

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
Latest battery materials news
Browse the latest market moving news on the global battery materials industry.
Indonesian cobalt output capacity to double by 2027
Indonesian cobalt output capacity to double by 2027
Singapore, 14 May (Argus) — Indonesian cobalt production capacity from its high-pressure acid leach (HPAL) operations will more than double to 114,000t in 2027 from 55,000t in 2024, National Economic Council member and executive secretary Septian Hario Seto has said. But there will probably not be significant capacity expansion beyond 2027, Seto told the Cobalt Congress 2025 conference on 14 May in Singapore. Xu Aidong, cobalt branch chief expert and adviser at the China Nonferrous Metals Industry Association, agreed that capacity will probably stick given slower-than-expected nickel consumption growth and rising costs for HPAL projects that include increasing sulphur prices used in hydrometallurgical production lines. Seto expects cobalt prices to trend up further if the Democratic Republic of Congo's (DRC) cobalt export ban continues but warned that the measure could backfire as it could prompt technology adaptation to lower the cobalt content in batteries. "I think we [saw] in 2017 and 2018 [that the battery sector] responded with massive adoption of the [nickel-cobalt-manganese] NCM 811, so you are compromising long-term demand of cobalt with this one," Seto said. Mixed hydroxide precipitate (MHP) production in Indonesia is still able to generate 30-40pc profit margins even with nickel prices around $15,000/t, Seto added, attributing that partly to the cobalt content. The country exported almost 1.56mn t of MHP last year, with cobalt exports up to around 44,350t. Indonesia previously separated the MHP before further processing into nickel sulphate and cobalt sulphate. "But nowadays, we directly ship the MHP and there is one factory in Indonesia that can process further the MHP going into the precursor without doing the crystallisation of the nickel sulphate," Seto said. "As long as we are increasing the MHP production in Indonesia, it's not possible to [be asked] to control this cobalt," Seto said, adding that the country does not see cobalt as an "independent mineral" but one closely intertwined with nickel. Indonesia's position on nickel is very similar to the DRC's position on cobalt, said Seto, where the biggest producer has to be "careful" and "responsible" in ensuring sufficient supply in the market or risk being treated as "not reliable". A DRC decision on whether to extend the export ban or impose a strict limitation of exports "in part" has yet to be made . The country's mineral markets regulator Arecoms said during the conference that it will communicate its decision as planned at the end of the cobalt export suspension period, at odds with Chinese market participants' expectations for the conference. By Joseph Ho Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Q&A: US' ACE Green bets on LFP batteries
Q&A: US' ACE Green bets on LFP batteries
Singapore, 9 May (Argus) — US-based battery recycler ACE Green Recycling has been focusing on the US market, particularly its upcoming Texas recycling site, and plans to run its lead-acid and lithium-iron-phosphate (LFP) battery recycling operations alongside each other in Texas. Argus spoke with ACE Green Recycling's vice-president of investments and strategy, Aaron Wee, about their Texas site, battery recycling gate fees in Europe and the black mass market. The interview is split into two parts and part two's edited highlights follow: What's your view on the US market? The US market for lead is [one of] the most attractive market in the world. It's where you can find possibly some of the cheapest scrap batteries for lead, and also get some of the highest premiums on refined and alloyed lead. In terms of lithium, obviously the US is either the second- or the third-largest economy for [electric vehicles] and lithium batteries in general. Nowadays, with the improvements in LFP battery technology, the range and energy density problems of the past are now not really an issue. We sort of predicted the shift towards LFP quite some time ago. Back when the recyclers were concerned about nickel-manganese-cobalt (NMC) because we're going to get nickel, we're going to get cobalt. That was a relatively easy win for a lot of recyclers. But for us, LFP was always going to be the battery of the future. In fact, in our Texas project, we've already [begun the process of acquiring] the land and the facilities to combine both our battery recycling technology stacks and to co-locate them in a single location. But lead will start first because lead is going to make money tomorrow. LFP might take a little bit of time before feedstock actually comes in. What does ACE think of gate fees, especially in Europe? Does it distort the long-term consideration when setting up battery recycling operations? From a commercial point of view, I think depending on the battery type, that would be €500-800/t of batteries for gate fees in Europe. This may or may not hold over the next couple of years as more recycling capabilities are deployed in Europe. We won't say no to just getting money to recycle them. But our ultimate goal is not to rely on gate fees as a commercial strategy. Moving forward, I don't think any company can rely on gate fees as a strategy. It just won't be tenable. Eventually, somebody's going to be able to do it cheaper and better than you. And if you rely on gate fees, that's the end game right there. Gate fees are usually correlated with the price of lithium. [If] the price of lithium goes up, then recyclers won't [need to] rely on [gate fees]. Chances are we're going to be looking at maybe $12,000/t of lithium carbonate, [or] maybe $11,000 by the end of this year. What does ACE feel about the current pricing mechanism of black mass, battery scrap or even lithium? The correlation between lithium prices and black mass is very strong. But black mass as a commodity is a little bit trickier to export to China because of the regulations. Once they accept black mass [imports], especially LFP black mass, that will have a significant change. There will also perhaps be a fall in prices in the rest of the world because now they can sell to China, not just internally in their own domestic markets. Depending on how trade barriers may or may not come up over the next couple of months, we should see a shift in how black mass is priced. By Joseph Ho Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Australia’s election gives LNG, fuels sector certainty
Australia’s election gives LNG, fuels sector certainty
Sydney, 5 May (Argus) — Australia's governing Labor party's second majority term could mean that changes to the offshore permitting regime promised last year are signed into law, while east coast LNG businesses will avoid a planned reservation system proposed by the opposition. Labor's victory at the 3 May election combined with the election of fewer members from the Greens party and climate-focused independents, could mean it faces less pressure to cancel fossil fuel projects. But it will remain reliant on the Greens to pass laws through the nation's upper house — the senate — meaning Labor may need to negotiate the passage of bills with the leftist party if the Liberal-National-based coalition opposes its measures. The Greens ran on a promise to ban new coal, oil and gas projects but won fewer seats than in 2022 because of preference flows. A federal decision on the lifetime extension of the Woodside Energy-operated 14.4mn t/yr North West Shelf (NWS) LNG delayed by Labor, is now looking more positive for the firm. The firm sees approval as vital to progressing its Browse gas development offshore northwestern Australia. Voters' rejection of the opposition Coalition on the nation's east coast means its policy to reserve a further 50-100PJ (1.34bn-2.68bn m³/yr) from the Gladstone-based LNG exporters will not proceed. The result provides an opportunity for certainty and stability for the energy sector, upstream lobby Australian Energy Producers said. The group urged the government to focus on new supply as Australia's gas reserves for domestic use rapidly deplete. The government will need to specify exactly how it aims to secure supplies to ensure stable supply, once coal-fired generators retire at the end of the 2020s and into the 2030s. This is because the nation's integrated system plan is based on Labor's policy of reaching 82pc renewable energy in the power grid, backed up by about 15GW of gas-fired power. Industry will await further direction stemming from the Future Gas Strategy which canvassed solutions to Australia's declining gas supply including new pipelines, storage and seasonal LNG imports. Permitting concerns In the government's previous three-year term, a series of court-ordered requirements to consult with affected Aboriginal groups briefly disrupted multi-billion dollar LNG developments. Labor promised to specify through new laws exactly which groups must be consulted before approvals could be granted. But these were dropped from the agenda in early 2024 following opposition by the Greens. Labor's resources minister Madeleine King blamed the Greens for obstructionist manoeuvres on this legislation, but it remains unclear if and when Labor might introduce such laws. Conversely, the Coalition promised to end government support for anti-gas lobbies such as law group the Environmental Defenders Office — set to continue under Labor. In liquid fuels, Labor's victory should boost Australia's electric vehicle (EV) sales, with emissions standards laws set to remain enforced. The Coalition had said it would soften the laws because of concern over cost of living pressures. Plans to temporarily cut the fuel excise will also not progress. Australia's EV take-up has stalled, and industry has blamed this on poor investment in recharging infrastructure and other policy settings, including the removal of the fringe benefits tax exemption for plug-in hybrid car models. A re-elected Labor government is likely to further policy towards a mandate for sustainable aviation fuel or renewable diesel, given the growing share of Australia's emissions projected to come from the transport industry. It pledged A$250mn ($162mn) for low-carbon liquid fuels development in March , for low-carbon liquid fuels development in March, as part of its commitment to the nascent sector. Local market participants are optimistic that further biofuels support will be provided as urgency to meet net zero ambitions builds, including a 2030 target of 43pc lower emissions based on 2005 levels. About A$6bn/yr of feedstocks like canola, tallow and used cooking oil are exported from Australia, while existing ethanol and biodiesel producers are running underutilised plants, making about 175mn litres/yr at present, because of poorly-enforced blending mandates. By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
UK warned of looming battery shortfall as demand surges
UK warned of looming battery shortfall as demand surges
London, 2 May (Argus) — The UK will face a 55GWh shortfall in battery supply by 2035 unless urgent action is taken to scale up domestic manufacturing and reduce reliance on imports, according to a new report from the UK Research and Innovation's (UKRI's) Faraday Battery Challenge. The report, commissioned by the Faraday Battery Challenge and delivered by Innovate UK, forecasts national battery demand to exceed 165 GWh/yr by 2035, rising to nearly 200GWh by 2040. More than 90pc of this demand is expected to come from the automotive sector, with additional pressure from aerospace, rail, marine and energy storage systems. The report identifies the UK's strategic need to establish gigafactories capable of producing high-performance and cost-optimised cells, including cheaper alternatives to nickel manganese cobalt batteries such as lithium iron phosphate and lithium manganese iron phosphate, which are dominated by Chinese producers. While the UK has excelled in battery research at centres such as the Faraday Institution, the report highlights critical gaps in manufacturing infrastructure and policy co-ordination. The Faraday team argues that building a resilient supply chain, from materials to modules, will require targeted industrial support and long-term investment. One source told Argus of the particular need for a battery manufacturing plan independent of a plan for battery electric vehicle (BEV) manufacturing, given the more rapid growth of the battery storage market worldwide. The world's largest battery maker, CATL, sold 381GWh of power batteries last year, up by 19pc on the year, while it sold 93GWh of energy storage batteries, up by 35pc on the year. For the UK to build out its own manufacturing capacity without government support, in the current climate, will be "challenging", Ed Porter of UK battery energy storage market data analysts Modo Energy told Argus . "That need not be a bad thing," he said. "The end goal is to decarbonise at speed." The UK is already planning two battery factories domestically. A 40GWh unit in Somerset is planned with Indian conglomerate Tata , while a 10GWh facility in the Midlands is in the works with China's Far East Battery . Both facilities will be operational by the end of this decade (see map) . The two plants are "being proposed to fill the need" for all electric vehicle (EV) batteries, said Aaron Wade, project director at global battery industry association Volta Foundation, "making another plant unlikely". The UK produced 276,000 EVs last year, including BEVs, plug-in hybrid EVs and hybrid EVs, according to data from industry body SMMT, meaning a large number of its 381,000 BEV sales last year were not domestically produced. And it is a trend that may continue. "It makes most sense for battery plants to be located on the continent, with easier transport and proximity to car factories," Wade said. Battery demand is forecast to climb in other sectors too, such as aerospace and off-highway vehicles, particularly if energy density and charging performances improve. But many manufacturers, particularly those in niche markets, will need aggregation or modular cell solutions to justify investment, by either pooling funds with other end-users or using cells fit for several applications. The UKRI's report comes as major markets China , the US and the EU accelerate efforts to secure battery supply chains, often backed by state support. Industry leaders warn that without a similar ambition, the UK could find itself marginalised in the race to electrification. By Chris Welch Europe gigafactory forecast (Sep '24) GWh Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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