Battery Metals Quarterly Report
Lithium, Nickel and Cobalt price risk
Our latest battery metals market view from an expert team
Bringing together SFA (Oxford)’s expertise in the lithium, cobalt and nickel markets, this quarterly price risk report is designed to help investors and industry stakeholders to monitor and contextualise recent market-impacting events. The rapidly evolving nature of government policy, electric vehicle (EV) roll-out plans, the battery industry value chain, and lithium, nickel and cobalt market players, requires detailed analysis and interpretation of today's risks to metal markets and pricing. Let us keep you informed of the latest battery metals supply, demand and recycling developments and discover the price drivers and price risks to 2026 to inform your strategic decision-making in this dynamic market.
Battery metal price risks to 2026
Our Q4 Battery Metals Quarterly Report highlights how recent EV market and mine supply developments affect our latest short to medium-term metal price forecasts and includes how the lithium, nickel and cobalt markets are impacted by a combination of demand downgrades and supply reactions to higher prices. Key strategic questions are answered, such as:
Quantifying the supply response for lithium, nickel and cobalt – how much, how fast, and from where?
Weighing up EV upgrades against shifts in battery chemistries – how is LFP affecting metal demand growth?
An upgraded EV outlook maintains a strong growth story for lithium, but how balanced will the lithium market be in 2024 due to incoming supply from expansions and new project commissioning?
What has been the impact of a strong supply response from Indonesia which has pushed the nickel market into surplus, and weaker macroeconomic conditions on stainless steel? What effect has a smoother than expected ramp-up of new generation HPAL projects had on concerns over the availability of battery-grade materials?
How has SFA’s cobalt market outlook been affected by heavy demand downgrades due to aggressive LFP uptake and from significant expected supply responses underway in the DRC in 2023?
Released four times a year on a subscription basis, the Battery Metals Quarterly report will keep you abreast of rapidly evolving developments in the lithium, nickel and cobalt markets, providing you with a competitive edge. The content of each market report will vary according to lithium, nickel and cobalt industry events and market developments. Still, it will be tailored to incorporate an individual client’s specific strategic requirements. Typically, the battery metals reports will include:
Lithium, nickel and cobalt demand impacts and new market threats:
Macroeconomic developments on supply-demand fundamentals and technology (global, US, EU and China).
The impact of powertrain technology trends, specifically EV forecast risks including global powertrain evolution and electrification, automaker announcements and implications for commodities, EU CO2 targets and opportunities for EVs, hybrid technology developments, China’s policies and the new energy vehicle (NEV) market, and US market risks.
Lithium-ion battery technology shifts and EV powertrain developments and their impact on lithium, nickel and cobalt demand.
Future evolution of the battery raw materials supply chain and development of other industrial uses, both emerging and in decline.
Lithium market drivers: lithium price developments, Li-ion battery-grade demand, Li-ion battery cathode chemistries, lithium carbonate vs. hydroxide, battery factory developments and industry players, and supply versus demand.
Nickel price and nickel sulphate price developments, the evolution of lithium-ion batteries and nickel sulphate requirements, and stainless steel versus lithium-ion battery demand.
Cobalt market demand and price developments, lithium-ion battery cathode chemistries, battery metals substitution risks and trade to China.
Supporting demand data on:
Lithium demand by end-use.
Lithium electric vehicle demand by region.
Lithium-ion battery-grade lithium hydroxide demand by region.
Nickel demand by end-use.
Nickel electric vehicle demand by region.
Cobalt demand by end-use.
Cobalt electric vehicle demand by region.
Lithium, nickel and cobalt supply and production economic impacts:
Updates on the present and future stability and growth of primary lithium, nickel and cobalt supply, supply response, reserves and resources, factors influencing cost inflation and exchange rate and volume impacts.
Producer economics of primary lithium (LCE), lithium hydroxide, and supply risks from hard rock and brine operations.
- Class 1 and Class 2 nickel supplies, new projects, and availability of Class 1 nickel for nickel sulphate production.
Producer economics of nickel and nickel sulphate production.
Producer economics of cobalt supply, supply risks, cobalt projects, politics and mining in the Democratic Republic of the Congo (DRC).
- Comments on the political and socio-economic risks impacting primary supply in politically sensitive producing regions.
Supporting supply data on:
Lithium supply by region, producer and operation.
Lithium-ion battery-grade lithium hydroxide by operation.
Lithium and lithium hydroxide supply from probable and possible projects.
Nickel supply by region, producer and operation, and from probable and possible projects.
Cobalt supply by region, producer and operation, and from probable and possible projects.
Five-year price outlooks for lithium carbonate, lithium hydroxide, nickel, nickel sulphate and cobalt.
'What-if' scenario analysis and price risk assessment.
Who should read this report?
All industry stakeholders and new business entrants who need to keep abreast of the evolving influences on the lithium, nickel and cobalt markets and prices, including end-users, mining companies and juniors.
Investors and financial institutions needing to understand and quantify the risks and opportunities in the industry, future costs of production and short- to medium-term prices.
Live Q&A with the analysts
Each quarterly report is supported by a video call, most often hosted through MS Teams, which is led by Beresford Clarke, along with our team of expert Battery Metals and Materials analysts, to run through our latest powertrain metals outlook for the lithium carbonate, lithium hydroxide, nickel, nickel sulphate and cobalt markets, and address any further questions your team may have.
Often additional Client project teams join SFA's special meetings to hear our latest thoughts on the Battery Metals and Materials markets.
Contact one of our team for more details
Other Battery Raw Materials market reports
Explore other reports our clients use regularly.
Joining the dots between Lithium, Nickel and Cobalt
The SFA team completes a deep dive into the short- to long-term opportunities enabling the success of electric vehicle production across supported regions.
Lithium battery recycling value chain and ESG
SFA evaluates the long and complex life-cycle analysis of lithium-ion battery raw materials to improve the opportunities available for market stakeholders.
Quarterly Lithium Market Report and Prices Outlook
Released four times a year, SFA's lithium price risk report details short- to medium-term factors impacting the lithium carbonate and lithium hydroxide markets.
2040 Lithium Market Outlook
This ground-breaking, forward-looking report analyses the trends and influences on the lithium market and battery technologies out to 2040.
ESG assessment of the Lithium Market
With high energy-intensive processes required to produce lithium hydroxide, SFA can help investors evaluate the sustainability of the lithium supply chain.
The Lithium Triangle in South America
Argentina, Bolivia and Chile have long been low-cost sources of lithium supply for electric vehicles but greater ESG scrutiny means new processes must be adopted.
Quarterly Nickel Market Report and Prices Outlook
Released each quarter, SFA's nickel price risk-focused report details the factors impacting nickel sulphate demand, MHP and refined nickel for the next five years.
Long-term Nickel Market and Prices Outlook to 2040
Released annually, this ground-breaking, forward-looking report analyses the trends and influences on the nickel market and battery technologies out to 2040.
ESG assessment of the Nickel Market
SFA applies its ESG analytical rigour to the nickel market to better understand which players are leading and which are falling behind the decarbonisation roadmap.
Quarterly Cobalt Market Report and Price Outlook
Released each quarter, SFA's cobalt price risk-focused report details cobalt supply and demand impacting factors for the next five years.
ESG assessment of the Cobalt Market
As long-term cobalt supply is heavily reliant on Africa, it is imperative that SFA supports investors with unique ESG insights to assess cobalt's market competitiveness.
Long-term Cobalt Market and Price Outlook to 2040
Released annually, this ground-breaking, forward-looking report analyses the trends and influences on the cobalt market and battery technologies out to 2040.
North America Battery Materials Market Outlook
Significant long-term opportunities exist along the value chain as more supportive legislation drives EV growth, with greater awareness of ESG pressures.
China Battery Materials Market Outlook
China has the largest electric vehicle market in the world, so how can China co-exist with the rest of the world in this sector?
India Battery Materials Market Outlook
With high car ownership, dense cities, and the need to improve urban air quality, how can India adopt more electric vehicles and can city infrastructure cope?
Europe Battery Materials Market Outlook
European automakers need greater involvement in the battery supply chain to source raw materials and precursor components to improve supply security.
Australia Battery Materials Market Outlook Report
With Australia's abundance of battery raw materials, long-term challenges exist to develop its beneficiation strategy towards battery-grade precursor products.
How can we help you?
SFA (Oxford) provides bespoke, independent intelligence on the strategic metal markets, specifically tailored to your needs. To find out more about what we can offer you, please contact us.