[SMM Analysis] Limited Demand from Downstream Customers, Artificial Graphite Exports Continue to Decline in November

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SMM, January 21:

In December 2024, China's artificial graphite imports totaled 834 mt, down 8% MoM and 62% YoY. Regarding the average import price, in December 2024, China's artificial graphite average import price was 12,206 yuan/mt, down 84% MoM and 78% YoY.

Data Source: SMM, China Customs

In December 2024, China's artificial graphite exports totaled 58,188 mt, up 47% MoM and 46% YoY. Regarding the average export price, in December 2024, China's artificial graphite average export price was 8,844 yuan/mt, down 28% MoM and up 1% YoY.

Source: SMM, China Customs

In December, significant differences in price and specifications between overseas artificial graphite products and domestic materials led domestic companies to primarily prefer domestic products when selecting artificial graphite, resulting in a decline in both MoM and YoY import volumes. Meanwhile, due to substantial stockpiling by overseas battery cell and end-user customers in December, demand for artificial graphite remained high, significantly boosting export volumes. In January, considering the upcoming Chinese New Year holiday, disrupted import and export logistics, and substantial stockpiling by domestic and overseas companies in December, it is expected that artificial graphite import and export volumes may decline to some extent.

SMM New Energy Research Team

Cong Wang 021-51666838

Lingying Zhang 021-51666775

Rui Ma 021-51595780

Yue Yang 021-51666856

Ye Yuan 021-51595792

Disheng Feng 021-51666714

Ying Xu 021-51666707

Yanlin Lü 021-20707875

Yujun Liu 021-20707895

Xiaodan Yu 021-20707870

Xianjue Sun 021-51666757

Yushuo Liang 021-20707892

Mengqi Xu 021-20707868