[SMM Analysis] Artificial Graphite Anode Slightly Raised Before the Holiday, Overall Stable During the Holiday

Published: Oct 07, 2026 11:19 (GMT+8)

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[SMM Analysis: Artificial Graphite Anode Slightly Raised Before the Holiday, Overall Stable During the Holiday] SMM, October 7: The price of artificial graphite anode material was slightly raised before the holiday and remained overall stable during the holiday.

SMM, October 7:

Artificial graphite anode material prices edged up before the holiday and remained largely stable during the holiday. Before the holiday, supported by both the cost side and supply-demand dynamics, prices completed a round of increases: on the cost side, low-sulphur petroleum coke and oil-based green needle coke prices remained firm, supported by high international oil prices, while the graphitisation tolling market was in tight supply-demand balance with expectations for price hikes. The resonance between material and processing costs provided solid support for artificial graphite prices. On the supply-demand side, downstream orders during the "September peak season" fluctuated at highs, and enterprises took advantage of economies of scale during this period to dilute actual costs. Anode enterprises showed rising willingness to schedule production, but inventory remained at low levels, and the tight supply-demand pattern persisted. As a result, artificial graphite anode material prices trended upward. During the holiday, raw material prices and graphitisation processing fees remained stable, and with some pre-holiday price adjustments already implemented, prices shifted to stable operation. Looking ahead, cost support is expected to remain solid, end-use demand continues to be released, the tight effective spot supply pattern persists, and delivery cycles remain protracted. Artificial graphite prices still have upward momentum.

Natural graphite anode material continues to show weak end-use demand, with prices hovering near the cost line at low levels for an extended period. Buyers and sellers remain in a stalemate, and quotes during the holiday were largely stable. Looking ahead, a short-term reversal is unlikely, and prices are expected to consolidate at lows.

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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