Battery Materials theme.

The energy transition requires a massive scale-up of battery production. Lithium, cobalt, graphite, nickel, and manganese are all critical battery inputs. Supply chains are heavily concentrated: DRC produces 70%+ of cobalt, China processes 80-90% of graphite and rare earths, Chile and Australia dominate lithium brine and spodumene supply. Battery chemistry is also shifting, with LFP (lithium iron phosphate, no cobalt) taking market share from NMC (nickel, manganese, cobalt). EV adoption forecasts drive all five commodities but affect them differently by chemistry.