Anode Tolling: 300 RMB Hike vs Integrated Capacity

In China’s lithium-ion anode processing market, two contrasting sets of data have emerged simultaneously. On the spot quote board, outsourced anode graphitization tolling rates recently edged up by approximately 300 RMB/ton, bringing mainstream box-furnace tolling to 8,500–10,500 RMB/ton and Acheson furnace tolling to 9,500–13,500 RMB/ton. At the same time, capacity filings in northern production hubs disclosed nearly 10 billion RMB in new anode expansion investments within just two days—featuring single projects of 4.5 billion and 5.1 billion RMB, individual planned capacities of up to 500,000 tons/year, and construction timelines of 10 to 12 months.

Cost-Driven, Not a Reversal

Data basis: public tolling quotes as of November 2026, public anode industry statistics for September, and recently disclosed expansion filings.

Viewed together, these figures indicate that the 300 RMB/ton uptick on a 10,000 RMB/ton base is a cost-driven adjustment rather than a structural recovery for independent tollers. Recent increases in petroleum coke and modified pitch prices have lifted the cost of furnace insulation media, resistor coke, and carbon consumables, while autumn and winter power tariffs have added further operating pressure. The 300 RMB/ton adjustment barely offsets these incremental energy and auxiliary material expenses.

Note: The 300 RMB/ton figure is the industry-wide adjustment on a roughly 10,000 RMB/ton tolling base.

Downstream Margin Squeeze

More importantly, downstream anode makers lack the margin buffer to sustain higher external tolling fees. In September, domestic anode prices averaged 33,500 RMB/ton (with volume grades at 17,500–24,000 RMB/ton), while average production costs reached 25,745 RMB/ton—compressing the industry’s average gross profit by 40.78% month-on-month to 555.01 RMB/ton. The temporary spillover of outsourced tolling orders was triggered solely by September’s rapid output surge to 369,500 tons (up 53% year-on-year), which briefly maxed out major producers' in-house furnaces.

Note: Price, cost and margin figures follow publicly reported industry statistics; the margin is the published statistical value.

Captive Capacity Pulls Orders In-House

Looking ahead 10 to 12 months, every project in the newly announced 10-billion-RMB wave is designed as a fully integrated facility spanning raw material preparation, granulation, baking, and graphitization. Once these captive mega-furnaces are commissioned next year, major anode manufacturers will inevitably pull outsourced orders back in-house to maximize their own utilization rates. Independent graphitization plants that invest heavily to restart idled furnaces over a temporary 300 RMB/ton hike face severe utilization and pricing headwinds once captive integrated capacity comes online.

Note: Filings are from northern production hubs and cover raw-material preparation, granulation, baking and graphitization.