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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Sulphur chokepoint threatens battery metals
Sulphur chokepoint threatens battery metals
London, 4 March (Argus) — The widening conflict in the Middle East threatens to squeeze the supply of sulphur through the strait of Hormuz, with potential long-lasting second-order effects on key battery metals production. The most immediate industrial vulnerability lies in sulphur produced in Mideast Gulf countries — and by extension sulphuric acid — a critical input for copper and cobalt leaching in the central African copperbelt, nickel leaching in Indonesia and lithium extraction and refining globally. Roughly half of global seaborne sulphur trade transits the strait of Hormuz. With Middle Eastern refinery operations disrupted and shipping largely halted, global sulphur availability has tightened sharply. Africa is particularly exposed. Nearly all sulphur imported by southern African buyers last year originated in the Middle East. Argus assessed spot sulphur prices at the key hub of Dar es Salaam, Tanzania, at $615-630/t fca on 3 March, an increase of just $20/t since 27 February, as stocks in the port are ample. But the structural vulnerability is clear. Delivered trucking costs from Dar es Salaam to Kolwezi in the Democratic Republic of Congo (DRC) are about $280/t. That implies delivered sulphur prices approaching $900/t dap Kolwezi this week. At typical 3:1 conversion ratios, that suggests sulphuric acid costs nearing $300/t, much higher than other regional benchmarks. Sulphur fob Middle East prices were assessed at $494-496/t. Both prices had experienced a slight dip ahead of the conflict but have jumped in the initial days of the war. Copperbelt heavily impacted The central African copperbelt imports roughly 2mn t/yr of sulphur, producing around 6mn t/yr of sulphuric acid for oxide copper leaching. An additional 2.5mn t/yr of acid is generated by regional copper smelters processing concentrates. Higher acid prices directly raise copper production costs in one of the world's fastest-growing supply regions. The same belt is also the centre of global cobalt production. The DRC accounts for roughly 70pc of global mined cobalt supply. Major producers include Glencore, whose Mutanda and Kamoto operations produced around 40,000t of cobalt in 2024, and China Molybdenum (CMOC), whose Tenke Fungurume and Kisanfu mines together produced more than 55,000t of cobalt last year. But the DRC has room to manoeuvre in the cobalt markets, as it has imposed an export quota on producers since late last year. There is probably a significant production overhang in the country itself, so a loosening of the policy could be used to shore up market supply in the event of a tight squeeze. The mechanism that shuts down global trade is not necessarily naval blockades but the withdrawal of war risk insurance, Robert Friedland, the founder of Ivanhoe Mines, noted this week. Seven of the 12 members of the International Group of P&I Clubs have issued cancellation notices for war risk coverage in the Mideast Gulf, extending beyond the strait of Hormuz itself to Iranian waters and the Gulf of Oman. Nickel mines and lithium refineries exposed Sulphuric acid also plays a critical role in the wider battery metals supply chain. It is a key reagent in pressure acid leach (HPAL) operations used to produce nickel from laterite ores in Indonesia, now the world's dominant source of battery-grade nickel, producing more than 50pc of global supply. Several large Indonesian HPAL projects consume millions of tonnes of sulphur annually to generate acid for leaching operations. Indonesian nickel mixed hydroxide precipitate (MHP) producers have ceased offering long-term contractual material to assess the potential impact of sulphur supply disruptions. Fuel impacts in Indonesia could also be acute. Indonesia's crude supply from the Middle East passes through Hormuz and makes up around a fifth of national demand, energy minister Bahlil Lahadalia said on 3 March. Sulphuric acid is also widely used in lithium extraction and processing. Hard-rock spodumene concentrate is typically converted into lithium chemicals using sulphuric acid roasting, while several emerging direct lithium extraction and brine conversion routes also depend on large volumes of sulphuric acid. A sustained rise in sulphur prices therefore risks feeding directly into global battery metal production costs. Again, Africa is most exposed, but a recent lithium concentrate export ban in Zimbabwe may actually relieve the pressure on other mines in the region. Australia, the world's largest lithium spodumene producer, receives most of its sulphur from Canada, so should remain far more insulated. That said, the second-largest supplier is Qatar, albeit by some distance. General inflationary pressures brought on by an extended crisis can and will affect the Chinese refining industry, which was already struggling with margin pressure from growing spodumene prices and could emerge as the weak link in the lithium supply chain. Lithium refining is an energy and reagent-intensive process. Elevated LNG and power costs in Asia, combined with rising sulphur and sulphuric acid prices used in the conversion of spodumene into lithium chemicals, could significantly increase operating costs for converters. At the same time, demand uncertainty or weaker downstream battery markets could limit refiners' ability to pass those costs on. China accounts for roughly 80pc of global lithium chemical refining capacity, meaning that any sustained pressure on Chinese converters would have disproportionate consequences for global lithium supply. By Thomas Kavanagh & Fenella Rhodes Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
China's GWM to build second car factory in Brazil
China's GWM to build second car factory in Brazil
Sao Paulo, 27 February (Argus) — Chinese automaker Great Wall Motor (GWM) will build a second car factory in Brazil, which could drive domestic flat steel demand up. GWM's new factory, in southeastern Espirito Santo state, will have a nameplate capacity of 200,000 vehicles/yr, four times larger than its first Brazilian plant , according to the state government. The facility is part of the company's R10bn ($1.9bn) investment plan in Brazil through 2032. GWM sells mostly electric vehicles (EVs) in Brazil, but it has a couple of internal combustion engine (ICE) models as well. It is still unclear which model the automaker will manufacture in the plant, but the Haval H4, a compact SUV, is a strong contender. Given the popularity of this car category in Brazil, demand for the H4 would likely be in line with the new plant's capacity. The H4 is sold in other Latin American countries as a hybrid vehicle under the name of Haval Jolion Pro. Since the factory will be built from scratch, it is difficult to pin an inauguration date as construction work in Brazil often faces delays. GWM has close ties with the Espirito Santo government, having used the state's main port, Vitoria, as an import hub for all the vehicles it brought from China to Brazil. GWM plant could drive domestic steel demand Construction is expected to use from 40,000-70,000 metric tonnes (t) of steel, according to the Espirito Santo government. Most of the flat steel used during the building phase will likely be sourced from domestic producer ArcelorMittal. The new factory aligns with the steelmarker's plans to build a cold-rolling mill in Tubarao — also in Espirito Santo — which is its largest plant in Brazil, the company told Argus . ArcelorMittal announced in 2025 a R4bn ($777.4mn) investment to boost steel output in Brazil, but it has yet to officially decide where to allocate the resources . The company expects to make a final decision by the end of the first quarter. The GWM project could signal that ArcelorMittal may ultimately favor Espirito Santo over expanding its Pecem plant, in northeastern Ceara state. Construction is also expected to use 200,000-350,000t of concrete. By Pedro Consoli and Isabel Filgueiras Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Argentina's economy swings to growth in 2025
Argentina's economy swings to growth in 2025
Montevideo, 24 February (Argus) — Argentina's economic activity expanded by 4.4pc in 2025, based on preliminary government data. The annual growth was below the government forecast of 5pc and the IMF's more modest 4.5pc growth, but much stronger than the 1.7pc contraction the previous year. The economy also contracted in 2023. December was the strongest month for growth in the fourth quarter of the year, expanding by an annual 3.5pc in December from the prior month, when the economy contracted by a revised annual 0.1pc, according to the statistics institute, Indec. It was the second best monthly performance since June and reversed a two-month slide. The strongest monthly expansion in 2025 was 7.7pc registered in April. The strongest performance for December was in agriculture, up 32.2pc compared from a year earlier. Output in fisheries rose by 18.3pc, financial intermediation rose by an annual 14.1pc and mining climbed by 9.1pc in December from a year earlier. Weighing on growth, manufacturing fell by an annual 3.9pc, hospitality by 1.5pc and retail by 1.3pc. President Javier Milei's government forecasts 5pc growth for 2026, while the IMF projects 4pc growth. Argentina is the IMF's largest creditor nation, with $41.8bn in credits from the IMF out of the $119.5bn owed the institution. The government is betting on a boost from labor reform legislation, which cleared most congressional hurdles in February, but still requires one more vote by the Senate, and additional bills that will make it easier to approve extractive projects. While still grappling with high inflation, the government has a bit more breathing room as the Argentinian peso has appreciated in trading against the US dollar so far this year, following the same pattern of other big economies in the region. The Argentinian peso appreciated 5.2pc between the start of the year and 23 February, second only to Brazil's real in the region. This compares to a 28.9pc depreciation for the peso in 2025. Inflation was running at an annual 32.4pc in January, quickening from 31.5pc in December. The government forecasts inflation to end the year at 10.1pc for 2026 in its annual budget, while the IMF estimates it at 16.4pc and international banks even higher, with JPMorgan forecasting 26pc and BBVA 22pc inflation this year. -By Lucien Chauvin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US manufacturing output in Jan posts 11-month high
US manufacturing output in Jan posts 11-month high
Houston, 18 February (Argus) — US manufacturing output in January posted the biggest monthly gain in 11 months, with gains in both durable and non-durable manufacturing. US manufacturing output increased by 0.6pc in January after no change in December from the prior month, Federal Reserve data showed Wednesday. Manufacturing output was up by 2.4pc from a year earlier. Manufacturing of durable goods rose by 0.8pc on the month, with gains of at least 1pc in machinery, computers and nonmetalic mineral products. Motor vehicles output was up by 1.3pc on the month and was up by 5.5pc from a year earlier. Output of nondurable manufactured goods rose by 0.4pc, with gains in plastics, chemicals and rubber products more than offset by declines in other industries such as food and beverage and leather products. Plastics and rubber output were up by 1.3pc on the month. They were up by 2.5pc from a year earlier. Industrial production, which includes manufacturing output, mining and utilities, increased by 0.7pc in January after climbing by 0.2pc in December from the prior month. Mining output decreased by 0.2pc from the prior month following a monthly 0.9pc decline in December, while utilities output gained by 2.1pc. Mining output was up by 2.5pc from a year prior, while within utilities, electric and gas output were both up by 2.1pc from the prior month. Industrial capacity utilization rose to 72.6pc, which is still 3.2 percentage points below its 1972-2025 long-term average. The operating rate for mining edged down by 0.1 point to 84.4pc, while the operating rate for utilities rose by 1.3 point to 72.9pc from a year earlier. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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