# Battery cathode materials: Trading

Why buyers take up to two years to switch supplier

Source page: https://www.materialinsights.org/chemicals/cathode_materials/trading/

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 releases](https://sneresearch.com/en/insight/release_view/681/page/0)freemium research site · SNE Research (Korea)

monthly battery and cathode, anode, electrolyte tracking by company
[SMM battery materials news](https://news.metal.com/)freemium newsletter · Shanghai Metals Market

Chinese cathode prices, output and operating rates
[Benchmark Source](https://source.benchmarkminerals.com/)freemium research site · Benchmark Mineral Intelligence

battery supply chain, including Indian midstream site visits
[IEEFA India battery research](https://ieefa.org/)free research site · Institute for Energy Economics and Financial Analysis

ACC PLI scheme progress and battery supply chain in India
[EVreporter](https://evreporter.com/)free newsletter · EVreporter (India)

Indian cell and battery materials projects

## Other sections

- [Summary](https://www.materialinsights.org/chemicals/cathode_materials/index.md)
- [Overview](https://www.materialinsights.org/chemicals/cathode_materials/overview/index.md)
- [Correlation](https://www.materialinsights.org/chemicals/cathode_materials/correlation/index.md)
- [Production route](https://www.materialinsights.org/chemicals/cathode_materials/routes/index.md)
- [Production](https://www.materialinsights.org/chemicals/cathode_materials/production/index.md)
- [Feedstocks](https://www.materialinsights.org/chemicals/cathode_materials/feedstocks/index.md)
- [Cycles](https://www.materialinsights.org/chemicals/cathode_materials/cycles/index.md)
- [Movement](https://www.materialinsights.org/chemicals/cathode_materials/movement/index.md)
- [Regulation](https://www.materialinsights.org/chemicals/cathode_materials/regulation/index.md)
- [Characteristics](https://www.materialinsights.org/chemicals/cathode_materials/characteristics/index.md)
- [Emissions](https://www.materialinsights.org/chemicals/cathode_materials/emissions/index.md)
- [Relationships](https://www.materialinsights.org/chemicals/cathode_materials/links/index.md)