【SMM Analysis】Limited Profit Margin, Graphitisation Tolling Services Prices Remained Stable This Week

SMM April 3 News:

This week, graphitisation prices remained stable, with the average price of Acheson furnace graphitisation at 8,925 yuan/mt and box-type furnace graphitisation at 7,775 yuan/mt. As the market gradually emerged from the off-season, the operating rate of anode enterprises rebounded significantly. However, as most anode enterprises tend to pursue integrated development, the demand for graphitisation tolling services saw limited improvement. Currently, the overall capacity surplus in graphitisation tolling services remains severe, and the industry development shows a clear stagnation. Cost side, electricity costs remain high, and the profit margin for graphitisation tolling services is thin. Looking ahead, end-use demand is expected to continue increasing, and the production schedule of anode enterprises is likely to rise, potentially boosting the demand for graphitisation tolling services. However, given the oversupply in graphitisation tolling services, which is unlikely to change in the short term, graphitisation tolling prices are expected to remain stagnant with no signs of improvement in the near future.

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