Current Trends and Pricing Analysis of Cathode Materials in the Metal Market

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### Latest Update in the SMM Cathode Material Market

#### Cathode Material Prices Overview

Below is the current pricing information for various cathode materials as of June 16, 2025:

| **Material** | **Price Range (USD/mt)** | **Average Price (USD/mt)** | **Change (%)** |
|————–|—————————|—————————–|—————–|
| 5-Series Ternary Cathode Material (Monocrystalline, For NEV) | 13,776.01 – 14,383.07 | 14,079.54 | -17.43 |
| 5-Series Ternary Cathode Material (Polycrystalline, For Consumer Electronics) | 12,735.79 – 13,188.01 | 12,961.90 | -8.52 |
| 6-Series Ternary Cathode Material (Monocrystalline, For NEV) | 14,386.14 – 15,370.45 | 14,878.29 | -21.34 |
| 6-Series Ternary Cathode Material (Polycrystalline, For Consumer Electronics) | 13,106.91 – 14,244.82 | 13,675.86 | -11.17 |
| 8-Series Ternary Cathode Material (Polycrystalline, For NEV) | 17,341.52 – 17,938.74 | 17,640.13 | -22.11 |
| 8-Series Ternary Cathode Material (Polycrystalline, For Consumer Electronics) | 15,691.18 – 16,256.45 | 15,973.81 | -21.65 |
| NCA Ternary Cathode Material | 17,732.29 – 18,135.36 | 17,933.83 | -22.19 |
| LFP (High-End, For NEV) | 3,910.20 – 4,217.41 | 4,063.80 | -6.05 |
| LFP (Mid-End, For NEV) | 3,653.37 – 3,819.26 | 3,736.32 | -9.64 |
| LFP (High-End, For ESS) | 3,677.95 – 3,997.45 | 3,837.70 | -10.90 |
| LFP (Mid-End, For ESS) | 3,492.39 – 3,610.36 | 3,551.37 | -12.05 |
| LFP (Low-End, For ESS) | 3,176.58 – 3,373.19 | 3,274.88 | -4.60 |
| Restorative LFP | 2,639.57 – 2,802.76 | 2,721.16 | -0.76 |
| LMFP | 4,939.97 – 5,456.09 | 5,198.03 | -19.88 |
| LCO (Co≥60%, 4.2V) | 25,510.91 – 25,793.54 | 25,652.23 | -4.40 |
| LCO (Co≥60%, 4.4V) | 26,149.91 – 26,309.66 | 26,229.79 | -4.41 |
| LCO (Co≥60%, 4.45V) | 26,653.74 – 26,850.36 | 26,752.05 | -4.43 |
| LCO (Co≥60%, 4.48V) | 27,083.84 – 27,280.45 | 27,182.14 | -4.44 |
| LCO (Co≥60%, 4.5V) | 27,452.49 – 27,685.97 | 27,569.23 | -4.53 |
| LCO (Co≥60%, 4.53V) | 27,845.72 – 28,091.49 | 27,968.61 | -4.65 |
| LMO (for NEV) | 3,686.55 – 4,178.09 | 3,932.32 | -1.09 |
| LMO (For High-Capacity Battery) | 3,072.12 – 3,809.43 | 3,440.78 | -0.96 |
| LMO (MnO2, For High-Capacity Battery) | 3,563.66 – 3,809.43 | 3,686.55 | -1.02 |
| LMO (Mn3O4, For High-Capacity Battery) | 3,072.12 – 3,317.89 | 3,195.01 | -0.89 |
| LMO (MnO2, for NEV) | 4,055.20 – 4,178.09 | 4,116.64 | -1.14 |
| LMO (Mn3O4, for NEV) | 3,686.55 – 3,932.32 | 3,809.43 | -1.06 |

#### Cathode Material News

The European Union (EU) has announced a significant initiative to secure its supply chain for critical minerals, selecting 13 overseas strategic raw material projects. These projects are expected to require a total investment of €5.5 billion (approximately ¥45.05 billion) and will take place across 13 countries, including Canada, Greenland, Kazakhstan, Norway, Serbia, Ukraine, Zambia, New Caledonia, Brazil, Madagascar, Malawi, South Africa, and the UK. *(Published on June 17, 2025)*

Additionally, on June 10, the Ministry of Ecology and Environment in China released a public notice regulating the import of recycled black mass raw materials from lithium-ion batteries and recycled steel cases. This announcement, which will take effect on August 1, 2025, includes a newly assigned HS code for these materials: 3824999996. *(Published on June 16, 2025)*

The automotive industry is undergoing notable changes, as payment terms for suppliers have been standardized to 60 days following the implementation of the “Regulation on Ensuring Payments to Small and Medium-sized Enterprises” on June 1, 2025. Major automakers, including GAC, FAW, Dongfeng, and BYD, have quickly adapted to this new requirement, which is reshaping the dynamics of the automotive supply chain. *(Published on June 16, 2025)*

In industry developments, Ruizhi New Materials has announced the commencement of a project dedicated to producing 60,000 metric tons of graphitized anode materials for lithium batteries, with a total investment of approximately ¥1.42 billion. The project will be executed in two phases, with the first phase expected to begin trial production in the first quarter of 2026. *(Published on June 16, 2025)*

#### Market Trends

Recent analyses indicate that the energy storage market is currently witnessing stable prices despite sluggish activity. The automotive sector’s earlier sales surge has subsided, leading to a lack of significant growth in terminal demand. Consequently, market participants are adopting a cautious approach, particularly in the echelon utilization market, where Grade B prices remain stable. Supply and demand are balanced, with abundant echelon battery cells available. *(Published on June 15, 2025)*

In the recycling sector, cobalt sulfate prices have decreased, while nickel salt prices have remained stable, and lithium salt prices experienced a slight rebound. Recovery rates for ternary and lithium cobalt oxide (LCO) black mass have continued to decline, whereas lithium content in lithium iron phosphate (LFP) black mass has held steady for now. The current nickel-cobalt recovery rate in ternary black mass is between 74-76%, while lithium recovery is at 71-74%. *(Published on June 14, 2025)*

Lastly, Zimbabwe plans to ban exports of lithium concentrates starting from 2027. *(Published on June 14, 2025)*
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