“Tight Capacity” Meets “Price Hike Difficulty”: Graphitisation Tolling Fees Stabilise at High Levels [SMM Lithium Battery Anode Raw Material Market Weekly Review]

SMM, October 22:
This week, graphitisation tolling fees remained stable. The average market prices for Acheson furnace, high-density raw material and light raw material held at 9,500 yuan/mt and 10,250 yuan/mt, respectively, while the average prices for box furnace, high-density raw material and light raw material were 8,600 yuan/mt and 9,200 yuan/mt, respectively. No significant adjustments were seen in quotes across furnace types. Supply remained tight: capacity utilization rates were already high, and after the rise in anode production schedules, there was no additional effective capacity growth to reallocate. Independent graphitisation enterprises continued to resume production at a slow pace. However, price increases did not materialize, as earlier gains had partially restored toll manufacturers' margins, and under sustained downstream pressure to push for lower prices, toll manufacturers and anode producers continued to negotiate around delivery periods. Looking ahead, "tight capacity" and "difficult price hikes" coexist. Processing fees are likely to remain high and flat, with the next round of increases awaiting stronger order signals.

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