ICE signs major agreement with Benchmark Mineral Intelligence (BMI) to bring lithium to world’s biggest energy exchange
24th April 2025
London, UK — Benchmark Mineral Intelligence (BMI) announces partnership with Intercontinental Exchange, Inc (NYSE: ICE) to develop futures contracts for lithium, cobalt and critical minerals.
The new futures contracts will be settled against BMI’s market leading price assessments.
This breakthrough deal is the first expansion for ICE into the metals industry and will be traded from London.
ICE is the world’s most dominant exchange in energy trading, especially oil, natural gas, electricity and environmental products.
ICE owns and operates 12 exchanges and marketplaces including: ICE Futures US, ICE Futures Europe, and New York Stock Exchange (NYSE).
The initial phase of the partnership will focus on 4 key futures contracts:
Lithium Carbonate CIF Asia (BMI) Future
Lithium Hydroxide CIF Asia (BMI) Future
Spodumene Concentrate FOB Australia (BMI) Future
Cobalt Hydroxide CIF Asia (BMI) Future
The new lithium and cobalt contracts will enhance trading opportunities, improve risk management, and support market participants in managing price volatility, which to date has been lacking across energy transition markets.
WHAT DOES THE ICE-BMI PARTNERSHIP BRING TO THE LITHIUM AND CRITICAL MINERALS INDUSTRY?
On the industry impact of the deal, Caspar Rawles, chief operating officer at Benchmark said:
“We will launch lithium and cobalt with ICE immediately providing a trustworthy platform and brand to navigate market uncertainty and price volatility.
Benchmark has pioneered lithium, cobalt and critical minerals price reporting from legacy media’s journalistic methods to real industry knowledge first approach. As a result, our prices have become the world’s most rigorous in IOSCO history.
The ICE-BMI partnership reinforces Benchmark’s position as the market leader and most trusted supplier of prices and supply chain data for lithium ion batteries, electric vehicles and the energy transition.”
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Andy Miller, chief executive officer, Benchmark said:
“Confidence, not just futures contracts, has finally arrived in the lithium trading world with London at the centre.
“Benchmark is the benchmark for lithium and critical mineral prices that settle billions of dollars of contracts.
“At Benchmark, we’ve always believed that trusted, liquid derivatives are a game-changer for battery and EV supply chains, unlocking price risk management, driving investment, and accelerating the energy transition.
“By partnering with ICE, we look forward to continuing the push towards more transparent and reliable price discovery, similar to that which has long existed in oil, gas and power markets.
“The new generation of trading partnerships has arrived.”