【SMM Analysis】Coconut Shell Carbon Imports Remain Stable with High Prices, Focus on Emerging Sodium-Ion Battery Market Track

According to the latest data from the General Administration of Customs, shell carbon imports in October 2025 reached 14,652.8 mt, down 9% MoM but up 11% YoY. The average import price for shell carbon in October was $800.84/mt. In September, the average import price was $819.6/mt, representing a 2% MoM decrease. As a core category of shell carbon, the resilience in both volume and price of coconut shell carbon imports stems primarily from the explosive demand boost from the sodium-ion battery market, with its import structure now deeply tied to the development of the sodium-ion battery industry.

Coconut shell carbon accounts for over 70% of China's shell carbon imports. The MoM pullback in import volume in October was merely a short-term fluctuation, caused by a temporary tightening of supply due to an early onset of the rainy season in Indonesia and the Philippines.

On the price side, the slight MoM decline in the average import price of coconut shell carbon reflects a rational pullback, further highlighting cost advantages. In Q3, affected by production cuts of raw materials in Southeast Asia, the average import price of coconut shell carbon rose from $755.4/mt in August to $819.6/mt in September. In October, with a stable exchange rate and traders offering discounts for stockpiling, prices experienced a mild pullback. However, the landed import price for high-purity coconut shell carbon (iodine value >1200 mg/g) remained 15%-20% lower than comparable domestic products, making it significantly attractive to sodium-ion battery enterprises.

Compared to the same period last year, the dual growth in both volume and price of coconut shell carbon imports is primarily driven by sodium-ion batteries. While demand from traditional domestic sectors like water treatment continues to grow steadily, the industrialisation of sodium-ion batteries has spurred explosive growth in demand for hard carbon anodes. This directly led to a surge of over 40% YoY in import demand for high-purity coconut shell carbon, making it the primary driver of import growth.

Supply side, Southeast Asia remains the core import source for coconut shell carbon, with Indonesia and the Philippines contributing over 80% of the share. The General Administration of Customs' policy of "prohibiting the import of raw coconut shell material" has accelerated the upgrade of coconut shell carbon processing industries in Southeast Asia. Indonesia has established a complete industry chain, with its export products maintaining a moisture content controlled at 8%-10% and a customs clearance rate exceeding 92%, enabling stable supply of high-purity raw materials for sodium-ion batteries. The 0% tariff preference offered by the ASEAN Form E certificate further consolidates its supply advantage. Demand side, the sodium-ion battery market has become a growth engine for coconut shell charcoal imports. 2025 marks the first year of mass production for sodium-ion batteries. Coconut shell charcoal, due to its high carbon content and suitable interlayer spacing (0.37-0.4 nm), enables the production of hard carbon anodes with a reversible capacity exceeding 300 mAh/g and a cycle life surpassing 3,000 cycles, fully meeting sodium-ion battery standards and making it the optimal raw material. The MIIT's "Guiding Opinions on Promoting the High-Quality Development of the Sodium-Ion Battery Industry" further includes coconut shell charcoal-based hard carbon as a key supported direction, with policy dividends continuously being released.

From a technical compatibility perspective, coconut shell charcoal is a hard carbon raw material that simultaneously meets the three core requirements of sodium-ion batteries: high capacity, long cycle life, and fast charging. Its unique graphite-like microcrystalline structure maintains a stable interlayer spacing of 0.37-0.4 nm, which is highly compatible with the radius of sodium ions; its cycle life exceeds 3,000 cycles, fully covering the automotive sodium-ion battery standard of over 1,500 cycles.

Currently, mature hard carbon technology in the sodium-ion battery market still relies heavily on imported coconut shell charcoal. Combined with the traditional demand for coconut shell charcoal, it continues to have a stable market space domestically.