[SMM Analysis] Rising Demand and Falling Costs Lead to Increase in April Anode Material Production

Published: May 7, 2025 11:47

Save

[SMM Analysis: Rising Demand and Falling Costs Lead to Increased Production of Anode Materials in April] SMM reported on May 7: Cost side, the price of graphitisation tolling services remained stable amid the ongoing tug-of-war between supply-demand relationship and cost factors; the price of raw material coke weakened due to sluggish anode procurement demand from traditional industries, ...

》Check SMM's quotes, data, and market analysis for cobalt and lithium products

》Subscribe to view historical price trends of SMM's spot cobalt and lithium products

SMM News, May 7:

In April 2025, China's anode material production increased by 6% MoM and 21% YoY.

Cost side, the price of graphitisation tolling services remained stable amid the ongoing tug-of-war between supply-demand relationships and cost factors. The price of raw material coke, however, showed a downward trend due to weak anode procurement demand from traditional industries. Demand side, battery cell production reached 149 GWh in April, up 3% MoM. Against the backdrop of rising downstream demand and a slight decrease in production costs, anode material production increased MoM. However, as the decline in coke prices failed to fully offset the previous increase, the current production enthusiasm of anode enterprises has not yet reached the expected level.

Looking ahead to May, despite downstream battery cell enterprises planning to further increase their production schedules, the MoM growth rate of their production schedules is unlikely to surge significantly due to uncertainties such as tariffs, and is expected to remain at around 3%. Coke prices may continue to decline as shutdowns for maintenance come to an end. Against this backdrop, the production enthusiasm of anode enterprises may continue to rise. Based on comprehensive analysis, it is expected that China's anode material production will increase by 5% MoM and 22% YoY in May.

SMM New Energy Research Team

Wang Cong 021-51666838
Ma Rui 021-51595780
Feng Disheng 021-51666714
Lv Yanlin 021-20707875
Zhou Zhicheng 021-51666711
Zhang Haohan 021-51666752
Wang Zihan 021-51666914
Wang Jie 021-51595902
Xu Yang 021-51666760

Xu Mengqi 021-20707868

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

18 hours ago

In January, national passenger car producers' new energy wholesale estimates reached 900,000 units, up 1% YoY.

According to the latest data from the Passenger Car Association, in December 2025, producers with new energy wholesale sales exceeding 10,000 units accounted for 93% of the total wholesale sales of passenger NEVs that month. Based on preliminary January data, these producers achieved sales of 830,000 units in January. As most producers have already locked in their major sales figures, by applying the structural proportion from the previous month to the current month's data, the estimated wholesale sales of passenger NEVs nationwide in January were 900,000 units. According to comprehensive preliminary monthly association data: the estimated wholesale sales of NEVs by national passenger car producers in January 2026 were 900,000 units, up 1% YoY.

18 hours ago

CAAM: In 2025, 476,000 complete vehicles were imported, down 32.4% YoY.

据中国汽车工业协会整理的海关总署数据显示，2025年12月，汽车整车进口3.0万辆，环比下降30.4%，同比下降56.1%；进口金额14.7亿美元，环比下降23.6%，同比下降52.5%。2025年，汽车整车进口47.6万辆，同比下降32.4%；进口金额236.4亿美元，同比下降39.7%。

18 hours ago

Canada Announces New EV Strategy, to Collaborate with China

According to CCTV News, on February 5, Canadian Prime Minister Mark Carney announced a new electric vehicle strategy, including the reinstatement of car purchase subsidies, and stated that Canada will cooperate with China to promote the local production and export of EVs in Canada. According to a statement released by the Prime Minister's Office of Canada, the country will make full use of existing and newly established trade agreements, including a recently reached EV cooperation agreement with China, to facilitate large-scale investment in this sector, diversify Canada’s automotive export markets, and position Canada as one of the global leaders in the electric vehicle industry.

18 hours ago