The rapid growth of electric vehicles and energy storage systems is boosting demand for high-performance lithium batteries, driving the need for high-quality petroleum coke and synthetic graphite. High-quality calcined petroleum coke is essential for producing reliable lithium battery anode materials.

【Anode Materials】June Production Released! Prices Stable, Profit Margins Rebounding?

1. Summary

1) Guangzhou Rongjie Materials' Nansha lithium-ion battery anode material project is about to complete full equipment installation and commissioning. The project is designed to produce 50,000 tons per year of high-end lithium-ion battery anode materials and is scheduled to begin full-system debugging and trial operation in August.

2) Petroleum coke prices rose by 100 yuan: Daqing at 3,780 yuan/ton, Fushun at 3,930 yuan/ton, Jinzhou at 3,480 yuan/ton, and Jinxi at 3,430 yuan/ton.

2. Spot Market Overview

Table 1. Chinese Domestic Anode Material Price Summary (Unit: Yuan/ton)

Data Source: Longzhong Information

Currently, Chinese domestic anode material prices remained stable. New order negotiations showed a downward trend as downstream battery manufacturers' price reduction demands weighed on the market.

1) High-end power: 29,500–34,500 yuan/ton

2) High-end digital: 45,000–65,000 yuan/ton

3) Mid-range: 23,500–32,500 yuan/ton

4) Low-end: 17,500–23,500 yuan/ton

Figure 1. Chinese Domestic Artificial Graphite Anode Price Trend (Unit: RMB/ton)

Figure 2. Chinese Domestic Natural Graphite Anode Price Trend (Unit: RMB/ton)

3. Production Updates

In June 2025, anode material production reached 185,600 tons, up 5.04% YoY but down 8.71% MoM. Operating rate was 58.17%, down 5.54 percentage points MoM.
Mid-range artificial graphite posted a profit of -214 yuan/ton in June, an increase of 397.2 yuan/ton MoM. Gross margin was 0.78%, up 1.45 percentage points MoM. Profit rebound is mainly due to falling low-sulfur petroleum coke prices, lowering raw material costs.

Figure 3. Monthly Capacity Utilization Trend of Domestic Anode Materials

Figure 4. Monthly Comparison of Profit and Price for Artificial Graphite Anodes (Unit: RMB/ton)

4. Market Sentiment

Table 2. Market Sentiment Expectations of Upstream and Downstream Participants in China's Anode Material Industry

5. Price Forecast

With low-sulfur petroleum coke prices still rising, production profits are being squeezed. Anode material producers reduced operations slightly in June, focusing on digesting inventory while waiting for new orders to materialize. Market prices are expected to remain stable this month.

6. Related Product Overview

1) Low-sulfur petroleum coke: Downstream purchasing enthusiasm is modest. Refineries focus on fulfilling existing orders. Overall, market activity remains stable with minor adjustments at some plants.

2) Needle coke: Prices are expected to remain stable. Raw needle coke mainstream price: 5,000–6,200 yuan/ton; calcined needle coke: 7,000–8,500 yuan/ton.

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