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Article | Jul 17, 2026 | 3 min read
Synthetic strengthens as natural remains rangebound: Anode and graphite Q2 2026 price review
Trends in anode active material (AAM) prices showed clear divergence between synthetic and natural graphite material in Q2 2026. Synthetic graphite AAM prices increased as demand strengthened and feedstock costs rose. Natural graphite AAM prices, meanwhile, remained broadly unchanged amidst weaker relative demand, substitution pressure and relatively stable feedstock prices. The divergence was most evident in June, when synthetic graphite producers began passing through earlier feedstock cost increases. By contrast, natural graphite AAM remained relatively rangebound throughout the quarter. As such, low-energy synthetic AAM prices rose above $2,900/tonne, reaching parity with and then exceeding natural graphite AAM for the first time since May 2023.
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