[양극재] CATL-Ronbay, 25조원 LFP양극재 공급계약 체결 (5년, 305만톤)

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CATL은 롱바이와 25조원 계약체결 및 푸린에 6.6조원 지분 5%확보를 통해 LFP양극재 공급망을 이원화 및 안정화하는 한편, 최근 급등하는 탄산리튬 시세에 맞춰 조기 원료확보를 하는 전략인듯하다.
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출처 : Battery Industry (2026.1.15.)

출처 : 연합뉴스

Chinese cathode material supplier Ronbay Technology has signed a contract with CATL for the supply of LFP cathode materials. Additionally, CATL is directly investing in another LFP manufacturer—a coincidence that is no accident.

The first batches from Ronbay are expected to soon be delivered to the world’s largest battery manufacturer, as the contract is reportedly set to run from the first quarter of 2026 to 2031. This information comes from CN EV Post, which cited a stock exchange announcement. Under the agreement, Ronbay is anticipated to supply CATL with 3.05 million tonnes of LFP cathode material during the contract period.

The total value of the order is reportedly 120 billion Yuan(1,200억 위안 = 25조원), currently equivalent to approximately €14.8 billion Euros. According to CN EV Post, this is the largest order to date—not only for Ronbay or CATL, but across the entire battery industry. This is somewhat surprising, as Ronbay has traditionally specialised in ‘ternary’ cathode materials (such as NMC and NCA) and only entered the LFP sector in 2025.

Given its scale, the order could have significant implications for the entire industry. As Ronbay Technology is listed on the Shanghai Stock Exchange, the company was required to disclose details such as the annual production capacities resulting from the agreement. Additionally, Ronbay must comment on potential impacts on raw material prices, procurement uncertainties, and ‘the unpredictability of production capacity reserves.’ The Shanghai Stock Exchange is likely concerned that Ronbay could dominate the raw material market or use its negotiating power—due to the high volumes ordered—to drive down prices, a move other suppliers may struggle to match.

However, CATL will not rely solely on Ronbay for its LFP material procurement. The company also plans to invest in another Chinese LFP material supplier, Fulin Precision Machining. According to a stock exchange announcement by Fulin, which is listed on the Shenzhen Stock Exchange, CATL has become a strategic investor through a private placement(비공개증자), contributing 3.18 billion Yuan(31.8억 위안 = 6.6조원) (approximately €390 million Euros). Once the transaction is completed, CATL, which previously held no stake in Fulin, will own just over five percent of the shares.

Fulin plans to use the raised funds for several projects, including expanding its annual production capacity to 500,000 tonnes for LFP materials used in energy storage, as well as producing ‘key components for electric powertrains in battery-electric vehicles.’

The timing of these two measures within CATL’s LFP supply chain is no coincidence: since the fourth quarter, prices for lithium carbonate in China have surged, regardless of whether it is industrial or battery-grade. Since September alone, spot prices for battery-grade lithium carbonate in China have risen by 73 percent and now stand at around 164,000 Yuan per tonne (€20,200 Euros). In early December, the spot price was still at 95,000 Yuan, equivalent to €11,700 Euros. For much of 2025, a tonne of lithium carbonate—whether battery or industrial-grade—cost less than 80,000 Yuan (approximately €9,900 Euros). Lithium carbonate is required for LFP cells, while NMC cell chemistries use lithium hydroxide.