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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":826,"relatedVideos":827},112469485208846,"266324b7-fd58-493c-a670-e809a9dc5a7b","Why has the US reinstated tariffs on natural graphite?","why-has-the-us-reinstated-tariffs-on-natural-graphite","article/why-has-the-us-reinstated-tariffs-on-natural-graphite",{"_uid":547,"date":548,"tags":549,"editor":565,"content":575,"excerpt":801,"featured":51,"reporter":802,"_editable":806,"component":807,"seo_title":543,"categories":808,"visibility":815,"author_company":49,"data_vis_image":816,"featured_image":821,"seo_description":801,"author_full_name":49,"author_job_title":49,"formattedDate":824,"formattedArticleDate":825},"5595e851-e524-4e3b-a310-4870172682c5","2024-06-05 00:00",[550,553,556,559,562],{"slug":551,"name":552},"china","China",{"slug":554,"name":555},"data-visualisation","Data Visualisation",{"slug":557,"name":558},"tariffs","Tariffs",{"slug":560,"name":561},"usa","USA",{"slug":563,"name":564},"policy","Policy",[566],{"slug":567,"name":568,"content":569},"didi-bostock","Didi Bostock",{"job_title":570,"image":571,"bio":573,"linkedin":574},"Editor - Energy Transition & Economics",{"filename":572},"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":576,"content":577},"doc",[578,595,600,605,618,623,630,635,644,656,661,679,684,694,699,704,709,714,727,732,737,748,753,758,763,768,773,780,785,796],{"type":579,"attrs":580,"content":581},"paragraph",{"textAlign":49},[582,585,593],{"text":583,"type":584},"Last month, the US increased tariffs on large sections of the lithium ion battery supply chain. While tariffs were already in place for other critical battery raw materials, White House statements drew specific attention to natural graphite when they announced the ","text",{"text":586,"type":584,"marks":587},"application of a 25% tariff starting in 2026",[588],{"type":589,"attrs":590},"link",{"href":591,"uuid":49,"anchor":49,"target":49,"linktype":592},"https://source.benchmarkminerals.com/article/us-hikes-tariffs-to-further-isolate-china-from-its-ev-supply-chain-ambitions","url",{"text":594,"type":584},". ",{"type":579,"attrs":596,"content":597},{"textAlign":49},[598],{"text":599,"type":584},"Natural graphite has long been on the radar of US policymakers, but the country’s growing domestic needs and China’s role in the supply chain has pushed it to the top of the geopolitical agenda.  ",{"type":579,"attrs":601,"content":602},{"textAlign":49},[603],{"text":604,"type":584},"“The US graphite market is much less mature than that of China, so the tariff on Chinese products comes as an incentive to new local projects as well as to ensure US production capacity will be able to comply with the future local demand,” said Camila Cardili, an analyst at Benchmark.",{"type":579,"attrs":606,"content":607},{"textAlign":49},[608,610,616],{"text":609,"type":584},"The US is actively trying to limit China’s control of the lithium ion battery supply chain, and natural graphite is an area where ",{"text":611,"type":584,"marks":612},"China is acutely dominant",[613],{"type":589,"attrs":614},{"href":615,"uuid":49,"anchor":49,"target":49,"linktype":592},"https://source.benchmarkminerals.com/downloads/special-issues/1313805",{"text":617,"type":584},".",{"type":579,"attrs":619,"content":620},{"textAlign":49},[621],{"text":622,"type":584},"Here are the key reasons why the White House re-introduced tariffs on natural graphite. ",{"type":624,"attrs":625,"content":627},"heading",{"level":626,"textAlign":49},4,[628],{"text":629,"type":584},"1. Natural graphite is essential to US EV and battery adoption ",{"type":579,"attrs":631,"content":632},{"textAlign":49},[633],{"text":634,"type":584},"The battery market is the largest source of demand growth for natural graphite. In 2017, 15% of demand came from batteries; at present, this figure is 57% and by 2030 it is expected to be 80%. ",{"type":579,"attrs":636,"content":637},{"textAlign":49},[638],{"type":639,"attrs":640},"image",{"id":49,"alt":641,"src":642,"title":49,"source":49,"copyright":49,"meta_data":643},"","https://a.storyblok.com/f/287943243085208/b15fdfda08/bm-the-battery-market-is-the-key-demand-driver-for-natural-graphite-1319148a911e.png",{},{"type":579,"attrs":645,"content":646},{"textAlign":49},[647,649,655],{"text":648,"type":584},"This trend is true of the US as it seeks to build out its battery supply chain. North American demand for natural graphite – the majority of which comes from the US – is expected to be more than 437,000 tonnes in 2030, according to ",{"text":650,"type":584,"marks":651},"Benchmark’s Natural Graphite Forecast",[652],{"type":589,"attrs":653},{"href":654,"uuid":49,"anchor":49,"target":49,"linktype":592},"https://www.benchmarkminerals.com/forecasts/natural-graphite/reports/",{"text":617,"type":584},{"type":579,"attrs":657,"content":658},{"textAlign":49},[659],{"text":660,"type":584},"While automakers have tended towards the use of synthetic graphite-dominant anodes in recent years due to life-cycle benefits, western anode consumers are seeking to increase natural graphite inputs to reduce cost and sustainability concerns. ",{"type":579,"attrs":662,"content":663},{"textAlign":49},[664,669,676],{"text":665,"type":584,"marks":666},"Watch Benchmark head of prices Daisy Jennings-Gray discuss the North American anode market. View more analyst insight videos ",[667],{"type":668},"italic",{"text":670,"type":584,"marks":671},"here",[672,675],{"type":589,"attrs":673},{"href":674,"uuid":49,"anchor":49,"target":49,"linktype":592},"https://source.benchmarkminerals.com/search/tag/analyst-insights?items_per_page=12&page_offset=0&tags%5B%5D=analyst-insights",{"type":668},{"text":617,"type":584,"marks":677},[678],{"type":668},{"type":624,"attrs":680,"content":681},{"level":626,"textAlign":49},[682],{"text":683,"type":584},"2. China’s outsized role in natural graphite",{"type":579,"attrs":685,"content":686},{"textAlign":49},[687,689,693],{"text":688,"type":584},"This year, China is expected to produce 72% of global natural graphite supply, and 98% of uncoated spherical graphite (USPG) output, according to ",{"text":650,"type":584,"marks":690},[691],{"type":589,"attrs":692},{"href":654,"uuid":49,"anchor":49,"target":49,"linktype":592},{"text":594,"type":584},{"type":579,"attrs":695,"content":696},{"textAlign":49},[697],{"text":698,"type":584},"There is no other stage of the lithium ion battery supply chain where China exerts the same level of control from the first stage of production. ",{"type":579,"attrs":700,"content":701},{"textAlign":49},[702],{"text":703,"type":584},"China’s influence on natural graphite was highlighted when it introduced export controls in December 2023, requiring producers to apply for permits before exporting certain graphite products. Though permit allocations have not been used to completely deny access to Chinese graphite, the policy emphasised the country’s dominance over this critical material.",{"type":579,"attrs":705,"content":706},{"textAlign":49},[707],{"text":708,"type":584},"The battery supply chain remains reliant on Chinese natural graphite which poses an issue for the ‘de-risking’ policies introduced in many Western countries.",{"type":579,"attrs":710,"content":711},{"textAlign":49},[712],{"text":713,"type":584},"Chinese market share led the South Korean minister of trade to call for natural graphite to be granted an exemption from the rules of origin stipulations under the US’ Inflation Reduction Act, otherwise it would be almost impossible for any EVs to qualify for subsidies. ",{"type":579,"attrs":715,"content":716},{"textAlign":49},[717,719,725],{"text":718,"type":584},"In May, the US government granted a ",{"text":720,"type":584,"marks":721},"two year extension for natural graphite",[722],{"type":589,"attrs":723},{"href":724,"uuid":49,"anchor":49,"target":49,"linktype":592},"https://source.benchmarkminerals.com/article/graphite-feoc-sourcing-extension-supports-us-battery-expansion-but-highlights-chinas-dominance",{"text":726,"type":584},", giving automakers until 2027 to meet the Foreign Entities of Concern requirements that qualify them for subsidies.",{"type":624,"attrs":728,"content":729},{"level":626,"textAlign":49},[730],{"text":731,"type":584},"3. The US lacks natural graphite production capacity",{"type":579,"attrs":733,"content":734},{"textAlign":49},[735],{"text":736,"type":584},"The US cannot meet its domestic demands and must therefore rely on natural graphite supply from other countries. ",{"type":579,"attrs":738,"content":739},{"textAlign":49},[740,742,746],{"text":741,"type":584},"The US currently produces no natural flake graphite but has four mines in various stages of development, according to ",{"text":650,"type":584,"marks":743},[744],{"type":589,"attrs":745},{"href":654,"uuid":49,"anchor":49,"target":49,"linktype":592},{"text":747,"type":584},". The four assets are operated by Redbird Bluebird, Westwater Resources, Graphite One Resources, and South Star Battery Metals.",{"type":579,"attrs":749,"content":750},{"textAlign":49},[751],{"text":752,"type":584},"In the near-term the country is on track to develop its graphite processing (USPG) capacity more rapidly than mined supply, with 6,000 tonnes per year currently in operation at Syrah Resources’ Vidalia facility, which came online this year. ",{"type":579,"attrs":754,"content":755},{"textAlign":49},[756],{"text":757,"type":584},"To meet this increase in capacity, the US will continue to rely on feedstock from other countries and regions where new mined supply is coming online such as Canada and graphite hubs in Africa.",{"type":579,"attrs":759,"content":760},{"textAlign":49},[761],{"text":762,"type":584},"By limiting the use of Chinese graphite, the US hopes to develop a more localised graphite supply chain, one less exposed to the national security threat it perceives from China.",{"type":579,"attrs":764,"content":765},{"textAlign":49},[766],{"text":767,"type":584},"“Concentration of critical minerals mining and refining capacity in China leaves our supply chains vulnerable and our national security and clean energy goals at risk,” the White House said in a statement announcing the tariffs on natural graphite.  ",{"type":579,"attrs":769,"content":770},{"textAlign":49},[771],{"text":772,"type":584},"This is why domestic graphite projects are important in many ways, “from industrial investment and job creation to the renewable energy transition, technology development and national security,” said Anthony Houston, CEO of Graphite One, who was invited to meet President Biden ahead of the announcement. ",{"type":579,"attrs":774,"content":775},{"textAlign":49},[776],{"type":639,"attrs":777},{"id":49,"alt":641,"src":778,"title":49,"source":49,"copyright":49,"meta_data":779},"https://a.storyblok.com/f/287943243085208/b13bd692d3/bm-natural-graphite-mine-and-uspg-developments-in-the-us.png",{},{"type":579,"attrs":781,"content":782},{"textAlign":49},[783],{"text":784,"type":584},"Benchmark is tracking a total 29 projects across North America, comprising 15 mines and 14 USPG facilities.",{"type":579,"attrs":786,"content":787},{"textAlign":49},[788,790,794],{"text":789,"type":584},"China’s share of production is expected to fall to 58% by 2029, according to ",{"text":650,"type":584,"marks":791},[792],{"type":589,"attrs":793},{"href":654,"uuid":49,"anchor":49,"target":49,"linktype":592},{"text":795,"type":584},". This is the result of significant buildout from countries in south east Africa, Australia, and Canada, presenting an opportunity for the US to source natural graphite from outside of China.",{"type":579,"attrs":797,"content":798},{"textAlign":49},[799],{"text":800,"type":584},"This trend is more pronounced in USPG where Chinese production falls from 98% in 2024 to 56% in 2029. The US is expected to account for 41% of ex-China USPG production in 2029. ","Last month, the US increased tariffs on large sections of the lithium ion battery supply chain. While tariffs were already in place for other critical battery raw materials, White House statements drew specific attention to natural graphite when they announced the application of a 25% tariff starting in 2026. Natural graphite has long been on […]",[803],{"slug":567,"name":568,"content":804},{"job_title":570,"image":805,"bio":573,"linkedin":574},{"filename":572},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"5595e851-e524-4e3b-a310-4870172682c5\", \"id\": \"\"}-->","article",[809,812],{"slug":810,"name":811},"critical-minerals","Critical Minerals",{"slug":813,"name":814},"graphite","Graphite","private",{"id":49,"alt":817,"name":641,"focus":641,"title":817,"source":641,"filename":818,"copyright":641,"fieldtype":819,"meta_data":820,"is_external_url":51},"Column-line chart with natural graphite demand shown in columns, increasing between 2017 and 2030, and proportion of natural graphite demand coming from battery market shown as a line measured against right hand y axis","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1717599405/www-production/The-battery-market-is-the-key-demand-driver-for-natural-graphite-Blank-Y-axis/The-battery-market-is-the-key-demand-driver-for-natural-graphite-Blank-Y-axis.png?_i=AA","asset",{"alt":817,"title":817,"source":641,"copyright":641},{"id":49,"alt":641,"name":641,"focus":641,"title":641,"source":641,"filename":822,"copyright":641,"fieldtype":819,"meta_data":823,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6e42e2c186/bm-the-white-house.jpg",{"alt":641,"title":641,"source":641,"copyright":641},"Jun 05, 2024","5th June 2024",[],[],1784908371750]