Commodity Market Report
Global cathode and precursor short-term outlook September 2024
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Report summary
Global EV sales grew to 1.43 million units in August. China’s plug-in EV sales hit 50% and total unit sales were over one million. Despite some curtailment, raw material prices and margins continue to fall as oversupply plagues the supply chain. Therefore, we once again revise short-term price forecasts of raw materials and acknowledge that corrections are unlikely this year. 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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