The critical minerals market outlook April 2026 opens with cobalt as the standout sustained performer — up 67.48% year-on-year to $56,290/t on the London Metal Exchange — while lithium has extended its March recovery to CNY 161,500/t ($20,684/t) and copper has rebounded to $5.64/lb from its March low of $5.44/lb. Graphite benchmarks are confirmed for the first time using SMM data, with natural flake trading at $346.64/t against artificial battery-grade material at $3,419–4,232/t.
Critical Minerals Market Outlook April 2026 — Price Summary
| Metal | Benchmark | Price (1 Apr 2026) | Previous (Mid-Mar) | Change | Source |
|---|---|---|---|---|---|
| Lithium carbonate (battery-grade) | SMM spot | CNY 161,500/t ($20,684/t) | CNY 156,500/t | ▲ +3.2% | SMM / Trading Economics |
| Cobalt metal | LME cash | $56,290/t ($56.29/kg) | $56,290/t | → Flat | LME / Trading Economics |
| Nickel | LME cash | $17,171/t ($17.17/kg) | $17,450/t | ▼ -1.6% | LME / Trading Economics |
| Copper | COMEX front-month | $5.64/lb (~$12,434/t) | $5.44/lb | ▲ +3.7% | COMEX / Trading Economics |
| Graphite flake (-194 mesh, nationwide avg) | SMM spot | $346.64/t | Not confirmed | — (first SMM benchmark) | SMM |
| Artificial graphite (mid-end EV battery) | SMM spot | $3,419.64/t | Not confirmed | — (first SMM benchmark) | SMM |
Note: Month-on-month comparisons use mid-March reference dates, not March 1 openings. Cobalt and nickel comparisons use 16 March and 12 March data respectively. Graphite comparisons not available — first SMM benchmark integration.
Lithium: March Recovery Extends Into April
Battery-grade lithium carbonate reached CNY 165,000/t in late March — its highest level in nearly a month — before easing to CNY 161,500/t ($20,684/t) on 1 April, representing a 3.2% gain on the mid-March reference price. The move marks a recovery of more than 40% since the start of March, driven by strengthening EV demand expectations in China.
Beijing’s stated commitment to doubling national EV charging infrastructure to 180 GW by 2027 is reinforcing long-term demand signals. On the supply side, Zimbabwe’s suspension of lithium concentrate exports continues to tighten material availability, providing further price support. CIF prices for battery-grade lithium carbonate into China, Japan, and South Korea reached approximately $20.1/kg.
A near-term risk to monitor: Chinese battery and cathode manufacturers appear to have been front-running orders ahead of 1 April export rebate policy changes. If that demand was pulled forward, spot prices could soften once the rebate adjustment is absorbed. See the lithium price tracker for ongoing updates.
Cobalt: Six Months of Gains, DRC Constraints Persist
Cobalt metal on the LME stands at $56,290/t ($56.29/kg) as of 1 April 2026, representing a 67.48% gain year-on-year — the strongest sustained performance in the CMN battery metals complex. Six consecutive months of upward price movement reflect constrained export flows from the Democratic Republic of Congo, which accounts for the majority of global cobalt mine supply.
SMM’s China cobalt metal average of $54,624/t sits marginally below the LME cash price, consistent with a modest basis differential between Chinese spot and international exchange pricing. The gap is within normal range and does not signal a structural divergence.
A significant demand-side development: the US government’s $12 billion strategic stockpile initiative has named cobalt as a priority acquisition material. If procurement activity accelerates, it would add a non-commercial demand vector to a market already running on constrained supply. The top 10 cobalt mining companies provides context on which producers stand to benefit most.
Nickel: Retreating From March Highs
Nickel eased to $17,171/t ($17.17/kg) on 1 April, pulling back from a March peak of approximately $17,770/t and consolidating above the March low of $17,000/t. The metal has been range-bound for most of Q1 2026, reflecting a structural disconnect between Indonesian HPAL supply additions and demand for Western Class 1 product.
Indonesia’s proposed export tax on nickel products adds logistical friction for downstream processors reliant on Indonesian intermediates. Vale Base Metals reported a 13% increase in reserves in 2025, providing longer-term supply comfort, while the IndoPhil Nickel Corridor regional supply chain initiative remains a work in progress. For battery-grade applications, supply of Class 1 nickel outside the Indonesian HPAL circuit remains structurally constrained. Full price history is available on the nickel price tracker.
Copper and Graphite: Industrial Demand in Focus
Copper on COMEX recovered to $5.64/lb (~$12,434/t LME equivalent) on 1 April, up 3.7% from its March low of $5.44/lb. The recovery came despite softer-than-expected Chinese manufacturing data: China’s PMI for March came in at 50.8, below the 51.6 market consensus, and geopolitical uncertainty in the Middle East weighed on broader industrial commodity sentiment. A softer US dollar provided limited support.
The structural copper demand picture is being reshaped by data centre and AI infrastructure buildout, which is emerging as a meaningful long-run demand vector alongside traditional power and construction sectors. See AI critical minerals demand: the data centre effect for analysis of this trend. Further context on major producers is available in the top 10 copper mining companies.
Graphite benchmarks are confirmed for the first time in CMN’s price tracking system using SMM data. Natural flake graphite (-194 mesh, China nationwide average) stands at $346.64/t, depressed by persistent Chinese oversupply. Artificial graphite for mid-end EV battery applications trades at $3,419.64/t — nearly ten times the flake price — reflecting the substantial processing premium commanded by battery-ready anode material. High-end EV battery artificial graphite reaches $4,232.92/t. Chinese export controls on graphite (in place since late 2023) and the US ban on Chinese-sourced graphite in battery supply chains (extended to 2027) are structural factors reshaping sourcing strategies. Full data is available on the graphite price tracker.
Rare Earths: NdPr +138% YTD — Full Data on REM
Rare earth prices are not tracked within CMN’s primary coverage universe, but the scale of recent moves warrants a signal for critical minerals market participants. Neodymium and praseodymium (NdPr) — the magnet metals central to EV motor and wind turbine manufacturing — have risen approximately 138% year-to-date, from around $53/kg in January 2026 to $124–126/kg as of 1 April. Terbium gained 20.7% in a single month, the largest single-month move in heavy rare earth elements since 2023. Dysprosium is up 15.6% month-on-month.
These moves carry direct supply chain implications for EV motor manufacturers and defence procurement programmes dependent on high-performance permanent magnets. Full rare earth pricing data — including NdPr, terbium, dysprosium, and the broader REE complex — is available at rare-earth-mining.com. CMN’s own rare earths price tracker covers the NdPr complex specifically.
This report covers prices as of 1 April 2026. For the latest benchmark data and market developments, see the Critical Minerals Market Outlook May 2026.
Price data in this report is sourced from Shanghai Metals Market (SMM) and the London Metal Exchange (LME), with COMEX futures data via Trading Economics. All figures as of 1 April 2026.
This article is for informational purposes only and does not constitute investment advice. Prices are subject to change without notice.
What is the lithium price in April 2026?
Battery-grade lithium carbonate stands at CNY 161,500/t ($20,684/t) as of 1 April 2026, according to SMM. The price has risen more than 40% since the start of March, driven by strong EV demand expectations and Zimbabwe’s suspension of lithium concentrate exports.
Why has cobalt risen 67% year-on-year?
LME cobalt metal has gained 67.48% year-on-year to $56,290/t ($56.29/kg), reflecting six consecutive months of price gains driven by constrained export flows from the Democratic Republic of Congo. The US government’s $12 billion strategic stockpile programme, which names cobalt as a priority acquisition material, is a further demand-side signal.
What is the current nickel price and why has it underperformed?
LME nickel stands at $17,171/t ($17.17/kg) as of 1 April 2026, retreating from a March high of approximately $17,770/t. Nickel has been range-bound through Q1 2026, constrained by a structural disconnect between Indonesian HPAL production volumes and demand for Western Class 1 battery-grade material.
What is the current copper price and what is the demand outlook?
COMEX copper stands at $5.64/lb (~$12,434/t LME equivalent) as of 1 April 2026, recovering from a March low of $5.44/lb. Near-term demand signals are mixed — China’s March PMI of 50.8 came in below the 51.6 consensus — but data centre and AI infrastructure investment is emerging as a structural long-run demand driver.
Where can I find rare earth prices?
Full rare earth pricing — including neodymium, praseodymium, terbium, dysprosium, and the broader REE complex — is published on rare-earth-mining.com. NdPr has risen approximately 138% year-to-date to around $125/kg. CMN’s rare earths price tracker covers the NdPr complex specifically.
Why is battery-grade graphite so much more expensive than natural flake?
Natural flake graphite (-194 mesh) trades at $346.64/t in China, while artificial graphite for mid-end EV battery anodes trades at $3,419.64/t — approximately ten times higher. The premium reflects the substantial processing, purification, and spheronisation required to produce anode-ready material from raw flake feedstock. High-end EV battery artificial graphite commands a further premium at $4,232.92/t.
How often is this critical minerals market report updated?
CMN publishes a monthly critical minerals market outlook at the start of each month using confirmed benchmark data from SMM, the LME, and COMEX. Individual price tracker pages for lithium, cobalt, nickel, copper, and graphite are updated on the first of each month.
