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Fitch Believes Graphitisation Integration Can Help Raise Margins of CN Anode Material Suppliers
According to Fitch Ratings, Chinese anode material suppliers, which account for 96% of global anode material shipments, have continued to promote the integration of graphitisation ...
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Fitch Believes Graphitisation Integration Can Help Raise Margins of CN Anode Material Suppliers
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According to Fitch Ratings, Chinese anode material suppliers, which account for 96% of global anode material shipments, have continued to promote the integration of graphitisation processes. This will help them control costs, stabilise supply and improve profit margins.

Due to the decline in raw material prices, expansion of production capacity and downstream demand constrained by de-stocking and other factors driving down the prices, the profit margins of leading anode material suppliers narrowed in the first half of this year. According to the statistics of ICCSINO, the price per tonne of mid-range synthetic graphite anode material dropped from RMB48,000 at the end of 2022 to RMB34,500. However, Fitch expected anode material prices to stabilise in 2H23 as supply chain inventory levels normalised.

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To support margins, China's leading anode material suppliers have expanded graphitisation-integrated capacity in provinces with lower electricity costs. Fitch expected the average graphitisation integration level of the leading companies to rise to 70% by the end of 2023, up from 46% in 2022, excluding Shijiazhuang Shantai Technology, which has already achieved almost full graphitisation integration.

Overseas expansion of the anode materials business has been slower than that of other lithium battery components due to the high energy consumption and environmental impact of the production process. However, Fitch expected more anode material suppliers to build factories in resource-rich countries with favourable policies, such as Southeast Asia and Europe, in order to increase market share and meet the needs of downstream battery customers who are expanding overseas.



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