For the Quarter Ending September 2025
North America
• In the USA, the Graphite Price Index fell by 2.7% quarter-over-quarter, reflecting subdued demand pressures.
• The average Graphite price for the quarter was approximately USD 796.33/MT, based on blended settlements.
• Graphite Spot Price weakness persisted despite tariffs, keeping the Graphite Price Index under downward pressure.
• Graphite Price Forecast indicates modest recovery potential this year as supply diversifies and demand stabilizes.
• Graphite Production Cost Trend elevated from high energy and tariff impacts, pressuring margins for producers.
• Graphite Demand Outlook remains cautiously positive driven by EV battery build-outs and energy storage pipelines.
• Elevated inventories and mixed export demand moderated spot purchases, keeping the Graphite Price Index rangebound.
• Supply disruptions and shifts to alternative sources tightened availability, supporting the Graphite Spot Price levels.
Why did the price of Graphite change in September 2025 in North America?
• Tariff measures reduced Chinese supply flows, prompting buyers to reassess sourcing and creating near-term tightness.
• Higher energy and shipping costs elevated production and freight expenses, constraining competitive imports and margins.
• Robust EV and battery demand absorbed inventories, while cautious buyers delayed contracts amid policy uncertainty.
APAC
• In China, the Graphite Price Index fell by 5.254% quarter-over-quarter, reflecting oversupply and weak demand.
• The average Graphite price for the quarter was approximately USD 547/MT, reflecting low market activity and high inventories.
• Spot volumes pressured the Graphite Spot Price as inventories remained elevated across major processing hubs.
• Disinflation in feedstock moved the Graphite Production Cost Trend lower, compressing producer margins and offers.
• Demand softness and delayed orders shaped the Graphite Demand Outlook, keeping offers subdued, activity muted.
• Export competition and tariff uncertainty influenced the Graphite Price Index and diverted some trade flows.
• Near-term expectations embedded in the Graphite Price Forecast assume cautious restocking and seasonal export disruptions.
• Operational restarts and capacity expansions sustained supply growth, limiting upside pressure on the Graphite Price Index.
Why did the price of Graphite change in September 2025 in APAC?
• Elevated inventories from surplus Chinese output reduced spot buying and significantly pressured regional price levels.
• Lower petroleum coke costs eased production expenses, contributing to narrower margins and restrained seller offers.
• Trade policy uncertainty and seasonal logistics disruptions delayed shipments, weakening near-term export demand and buyer caution.
Europe
• In Germany, the Graphite Price Index rose by 0.688% quarter-over-quarter, reflecting supply tightness and demand recovery.
• The average Graphite price for the quarter was approximately USD 731.67/MT, from weighted spot contract transactions.
• Inventory accumulation from inexpensive Chinese material kept the Graphite Spot Price pressured despite domestic demand improvement.
• European buyers sought secure sources, supporting the Graphite Price Forecast for moderate strength into early autumn.
• Rising energy costs influenced the Graphite Production Cost Trend, compressing margins at local processors and tollers.
• Automotive electrification underpins the Graphite Demand Outlook, with battery anode requirements sustaining industrial procurement volumes.
• Export demand softness and logistics delays influenced the Graphite Price Index movement and regional arbitrage.
• Operational disruptions at domestic mines tightened availability, reinforcing spot market dynamics and supporting price resilience.
• Neutral investor sentiment limited speculative buying, keeping contract negotiations cautious and short term volatility contained.
Why did the price of Graphite change in September 2025 in Europe?
• Supply constraints from minor import disruptions and localized production inefficiencies tightened available volumes in September.
• Sustained demand recovery from automotive battery manufacturing increased purchasing, elevating spot market competition and order activity.
• Downstream cost pressures driven by higher energy expenses and logistics frictions raised operating costs, limiting producer discounts.
For the Quarter Ending June 2025
North America
• The North America Graphite Price Index in Q2 2025 decreased by 16.26% quarter on quarter, reflecting continued oversupply as major producers in China, Mozambique and Brazil maintained high output, outpacing muted downstream consumption.
• Graphite Production Cost Trend: Raw material costs (notably coke for anode manufacturing) trended downward, while logistic expenses eased as freight rates on key routes fell, providing minor cost relief but doing little to stem the price decline.
• Graphite Demand Outlook: Demand remained subdued across key sectors—U.S. EV sales declined by around 5% and steel production dipped by 0.4% with slow infrastructure and charging station rollouts further limiting draw on graphite inventories.
• Graphite Price Forecast: While short term oversupply is expected to persist, a medium to long term structural deficit driven by rising EV and energy storage demand could trigger a moderate price recovery later in 2025.
• By the end of the quarter, inventories in warehouses remained elevated with no significant logistical disruptions, keeping downward pressure on the Graphite Prices.
Why did the Graphite price change in July 2025 in North America?
The Graphite Price Index registered a sharp increase after the U.S. Commerce Department announced preliminary anti dumping duties of 93.5% on Chinese graphite imports, prompting buyers to accelerate purchases ahead of enforcement and tightening import supply.
APAC
• The APAC Graphite Price Index registered a 10.35% quarter on quarter decline, weighed down by abundant inventories in China and steady production from major regional suppliers, which outpaced muted consumption in key end use sectors.
• Graphite Production Cost Trend: Production costs trended lower at the start of the quarter as electricity tariffs and petroleum coke feedstock prices declined, narrowing margins for tolling operators; these cost savings plateaued mid quarter, stabilizing overall cost structures.
• Graphite Demand Outlook remained subdued across APAC markets, with the automotive and energy storage sectors exercising caution on procurement amid broader economic uncertainties and trade policy headwinds.
• Graphite Price Forecast: a gradual price recovery in H2 2025, driven by planned capacity rationalizations, logistical normalizations, and resurgent battery grade demand as downstream projects resume contracting.
• Inventories across major APAC ports stayed elevated by the end of the quarter, exerting continued downward pressure on spot prices and reinforcing a buyer’s market.
• Why did the Graphite price change in July 2025?
The Graphite Price Index in APAC edged higher in July after Chinese ultra high power graphite electrode prices stabilized in June and were forecast to nudge up due to tightening supply and rising raw material costs
Europe
• The Graphite Price Index in Europe declined by 8.21% in quarter-over quarter in Q2 2025, reflecting persistent oversupply across major markets and muted consumption in key downstream sectors.
• Elevated inventory levels particularly of flake and spherical graphite continued to outpace demand, sustaining bearish pricing throughout the quarter.
• While raw material and energy inputs saw modest upward pressure, a significant drop in freight costs—mirroring a 5.3% fall in global container rates—helped lower landed import costs.
• The net effect was a mixed production cost trend: overall unit costs edged up, but logistics savings partially offset margin squeezes for European processors.
• Weakness in the automotive sector (both ICE and EV) and subdued steelmaking activity kept short term demand subdued, even as longer term drivers—like grid scale battery storage—remain intact.
• Demand from data centers and electronics held steady, but not enough to absorb the existing oversupply; end users adopted a “just in time” procurement approach, delaying large restocking.
• Given high inventories and limited order flows, the Graphite Price Forecast points to continued downward pressure into Q3 2025, with only a modest rebound expected if supply from dominant Chinese exporters eases.
Why did the Graphite price change in July 2025 in Europe?
The Graphite Price Index in Europe actually increased in July 2025, as the European Commission’s extension of anti dumping measures on Chinese artificial graphite imports tightened available supply and supported prices.
For the Quarter Ending March 2025
North America
In North America, the graphite market witnessed notable fluctuations in Q1 2025, shaped by shifting supply chains, trade policy uncertainties, and evolving industrial demand. The region's reliance on imported graphite particularly from China and emerging African suppliers kept markets sensitive to global developments and logistics costs.
In the United States, graphite prices began the quarter with a marginal rise, supported by steady manufacturing activity and a rebound in automotive and infrastructure demand. Mid-quarter, supply constraints from China’s export restrictions and rising input costs lifted prices temporarily. However, by the end of the quarter, the market turned bearish due to oversupply, falling demand from EV and steel sectors, and softened freight rates.
When compared to Q4 2024, QoQ prices decreased by 5.5%, closing Q1 2025 at USD 912/mt CFR Houston for Graphite Flakes. The market was further impacted by policy shifts under the new U.S. administration and delays in downstream contracting, signaling caution across the value chain. Future demand prospects hinge on industrial recovery and emerging high-tech applications.
APAC
In Q1 2025, the Asia-Pacific (APAC) graphite market reflected a mixed performance, largely shaped by China’s evolving supply-demand dynamics and broader economic trends. The region, led by China, experienced a volatile quarter with early optimism dampened by mounting challenges in manufacturing and downstream demand sectors. China’s graphite market saw a minor price increase at the start of the quarter, driven by stable production and firm demand from the electric vehicle sector. However, this momentum waned as the quarter progressed. By mid-quarter, logistical disruptions from Lunar New Year celebrations and tight export controls contributed to constrained supply, though downstream interest remained relatively resilient. Toward the end of the quarter, a surge in production capacity combined with muted global demand led to price declines. When compared to Q4 2024, the QoQ price decreased by 3.9% in Q1 2025, closing at USD 623/mt FOB Shanghai for Graphite Flakes (94%, -100 mesh). Oversupply, cautious buyer sentiment, and weaker industrial activity collectively weighed on China’s graphite market performance this quarter.
Europe
In Q1 2025, Europe’s graphite market remained under pressure despite early signs of economic recovery. Persistent oversupply, high inventories, and geopolitical instability across major supply regions created a volatile environment. While sustainability initiatives and regulatory support offered some structural strength, prices were primarily influenced by external trade and production dynamics. Focusing on Germany, the market witnessed a marginal price increase at the start of the quarter, followed by a sharp decline by quarter-end. When compared to Q4 2024, the QoQ price decreased by 2.8%, with prices settling at USD 785/mt Ex Hamburg for graphite flakes. Germany's heavy reliance on imports kept the supply chain exposed to global disruptions, including shifts in Chinese graphite production and uncertainty from Mozambique and Madagascar. On the demand side, growth in the battery-electric vehicle (BEV) sector supported market fundamentals, though many manufacturers operated off existing stockpiles. Meanwhile, steady but unspectacular demand from construction and industrial applications, coupled with weak arbitrage opportunities and increased use of substitutes, capped any meaningful recovery in graphite consumption.
For the Quarter Ending December 2024
North America
In the fourth quarter of 2024, graphite prices in North America faced a declining trend, influenced by a combination of market and geopolitical factors. The region continued to rely heavily on imports from China, Madagascar, and Mozambique, with strategic adjustments in global production impacting supply chains. While efforts such as U.S. government investments in alternative graphite sources and manufacturing facilities signaled a push toward supply chain diversification, domestic production challenges persisted. The quarter ended with graphite flake prices at USD 1013/MT CFR Houston.
In the United States, demand dynamics remained mixed. The electric vehicle sector, a key driver of graphite consumption, showed uneven demand as automakers adjusted production amid global supply chain disruptions. The construction sector experienced seasonal slowdowns, with reduced activity in multi-family housing projects and residential real estate facing high mortgage rates and declining inventory. Industrial sectors like steel and lubricants demonstrated resilience, but overall market sentiment was cautious. Additionally, geopolitical concerns over China's dominance in graphite production and evolving trade policies added pressure to the market.
Despite these challenges, the U.S. market made progress in securing long-term supply agreements, setting the stage for potential recovery in 2025 as economic conditions stabilize and new manufacturing initiatives take shape.
Europe
In the fourth quarter of 2024, the European graphite market experienced a consistent decline in prices, with Germany leading the downward trend due to subdued demand and shifting supply dynamics. The quarter started with a 0.7% price drop, driven by adequate domestic availability, reduced freight costs, and new supplies from Madagascar. Despite the slight easing in industrial metrics' decline, demand remained weak, particularly in the steel and battery industries, as BEV registrations fell 5% year-over-year. The German economy continued to struggle, with no signs of recovery in the manufacturing sector. Persistently low demand across key industries, including construction and EV production, led to further price reductions. BEV registrations dropped 22%, marking a significant year-to-date decline of 26%. Factory input costs also fell, reflecting a challenging economic environment and political instability. A shift toward synthetic graphite further impacted natural graphite demand. The EV sector’s annual sales shrank by 27.4%, while the construction sector faced ongoing contractions. These factors resulted in a surplus of graphite in the market, keeping prices under pressure and marking a challenging end to the year. The latest price at the end of the quarter stood at USD 797/MT Graphite Flakes (94 %, -100 mesh) Ex Hamburg.
APAC
In Q4 2024, the graphite market in the APAC region experienced a 3% price decline, driven by a combination of subdued demand and evolving supply dynamics. The region's production levels remained stable, supported by contributions from major producers like Madagascar and Brazil, alongside technological advancements in processing. However, demand across key sectors, including construction and automotive, showed mixed trends, with cautious inventory management and economic uncertainties influencing purchasing behavior. The battery sector remained a key demand driver, although inventory optimization efforts tempered immediate growth. In China, graphite prices faced sustained downward pressure, concluding the quarter at USD 656/MT for Graphite Flakes (94%, -100 mesh) FOB Shanghai. The market was impacted by strategic production adjustments, with several manufacturers scaling back output in response to weak demand and seasonal factors. The construction sector contracted further, and the automotive sector saw a dip in new energy vehicle penetration, dampening graphite consumption. Additionally, tighter export controls and geopolitical tensions contributed to reduced export activity, while domestic demand remained uneven across sectors. Despite challenges, steady production levels and cautious optimism in business expectations suggest potential stabilization in the coming year. Overall, the graphite market reflected a complex interplay of global and domestic factors throughout the quarter.
