s suite of battery raw material forecast reports. To learn more, click here. Highlights Lithium: Global lithium supply is set […]","\u003C!--#storyblok#{\"name\": \"briefing\", \"space\": \"\", \"uid\": \"ef898bd6-bb7b-4ee3-ad09-a0802edf0e1f\", \"id\": \"\"}-->","briefing",[764,766,768,770,773,775,778,780,782],{"slug":765,"name":261},"anode",{"slug":767,"name":298},"cathode",{"slug":769,"name":115},"cobalt",{"slug":771,"name":772},"critical-minerals","Critical Minerals",{"slug":774,"name":8},"lithium",{"slug":776,"name":777},"manganese","Manganese",{"slug":779,"name":189},"natural-graphite",{"slug":781,"name":150},"nickel",{"slug":783,"name":784},"phosphate","Phosphate","private","quarterly","Oct 01, 2025","1st October 2025",[],[],1780670126458]