Supply Chain: Upstream and Midstream

Battery Materials in 2025 Market and Policy Distortions

Lithium

Cobalt

Nickel

Bullishness from the BESS sector and policy changes are fueling a price resurgence, but supply curtailments have not fully balanced the market.

DRC export controls are tightening global supply.

The market for nickel and nickel sulphate remains in oversupply, driven by Indonesia and China.

High-purity manganese sulphate remains the dominant input for pCAM production.

Demand in batteries has underperformed due to LFP displacement of nickel-based chemistries.

Limited alternative feedstock and processing capacity outside China make manganese strategically important for midstream resilience.

Investor sentiment remains weak, but producers continue to advance projects.

Source: Summary of section content

Feedstock availability outside the DRC is declining, forcing refiners to reduce rates or shift to alternatives.

Manganese

Graphite Graphite supply chains remain highly concentrated in China with export controls increasing risk. Diversification efforts continue but progress remains slow relative to demand growth.

Extracted from the PDF; charts and images may read imperfectly.