battery_metal · primary
Stainless-steel mainstay turned battery metal. Indonesia's RKEF + HPAL build-out has roughly tripled global mine output since 2018, making it the most concentrated supply story in critical minerals. Class 1 (battery-grade) flows through Canada, Norway, and Finland after Russian sanctions tightened in 2022.
At a glance
Price · 2026
17,757$/mt
World Bank Pink Sheet
Price trend
-11% 1Y
-5%/yr · 4Y CAGR
US net import reliance · 2025
41%
Production HHI
0.44
Highly concentrated (>0.25)
From ore to use
lifecycle flow
130.1Mt
Indonesia leads · 48% share
Provenance
3.8Mt
Indonesia top · 2024
89.0Kt
net importer · 2025
25.0Kt
year-end · 2025
120.0Kt
Consumption: Reported, primary · 2025
12 sources · click to verify
