Battery materials
Overview
Growth in global electric vehicles (EVs) and plug-in hybrid (PHEV) production has put a spotlight on battery materials. While lithium-ion batteries dominate the current market, this is a rapidly emerging technology space where improved range or charge times can quicky shift industry sentiment and investment in a different direction.
Argus is at the forefront of battery materials pricing and reporting with coverage of common battery metals (lithium, cobalt, nickel, graphite), industry-grade cathodes and black mass. As experts in specialty metals and rare earths, we future-proof our price assessment portfolio with a range of electronic metals crucial to the manufacture of technology deployed in modern vehicles.
Our Argus Battery Materials and Argus Non-Ferrous Markets services help businesses to understand these complicated supply chains, including price volatility and sustainability challenges around future demand.
Minor metals: Battery metals
As automakers continue to invest in electric vehicle production and power companies explore infrastructure that includes energy storage programmes, the metals contained in lithium-ion batteries supporting these products has attracted interest from investors, institutions and manufacturers alike.
Argus is well positioned to provide insight into price volatility, global supply and responsible material sourcing for all manufacturers and investors in this sector.
Highlights of Argus battery materials coverage
- Understand the context of significant price movements and industry trends with a weekly PDF that highlights the most important market news across lithium, cobalt, graphite, nickel and other common battery materials
- Mitigate risk and perform reliable forward planning with 1-year and 10-year forecasts across different battery metals, chemistries and industries
- Gain a competitive edge with industry-specific tools, such as the Black Mass Calculator that estimates the intrinsic value of different battery chemistries (including cathodes like NCM111, NCM523, LFP, NCA)
- Invest with confidence knowing Argus is IOSCO-compliant with over 50 years of experience delivering trusted price data and market intelligence
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US manufacturing grew in April amid war concerns
US manufacturing grew in April amid war concerns
Houston, 1 May (Argus) — US manufacturing activity grew in April for a fourth consecutive month, as order growth outpaced production and the Mideast Gulf war boosted prices. The Institute for Supply Management's (ISM) purchasing managers index (PMI) came in at 52.7 in April, unchanged from March and growing for a fourth month following 10 months of contraction. The new orders index rose to 54.1 in April from 53.5 in March, while the production index eased to 53.4 in April from 55.1 the prior month, reflecting slowing growth. Readings above 50 signal growth while readings below that level signal contraction. The prices index surged to 84.6 in April, the highest reading since April 2022, from 78.3 the prior month and is up 25.6 percentage points in the last three months. The gains were driven by increases in steel and aluminum prices, tariffs, and "now increases in petroleum-based products as a result of Middle East conflict," ISM said. The new export orders index fell to 47.9 in April from 49.9 the prior month, showing deepening contraction. The imports index eased to 50.3 in April from 52.6, showing slowing growth. "Demand for manufactured goods is trending higher versus last year; however geopolitical uncertainty and rising oil and diesel prices continue to weigh on demand," a transportation equipment manufacturer wrote in a response to the ISM's monthly survey of purchasing managers and supply executives from 18 manufacturing industries. A machinery executive cited "general uncertainty" over the impact of the war but awareness that the impacts of fuel increases "are coming." Others cited the effects of "US tariffs." The employment index fell to 46.4 in April, showing deepening contraction, from 48.7 the prior month. "In this second month of the Iran war ..., 31 percent of the comments were positive and 69 percent negative," ISM said. "Among comments, the war was mentioned in 47 percent and tariffs in 18 percent." The supplier delivery index rose to 60.6 in April from 58.9, showing slower deliveries for a fifth month, while the inventory index rose to 49, showing slowing contraction, from 47.1 the prior month. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Export curbs on the rise as governments seek revenue
Export curbs on the rise as governments seek revenue
London, 30 April (Argus) — Export restrictions on critical raw materials — particularly for ores and concentrates — are tightening rapidly worldwide, as governments place greater store in their value as a strategic revenue source, according to the Organisation for Economic Co-operation and Development (OECD). There has been a five-fold increase in such restrictions since 2009, OECD research published on 29 April shows, covering significant shares of global supply — up to 70pc of cobalt and manganese exports, 47pc of graphite and 45pc of rare earth elements. Export taxes and licensing requirements remain the most common instruments. But more restrictive measures — such as export bans and quotas — are increasingly common, accounting for over a third of new measures in 2024. Levies on raw materials are particularly important for developing economies with limited alternative revenue streams. Since the early 2010s, these measures had formed part of industrial policy goals, such as securing domestic supply, promoting value addition and supporting downstream sectors. But in 2024, revenue generation drove nearly half of new restrictions — a notable shift. Export restrictions in 2024 were being imposed by a more diverse group of countries than in previous years, especially in Africa and Asia. But five countries — China, India, Argentina, Vietnam and Burundi — account for over half of all new measures introduced since 2009. This shift towards revenue generation has important implications for global supply and market stability, the OECD has warned. By tightening supply and raising price volatility, restrictions risk amplifying market concentration and distortions. International co-operation remains key to boosting investment and ensuring stable, diversified supply, the OECD research concludes. By Cristina Belda Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
UK move to delink gas and power ‘overdue’
UK move to delink gas and power ‘overdue’
London, 24 April (Argus) — The UK's decision to raise the electricity windfall tax and push legacy renewable generators onto fixed-price contracts is "overdue" and could boost demand for batteries, industry figures told Argus this week. The government on Tuesday announced plans to offer voluntary long-term fixed-price contracts to low-carbon generators not already on contracts for difference. The plans cover about 30pc of Britain's power supply, while lifting the Electricity Generator Levy to 55pc on revenues above £82/MWh from July. The measures aim to reduce the extent to which global gas price swings feed into household and business electricity bills, rather than directly lowering wholesale prices. Ministers say fixed pricing should shelter consumers when gas prices spike, even if wholesale electricity prices still move. For battery supply chains, that shift matters less for near-term wholesale trading spreads than for demand. More stable electricity prices make electrification easier to plan, finance and justify. Gas has already slipped to setting the UK wholesale electricity price 60pc of the time, down from around 90pc at the start of the decade, the government said. Ministers expect that share to fall further as more generation moves off wholesale-linked pricing. That is particularly important for electric vehicles (EVs) and fleets, said Peter McDonald, director at London-based charging firm Ohme. The policy is designed to dampen the impact of gas-driven volatility on final bills, rather than guarantee cheaper power, he said — a distinction that still matters for consumers weighing monthly costs. "For many consumers sitting on the fence, the monthly cost comparison is the deciding factor," McDonald said. "This could be a meaningful nudge." Andy Palmer, vice-chair of Slovakian battery maker InoBat and former chief executive of British carmaker Aston Martin, said attempts to de-link electricity pricing from international gas markets were "overdue". Britain has spent years telling industry that renewables are the cheapest source of power, while still setting prices using the most expensive generator in the system, Palmer said. Fixing that contradiction is "the single biggest thing government can do" to restore manufacturing competitiveness. Demand signal more important than spreads Lower, more predictable electricity prices could "make the economic case for EV fleets, electric buses and depot-scale storage materially stronger", Palmer added, spurring demand for battery systems. That demand-side pull matters if the UK wants to anchor more of the battery value chain at home, rather than rely on imported cells and packs. The reforms are unlikely to undermine the economics of battery energy storage, even if they trim wholesale price volatility at the margin. In the UK, wholesale arbitrage remains the main revenue source for battery operators, while balancing services are increasingly saturated and longer-duration support schemes do not begin until later in the decade. Large amounts of flexibility are still needed as renewable output grows and increasingly exceeds gas-fired generation, Palmer said, so well-located and optimised storage assets should continue to find revenue. "The risk is execution." Set strike prices too high and consumers overpay; set them too low and investors step back, raising the cost of future projects, Palmer said. It is a tension the government has observed before. Last summer's decision to scrap regional power pricing showed how wary ministers remain of reforms that might unsettle investment signals, even if they promise lower bills. By Chris Welch Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Rio Tinto raises global copper output, cuts lithium
Rio Tinto raises global copper output, cuts lithium
Singapore, 21 April (Argus) — UK-Australian mining firm Rio Tinto raised alumina and copper output in January-March but reported a sharp drop in lithium production due to weather-related disruptions, it said today. Aluminium and alumina Rio Tinto's attributable primary aluminium output in January-March rose by 1pc on the year, but fell by 2pc on the quarter, to 835,000t. The company's alumina production increased by 6pc on the year to 2.04mn t over the same period. Bauxite production fell by 11pc to 13.28mn t, primarily owing to heavy rainfall at Weipa mine in Queensland, Australia, in January and February and cyclone-related shutdowns at Weipa and Gove mine in Northern Territory, Australia, in March. Rio Tinto's recycled aluminium production declined by 8pc on the year to 61,000t. Rio Tinto has kept its 2026 production guidance unchanged for primary aluminium at 3.25mn-3.45mn t, alumina at 7.6mn-8mn t and bauxite at 58mn-61mn t. Copper Rio Tinto's consolidated copper production rose by 9pc from a year earlier to 229,000t in January-March, driven by the continued ramp-up of copper in concentrates output from Oyu Tolgoi in Mongolia, which increased by 56pc to 102,000t over the same period. Refined copper output at Escondida in Chile rose by 21pc to 16,000t, while concentrates output declined by 14pc to 77,000t in the first quarter compared with a year earlier. Refined copper production at Kennecott in the US fell by 20pc from a year earlier to 34,000t, owing to lower anode inventories following unplanned smelter maintenance and lower concentrator throughput caused by geotechnical constraints. Drilling has also begun at the Resolution Copper project in Arizona following completion of the land exchange in March. Rio Tinto maintained its full-year copper production guidance at 800,000-870,000t. Lithium Rio Tinto's attributable lithium carbonate equivalent (LCE) production fell by 26pc on the year to 12,700t in the first quarter, because heavy rainfall and weather events disrupted operations at its Olaroz and Fenix sites in Argentina. But the continued ramp-up at the Rincón starter plant in Argentina partly offset the production impacts. Rio Tinto maintained its 2026 LCE production guidance at 61,000-64,000t, with first production from Fenix 1B and Sal de Vida on track for the second half of 2026. By Candice Luo Rio Tinto's 1Q26 metals output attributable basis, '000t Production Q1 2026 Q1 2025 y-o-y Q4 2025 Q-o-Q 2026 guidance Iron ore 70,045 62,408 12% 80,515 -13% NA Primary aluminium 835 829 1% 852 -2% 3,250 – 3,450 Alumina 2,038 1,921 6% 1,969 4% 7,600 – 8,000 Bauxite 13,281 14,966 -11% 15,397 -14% 58,000 – 61,000 Copper (consolidated basis) 229 210 9% 240 -5% 800 – 870 Lithium carbonate equivalent (LCE) 12.7 17.2 -26% 15.4 -18% 61 – 64 Source: Rio Tinto Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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