Graphite
What are your views on graphite demand and pricing for the next 3-5 years?
The global graphite market was, until recently, dogged by a situation of oversupply against weak demand. This was mainly a result of China’s large supply surplus, together with falling steel production and overcapacity (consider that refractories for steelmaking still take by far the largest share of graphite output).
This pattern changed quite drastically last year, when supply from China was disrupted by environmental controls, while demand bounced back following increasing steel output and refractories usage. At the moment, we see a tight supply situation and persistent demand, which leads to strong market prices.
In terms of future demand, we expect that the battery sector (specifically linked to EVs) will be the single most important driver of graphite demand in the coming years, compared with mature markets such as refractories, metallurgy or lubricants. Batteries will take an increasing share of graphite output, irrespective of the battery chemistry, since this mineral is present in all major battery types in use today.
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