Price

Graphite Pricing and Market Data

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.

Pricing Mechanisms

Graphite is priced using benchmarks from Fastmarkets/Benchmark Minerals. Graphite pricing operates through a combination of exchange-based benchmarks, price reporting agency assessments, bilateral negotiation, and long-term offtake contracts. The specific mechanism depends on product form, grade, and the buyer-seller relationship.

Price History and Notable Market Events

The Graphite market has been shaped by the following key events:

Price Drivers

Key factors influencing Graphite prices include production levels in China (77% of global supply), demand from lithium-ion battery anodes and steel and foundry applications, inventory levels, energy costs, and government policy actions such as export restrictions or strategic stockpiling.

Spot vs. Contract Pricing

The Graphite market features both spot transactions and longer-term contracts. Spot prices reflect current conditions and are more volatile, while multi-year offtake agreements provide supply security for both producers and consumers. Current spot pricing is in the range of 540-860 $/tonne (flake).