Lithium Battery Anode Material Prices Continue To Decline, With No Immediate Rally In Sight  

After the holiday, anode material prices continued to decline. In terms of costs, low-sulfur petroleum coke prices stabilized after falling 300-400 yuan/mt during the National Day. Many manufacturers are implementing price protection strategies and offering discounts to major customers. The prices of oild-based needle coke temporarily stabilized as manufacturers observe the recovery of downstream demand in the fourth quarter. Due to increased self-supply rate and lower-than-expected demand, conversion margins of graphitization plants inched lower. There hasn't been a significant recovery in demand in downstream power storage market at the beginning of the fourth quarter. While some anode material manufacturers are still increasing their production capacity, they may prioritize depleting inventory given the lack of clear optimistic signals in downstream demand. This could result in an actual reduction in anode material production