【SMM Analysis】Costs experienced a slight increase, and the prices of anode materials remained stagnant this week.

SMM March 27 News:

This week, the price of negative electrode materials remained stable. Cost side, against the backdrop of a previous decline in low-sulphur petroleum coke prices, negative and anode materials actively entered the market for inquiries, driving the price of petroleum coke to rise this week. In terms of oil-based needle coke, the supply-demand relationship and cost showed no significant fluctuations, hence the price remained stable this week. Regarding graphitisation, constrained by the rapid development of integration, although downstream demand has rebounded recently, the extent is relatively limited, making it difficult to change the oversupply situation. However, considering the narrow profit margin of graphitisation, the price has been relatively stagnant recently. Supply side, with the reduction in raw material costs, the production enthusiasm of negative electrode enterprises has increased. Demand side, some battery cell enterprises have seen a decline in purchase volume due to tariff impacts, and the recovery of downstream demand may fall short of expectations. In summary, against the backdrop of demand growth falling short of expectations and supply rising slightly, the sentiment of battery cell enterprises to press prices has gradually emerged. However, as most negative electrode enterprises currently use previously high-priced raw materials for production, the price of negative electrode materials has been relatively stagnant recently. Looking ahead, driven by the downward trend in raw material prices, the price of negative electrode materials may experience a certain degree of pullback.

SMM New Energy Research Team

Cong Wang 021-51666838

Rui Ma 021-51595780

Disheng Feng 021-51666714

Yanlin Lyu 021-20707875

Zhicheng Zhou 021-51666711

Haohan Zhang 021-51666752

Zihan Wang 021-51666914

Jie Wang 021-51595902

Yang Xu 021-51666760

Mengqi Xu 021-20707868