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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":700,"relatedVideos":701},112467778338315,"ed253bd2-9a68-4787-983e-5d3d7719f23d","Why is China’s natural graphite anode market stalling?","why-is-chinas-natural-graphite-anode-market-stalling","article/why-is-chinas-natural-graphite-anode-market-stalling",{"_uid":547,"date":548,"tags":549,"editor":556,"content":566,"excerpt":671,"featured":50,"reporter":672,"_editable":676,"component":677,"seo_title":543,"categories":678,"visibility":693,"author_company":49,"featured_image":694,"seo_description":671,"author_full_name":49,"author_job_title":49,"formattedDate":698,"formattedArticleDate":699},"069fd0d5-3412-408c-b00e-c95b2bab8e65","2025-04-24 00:00",[550,553],{"slug":551,"name":552},"china","China",{"slug":554,"name":555},"esg","ESG",[557],{"slug":558,"name":559,"content":560},"matthew-bird","Matthew Bird",{"job_title":561,"image":562,"bio":564,"linkedin":565},"Senior Editor - Supply Chains & Data Visualisation",{"filename":563},"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":567,"content":568},"doc",[569,576,581,593,608,615,620,625,633,638,643,648,653,658],{"type":570,"attrs":571,"content":572},"paragraph",{"textAlign":49},[573],{"text":574,"type":575},"Natural graphite anode project announcements in China have ground to a halt, recent Benchmark analysis shows, as domestic battery manufacturers continue to opt for synthetic graphite-based alternatives.","text",{"type":570,"attrs":577,"content":578},{"textAlign":49},[579],{"text":580,"type":575},"No new natural graphite anode project has been announced in China since April 2024; meanwhile over 60 new projects have been announced across synthetic graphite, silicon-engineered, graphite-silicon composite, and lithium metal anodes since—equating to over 2.5Mt of additional anode capacity.",{"type":582,"attrs":583},"blok",{"id":584,"body":585},"ab649e0b-371a-4b37-ad54-cc688fd9f1d9",[586],{"id":587,"_uid":588,"type":589,"_editable":590,"component":591,"fixed_height":592,"use_fixed_height":50,"fixed_height_mobile":592,"fixed_height_tablet":592},"22826682","i-5a8333f5-c61e-4bba-ac86-219ceeeb1f6e","visualisation","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-5a8333f5-c61e-4bba-ac86-219ceeeb1f6e\", \"id\": \"\"}-->","ContentFlourish","",{"type":570,"attrs":594,"content":595},{"textAlign":49},[596,598,606],{"text":597,"type":575},"Synthetic graphite anode and graphite-silicon composite projects are leading the way in this regard, the ",{"text":599,"type":575,"marks":600},"Benchmark Anode Forecast",[601],{"type":602,"attrs":603},"link",{"href":604,"uuid":49,"anchor":49,"target":49,"linktype":605},"https://www.benchmarkminerals.com/anode/data-reports/forecast","url",{"text":607,"type":575}," demonstrates, with each chemistry notching up over 20 new market entrants during this period. This reflects a sharp pivot in demand away from natural graphite anode material over the last two years in the Chinese market, which is now filtering through to the supply-side.",{"type":609,"attrs":610,"content":612},"heading",{"level":611,"textAlign":49},4,[613],{"text":614,"type":575},"What are the drivers?",{"type":570,"attrs":616,"content":617},{"textAlign":49},[618],{"text":619,"type":575},"Previously, cell manufacturers blended synthetic and natural graphite anode material at a ratio of around 60:40 respectively, to leverage the performance profile of each. However, current pricing dynamics favour a higher ratio of synthetic graphite anode material in this blend, now typically at a ratio of 80:20 or more.",{"type":570,"attrs":621,"content":622},{"textAlign":49},[623],{"text":624,"type":575},"This trend was first evident in 2023, as lower energy anode players shifted towards lower-cost feedstocks—medium sulphur pet coke is now preferred to reduce production costs—pushing prices for medium and low energy synthetic graphite anode material below their traditionally lower-cost natural graphite counterparts for the first time in three years.",{"type":582,"attrs":626},{"id":627,"body":628},"f97aeaf3-4d7f-41d6-aa98-149951d504f3",[629],{"id":630,"_uid":631,"type":589,"_editable":632,"component":591,"fixed_height":592,"use_fixed_height":50,"fixed_height_mobile":592,"fixed_height_tablet":592},"22825664","i-ec89875d-a448-43dc-b7d4-3bb07ad96128","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-ec89875d-a448-43dc-b7d4-3bb07ad96128\", \"id\": \"\"}-->",{"type":570,"attrs":634,"content":635},{"textAlign":49},[636],{"text":637,"type":575},"In addition, the Chinese market is grappling with sustained overcapacity in synthetic graphite anode supply, compounding price declines. Suppliers are opting to reduce prices in order to undercut rivals and retain market share, often at the expense of short-term margins.",{"type":609,"attrs":639,"content":640},{"level":611,"textAlign":49},[641],{"text":642,"type":575},"What advantage does synthetic graphite anode material offer?",{"type":570,"attrs":644,"content":645},{"textAlign":49},[646],{"text":647,"type":575},"Aside from the current cost dynamics, synthetic graphite anodes offer cycle life improvements and higher discharge efficiency compared to their natural graphite counterparts.",{"type":570,"attrs":649,"content":650},{"textAlign":49},[651],{"text":652,"type":575},"But synthetic graphite production also requires an additional, energy-intensive graphitisation step—often contributing to a higher carbon footprint than natural graphite.",{"type":570,"attrs":654,"content":655},{"textAlign":49},[656],{"text":657,"type":575},"To offset these emissions, Chinese producers are increasingly relocating their operations to provinces where renewable energy sources comprise a greater share of the grid. Sichuan and Yunnan are amongst the most favoured, due to the predominance of hydropower (>70%) in the electricity mix. ",{"type":570,"attrs":659,"content":660},{"textAlign":49},[661,663,669],{"text":662,"type":575},"In Sichuan province, the carbon emissions associated with producing one tonne of coated synthetic graphite is up to 50% lower than similar production in Inner Mongolia and Yunnan (where coal fired power plants dominate), the ",{"text":664,"type":575,"marks":665},"Benchmark Graphite Sustainability Report ",[666],{"type":602,"attrs":667},{"href":668,"uuid":49,"anchor":49,"target":49,"linktype":605},"https://www.benchmarkminerals.com/synthetic-graphite/data-reports/sustainability",{"text":670,"type":575},"shows.","Natural graphite anode project announcements in China have ground to a halt, recent Benchmark analysis shows, as domestic battery manufacturers continue to opt for synthetic graphite-based alternatives. No new natural graphite anode project has been announced in China since April 2024; meanwhile over 60 new projects have been announced across synthetic graphite, silicon-engineered, graphite-silicon composite, […]",[673],{"slug":558,"name":559,"content":674},{"job_title":561,"image":675,"bio":564,"linkedin":565},{"filename":563},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"069fd0d5-3412-408c-b00e-c95b2bab8e65\", \"id\": \"\"}-->","article",[679,681,684,687,690],{"slug":680,"name":261},"anode",{"slug":682,"name":683},"batteries","Batteries",{"slug":685,"name":686},"critical-minerals","Critical Minerals",{"slug":688,"name":689},"graphite","Graphite",{"slug":691,"name":692},"sustainability","Sustainability","private",{"id":49,"alt":592,"name":592,"focus":592,"title":592,"source":592,"filename":695,"copyright":592,"fieldtype":696,"meta_data":697,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/8e8f4d67e5/bm-adobestock-187481989.jpeg","asset",{"alt":592,"title":592,"source":592,"copyright":592},"Apr 24, 2025","24th April 2025",[],[],1782484926837]