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long-term anode pipeline grows despite declining utilisation rates","chinas-long-term-anode-pipeline-grows-despite-declining-utilisation-rates","article/chinas-long-term-anode-pipeline-grows-despite-declining-utilisation-rates",{"_uid":557,"date":558,"tags":559,"editor":567,"content":577,"excerpt":716,"featured":51,"reporter":717,"_editable":721,"component":722,"seo_title":553,"categories":723,"visibility":729,"author_company":49,"featured_image":730,"seo_description":716,"author_full_name":49,"author_job_title":49,"formattedDate":736,"formattedArticleDate":737},"301ca3d9-babd-483c-a65e-cda5e34788a0","2024-08-08 00:00",[560,563,565],{"slug":561,"name":562},"china","China",{"slug":564,"name":564},"forecasts",{"slug":566,"name":566},"prices",[568],{"slug":569,"name":570,"content":571},"matthew-bird","Matthew Bird",{"job_title":572,"image":573,"bio":575,"linkedin":576},"Senior Editor - Supply Chains & Data Visualisation",{"filename":574},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":578,"content":579},"doc",[580,597,602,607,612,625,630,635,640,645,652,657,662,667,672,677,682,687,692,697],{"type":581,"attrs":582,"content":583},"paragraph",{"textAlign":49},[584,587,595],{"text":585,"type":586},"Chinese anode material producers have been keeping ","text",{"text":588,"type":586,"marks":589},"utilisation rates low",[590],{"type":591,"attrs":592},"link",{"href":593,"uuid":49,"anchor":49,"target":49,"linktype":594},"https://www.benchmarkminerals.com/forecasts/anode/reports/","url",{"text":596,"type":586}," in response to overcapacity even as project developers continue to bank on longer-term demand with a  pipeline of investments.  ",{"type":581,"attrs":598,"content":599},{"textAlign":49},[600],{"text":601,"type":586},"In addition to lowered utilisation, some smaller Chinese tier three players have dropped out of production altogether under price pressures. ",{"type":581,"attrs":603,"content":604},{"textAlign":49},[605],{"text":606,"type":586},"Yet so far, the drawback has not been enough to substantially reduce overcapacity in China’s anode industry, meaning prices will still remain at low levels in the near term.",{"type":581,"attrs":608,"content":609},{"textAlign":49},[610],{"text":611,"type":586},"“Anode active material prices in the Chinese domestic market will likely continue to be at low levels in the near term, over the remainder of 2024 and across 2025, given the magnitude of overcapacity forecasted,” said Benchmark senior analyst Tony Alderson. ",{"type":581,"attrs":613,"content":614},{"textAlign":49},[615,617,623],{"text":616,"type":586},"Benchmark’s Anode Price Index showed a ",{"text":618,"type":586,"marks":619},"9% decline year-on-year",[620],{"type":591,"attrs":621},{"href":622,"uuid":49,"anchor":49,"target":49,"linktype":594},"https://www.benchmarkminerals.com/price-assessments/anode/portal/",{"text":624,"type":586}," in June 2024.",{"type":581,"attrs":626,"content":627},{"textAlign":49},[628],{"text":629,"type":586},"Nonetheless, investment into China’s anode pipeline continues.",{"type":581,"attrs":631,"content":632},{"textAlign":49},[633],{"text":634,"type":586},"“Lower-tier and higher-cost anode producers are under the most pressure and are at risk of exiting the market due to the prevailing overcapacity in the near term. However, following this period, demand is set to meet supply, leading to long-term market equilibrium by the mid-2030s where a deficit emerges and widens beyond this period,” said Alderson. ",{"type":581,"attrs":636,"content":637},{"textAlign":49},[638],{"text":639,"type":586},"The low price environment traces back to the 2020 to 2022 period when anode producers expanded to meet booming EV demand. ",{"type":581,"attrs":641,"content":642},{"textAlign":49},[643],{"text":644,"type":586},"In January 2023 Chinese EV demand growth eased and has been lower-than-expected since, undermining the economic viability of capacity additions.",{"type":646,"attrs":647,"content":649},"heading",{"level":648,"textAlign":49},4,[650],{"text":651,"type":586},"Pipeline still strong",{"type":581,"attrs":653,"content":654},{"textAlign":49},[655],{"text":656,"type":586},"The state of the anode market today is not deterring project developers in China. Planned project announcements are still increasing, leading Benchmark to continue raising its supply estimates for 2026 and beyond.",{"type":581,"attrs":658,"content":659},{"textAlign":49},[660],{"text":661,"type":586},"Approximately 420, 000 tonnes per annum of additional anode material capacity to 2035 was announced from mid-January to mid-March in China.",{"type":581,"attrs":663,"content":664},{"textAlign":49},[665],{"text":666,"type":586},"Despite the additional capacity, prices are expected to rise from 2026 onwards as raw material costs rise. A global anode deficit is also expected towards the end of the decade.",{"type":646,"attrs":668,"content":669},{"level":648,"textAlign":49},[670],{"text":671,"type":586},"Consolidation ahead",{"type":581,"attrs":673,"content":674},{"textAlign":49},[675],{"text":676,"type":586},"Chinese players developing anode projects today are entering the industry at an uncertain time but many expect the climate in the market to shift in the longer term.",{"type":581,"attrs":678,"content":679},{"textAlign":49},[680],{"text":681,"type":586},"Industry players in China have reported to Benchmark that they predict consolidation will occur over the next couple of years among Chinese firms, particularly among Tier 2 and 3 producers.",{"type":581,"attrs":683,"content":684},{"textAlign":49},[685],{"text":686,"type":586},"This should leave the biggest and most streamlined players to capitalise on the next wave of EV demand. ",{"type":581,"attrs":688,"content":689},{"textAlign":49},[690],{"text":691,"type":586},"“We’ve heard of smaller players  looking to drop out of the market with reports of Tier 1 anode majors looking to purchase these assets. However, as of yet no actual deals have gone through,” stated Alderson. ",{"type":646,"attrs":693,"content":694},{"level":648,"textAlign":49},[695],{"text":696,"type":586},"Join us at Giga APAC 2024",{"type":581,"attrs":698,"content":699},{"textAlign":49},[700,705,712],{"text":701,"type":586,"marks":702},"Discussions on Asia Pacific’s battery market will continue at Benchmark’s ",[703],{"type":704},"italic",{"text":706,"type":586,"marks":707},"Giga APAC 2024",[708,711],{"type":591,"attrs":709},{"href":710,"uuid":49,"anchor":49,"target":49,"linktype":594},"https://benchmarkevents.benchmarkminerals.com/gigaapac24",{"type":704},{"text":713,"type":586,"marks":714}," conference being held September 11-12 at the Ritz Carlton in Perth, Australia.",[715],{"type":704},"Chinese anode material producers have been keeping utilisation rates low in response to overcapacity even as project developers continue to bank on longer-term demand with a pipeline of investments. In addition to lowered utilisation, some smaller Chinese tier three players have dropped out of production altogether under price pressures. Yet so far, the drawback has […]",[718],{"slug":569,"name":570,"content":719},{"job_title":572,"image":720,"bio":575,"linkedin":576},{"filename":574},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"301ca3d9-babd-483c-a65e-cda5e34788a0\", \"id\": \"\"}-->","article",[724,726],{"slug":725,"name":263},"anode",{"slug":727,"name":728},"batteries","Batteries","private",{"id":49,"alt":731,"name":732,"focus":732,"title":731,"source":732,"filename":733,"copyright":732,"fieldtype":734,"meta_data":735,"is_external_url":51},"EV battery cell close up image","","https://a.storyblok.com/f/287943243085208/391ff43283/bm-ev-battery-cell.jpg","asset",{"alt":731,"title":731,"source":732,"copyright":732},"Aug 08, 2024","8th August 2024",[],[],1792773898702]