[SMM Analysis] In June, the high comprehensive cost of anode materials supported the upward shift of the price center.

In June, China's artificial graphite anode material price center edged up slightly. Cost side, although raw material prices pulled back due to insufficient rigid demand follow-up and looser marginal supply, graphitisation processing fees rose sharply owing to tight matching capacity and meager profits at independent enterprises; after offsetting, overall costs remained elevated, effectively supporting firm anode material prices. Supply-demand side, anode material enterprises, driven by cost pass-through pressures, generally showed strong willingness to hold prices firm. Battery producers were somewhat reserved in accepting high prices during small-scale stockpiling purchases, yet under the dominance of cost logic, bargaining room was relatively limited. Overall, cost support and improved downstream purchasing enthusiasm became the core drivers pushing artificial graphite anode material prices into an upward trend.