Supply-demand tight balance persists, with upward momentum brewing amid stagnant prices [SMM Lithium Battery Anode Raw Material Market Weekly Review]

SMM, September 24:

This week, graphitisation tolling service prices remained stable. By furnace type, the average price for high-density raw material in Acheson furnaces was 9,500 yuan/mt, and for low-density raw material 10,250 yuan/mt; for box furnaces, the average price for high-density raw material was 8,600 yuan/mt, and for low-density raw material 9,200 yuan/mt. Demand was positive. During the September peak season, end-user orders stayed high, anode material enterprises showed stronger willingness to schedule production, integrated graphitisation capacity was tight, and outsourced orders were robust. Supply was relatively constrained. Independent graphitisation enterprises had been under sustained profit pressure in the earlier period, and the pace of capacity resumption remained slow, keeping effective processing capacity in a tight balance. However, surplus capacity still existed, but because utilization rates at some older facilities remained low and they could not take on high-quality orders, the market remained locked in a structural shortage, with graphitisation enterprises under profit pressure and anode delivery periods in a stalemate. Prices remained stagnant. Market outlook: as anode peak-season production schedules climb further, the adjustable surplus for toll processing is expected to keep narrowing, and graphitisation prices are likely to consolidate on a strong note.

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