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Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":842,"relatedVideos":843},112471104964938,"c69db068-dc57-44cf-b393-9a3b37f8952f","Five reasons Western automakers face a synthetic graphite problem","five-reasons-western-automakers-face-a-synthetic-graphite-problem","article/five-reasons-western-automakers-face-a-synthetic-graphite-problem",{"_uid":547,"date":548,"tags":549,"editor":555,"content":565,"excerpt":817,"featured":51,"reporter":818,"_editable":822,"component":823,"seo_title":543,"categories":824,"visibility":835,"author_company":49,"featured_image":836,"seo_description":817,"author_full_name":49,"author_job_title":49,"formattedDate":840,"formattedArticleDate":841},"d96f1062-be6f-4631-962e-491f6acb4fbb","2023-07-07 00:00",[550,552],{"slug":551,"name":261},"anode",{"slug":553,"name":554},"synthetic-graphite","Synthetic graphite",[556],{"slug":557,"name":558,"content":559},"matthew-bird","Matthew Bird",{"job_title":560,"image":561,"bio":563,"linkedin":564},"Senior Editor - Supply Chains & Data Visualisation",{"filename":562},"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":566,"content":567},"doc",[568,585,590,595,600,605,610,617,622,627,640,645,654,661,666,671,676,681,688,693,698,703,708,713,718,723,728,733,740,745,758,763,768,773,778,783,790,795,800,805,810],{"type":569,"attrs":570,"content":571},"paragraph",{"textAlign":49},[572,575,583],{"text":573,"type":574},"Automakers are increasingly using ","text",{"text":576,"type":574,"marks":577},"synthetic graphite material",[578],{"type":579,"attrs":580},"link",{"href":581,"uuid":49,"anchor":49,"target":49,"linktype":582},"https://www.benchmarkminerals.com/forecasts/synthetic-graphite/","url",{"text":584,"type":574}," in their battery anodes, due to its greater availability and increasingly lower costs.",{"type":569,"attrs":586,"content":587},{"textAlign":49},[588],{"text":589,"type":574},"Synthetic anodes are likely to make up 63% of the anode market by 2025, according to Benchmark, as a shortage of flake graphite supply is expected to curb the uptake of natural graphite anodes.",{"type":569,"attrs":591,"content":592},{"textAlign":49},[593],{"text":594,"type":574},"Yet automakers face a shortage of non-Chinese synthetic graphite this decade, which could make it difficult to satisfy US and European Union policies seeking to encourage the localisation of battery supply chains. ",{"type":569,"attrs":596,"content":597},{"textAlign":49},[598],{"text":599,"type":574},"China produces almost all of the world’s synthetic graphite. Falling prices for battery anodes due to new capacity in China pose extra challenges to companies investing in new production in the US and Europe. ",{"type":569,"attrs":601,"content":602},{"textAlign":49},[603],{"text":604,"type":574},"Prices for the six grades of anode material tracked by Benchmark (three natural, three synthetic) have fallen by an average of 16.2% this year. ",{"type":569,"attrs":606,"content":607},{"textAlign":49},[608],{"text":609,"type":574},"Here are five reasons why synthetic graphite may well be a critical problem this decade. ",{"type":611,"attrs":612,"content":614},"heading",{"level":613,"textAlign":49},4,[615],{"text":616,"type":574},"1. China’s anode dominance",{"type":569,"attrs":618,"content":619},{"textAlign":49},[620],{"text":621,"type":574},"China is expected to remain a dominant force in the global anode market throughout Benchmark’s entire forecast period to 2040.",{"type":569,"attrs":623,"content":624},{"textAlign":49},[625],{"text":626,"type":574},"Synthetic anode production capacity in China has increased rapidly over the the last few years, due to large investments subsidised by local governments. ",{"type":569,"attrs":628,"content":629},{"textAlign":49},[630,632,638],{"text":631,"type":574},"This has led to synthetic anode supply reaching an estimated 1,819 ktpa by 2026, compared with 553 ktpa for natural anodes, according to Benchmark’s ",{"text":633,"type":574,"marks":634},"Anode Forecast",[635],{"type":579,"attrs":636},{"href":637,"uuid":49,"anchor":49,"target":49,"linktype":582},"https://www.benchmarkminerals.com/forecasts/anode/",{"text":639,"type":574},".",{"type":569,"attrs":641,"content":642},{"textAlign":49},[643],{"text":644,"type":574},"China now produces 98% of the world’s synthetic graphite anodes, a market share that’s only set to slip to 94% by the end of the decade, according to Benchmark. ",{"type":569,"attrs":646,"content":647},{"textAlign":49},[648],{"type":649,"attrs":650},"image",{"id":49,"alt":651,"src":652,"title":49,"source":49,"copyright":49,"meta_data":653},"","https://a.storyblok.com/f/287943243085208/c1aa6d00de/bm-image-87.png",{},{"type":611,"attrs":655,"content":656},{"level":613,"textAlign":49},[657,659],{"text":658,"type":574},"2. ",{"text":660,"type":574},"Feedstock",{"type":569,"attrs":662,"content":663},{"textAlign":49},[664],{"text":665,"type":574},"Coke for synthetic graphite can be derived from either an oil feedstock (‘petroleum’ or ‘pet’ coke) or a coal feedstock (‘pitch’ coke). ",{"type":569,"attrs":667,"content":668},{"textAlign":49},[669],{"text":670,"type":574},"China is the leading global supplier of low sulphur coke and synthetic graphite, having established significant graphitisation infrastructure to supply electrodes for the country’s steel industry. The nation accounted for approximately two-thirds of global low sulphur coke production in 2022.",{"type":569,"attrs":672,"content":673},{"textAlign":49},[674],{"text":675,"type":574},"By 2030 China is projected to account for a near 75% share of global supply of coke. ",{"type":569,"attrs":677,"content":678},{"textAlign":49},[679],{"text":680,"type":574},"Therefore, battery anode producers using synthetic graphite feedstock will continue to find it challenging to source feedstock from elsewhere.",{"type":569,"attrs":682,"content":683},{"textAlign":49},[684],{"type":649,"attrs":685},{"id":49,"alt":651,"src":686,"title":49,"source":49,"copyright":49,"meta_data":687},"https://a.storyblok.com/f/287943243085208/4c48a8a07d/bm-low-sulphur-coke-china.jpg",{},{"type":611,"attrs":689,"content":690},{"level":613,"textAlign":49},[691],{"text":692,"type":574},"3. US IRA requirements",{"type":569,"attrs":694,"content":695},{"textAlign":49},[696],{"text":697,"type":574},"The US Inflation Reduction Act specifies that by 2027 a total of 80% of the value of the critical minerals contained in a battery must be extracted or processed in the US or a country with a free trade agreement in order for automakers to receive electric vehicle tax credits. ",{"type":569,"attrs":699,"content":700},{"textAlign":49},[701],{"text":702,"type":574},"Anodes make up around 10% of the costs of a high-nickel NCM 811 cell, according to Benchmark, meaning automakers could meet the IRA requirements by securing supplies for lithium, nickel and cobalt from FTA countries. ",{"type":569,"attrs":704,"content":705},{"textAlign":49},[706],{"text":707,"type":574},"But the IRA also requires that no critical minerals or battery components be extracted, processed, or produced by a “foreign entity of concern,” including Chinese companies. ",{"type":569,"attrs":709,"content":710},{"textAlign":49},[711],{"text":712,"type":574},"While the final implementation details have not been disclosed, this could mean Chinese companies may only be eligible if they have joint ventures with non-Chinese partners. ",{"type":569,"attrs":714,"content":715},{"textAlign":49},[716],{"text":717,"type":574},"Yet apart from a deal between General Motors and South Korea’s Posco for supplies of synthetic graphite, there have been few non-Chinese supply deals announced. ",{"type":569,"attrs":719,"content":720},{"textAlign":49},[721],{"text":722,"type":574},"Last month Mitsubishi Chemical Group signed an agreement with South Korean cathode producer L&F to explore “strengthening the supply chain for anode materials in countries that have concluded a free trade agreement with the US.”",{"type":569,"attrs":724,"content":725},{"textAlign":49},[726],{"text":727,"type":574},"Synthetic graphite production is starting to be built in the US, with Anovion this month starting construction on a 40,000 tonne a year plant in Georgia. Epsilon and Novonix are also building capacity. But that won’t be enough to meet market demand. ",{"type":569,"attrs":729,"content":730},{"textAlign":49},[731],{"text":732,"type":574},"“Finding someone who can develop anode capacity that is IRA compliant is very difficult, because it’s all in China,” Daisy Jennings-Gray, senior analyst at Benchmark. “There are some hopefuls on the synthetic side – but it’s not going to be enough to meet every OEM’s requirements.” ",{"type":569,"attrs":734,"content":735},{"textAlign":49},[736],{"type":649,"attrs":737},{"id":49,"alt":651,"src":738,"title":49,"source":49,"copyright":49,"meta_data":739},"https://a.storyblok.com/f/287943243085208/745a82d0c2/bm-us-ira-battery-graph.png",{},{"type":611,"attrs":741,"content":742},{"level":613,"textAlign":49},[743],{"text":744,"type":574},"4. Costs",{"type":569,"attrs":746,"content":747},{"textAlign":49},[748,750,756],{"text":749,"type":574},"With anode producers in China beginning to use cheaper medium-to-high sulphur feedstocks for synthetic graphite anode material, synthetic graphite is likely to get ",{"text":751,"type":574,"marks":752},"cheaper",[753],{"type":579,"attrs":754},{"href":755,"uuid":49,"anchor":49,"target":49,"linktype":582},"https://source.benchmarkminerals.com/article/synthetic-graphite-prices-close-gap-with-natural-as-tolling-fees-fall",{"text":757,"type":574}," than natural graphite in the near term.  ",{"type":569,"attrs":759,"content":760},{"textAlign":49},[761],{"text":762,"type":574},"Prices will also likely remain low as the synthetic graphite market is set to remain in oversupply until later this decade, according to Benchmark’s Synthetic Graphite Forecast. ",{"type":569,"attrs":764,"content":765},{"textAlign":49},[766],{"text":767,"type":574},"Falling prices for finished anode products and midstream precursors have begun to near costs throughout the entire anode value chain.",{"type":569,"attrs":769,"content":770},{"textAlign":49},[771],{"text":772,"type":574},"Expanding the supply of synthetic graphite anode material derived outside of China to meet forecasts of increasing demand globally will pose a challenge given the significantly lower capex associated with Chinese anode projects. ",{"type":569,"attrs":774,"content":775},{"textAlign":49},[776],{"text":777,"type":574},"For example, Benchmark calculates that capex intensity per tonne is over 80% higher for projects outside of China. This cost chasm is likely to continue to be an obstacle to ex-China project developments.",{"type":569,"attrs":779,"content":780},{"textAlign":49},[781],{"text":782,"type":574},"Graphitization is an energy and labour-intensive process, reliant on electricity to reach temperatures of close to 3,000°C.",{"type":569,"attrs":784,"content":785},{"textAlign":49},[786],{"type":649,"attrs":787},{"id":49,"alt":651,"src":788,"title":49,"source":49,"copyright":49,"meta_data":789},"https://a.storyblok.com/f/287943243085208/fd185ad9fb/bm-pre-calcined-needle-coke-04july.png",{},{"type":611,"attrs":791,"content":792},{"level":613,"textAlign":49},[793],{"text":794,"type":574},"5. Chemistry ",{"type":569,"attrs":796,"content":797},{"textAlign":49},[798],{"text":799,"type":574},"While new silicon-anode chemistries are being developed outside of China, especially in the US, which will boost fast charging and energy density, it will take time for it to reach mass market share and overcome technical difficulties. ",{"type":569,"attrs":801,"content":802},{"textAlign":49},[803],{"text":804,"type":574},"Graphite silicon anodes are only expected to make up 4% of the anode market share by 2025, according to Benchmark. ",{"type":569,"attrs":806,"content":807},{"textAlign":49},[808],{"text":809,"type":574},"The share of silicon in the anode is expected to reach between 7% to 10% by next decade, according to Benchmark. ",{"type":569,"attrs":811,"content":812},{"textAlign":49},[813],{"type":649,"attrs":814},{"id":49,"alt":651,"src":815,"title":49,"source":49,"copyright":49,"meta_data":816},"https://a.storyblok.com/f/287943243085208/be295034d1/bm-the-making-of-an-anode.jpg",{},"Automakers are increasingly using synthetic graphite material in their battery anodes, due to its greater availability and increasingly lower costs. Synthetic anodes are likely to make up 63% of the anode market by 2025, according to Benchmark, as a shortage of flake graphite supply is expected to curb the uptake of natural graphite anodes. Yet […]",[819],{"slug":557,"name":558,"content":820},{"job_title":560,"image":821,"bio":563,"linkedin":564},{"filename":562},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d96f1062-be6f-4631-962e-491f6acb4fbb\", \"id\": \"\"}-->","article",[825,826,829,832],{"slug":551,"name":261},{"slug":827,"name":828},"batteries","Batteries",{"slug":830,"name":831},"geopolitics","Geopolitics",{"slug":833,"name":834},"graphite","Graphite","private",{"id":49,"alt":651,"name":651,"focus":651,"title":651,"source":651,"filename":837,"copyright":651,"fieldtype":838,"meta_data":839,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/b3e65efb38/bm-battery-anode-picture.jpg","asset",{"alt":651,"title":651,"source":651,"copyright":651},"Jul 07, 2023","7th July 2023",[],[],1781882621660]