Anode Street Research
Supply Agreement TrackerNo. 6 · Q3 2026
Supply Agreement Tracker · Korea, Japan, China and United StatesData to 30 September 2026
Cathode contracts keep running ahead of shipments
Suppliers disclosed 19 agreements worth $19.6 billion in the third quarter. Shipments are reaching 68 percent of contracted cathode volume, the lowest rate since the tracker began
1What was signed
Cathode makers again accounted for most disclosed value, led by one Korean supplier's agreement with a US cell joint venture. Electrolyte agreements were small but are the most likely to be shipping already, because they mostly extend existing supply.1
| Material | Agreements | Value, $bn | Shipping | Not yet shipping |
|---|---|---|---|---|
| Cathode | 7 | 14.2 | 3 | 4 |
| Anode | 5 | 3.1 | 2 | 3 |
| Separator | 3 | 1.4 | 1 | 2 |
| Electrolyte | 4 | 0.9 | 3 | 1 |
| All materials | 19 | 19.6 | 9 | 10 |
Source: DART, EDINET, TDnet, Shanghai Stock Exchange and SEC filings, Korea Customs Service and Japan Customs trade data, Anode Street Research estimates
| Supplier | Buyer | Material | Value | Term |
|---|---|---|---|---|
| Korean cathode maker | US cell joint venture | High nickel cathode | $6.8bn | 2027 to 2031 |
| Japanese cathode maker | Japanese automaker | Cathode | $2.9bn | 2027 to 2032 |
| Korean anode maker | US automaker | Synthetic graphite | $1.6bn | 2026 to 2030 |
| Chinese separator maker | European cell maker | Separator | $0.8bn | 2027 to 2029 |
Source: DART, EDINET, TDnet and Shanghai Stock Exchange filings, July to September 2026
2Do contracts show up in shipments
We reconcile every agreement with a start date in the past against customs data and supplier segment disclosures. The share of contracted volume actually shipping has fallen for eight quarters in a row across all materials, as buyers slow cell plant ramps and draw down inventory built in 2025.2
Source: DART, EDINET, TDnet, Shanghai Stock Exchange and SEC filings, Korea Customs Service and Japan Customs trade data, Anode Street Research estimates
3Expansions
Suppliers have announced 755 thousand tonnes a year of new cathode capacity outside China since 2023. 185 thousand tonnes is in production. Another 165 thousand tonnes has been delayed by at least two quarters from its first announced start, and 45 thousand tonnes has been cancelled.
Source: DART, EDINET, TDnet, Shanghai Stock Exchange and SEC filings, Korea Customs Service and Japan Customs trade data, Anode Street Research estimates
4Against the Shipment Monitor
5What to watch in the fourth quarter
Whether the four new cathode agreements not yet shipping record first deliveries before year end, start of production at two North American cathode plants now commissioning, and annual reports in early 2027 that may restate contract volumes for 2027 and 2028.
How this tracker is built
- An agreement counts when a supplier or buyer discloses it in a regulatory filing; press reports alone are listed but not counted
- Shipping means customs data or a segment disclosure shows deliveries to the buyer within two quarters of the stated start
- Every agreement traces to a filing held on file for subscribers who ask
Approved for subscribersMina ChoHead of Battery Materials Research · 9 October 2026
1 Values are as disclosed at signing, converted to US dollars at the quarter end exchange rate.
2 Contracted volume due is the volume each agreement calls for in the period, prorated where the disclosure gives only a total over the term.