Core Viewpoint - The price of anode materials is expected to rebound further by 2025, driven by a recovery in processing fees for anode material companies, which will help restore their gross margins [1][5]. Price Trends - Recently, the prices of anode materials have been rising, with low-end and mid-range artificial graphite prices increasing by approximately 500 yuan per ton, while high-end artificial graphite has also seen a slight increase [2][3]. - Since Q4 2024, artificial graphite prices have maintained a continuous upward trend, with low-end prices rising over 5% and mid-range prices approaching a 10% increase [3]. - In contrast to other lithium battery materials like lithium carbonate and lithium iron phosphate, which have shown slight price declines since February, the price momentum for artificial graphite anodes is more pronounced [3]. Cost Structure - The significant price increases in raw materials such as petroleum coke and needle coke have contributed to the rising costs of artificial graphite anodes, with petroleum coke prices rising by 40% and needle coke by over 20% in February [3]. - These raw materials account for about 20% of the cost structure of artificial graphite anodes, indicating that to maintain profit levels, the selling price must increase by approximately 8% for a 40% rise in petroleum coke and at least 4% for a 20% rise in needle coke [3][4]. Market Dynamics - The sentiment among anode material companies to raise prices has been influenced by the need to recover profitability after significant price declines over the past two years [5]. - Despite some recovery in downstream demand, the impact of price-raising sentiment on artificial graphite anode prices is limited due to an oversupply in the graphite market and insufficient order increases compared to supply levels [6]. Future Outlook - Looking ahead, the potential for price increases in materials will be limited due to the industry's long-term demand for cost reduction and efficiency improvements [7]. - Companies will need to focus on technological advancements, transition to high-end products, and enhance supply chain collaboration to lower costs [7]. - There is also a need to explore emerging application fields and adapt products to seize new market opportunities [7].
开局2025:负极材料价格连日上涨
高工锂电·2025-02-26 11:16