China’s XTC to buy cobalt tetroxide and precursor materials from CNGR

Chinese battery materials producer Xiamen Tungsten New Energy Materials (XTC) has struck a deal with CNGR Advanced Materials Co for the supply of cobalt tetroxide and ternary precursor materials, XTC announced on Wedmesday September 15.

Under the agreement, which runs from September 14, 2021, to December 31, 2023, CNGR is expected to supply to XTC with 20,000-25,000 tonnes per year of cobalt tetroxide and 15,000-35,000 tpy of ternary precursor materials.

Actual quantities and prices will be adjusted according to market conditions.

CNGR is one of China’s leading battery materials manufacturers and produces ternary precursor materials – including nickel-cobalt-manganese (NCM) – which are used to produce lithium-ion batteries for electric vehicles (EVs), along with cobalt tetroxide, which is mostly used to produce lithium cobalt oxide (LCO) batteries for consumer electronics.

Cobalt tetroxide prices moved up in the week to September 10 on slightly improved downstream demand and higher global benchmark cobalt prices.

Fastmarkets’ price assessment for cobalt tetroxide 72.6% Co min, delivered China was 280,000-285,000 yuan ($43,498-44,275) per tonne on September 10, narrowing upward by 5,000 yuan from 275,000-285,000 yuan per tonne on September 8.

What to read next
Read Fastmarkets' monthly battery raw materials market update for May 2025, focusing on raw materials including lithium, cobalt, nickel, graphite and more
To increase transparency, Fastmarkets has further clarified how it handles price movements during periods of low liquidity. Factors that Fastmarkets may consider during times of low liquidity include, but are not limited to: market fundamentals such as changes in inventory levels, shipments, operating rates and export volumes; relative fundamentals of similar commodities in the same […]
The Mexico Metals Outlook 2025 conference explored challenges and opportunities in the steel, aluminum and scrap markets, focusing on tariffs, nearshoring, capacity growth and global trends.
Cobalt Holdings plans to acquire 6,000 tonnes of cobalt. Following their $230M London Stock Exchange listing, this move secures a key cobalt reserve. With the DRC’s export ban affecting prices, the decision reflects shifting industry dynamics
The recent US-China agreement to temporarily reduce tariffs is a major step for global trade, with tariffs on US goods entering China dropping from 125% to 10% and on Chinese goods entering the US decreasing from 145% to 30% starting May 14. While this has boosted markets and created optimism, key industries like autos and steel remain affected, leaving businesses waiting for clearer long-term trade policies.
BEK pulp prices in Europe dropped $40/tonne in April, driven by US import tariff uncertainties and weaker demand in China.