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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":559,"relatedVideos":560},146686592292254,"d5038280-495c-4841-a9c3-0808e748a066","Shruti Kashyap","shruti-kashyap","authors/shruti-kashyap",{"x":547,"bio":548,"_uid":549,"email":547,"image":550,"linkedin":555,"component":556,"job_title":557,"markets_covered":558,"certification_name":547,"certification_recoginition":547,"certification_recoginition_url":547,"formattedDate":547,"formattedArticleDate":547},"","Shruti is the Product Director for graphite and battery chemicals at Benchmark Mineral Intelligence and has around two decades of experience in commodity analysis. Shruti previously worked at CRU as head of nitrogen analysis and has also worked with leading metals and mining companies, such as Peabody Energy and Anglo American, where she was responsible for analysis of coal and iron ore. Shruti has also worked with Ernst and Young where she was involved in strategy, valuations and due diligence analysis of mining and chemical companies. She has a Masters degree in Economics from Delhi University, India.\n","35f20a54-da12-4064-b751-27d810944051",{"id":551,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":552,"copyright":547,"fieldtype":553,"meta_data":554,"is_external_url":50},153365482934651,"https://a.storyblok.com/f/287943243085208/852x854/ac0cb6825d/shruti-k.png","asset",{},"https://www.linkedin.com/in/shruti-kashyap/","author","Product Director - Graphite and Battery Chemicals","Graphite",[],[],[562,729],{"id":563,"uuid":564,"name":565,"slug":566,"full_slug":567,"content":568},166176741934683,"eb1c4eb8-2493-4dd3-a449-e2dcff7d1b71","Growing silicon-based anode market share to 2035 to reflect nickel-based cell growth ","growing-silicon-based-anode-market-share-to-2035-to-reflect-nickel-based-cell-growth","article/growing-silicon-based-anode-market-share-to-2035-to-reflect-nickel-based-cell-growth",{"_uid":569,"date":570,"tags":571,"editor":578,"content":588,"excerpt":695,"featured":51,"reporter":696,"component":709,"seo_title":710,"categories":711,"visibility":720,"data_vis_image":721,"featured_image":723,"seo_description":727,"formattedDate":728},"77029775-b47f-4975-8dde-99cd43a44a12","2026-04-15 00:00",[572,575],{"slug":573,"name":574},"data-visualisation","Data Visualisation",{"slug":576,"name":577},"visual-capitalist","Visual Capitalist",[579],{"slug":580,"name":581,"content":582},"benjamin-roche","Benjamin Roche",{"job_title":583,"image":584,"bio":586,"linkedin":587},"Editor – Energy Transition Supply Chains",{"filename":585},"https://a.storyblok.com/f/287943243085208/800x800/66d6674fb8/benjamin-roche.png","Benjamin is Benchmark's Editor for Energy Transition Supply Chains, covering both upstream products like critical minerals and downstream products including energy storage systems and electric vehicles. He has previous experience covering trade flows, tariffs and the effects of geopolitics on supply chains.","https://www.linkedin.com/in/benjaminrochecontent/",{"type":589,"content":590},"doc",[591,614,624,629,634,639,652,657,662,680],{"type":592,"attrs":593,"content":594},"paragraph",{"textAlign":49},[595,598,606,608],{"text":596,"type":597},"The share of anode supply that includes silicon is expected to grow to over four times its 2022 level by 2035, according to the ","text",{"text":599,"type":597,"marks":600},"Benchmark Anode Service",[601],{"type":602,"attrs":603},"link",{"href":604,"uuid":49,"anchor":49,"target":49,"linktype":605},"https://www.benchmarkminerals.com/anode","url",{"text":607,"type":597},". By then, anode active materials containing silicon are forecast to account for 20% of AAM supply on a GWh basis. ",{"text":609,"type":597,"marks":610}," ",[611],{"type":612,"attrs":613},"textStyle",{"color":547},{"type":615,"attrs":616,"content":618},"heading",{"level":617,"textAlign":49},1,[619],{"text":620,"type":597,"marks":621},"What are silicon-based anodes?",[622],{"type":623},"bold",{"type":592,"attrs":625,"content":626},{"textAlign":49},[627],{"text":628,"type":597},"Traditional anodes are made from graphite, which is limited by the requirement for six carbon atoms per lithium ion. Silicon, by contrast, can store over four lithium ions per atom allowing for higher energy density as well as potentially faster charging times.",{"type":592,"attrs":630,"content":631},{"textAlign":49},[632],{"text":633,"type":597},"However, as silicon expands up to 300% upon lithiation, this can damage the anode structure. As such, anode producers can blend small quantities of silicon into graphite to give some of the performance gains. These so-called graphite-silicon anodes contain up to 10% silicon by weight and are forecast to account for 12.5% of anode supply on a GWh basis by 2035. Several automakers already use anode materials with small quantities of silicon blended in.",{"type":592,"attrs":635,"content":636},{"textAlign":49},[637],{"text":638,"type":597},"To surpass 10%wt requires greater chemical design. These are silicon-engineered materials and the most advanced can reach 100% silicon content. Such engineered materials are forecast to account for 2.9% of anode supply by 2035, and will require significant technological and processing challenges to be overcome before reaching widespread commercialisation.",{"type":615,"attrs":640,"content":641},{"level":617,"textAlign":49},[642,648],{"type":643,"attrs":644},"image",{"id":645,"alt":547,"src":646,"title":547,"source":547,"copyright":547,"meta_data":647},166177270172756,"https://a.storyblok.com/f/287943243085208/1200x2059/3099152efb/silicon-anode.jpg",{},{"text":649,"type":597,"marks":650},"LFP dominance limits demand potential",[651],{"type":623},{"type":592,"attrs":653,"content":654},{"textAlign":49},[655],{"text":656,"type":597},"Silicon-graphite blended active anode material (AAM) is expected to remain in market surplus through to 2038, however, as it is paired with high-nickel cathodes. Given the dominance of lithium iron phosphate (LFP) chemistry in the world’s largest EV battery market, China, this limits potential demand growth. Benchmark anticipates demand will grow faster from 2030 as ex-China, nickel-focused cell production accelerates.",{"type":592,"attrs":658,"content":659},{"textAlign":49},[660],{"text":661,"type":597},"Supply of silicon-graphite blended AAM is dominated by China, which is expected to continue leading supply in the years to 2030 as it ramps up production at existing assets.",{"type":592,"attrs":663,"content":664},{"textAlign":49},[665,670,676],{"text":666,"type":597,"marks":667},"To learn more about ",[668],{"type":669},"italic",{"text":671,"type":597,"marks":672},"Benchmark’s Graphite & Anode Service",[673,675],{"type":602,"attrs":674},{"href":604,"uuid":49,"anchor":49,"target":49,"linktype":605},{"type":669},{"text":677,"type":597,"marks":678},", submit your details below and our team will be in touch:",[679],{"type":669},{"type":681,"attrs":682},"blok",{"id":683,"body":684},"9622222b-a32d-4819-870c-dbba45b03dec",[685],{"id":686,"_uid":687,"component":688,"wrap_in_box":50,"redirect_url":689,"success_file":692,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":694,"show_on_intelligence":50},"57a99950-73f5-48be-98a4-7324c28e5d0b","i-5e21bcd3-7a93-4480-8b58-219e641fd933","ContentHubspotForm",{"id":547,"url":547,"linktype":690,"fieldtype":691,"cached_url":547},"story","multilink",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":693},{},[],"The share of anode supply that includes silicon is expected to grow to over four times its 2022 level by 2035, according to the Benchmark Anode Service. By then, anode active materials containing silicon are forecast to account for 20% of AAM supply on a GWh basis.\n\nTraditional anodes are made from graphite, which is limited by the requirement for six carbon atoms per lithium ion. Silicon, by contrast, can store over four lithium ions per atom allowing for higher energy density as well as potentially faster charging times.",[697,700],{"slug":544,"name":543,"content":698},{"job_title":557,"image":699,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},{"slug":701,"name":702,"content":703},"yuan-gu","Yuan Gu",{"job_title":704,"image":705,"bio":707,"linkedin":708,"markets_covered":558},"Senior Analyst - Graphite",{"filename":706},"https://a.storyblok.com/f/287943243085208/3253x4066/726919227e/yuan-2024.jpg","Yuan is a Senior Analyst at Benchmark Mineral Intelligence, focusing on research and analysis of the graphite market. Yuan has over three years of experience in the mining and metals industry, specialising in cost modelling, supply, demand and price forecasting. Yuan holds a BSc in Economics from London School of Economics and Political Science and MSc in Energy, Trade and Finance from the Baynes Business School. She previously worked in the financial industry before shifting focus to base metals and lithium-ion battery supply chains.","https://www.linkedin.com/in/yuangu313/","article","Silicon-based anode supply to grow alongside nickel cells to 2035",[712,714,717],{"slug":713,"name":261},"anode",{"slug":715,"name":716},"silicon-anode","Silicon Anode",{"slug":718,"name":719},"battery-technology","Battery Technology","public",{"id":645,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":646,"copyright":547,"fieldtype":553,"meta_data":722,"is_external_url":50},{},{"id":724,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":725,"copyright":547,"fieldtype":553,"meta_data":726,"is_external_url":50},129065288906336,"https://a.storyblok.com/f/287943243085208/1715ca01b7/bm-battery-anode-picture-2.jpg",{},"The share of anode supply that includes silicon is expected to grow to over four times its 2022 level by 2035, according to the Benchmark Anode Service.","Apr 15, 2026",{"id":730,"uuid":731,"name":732,"slug":733,"full_slug":734,"content":735},154491594783715,"b1231e13-5385-4df6-90bd-05f08d4627bd","US ITC votes against antidumping duty and countervailing duty on Chinese active anode material","us-itc-votes-against-antidumping-duty-and-countervailing-duty-on-chinese-active-anode-material","article/us-itc-votes-against-antidumping-duty-and-countervailing-duty-on-chinese-active-anode-material",{"_uid":736,"date":737,"tags":738,"editor":745,"content":749,"excerpt":755,"featured":51,"reporter":837,"component":709,"seo_title":850,"categories":851,"visibility":858,"data_vis_image":859,"featured_image":861,"seo_description":755,"formattedDate":865},"f432bc60-c2e8-4338-a621-e7e3d4cbb8e0","2026-03-13 00:00",[739,742],{"slug":740,"name":741},"usa","USA",{"slug":743,"name":744},"china","China",[746],{"slug":580,"name":581,"content":747},{"job_title":583,"image":748,"bio":586,"linkedin":587},{"filename":585},{"type":589,"content":750},[751,756,771,779,793,798,805,810,819,826,831],{"type":592,"attrs":752,"content":753},{"textAlign":49},[754],{"text":755,"type":597},"The US International Trade Commission (ITC) has rejected antidumping (AD) and countervailing duties (CD) on imports of Chinese-made active anode material (AAM).",{"type":592,"attrs":757,"content":758},{"textAlign":49},[759,761,769],{"text":760,"type":597},"Continuation of the duties requires approval from both the ITC and the Department of Commerce (DOC). While the latter ",{"text":762,"type":597,"marks":763},"offered final affirmative determinations",[764],{"type":602,"attrs":765},{"href":766,"uuid":767,"anchor":49,"target":768,"linktype":690},"/article/us-to-increase-tariffs-on-chinese-anode-producers-to-205-","ee4cc049-cf29-4401-bf04-2a1cd938de91","_blank",{"text":770,"type":597}," on both AD and CD in February, which resulted in their initial imposition, their unexpected rejection in a 2-1 decision by the ITC means the duties will be removed.",{"type":615,"attrs":772,"content":774},{"level":773,"textAlign":49},2,[775],{"text":776,"type":597,"marks":777},"Total tariff rate falls to a fraction of previous level",[778],{"type":623},{"type":592,"attrs":780,"content":781},{"textAlign":49},[782,784,791],{"text":783,"type":597},"The combined duty rate of AD and CD on Chinese AAM ",{"text":785,"type":597,"marks":786},"was levelled at",[787],{"type":602,"attrs":788},{"href":789,"uuid":790,"anchor":49,"target":768,"linktype":690},"/article/chinese-aam-imports-into-the-us-face-160-tariff-following-antidumping-investigation-ruling","e291a952-d0e9-450d-a0a3-ba06479d1043",{"text":792,"type":597}," 160.3%, bringing the total tariff on Chinese AAM to 195.3% when considering Section 301 and Section 122 duties. With the removal of the AD and CD duties, the total rate falls to 35%.",{"type":592,"attrs":794,"content":795},{"textAlign":49},[796],{"text":797,"type":597},"Tariffs peaked at 205% at the start of February when the new duties were introduced, before a 10% reduction brought them to 195% when the administration’s IEEPA tariffs were struck down by the Supreme Court.",{"type":615,"attrs":799,"content":800},{"level":773,"textAlign":49},[801],{"text":802,"type":597,"marks":803},"Chinese AAM now cheaper for US buyers",[804],{"type":623},{"type":592,"attrs":806,"content":807},{"textAlign":49},[808],{"text":809,"type":597},"With the AD/CD in place, US AAM was more competitively priced for US buyers than imported Chinese product. With their removal, Chinese imports are once again cheaper than US alternatives. Over 2025, imports of Chinese AAM into the US fell driven by the tariffs, consequently with lower tariff rates we expect an upturn in Chinese imports.",{"type":681,"attrs":811},{"id":812,"body":813},"c7db82d4-e916-4bc4-b4b6-71020a92b180",[814],{"id":815,"_uid":816,"type":817,"component":818,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28041344","i-cb99271c-c271-4287-8a9c-62c662ed3e67","visualisation","ContentFlourish",{"type":615,"attrs":820,"content":821},{"level":773,"textAlign":49},[822],{"text":823,"type":597,"marks":824},"What does it mean for the US anode industry?",[825],{"type":623},{"type":592,"attrs":827,"content":828},{"textAlign":49},[829],{"text":830,"type":597},"While there are US-based anode producers coming online, there is now a lack of financial incentive for consumers to purchase US-made product. This makes the development of the US’s domestic anode industry more challenging and puts at risk projects yet to come online. US anode production capacity for synthetic and natural AAM is set to expand with the likes of Kellyton, Graphite One and Videlia Phase and Novonix Riverside all expected to come online in coming years. However, uncertainty now arises as consumers may look to purchase cheaper Chinese material, this applies especially to smaller producers with higher costs.",{"type":681,"attrs":832},{"id":812,"body":833},[834],{"id":835,"_uid":836,"type":817,"component":818,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28042193","i-6a07a3a9-1a9b-4939-b1af-a874ff8aec2a",[838,841],{"slug":544,"name":543,"content":839},{"job_title":557,"image":840,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},{"slug":842,"name":843,"content":844},"didi-bostock","Didi Bostock",{"job_title":845,"image":846,"bio":848,"linkedin":849},"Editor - Energy Transition & Economics",{"filename":847},"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/","US ITC rejects antidumping, countervailing duties on Chinese AAM",[852,853,856],{"slug":713,"name":261},{"slug":854,"name":855},"geopolitics","Geopolitics",{"slug":857,"name":558},"graphite","private",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":860},{},{"id":862,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":863,"copyright":547,"fieldtype":553,"meta_data":864,"is_external_url":50},141355809944402,"https://a.storyblok.com/f/287943243085208/2560x1707/d8fe6cefca/graphitepowder.jpg",{},"Mar 13, 2026",1783093207007]