Commodity Market Report
Global cathode and precursor short-term outlook October 2024
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Report summary
Global EV sales grew to 1.73 million units in September. China’s plug-in EV remained at 50% and total unit sales were over 1.2 million. Despite some curtailment, raw material prices continue to fall as oversupply plagues the supply chain. Short-term price forecasts have little revision this month, a signal that some raw materials may be reaching their "bottom". Cathode prices are expected to improve minimally between now and 2026. Producers in China again raised the utilisation rate. Domestic market sentiment is improving, incontrast to the rest of the world. For the most common chemistries (LFP, NCM and NCA), we still forecast double-digit supply growth over the next four years.
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