[SMM Analysis] Downstream Demand Rebounds, November Sees Growth in Natural Graphite Imports and Exports

In November 2024, China's flake graphite import volume reached 3,159 mt, up 663% MoM and up 58% YoY.

In November 2024, due to the previously sluggish flake graphite import volumes and the low operating rate at domestic mines, domestic inventory levels remained low. With the current improvement in downstream demand, many enterprises increased raw material purchases to ensure supply. It is expected that flake graphite import volumes may drop back slightly in December.

In November 2024, China's flake graphite export volume was 8,466 mt, up 53% MoM but down 64% YoY; spherical graphite export volume was 4,775 mt, up 83% MoM but down 61% YoY.

In November 2024, driven by overseas political developments and changes in China's graphite material export tax rebate rates, overseas customers showed strong stockpiling sentiment. The significant growth in downstream demand in November boosted natural graphite exports. In December, overseas customers' stockpiling sentiment is expected to remain strong, keeping natural graphite exports at high levels.