The CRU team is always on the road and present in areas critical to the battery value chain. Our team spent time in South Korea and Japan, two countries that are the original incumbent giants in the battery space, to test our observations of how these value chains are responding to the ever-changing dynamics, particularly US IRA and FEOC requirements. We report that the value chain is changing amid increasing uncertainty with an optimistic view to the future. Mid-nickel chemistries are not abandoned, there is potential for IRA-compliant premiums, careful balancing between China collaboration and US requirements is necessary.
