In November 2025, cathode material prices generally followed a steady upward trend. However, the growth rate difference between NCM and LFP materials widened significantly, with LFP rising markedly faster than NCM, reflecting a divergence in battery technology preferences within China's new energy vehicle market. In November, LiPF6 prices surged dramatically, with transaction values doubling since mid-October.
Major market dynamics
In November 2025, Jiangsu Lopal Technology Co., Ltd. secured a new lithium iron phosphate cathode material supply agreement with CORNEX Co., Ltd.. The contract is projected to generate approximately USD635 million (RMB45.00 billion) in revenue for the company.
On 18 November, 2025, the China Industrial Association of Power Sources (CIAPS) held a seminar in Beijing titled "Lithium Iron Phosphate (LFP) Material Industry Cost Research" to explore feasible pathways for the high-quality development of the lithium battery industry chain.
On 14 November, 2025, the environmental impact report for the 10,000 t/a lithium bis(fluorosulfonyl)imide expansion project of Hunan Fubang New Material Co., Ltd., a subsidiary of Shenzhen Capchem New Materials Co., Ltd.
On 12 November–13 November,2025 Shandong Genyuan New Material Co., Ltd. and Zhejiang Yipu New Material Technology Co., Ltd. stopped production and suspended all VC shipments due to force majeure.
The USD/RMB exchange rate in this newsletter is USD1.00=RMB7.0867 on 3 Nov., 2025, sourced from the People's Bank of China.
All the prices mentioned in this newsletter will include the VAT, unless otherwise specified.
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