Artificial Graphite Delivery Game, Natural Graphite Low-Level Stalemate [SMM Lithium Battery Anode Raw Material Market Weekly Review]

SMM, November 5:
Artificial graphite anode prices appear stable on the surface, but market conditions have become more complex compared to last week. This week, the high-level stalemate in raw material coke costs is beginning to ease, while battery cell manufacturers continue to push for lower prices. Meanwhile, delivery negotiations in the graphitisation segment have added further uncertainty to production scheduling. Anode producers' capacity utilization rates remain high, with full order books and smooth shipments, leaving prices locked in a standoff. Natural graphite remains at the other extreme, hovering near cost levels under pressure from high inventory, with sluggish trading. Looking ahead, the "hard to fall, hard to rise" pattern for artificial graphite is unlikely to break in the short term. The softening of coke prices has indeed weakened cost-side support against declines, but anode producers' own inventories are not high, and order visibility at top-tier players remains moderate. Even if battery cell production schedules adjust in the short term, it is more likely to be structural divergence, so artificial graphite prices are expected to remain largely stable in the near term. Natural graphite's low-level stagnation persists, with no reversal catalyst in sight in the short term.

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