Graphitisation Costs Provide Price Floor, Tug-of-War Between Sellers and Buyers, Processing Prices Hold Steady [SMM Lithium Battery Anode Raw Material Market Weekly Review]

Published: May 28, 2026 15:12

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[SMM Lithium Battery Anode Raw Material Market Weekly Review: Graphitisation Cost Underpinning, Tug-of-War Between Sellers and Buyers, Processing Prices Remained Stable] May 28: This week, China's graphitisation tolling services processing prices remained stagnant overall.

SMM May 28:

This week, graphitisation tolling services processing prices in China remained largely stagnant. Cost side, the current comprehensive processing costs across the industry continued to stay at elevated levels, providing solid rigid support and effectively limiting downside room for prices. Demand side, tier-one and tier-two mainstream anode enterprises had tight supply of their own integrated graphitisation capacity, driving incremental demand for external tolling services; however, the surplus capacity accumulated earlier in the industry had not yet been fully cleared, and with bullish and bearish factors intertwined, market prices remained in a state of tug-of-war. Looking ahead, attention should be paid to supply-demand fluctuations and cost trends. If no significant changes emerge on both the cost and demand sides, the market is highly likely to continue the current sideways stalemate.

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

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.

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