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)
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Battery metals mining faces diesel disruption
Battery metals mining faces diesel disruption
London, 24 March (Argus) — The Middle East energy and fuel crisis could place immediate pressure on battery metals mining, particularly where operations rely heavily on diesel for haulage, transport and on-site activity. But the effects would not be uniform across the supply chain. While upstream mining is most directly exposed to fuel availability and price shocks, logistics could affect the entire supply chain if primary production goes off line. Some mining operations in southern Africa, Australia and southeast Asia may be affected by diesel shortages and price increases, early assessments suggest. At least four refineries in the Mideast Gulf have some units closed, even as a precaution, following missile or drone attacks. But those that remain on line are mostly finding it impossible to export their products through the strait of Hormuz. The Mideast Gulf exported 53mn t of diesel and related gasoil products in 2025, according to Vortexa ship tracking, representing around 13pc of global shipments. Only two tankers carrying non-Iranian clean oil products have navigated the strait of Hormuz in the past couple of days . Ports in South Africa and Tanzania had around two months' worth of diesel in stock that is now moving towards the interior of Africa, a source at a copper/cobalt mining company in the Democratic Republic of the Congo (DRC) told Argus on 12 March. Some mining operations may be forced to reduce fuel consumption by mid-April if the strait of Hormuz does not open soon. Two other logistics companies in Zambia warned of fuel shortages — truckers will be in "limbo" from the first week in April, a source said. Zambia is a key route between the copperbelt and some of the ports on the east coast of South Africa, including Durban, which handles large volumes of copper and cobalt. Most copper/cobalt belt producers use diesel for logistics, open pit haulage and in some cases to power dense media separation machines that concentrate ore, and various other mine site activities. Around 80pc of the DRC's power comes from hydro-electricity, according to the IEA, although diesel generators are used in areas with limited connectivity and as a back-up. Much of this diesel comes through the eastern ports of Dar Es Salaam, Durban and Beira, which have so far experienced limited direct disruption to operations as a result of the US-Iran war. But if shipping continues to be disrupted in the Middle East, these key ports could become extremely crowded as vessels seek alternative stopping points for Asia-Europe-Africa trade. "They could be refuelling destinations or trans-shipping routes if the Red Sea closes," a trader said. Australia's acute exposure The Australian government has already lowered fuel standards in preparation for supply chain issues and there have been localised shortages at gas stations, mainly because of short-term panic-buying. But Australia is exposed to shortages as it sources most of its diesel from Asia, which gets it from the Middle East. Six fuel shipments to Australia were cancelled last week and government ministers warned that supply in the second half of April is uncertain. Australia's oil reserves were at 49 days last week, the IEA said, the lowest among member states. Hard-rock lithium mining in Australia is likely to face fuel pressures, particularly at the mine and concentrator level. Chinese market participants have already expressed concern to Argus over spodumene supply from April. Some of the largest lithium operations in the world, such as Greenbushes, Pilgangoora and Mt Marion, rely heavily on diesel for haulage, drilling and remote-site logistics, while electricity is primarily used for crushing, grinding and concentration. This makes upstream spodumene production one of the most directly exposed parts of the battery supply chain to a sustained fuel shock. While most large operators have fuel procurement strategies in place, sustained disruption to global diesel supply or sharp price increases could raise marginal production costs and put pressure on higher-cost producers. Indonesia nickel partially insulated Indonesia's nickel processing sector has a different exposure to the crisis, with greater threats to fertilisers like sulphur and sulphuric acid . High-pressure acid leach and nickel pig iron operations depend heavily on electricity, but much of this power is supplied by captive coal-fired plants located near the sites, rather than imported gas. This may provide some insulation from immediate gas supply disruptions. But the sector is not immune. Diesel is still required for mining and internal logistics, while broader energy market disruption could affect input costs and shipping. By Thomas Kavanagh Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
SE Asia's EV push intensifies as energy crunch drags on
SE Asia's EV push intensifies as energy crunch drags on
Singapore, 24 March (Argus) — Southeast Asian countries, hit by energy disruptions following the now weeks-long Middle East war, are now backing swifter electric vehicle (EV) transition in efforts to mitigate similar fallout in the future. Growing uncertainty in regional fuel supply has prompted countries in southeast Asia to diversify their energy or fuel import sources in the more immediate term. Meanwhile, a quicker shift to EVs and renewable energy is seen as a longer-term measure, even as EV sales in the region recorded big jumps in 2025. "This is a wake-up call," Indonesian president Prabowo Subianto said last week, in a call to push for electrification and renewable energy. Indonesia aims to have 100GW of solar power in "no later than two years", up from its current 11GW, he said, with earlier plans including battery energy storage system (Bess) deployments. "We will convert all motorcycles into electric motorcycles. All cars, all trucks, all tractors must [also] be electric," he added. Meanwhile, the Laos government has slashed EV fees and service charges by 30pc while raising charges for fuel vehicles by the same amount, according to a statement from the prime minister's office on 13 March. The government has also mandated that transport companies' EV fleet share reach at least 10pc by the end of 2026. The Laos government will also simplify import procedures for EVs and is considering raising the excise tax rate for fuel vehicles. The Vietnamese government called for 50pc of city public transport to switch to EVs and for greater biofuels use, according to a directive that it issued on 19 March. The directive was part of a sweeping energy conservation effort, with the government citing the country's dependence on energy imports given the current conflict in the Middle East. It also aims to further integrate Bess to support the power grid. Vietnam is already targeting up to 16.3GW of ESS by 2030. By June, Vietnam's finance ministry is required to look into measures to encourage EV production and adoption, according to the directive. Similar instructions went out to all its provinces and cities' people's committees, responsible for local administration. The government directed them to issue measures by September to promote EV charging station investment and develop "clean transportation vehicles", including electric public transport. The Philippines' senate committee's energy vice-chair Win Gatchalian last week also called for a quicker EV transition for its public utility vehicles (PUVs). The country's landmark Electric Vehicle Industry Development Act — authored by Gatchalian — is currently offering its EV drivers priority vehicle registration and renewal, alongside access to public charging infrastructure. The Philippines, under the more optimistic clean energy scenario in its EV roadmap , envisions 50pc EV adoption by 2040, or at least 10pc by 2040 under its conservative scenario. But dwindling incentives in other regional EV leaders such as Singapore and Thailand are also signalling hesitancy to extend domestic sales boosters in more mature EV markets. Thailand recorded a big jump in battery EV registrations in 2025. But the government altered its EV policy late last year to encourage exports instead of domestic sales to avoid a potential supply glut. Meanwhile, Singapore's preferential additional registration fee rebate, aimed at encouraging early de-registration of older, more pollutive cars, was cut by 45pc earlier this year, now capped at S$30,000 ($23,453). Its neighbour, Malaysia, removed its excise duty exemptions on completely built-up EVs since the beginning of 2026. By Joseph Ho Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
High electronics prices may erode battery metal demand
High electronics prices may erode battery metal demand
Beijing, 20 March (Argus) — Rising prices for consumer electronics, particularly mobile phones — if memory-chip supply is tightened by a protracted Middle East conflict — are likely to have a negative impact on global battery metals demand. Consumer electronics is one of the main downstream demand segments for several battery metals, including cobalt and lithium. This sector accounts for 35pc of global cobalt consumption and 3pc of lithium demand, according to Argus ' estimates. Major Chinese smartphone manufacturers such as OPPO, vivo and Honor have raised prices — by 200-1,000 yuan ($29-145) per unit. The price of some flagship models is up by about 10pc. The effective closure of the strait of Hormuz poses risks to global semiconductor manufacturing — Asia-Pacific chipmakers rely heavily on energy imports from the Middle East. South Korea and Taiwan are home to the world's most advanced chip-fabrication capacity, which requires large amounts of energy. Around 60–70pc of crude imports for both these countries transits the strait. At the same time, supply disruption caused by the Middle East conflict has triggered a global helium shortage and driven prices sharply higher. About a third of the world's helium output comes from Qatar, according to industry sources. The disruption has pushed helium inventories at some memory-chip producers down to warning levels. Higher prices may mean consumers are in less of a hurry to upgrade their phone, and this could undermine battery metals demand. But battery metal spot markets have not registered an immediate impact from this development, and market participants are assessing whether supply factors could offset or even outweigh the effects of pricier handsets. The cobalt market continues to face pressure from a pause in exports from the world's largest feedstock-producing country, the Democratic Republic of Congo, after authorities raised concerns over mismatched assay results for cobalt hydroxide. And lithium market participants are assessing whether Zimbabwe's export ban will offset a slowdown in buying and whether the country is likely to resume concentrate exports any time soon. Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
DRC cobalt exports paused over assay dispute
DRC cobalt exports paused over assay dispute
London, 18 March (Argus) — The Democratic Republic of Congo (DRC) has effectively paused cobalt exports after officials raised concerns about mismatched assay results for cobalt hydroxide, according to market participants. Border staff were said to be holding back paperwork while awaiting guidance from Kinshasa on how to handle discrepancies between laboratory results submitted during export procedures. A document seen by Argus dated 13 March has set a ±2pc tolerance for divergences between the assays issued by the Arecoms laboratory, the CEEC laboratory and the exporter's chosen private laboratory. It also requires a reference test when the gap exceeds that threshold and introduces monthly reconciliation of assay data and quota volumes. Exporters said the notice has left border staff hesitant to process loads until the mining minister signs an administrative instruction confirming how the new rules should be applied. The timing comes as mining firms attempt to rebuild export flows after last year's eight-month halt and the quota regime that followed, which capped October–December shipments at 18,125t. Prices jumped late last year as stocks outside the DRC drained and Chinese imports fell sharply , while border delays persisted into December because of paperwork backlogs and heavy rain. Market links document to quiet export block The document appears to show confusion inside government over why three labs return three different results on the same parcel, according to several sources. "I heard the same," one source told Argus , referring to the reported statement from Kinshasa. "We've had no issue at our sites this morning. We're checking to see if this is for selected mines." Another source said it was unclear whether the government slowed exports first or whether the 13 March circular was written to address a problem that had already emerged. They noted that the document allows exports to proceed when assay differences fall within a ±2pc tolerance, which "perhaps" suggests it was drafted to unblock shipments. The same source said officials may initially have misread normal lab-to-lab variation as evidence of wrongdoing. "If you get three different parties to assay the same parcel, you will get three different results," they said, adding that authorities "automatically assumed that it was a fraud" and blocked movements. The document now makes clear that exports can go ahead "as long as everyone is acting honestly", they said. The rally on Wuxi exchange on Tuesday suggests the market is not yet at ease. Exporters said that once the mining minister signs the accompanying administrative notice, border staff should resume clearing trucks, but until then operators expect loads to remain parked while officials decide which assay should be treated as binding. By Chris Welch Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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