SMM, May 15:
This week, prices of some artificial graphite have slightly declined. Cost side, the price of graphitisation tolling services has remained relatively stable amid the tug-of-war between supply and demand and costs. The price of raw material coke has continued to decline due to weak downstream demand. On the supply and demand front, the demand side lacks growth momentum due to tariff impacts. The production of anode enterprises has increased as the price of raw material coke has declined. However, as the decline in coke prices has not covered the previous increase, anode enterprises have largely adopted a produce-based-on-sales strategy. Looking ahead, on the cost side, raw material prices may adopt a stand-firm-on-quotes strategy. On the demand side, downstream demand may increase within the 90-day tariff waiting period. Therefore, it is expected that the price of anode materials may show an upward trend due to increased demand and cost support, but overcapacity may limit the extent of price increases for anode materials.
This week, prices of natural graphite have slightly declined. Cost side, there have been no significant changes in the prices of core raw materials and processing links this week. The supply side remains relatively abundant. Downstream demand is sluggish, with no signs of improvement. Therefore, although there has been no significant fluctuation in production costs this period, due to production lag, the previous decline in raw material prices has led to a slight decline in the price of natural graphite anode materials this period. Looking ahead at the market, the demand side may increase due to tariff impacts. However, as the specification differences between artificial graphite and natural graphite anodes are gradually narrowing, and there is still a significant price spread, the growth in demand for natural graphite will be relatively limited. Therefore, the supply side will remain abundant. It is expected that the price of natural graphite anode materials may continue to be under pressure and decline.
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
Hu Xuejie 021-20707858
