First in Market Global Daily Frequency Calculated Price Assessments Meet Information Needs of Fast-Growing Battery Supply Chain Industry
NEW YORK and LONDON and SINGAPORE, March 17, 2025 -- Platts, part of S&P Global Commodity Insights, the leading independent provider of information, data, analysis, benchmark prices and workflow solutions for the metals, commodities, energy and energy transition markets, today announced the launch of a suite of new daily cathode active material (CAM) calculated price assessments for China, Europe and North America, effective March 24. The new assessments will expand downstream into the battery supply chain and complement Platts extensive suite of daily battery materials assessments.
The new offering focuses on the CAM chemistries for LFP (lithium iron phosphate), NMC622 and NMC811 (nickel-manganese-cobalt) lithium-ion batteries that are expected to hold a large market share in the coming years. LFP currently holds around 43% share of global demand, and NMC622 and NMC811 hold an estimated global demand share of around 18% combined, according to S&P Global Mobility.
CAMs are the electrochemically active components in a lithium-ion battery's cathode. CAMs are synthesized materials, typically composed of metal oxides, used to produce electrodes (or cathodes) which, alongside the anode and electrolyte, facilitate the storage and release of lithium ions during charge and discharge cycles. The specific composition of the CAM significantly influences the battery's performance - including its energy density, cycle life, and safety.
Viral Shah, Managing Editor, EMEA Low Carbon & Base Metals, at S&P Global Commodity Insights, commented, "We are pleased to announce the launch of this new suite of Platts Cathode Active Material calculated price assessments, providing the first-ever daily European and North American import price assessments alongside a crucial focus on the key China market. As production technology rapidly evolves and industry demand from the EV and Battery Energy Storage Systems (BESS) markets continues to grow, Platts CAM will bring greater transparency to the global marketplace and help quantify value for this opaque portion of the battery supply chain.
At present, there is insufficient price transparency on the cost of CAMs, which are a key part of the most valuable aspect of a battery – the cathode – and make up a large portion of overall battery cost. Against this backdrop, Platts, with its extensive suite of daily spot battery materials assessments, provides market participants with comprehensive pricing information for this crucial energy transition sector."
Henrique Ribeiro, Principal Analyst Technologies & Supply Chains, ETSS, at S&P Global Commodity Insights, commented: "As battery production scales globally, supply of battery raw materials – especially Cathode Active Materials – will become a key concern for battery manufacturers. The manufacturing scale involved makes technological change more difficult and so LFP and NMC chemistries are expected to dominate for some time. Since key refining and CAM production stages are dominated by Chinese companies, other regions are likely to remain reliant on imports for years to come."
Battery demand is expected to grow sharply in the coming years not just from the growth in adoption of electric vehicles, but also from Battery Energy Storage Systems (BESS) which are increasingly being deployed to capture energy generated from solar and wind plants, as well as use as back up sources of energy for high-energy consumption end uses such as data centers. Global BESS annual capacity additions grew 49% year-on-year in 2024 and are forecast to grow another 29% on year in 2025, according to S&P Global Commodity Insights' Clean Energy Technology team.
The new calculated CAM assessments leverage Commodity Insights research team's battery cell cost model, factoring in material intensity and proprietary processing cost estimates for the Chinese domestic market. China accounts for about 81.3% of global production, according to S&P Global Mobility.
The 24-strong series leverages Platts established daily spot assessments for lithium carbonate, lithium hydroxide, cobalt sulfate, nickel sulfate, manganese sulfate, and iron ore, as well as its weekly technical monoammonium phosphate (TMAP) assessment, while the calculated CIF assessments for Europe and North America for China-origin material also leverage Platts daily container freight price assessments.
The subscriber note can be accessed here, while a full description of the Platts assessment methodology can be found here.
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