Graphitisation processing fees consolidate at highs: the "defense battle" at the tail end of the peak season [SMM lithium battery anode raw material market weekly review]

Published: Nov 05, 2026 16:34 (GMT+8)

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[SMM Lithium Battery Anode Raw Material Market Weekly: Graphitisation Processing Fees Consolidate at Highs Amid End-of-Peak-Season "Title Defense"] November 5 news: This week, graphitisation tolling fees remained flat across the board. The average market prices for Acheson furnace, high-density raw material and low-density raw material were 9,500 yuan/mt and 10,250 yuan/mt, respectively, while those for box furnace, high-density raw material and low-density raw material were 8,600 yuan/mt and 9,200 yuan/mt, respectively.

SMM, November 5:

This week, graphitisation tolling fees were flat across the board. The average market prices for Acheson furnace, high-density raw material and low-density raw material were 9,500 yuan/mt and 10,250 yuan/mt respectively, while box furnace, high-density raw material and low-density raw material were 8,600 yuan/mt and 9,200 yuan/mt respectively. Anode leaders still had full order books, and graphitisation enterprises' operating rates stayed high. However, on the other side, anode producers continued to push for lower prices amid no significant demand growth. For toll manufacturers, earlier price hikes had already repaired some profits, and the current market was more like a "defense battle." Looking ahead, the floor-supporting logic of "tight capacity" is unlikely to break in the short term, but as cost support cools, the momentum for processing fee rises will weaken accordingly, with high-level stability remaining the baseline scenario.

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

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