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graphite capacity expansions continue as anode producers look to higher sulphur pet cokes – 2023 in review","synthetic-graphite-capacity-expansions-continue-as-anode-producers-look-to-higher-sulphur-pet-cokes-2023-in-review","article/synthetic-graphite-capacity-expansions-continue-as-anode-producers-look-to-higher-sulphur-pet-cokes-2023-in-review",{"_uid":557,"date":558,"tags":559,"editor":563,"content":573,"excerpt":769,"featured":50,"reporter":770,"_editable":774,"component":775,"seo_title":553,"categories":776,"visibility":783,"author_company":49,"featured_image":784,"seo_description":769,"author_full_name":49,"author_job_title":49,"formattedDate":789,"formattedArticleDate":790},"3558d8f7-2c9e-4b78-9868-9775e4bc1fef","2023-12-29 00:00",[560],{"slug":561,"name":562},"synthetic-graphite","Synthetic graphite",[564],{"slug":565,"name":566,"content":567},"matthew-bird","Matthew Bird",{"job_title":568,"image":569,"bio":571,"linkedin":572},"Senior Editor - Supply Chains & Data Visualisation",{"filename":570},"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":574,"content":575},"doc",[576,583,588,603,616,628,639,644,657,662,667,678,683,688,701,706,717,729,734,739,744,749,754,759,764],{"type":577,"attrs":578,"content":579},"paragraph",{"textAlign":49},[580],{"text":581,"type":582},"Synthetic graphite capacity expansions remained a key trend in 2023 in China as anode producers looked to lower cost, higher sulphur feedstocks in an effort to manage costs. ","text",{"type":577,"attrs":584,"content":585},{"textAlign":49},[586],{"text":587,"type":582},"“Despite prices for coke falling throughout 2023, we’ve seen new project and capacity announcements continue at pace in China,” Adam Megginson, analyst at Benchmark said. “In the mid-to-long term we expect this build out to continue pretty much at the same pace as we’ve seen for the majority of this year.”",{"type":577,"attrs":589,"content":590},{"textAlign":49},[591,593,601],{"text":592,"type":582},"“In an effort to reduce costs, we’ve also seen producers ",{"text":594,"type":582,"marks":595},"using medium and higher sulphur coke feedstock",[596],{"type":597,"attrs":598},"link",{"href":599,"uuid":49,"anchor":49,"target":49,"linktype":600},"https://source.benchmarkminerals.com/article/benchmark-to-publish-ddp-china-medium-sulphur-pet-coke-spot-prices","url",{"text":602,"type":582},", as it is cheaper and more abundant in the market,” Megginson added. ",{"type":577,"attrs":604,"content":605},{"textAlign":49},[606,608,614],{"text":607,"type":582},"Supply is set to continue to outpace demand for the next several years, especially as anode producers continue to implement production technology improvements to reduce costs by blending in pet coke, opening a large pool of feedstock, according to ",{"text":609,"type":582,"marks":610},"Benchmark’s Synthetic Graphite Forecast",[611],{"type":597,"attrs":612},{"href":613,"uuid":49,"anchor":49,"target":49,"linktype":600},"https://www.benchmarkminerals.com/forecasts/synthetic-graphite/reports/",{"text":615,"type":582},".",{"type":577,"attrs":617,"content":618},{"textAlign":49},[619,621,626],{"text":620,"type":582},"Growth in battery production, however, will see needle coke demand increase threefold between 2023 and 2030 according to ",{"text":609,"type":582,"marks":622},[623],{"type":597,"attrs":624},{"href":625,"uuid":49,"anchor":49,"target":49,"linktype":600},"https://www.benchmarkminerals.com/forecasts/synthetic-graphite/",{"text":627,"type":582},". In that time the share of needle coke demand from the lithium ion industry will rise from 27% to 49%.",{"type":577,"attrs":629,"content":630},{"textAlign":49},[631],{"text":632,"type":582,"marks":633},"Watch Benchmark analyst Adam Megginson discuss key synthetic graphite developments in 2023.",[634,637],{"type":597,"attrs":635},{"href":636,"uuid":49,"anchor":49,"target":49,"linktype":600},"https://source.benchmarkminerals.com/video/watch/consistent-coke-price-falls-synthetic-graphite-market-2023-in-review",{"type":638},"italic",{"type":577,"attrs":640,"content":641},{"textAlign":49},[642],{"text":643,"type":582},"In 2023, weaker downstream demand hurt prices for all battery materials, but synthetic graphite has also felt added pressure from a large and growing feedstock surplus.  ",{"type":577,"attrs":645,"content":646},{"textAlign":49},[647,649,655],{"text":648,"type":582},"However, Chinese supply uncertainty following ",{"text":650,"type":582,"marks":651},"new export permit rules",[652],{"type":597,"attrs":653},{"href":654,"uuid":49,"anchor":49,"target":49,"linktype":600},"https://source.benchmarkminerals.com/article/china-graphite-export-restrictions-could-hinder-ex-china-anode-development",{"text":656,"type":582}," for some graphite products supported a short term boost to demand in Q4. ",{"type":577,"attrs":658,"content":659},{"textAlign":49},[660],{"text":661,"type":582},"Since the rules took effect, China’s Ministry of Commerce has approved “several” applications that meet the requirements, spokesperson Shu Jueting said during a press conference. ",{"type":577,"attrs":663,"content":664},{"textAlign":49},[665],{"text":666,"type":582},"The export permit ban placed a spotlight on Chinese dominance in an often overlooked part of the lithium ion supply chain. Within the synthetic anode value chain, the ex-China capacity that exists is clustered in coke and synthetic graphite production. While very few ex-China countries make the higher value synthetic graphite anode active materials. ",{"type":577,"attrs":668,"content":669},{"textAlign":49},[670,672,676],{"text":671,"type":582},"Currently, China supplies 97% of the world’s synthetic graphite anode active materials according to ",{"text":609,"type":582,"marks":673},[674],{"type":597,"attrs":675},{"href":613,"uuid":49,"anchor":49,"target":49,"linktype":600},{"text":677,"type":582}," despite producing only 69% of the world’s synthetic graphite and coke, meaning most of the ex-China synthetic graphite will still end up in China for final processing into anode materials. ",{"type":577,"attrs":679,"content":680},{"textAlign":49},[681],{"text":682,"type":582},"In Europe, efforts to build anode supply chains that bypass China may now be supported by the Critical Raw Material Act as synthetic graphite was added to its list of strategic and critical raw materials in November.",{"type":577,"attrs":684,"content":685},{"textAlign":49},[686],{"text":687,"type":582},"Prices under pressure",{"type":577,"attrs":689,"content":690},{"textAlign":49},[691,693,699],{"text":692,"type":582},"Weak downstream demand and ongoing oversupply has placed downward pressure on ",{"text":694,"type":582,"marks":695},"synthetic graphite",[696],{"type":597,"attrs":697},{"href":698,"uuid":49,"anchor":49,"target":49,"linktype":600},"https://www.benchmarkminerals.com/price-assessments/synthetic-graphite/portal/",{"text":700,"type":582}," prices throughout 2023. ",{"type":577,"attrs":702,"content":703},{"textAlign":49},[704],{"text":705,"type":582},"“Synthetic graphite oversupply was higher even compared to other battery materials in a year of lower-than-expected demand,” said Tony Alderson, Benchmark analyst. ",{"type":577,"attrs":707,"content":708},{"textAlign":49},[709,715],{"text":710,"type":582,"marks":711},"Benchmark’s Anode Coke Price Index",[712],{"type":597,"attrs":713},{"href":714,"uuid":49,"anchor":49,"target":49,"linktype":600},"https://www.benchmarkminerals.com/price-assessments/synthetic-graphite/portal/?tab=chart",{"text":716,"type":582}," has been declining throughout the year, down 38% since January. ",{"type":577,"attrs":718,"content":719},{"textAlign":49},[720,722,727],{"text":721,"type":582},"The most notable decline came in DDP China pre-calcined pet coke prices, which dropped 50% between January and November to RMB 3,000 ($420) per tonne, as assessed by ",{"text":723,"type":582,"marks":724},"Benchmark",[725],{"type":597,"attrs":726},{"href":698,"uuid":49,"anchor":49,"target":49,"linktype":600},{"text":728,"type":582},". ",{"type":577,"attrs":730,"content":731},{"textAlign":49},[732],{"text":733,"type":582},"Part of this was driven by intense competition among suppliers, who have been accepting lower prices and margin loss in exchange for market share. ",{"type":577,"attrs":735,"content":736},{"textAlign":49},[737],{"text":738,"type":582},"Pet coke was the only product to see relative price strengthening through the second quarter, rising 2.56%. This was due to increased demand from producers shifting away from needle cokes in a bid to cut costs.",{"type":577,"attrs":740,"content":741},{"textAlign":49},[742],{"text":743,"type":582},"“Pet coke producers were unwilling to reduce prices, citing squeezed profit margins,” said Alderson.",{"type":577,"attrs":745,"content":746},{"textAlign":49},[747],{"text":748,"type":582},"The price pressure on needle cokes eased off in the third quarter. By July, as production costs went up, producers of needle cokes resisted further price drops leading to a prolonged stabilisation in prices that lasted into November 2023. ",{"type":577,"attrs":750,"content":751},{"textAlign":49},[752],{"text":753,"type":582},"For pitch needle coke, there was price strengthening by October, led by rises in feedstock prices. Overall, the product saw just a 1% drop over the third quarter while pet needle saw no change in price through the period. ",{"type":577,"attrs":755,"content":756},{"textAlign":49},[757],{"text":758,"type":582},"“For pet needle coke specifically the supply is a bit tighter relative to pet coke as some players are shutting down or reducing utilisation because they are not making enough money,” said Alderson. ",{"type":577,"attrs":760,"content":761},{"textAlign":49},[762],{"text":763,"type":582},"“Some pet needle players are also switching to pet coke which means needle coke supply tightening is actually translating into greater pet coke supply,” Alderson added. ",{"type":577,"attrs":765,"content":766},{"textAlign":49},[767],{"text":768,"type":582},"Pet coke has substantially increased its price competitiveness against pet needle coke this year. In 2022, pet coke was on average priced 34% less than pet needle coke while in 2023, it was 52% less.","Synthetic graphite capacity expansions remained a key trend in 2023 in China as anode producers looked to lower cost, higher sulphur feedstocks in an effort to manage costs. “Despite prices for coke falling throughout 2023, we’ve seen new project and capacity announcements continue at pace in China,” Adam Megginson, analyst at Benchmark said. “In the […]",[771],{"slug":565,"name":566,"content":772},{"job_title":568,"image":773,"bio":571,"linkedin":572},{"filename":570},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3558d8f7-2c9e-4b78-9868-9775e4bc1fef\", \"id\": \"\"}-->","article",[777,780],{"slug":778,"name":779},"critical-minerals","Critical Minerals",{"slug":781,"name":782},"graphite","Graphite","private",{"id":49,"alt":785,"name":785,"focus":785,"title":785,"source":785,"filename":786,"copyright":785,"fieldtype":787,"meta_data":788,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/b2e3f82406/bm-posco-chemicals-first-synthetic-graphite-anode-material-plant.jpg","asset",{"alt":785,"title":785,"source":785,"copyright":785},"Dec 29, 2023","29th December 2023",[],[],1792773906640]