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】Downstream Demand Remains Strong, Supply and Demand Continue to Grow in November

In November, the production schedules of mainstream downstream battery enterprises continued to rise, providing favorable support for the demand of anode materials. With the last two months of the year approaching, companies are preparing to ramp up output, and anode material production will correspondingly remain at a high level.

I. Lithium Battery Production Continues to Increase in November

Figure 1: Production Schedule of Mainstream Battery Enterprises (GWh)

Data source: Oilchem

In November 2025, the production of power and energy storage batteries in Chinese battery factories reached 193 GWh, up 12% month-on-month, while consumer battery production increased 14% month-on-month.

The continued improvement in downstream demand in November can be attributed to several factors. First, overseas market demand continues to grow, with an increasing number of energy storage orders. To avoid higher tariffs and trade barriers possibly taking effect in 2026, there has been a rush in battery exports. Second, the domestic policy effect remains strong — the impact of the "Document No. 136" policy continues to promote steady growth in new energy storage demand. Third, November marks the traditional peak season for power batteries, with growth in commercial vehicles and high-end electric vehicles driving production. Leading battery enterprises continue to maintain high levels of power cell output.

II. Anode Material Output Remains at a High Level

Figure 2: Monthly Output of Anode Materials in China (10,000 tons)

Data source: Oilchem

In October, the output of anode materials reached 247,100 tons, an increase of 10,500 tons from the previous month, representing a 4.44% month-on-month growth. The capacity utilization rate of anode materials was 69.44%, up 3.06 percentage points from the previous month.

The main reason is that the anode material market entered its traditional peak season, coupled with strong demand from energy storage orders, which boosted production. In addition, the current inventory of anode products is relatively low. To prepare for year-end output surges, manufacturers need to ensure sufficient stockpiles. Therefore, with stable demand expectations, anode production remains demand-driven, and the market will continue operating at a high production level. It is estimated that in November, the output of anode materials will continue to increase by around 1%.

III. Prices of Raw and Auxiliary Materials for Anode Production Continue to Rise

Entering November, the prices of raw materials used in anode production — petroleum coke and needle coke — have both increased. The average price of low-sulfur petroleum coke rose to 4,484 yuan/ton, up 9.69% month-on-month, while raw needle coke prices increased by 200–300 yuan/ton.

At the same time, the prices of auxiliary materials used in graphitization processes, such as insulating and resistive materials, have risen significantly — materials with 3.5% sulfur content increased by 13.46%, and those with 4% sulfur content increased by 17.35%. As a result, anode material production costs have increased.

On one hand, anode manufacturers are facing a high volume of orders, requiring increased production; on the other hand, they are under greater cost pressure. With the continued growth in both supply and demand, the market price of anode materials is expected to rise gradually.

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