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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":594,"content":595},"doc",[596,625,633,669,679,701,709,731,741,749,771,779],{"type":597,"attrs":598,"content":599},"paragraph",{"textAlign":49},[600,608,620],{"text":601,"type":602,"marks":603},"Tesla has withdrawn its notice to terminate a graphite anode supply agreement with Australia’s ","text",[604],{"type":605,"attrs":606},"textStyle",{"color":607},"#000000",{"text":609,"type":602,"marks":610},"Syrah Resources,",[611,618],{"type":612,"attrs":613},"link",{"href":614,"uuid":615,"anchor":49,"target":616,"linktype":617},"/videos/syrah-resources-keynote-presentation","3202e6a7-cc22-4b89-8d26-d7c596d91acc","_self","story",{"type":605,"attrs":619},{"color":607},{"text":621,"type":602,"marks":622}," ending a protracted negotiation process and restoring a strategically important supply link within the US battery materials ecosystem.",[623],{"type":605,"attrs":624},{"color":607},{"type":597,"attrs":626,"content":627},{"textAlign":49},[628],{"text":629,"type":602,"marks":630},"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.",[631],{"type":605,"attrs":632},{"color":607},{"type":597,"attrs":634,"content":635},{"textAlign":49},[636,641,650,655,664],{"text":637,"type":602,"marks":638},"The reinstatement reflects Tesla’s continued need to secure diversified Western AAM supply, particularly in the wake of",[639],{"type":605,"attrs":640},{"color":607},{"text":642,"type":602,"marks":643}," US tariffs on anode active material",[644,648],{"type":612,"attrs":645},{"href":646,"uuid":647,"anchor":49,"target":616,"linktype":617},"/article/us-to-increase-tariffs-on-chinese-anode-producers-to-205-","ee4cc049-cf29-4401-bf04-2a1cd938de91",{"type":605,"attrs":649},{"color":607},{"text":651,"type":602,"marks":652}," (AAM) introduced under anti-dumping and countervailing duty measures (ADCVM) in 2025. Although these ",[653],{"type":605,"attrs":654},{"color":607},{"text":656,"type":602,"marks":657},"measures have since been lifted",[658,662],{"type":612,"attrs":659},{"href":660,"uuid":661,"anchor":49,"target":616,"linktype":617},"/article/us-itc-votes-against-antidumping-duty-and-countervailing-duty-on-chinese-active-anode-material","b1231e13-5385-4df6-90bd-05f08d4627bd",{"type":605,"attrs":663},{"color":607},{"text":665,"type":602,"marks":666},", their implementation highlighted the policy volatility shaping procurement strategies.",[667],{"type":605,"attrs":668},{"color":607},{"type":670,"attrs":671,"content":673},"heading",{"level":672,"textAlign":49},2,[674],{"text":675,"type":602,"marks":676},"What is the state of North American anode offtakes?",[677],{"type":605,"attrs":678},{"color":607},{"type":597,"attrs":680,"content":681},{"textAlign":49},[682,687,696],{"text":683,"type":602,"marks":684},"Many automakers and OEMs have signed offtake agreements with North American AAM producers in a bid to secure domestic material and reduce reliance on geopolitically fraught ",[685],{"type":605,"attrs":686},{"color":607},{"text":688,"type":602,"marks":689},"Chinese material",[690,694],{"type":612,"attrs":691},{"href":692,"uuid":693,"anchor":49,"target":616,"linktype":617},"/article/regional-spotlight-china","746036af-b9fc-4d0d-b721-56d0d1094635",{"type":605,"attrs":695},{"color":607},{"text":697,"type":602,"marks":698},".",[699],{"type":605,"attrs":700},{"color":607},{"type":597,"attrs":702,"content":703},{"textAlign":49},[704],{"text":705,"type":602,"marks":706},"However, since late 2024, four of these offtakes have been terminated. This underscores the challenges of developing new domestic supply chains, including lengthy qualification timelines, cost pressures, and operational ramp-up risks.",[707],{"type":605,"attrs":708},{"color":607},{"type":597,"attrs":710,"content":711},{"textAlign":49},[712,717,726],{"text":713,"type":602,"marks":714},"For example, Stellantis terminated two of its ",[715],{"type":605,"attrs":716},{"color":607},{"text":718,"type":602,"marks":719},"AAM offtake",[720,724],{"type":612,"attrs":721},{"href":722,"uuid":723,"anchor":49,"target":616,"linktype":617},"/article/novonix-synthetic-graphite-offtake-deal-with-stellantis-furthers-demand-for-ex-china-anode-material","44c07eb4-abe1-4a74-b7c4-da81bfe5144e",{"type":605,"attrs":725},{"color":607},{"text":727,"type":602,"marks":728}," agreements around the same time it cancelled other battery material supply deals such as with Australia’s Alliance Nickel, though the specific reason was publicly disclosed. SK On cancelled its offtake with Westwater, but did express willingness to consider a future agreement with updated terms.",[729],{"type":605,"attrs":730},{"color":607},{"type":732,"attrs":733},"blok",{"id":734,"body":735},"ba668aaf-89b0-4ff8-9272-a2eb44f9fb98",[736],{"id":737,"_uid":738,"type":739,"component":740,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29235434","i-9ba19cff-a4df-4ea5-998d-c73622dc4bc7","visualisation","ContentFlourish",{"type":670,"attrs":742,"content":743},{"level":672,"textAlign":49},[744],{"text":745,"type":602,"marks":746},"What is Syrah’s operational footprint?",[747],{"type":605,"attrs":748},{"color":607},{"type":597,"attrs":750,"content":751},{"textAlign":49},[752,757,766],{"text":753,"type":602,"marks":754},"Syrah operates the ",[755],{"type":605,"attrs":756},{"color":607},{"text":758,"type":602,"marks":759},"Balama graphite mine",[760,764],{"type":612,"attrs":761},{"href":762,"uuid":763,"anchor":49,"target":616,"linktype":617},"/article/benchmark-gis-analysis-reveals-activity-patterns-at-syrah-resources-balama-graphite-mine-in-mozambique","a950c6f7-b595-4006-ab81-947f98449494",{"type":605,"attrs":765},{"color":607},{"text":767,"type":602,"marks":768}," in Mozambique which has a capacity of 350,000 tonnes per year, though it is currently operating significantly below this. The majority of the mine’s output is the -100 mesh graphite, the preferred natural feedstock material for battery end use applications.",[769],{"type":605,"attrs":770},{"color":607},{"type":597,"attrs":772,"content":773},{"textAlign":49},[774],{"text":775,"type":602,"marks":776},"Syrah’s Louisiana Vidalia facility is due to take material from Balama to produce AAM. The first phase of Vidalia came online in 2024 with a nameplate capacity of 11,250tpa of AAM, though it is still only producing qualification volumes. An expansion due to come online in 2031 will bring the total capacity to 45,000tpa.",[777],{"type":605,"attrs":778},{"color":607},{"type":732,"attrs":780},{"id":734,"body":781},[782],{"id":783,"_uid":784,"type":739,"component":740,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29234771","i-d55d659a-a159-4989-bf71-3bf97386a929","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.\nThe 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.\n",[787],{"slug":544,"name":543,"content":788},{"job_title":557,"image":789,"bio":548,"linkedin":555,"markets_covered":261},{"filename":552},"article",[792,795,798,800],{"slug":793,"name":794},"critical-minerals","Critical Minerals",{"slug":796,"name":797},"graphite","Graphite",{"slug":799,"name":189},"natural-graphite",{"slug":801,"name":261},"anode","private",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":804},{},{"id":806,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":807,"copyright":547,"fieldtype":553,"meta_data":808,"is_external_url":50},129072971220575,"https://a.storyblok.com/f/287943243085208/a9ba5bd909/bm-syrah-vidalia.png",{},"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.","Jun 03, 2026",{"id":812,"uuid":813,"name":814,"slug":815,"full_slug":816,"content":817},166477214050256,"8f5954f3-22e5-4f33-b7c0-f1b5cd16cabc","Upstream volatility driving shifts: Cathode Q1 2026 Price Review","upstream-volatility-driving-shifts-cathode-q1-2026-price-review","article/upstream-volatility-driving-shifts-cathode-q1-2026-price-review",{"_uid":818,"date":819,"tags":820,"editor":826,"content":830,"excerpt":915,"featured":51,"reporter":916,"component":790,"seo_title":814,"categories":920,"visibility":802,"data_vis_image":925,"featured_image":927,"seo_description":931,"formattedDate":932},"ba86e099-4a34-4739-a3a2-3c9e50d3bf46","2026-04-16 00:00",[821,824],{"slug":822,"name":823},"pcam","pCAM",{"slug":825,"name":451},"lfp",[827],{"slug":585,"name":586,"content":828},{"job_title":588,"image":829,"bio":591,"linkedin":592},{"filename":590},{"type":594,"content":831},[832,868,876,883,891,899,907],{"type":597,"attrs":833,"content":834},{"textAlign":49},[835,841,851,856,863],{"text":836,"type":602,"marks":837},"The ",[838],{"type":605,"attrs":839},{"color":840},"#18181B",{"text":842,"type":602,"marks":843},"CAM market",[844,849],{"type":612,"attrs":845},{"href":846,"uuid":847,"anchor":49,"target":848,"linktype":617},"/article/ronbay-restructures-cathode-production-to-target-us-market","fa324aa9-76dc-4cc5-9558-76813c985db5","_blank",{"type":605,"attrs":850},{"color":840},{"text":852,"type":602,"marks":853}," 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. ",[854],{"type":605,"attrs":855},{"color":840},{"text":857,"type":602,"marks":858},"Benchmark ",[859,861],{"type":605,"attrs":860},{"color":840},{"type":862},"bold",{"text":864,"type":602,"marks":865},"data shows that LFP CAM prices increased by ~38% between mid-January and mid-March, whilst NCM811 rose by ~25% over the same period.",[866],{"type":605,"attrs":867},{"color":840},{"type":597,"attrs":869,"content":870},{"textAlign":49},[871],{"text":872,"type":602,"marks":873},"In January and February, nickel-based CAM prices rose across all grades, particularly mid- and high-nickel materials, as higher lithium hydroxide, nickel sulphate and cobalt sulphate prices were rapidly passed through to production costs. Robust ordering from Tier 1 cell manufacturers, alongside expectations of adjustments to China’s battery export tax rebate policy, provided additional support on the demand side.",[874],{"type":605,"attrs":875},{"color":840},{"type":732,"attrs":877},{"id":878,"body":879},"610678e1-8d60-4689-8308-eca46b89d4a1",[880],{"id":881,"_uid":882,"type":739,"component":740,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28551476","i-a1ff2120-67a9-4ca0-aff8-226896b62c10",{"type":597,"attrs":884,"content":885},{"textAlign":49},[886],{"text":887,"type":602,"marks":888},"LFP recorded an even stronger increase over the same period, driven by rising lithium carbonate prices, higher iron phosphate costs and increased sulphuric acid input costs. ESS remained a consistent pillar of demand for LFP, even as China's domestic EV demand was seasonally soft. This underpinned higher-than-anticipated operating rates and enabled suppliers to push through higher offers.",[889],{"type":605,"attrs":890},{"color":840},{"type":597,"attrs":892,"content":893},{"textAlign":49},[894],{"text":895,"type":602,"marks":896},"By mid-March, CAM prices had largely stabilised. Nickel-based materials saw only modest additional gains, with demand mixed and buyers adopting a more cautious stance following the post-CNY restart. Prices fluctuated within a narrow range, rising earlier in the assessment period in line with lithium chemical prices before easing in the latter half amidst spot market weakness.",[897],{"type":605,"attrs":898},{"color":840},{"type":597,"attrs":900,"content":901},{"textAlign":49},[902],{"text":903,"type":602,"marks":904},"LFP continued to edge higher across March, rising by a further ~4%, albeit at a slower pace than earlier in the quarter, supported by resilient ESS demand and persistent cost pressures. In contrast, LCO prices remained stable amidst subdued consumer electronics demand during the month.",[905],{"type":605,"attrs":906},{"color":840},{"type":597,"attrs":908,"content":909},{"textAlign":49},[910],{"text":911,"type":602,"marks":912},"Overall, Q1 price movements were driven primarily by raw material cost pass-through rather than a notable uplift in end-market demand, underscoring the market’s continued sensitivity to upstream volatility.",[913],{"type":605,"attrs":914},{"color":840},"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.",[917],{"slug":544,"name":543,"content":918},{"job_title":557,"image":919,"bio":548,"linkedin":555,"markets_covered":261},{"filename":552},[921,923],{"slug":922,"name":298},"cathode",{"slug":924,"name":150},"nickel",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":926},{},{"id":928,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":929,"copyright":547,"fieldtype":553,"meta_data":930,"is_external_url":50},129066100365346,"https://a.storyblok.com/f/287943243085208/42d94a4aff/bm-cathode-picture.jpg",{},"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.","Apr 16, 2026",{"id":934,"uuid":935,"name":936,"slug":937,"full_slug":938,"content":939},161157205557529,"290bf135-4b0a-4979-8b3f-1d8640be918e","Canadian government signs graphite deal with NMG as North America looks to shore up ex-China supply","canadian-government-signs-graphite-deal-with-nmg-as-north-america-looks-to-shore-up-ex-china-supply","article/canadian-government-signs-graphite-deal-with-nmg-as-north-america-looks-to-shore-up-ex-china-supply",{"_uid":940,"date":941,"tags":942,"editor":950,"content":960,"excerpt":1067,"featured":51,"reporter":1068,"component":790,"seo_title":1072,"categories":1073,"visibility":802,"data_vis_image":1077,"featured_image":1079,"seo_description":1067,"formattedDate":1083},"9232d0eb-d87b-4a81-bd8a-1d955a834993","2026-04-01 00:00",[943,944,947],{"slug":575,"name":576},{"slug":945,"name":946},"nouveau-monde-graphite","Nouveau Monde Graphite",{"slug":948,"name":949},"flake-graphite","flake graphite",[951],{"slug":952,"name":953,"content":954},"benjamin-roche","Benjamin Roche",{"job_title":955,"image":956,"bio":958,"linkedin":959},"Editor – Energy Transition Supply Chains",{"filename":957},"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":594,"content":961},[962,975,995,1002,1009,1014,1019,1026,1031,1036,1048,1054],{"type":597,"attrs":963,"content":964},{"textAlign":49},[965,967,973],{"text":966,"type":602},"The Canadian government has signed an updated commercial agreement with ",{"text":946,"type":602,"marks":968},[969],{"type":612,"attrs":970},{"href":971,"uuid":972,"anchor":49,"target":848,"linktype":617},"/article/oems-are-ready-to-pay-the-price-needed-to-finance-projects-qa-with-nouveau-monde-ceo-eric-desaulniers","5f570124-7f3b-4f3a-8f8d-a804a7d0ddb8",{"text":974,"type":602}," (NMG) for supply, storage and resale of its natural graphite concentrate from the company’s Matawinie Mine.",{"type":597,"attrs":976,"content":977},{"textAlign":49},[978,980,984,986,993],{"text":979,"type":602},"Together with the news that the US government is taking a ~20% stake in graphite producer ",{"text":576,"type":602,"marks":981},[982],{"type":612,"attrs":983},{"href":614,"uuid":615,"anchor":49,"target":848,"linktype":617},{"text":985,"type":602},", it highlights ",{"text":987,"type":602,"marks":988},"North American governments’ growing involvement ",[989],{"type":612,"attrs":990},{"href":991,"uuid":992,"anchor":49,"target":848,"linktype":617},"/article/north-americas-anode-push-accelerates-with-nouveau-monde-gm-deal","c2c4a5f4-d0c9-424f-87c7-dfe1623057b1",{"text":994,"type":602},"in a sector that remains heavily dominated by China in both supply and refining.",{"type":732,"attrs":996},{"id":997,"body":998},"b891e4f4-98de-4288-8dad-bb802293ca27",[999],{"id":1000,"_uid":1001,"type":739,"component":740,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28311807","i-fddc432a-ffbd-4796-b347-2e5d9c23920e",{"type":670,"attrs":1003,"content":1004},{"level":672,"textAlign":49},[1005],{"text":1006,"type":602,"marks":1007},"New NMG agreement doubles previously planned volume",[1008],{"type":862},{"type":597,"attrs":1010,"content":1011},{"textAlign":49},[1012],{"text":1013,"type":602},"The new take-or-pay deal commits the Canadian government to purchase 30,000 tonnes of flake graphite concentrate over seven years from NMG, double the 15,000 tonnes agreed under a previous version of the agreement signed in Q4 2025. NMG will be able to resell product covered by the agreement, sharing half of the upside with the Canadian government. The deal is binding, subject to customary conditions precedent, including governmental appropriations and NMG’s positive final investment decision (FID).",{"type":597,"attrs":1015,"content":1016},{"textAlign":49},[1017],{"text":1018,"type":602},"Canada’s government committed to support the development of the Matawine Mine with US$335m in financing from its Major Projects Office, which was created under the country’s Building Canada Act in 2025, contingent on securing a FID. The project sits alongside the Bécancour Battery Materials Plant, together forming what the government calls “a complete, domestic value chain for battery-grade graphite in Quebec”.",{"type":670,"attrs":1020,"content":1021},{"level":672,"textAlign":49},[1022],{"text":1023,"type":602,"marks":1024},"US also seeking to boost graphite supply",[1025],{"type":862},{"type":597,"attrs":1027,"content":1028},{"textAlign":49},[1029],{"text":1030,"type":602},"The US and Canada are both making efforts to increase access to ex-China graphite supply. On 26 March, the US government’s International Development Finance Corporation (DFC) announced it will be swapping a loan to Australian graphite producer Syrah Resources to a 20% stake.",{"type":597,"attrs":1032,"content":1033},{"textAlign":49},[1034],{"text":1035,"type":602},"DFC CEO Ben Black emphasised at the announcement of DFC’s Syrah stake that “economic security is national security”.",{"type":597,"attrs":1037,"content":1038},{"textAlign":49},[1039,1041,1046],{"text":1040,"type":602},"Benchmark’s Graphite & Anode Service shows that China supplied 73% of the world’s mined natural graphite supply in 2025, ",{"text":1042,"type":602,"marks":1043}," ",[1044],{"type":605,"attrs":1045},{"color":547},{"text":1047,"type":602},"whilst North American domestic supply accounted for just 0.6% – well short of its own domestic demand.",{"type":732,"attrs":1049},{"id":997,"body":1050},[1051],{"id":1052,"_uid":1053,"type":739,"component":740,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28312328","i-2691d8d8-1552-4f8b-a76c-f852fac4b2f9",{"type":597,"attrs":1055,"content":1056},{"textAlign":49},[1057,1059,1066],{"text":1058,"type":602},"The stake means the DFC will be the second-largest shareholder in Syrah. Its Balama site in Mozambique is among the world’s largest flake graphite mining facilities, and is expected to supply more than any other by 2030, according to ",{"text":1060,"type":602,"marks":1061},"Benchmark’s Graphite & Anode Service",[1062],{"type":612,"attrs":1063},{"href":1064,"uuid":49,"anchor":49,"target":49,"linktype":1065},"https://www.benchmarkminerals.com/natural-graphite","url",{"text":697,"type":602},"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.",[1069],{"slug":544,"name":543,"content":1070},{"job_title":557,"image":1071,"bio":548,"linkedin":555,"markets_covered":261},{"filename":552},"Canadian government signs graphite deal with NMG",[1074,1075,1076],{"slug":796,"name":797},{"slug":799,"name":189},{"slug":793,"name":794},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":1078},{},{"id":1080,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1081,"copyright":547,"fieldtype":553,"meta_data":1082,"is_external_url":50},129070413258975,"https://a.storyblok.com/f/287943243085208/2cdc671404/bm-north-american-lithium.jpg",{},"Apr 01, 2026",{"id":1085,"uuid":1086,"name":1087,"slug":1088,"full_slug":1089,"content":1090},166290301030507,"e8b8c2f1-cff3-4d8c-9b57-f21f00bbc6a8","Strong demand, strong supply: Anode & Graphite Q1 2026 Price Review","strong-demand-strong-supply-anode-graphite-q1-2026-price-review","article/strong-demand-strong-supply-anode-graphite-q1-2026-price-review",{"_uid":1091,"date":547,"tags":1092,"editor":1102,"content":1106,"excerpt":1270,"featured":51,"reporter":1271,"component":790,"seo_title":1275,"categories":1276,"visibility":802,"data_vis_image":1284,"featured_image":1286,"seo_description":1290,"formattedDate":547},"519bdd2c-3970-4465-adeb-2d212081881f",[1093,1096,1099],{"slug":1094,"name":1095},"graphite-prices","Graphite prices",{"slug":1097,"name":1098},"anode-prices","Anode prices",{"slug":1100,"name":1101},"quarterly-price-review","Quarterly Price Review",[1103],{"slug":585,"name":586,"content":1104},{"job_title":588,"image":1105,"bio":591,"linkedin":592},{"filename":590},{"type":594,"content":1107},[1108,1143,1151,1173,1181,1189,1196,1204,1212,1220,1230,1240,1250,1260],{"type":597,"attrs":1109,"content":1110},{"textAlign":49},[1111,1115,1124,1129,1138],{"text":836,"type":602,"marks":1112},[1113],{"type":605,"attrs":1114},{"color":840},{"text":1116,"type":602,"marks":1117},"anode active material",[1118,1122],{"type":612,"attrs":1119},{"href":1120,"uuid":1121,"anchor":49,"target":616,"linktype":617},"/article/growing-silicon-based-anode-market-share-to-2035-to-reflect-nickel-based-cell-growth","eb1c4eb8-2493-4dd3-a449-e2dcff7d1b71",{"type":605,"attrs":1123},{"color":840},{"text":1125,"type":602,"marks":1126}," (AAM) market, across both natural and synthetic chemistries, ",[1127],{"type":605,"attrs":1128},{"color":840},{"text":1130,"type":602,"marks":1131},"remained broadly stable throughout Q1 2026",[1132,1136],{"type":612,"attrs":1133},{"href":1134,"uuid":1135,"anchor":49,"target":616,"linktype":617},"/videos/graphite-s-next-act-evolving-demand-chinese-supply-dynamics-and-the-ex-china-premium","261981c1-d5b6-430a-bfa4-bfdfa92b410c",{"type":605,"attrs":1137},{"color":840},{"text":1139,"type":602,"marks":1140},". 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.",[1141],{"type":605,"attrs":1142},{"color":840},{"type":597,"attrs":1144,"content":1145},{"textAlign":49},[1146],{"text":1147,"type":602,"marks":1148},"Throughout January, demand held up well despite the usual seasonal slowdown in electric vehicle (EV) battery production. ESS demand remained robust and provided the main source of support, with some downstream battery producers also bringing purchases forward ahead of CNY. Despite this, the market remained oversupplied, allowing supported demand to be absorbed without difficulty and limiting any meaningful pricing power for AAM producers.",[1149],{"type":605,"attrs":1150},{"color":840},{"type":597,"attrs":1152,"content":1153},{"textAlign":49},[1154,1159,1168],{"text":1155,"type":602,"marks":1156},"On the feedstock side, most natural graphite producers had entered partial or full shutdown by January due to seasonal factors and weak order books. However, these curtailments offered limited price support, as ample inventories held by producers and traders kept the market well-supplied and prices stable. Meanwhile, in the ",[1157],{"type":605,"attrs":1158},{"color":840},{"text":1160,"type":602,"marks":1161},"coke market",[1162,1166],{"type":612,"attrs":1163},{"href":1164,"uuid":1165,"anchor":49,"target":616,"linktype":617},"/article/mitsubishi-chemical-to-exit-needle-coke-business-amid-prolonged-oversupply","46a5c78b-4875-4721-b8d2-a8a71fb860db",{"type":605,"attrs":1167},{"color":840},{"text":1169,"type":602,"marks":1170},", pre-calcined low sulphur petroleum coke edged up by 1% over January on pre-CNY restocking and relatively firm ESS demand, whilst other grades remained broadly stable.",[1171],{"type":605,"attrs":1172},{"color":840},{"type":597,"attrs":1174,"content":1175},{"textAlign":49},[1176],{"text":1177,"type":602,"marks":1178},"February brought a similar picture for the AAM market, with demand recovering after the holiday but prices remaining steady, as ample supply and strong buyer leverage continued to limit producer pricing power.",[1179],{"type":605,"attrs":1180},{"color":840},{"type":597,"attrs":1182,"content":1183},{"textAlign":49},[1184],{"text":1185,"type":602,"marks":1186},"Feedstock conditions diverged over the period. Natural graphite feedstock prices remained broadly stable, whilst synthetic graphite feedstock costs rose, driven by post-CNY procurement, relatively low inventories, and elevated production costs.",[1187],{"type":605,"attrs":1188},{"color":840},{"type":732,"attrs":1190},{"id":1191,"body":1192},"65e84829-2e6e-4de2-a7e2-96e645a785d9",[1193],{"id":1194,"_uid":1195,"type":739,"component":740,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28544564","i-20d3fe2f-fd18-449d-84b6-4fe38c86c0d7",{"type":597,"attrs":1197,"content":1198},{"textAlign":49},[1199],{"text":1200,"type":602,"marks":1201},"In March, cost pressures had intensified, with low sulphur petroleum coke prices rising by 5%, prompting some synthetic graphite AAM producers to seek higher prices. Sentiment became more supportive of upward adjustments; however, downstream cell makers continued to hold the stronger negotiating position. As a result, most synthetic graphite AAM prices remained flat, with only medium-energy material recording a ~1% rise by month-end.",[1202],{"type":605,"attrs":1203},{"color":840},{"type":597,"attrs":1205,"content":1206},{"textAlign":49},[1207],{"text":1208,"type":602,"marks":1209},"The natural graphite AAM segment remained more insulated, given its lower exposure to raw material cost volatility, with -100 mesh, 94–95% C DDP China rising by only ~2% during March. Despite this uptick, broader market conditions, characterised by oversupply and limited producer leverage, continued to keep anode prices broadly stable.",[1210],{"type":605,"attrs":1211},{"color":840},{"type":597,"attrs":1213,"content":1214},{"textAlign":49},[1215],{"text":1216,"type":602,"marks":1217},"Overall, Q1 was defined by resilient ESS-linked demand and rising cost pressure, particularly in synthetic graphite, but structural overcapacity continued to cap upside, leaving both synthetic and natural graphite AAM prices broadly stable through the quarter.",[1218],{"type":605,"attrs":1219},{"color":840},{"type":597,"attrs":1221,"content":1222},{"textAlign":49},[1223],{"text":1224,"type":602,"marks":1225},"This is the fifth in a series of articles looking at Q1 2026 critical mineral price trends. The rest of the series can be found below:",[1226,1228],{"type":605,"attrs":1227},{"color":840},{"type":1229},"italic",{"type":597,"attrs":1231,"content":1232},{"textAlign":49},[1233],{"text":1234,"type":602,"marks":1235},"Volatile, yet robust: Lithium Q1 2026 Price Review",[1236],{"type":612,"attrs":1237},{"href":1238,"uuid":1239,"anchor":49,"target":616,"linktype":617},"/article/volatile-yet-robust-lithium-q1-2026-price-review","fd98e9b3-113b-4179-b249-104c9389ba9f",{"type":597,"attrs":1241,"content":1242},{"textAlign":49},[1243],{"text":1244,"type":602,"marks":1245},"Production quotas control nickel price: Nickel Q1 2026 Price Review",[1246],{"type":612,"attrs":1247},{"href":1248,"uuid":1249,"anchor":49,"target":616,"linktype":617},"/article/production-quotas-control-nickel-price-nickel-q1-2026-price-review","9e149244-10b5-4bac-a43c-079b19971251",{"type":597,"attrs":1251,"content":1252},{"textAlign":49},[1253],{"text":1254,"type":602,"marks":1255},"Supply strains keep prices steady: Cobalt Q1 2026 Price Review",[1256],{"type":612,"attrs":1257},{"href":1258,"uuid":1259,"anchor":49,"target":616,"linktype":617},"/article/supply-strains-keep-prices-steady-cobalt-q1-2026-price-review","0b16c504-8e01-449c-9efe-b239dc7e8242",{"type":597,"attrs":1261,"content":1262},{"textAlign":49},[1263],{"text":1264,"type":602,"marks":1265},"Tight supply and Chinese policy drive prices: Rare Earths Q1 2026 Price Review",[1266],{"type":612,"attrs":1267},{"href":1268,"uuid":1269,"anchor":49,"target":616,"linktype":617},"/article/tight-supply-and-chinese-policy-drive-prices-rare-earths-q1-2026-price-review","f85d8788-f2e7-451e-a4e9-ac8d2eb07c47","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.",[1272],{"slug":544,"name":543,"content":1273},{"job_title":557,"image":1274,"bio":548,"linkedin":555,"markets_covered":261},{"filename":552},"Strong demand and supply: Anode & Graphite Q1 2026 Price Review",[1277,1278,1279,1280,1283],{"slug":801,"name":261},{"slug":796,"name":797},{"slug":799,"name":189},{"slug":1281,"name":1282},"synthetic-graphite","Synthetic Graphite",{"slug":793,"name":794},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":1285},{},{"id":1287,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1288,"copyright":547,"fieldtype":553,"meta_data":1289,"is_external_url":50},129067696921460,"https://a.storyblok.com/f/287943243085208/6d36257f67/bm-fortum-graphite-recycling.jpg",{},"The anode active material (AAM) market, across both natural and synthetic chemistries, remained broadly stable throughout Q1 2026.",1780501062936]