[SMM Analysis] Pressure on the cost side eases, boosting anode production growth in June

Published: Jul 2, 2025 15:00

Save

[SMM Analysis: Relief of Pressure on the Cost Side Boosts Anode Material Production Growth in June] SMM reported on July 2: In June 2025, China's anode material production increased by 1.5% MoM and 27% YoY.

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

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

SMM reported on July 2:

In June 2025, China's anode material production increased by 1.5% MoM and 27% YoY.

On the cost side, due to weak downstream demand, the prices of graphitisation tolling services and raw material coke continued to decline. On the demand side, however, there was a recovery trend. In June, battery cell production reached 143.34 GWh, up 1% MoM. Against the backdrop of a slight increase in downstream demand and an expansion of corporate profit margins, anode material companies increased their production enthusiasm, driving a MoM increase in production.

Looking ahead to July, in the NEV market, entering the traditional sales off-season and with government subsidies for H1 already exhausted, new energy vehicle sales in July may decrease significantly, which will be transmitted upstream to the anode side, and the demand for anode materials from power battery cells may decline. In the ESS sector, influenced by European summer PV, the demand for anode materials may increase. Considering the combined demand from the NEV and ESS sectors, the downstream demand for anode materials in July may only increase slightly, and the production enthusiasm of anode material companies will also be affected accordingly.

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

1 hour ago

Beijing Launches 500-kV Power Project in Fengtai, Boosting Grid Resilience and Industrial Growth

On January 28th, the construction of the 500-kilovolt power transmission and transformation project in Fengtai, Beijing officially started. This project is the first newly-built 500-kilovolt power grid project in Beijing during the 15th Five-Year Plan period. It will significantly enhance the resilience and power receiving capacity of the southern Beijing power grid and provide reliable power support for Beijing to continuously optimize the investment structure and vigorously develop high-end, precise, and cutting-edge industries. The 500-kilovolt power transmission and transformation project in Fengtai, Beijing is a key project of Beijing's power grid during the 15th Five-Year Plan period and one of the "3 100" key projects in Beijing this year. It is constructed and managed by the State

1 hour ago

Shaanxi-Anhui UHV DC Project's 500-kV AC System at Hezhou Station Begins Operation After Trial Run

On February 1st, the 500-kilovolt AC system of the Hezhou Converter Station, the receiving-end station of the ±800-kilovolt UHV DC power transmission project from northern Shaanxi to Anhui, was officially put into operation after a 24-hour trial run.

1 hour ago

750-kV Power Line Connecting Northern to Central Shaanxi Fully Operational

On February 2nd, the 750-kilovolt power transmission and transformation project of the third passageway from northern Shaanxi to central Shaanxi was fully connected. The project starts from the 750-kilovolt Shuofang Substation in Shenmu City in the north and ends at the 750-kilovolt Bailuyuan Substation in Lantian County in the south. It has newly built a 1,271-kilometer line, passing through 18 counties (districts) in 4 cities including Yulin, Yan'an, Weinan and Xi'an.

1 hour ago