The rapid growth of the EV and energy storage industries is boosting demand for high-performance lithium batteries, driving the market for quality petroleum coke and synthetic graphite. The quality and particle size of calcined petroleum coke directly affect synthetic graphite performance, especially in anode production.

【Anode Materials】Booming Graphitization Processing Market

Graphitization processing of anode materials is a key stage in the production of lithium battery anode materials, directly affecting material performance and cost. The following is a comprehensive analysis of the current processing situation:

1. Market Supply, Demand, and Pricing

Overcapacity: Domestic anode material graphitization capacity has reached 4.766 million tons, resulting in severe oversupply. Companies are facing the dilemma of "having orders but no profits," with some manufacturers forced into low-price competition.

Demand Recovery: Favorable new energy industry policies, combined with increased production scheduling in downstream markets, have driven strong demand for anode materials in both power batteries and energy storage sectors. Graphitization output in September increased by 18.23% month-on-month, and this growth trend is expected to continue into October.

Stable Prices: The mainstream processing fee for graphitization remains between 8,000–9,600 RMB/ton. Due to cost pressures, companies show a stronger inclination to raise prices, though actual transaction prices have not yet seen significant increases.

2. Technological Advancements

Advantages of Continuous Graphitization: Continuous graphitization furnaces have distinct advantages over traditional batch types (such as crucible furnaces and box furnaces), including lower energy consumption, higher efficiency, and better environmental performance, making them the key direction for industry breakthroughs. For example, Kuntian New Energy's continuous graphitization furnace can shorten the production cycle to 10–12 days, reduce labor costs by 50%, cut auxiliary material consumption by 50%, and lower carbon emissions by 75%.

Optimization of Traditional Processes: Companies are improving traditional graphitization furnaces by optimizing power curves, extending the service life of crucibles and heating elements, and enhancing flue gas treatment systems to improve efficiency and environmental performance.

3. Costs and Profitability

Cost Pressure: Graphitization accounts for about 50% of the total cost of anode materials, with electricity costs making up as much as 60%. Rising prices of medium- and high-sulfur calcined coke raw materials and electricity price fluctuations have further squeezed profit margins.

Profit Recovery: During the wet season (June–October), electricity discounts in Southwest China, combined with price reductions in insulation and resistance materials, have led to a slight improvement in graphitization processing profits. However, the overall situation remains in a state of minimal profit.

4. Industry Trends

Accelerated Technological Upgrades: Continuous graphitization technology is gradually maturing and is expected to replace traditional batch processes, driving the industry toward higher efficiency and lower carbon emissions.

Leading Enterprises Taking the Lead: Industry leaders such as Shanshan Corporation and Putailai are enhancing competitiveness by investing in continuous graphitization and optimizing processes, while small and medium-sized enterprises face increasing pressure to upgrade their technologies.

In summary, the anode material graphitization processing industry is currently in a stage where overcapacity coexists with growing demand. Technological innovation and cost control are key to enterprise survival. In the future, the widespread adoption of continuous graphitization technology and further cost reductions are expected to improve overall industry profitability.

Source: Nanshu Graphite Mine

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