Benchmark Mineral Intelligence, specialising in EV and battery supply chain research and insights, reports that 2.09 million electric vehicles (EVs) were sold globally in October 2026, bringing year-to-date (YTD) 2026 EV sales to 17.5 million. In October 2026, EV sales increased by 8% year-on-year and fell by -3% month-on-month.

The graphite electrode market is expected to remain oversupplied for the rest of the decade, with weak demand growth and substantial spare capacity continuing to weigh on industry utilisation and profitability.

China accounts for more than 90% of global rare earth metallisation and alloy capacity. Outside China, Korean Metals Plant (KMP) site in Ochang, South Korea, operated by Energy Fuels-owned Australian Strategic Minerals, is one of the few commercial operating facilities capable of metallisation, an essential stage before rare earths can be used in magnets. On a visit to the site in October, Benchmark learned more about expanding ex-China metallisation capacity.

China has extended its suspension of the export controls on rare earths, lithium ion batteries and graphite anode materials it announced in October 2025. The extension runs only until 10 January 2027. The original announcement suspended the restrictions for a year. China’s Ministry of Commerce (MOFCOM) published the notice on 9 November, a day before the original suspension was due to expire. It gave no reason for the particular length of the extension.