7 January 2026
December price moves: manganese, LMFP batteries and a year-end divergence
Key insights from this briefing
Why could LMFP batteries increase demand for manganese?
Lithium manganese iron phosphate adds manganese to the LFP chemistry to raise voltage and energy density while retaining much of LFP's cost and safety advantage. Wider adoption in electric vehicles and stationary storage therefore increases demand for high-purity manganese feedstock.
What drove the divergence in critical mineral prices during December 2025?
Lithium and manganese recorded strong gains as battery demand recovered, while hafnium and gallium corrected from recent highs. The briefing linked the manganese strength to changing battery chemistry and tighter competition for refined feedstock across EV and stationary-storage markets.
Excerpt from this briefing's Industry Insight
Manganese is emerging as an important beneficiary of the shift toward LMFP battery chemistry. Adding manganese to lithium-iron-phosphate systems can raise voltage and energy density while retaining much of LFP's cost and safety advantage and avoiding cobalt. That creates a new demand channel for high-purity manganese alongside established steel and stationary-storage uses. The briefing also noted tightening competition for refined material and a growing premium for lower-emission production, factors that could separate battery-grade manganese pricing from the broader bulk-metal cycle.
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