[SMM Analysis] High Costs May Lead to a Future Increase in Anode Prices

SMM, February 13:

This week, apart from a slight rise in the prices of some low-end artificial graphite materials, other anode material prices remained relatively stagnant. Cost side, influenced by adjustments in tax policy, the price of low-sulphur petroleum coke remained high this week. Driven by the increase in low-sulphur petroleum coke prices and the previously low and fluctuating prices of oil-based green needle coke, the price of oil-based green needle coke rose slightly this week. As the anode sector gradually moves towards integrated production, the oversupply in the outsourced graphitisation market is unlikely to change in the short term, and graphitisation prices remained stable this week. Demand side, with the Chinese New Year just over, downstream demand weakened amid a recovering market. In summary, under the backdrop of persistently high theoretical costs, anode manufacturers showed a strong sentiment to stand firm on quotes. However, constrained by the still weak downstream demand post-Chinese New Year, only partial slight price increases were observed this week. It is expected that the prices of anode materials may rise slightly in the future.

SMM New Energy Research Team

Cong Wang 021-51666838

Xiaodan Yu 021-20707870

Rui Ma 021-51595780

Disheng Feng 021-51666714

Yujun Liu 021-20707895

Yanlin Lü 021-20707875

Zhicheng Zhou 021-51666711

Haohan Zhang 021-51666752

Zihan Wang 021-51666914

Xiaoxuan Ren 021-20707866

Jie Wang 021-51595902

Yang Xu 021-51666760

Mengqi Xu 021-20707868