Price Review: Anode material prices remained stable. During the Chinese New Year holiday, domestic anode material prices continued the steady trend seen before the holiday, with no significant fluctuations. The core driver for price stability lies in solid cost support, with firm prices for upstream raw materials coke and graphitisation processing fees. Anode production costs fluctuated at highs, and enterprises showed a strong willingness to hold prices firm. On the supply-demand side, most enterprises focused on fulfilling existing orders during the holiday. Spot order procurement was relatively cautious, with no large-scale stockpiling activities. Anode enterprises produced based on demand, and no inventory accumulation occurred. In summary, amid subdued transactions and cost support, anode material prices remained stable during the holiday.

Outlook: As the Chinese New Year holiday concludes, the domestic anode material market is gradually returning to normal, and trading activity is expected to pick up. In terms of price expectations, in the short term, strong constraints from high operating costs significantly limit the downside room for anode material prices, which are expected to maintain a firm and stable trend. In the medium and long term, upstream raw material prices are expected to remain firm, coupled with strong downstream restocking efforts, anode material prices are anticipated to enter an upward trajectory.