[{"data":1,"prerenderedAt":734},["ShallowReactive",2],{"ticker-data":3,"story-article/synthetic-graphite-anode-prices-decline-35-in-a-year-as-natural-graphite-price-premium-narrows":540},[4,52,82,112,148,186,228,259,296,328,371,412,450,481,510],{"publishedDate":5,"updateFrequency":6,"updateFrequencyText":7,"label":8,"today":9,"last":10,"percentageChange":11,"yearToDate":12,"yearOnYear":13,"oneYearIndexTrend":14,"url":48,"subscription":49,"isProtected":50,"hasAccess":51},"2026-05-27","2wk","Updated every 2 weeks","Lithium",411.01,408.51,0.61,75.85,175.57,[15,16,18,21,24,27,30,33,36,39,42,45],{"date":5,"value":9},{"date":17,"value":10},"2026-05-13",{"date":19,"value":20},"2026-04-29",372.51,{"date":22,"value":23},"2026-04-15",354.35,{"date":25,"value":26},"2026-04-01",346.55,{"date":28,"value":29},"2026-03-18",351.32,{"date":31,"value":32},"2026-03-04",346.6,{"date":34,"value":35},"2026-02-18",324,{"date":37,"value":38},"2026-02-04",337.67,{"date":40,"value":41},"2026-01-21",298.32,{"date":43,"value":44},"2026-01-07",233.73,{"date":46,"value":47},"2025-12-24",203.79,"/lithium/prices",null,false,true,{"publishedDate":5,"updateFrequency":6,"updateFrequencyText":7,"label":53,"today":54,"last":55,"percentageChange":56,"yearToDate":57,"yearOnYear":58,"oneYearIndexTrend":59,"url":48,"subscription":49,"isProtected":50,"hasAccess":51},"Lithium Carbonate",449.85,451.12,-0.28,77.12,181.56,[60,61,62,64,66,68,70,72,74,76,78,80],{"date":5,"value":54},{"date":17,"value":55},{"date":19,"value":63},404.38,{"date":22,"value":65},381.25,{"date":25,"value":67},371.52,{"date":28,"value":69},373.01,{"date":31,"value":71},366.63,{"date":34,"value":73},349.17,{"date":37,"value":75},356.81,{"date":40,"value":77},316.73,{"date":43,"value":79},253.98,{"date":46,"value":81},220.12,{"publishedDate":5,"updateFrequency":6,"updateFrequencyText":7,"label":83,"today":84,"last":85,"percentageChange":86,"yearToDate":87,"yearOnYear":88,"oneYearIndexTrend":89,"url":48,"subscription":49,"isProtected":50,"hasAccess":51},"Lithium Hydroxide",358.35,350.28,2.3,76.32,168.94,[90,91,92,94,96,98,100,102,104,106,108,110],{"date":5,"value":84},{"date":17,"value":85},{"date":19,"value":93},328.09,{"date":22,"value":95},316.95,{"date":25,"value":97},311.86,{"date":28,"value":99},321.41,{"date":31,"value":101},319.14,{"date":34,"value":103},295.42,{"date":37,"value":105},310,{"date":40,"value":107},270.4,{"date":43,"value":109},203.24,{"date":46,"value":111},177.17,{"publishedDate":19,"updateFrequency":113,"updateFrequencyText":114,"label":115,"today":116,"last":117,"percentageChange":118,"yearToDate":119,"yearOnYear":120,"oneYearIndexTrend":121,"url":147,"subscription":49,"isProtected":50,"hasAccess":51},"1wk","Updated every week","Cobalt",244.61,252.61,-3.17,3.99,97.72,[122,123,124,127,129,132,133,136,138,141,143,146],{"date":19,"value":116},{"date":25,"value":117},{"date":125,"value":126},"2026-03-25",252.45,{"date":28,"value":128},252.84,{"date":130,"value":131},"2026-03-11",253.48,{"date":31,"value":126},{"date":134,"value":135},"2026-02-25",256.64,{"date":34,"value":137},255.58,{"date":139,"value":140},"2026-02-11",253.31,{"date":37,"value":142},252.26,{"date":144,"value":145},"2026-01-28",241.15,{"date":40,"value":145},"/cobalt/prices",{"publishedDate":149,"updateFrequency":6,"updateFrequencyText":7,"label":150,"today":151,"last":152,"percentageChange":153,"yearToDate":154,"yearOnYear":155,"oneYearIndexTrend":156,"url":185,"subscription":49,"isProtected":50,"hasAccess":51},"2026-05-20","Nickel",135.83,133.05,2.09,12.5,30.68,[157,158,160,163,166,168,170,172,174,176,179,182],{"date":149,"value":151},{"date":159,"value":152},"2026-05-06",{"date":161,"value":162},"2026-04-22",125.43,{"date":164,"value":165},"2026-04-08",124.51,{"date":125,"value":167},123.94,{"date":130,"value":169},123.51,{"date":134,"value":171},122.7,{"date":139,"value":173},123.79,{"date":144,"value":175},128.07,{"date":177,"value":178},"2026-01-14",120.74,{"date":180,"value":181},"2025-12-31",104.29,{"date":183,"value":184},"2025-12-17",103.44,"/nickel/prices",{"publishedDate":187,"updateFrequency":188,"updateFrequencyText":188,"label":189,"today":190,"last":191,"percentageChange":192,"yearToDate":193,"yearOnYear":194,"oneYearIndexTrend":195,"url":227,"subscription":49,"isProtected":50,"hasAccess":51},"2026-04-30","monthly","Natural Graphite",82.93,82.39,0.66,1.66,-0.87,[196,197,199,202,205,207,210,212,215,218,221,224],{"date":187,"value":190},{"date":198,"value":191},"2026-03-31",{"date":200,"value":201},"2026-02-27",81.92,{"date":203,"value":204},"2026-01-30",81.69,{"date":180,"value":206},81.58,{"date":208,"value":209},"2025-11-28",81.35,{"date":211,"value":209},"2025-10-31",{"date":213,"value":214},"2025-09-30",81.74,{"date":216,"value":217},"2025-08-29",81.56,{"date":219,"value":220},"2025-07-31",82.47,{"date":222,"value":223},"2025-06-30",83.13,{"date":225,"value":226},"2025-05-30",83.77,"/natural-graphite/prices",{"publishedDate":187,"updateFrequency":188,"updateFrequencyText":188,"label":229,"today":230,"last":231,"percentageChange":232,"yearToDate":233,"yearOnYear":234,"oneYearIndexTrend":235,"url":258,"subscription":49,"isProtected":50,"hasAccess":51},"Anode Coke",84.01,79.79,5.29,12.86,12.75,[236,237,238,240,242,244,246,248,250,252,254,256],{"date":187,"value":230},{"date":198,"value":231},{"date":200,"value":239},75.72,{"date":203,"value":241},74.61,{"date":180,"value":243},74.44,{"date":208,"value":245},76,{"date":211,"value":247},72.75,{"date":213,"value":249},71.92,{"date":216,"value":251},71.46,{"date":219,"value":253},70.35,{"date":222,"value":255},67.35,{"date":225,"value":257},65.78,"/synthetic-graphite/prices",{"publishedDate":260,"updateFrequency":188,"updateFrequencyText":188,"label":261,"today":262,"last":263,"percentageChange":264,"yearToDate":265,"yearOnYear":265,"oneYearIndexTrend":266,"url":295,"subscription":49,"isProtected":50,"hasAccess":51},"2025-11-17","Anode",77.79,77.96,-0.22,-1.93,[267,268,270,272,274,277,280,282,284,287,290,292],{"date":260,"value":262},{"date":269,"value":263},"2025-10-15",{"date":271,"value":263},"2025-09-15",{"date":273,"value":263},"2025-08-15",{"date":275,"value":276},"2025-07-15",77.93,{"date":278,"value":279},"2025-06-16",78.88,{"date":281,"value":279},"2025-05-15",{"date":283,"value":279},"2025-04-15",{"date":285,"value":286},"2025-03-17",79.89,{"date":288,"value":289},"2025-02-17",78.97,{"date":291,"value":289},"2025-01-15",{"date":293,"value":294},"2024-12-16",79.32,"/anode/prices",{"publishedDate":297,"updateFrequency":188,"updateFrequencyText":188,"label":298,"today":299,"last":300,"percentageChange":301,"yearToDate":301,"yearOnYear":302,"oneYearIndexTrend":303,"url":327,"subscription":49,"isProtected":50,"hasAccess":51},"2026-01-15","Cathode",72.79,64.08,13.59,43.38,[304,305,307,309,311,313,315,317,318,320,322,325],{"date":297,"value":299},{"date":306,"value":300},"2025-12-15",{"date":260,"value":308},62.01,{"date":269,"value":310},53.51,{"date":271,"value":312},49.5,{"date":273,"value":314},47.28,{"date":275,"value":316},46.05,{"date":278,"value":316},{"date":281,"value":319},48.08,{"date":283,"value":321},48.92,{"date":323,"value":324},"2025-03-18",52.79,{"date":288,"value":326},50.86,"/cathode/prices",{"publishedDate":329,"updateFrequency":188,"updateFrequencyText":188,"label":330,"today":331,"last":332,"percentageChange":333,"yearToDate":334,"yearOnYear":335,"oneYearIndexTrend":336,"url":370,"subscription":49,"isProtected":50,"hasAccess":51},"2025-03-31","Lithium ion Batteries",74.53,71.3,4.53,-1.6,-20.88,[337,338,340,343,346,349,352,355,358,361,364,367],{"date":329,"value":331},{"date":339,"value":332},"2025-02-28",{"date":341,"value":342},"2025-01-31",71.45,{"date":344,"value":345},"2024-12-31",75.74,{"date":347,"value":348},"2024-11-29",76.98,{"date":350,"value":351},"2024-10-31",77.34,{"date":353,"value":354},"2024-09-30",77.43,{"date":356,"value":357},"2024-08-30",80.56,{"date":359,"value":360},"2024-07-31",82.99,{"date":362,"value":363},"2024-06-28",87.2,{"date":365,"value":366},"2024-05-31",90.7,{"date":368,"value":369},"2024-04-30",93.2,"/battery-gigafactory/prices",{"publishedDate":372,"updateFrequency":6,"updateFrequencyText":7,"label":373,"today":374,"last":375,"percentageChange":376,"yearToDate":377,"yearOnYear":378,"oneYearIndexTrend":379,"url":411,"subscription":49,"isProtected":50,"hasAccess":51},"2026-05-21","Black Mass",54.15,51.47,5.21,25.5,92.33,[380,381,383,386,389,392,395,398,401,404,406,408],{"date":372,"value":374},{"date":382,"value":375},"2026-05-07",{"date":384,"value":385},"2026-04-23",48.63,{"date":387,"value":388},"2026-04-09",48.6,{"date":390,"value":391},"2026-03-26",47.29,{"date":393,"value":394},"2026-03-12",46.18,{"date":396,"value":397},"2026-02-26",45.8,{"date":399,"value":400},"2026-02-12",47.34,{"date":402,"value":403},"2026-01-29",49.57,{"date":297,"value":405},43.15,{"date":180,"value":407},47.05,{"date":409,"value":410},"2025-12-18",41.51,"/recycling/black-mass-prices",{"publishedDate":413,"updateFrequency":188,"updateFrequencyText":188,"label":414,"today":415,"last":416,"percentageChange":417,"yearToDate":418,"yearOnYear":419,"oneYearIndexTrend":420,"url":449,"subscription":49,"isProtected":50,"hasAccess":51},"2026-03-19","Rare Earths",172.27,182.38,-5.54,20.73,54.49,[421,422,424,427,430,432,435,437,440,443,445,447],{"date":413,"value":415},{"date":423,"value":416},"2026-03-05",{"date":425,"value":426},"2026-02-19",179.86,{"date":428,"value":429},"2026-02-05",155.4,{"date":431,"value":429},"2026-01-22",{"date":433,"value":434},"2026-01-08",145.37,{"date":46,"value":436},142.69,{"date":438,"value":439},"2025-12-11",141.67,{"date":441,"value":442},"2025-11-27",136.29,{"date":211,"value":444},132.15,{"date":213,"value":446},139.82,{"date":216,"value":448},145.27,"/rare-earths/prices",{"publishedDate":213,"updateFrequency":188,"updateFrequencyText":188,"label":451,"today":452,"last":453,"percentageChange":454,"yearToDate":455,"yearOnYear":456,"oneYearIndexTrend":457,"url":370,"subscription":49,"isProtected":50,"hasAccess":51},"LFP",111.93,124.92,-10.4,-2.67,-3.42,[458,459,460,462,464,466,469,471,473,475,477,479],{"date":213,"value":452},{"date":216,"value":453},{"date":219,"value":461},109.9,{"date":222,"value":463},100.47,{"date":225,"value":465},103.62,{"date":467,"value":468},"2025-04-30",109.47,{"date":329,"value":470},115.87,{"date":339,"value":472},117.3,{"date":341,"value":474},114.57,{"date":344,"value":476},115,{"date":347,"value":478},117.82,{"date":350,"value":480},111.9,{"publishedDate":213,"updateFrequency":188,"updateFrequencyText":188,"label":482,"today":483,"last":484,"percentageChange":485,"yearToDate":486,"yearOnYear":487,"oneYearIndexTrend":488,"url":370,"subscription":49,"isProtected":50,"hasAccess":51},"NCM High-Nickel",99.44,96.91,2.61,2.37,-3.84,[489,490,491,493,495,497,499,501,503,505,506,508],{"date":213,"value":483},{"date":216,"value":484},{"date":219,"value":492},97.09,{"date":222,"value":494},94.93,{"date":225,"value":496},97.13,{"date":467,"value":498},97.89,{"date":329,"value":500},101.4,{"date":339,"value":502},93.25,{"date":341,"value":504},98.94,{"date":344,"value":496},{"date":347,"value":507},98.69,{"date":350,"value":509},101.87,{"publishedDate":213,"updateFrequency":188,"updateFrequencyText":188,"label":511,"today":512,"last":513,"percentageChange":514,"yearToDate":515,"yearOnYear":516,"oneYearIndexTrend":517,"url":370,"subscription":49,"isProtected":50,"hasAccess":51},"NCM 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":732,"relatedVideos":733},112469852759597,"7dabbe31-78cf-4321-9d5f-155f145b49ab","Synthetic graphite anode prices decline 35% in a year, as premium to natural graphite anode narrows","synthetic-graphite-anode-prices-decline-35-in-a-year-as-natural-graphite-price-premium-narrows","article/synthetic-graphite-anode-prices-decline-35-in-a-year-as-natural-graphite-price-premium-narrows",{"_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":725,"author_company":49,"featured_image":726,"seo_description":706,"author_full_name":49,"author_job_title":49,"formattedDate":730,"formattedArticleDate":731},"20af8f3b-5031-497c-955f-4cb5ae52981b","2024-03-21 00:00",[550],{"slug":551,"name":552},"anode-prices","Anode prices",[554],{"slug":555,"name":556,"content":557},"didi-bostock","Didi Bostock",{"job_title":558,"image":559,"bio":561,"linkedin":562},"Editor - Energy Transition & Economics",{"filename":560},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":564,"content":565},"doc",[566,573,596,601,606,611,620,625,630,637,642,653,666,679,684,689,701],{"type":567,"attrs":568,"content":569},"paragraph",{"textAlign":49},[570],{"text":571,"type":572},"The substitution of ‘needle’ coke for lower-cost coke feedstocks in synthetic graphite anode production is diminishing the price premium between synthetic graphite dominant anodes and their natural graphite anode peers.","text",{"type":567,"attrs":574,"content":575},{"textAlign":49},[576,578,586,588,594],{"text":577,"type":572},"Since late 2022, ",{"text":579,"type":572,"marks":580},"Benchmark’s Anode Price Assessment",[581],{"type":582,"attrs":583},"link",{"href":584,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://www.benchmarkminerals.com/price-assessments/anode/portal/?tab=table","url",{"text":587,"type":572}," has reported that technological improvements have facilitated the blending of part or most needle coke with lower-cost coke inputs. Termed ‘",{"text":589,"type":572,"marks":590},"medium sulphur pet coke’,",[591],{"type":582,"attrs":592},{"href":593,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://source.benchmarkminerals.com/article/benchmark-to-publish-ddp-china-medium-sulphur-pet-coke-spot-prices",{"text":595,"type":572}," blending high-sulphur coke with needle coke is intended to balance end performance of the anode with reduced raw material input costs. ",{"type":567,"attrs":597,"content":598},{"textAlign":49},[599],{"text":600,"type":572},"Prior to this trend, high-energy synthetic graphite anodes traded up to 25% higher than their high-energy natural graphite peers. Today the difference is closer to 10%.",{"type":567,"attrs":602,"content":603},{"textAlign":49},[604],{"text":605,"type":572},"“The average price of synthetic graphite anode material has declined by more than 35% year-on-year due to market overcapacity in China and producers utilising lower-quality raw materials in their production process,” said Tony Alderson, anode analyst at Benchmark.",{"type":567,"attrs":607,"content":608},{"textAlign":49},[609],{"text":610,"type":572},"“The premium associated with synthetic graphite anode material has declined to the extent that low and medium energy synthetic graphite anode prices now fall below that of low and medium energy natural graphite anodes,” he added.",{"type":567,"attrs":612,"content":613},{"textAlign":49},[614],{"type":615,"attrs":616},"image",{"id":49,"alt":617,"src":618,"title":49,"source":49,"copyright":49,"meta_data":619},"","https://a.storyblok.com/f/287943243085208/7f9905ca08/bm-synethic-graphite-premium.png",{},{"type":567,"attrs":621,"content":622},{"textAlign":49},[623],{"text":624,"type":572},"Traditionally producers solely utilised needle coke feedstocks with a sulphur content below 0.5%. High-sulphur coke feedstocks typically resulted in a lower quality anode product that, until recently, had been limited in its use to lower-value battery applications in China’s domestic market. ",{"type":567,"attrs":626,"content":627},{"textAlign":49},[628],{"text":629,"type":572},"Chinese anode producers are now blending needle coke with coke containing medium (0.5% to 4%) or high (4+%) sulphur contents for EVs; opening up access to a more diversified source of coke feed for synthetic graphite anode production, flattening the industry’s cost curve.",{"type":631,"attrs":632,"content":634},"heading",{"level":633,"textAlign":49},4,[635],{"text":636,"type":572},"Higher sulphur, lower cost",{"type":567,"attrs":638,"content":639},{"textAlign":49},[640],{"text":641,"type":572},"Compared to natural graphite anodes, synthetic graphite dominant anodes generally have a higher cycle life and consistency. They are considered safer, but are also typically more expensive to produce due to increased raw material costs.",{"type":567,"attrs":643,"content":644},{"textAlign":49},[645,651],{"text":646,"type":572,"marks":647},"Benchmark",[648],{"type":582,"attrs":649},{"href":650,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://www.benchmarkminerals.com/forecasts/anode/reports/",{"text":652,"type":572},"’s anode active material cost model demonstrates that synthetic graphite anode production in China costs on average 13% more than its natural graphite anode counterparts.",{"type":567,"attrs":654,"content":655},{"textAlign":49},[656,658,664],{"text":657,"type":572},"Substitution of low-sulphur needle coke was facilitated by technological improvements and a desire amongst lithium iron phosphate (LFP) cell producers to reduce production costs amidst a lithium price ",{"text":659,"type":572,"marks":660},"rally that reached record highs in 2022",[661],{"type":582,"attrs":662},{"href":663,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://source.benchmarkminerals.com/article/lithium-prices-hit-record-high-as-market-pricing-takes-hold-2022-in-review",{"text":665,"type":572},".",{"type":567,"attrs":667,"content":668},{"textAlign":49},[669,671,677],{"text":670,"type":572},"The utilisation of lower quality feed has grown in line with LFP’s increasing share of global lithium ion battery production. According to the ",{"text":672,"type":572,"marks":673},"Benchmark Lithium ion Battery Database",[674],{"type":582,"attrs":675},{"href":676,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://www.benchmarkminerals.com/forecasts/lithium-ion-batteries/reports/",{"text":678,"type":572},", LFP cells are projected to account for 38% of total lithium ion battery cell supply in 2024, up from 33% two years ago.",{"type":567,"attrs":680,"content":681},{"textAlign":49},[682],{"text":683,"type":572},"To mitigate against the detrimental effects that high sulphur levels have on battery performance and premature cell death, medium-sulphur pet coke must undergo a process desulphurisation before it is viable for use in a battery anode. ",{"type":567,"attrs":685,"content":686},{"textAlign":49},[687],{"text":688,"type":572},"Despite the additional costs involved in desulphurising the material before graphitisation, medium sulphur content cokes currently trade at a discount of up to $400 per tonne to low-sulphur feeds. Even factoring this additional processing step, utilising coke with greater sulphur contents is lower cost than sourcing from synthetic graphite producers that uses only needle coke.",{"type":567,"attrs":690,"content":691},{"textAlign":49},[692,694,699],{"text":693,"type":572},"Owing to this economic incentive for diversifying feedstocks, ",{"text":695,"type":572,"marks":696},"Benchmark’s Anode Forecast",[697],{"type":582,"attrs":698},{"href":650,"uuid":49,"anchor":49,"target":49,"linktype":585},{"text":700,"type":572}," base-case analysis projects prices of high-energy synthetic graphite and high-energy natural graphite anodes to reach close to parity by the end of the decade. ",{"type":567,"attrs":702,"content":703},{"textAlign":49},[704],{"text":705,"type":572},"Nevertheless, higher performance cells using lithium, nickel, cobalt, manganese (NCM) cathodes continue to prefer using anode material exclusively produced from low sulphur feedstocks.","The substitution of ‘needle’ coke for lower-cost coke feedstocks in synthetic graphite anode production is diminishing the price premium between synthetic graphite dominant anodes and their natural graphite anode peers. Since late 2022, Benchmark’s Anode Price Assessment has reported that technological improvements have facilitated the blending of part or most needle coke with lower-cost coke […]",[708],{"slug":555,"name":556,"content":709},{"job_title":558,"image":710,"bio":561,"linkedin":562},{"filename":560},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"20af8f3b-5031-497c-955f-4cb5ae52981b\", \"id\": \"\"}-->","article",[714,716,719,722],{"slug":715,"name":261},"anode",{"slug":717,"name":718},"batteries","Batteries",{"slug":720,"name":721},"critical-minerals","Critical Minerals",{"slug":723,"name":724},"graphite","Graphite","private",{"id":49,"alt":617,"name":617,"focus":617,"title":617,"source":617,"filename":727,"copyright":617,"fieldtype":728,"meta_data":729,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6ea8b3dea3/bm-battery-image.jpg","asset",{"alt":617,"title":617,"source":617,"copyright":617},"Mar 21, 2024","21st March 2024",[],[],1781530288899]