Battery Component Price Report
February 2024
Battery Component
Price Report
February 2024 Contents
Top movers (1)
Cell costs (1)
Cathodes (2)
Lithium (2)
Anodes (3)
Top movers (month on month average)
Electrolyte (3)
⬇ NMC Cells -3.1% ⬆ NiSO4 +2.8% Precursors (4)
Other components (4)
⬇ MnO2 -2.8% ⬆ Synth. Graphite +1.1%
Exchange rates (4)
⬇ LFP Cells -2.6% ⬆ Nat. Graphite +0.7% About (5)
Cell costs
Figure 1. Prismatic EV cell cost time series
Table 1. Monthly average prismatic EV cell cost summary
EV Price +/–
M/M % Legend
Battery ($/kWh) ($/kWh)
NMC 66 4.9 -3.1
LFP 53 7.0 -2.6
LFP and NMC cell prices remain relatively stable across the month, falling by ~3%. LFP cells reach average
monthly cost below $60/kWh, with NMC cells a ~25% cost premium above LFP.
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Battery Component Price Report
February 2024
Cathodes
Table 2. Monthly average cathode active material cost summary Figure 2. Cathode cost time series
Cathode Price +/–
M/M % Legend
material ($/kg) ($/kg)
LFP 6 0.2 -0.3
NMC811 22 0.6 0.0
NCA 22 0.6 0.0
NMC622 18 0.9 0.0
NMC532 18 0.7 0.0
LCO 23 0.7 +0.2
LMO 5 0.3 -0.6
Cathode active material costs remain stable across the month for all lithium chemistries, including phosphate
and layered oxide chemistries.
Lithium
Table 3. Monthly average raw lithium cost summary Figure 3. Lithium cost time series
Lithium Price +/–
M/M % Legend
material ($/kg) ($/kg)
Li2CO3, 13 0.4 -0.6
battery 99.5%
Li2CO3, 11 0.3 -0.2
industrial 99.0%
LiOH, 11 0.4 -0.7
coarse 56.5%
Lithium prices stabilize with minimal change across the month. Previous month on month changes have been
over 10% in magnitude, likely February impact stems from Chinese Lunar New Year activity.
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Battery Component Price Report
February 2024
Anodes
Table 4. Monthly average graphite anode cost summary Figure 4. Graphite cost time series
Price +/–
Graphite M/M % Legend
($/kg) ($/kg)
Synthetic 7 2.2 +1.1
Natural 8 1.0 +0.7
Synthetic graphite maintains larger spread of supplier prices when compared to natural graphite. Both
materials again priced at $7-8/kg this month.
Electrolytes
Table 5. Monthly average electrolyte material cost summary Figure 5. Electrolyte cost time series
Price +/–
Electrolyte M/M % Legend
($/kg) ($/kg)
LFP blend 2.0 0.3 -0.8
NMC blend 3.0 0.3 -1.7
LiPF6 salt 10.0 0.7 -1.0
EC solvent 0.7 0.02 -1.2
DMC solvent 0.6 0.03 0.0
DEC solvent 1.3 0.02 0.0
EMC solvent 1.0 0.01 -1.8
PC solvent 1.1 0.03 0.0
Electrolytes costs markedly stabilize compared to previous months decreasing less than 2% across the month.
This is driven by flat LiPF6 salt costs.
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Battery Component Price Report
February 2024
Precursors
Table 6. Monthly average precursor material cost summary Figure 6. Precursor cost time series
Price +/–
Precursor M/M % Legend
($/kg) ($/kg)
FePO4 1.5 0.05 -2.1
811 PCAM 11.0 0.3 0.0
622 PCAM 11.0 0.2 +0.1
532 PCAM 9.0 0.2 +0.1
MnO2 2.1 0.03 -2.8
NiSO4, 3.8 0.03 +2.8
battery grade
CoSO4, 4.0 0.0 -0.2
>20.5%
MnSO4, 0.7 0.01 0.0
battery grade
Precursor price levels remain flat for key materials. NiSO4 nickel sulfate material prices rose across the month
nearing $4.8.
Other materials Exchange rates
Table 7. Monthly average other material cost summary Figure 7. USD-CNY exchange rates
Material Price +/– M/M % Units
Separator, 0.2 0.02 -5.8 $/m2
pp/pe/ceramic
Cu foil, 12.0 – — $/kg
6um
Al foil, 5.0 — — $/kg
12um
Al-laminated
pouch 2.0 0.3 0.0 $/m2
PVDF 26.0 12.6 0.0 $/kg
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Battery Component Price Report
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About
Contact details
Email: contact@intercalation.co
Andrew Wang, Cofounder & Director
Nicholas Yiu, Cofounder & Director
Data provenance
Material costs represents China-centric market pricing. Intercalation analyses aggregates price data across 10+
independent platform resources and augments with industry expert input to produce this bespoke monthly battery
component pricing service. Pricing ranges presented are indicative of the variability across suppliers. Individual
component specification changes such as the ceramic coating on separators, single/poly crystallinity of NMC cathodes,
or copper foil thickness, can dictate significantly higher or lower material costs than those reported. Similar uncertainty in
variability applies across geographic regions. While information sources are reliable and representative, Intercalation
does not guarantee the accuracy or completeness of this information. See disclaimer for full details.
Disclaimer
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Glossary
Al: Aluminum FePO4: Iron phosphate precursor MnO2: Manganese dioxide
CNY: Chinese yuan kWh: Kilowatt-hour MnSO4: Manganese sulfate
CoSO4: Cobalt sulfate LCO: Lithium cobalt oxide cathode NCA: Nickel cobalt aluminum cathode
Cu: Copper LFP: Lithium iron phosphate cathode NiSO4: Nickel sulfate
DEC: Diethyl carbonate Li2CO3: Lithium carbonate NMC: Nickel manganese cobalt cathode
DMC: Dimethyl carbonate LiOH: Lithium hydroxide PC: Propylene carbonate
EC: Ethylene carbonate LiPF6: Lithium hexafluorophosphate PCAM: cathode-active-material precursor
EMC: Ethyl methyl carbonate LMO: Lithium manganese oxide PVDF: Polyvinylidene fluoride
EV: Electric vehicle M/M: Month-on-month USD: US dollar
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