[SMM Analysis] Peak Season Stockpiling and Rising Costs Propel Anode Prices Higher

Published: Sep 09, 2026 14:58 (GMT+8)

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In August 2026, transaction prices for artificial graphite anode material trended upward, though the overall magnitude of increases remained mild, with the market characterised by "aggressive quoted price hikes, while actual transaction gains were restrained."

Cost side, the theoretical cost of artificial graphite anodes climbed significantly. Raw material side, driven by smooth refinery sales, high raw material prices, and stockpiling demand ahead of the September peak season, the average price of low-sulphur petroleum coke rose to 4,741 yuan/mt at month-end, while the average market price of oil-based green needle coke reached 7,450 yuan/mt. In the processing segment, a gap remained between finished product capacity and matching graphitisation capacity. Leading anode enterprises' integrated capacity was already running at full utilisation, with robust orders for outsourced processing and graphitisation tolling fees holding firm at highs. The simultaneous rise in raw material and core processing costs jointly pushed up the theoretical cost line for artificial graphite anodes.

However, full cost pass-through was not smoothly achieved. Downstream leading battery makers, leveraging production pass-through cycles and large-scale procurement advantages, held a dominant position in price negotiations, resulting in overall average transaction price increases remaining mild. The market thus formed a pattern of "aggressive quoted price hikes, while actual transaction gains were restrained."

Looking ahead to September, as the September peak season effect becomes more pronounced, downstream stockpiling demand is expected to continue to be released. Coupled with unabated cost support, anode prices still have upside room. However, the downstream bargaining dynamic is unlikely to change fundamentally, and prices are expected to continue rising at a mild pace as the main tone.

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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