Graphite

The anode carbon of lithium ion batteries and the electrode of steel arc furnaces.

Overview

Natural flake graphite is mined mostly in China, with Mozambique, Madagascar, and Brazil adding supply, while synthetic graphite is made from petroleum coke in energy intensive graphitization, again mostly in China. EV anodes take the bulk of both, with spherical graphite earning the processing premium. Steel arc furnaces consume synthetic graphite electrodes, and foundries and refractories take flakes. Chinese export controls from late 2023 on graphite targeted the anode chain, and Western funding now chases synthetic and natural alternatives. Prices range widely by grade and micron size, assessed by price reporters rather than exchange traded.