[SMM Analysis] EV and ESS Demand Dual-Wheel Drive, July Anode Production Climbs Steadily

SMM, August 10:

According to SMM data, the production of artificial graphite anode material maintained a steady growth trend in July, up 6% MoM and up 70% YoY.

From the supply side, demand from the downstream power battery and ESS sectors continued to heat up, with battery cell enterprises' purchase willingness warming up, and orders for anode material enterprises were full, driving an increase in production scheduling activity among major producers. However, due to the tight capacity scheduling in the graphitisation tolling segment, the finished product output of some anode enterprises was limited, and the actual spot supply still could not fully cover the downstream order growth. The overall market still presented a pattern of stronger demand and weaker supply, and the industry was still in a destocking phase, with finished product inventories continuing to decline. Top-tier players' inventories had pulled back to a reasonably low level.

For August, as the traditional peak consumption season approaches, purchase intensity from battery cell manufacturers is expected to continue to increase, and anode production schedules are anticipated to maintain their upward momentum.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lyu 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