Battery cathode materials: Trading
Why buyers take up to two years to switch supplier
What this tab covers How it is bought and sold: buyers and sellers, price benchmarks and who publishes them, exchanges, contract types, traders, how Indian buyers price it, recent price points, and good sources to follow.Who buys, and where
- Chinese cell makers (CATL, BYD, EVE, Gotion) buy on annual frame contracts
- Korean and Japanese cell makers (LG Energy Solution, Samsung SDI, SK On, Panasonic) buy ternary from Korean and Japanese suppliers
- Indian cell makers (Ola, Reliance, Agratas, Amara Raja) will buy LFP from Chinese suppliers and, from 2026, Altmin
Who sells, and from where
- Chinese LFP makers (Yuneng, Wanrun, Dynanonic, Lopal)
- Chinese ternary makers (Reshine, B&M, Ronbay, Easpring)
- Korean ternary makers (EcoPro BM, L&F, POSCO Future M)
- Umicore, BASF, Sumitomo Metal Mining
Price benchmarks
| Benchmark | Publisher | Basis |
|---|---|---|
| SMM LFP and NCM cathode prices | Shanghai Metals Market | daily, CNY/t ex-works China |
| Fastmarkets lithium carbonate and hydroxide CIF CJK | Fastmarkets | twice weekly, $/kg; used in pass-through formulas |
Exchanges
| Venue | Contract | Notes |
|---|---|---|
| None for cathode | no cathode futures | Makers hedge inputs instead |
| Guangzhou Futures Exchange | lithium carbonate futures, CNY/t | most liquid lithium hedge |
| LME / CME | nickel, cobalt, lithium hydroxide | input hedges |
Contract types
- Metal pass-through formulas: index lithium, nickel, cobalt plus a processing fee
- Annual volume frame agreements with monthly price resets
- Long qualification (6-24 months) before first commercial supply (indicative)
Traders and distributors
- Few: sales are direct from cathode maker to cell maker; Glencore, Trafigura and Chinese traders handle the metal inputs
How Indian buyers price it
- India imports cells, so cathode cost arrives embedded in cell prices; domestic CAM (Altmin, Himadri) will price on lithium index plus processing fee (indicative)
- No DGTR duty on cathode material found in sources used
Recent price points
| Date | Price | Basis | Source |
|---|---|---|---|
| 2 Oct 2026 | $15.20-18.50/kg | lithium carbonate CIF CJK (main cathode input) | Fastmarkets via lithium tile |
| Oct 2026 | $17.5-19.5/lb | European cobalt metal | Benchmark via cobalt tile |
Good sources to follow
SNE Research press releasesfreemium research site · SNE Research (Korea)monthly battery and cathode, anode, electrolyte tracking by company
SMM battery materials newsfreemium newsletter · Shanghai Metals MarketChinese cathode prices, output and operating rates
Benchmark Sourcefreemium research site · Benchmark Mineral Intelligencebattery supply chain, including Indian midstream site visits
IEEFA India battery researchfree research site · Institute for Energy Economics and Financial AnalysisACC PLI scheme progress and battery supply chain in India
EVreporterfree newsletter · EVreporter (India)Indian cell and battery materials projects