Graphitisation Tolling Processing Costs Provide Rigid Floor Support, Market Stalemate Hard to Break [SMM Lithium Battery Anode Raw Material Market Weekly Review]

Published: May 21, 2026 17:28

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[SMM Lithium Battery Anode Raw Material Market Weekly Review: Rigid Cost Support from Graphitisation Tolling Services, Stagnant Market Difficult to Loosen] May 21: This week, China's graphitisation tolling services processing prices maintained a stalemate pattern. In terms of supply and demand, affected by the rise in overall costs across the entire industry chain

SMM May 21:

This week, graphitisation tolling services processing prices in China maintained a stagnant pattern. On the supply-demand dimension, affected by the overall cost rise across the entire industry chain, downstream enterprises became more rational and cautious in procurement and stockpiling, and the market transaction pace slowed down. Cost side, the comprehensive cost of graphitisation tolling services processing currently remained elevated, forming strong rigid support that firmly locked in the downside room for prices and provided solid underpinning for market processing quotations. Looking ahead, affected by continued disturbances from geopolitical situations outside China, graphitisation upstream raw material prices faced significant resistance to decline, and the strong cost-side support logic will continue. Overall forecast: in the short term, graphitisation tolling services processing prices in China will rely on high-level cost support and maintain a firm operating trend.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lv Yanlin 021-20707875

Zhou Zhicheng 021-51666711

Zhang Haohan 021-51666752

Wang Zihan 021-51666914

Wang Jie 021-51595902

Xu Yang 021-51666760

Xu Mengqi 021-20707868

Hu Xuejie 021-20707858

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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