Graphite
Investing
Investing in Graphite
The investment landscape for Graphite offers 4 primary vehicles for exposure, ranging from equities of mining and processing companies to ETFs and commodity instruments. With prices currently around 540-860 $/tonne (flake), the Graphite market reflects both structural demand growth and ongoing supply chain challenges.
Current Price
540-860
$/tonne (flake)
Benchmark
Fastmarkets/Benchmark Minerals
Supply Risk
High
Investment factor
Criticality
High
Investment Vehicles
Key investment vehicles providing exposure to Graphite:
VanEck Rare Earth/Strategic Metals ETF (REMX)
Includes graphite-exposed companies in its strategic metals basket
Syrah Resources (SYR.AX)
Largest non-Chinese natural graphite producer with integrated US anode material processing
Nouveau Monde Graphite (NMG)
Dual-listed Canadian company building integrated mine-to-anode supply chain
Graftech International (EAF)
NYSE-listed graphite electrode producer; exposure to steel industry graphite demand
Key Companies
The Graphite value chain includes these publicly listed and major private companies:
BTR New Material
Worlds largest anode material producer, processing natural and synthetic graphite for EV batteries; supplies CATL, BYD, and other major battery makers
Shanshan Technology
Second-largest global anode producer; major supplier to Chinese EV battery manufacturers
Syrah Resources
Operates the Balama mine in Mozambique, the largest integrated natural flake graphite operation outside China; building the Vidalia active anode material facility in Louisiana
Northern Graphite
Canadian graphite producer operating the Lac des Iles mine in Quebec; one of few active Western graphite mines
Nouveau Monde Graphite
Developing the Matawinie graphite mine and Becancour processing facility in Quebec, targeting vertically integrated battery anode supply
Graftech International
Major producer of graphite electrodes for electric arc furnace steelmaking
Market Drivers
Graphite investment performance is driven by demand growth in lithium-ion battery anodes and steel and foundry applications, supply concentration in China (77% share), new project development timelines, and government policies including export restrictions and strategic stockpiling programs.
Risk Factors
Investing in Graphite carries risks including commodity price volatility (see price history below), geopolitical risk in producing regions, regulatory uncertainty, and potential substitution. The high supply risk can create both opportunities from supply-driven price spikes and risks from sudden policy interventions.
Recent Price History
Graphite prices remained under pressure through 2025, with natural flake graphite averaging $500-700/tonne depending on mesh size and carbon content. The market was reshaped by China's December 2023 graphite export permit requirements, which initially disrupted supply chains for battery anode producers in Japan and South Korea. However, Chinese exporters adapted to the new licensing regime, and export volumes partially recovered. Synthetic graphite prices remained elevated at $8,000-12,000/tonne due to high energy costs in production. The long-term demand outlook is strongly bullish - EV battery anodes require roughly 50-100 kg of graphite per vehicle, making it the single largest material input by weight in lithium-ion batteries. Projects in Mozambique, Tanzania, Canada, and Australia are advancing to diversify supply away from China's 65% market share.
More on Graphite
Explore other aspects of the Graphite value chain.
Uses & Applications
Explore uses & applications for Graphite.
Supply Chain
Explore supply chain for Graphite.
Mining & Processing
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Refining & Grade Specs
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Recycling
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Substitutes
Explore substitutes for Graphite.
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