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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":727,"relatedVideos":728},112469226234995,"59f18117-8855-4e35-9dfd-5f7e047e4e65","Synthetic anode materials to beat natural on cost for low and medium energy until late 2020s","synthetic-anode-materials-to-beat-natural-on-cost-for-low-and-medium-energy-until-late-2020s","article/synthetic-anode-materials-to-beat-natural-on-cost-for-low-and-medium-energy-until-late-2020s",{"_uid":547,"date":548,"tags":549,"editor":553,"content":563,"excerpt":706,"featured":51,"reporter":707,"_editable":711,"component":712,"seo_title":543,"categories":713,"visibility":719,"author_company":49,"featured_image":720,"seo_description":706,"author_full_name":49,"author_job_title":49,"formattedDate":725,"formattedArticleDate":726},"ff66dce3-7a57-411f-b070-d5128d531593","2024-07-31 00:00",[550],{"slug":551,"name":552},"china","China",[554],{"slug":555,"name":556,"content":557},"matthew-bird","Matthew Bird",{"job_title":558,"image":559,"bio":561,"linkedin":562},"Senior Editor - Supply Chains & Data Visualisation",{"filename":560},"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":564,"content":565},"doc",[566,583,588,593,598,609,614,619,624,631,636,641,646,651,656,661,666,671,676,681,691,696,701],{"type":567,"attrs":568,"content":569},"paragraph",{"textAlign":49},[570,573,581],{"text":571,"type":572},"Synthetic anode active materials (AAM) prices are set to remain below natural AAM prices until almost the end of the decade, according to ","text",{"text":574,"type":572,"marks":575},"Benchmark’s Anode Forecast",[576],{"type":577,"attrs":578},"link",{"href":579,"uuid":49,"anchor":49,"target":49,"linktype":580},"https://www.benchmarkminerals.com/forecasts/anode/reports/","url",{"text":582,"type":572},", a trend that should further bolster demand for synthetic AAM as producers prioritise cost-cutting.",{"type":567,"attrs":584,"content":585},{"textAlign":49},[586],{"text":587,"type":572},"Over the next few years, a combination of factors are expected to cap synthetic AAM price increases while ensuring natural AAM prices are unable to fall any further. ",{"type":567,"attrs":589,"content":590},{"textAlign":49},[591],{"text":592,"type":572},"This continuing price gap should cement the ongoing shift in demand away from natural AAM and towards the more cost-effective synthetic, at least within low to medium capacity AAMs.",{"type":567,"attrs":594,"content":595},{"textAlign":49},[596],{"text":597,"type":572},"“Affordability is a key metric for adoption. Now that low and medium synthetic anode active materials are priced below natural, demand has shot up with the ratio now around 71:29 in favour of synthetic,” said Benchmark analyst Tony Alderson.",{"type":567,"attrs":599,"content":600},{"textAlign":49},[601,603,607],{"text":602,"type":572},"The shift towards synthetic over natural in low to medium AAMs has been most notable in China, on track to produce 98% of the world’s supply in synthetic AAMs this year, according to ",{"text":574,"type":572,"marks":604},[605],{"type":577,"attrs":606},{"href":579,"uuid":49,"anchor":49,"target":49,"linktype":580},{"text":608,"type":572},". ",{"type":567,"attrs":610,"content":611},{"textAlign":49},[612],{"text":613,"type":572},"The trend has been especially pronounced among China’s Tier 2 and 3 producers. However, Chinese Tier 1 anode manufacturers may also begin adopting the material in a bid to compete on affordability.",{"type":567,"attrs":615,"content":616},{"textAlign":49},[617],{"text":618,"type":572},"Natural graphite AAMs used to be favoured by anode producers as it was the lower cost option for portables and ESS end applications. ",{"type":567,"attrs":620,"content":621},{"textAlign":49},[622],{"text":623,"type":572},"Today, natural AAMs only remain the more cost-effective AAM in the high capacity category though even here synthetic AAMs are closing the gap on competitiveness.",{"type":625,"attrs":626,"content":628},"heading",{"level":627,"textAlign":49},4,[629],{"text":630,"type":572},"A historic reversal ",{"type":567,"attrs":632,"content":633},{"textAlign":49},[634],{"text":635,"type":572},"Demand for synthetic AAM has been growing rapidly since September 2023 when synthetic low and medium capacity versions became more cost-effective than their natural graphite counterparts for the first time.",{"type":567,"attrs":637,"content":638},{"textAlign":49},[639],{"text":640,"type":572},"In 2023, prices for low capacity synthetic AAM declined by 44% year-on-year to $3,521 per tonne, whilst low capacity natural AAM dropped by just 27% to reach $3,555 per tonne.",{"type":567,"attrs":642,"content":643},{"textAlign":49},[644],{"text":645,"type":572},"Going forward, anode producers will have all the incentive to continue switching to the lower-priced synthetic AAMs as slowed short term EV demand growth will make cost-cutting a priority through the battery supply chain. ",{"type":625,"attrs":647,"content":648},{"level":627,"textAlign":49},[649],{"text":650,"type":572},"Technology and overcapacity drive synthetic uptake",{"type":567,"attrs":652,"content":653},{"textAlign":49},[654],{"text":655,"type":572},"The steep drop in synthetic AAM prices since 2023 has been due to technological advances allowing producers to tap more economical feedstocks.",{"type":567,"attrs":657,"content":658},{"textAlign":49},[659],{"text":660,"type":572},"High-purity, low-sulphur needle coke was the dominant synthetic AAM feedstock until recently. However, Chinese AAM producers found ways of utilising needle coke with medium-sulphur pet coke, a less expensive feedstock with higher impurities.",{"type":567,"attrs":662,"content":663},{"textAlign":49},[664],{"text":665,"type":572},"Broader market dynamics through the EV and battery supply chain have also played a role in reversing the relative competitiveness of synthetic and natural AAMs. ",{"type":567,"attrs":667,"content":668},{"textAlign":49},[669],{"text":670,"type":572},"EV demand slowdown since 2023 has intensified overcapacity and competition, leading anode material producers to adopt low pricing strategies and finding cost reductions, including by adopting medium-sulphur pet coke.",{"type":625,"attrs":672,"content":673},{"level":627,"textAlign":49},[674],{"text":675,"type":572},"Supply disruptions to elevate natural AAM prices",{"type":567,"attrs":677,"content":678},{"textAlign":49},[679],{"text":680,"type":572},"By contrast to synthetic AAM, supply-side factors should sustain relatively high prices for natural AAM, especially after 2025.",{"type":567,"attrs":682,"content":683},{"textAlign":49},[684,686,690],{"text":685,"type":572},"A deficit is due in both natural AAMs as well as uncoated spherical graphite (USPG), a natural AAM input made from mined flake graphite, according to ",{"text":574,"type":572,"marks":687},[688],{"type":577,"attrs":689},{"href":579,"uuid":49,"anchor":49,"target":49,"linktype":580},{"text":608,"type":572},{"type":567,"attrs":692,"content":693},{"textAlign":49},[694],{"text":695,"type":572},"According to Benchmark product director Shruti Kashyap, the USPG deficit will occur when Chinese utilisation rates will still be low but ex-China projects have not yet come online. ",{"type":567,"attrs":697,"content":698},{"textAlign":49},[699],{"text":700,"type":572},"“Even if the Chinese increase utilisation, it wouldn’t help the US, because it wants to build an ex-China supply chain,” she said.",{"type":567,"attrs":702,"content":703},{"textAlign":49},[704],{"text":705,"type":572},"Flake graphite prices are also expected to rise with Benchmark forecasting a persistent deficit before the end of this decade as demand growth outstrips supply, mainly due to the battery sector.","Synthetic anode active materials (AAM) prices are set to remain below natural AAM prices until almost the end of the decade, according to Benchmark’s Anode Forecast, a trend that should further bolster demand for synthetic AAM as producers prioritise cost-cutting. Over the next few years, a combination of factors are expected to cap synthetic AAM […]",[708],{"slug":555,"name":556,"content":709},{"job_title":558,"image":710,"bio":561,"linkedin":562},{"filename":560},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ff66dce3-7a57-411f-b070-d5128d531593\", \"id\": \"\"}-->","article",[714,716],{"slug":715,"name":261},"anode",{"slug":717,"name":718},"batteries","Batteries","private",{"id":49,"alt":721,"name":721,"focus":721,"title":721,"source":721,"filename":722,"copyright":721,"fieldtype":723,"meta_data":724,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/2276b31463/bm-pricedeclines2.png","asset",{"alt":721,"title":721,"source":721,"copyright":721},"Jul 31, 2024","31st July 2024",[],[],1783932882930]