[SMM Analysis] In June, the high comprehensive cost of anode materials supported the upward shift of the price center.

In June, China’s artificial graphite anode material price center saw a slight upward shift. On the cost side, although raw material prices pulled back due to insufficient rigid demand follow-through and marginally looser supply, graphitisation processing fees rose sharply amid tight supporting capacity and meager profits at independent enterprises. The combined cost offset still remained elevated, effectively underpinning the firm operation of anode material prices. On the supply-demand side, anode material enterprises, backed by cost-driven pressures, generally showed strong willingness to hold prices firm. Battery producers, while making small stockpiling purchases, were somewhat reserved in accepting high prices, but under the cost-logic dominance, bargaining room was relatively limited. Overall, cost support and improved downstream purchasing activity became the core drivers pushing artificial graphite anode material prices on an upward trajectory.