China anode material margins squeezed by rising costs
According to Mysteel OilChem's tracking, the anode material producers recently suffered from increasingly squeezed profit margins due to rising petroleum coke prices and persistently low anode material prices. While anode producers have a strong desire to hike prices, the supply structure is limiting their ability to do so.
Anode material production processes are primarily divided into artificial graphite, natural graphite, and others, including MCMB, silicon-based anodes, and hard carbon anodes.
Artificial graphite anode technology is relatively mature, offering long cycle life, high safety, and low cost, making it suitable for power and energy storage batteries. In 2025, rapid growth in energy storage battery orders has increased demand for artificial graphite anodes. It currently holds an 88per cent share in the anode material market, up 1 percentage point from 2024.
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