Global cathode and precursor short-term outlook June 2022

With the first half of the year over, it is looking increasingly like Q2 may have represented the peak in the current pricing cycle. Certainly, nickel, cobalt, and manganese sulphate prices have suffered significant corrections in recent weeks with further price softening expected in the second half of the year. Lithium prices have shown more inertia, with growing EV sales we're expecting lithium prices to remain elevated until mid-2024. With nickel and cobalt price correction, we would expect more competition between ternary and LFP CAMs, while the latter gained momentum and won a market share while prices were elevated.