[SMM Analysis] Downstream Demand Recovers, Imports and Exports of Natural Graphite Increase in November

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SMM, December 27:

In November 2024, China's flake graphite imports reached 3,159 mt, up 663% MoM and up 58% YoY.

Source: SMM, China Customs

In November 2024, due to the previously low flake graphite import volumes and low operating rates at domestic mines, domestic inventory levels were low. With the current improvement in downstream demand, enterprises increased raw material purchases to ensure supply. It is expected that flake graphite imports may drop back slightly in December.

In November 2024, China's flake graphite exports reached 8,466 mt, up 53% MoM but down 64% YoY; spherical graphite exports reached 4,775 mt, up 83% MoM but down 61% YoY.

Source: SMM, China Customs

In November 2024, driven by changes in overseas political situations and adjustments to domestic graphite material export tax rebate rates, overseas customers showed strong stockpiling sentiment. Downstream demand increased significantly in November, boosting natural graphite exports. In December, overseas customers' stockpiling sentiment is expected to remain strong, keeping natural graphite exports at high levels.

SMM New Energy Research Team

Cong Wang 021-51666838

Lingying Zhang 021-51666775

Rui Ma 021-51595780

Yue Yang 021-51666856

Ye Yuan 021-51595792

Disheng Feng 021-51666714

Ying Xu 021-51666707

Yanlin Lü 021-20707875

Yujun Liu 021-20707895

Xiaodan Yu 021-20707870

Xianjue Sun 021-51666757

Yushuo Liang 021-20707892