Tony Alderson

Tesla has withdrawn its notice to terminate a graphite anode supply agreement with Australia’s Syrah Resources, ending a protracted negotiation process and restoring a strategically important supply link within the US battery materials ecosystem. The dispute, which saw both parties extend a resolution deadline four times, centred on commercial terms and performance expectations tied to Syrah’s Vidalia facility in Louisiana. Under the original 2021 agreement, Syrah committed to supplying 8,000 tonnes of graphite anode material to Tesla over a four-year period, making it one of the first commercial-scale North American supply arrangements of its kind.

The CAM market recorded a strong first quarter, with prices rising sharply throughout January and February before stabilising in March as feedstock volatility eased and battery demand remained steady. Benchmark data shows that LFP CAM prices increased by ~38% between mid-January and mid-March, whilst NCM811 rose by ~25% over the same period.

The Canadian government has signed an updated commercial agreement with Nouveau Monde Graphite (NMG) for supply, storage and resale of its natural graphite concentrate from the company’s Matawinie Mine.

The anode active material (AAM) market, across both natural and synthetic chemistries, remained broadly stable throughout Q1 2026. Firm downstream demand, particularly from the energy storage sector, was offset by continued structural oversupply and stronger buyer leverage. Benchmark data shows that medium capacity synthetic graphite AAM prices rose ~1% between mid-January and mid-March, whilst all other grades remained stable over the same period.