[SMM Analysis] Demand Boost Lifted Anode Production in June, Enterprises Prioritized Destocking Under Cost Pressure

SMM July 15 News:

According to SMM data, China's anode material production maintained growth in June 2026, up 3.9% MoM and 66.4% YoY.

Demand side, NEV order demand was strong, with demand from plug-in hybrid, extended-range car models, and the commercial vehicle segment providing a clear boost, and power battery cell production rose 9% MoM; coupled with the ongoing release of rigid demand for energy storage cells, overall downstream demand offered solid support.
Cost side, graphitisation processing fees kept rising, and the production cost pressure from previous price increases of needle coke and other raw materials had not yet been fully passed on and absorbed, leaving the industry's overall costs clearly under pressure. Constrained by costs, most anode producers adopted a produce-based-on-sales strategy, overall production increases were weak, June output only edged up 3.9% MoM, and the core focus of industry production was mainly on digesting inventories.

In July, existing production lines at downstream battery cell plants will continue to ramp up, and cell production schedules are expected to maintain their uptrend, which will drive anode material enterprises to raise their production plans, but the room for output increases is expected to be relatively limited. Going forward, industry trends can be closely tracked by monitoring raw material and processing cost changes, as well as shifts in the industry chain's supply-demand pattern.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lyu Yanlin 021-20707875

Zhang Haohan 021-51666752

Wang Zihan 021-51666914

Wang Jie 021-51595902

Chen Bolin 021-51666836

Xu Yang 021-51666760

Xu Mengqi 021-20707868

Hu Xuejie 021-20707858

Yang Le 021-51595898

Wang Zhaoyu 021-51666827

Li Yisha 021-51666730

Huang Chencong 021-51595860

Lin Ziya 021-5166-6902