January saw a downturn in natural graphite anode prices. On the supply side, flake graphite prices only experienced a minor decrease this month, as mines reduced or ceased production during winter, focusing on selling inventory. Meanwhile, downstream purchases were limited, and logistics were affected by snowfall in some regions, resulting in a sluggish overall market; spherical graphite prices fell this month due to limited downstream demand and overcapacity, along with a continuous decline in synthetic graphite anode prices, putting pressure on spherical graphite prices with ongoing risk of further declines. On the demand side, exports were affected by graphite export controls, leading to overseas customers stockpiling in advance, resulting in low demand and limited export volumes due to lengthy approval processes; domestically, battery manufacturers controlled production in January, with limited purchases and significant pressure on suppliers to lower prices, coupled with a decrease in the cost of natural graphite anode raw materials, driving prices down. In February, the market is expected to be even quieter due to the Chinese New Year holiday, with a predicted decline in both production and sales of natural graphite, and prices expected to stabilize or decrease slightly.