- Graphite price stands at $322.99 per tonne on the SMM flake nationwide benchmark
- Flake pricing holds essentially flat this cycle
- China dominates both natural and synthetic graphite production
- US anti-dumping duties on Chinese anode graphite remain in force
- Battery anode demand remains the dominant volume driver for graphite
- Weight and currency conversion tables included for procurement teams
Last Updated: 4 September 2026
The graphite price for China flake graphite (-194 mesh, nationwide average, SMM-BM-AM-014) stands at $322.99 per tonne as of 4 September 2026, essentially flat from $321.21/tonne in August. This page now tracks the SMM flake benchmark as its sole reference this cycle; the spherical graphite (Shandong) and artificial graphite (mid-EV, high-EV, high-consumer) benchmarks used in prior cycles were not refreshed this month and have been removed rather than carried forward as current — a structural reduction in this page’s coverage worth noting explicitly rather than treating as a routine update. For the broader monthly price context see our Critical Minerals Market June 2026 analysis.
The graphite market encompasses three commercially distinct grades: natural graphite flake (mined and processed, primary anode feedstock), spherical graphite (purified and shaped for lithium-ion battery anodes), and graphite electrodes (synthetic, used in electric arc furnace steelmaking). Each trades on separate benchmarks with different supply and demand dynamics.
Current Graphite Price — Flake Grade
| Grade | Price | Unit | Date | Source |
|---|---|---|---|---|
| China Flake Graphite -194 mesh (nationwide avg, SMM-BM-AM-014) | $322.99 | /tonne | 4 Sep 2026 | SMM |
Last updated: 4 September 2026. Flake graphite price sourced from SMM-BM-AM-014 (nationwide average, delivered to consumer works China, 13% VAT deducted). Spherical graphite (Shandong) and the three artificial graphite grades previously tracked on this page were not available this cycle and have been removed rather than shown with stale figures; they will be reinstated once fresh data is available.
Graphite Price History
Natural graphite prices peaked during the 2022–2023 EV demand surge before a sharp correction as Chinese producers expanded output faster than downstream consumption could absorb. Flake graphite pricing has remained essentially flat this cycle, continuing a period of relative stability in the natural flake segment even as the broader graphite complex has shown more volatility in other product forms in recent readings.
| Period | Product | Price | Data Status |
|---|---|---|---|
| 4 Sep 2026 | Flake -194 mesh nationwide avg (SMM) | $322.99/t | Confirmed — SMM |
| 4 Aug 2026 | Flake -194 mesh nationwide avg (SMM) | $321.21/t | Confirmed — SMM |
| 4 Aug 2026 | Spherical graphite — Shandong (SMM) | $1,600.48/t | Not refreshed this cycle |
| 2 Jul 2026 | Spherical graphite — Shandong (SMM) | $1,843.72/t | Not refreshed this cycle |
| May 2023 | Spherical graphite (Fastmarkets) | 11-year low | Confirmed — Fastmarkets |
Historical data sourced from SMM and Fastmarkets. Production context: USGS Mineral Commodity Summaries.
Graphite Price in USD, EUR, GBP and Other Currencies
| Currency | Price per Tonne (Flake, Nationwide) |
|---|---|
| US Dollar (USD) | $322.99 |
| Euro (EUR) | €278.09 |
| British Pound (GBP) | £238.98 |
| Japanese Yen (JPY) | ¥50,461 |
| Chinese Yuan (CNY) | ¥2,168.44 |
| Australian Dollar (AUD) | A$448.34 |
Exchange rates: XE.com, September 2026. Conversions calculated from the Flake Graphite (nationwide, SMM) benchmark. CNY figures reflect the USD/CNY mid-market rate and do not represent the SMM domestic Chinese price, which incorporates VAT and may differ materially.
Graphite Price Per Gram, Per Ounce and Per Pound
| Unit | Price |
|---|---|
| Per Gram | $0.00032 |
| Per Troy Ounce | $0.01 |
| Per Pound | $0.15 |
What Is Driving the Graphite Price
Chinese Oversupply and Export Controls
China dominates global graphite supply, accounting for the majority of both mined natural graphite and synthetic spherical graphite for battery anodes. In 2020, China exported $290 million of graphite — more than seven times the next largest exporter, the United States at $39 million, according to OEC trade data. This concentration gives Chinese producers effective price-setting power in battery-grade material. China’s flake graphite producers’ sales volume fell 38.8% year-on-year in February 2026, according to SMM data, reflecting persistent demand weakness.
Chinese export controls on graphite, introduced in late 2023, added a licensing layer to outbound shipments and initially tightened availability for non-Chinese battery manufacturers. The US Commerce Department imposed 93.5% preliminary anti-dumping duties on Chinese anode graphite in July 2025, bringing the effective tariff to approximately 160% and materially raising the cost of Chinese battery-grade graphite for North American buyers. China’s November 2025 export licensing requirements on artificial graphite anode materials represent a further tightening of outbound supply. The China critical minerals export controls analysis covers the full licensing framework.
Battery Demand and EV Growth
Graphite anodes are used in virtually all lithium-ion battery chemistries — LFP, NMC, and NCA — making battery production the dominant demand driver. Each EV battery pack requires significantly more graphite by weight than any other critical mineral. EV sector growth is the primary volume driver, but the pace of demand growth has lagged early forecasts in several Western markets. Fastmarkets launched two new Chinese domestic flake graphite price assessments in April 2026 — covering 94% carbon content in -100 mesh and +80 mesh grades on an exw China basis — broadening transparency in a market that has historically been opaque.
African Supply and Regional Price Spreads
African production — primarily from Mozambique (Syrah Resources, ASX: SYR) and Tanzania — has added lower-cost supply to the market, contributing to the African price discount. The regional price spread remains wide: Northeast Asian buyers pay significantly more than African origin prices, reflecting logistics, processing costs, and quality premiums on higher-purity material. Syrah’s Balama operation in Mozambique is the largest natural graphite mine outside China, though its downstream anode processing ambitions in the US have faced policy uncertainty through 2024–2025.
Graphite Price: Western Supply Development
Building a non-Chinese graphite supply chain — from mine to battery-grade spherical graphite — remains one of the harder challenges in critical minerals. Processing natural graphite flake into battery-ready spherical graphite requires chemical purification to 99.95%+ carbon purity, technology largely concentrated in China. Syrah Resources (ASX: SYR) is advancing its Vidalia active anode material facility in Louisiana, targeting US battery supply chains, though progress has been slowed by uncertainty over IRA-linked incentives. Westwater Resources is targeting 12,500 tonnes per year of graphite capacity in 2026, though domestic production cannot yet meet demand at scale.
Graphite One (TSXV: GPH) is developing an integrated project from its Alaska deposit through to anode material production. In July 2024 the company signed a non-binding supply agreement with EV maker Lucid Motors — an early offtake signal, though commercial production timelines remain subject to permitting and financing. The European Commission confirmed graphite’s place on its Critical Raw Materials Act strategic list in 2024, acknowledging that a resilient supply chain has not yet been established. The EU Critical Raw Materials Act supplier guide covers strategic material requirements in detail.
Graphite Price Outlook
Near-term graphite price recovery remains constrained by oversupply from Chinese producers and slow demand growth relative to capacity additions made during the 2021–2023 build-out. Cost stabilisation in Northeast Asia is expected as China’s export controls on artificial graphite take effect, but flake prices are likely to remain range-bound until steel demand recovers and the structural battery demand ramp becomes more visible in consumption data. The US extension of its Chinese graphite sourcing restriction to 2027 reduces near-term demand for ex-China supply while maintaining the medium-term investment case for Western anode projects.
South American supply — particularly from Brazil — is emerging as a growth source as global buyers diversify away from Chinese dependence. Fastmarkets and Benchmark Mineral Intelligence project that a structural deficit will eventually emerge as EV scale-up accelerates, but the timeline for sustained price recovery remains uncertain. All forecasts are subject to revision. The IEA Critical Minerals team has identified graphite as among the most supply-constrained battery materials for the energy transition through 2030.
Battery manufacturers tracking anode input costs should also monitor the lithium price and cobalt price, which together with graphite determine cell-level cost trajectories for LFP and NMC chemistries.
This article is for informational purposes only and does not constitute investment advice. Prices are subject to change without notice.
What is the current graphite price per tonne?
China flake graphite (-194 mesh, nationwide average) is trading at $346.64 per tonne as of 1 April 2026, according to SMM benchmark data. Artificial graphite for mid-end EV battery applications trades at $3,419.64/tonne and for high-end EV batteries at $4,232.92/tonne. Battery-grade spherical graphite (Fastmarkets fob China benchmark) is not included — subscription data required.
Why are graphite prices so low in 2026?
Graphite prices remain depressed following a sharp correction from 2022–2023 highs. Chinese producers expanded output faster than EV and battery demand could absorb, creating sustained oversupply. Spherical graphite hit an 11-year low in May 2023 and has not recovered materially. Slow EV demand growth in Western markets has delayed the supply-demand tightening that analysts had forecast.
Who produces the most graphite in the world?
China is the dominant producer of both natural and synthetic graphite, accounting for the majority of global supply. In 2020, China exported $290 million of graphite — more than seven times the next largest exporter. Outside China, significant natural graphite production comes from Mozambique (Syrah Resources’ Balama mine), Madagascar, and Brazil.
What is graphite used for in batteries?
Graphite is used as the anode material in virtually all lithium-ion battery chemistries, including LFP, NMC, and NCA. Natural graphite flake is processed into spherical graphite purified to 99.95%+ carbon content for battery use. Each EV battery pack requires significantly more graphite by weight than any other critical mineral, making it central to EV supply chain economics.
What is the graphite price forecast for 2026 and beyond?
Near-term recovery is constrained by Chinese oversupply and below-forecast EV demand growth. Fastmarkets and Benchmark Mineral Intelligence project that a structural deficit will eventually emerge as EV scale-up accelerates, but the timeline for sustained price recovery remains uncertain. The US extension of its Chinese graphite sourcing restriction to 2027 reduces near-term demand for ex-China supply while maintaining the medium-term investment case for Western anode projects.
How does China control graphite supply?
China controls the majority of global graphite mining and dominates spherical graphite processing, which requires purification technology largely concentrated in Chinese facilities. In late 2023, China introduced export licensing controls on graphite, adding a further layer of supply dependency risk for Western battery manufacturers. Ex-China projects in Mozambique, Alaska, and Europe remain at early commercial stages.
How often is this graphite price page updated?
This page is updated on the first of each month using Shanghai Metals Market (SMM) flake graphite benchmark data. Fastmarkets benchmark prices for spherical graphite and electrodes will be incorporated when subscription data is available. Last updated: 1 April 2026.
