Graphitisation tolling services supply-demand tight balance continues, prices consolidate on a strong note [SMM Lithium Battery Anode Raw Material Market Weekly Review]

Published: Sep 30, 2026 14:41 (GMT+8)

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[SMM Lithium Battery Anode Raw Material Market Weekly Review: Graphitisation Tolling Services Supply-Demand Tight Balance Persists, Prices Consolidate on a Strong Note] September 30: This week, the graphitisation tolling services market remained stable overall, with no significant fluctuations in quotations across furnace types.

SMM, September 30:

The graphitisation tolling market remained broadly stable this week, with no notable fluctuations in quotes across furnace types. Specifically, the average prices for Acheson furnace high-density and low-density raw materials stood at 9,500 yuan/mt and 10,250 yuan/mt, respectively; the average prices for box furnace high-density and low-density raw materials were 8,600 yuan/mt and 9,200 yuan/mt, respectively. Demand was relatively positive. Against the backdrop of the September peak season, end-user orders stayed high, anode material enterprises showed stronger willingness to schedule production, integrated graphitisation capacity tightened, and demand for outsourced tolling orders was robust. Supply, by contrast, remained relatively constrained. Independent graphitisation enterprises continued to face profit pressure from the earlier period, and the pace of capacity resumption was slow, keeping effective processing capacity in a tight balance. At the same time, some surplus capacity still existed in the market, but utilization rates at certain older facilities were low, making it difficult for them to take on quality orders. This structural shortage kept the market locked in a stalemate between profit pressure on graphitisation enterprises and anode delivery periods, with the price standoff yet to be broken. Looking ahead, as anode production schedules climb further during the September-October peak season, the adjustable tolling surplus is expected to narrow further, and graphitisation prices are likely to consolidate on a strong note.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lyu Yanlin 021-20707875

Zhang Haohan 021-51666752

Wang Zihan 021-51666914

Wang Jie 021-51595902

Chen Bolin 021-51666836

Xu Yang 021-51666760

Xu Mengqi 021-20707868

Hu Xuejie 021-20707858

Yang Le 021-51595898

Wang Zhaoyu 021-51666827

Li Yisha 021-51666730

Huang Chencong 021-51595860

Lin Ziya 021-5166-6902

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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