Latest data from the General Administration of Customs shows that China's shell charcoal imports reached 16,164.37 mt in September 2025, surging 35% MoM and up 64% YoY. The average import price also rose, climbing from $755.4/mt in August to $819.6/mt, up 9% MoM. Behind these impressive figures, the explosive growth of the sodium-ion battery market is the core driver, coupled with supply-side constraints, jointly pushing the shell charcoal import market into a strong pattern of "rising volume and price."
As an ideal precursor for sodium-ion battery hard carbon anodes, shell charcoal, represented by coconut shell charcoal, has become the most cost-effective choice in the current commercialization process due to its natural porous structure, high carbon content (approximately 50%), and low ash characteristics. Experimental data show that coconut shell-based hard carbon anodes can achieve a reversible capacity of 300 mAh/g, and full cells matched with NFPP cathodes theoretically have a cycle life exceeding 2,000 cycles, fully meeting the requirements for ESS and low-speed transportation scenarios.
China's shell charcoal imports are highly dependent on Southeast Asian resources, with countries like the Philippines and Indonesia contributing over 90% of the import volume. Since 2024, Southeast Asia has experienced natural disasters such as droughts and abnormal rainfall, leading to a decline in coconut shell raw material production. Meanwhile, a surge in the number of new local carbonization plants has further intensified raw material competition. Rising logistics costs have added to the difficulties; the Red Sea crisis has caused route detours, extending the shipping cycle from Southeast Asia to China by 40%. Combined with fluctuations in the yuan exchange rate, this has significantly increased import costs. Furthermore, concentrated domestic demand for high-purity shell charcoal has further narrowed import channels, pushing the average price upward.
It is noteworthy that the demand growth for shell charcoal exhibits a dual-driver characteristic of "traditional + emerging." Besides the sodium-ion battery sector, traditional applications like water treatment and VOC abatement maintain steady growth, with the market size for activated carbon used in drinking water purification expanding 25% YoY in 2024. However, sodium-ion batteries, as an emerging growth pole, are growing at a rate far exceeding that of traditional sectors. It is estimated that shell charcoal consumption in the sodium-ion battery field will account for over 30% of total imports in 2025. This shift in demand structure is driving the upgrade of shell charcoal from a general chemical material to a high-end energy material. Looking ahead, the price of shell-based carbon is expected to remain high. In the short term, the slow recovery of raw material capacity in Southeast Asia makes it difficult to quickly close the supply-demand gap. In the long term, the industry is addressing bottlenecks through technological innovation: on one hand, sodium-ion battery hard carbon anode enterprises are exploring alternative raw materials such as other domestic materials to reduce import dependence; on the other hand, technological upgrades in processes are improving raw material utilization rates. With the iteration of sodium-ion battery technology and innovation in biomass carbon materials, the shell-based carbon market will enter a more sustainable development phase driven by demand and technology, providing critical support for the transformation of the new energy industry.
