Platts proposes to include graphite and change an underlying component in the Platts Global Battery Metals Index

Platts, part of S&P Global Energy, proposes to include graphite and change an underlying component in the Platts Global Battery Metals Index, effective Jan. 4, 2027.

The index represents a global price of Platts key physical assessments of battery metals, used in electric vehicle (EV) production.

The weighting of the index is currently based on NMC811 chemistry and only considers metals used in the cathode, namely lithium, nickel, cobalt and manganese.

Platts is proposing the following changes to the current index:

1. Add Spherical Graphite FOB China (BATAB00) as a new component in the index, representing the key raw material for commercial lithium-ion battery anodes.

2. Replace Lithium Spodumene 6.0% Li2O FOB Australia (BATSP03) with Spodix CIF China (SPODI00), as the latter better represents delivered prices to China.

3. Renaming the index to Platts Global Battery Materials Index – NMC 811.

The proposed updated weightings would be as follows:

Commodity	Platts assessment	Symbol	Currency/UoM	Updated weighting in index	Current weighting in index
Nickel	Nickel Sulfate Calculated Price CIF Northeast Asia	BATNC00	$/mt	60.63%	62.55%
Cobalt	Cobalt Sulfate 20.5% CIF North Asia	BATCO04	$/mt	8.11%	12.51%
Manganese	Manganese Sulfate DDP China	BATMT00	$/mt	4.87%	15.11%
Lithium	Lithium Hydroxide CIF North Asia	BATLH04	$/mt	6.08%	4.915%
Lithium	Spodix CIF China*	SPODI00	$/mt	6.08%	4.915%
Carbon	Spherical graphite FOB China	BATAB00	$/mt	14.22%	N.A.

*Currently using Lithium Spodumene 6% FOB Australia (BATSP03)

The weighting of each commodity leverages S&P Global Energy research team's battery cell cost model and would reflect its proportional weight of precursor material consumed in the commercial production of an average NMC811 battery used for commercial EV manufacturing.

For lithium, Platts would assume an equal weighting between lithium spodumene and lithium hydroxide in the construction of the index.

In addition, for lithium spodumene, Platts would apply a conversion fee and a tolling fee to account for the extraction and processing cost to produce lithium hydroxide from spodumene for a typical lithium smelter.

When a component assessment is not published on a particular day, the price published from the previous working day will be used in the calculation of the index.

The composition of the index basket and weightings will be reviewed at a minimum annually and may be updated at other intervals to reflect evolving market conditions.

The index is published on Platts Core.

Please send any feedback or questions to battery_metals@spglobal.com and pricegroup@spglobal.com by Nov. 13, 2026.

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