Graphitisation Tolling Prices Remain in Stalemate, Stable-to-Higher Outlook Logic Unchanged [SMM Lithium Battery Anode Raw Material Market Weekly Review]

SMM, August 13:

This week, China's graphitisation tolling market remained in a stalemate pattern overall. Quotations from individual toll manufacturers showed no notable fluctuations, and prices stayed stable for the time being. By process, the average price in the Acheson furnace graphitisation processing industry was in the range of 9,000-11,000 yuan/mt, while the average price in the box-type furnace industry was in the range of 8,000-9,000 yuan/mt. On the demand side, orders at downstream anode enterprises continued to improve and their overall performance was steady. However, because some integrated graphitisation capacity remained tight, demand for outsourced processing from anode enterprises steadily expanded, providing some support to the tolling market. On the supply side, constrained by low profit levels in the earlier period, some independent graphitisation enterprises were still shut down or operating fewer furnaces; the industry's overall recovery was slow, effective processing capacity in the market remained tight, and processing enterprises were generally reluctant to take orders at low prices. Nevertheless, although demand-side support was strong, costs had not yet rebounded to the earlier highs of this year, and price increases still needed cost-driven momentum, so tolling prices remained in a stalemate. Looking ahead, surplus toll processing capacity is expected to narrow further. As downstream clients seek to ensure stable operation of their own capacity, their push for lower prices will ease, and the logic that the graphitisation tolling price center is expected to remain stable with an upward bias has not changed.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lyu Yanlin 021-20707875

Zhang Haohan021-51666752

Wang Zihan021-51666914

Wang Jie021-51595902

Chen Bolin021-51666836

Xu Yang021-51666760

Xu Mengqi021-20707868

Hu Xuejie021-20707858

Yang Le021-51595898

Wang Zhaoyu021-51666827

Li Yisha021-51666730

Huang Chencong021-51595860

Lin Ziya021-5166-6902